EnLink Midstream(US:ENLC)2022-08-04 12:58Financial Performance - EnLink Midstream achieved a record quarterly Adjusted EBITDA of approximately $299.7 million in Q2 2022[6] - The company's Permian segment experienced substantial growth, with volumes increasing by 11% sequentially and 46% year-over-year, while segment profit grew by 24% sequentially and 76% year-over-year[6] - EnLink executed $75 million in common unit repurchases during the first half of 2022[6] - As of June 30, 2022, EnLink's debt-to-Adjusted EBITDA ratio was 3.5x, and the company had no amount outstanding on its $1.4 billion revolving credit facility, with a cash balance of $11 million[6] Updated Guidance - EnLink Midstream raised its 2022 net income guidance to a range of $390 million to $430 million[12] - The company increased its 2022 Adjusted EBITDA guidance to a range of $1.25 billion to $1.29 billion, implying approximately 21% growth over 2021[12, 13] - EnLink updated its capital expenditure guidance to a range of $405 million to $455 million, including $65 million to $75 million for investment contributions[12] - The company expects to generate $300 million or more in Free Cash Flow After Distributions (FCFAD) for the third consecutive year[13] Strategic Initiatives - EnLink Midstream is investing in the Matterhorn Express Pipeline project with a 15% equity interest, expecting to spend approximately $70 million in 2022 and the balance in 2023 out of a total ~$100 million investment[21, 26] - The company acquired a North Texas G&P system for $275 million in cash, projecting a ~4x EBITDA multiple and high teens unlevered return[21, 28] - EnLink Midstream is focused on reducing scope 1 methane emissions intensity by 30% by 2024, compared to 2020 levels[23]