Enable Midstream Partners Q1 Profit Rises

(RTTNews) - Enable Midstream Partners LP (ENBL) reported that its net income attributable to limited partners was $120 million for first quarter 2017, an increase of $34 million, or 40 percent, compared to $86 million for first quarter 2016. The increase in net income attributable to limited partners was primarily related to higher gross margin, partially offset by higher interest expense and higher depreciation and amortization expense.

Revenues were $666 million for first quarter 2017, an increase of $157 million compared to $509 million for first quarter 2016. Revenues included $119 million of intercompany eliminations for first quarter 2017 and $70 million of intercompany eliminations for first quarter 2016.

Enable reaffirmed the 2017 financial and operational outlook initially presented in its third quarter 2016 financial results press release dated November 2, 2016, and subsequently reaffirmed in its fourth quarter and full-year 2016 financial results press release dated February 21, 2017.

Enable updated its outlook range for 2017 expansion capital spending to $500 million to $600 million to account for spend related to Project Wildcat and the CaSE project and revised capital projections for other projects. In addition, Enable anticipates that there will be a need to resume construction of the previously announced Wildhorse Plant, though likely not before 2018.

The Board of Directors of Enable's general partner declared a quarterly cash distribution of $0.318 per unit on all outstanding common and subordinated units for the quarter ended March 31, 2017. The distribution is unchanged from the previous quarter. The quarterly cash distribution of $0.318 per unit on all outstanding common and subordinated units will be paid on May 30, 2017, to unitholders of record at the close of business on May 23, 2017.

The board also declared a quarterly cash distribution of $0.625 on all Series A Preferred Units for the quarter ended March 31, 2017. The quarterly cash distribution of $0.625 on all Series A Preferred Units outstanding will be paid on May 12, 2017, to unitholders of record at the close of business on May 2, 2017.