Enable Midstream Q4 Profit Down On Charges, Weak Revenues; Sees Growth In FY16

(RTTNews) - Enable Midstream Partners, LP (ENBL) reported Wednesday that its fourth-quarter net income attributable to the partnership was $65 million, compared to $122 million a yea ago.

The latest results included a $29 million non-cash impairment of long-lived assets, including intangible assets. Excluding these items, adjusted net income attributable to the partnership was $94 million, compared to prior year's $129 million.

Adjusted EBITDA for fourth quarter was $172 million, a decrease of 14 percent from $201 million in 2014. Distributable cash flow was $100 million, a decrease of 19 percent.

Revenues, including revenues from affiliates, $566 million from $735 million last year.

Natural gas gathered volumes were 3.04 trillion British thermal units per day or Tbtu/d, down 10 percent from the prior year, due primarily to lower gathered volumes in the Ark-La-Tex and Arkoma basins.

Enable now expects fiscal 2016 attributable net income of $240 million to $310 million and adjusted EBITDA of $780 million to $840 million.

In fiscal 2015, attributable net loss was $752 million and adjusted EBITDA was $801 million.