The following is a summary of the EnLink Midstream, LLC (ENLC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• EnLink Midstream generated $338 million of adjusted EBITDA in Q1 2024, despite volume impacts from winter weather.

• The company maintained solid free cash flow after distributions, totaling around $74 million.

• As part of its capital return strategy, EnLink repurchased approximately 50 million units, contributing to a total of nearly 10% buybacks of units outstanding over the past two years.

Business Progress:

• EnLink continues to diversify its business, catering to growing industries such as data centers and artificial intelligence.

• The company is defining regulatory and operational procedures and is negotiating CCS opportunities with ExxonMobil.

• EnLink plans to double its current gas storage capabilities and is optimistic about the growth of its Oklahoma segment.

• A project is underway to increase throughput by about 210 million cubic feet per day, with the expansion fully contracted by customers.

• There is tripling of demand in data centers and AI projected by 2030.

• EnLink anticipates an FID on the 9 Bcf storage expansion in the next quarters and is planning to introduce Matterhorn.

• The company is involved in M&A discussions, making strategic decisions to compete beneficially with other capital uses.

• Industrial demand in Louisiana continues to facilitate commercial activity, with more demand expected in the blue ammonia sector and gas storage due to price volatility and operational flexibility needs driven by LNG plants.

More details: Enlink Midstream IR

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