EnLink Midstream, LLC (ENLC) reported a decline in financial performance for the third quarter and the first nine months of 2024 compared to the same periods in 2023. Total revenues for the three months ended September 30, 2024, were $1,608.4 million, down from $1,746.2 million in 2023. For the nine months, revenues decreased to $4,807.4 million from $5,043.8 million. The decrease in revenue was primarily attributed to lower natural gas and NGL prices, which resulted in a $127.5 million drop in natural gas sales and an $82.4 million decline in NGL sales. However, crude oil and condensate sales increased by $13.2 million, driven by a $84.3 million rise in the Permian segment.

Operating income for the third quarter fell to $119.0 million from $143.9 million year-over-year, while net income decreased to $43.1 million from $65.8 million. For the nine-month period, net income was $160.1 million, down from $249.9 million in 2023. The net income attributable to ENLC also saw a significant decline, dropping to $14.0 million for the third quarter from $29.5 million in the prior year.

The company recorded an impairment expense of $71.0 million in its Louisiana segment due to the idling of the Pelican processing plant and the cancellation of certain projects. Total operating costs and expenses for the third quarter were $1,489.4 million, down from $1,602.3 million in 2023, reflecting a decrease in cost of sales.

EnLink's total assets decreased to $7,883.8 million as of September 30, 2024, from $8,328.6 million at the end of 2023. Current liabilities increased significantly to $1,736.3 million from $993.6 million, while total members' equity fell to $1,801.8 million from $2,635.1 million.

Strategically, EnLink has been active in managing its capital structure. In August 2024, the company issued $500.0 million in senior unsecured notes, and it repurchased portions of its senior unsecured notes, resulting in a $9.5 million gain on extinguishment of debt. Additionally, ONEOK acquired 43.8% of ENLC's outstanding common units for approximately $3.285 billion, gaining control over ENLC's operations.

The company continues to focus on expanding its midstream infrastructure, with projects such as the Tiger II processing plant and the Jefferson Island storage facility expansion underway. Despite the challenges faced in 2024, EnLink remains committed to its growth strategy in the midstream energy sector.