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EnLink Midstream Partners, LP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2020 10-Q, filed Nov 5, 2020. Its latest SEC filing is a POSASR from Aug 6, 2025.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Provides gathering, processing, transport and storage services for natural gas and liquid energy products, serving producers, utilities and other commodity buyers.

How Did They Make Money?

Customers pay fees for gathering, processing, transporting, fractionating or storing commodities, often by volume or a stated monthly amount; EnLink also buys and resells commodities with service fees built into the purchase price. Product sales are tied to delivery, while fees accumulate as services are performed; invoices are typically paid within one month.

FY2019 revenue

Who Were Their Customers?

Producers send gas into EnLink’s gathering systems; utilities, industrial users, marketers and pipelines buy or receive gas and liquids, while customers also use its transportation, fractionation and storage services.

Customers above 10% of revenue, FY2019
of revenue from three customers (11%, 10%, 14%)
FY2017: 26% from two customers

Did Revenues Turn Into Profits?

Not on paper. It lost $54.3M in FY2019, but brought in more cash than it spent: $229.6M of free cash flow.

Operating income, FY2019
3% of revenue
▲ +15% vs FY2018 ($163.9M, 2%)
Net income, FY2019
−1% of revenue
▲ +10760% (Loss) vs FY2018 (−$500K, 0%)
Free cash flow, FY2019
4% of revenue
▲ +1576% vs FY2018 ($13.7M, 0%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q3 FY2020, the three months to Sep 30, 2020
Revenue
▼ −34%
vs $1.4B in Q3 FY2019
Net income
▼ −2%
vs $42.4M in Q3 FY2019
  • Jul 13, 2020 CFO Eric Batchelder departed; Pablo Mercado was appointed

Grew. Revenue grew 36% in 4 years, from $4.5B in FY2015 to $6.1B in FY2019, about 8% a year.

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