2014 Q1 Form 10-Q Financial Statement

#000159200014000006 Filed on May 09, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $723.0M $526.9M
YoY Change 37.22% 242.37%
Cost Of Revenue $538.9M $395.4M
YoY Change 36.29%
Gross Profit $137.9M $131.5M
YoY Change 4.87% -60.13%
Gross Profit Margin 19.07% 24.96%
Selling, General & Admin $21.60M $19.10M
YoY Change 13.09%
% of Gross Profit 15.66% 14.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $48.20M $44.40M
YoY Change 8.56%
% of Gross Profit 34.95% 33.76%
Operating Expenses $110.1M $95.60M
YoY Change 15.17%
Operating Profit $73.10M $35.90M
YoY Change 103.62%
Interest Expense $200.0K $1.000M
YoY Change -80.0%
% of Operating Profit 0.27% 2.79%
Other Income/Expense, Net -$1.900M $1.000M
YoY Change -290.0%
Pretax Income $72.10M $36.90M
YoY Change 95.39%
Income Tax $23.70M $13.40M
% Of Pretax Income 32.87% 36.31%
Net Earnings $41.40M $29.40M
YoY Change 40.82%
Net Earnings / Revenue 5.73% 5.58%
Basic Earnings Per Share $0.04 $0.00
Diluted Earnings Per Share $0.04 $0.00
COMMON SHARES
Basic Shares Outstanding 164.0M shares
Diluted Shares Outstanding 164.7M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $221.0M
YoY Change
Cash & Equivalents $221.2M $0.00
Short-Term Investments
Other Short-Term Assets $1.000M
YoY Change
Inventory $39.00M
Prepaid Expenses
Receivables $53.50M
Other Receivables $58.00M
Total Short-Term Assets $626.6M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $4.203B
YoY Change
Goodwill $3.822B $401.7M
YoY Change 851.36%
Intangibles $424.9M
YoY Change
Long-Term Investments $271.4M
YoY Change
Other Assets $6.000M
YoY Change
Total Long-Term Assets $8.727B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $626.6M
Total Long-Term Assets $8.727B
Total Assets $9.354B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $58.90M
YoY Change
Accrued Expenses $79.80M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $198.2M
YoY Change
Total Short-Term Liabilities $633.8M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.534B
YoY Change
Other Long-Term Liabilities $98.80M
YoY Change
Total Long-Term Liabilities $1.633B
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $633.8M
Total Long-Term Liabilities $1.633B
Total Liabilities $2.267B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.601B
YoY Change
Total Liabilities & Shareholders Equity $9.354B
YoY Change

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $41.40M $29.40M
YoY Change 40.82%
Depreciation, Depletion And Amortization $48.20M $44.40M
YoY Change 8.56%
Cash From Operating Activities $118.5M $68.90M
YoY Change 71.99%
INVESTING ACTIVITIES
Capital Expenditures $97.80M $99.90M
YoY Change -2.1%
Acquisitions $50.30M $0.00
YoY Change
Other Investing Activities -$48.30M -$1.900M
YoY Change 2442.11%
Cash From Investing Activities -$145.5M -$99.90M
YoY Change 45.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.077B $0.00
YoY Change
Cash From Financing Activities $248.2M $25.20M
YoY Change 884.92%
NET CHANGE
Cash From Operating Activities $118.5M $68.90M
Cash From Investing Activities -$145.5M -$99.90M
Cash From Financing Activities $248.2M $25.20M
Net Change In Cash $221.2M -$5.800M
YoY Change -3913.79%
FREE CASH FLOW
Cash From Operating Activities $118.5M $68.90M
Capital Expenditures $97.80M $99.90M
Free Cash Flow $20.70M -$31.00M
YoY Change -166.77%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:25px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">(o) Concentrations of Credit Risk</font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of trade accounts receivable and derivative financial instruments. Management believes the risk is limited, other than the Company's exposure to Devon discussed below, since the Company's customers represent a broad and diverse group of energy marketers and end users. In addition, the Company continually monitors and reviews credit exposure to its marketing counter-parties and letters of credit or other appropriate security are obtained as considered necessary to limit the risk of loss. The Company records reserves for uncollectible accounts on a specific identification basis since there is not a large volume of late paying customers. The Company had </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> reserve for uncollectible receivables as of March&#160;31, 2014.</font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company had no third party customer that individually represented greater than </font><font style="font-family:inherit;font-size:10pt;">10.0%</font><font style="font-family:inherit;font-size:10pt;"> of its midstream revenues other than affiliate transactions with Devon that represented </font><font style="font-family:inherit;font-size:10pt;">68.0%</font><font style="font-family:inherit;font-size:10pt;"> of the consolidated midstream revenues. As the Company continues to grow and expand, the relationship between individual customer sales and consolidated total sales is expected to continue to change. Devon represents a significant percentage of revenues and the loss of Devon as a customer would have a material adverse impact on the Company's results of operations because the gross operating margin received from transactions with this customer is material to the Company</font></div></div>
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CY2014Q1 us-gaap Interest Paid
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CY2014Q1 us-gaap Liabilities Current
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CY2014Q1 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
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CY2014Q1 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest
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CY2013Q4 us-gaap Limited Liability Company Or Limited Partnership Business Formation Date
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CY2014Q1 us-gaap Limited Liability Company Or Limited Partnership Business Formation State
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Delaware
CY2014Q1 us-gaap Limited Liability Company Or Limited Partnership Managing Member Or General Partner Name
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EnLink Midstream Partners GP, LLC
CY2014Q1 us-gaap Long Term Debt
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CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2013Q1 us-gaap Payments Of Debt Issuance Costs
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CY2014Q1 us-gaap Net Income Loss
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CY2013Q1 us-gaap Net Income Loss
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CY2014Q1 us-gaap Net Income Loss Allocated To General Partners
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CY2013Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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7100000 USD
CY2013Q1 us-gaap Nonoperating Income Expense
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1000000 USD
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1900000 USD
CY2014Q1 us-gaap Oil And Gas Revenue
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232400000 USD
CY2013Q1 us-gaap Oil And Gas Revenue
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41800000 USD
CY2013Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
41000000 USD
CY2014Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
46200000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
74000000 USD
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
35900000 USD
CY2014Q1 us-gaap Other Accrued Liabilities Current
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231700000 USD
CY2013Q4 us-gaap Other Accrued Liabilities Current
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0 USD
CY2014Q1 us-gaap Other Assets
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5700000 USD
CY2013Q4 us-gaap Other Assets
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CY2014Q1 us-gaap Other Liabilities Noncurrent
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CY2013Q4 us-gaap Other Liabilities Noncurrent
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0 USD
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0 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
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CY2014Q1 us-gaap Revenues
Revenues
723000000 USD
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0 USD
CY2014Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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50300000 USD
CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
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99900000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
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97800000 USD
CY2014Q1 us-gaap Proceeds From Contributed Capital
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CY2013Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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0 USD
CY2014Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
2600000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
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0 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
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CY2014Q1 us-gaap Proceeds From Minority Shareholders
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500000 USD
CY2013Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2013Q1 us-gaap Proceeds From Partnership Contribution
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25200000 USD
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ProceedsFromPartnershipContribution
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CY2014Q1 us-gaap Proceeds From Repayments Of Bank Overdrafts
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CY2013Q1 us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
0 USD
CY2013Q1 us-gaap Profit Loss
ProfitLoss
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CY2014Q1 us-gaap Profit Loss
ProfitLoss
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CY2013Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
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CY2014Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
67900000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1768100000 USD
CY2014Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
800000 USD
CY2013Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
CY2013Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1076900000 USD
CY2014Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
491900000 USD
CY2013Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
485100000 USD
CY2013Q1 us-gaap Revenues
Revenues
526900000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1200000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
4651400000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6600800000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1783800000 USD
CY2014Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
254800000 USD
CY2013Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
0 USD
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">(b)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Management's Use of Estimates</font></div></td></tr></table><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from these estimates.</font></div></div>
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
663952 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164700000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48500000 shares
CY2014Q1 enlc Accrued Capital Expenditures
AccruedCapitalExpenditures
31500000 USD
CY2013Q4 enlc Accrued Capital Expenditures
AccruedCapitalExpenditures
0 USD
CY2014Q1 enlc Disposal Groupincludingdiscontinuedoperations Assetretirementobligationsnoncurrent
DisposalGroupincludingdiscontinuedoperationsAssetretirementobligationsnoncurrent
7100000 USD
CY2014Q1 enlc Eliminationofdeferredtaxesattributabletononcontrollinginterestinpredecessorequity
Eliminationofdeferredtaxesattributabletononcontrollinginterestinpredecessorequity
207200000 USD
CY2014Q1 enlc Business Acquisition Deferredtaxliability Percentageoftotalassumed
BusinessAcquisitionDeferredtaxliabilityPercentageoftotalassumed
0.53
CY2014Q1 enlc Businessacquisitiondeferredtaxliabilityassumedinbusinessacquisition
Businessacquisitiondeferredtaxliabilityassumedinbusinessacquisition
254600000 USD
CY2014Q1 enlc Cash Settlements On Derivative Financial Instruments
CashSettlementsOnDerivativeFinancialInstruments
600000 USD
CY2013Q1 enlc Cash Settlements On Derivative Financial Instruments
CashSettlementsOnDerivativeFinancialInstruments
0 USD
CY2014Q1 enlc Class Bunitsconversiondate
ClassBunitsconversiondate
2014-05-05
CY2013Q4 enlc Contractliability
Contractliability
0 USD
CY2014Q1 enlc Contractliability
Contractliability
23000000 USD
CY2014Q1 enlc Contribution From Non Controlling Interest
ContributionFromNonControllingInterest
400000 USD
CY2014Q1 enlc Deferred Tax Liabilities Other Assets
DeferredTaxLiabilitiesOtherAssets
8100000 USD
CY2014Q1 enlc Deferred Tax Liabilities Other Liabilities
DeferredTaxLiabilitiesOtherLiabilities
2200000 USD
CY2013Q4 enlc Deposit Prepaid Expensesand Inventory
DepositPrepaidExpensesandInventory
5800000 USD
CY2014Q1 enlc Deposit Prepaid Expensesand Inventory
DepositPrepaidExpensesandInventory
39100000 USD
CY2013Q1 enlc Discontinued Operations Revenuefrom Affiliates
DiscontinuedOperationsRevenuefromAffiliates
23100000 USD
CY2014Q1 enlc Discontinued Operations Revenuefrom Affiliates
DiscontinuedOperationsRevenuefromAffiliates
10500000 USD
CY2014Q1 enlc Disposal Groupincluding Discontinued Operations Liabilities Total
DisposalGroupincludingDiscontinuedOperationsLiabilitiesTotal
37000000 USD
CY2014Q1 enlc General Partners Interest
GeneralPartnersInterest
100000 USD
CY2014Q1 enlc Income Allocation For Incentive Distributions
IncomeAllocationForIncentiveDistributions
1400000 USD
CY2013Q1 enlc Increase Decrease In Natural Gas And Natural Gas Liquids Prepaid Expenses And Other
IncreaseDecreaseInNaturalGasAndNaturalGasLiquidsPrepaidExpensesAndOther
-1400000 USD
CY2014Q1 enlc Increase Decrease In Natural Gas And Natural Gas Liquids Prepaid Expenses And Other
IncreaseDecreaseInNaturalGasAndNaturalGasLiquidsPrepaidExpensesAndOther
7700000 USD
CY2014Q1 enlc Liability Assumedin Business Combination
LiabilityAssumedinBusinessCombination
94200000 USD
CY2014Q1 enlc Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartners
16414830 shares
CY2014Q1 enlc Maximum Potential Exposure To Credit Losses Gross Exposure
MaximumPotentialExposureToCreditLossesGrossExposure
-700000 USD
CY2014Q1 enlc Maximum Potential Exposure To Credit Losses Net Exposure
MaximumPotentialExposureToCreditLossesNetExposure
-300000 USD
CY2014Q1 enlc Netincomeattributableto En Link Midstream Llc
NetincomeattributabletoEnLinkMidstreamLLC
6800000 USD
CY2013Q1 enlc Netincomeattributabletothecompanyfordistributions
Netincomeattributabletothecompanyfordistributions
0 USD
CY2014Q1 enlc Netincomeattributabletothecompanyfordistributions
Netincomeattributabletothecompanyfordistributions
6800000 USD
CY2014Q1 enlc Netincomeattributabletothepredecessor
Netincomeattributabletothepredecessor
35500000 USD
CY2013Q1 enlc Netincomeattributabletothepredecessor
Netincomeattributabletothepredecessor
29400000 USD
CY2014Q1 enlc Number Of Days From End Of Quarter For Distribution
NumberOfDaysFromEndOfQuarterForDistribution
P45D
CY2014Q1 enlc Percentage Of Avaliable Cash To Distribute
PercentageOfAvaliableCashToDistribute
1
CY2014Q1 enlc Reorganizationofequity
Reorganizationofequity
0 USD
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001592000
CY2013Q1 enlc Segment Profit Loss
SegmentProfitLoss
90500000 USD
CY2014Q1 enlc Segment Profit Loss
SegmentProfitLoss
137900000 USD
CY2014Q1 enlc Share Exchange Ratio
ShareExchangeRatio
1 shares
CY2014Q1 enlc Stockbased Compensation Attributable To Restricted Shares
StockbasedCompensationAttributableToRestrictedShares
600000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
48512295 shares
CY2014Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
Enlink Midstream, LLC
CY2014Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

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