Enable Midstream Reports Increased Earnings in First Quarter

enableOklahoma City-based Enable Midstream is reporting adjusted earnings of $215 million in the first quarter of the year, an increase from the $207 million reported one year ago.

The company said that’s an increase of $8 million or four percent. It also saw an increase in crude oil gathered volumes by 22.13 thousand barrels a day compared to the first quarter of 2015.

“Our efforts in 2016 continue to be focused on cost discipline and deploying capital efficiently,” said Rod Sailor, President and CEO. “This focus, along with our strengthened balance sheet, will serve Enable well as we continue to navigate a challenging market environment.”

He said the increase in Adjusted earnings was primarily due to a result of lower operation and maintenance and general and administrative expenses.

“Despite these market challenges, we continue to see a healthy level of drilling activity across our footprint with 29 rigs drilling wells that are contractually dedicated to Enable’s gathering and processing system,” said Sailor. “Of these rigs, 22 are working in the prolific SCOOP and STACK plays and are dedicated to our super-header processing system which is uniquely positioned to serve producers across the Anadarko basin.”

The company reported capital expenditures of $130 million in the first quarter of 2016 compared to $239 million a year earlier. The increase was primarily due to an increase in the amount of debt outstanding.