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Enable Midstream Provides Update on Recent FERC Ruling on Income Tax Allowance

Nachrichtenquelle: Business Wire (engl.)
17.03.2018, 00:23  |  544   |   |   

Enable Midstream Partners, LP (NYSE: ENBL) announced today that it is continuing to review the potential impact of the Mar. 15, 2018, announcement by the Federal Energy Regulatory Commission (“FERC”) that it would reverse a long-standing policy that allows master limited partnership (“MLP”) interstate natural gas and oil pipelines to recover an income tax allowance in cost of service rates. Enable is also monitoring the notice of proposed rulemaking issued concurrently with the announcement that will address the effects of the revised policy on the rates of MLP interstate natural gas pipelines.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180316005890/en/

ENABLE MIDSTREAM PARTNERS, LP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ENABLE MIDSTREAM PARTNERS, LP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

A significant portion of Enable’s revenue and gross margin is derived from our gathering and processing segment, where the only potential impact could be on our crude oil gathering lines in the Bakken Shale, which we believe would not be material. For the year ended Dec. 31, 2017, as reported in our Form 10-K filed in Feb. 2018, 77% of our revenue and 62% of our gross margin was derived from our gathering and processing segment.

Further, a significant portion of the rates in our transportation and storage segment, which is comprised of interstate and intrastate assets, are unlikely to be impacted by the policy change. For our interstate natural gas pipelines, as disclosed in our Form 10-K filed in Feb. 2018, approximately 44% of our aggregate contracted firm transportation capacity on Enable Gas Transmission (“EGT”) and Enable Mississippi River Transmission (“MRT”) and approximately 44% of our aggregated contracted firm storage capacity on EGT and MRT was subscribed under “negotiated rate” contracts as of Dec. 31, 2017. We believe that these “negotiated rate” contracts are less likely to be impacted by the policy change. As disclosed in the Form 2 filed for each of EGT and MRT in Apr. 2017, approximately 35% and 52% of our transportation volumes were shipped under “discounted rate” contracts during the year ended Dec. 31, 2016, respectively. Likewise, we believe that these “discounted rate” contracts are less likely to be impacted by the policy change. In addition, a significant portion of the service provided on Enable Oklahoma Intrastate Transmission, our intrastate transportation and storage system, is subject to state regulation, which is not impacted by the policy change. The rule implementing policy change, if finalized, would be reflected in MRT’s upcoming rate case which in any event will provide us with the opportunity to adjust rates based on historical investments and updated contracted capacity levels.

ABOUT ENABLE MIDSTREAM PARTNERS

Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable’s assets include over 13,300 miles of natural gas and crude oil gathering pipelines, approximately 2.6 Bcf/d of processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50 percent), approximately 2,200 miles of intrastate pipelines and eight storage facilities comprising 86.0 billion cubic feet of storage capacity. For more information, visit http://www.enablemidstream.com.

FORWARD-LOOKING STATEMENTS

Some of the information in this press release may contain forward-looking statements. Forward-looking statements give our current expectations, contain projections of results of operations or of financial condition, or forecasts of future events. Words such as “could,” “will,” “should,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release include our expectations of plans, strategies, objectives, growth and anticipated financial and operational performance, including revenue projections, capital expenditures and tax position. Forward-looking statements can be affected by assumptions used or by known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. However, when considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this press release and in our Annual Report on Form 10-K for the year ended Dec. 31, 2017. Those risk factors and other factors noted throughout this press release and in our Annual Report could cause our actual results to differ materially from those disclosed in any forward-looking statement. You are cautioned not to place undue reliance on any forward-looking statements.

NON-GAAP FINANCIAL MEASURES

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