Enable Midstream Partners, LP (NYSE:ENBL) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 10:00 am ET


Enable Midstream Partners, LP (NYSE:ENBL) Q3 2019 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Enable Midstream Partners Third Quarter 2019 Earnings Conference Call and Webcast. [Operator Instructions]

I would now like to turn the conference over to Enable's Senior Director of Investor Relations Matt Beasley. Please go ahead.

Matt Beasley

Thank you and good morning everyone. Presenting on this morning's call are Rod Sailor our President and CEO; and John Laws our Chief Financial Officer. We also have other members of the management team in the room today to answer your questions. Earlier this morning we issued our earnings press release and filed our Form 10-Q with the SEC. Our earnings press release Form 10-Q filing and the presentation that accompanies this call are all available in the Investor Relations section of our website. We will also be posting a replay of today's call to the website. Today's discussion will include forward-looking statements within the meaning of the securities laws. Actual results could differ materially from our projections and a discussion of factors that could cause actual results to differ from projections can be found in our SEC filings. We will also be referencing non-GAAP financial measures on today's call which we have reconciled to the nearest GAAP measures in the appendix to today's presentation. We invite you to review the disclaimers in this presentation for both forward-looking statements and non-GAAP financial measures.

With that we'll get started and I will turn the call over to Rod Sailor.

Rod J. Sailor

Thanks Matt. Good morning and thank you for joining us for today's call. The enables third quarter results reflect another quarter of strong cash flow generation as we achieve a distribution coverage ratio of 1.4 times funding a significant portion of our expansion capital spending for the quarter. We also achieved another quarter of growth in Are crude gathering business as we reported record crude and condensate gathered volumes driven by last year's velocity acquisition and continued volume growth in the Wilson basin. On the transportation side, we are very pleased with the progress we have made in rate case settlement discussions with key MRT customers and I will provide more details on MRT later in the call. In addition we contracted or extended over 575000 dekatherms per day of transportation capacity during the quarter and recently signed a precedent agreement for the MASS natural gas transportation project. Turning to our gathering and processing highlights on the next slide producers remain active around Enable's gathering footprint with 31 rigs currently drilling wells expected to be connected to Enable's gathering system.

Our market share in the Anadarko Basin remains solid with 44% of all active rigs in the SCOOP and STACK plays drilling wells expected to be connected to Enable's gathering system. While the Anadarko Basin faces some challenged sentiment we are partnered with the best operators in the core areas of the SCOOP and STACK that continue to allocate significant capital to the plays and deliver favorable results. With our Anadarko Basin crude gathering assets and producers' continued focus on crude directed drilling