EnLink Midstream, LLC (NYSE:ENLC) Q3 2019 Earnings Conference Call Transcript

Nov 08, 2019 • 10:00 am ET


EnLink Midstream, LLC (NYSE:ENLC) Q3 2019 Earnings Conference Call Transcript


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Good morning and welcome to EnLink Midstream's Third Quarter 2019 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference call over to Ms. Kate Walsh Vice President of Investor Relations. Ma'am you may begin.

Kate Walsh

Thank you and good morning everyone. Thank you for joining us today to discuss EnLink Midstream's Third Quarter Results. Participating on the call today are Barry Davis Chairman and CEO; Ben Lamb Executive Vice President and Chief Operating Officer; and Eric Batchelder Executive Vice President and Chief Financial Officer. To accompany today's call we have posted our earnings press release and quarterly report to the Investor Relations section of our website. During today's call we will refer to certain slides included in our quarterly report. A replay of today's call will be made available on our website at www.enlink.com. Today's discussion will include forward-looking statements including expectations and predictions within the meaning of the federal securities laws. The forward-looking statements speak only as of the date of this call and we undertake no obligation to update or revise. Actual results may differ materially from our projections and a discussion of factors that could cause actual results to differ can be found in our earnings press release quarterly report and SEC filings.

This call also includes discussion pertaining to certain non-GAAP financial measures. Definitions of these measures as well as reconciliations of comparable GAAP measures are available in our earnings press release and the appendix of our quarterly report. We encourage you to review the cautionary statements and other disclosures made in our earnings press release and our SEC filings including those under the heading Risk Factors. As a quick reminder we modified our segment reporting earlier in 2019 to better align with how we're running and tracking our business. Any comparisons between 2019 and 2018 at a segment level utilize 2018 segment results that have been recast to align with the 2019 segment reporting methodology. We'll start today's call with a set of prepared remarks by Barry Ben and Eric and then leave the remainder of the call open for questions and answers.

With that I would now like to turn the call over to Barry Davis.

Barry E. Davis

Thank you Kate and good morning everyone. Thank you for joining us today as we report our third quarter results and discuss expectations for the remainder of 2019. We will also give a preliminary outlook related to 2020 and discuss the execution plan we put in place to ensure our success going forward. In the third quarter, we know navigated market dynamics and executed effectively to deliver financial results in line with our expectations when you take into account a severance cost related to our CEO change and the regular seasonality in our Louisiana segment. adjusted EBITDA was 260 $1 million for the third quarter of 2019. After netting out the severance cost and taking into account the seasonal uplift we expect in the fourth quarter, our fourth quarter adjusted EBITDA is expected to be higher