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EnLink Midstream issues 2020 guidance, resets Q4'19 distribution

EnLink Midstream LLC is expecting its 2020 net income to range from $160 million to $230 million with an adjusted EBITDA of $1.07 billion to $1.13 billion, according to a Jan. 15 news release.

The energy midstream services provider is expecting its full-year 2019 projected net loss to be below previously issued guidance due to expected fourth-quarter 2019 impairments in its North Texas and Oklahoma segments. The company's full-year 2019 adjusted EBITDA is expected to be in line with its previously announced guidance.

Excess free cash flow for 2020 is expected to be in the range of $10 million to $70 million, mostly generated in the second half, with growth continuing throughout 2021.

Enlink's 2020 growth capital expenditures remain unchanged from the previously announced range of $275 million to $375 million reported during its third-quarter 2019 earnings. The midpoint of its 2020 growth capital expenditures represents a 50% decrease from its expected growth capital expenditures for 2019.

On a per-segment basis, Enlink is forecasting 2020 segment profit to range between $200 million and $220 million in the Permian Basin, $300 million and $320 million in Louisiana, $435 million and $455 million in Oklahoma and $240 million and $260 million in North Texas.

The company also reset its fourth-quarter 2019 cash distribution to 18.75 cents per common unit, which will be payable Feb. 13 to unitholders of record Jan. 31. Enlink said the reset is expected to provide it with financial flexibility and contribute to excess free cash flow generation during the second half of 2020 and beyond.