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EnLink Midstream misses Q2 adjusted EBITDA estimates; CEO to step down

EnLink Midstream LLC on Aug. 6 posted second-quarter adjusted EBITDA of $259.2 million, a decrease from $266.4 million a year earlier.

The S&P Global Market Intelligence consensus estimate of adjusted EBITDA was $270.0 million.

Distributable cash flow for the quarter totaled $167.6 million. Net loss attributable to the company clocked in at $16.1 million, compared with net income of $28.0 million a year earlier.

EnLink said Executive Chairman Barry Davis will reassume the role of CEO, effective Aug. 8, after Michael Garberding decided to step down to pursue other opportunities. Davis, who had served as EnLink CEO from 2014 to 2018, will keep his current role as chairman.

In addition, Thomas Horton was appointed to the company's board, which now consists of nine directors. Horton is a partner at Global Infrastructure Partners.

EnLink provides energy midstream services in U.S. production basins, including the Permian Basin, Oklahoma, north Texas and the Gulf Coast.