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EnLink Midstream, LLC [ENLC] reports annual net loss of $350.0 million
By USInMinutes - Mar 07, 2024, 04:25 AM ET
Last Updated - Mar 07, 2024, 04:25 AM EST
![EnLink Midstream, LLC [ENLC] reports annual net loss of $350.0 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FENLC.png&w=3840&q=75)
Company Reports Revenue of $6.9 billion
EnLink Midstream, LLC [ENLC] has reported a net loss of $350.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $6.9 billion
Based in DALLAS, Texas, EnLink Midstream, LLC operates in the TRANSPORT sector.
In the annual report for the year ended December 31, 2023, there was a notable decrease in revenues for the current period as compared to the previous year. The total revenues for the current period stood at $6,900.1 million, a decrease from $9,542.1 million in the same period in 2022. This decline can primarily be attributed to a decrease in revenue from contracts with customers, which dropped from $9,527.8 million in 2022 to $6,879.4 million in 2023.
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Cost of sales, exclusive of operating expenses and depreciation and amortization, also saw a decrease from $7,572.8 million in the previous year to $4,856.1 million in the current period. Operating expenses followed a similar trend, decreasing from $524.9 million in 2022 to $558.2 million in 2023. However, depreciation and amortization expenses increased slightly from $639.4 million to $657.1 million.
Operating income for the current period improved to $692.8 million, up from $661.8 million in the previous year. Despite this positive trend, other expenses such as interest expenses and losses from unconsolidated affiliate investments also increased, leading to a total other expense of $280.0 million for 2023, compared to $256.0 million in 2022.
Income before non-controlling interest and income taxes saw a slight increase from $405.8 million in 2022 to $412.8 million in 2023. Net income attributable to the company decreased from $361.3 million in the previous year to $206.2 million in the current period, with earnings per share for basic and diluted amounts also experiencing a decline from $0.76 and $0.74, respectively, in 2022, to $0.45 and $0.44 in 2023.
In terms of product sales, revenue from contracts with customers for product sales decreased from $8,564.9 million in 2022 to $5,755.6 million in 2023. Similarly, revenue from contracts with customers for midstream services also saw a decrease from $962.9 million in 2022 to $1,123.8 million in 2023.
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