Company Quick10K Filing
Quick10K
Enable Midstream Partners
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$13.73 435 $5,970
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
8-K 2019-08-06
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-02-19 Earnings, Exhibits
8-K 2019-02-08 Other Events, Exhibits
8-K 2019-01-29 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-05-07 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-04-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-09 Other Events, Exhibits
BIDU Baidu 55,440
GPN Global Payments 22,960
PRAH PRA Health Sciences 6,010
SBGI Sinclair Broadcast Group 5,580
CORT Corcept Therapeutics 1,310
PYDS Payment Data Systems 44
HUSA Houston American Energy 16
DFFN Diffusion Pharmaceuticals 15
STQN Strategic Acquisitions 0
SNYR Synergy Chc 0
ENBL 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 enbl2019q210-qxex311.htm
EX-31.2 enbl2019q210-qxex312.htm
EX-32.1 enbl2019q210-qxex321.htm
EX-32.2 enbl2019q210-qxex322.htm

Enable Midstream Partners Earnings 2019-06-30

ENBL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 _______________________________________
FORM 10-Q
 _______________________________________

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended
June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____to_____
Commission File No. 1-36413
enablernotagrgb.jpg
ENABLE MIDSTREAM PARTNERS, LP
(Exact name of registrant as specified in its charter) 
 _______________________________________
Delaware
 
 
 
72-1252419
(State or other jurisdiction of
incorporation or organization)
 
 
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
 
 
499 West Sheridan Avenue,
Suite 1500
Oklahoma City,
Oklahoma
 
 
 
73102
(Address of Principal Executive Offices)
 
 
 
(Zip Code)
  (405) 525-7788
Registrant’s telephone number, including area code

One Leadership Square, 211 North Robinson Avenue, Suite 150, Oklahoma City, Oklahoma 73102
(Former name, former address and former fiscal year, if changed since last report)
_______________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading symbol(s)
 
Name of each exchange on which registered
Common Units Representing Limited Partner Interests
 
ENBL
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  o 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  x   No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
 
Accelerated filer
o
 
 
 
 
 
Non-accelerated filer
o
 
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes       No  x
As of July 15, 2019, there were 435,102,173 common units outstanding.
 
 
 
 
 


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ENABLE MIDSTREAM PARTNERS, LP
FORM 10-Q
TABLE OF CONTENTS
 
 
Page
 
 
 
 
 
 
 
 
 

 AVAILABLE INFORMATION

Our website is www.enablemidstream.com. On the investor relations tab of our website, http://investors.enablemidstream.com, we make available free of charge a variety of information to investors. Our goal is to maintain the investor relations tab of our website as a portal through which investors can easily find or navigate to pertinent information about us, including but not limited to:
our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports as soon as reasonably practicable after we electronically file that material with or furnish it to the SEC;
press releases on quarterly distributions, quarterly earnings, and other developments;
governance information, including our governance guidelines, committee charters, and code of ethics and business conduct;
information on events and presentations, including an archive of available calls, webcasts, and presentations;
news and other announcements that we may post from time to time that investors may find useful or interesting; and
opportunities to sign up for email alerts and RSS feeds to have information pushed in real time.

Information contained on our website or any other website is not incorporated by reference into this report and does not constitute a part of this report.
 




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GLOSSARY OF TERMS
 
2019 Notes.
$500 million aggregate principal amount of the Partnership’s 2.400% senior notes due 2019.
2019 Term Loan Agreement.
$1 billion unsecured term loan agreement dated January 29, 2019, by and among Enable Midstream Partners, LP and Bank of America, N.A., as administrative agent, and the several lenders from time to time party thereto.
2024 Notes.
$600 million aggregate principal amount of the Partnership’s 3.900% senior notes due 2024.
2027 Notes.
$700 million aggregate principal amount of the Partnership’s 4.400% senior notes due 2027.
2028 Notes.
$800 million aggregate principal amount of the Partnership’s 4.950% senior notes due 2028.
2044 Notes.
$550 million aggregate principal amount of the Partnership’s 5.000% senior notes due 2044.
Adjusted EBITDA.
A non-GAAP measure calculated as net income attributable to limited partners plus depreciation and amortization expense, interest expense, net of interest income, income tax expense, distributions received from equity method affiliate in excess of equity earnings, non-cash equity-based compensation, change in fair value of derivatives not designated as hedging instruments, certain other non-cash gains and losses (including gains and losses on sales of assets and write-downs of materials and supplies) and impairments, less the noncontrolling interest allocable to Adjusted EBITDA.
Adjusted interest expense.
A non-GAAP measure calculated as interest expense plus interest income, amortization of premium on long-term debt and capitalized interest on expansion capital, less amortization of debt costs and discount on long-term debt.
Annual Report.
Annual Report on Form 10-K for the year ended December 31, 2018.
ASC.
Accounting Standards Codification.
ASU.
Accounting Standards Update.
Atoka.
Atoka Midstream LLC, in which the Partnership owns a 50% interest, which provides gathering and processing services to customers in the Arkoma Basin in Oklahoma.
ATM Program.
The offer and sale, from time to time, of common units representing limited partner interest having an aggregate offering price of up to $200 million in quantities, by sales methods and at prices determined by market conditions and other factors at the time of such sales, pursuant to that certain ATM Equity Offering Sales Agreement, entered into on May 12, 2017.
Barrel.
42 U.S. gallons of petroleum products.
Bbl.
Barrel.
Bbl/d.
Barrels per day.
Bcf/d.
Billion cubic feet per day.
Board of Directors.
The board of directors of Enable GP, LLC.
Btu.
British thermal unit. When used in terms of volume, Btu refers to the amount of natural gas required to raise the temperature of one pound of water by one degree Fahrenheit at one atmospheric pressure.
CenterPoint Energy.
CenterPoint Energy, Inc., a Texas corporation, and its subsidiaries.
Condensate.
A natural gas liquid with a low vapor pressure, mainly composed of propane, butane, pentane and heavier hydrocarbon fractions.
DCF.
Distributable Cash Flow, a non-GAAP measure calculated as Adjusted EBITDA, as further adjusted for Series A Preferred Unit distributions, distributions for phantom and performance units, Adjusted interest expense, maintenance capital expenditures and current income taxes. 
Distribution coverage ratio.
A non-GAAP measure calculated as DCF divided by distributions related to common unitholders.
DOT.
Department of Transportation.
EGR
Enable Gulf Run Transmission, LLC, a Delaware limited liability company, a wholly owned subsidiary of the Partnership.
EGT.
Enable Gas Transmission, LLC, a wholly owned subsidiary of the Partnership that operates an approximately 5,900-mile interstate pipeline that provides natural gas transportation and storage services to customers principally in the Anadarko, Arkoma and Ark-La-Tex Basins in Oklahoma, Texas, Arkansas, Louisiana and Kansas.
Enable GP.
Enable GP, LLC, a Delaware limited liability company and the general partner of Enable Midstream Partners, LP.

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EOCS.
Enable Oklahoma Crude Services, LLC, formerly Velocity Holdings, LLC, a wholly owned subsidiary of the Partnership that provides crude oil and condensate gathering services in the SCOOP and STACK plays of the Anadarko Basin in Oklahoma.
EOIT.
Enable Oklahoma Intrastate Transmission, LLC, formerly Enogex LLC, a wholly owned subsidiary of the Partnership that operates an approximately 2,200-mile intrastate pipeline that provides natural gas transportation and storage services to customers in Oklahoma.
EOIT Senior Notes.
$250 million 6.25% senior notes due 2020.
ESCP.
Enable South Central Pipeline, LLC, formerly Velocity Pipeline Partners, LLC, a Delaware limited liability company, in which the Partnership, through EOCS, owns a 60% joint venture interest in a 26-mile pipeline system with a third party which owns and operates a refinery connected to the EOCS system.
Exchange Act.
Securities Exchange Act of 1934, as amended.
FASB.
Financial Accounting Standards Board.
FERC.
Federal Energy Regulatory Commission.
GAAP.
Generally accepted accounting principles in the United States.
Gas imbalance.
The difference between the actual amounts of natural gas delivered from or received by a pipeline, as compared to the amounts scheduled to be delivered or received.
Gross margin.
A non-GAAP measure calculated as Total revenues minus Cost of natural gas and natural gas liquids, excluding depreciation and amortization.
ICE.
Intercontinental Exchange.
LDC.
Local distribution company involved in the delivery of natural gas to consumers within a specific geographic area.
LIBOR.
London Interbank Offered Rate.
MBbl.
Thousand barrels.
MBbl/d.
Thousand barrels per day.
MMcf.
Million cubic feet of natural gas.
MMcf/d.
Million cubic feet per day.
Moody’s.
Moody’s Investor Services.
MRT.
Enable Mississippi River Transmission, LLC, a wholly owned subsidiary of the Partnership that operates a 1,600-mile interstate pipeline that provides natural gas transportation and storage services principally in Texas, Arkansas, Louisiana, Missouri and Illinois.
NGLs.
Natural gas liquids, which are the hydrocarbon liquids contained within natural gas including condensate.
NYMEX.
New York Mercantile Exchange.
NYSE.
New York Stock Exchange.
OGE Energy.
OGE Energy Corp., an Oklahoma corporation, and its subsidiaries.
Partnership.
Enable Midstream Partners, LP, and its subsidiaries.
Partnership Agreement.
Fifth Amended and Restated Agreement of Limited Partnership of Enable Midstream Partners, LP dated as of November 14, 2017.
PHMSA.
Pipeline and Hazardous Materials Safety Administration.
Revolving Credit Facility.
$1.75 billion senior unsecured revolving credit facility.
S&P.
Standard & Poor’s Rating Services.
SCOOP.
South Central Oklahoma Oil Province.
SEC.
Securities and Exchange Commission.
Series A Preferred Units.
10% Series A Fixed-to-Floating Non-Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in the Partnership.
SESH.
Southeast Supply Header, LLC, in which the Partnership owns a 50% interest, that operates an approximately 290-mile interstate natural gas pipeline from Perryville, Louisiana to southwestern Alabama near the Gulf Coast.
STACK.
Sooner Trend (oil field), Anadarko (basin), Canadian and Kingfisher (counties).
TBtu.
Trillion British thermal units.
TBtu/d.
Trillion British thermal units per day.

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WTI.
West Texas Intermediate.

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FORWARD-LOOKING STATEMENTS
 
Some of the information in this report may contain forward-looking statements. Forward-looking statements give our current expectations, contain projections of results of operations or of financial condition, or forecasts of future events. Words such as “could,” “will,” “should,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this report include our expectations of plans, strategies, objectives, growth and anticipated financial and operational performance, including revenue projections, capital expenditures and tax position. Forward-looking statements can be affected by assumptions used or by known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed.
 
A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. However, when considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our Annual Report. Those risk factors and other factors noted throughout this report and in our Annual Report could cause our actual results to differ materially from those disclosed in any forward-looking statement. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include:
changes in general economic conditions;
competitive conditions in our industry;
actions taken by our customers and competitors;
the supply and demand for natural gas, NGLs, crude oil and midstream services;
our ability to successfully implement our business plan;
our ability to complete internal growth projects on time and on budget;
the price and availability of debt and equity financing;
strategic decisions by CenterPoint Energy and OGE Energy regarding their ownership of us and Enable GP;
operating hazards and other risks incidental to transporting, storing, gathering and processing natural gas, NGLs, crude oil and midstream products;
natural disasters, weather-related delays, casualty losses and other matters beyond our control;
interest rates;
the timing and extent of changes in labor and material prices;
labor relations;
large customer defaults;
changes in the availability and cost of capital;
changes in tax status;
the effects of existing and future laws and governmental regulations;
changes in insurance markets impacting costs and the level and types of coverage available;
the timing and extent of changes in commodity prices;
the suspension, reduction or termination of our customers’ obligations under our commercial agreements;
disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent;
the effects of current or future litigation; and
other factors set forth in this report and our other filings with the SEC, including our Annual Report.
Forward-looking statements speak only as of the date on which they are made. We expressly disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ENABLE MIDSTREAM PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
Three Months Ended June 30,

Six Months Ended June 30,
 
2019

2018

2019

2018
 
 
 
 
 
 
 
 
 
(In millions, except per unit data)
Revenues (including revenues from affiliates (Note 13)):











Product sales
$
393


$
501


$
836


$
944

Service revenues
342


304


694


609

Total Revenues
735


805


1,530


1,553

Cost and Expenses (including expenses from affiliates (Note 13)):










Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately)
317


444


695


819

Operation and maintenance
99


97


202


191

General and administrative
25


26


51


53

Depreciation and amortization
110


96


215


192

Taxes other than income tax
17


16


35


33

Total Cost and Expenses
568


679


1,198


1,288

Operating Income
167


126


332


265

Other Income (Expense):







Interest expense
(48
)

(36
)

(94
)

(69
)
Equity in earnings of equity method affiliate
4


7


7


13

Other, net
1


(2
)

1



Total Other Expense
(43
)

(31
)

(86
)

(56
)
Income Before Income Tax
124


95


246


209

Income tax benefit




(1
)


Net Income
$
124


$
95


$
247


$
209

Less: Net income attributable to noncontrolling interest




1



Net Income Attributable to Limited Partners
$
124


$
95


$
246


$
209

Less: Series A Preferred Unit distributions (Note 7)
9


9


18


18

Net Income Attributable to Common Units (Note 6)
$
115


$
86


$
228


$
191













Basic earnings per unit (Note 6)











Common units
$
0.26


$
0.20


$
0.52


$
0.44

Diluted earnings per unit (Note 6)









Common units
$
0.26


$
0.20


$
0.52


$
0.44

 

See Notes to the Unaudited Condensed Consolidated Financial Statements
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ENABLE MIDSTREAM PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
(In millions)
Net income
$
124

 
$
95

 
$
247

 
$
209

Other comprehensive loss:

 

 

 

Unrealized losses on derivative instruments
(3
)
 

 
(3
)
 

Reclassification of derivative losses to net income

 

 

 

Other comprehensive loss
(3
)
 

 
(3
)
 

Comprehensive income
121

 
95

 
244

 
209

Less: Comprehensive income attributable to noncontrolling interest

 

 
1

 

Comprehensive income attributable to Limited Partners
$
121

 
$
95

 
$
243

 
$
209



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ENABLE MIDSTREAM PARTNERS, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
June 30,
2019
 
December 31,
2018
 
 
 
 
 
(In millions)
Current Assets:
 
Cash and cash equivalents
$
9

 
$
8

Restricted cash
1

 
14

Accounts receivable, net of allowance for doubtful accounts (Note 1)
229

 
290

Accounts receivable—affiliated companies
20

 
19

Inventory
46

 
50

Gas imbalances
26

 
29

Other current assets
45

 
39

Total current assets
376

 
449

Property, Plant and Equipment:
 
 
 
Property, plant and equipment
13,102

 
12,899

Less accumulated depreciation and amortization
2,197

 
2,028

Property, plant and equipment, net
10,905

 
10,871

Other Assets:
 
 
 
Intangible assets, net
632

 
663

Goodwill
98

 
98

Investment in equity method affiliate
308

 
317

Other
90

 
46

Total other assets
1,128

 
1,124

Total Assets
$
12,409

 
$
12,444

Current Liabilities:
 
 
 
Accounts payable
$
148

 
$
288

Accounts payable—affiliated companies
3

 
4

Current portion of long-term debt
254

 
500

Short-term debt
681

 
649

Taxes accrued
40

 
31

Gas imbalances
18

 
22

Other
126

 
121

Total current liabilities
1,270

 
1,615

Other Liabilities:
 
 
 
Accumulated deferred income taxes, net
4

 
5

Regulatory liabilities
24

 
23

Other
79

 
54

Total other liabilities
107

 
82

Long-Term Debt
3,473

 
3,129

Commitments and Contingencies (Note 14)

 

Partners’ Equity:
 
 
 
Series A Preferred Units (14,520,000 issued and outstanding at June 30, 2019 and December 31, 2018)
362

 
362

Common units (435,073,301 issued and outstanding at June 30, 2019 and 433,232,411 issued and outstanding at December 31, 2018, respectively)
7,163

 
7,218

Accumulated other comprehensive loss
(3
)
 

Noncontrolling interest
37

 
38

Total Partners’ Equity
7,559

 
7,618

Total Liabilities and Partners’ Equity
$
12,409

 
$
12,444


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ENABLE MIDSTREAM PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended June 30,
 
2019
 
2018
 
 
 
 
 
(In millions)
Cash Flows from Operating Activities:
 
Net income
$
247

 
$
209

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
215

 
192

Deferred income taxes
(1
)
 

Loss on sale/retirement of assets
2

 

Equity in earnings of equity method affiliate
(7
)
 
(13
)
Return on investment in equity method affiliate
7

 
13

Equity-based compensation
9

 
8

Amortization of debt costs and discount (premium)

 
(1
)
Changes in other assets and liabilities:
 
 
 
Accounts receivable, net
58

 
(9
)
Accounts receivable—affiliated companies
(1
)
 
(3
)
Inventory
4

 
(2
)
Gas imbalance assets
3

 
8

Other current assets
(3
)
 
(15
)
Other assets
6

 
(5
)
Accounts payable
(111
)
 
(19
)
Accounts payable—affiliated companies
(1
)
 

Gas imbalance liabilities
(4
)
 
4

Other current liabilities
15

 
22

Other liabilities
(11
)
 
16

Net cash provided by operating activities
427

 
405

Cash Flows from Investing Activities:
 
 
 
Capital expenditures
(252
)
 
(375
)
Proceeds from sale of assets

 
8

Proceeds from insurance

 
1

Return of investment in equity method affiliate
9

 
8

Other, net
(9
)
 

Net cash used in investing activities
(252
)
 
(358
)
Cash Flows from Financing Activities:
 
 
 
Increase (decrease) in short-term debt
32

 
(78
)
Proceeds from long-term debt, net of issuance costs
850

 
787

Repayment of long-term debt
(500
)
 
(450
)
Repayment of Revolving Credit Facility
(250
)
 

Distributions
(296
)
 
(295
)
Cash paid for employee equity-based compensation
(23
)
 
(9
)
Net cash used in financing activities
(187
)
 
(45
)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash
(12
)
 
2

Cash, Cash Equivalents and Restricted Cash at Beginning of Period
22

 
19

Cash, Cash Equivalents and Restricted Cash at End of Period
$
10

 
$
21


See Notes to the Unaudited Condensed Consolidated Financial Statements
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Table of Contents

ENABLE MIDSTREAM PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY
(Unaudited)

 
Six Months Ended June 30, 2019
 
Series A
Preferred
Units
 
Common
Units
 
Accumulated Other Comprehensive Loss
 
Noncontrolling
Interest
 
Total Partners’
Equity
 
Units
 
Value
 
Units
 
Value
 
Value
 
Value
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Balance as of December 31, 2018
15

 
$
362

 
433

 
$
7,218

 
$

 
$
38

 
$
7,618

Net income

 
9

 

 
113

 

 
1

 
123

Distributions

 
(9
)
 

 
(138
)
 

 
(1
)
 
(148
)
Equity-based compensation, net of units for employee taxes

 

 
2

 
(10
)
 

 

 
(10
)
Balance as of March 31, 2019
15

 
$
362

 
435

 
$
7,183

 
$

 
$
38

 
$
7,583

Net income

 
9

 

 
115

 

 

 
124

Other comprehensive loss

 

 

 

 
(3
)
 

 
(3
)
Distributions

 
(9
)
 

 
(138
)
 

 
(1
)
 
(148
)
Equity-based compensation, net of units for employee taxes

 

 

 
3

 

 

 
3

Balance as of June 30, 2019
15

 
$
362

 
435

 
$
7,163

 
$
(3
)
 
$
37

 
$
7,559


 
Six Months Ended June 30, 2018
 
Series A
Preferred
Units
 
Common
Units
 
Accumulated Other Comprehensive Loss
 
Noncontrolling
Interest
 
Total Partners’
Equity
 
Units
 
Value
 
Units
 
Value
 
Value
 
Value
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Balance as of December 31, 2017
15

 
$
362

 
433

 
$
7,280

 
$

 
$
12

 
$
7,654

Net income

 
9

 

 
105

 

 

 
114

Distributions

 
(9
)
 

 
(139
)
 

 
(1
)
 
(149
)
Balance as of March 31, 2018
15

 
$
362

 
433

 
$
7,246

 
$

 
$
11

 
$
7,619

Net income

 
9