EnLink Midstream (NYSE: ENLC) reported Q3 EPS of $0.02, $0.06 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $1.41 billion versus the consensus estimate of $1.78 billion.

• Provided an update from Davis on observations since his return to the CEO role in early August 2019 and provided an execution plan to respond to changing market conditions. The plan in aggregate is expected to result in up to $75 million of cost reductions, margin enhancements, and commercial wins during 2020. A number of initiatives are already underway, which will generate significant positive results in the near term.
• Announced expectation for full-year 2019 growth capital expenditures, net to EnLink, to be at the low end of the previously announced guidance range of $630 million to $710 million.
• Outlined forecast for full-year 2020 growth capital expenditures, net to EnLink, of $275 million to $375 million. This forecast represents an approximate 50% decrease as compared to the projected full-year 2019 growth capital expenditures of around $630 million.
• Announced further commercial success in Louisiana with the signing of a new long-term natural gas purchase agreement at attractive rates. Under the terms of the agreement, EnLink will utilize its existing assets to transport natural gas from northern Louisiana to Gulf Coast demand markets with no incremental capital expenditures.
• Placed into service the 65 million cubic feet per day (MMcf/d) Riptide natural gas processing plant expansion in the Permian Basin in late September 2019, bringing total processing capacity in the Permian Basin to over 800 MMcf/d.
• Previously declared a quarterly cash distribution of $0.283 per unit on all outstanding common units for the third quarter of 2019, which was the same as the declared distribution for the second quarter of 2019.

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