Newspaper article THE JOURNAL RECORD

Enlink Reports $714.1M Loss

Newspaper article THE JOURNAL RECORD

Enlink Reports $714.1M Loss

Article excerpt

DALLAS (JR) - EnLink Midstream on Tuesday reported a net loss of $714.1 million for the fourth quarter, compared with net income of $91.2 million for the fourth quarter of 2014.

The loss included a non-cash expense of $764.2 million related to goodwill and asset impairments.

Revenue for the fourth quarter totaled $1.1 billion, up from $1 billion a year earlier.

Dallas-based EnLink Midstream was formed in 2014 through the combination of Crosstex Energy and the midstream assets of Oklahoma City-based Devon Energy.

EnLink's Oklahoma segment includes natural gas gathering and processing operations.

The Oklahoma segment had an increase in gross operating margin of $3.9 million for the fourth quarter from a year earlier. EnLink said $2.4 million of the increase was from insurance proceeds related to business interruption coverage on the Cana Plant shutdown during the second quarter. …

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