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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
March 31, 2020
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
https://cdn.kscope.io/f9ae9d94804ea1ca59ace2159a2af909-enablernotagrgba01.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
_______________________________________
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      No   
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     No  
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
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
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  
As of April 17, 2020, there were 435,448,437 common units outstanding.
 
 
 
 
 




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

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.
 




i


GLOSSARY OF TERMS
 
2019 Term Loan Agreement.
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.
2029 Notes.
$550 million aggregate principal amount of the Partnership’s 4.150% senior notes due 2029.
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, 2019.
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 interests 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.
EGR.
Enable Gulf Run Transmission, LLC, 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, the general partner of Enable Midstream Partners, LP.
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.

1


EOIT.
Enable Oklahoma Intrastate Transmission, LLC, formerly Enogex LLC, a wholly owned subsidiary of the Partnership that operates an approximately 2,300-mile intrastate pipeline that provides natural gas transportation and storage services to customers in Oklahoma.
EOIT Senior Notes.
$250 million aggregate principal amount of EOIT’s 6.25% senior notes due 2020.
ESCP.
Enable South Central Pipeline, LLC, formerly Velocity Pipeline Partners, LLC, 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.
ETGP.
Enable Texola Gathering & Processing, LLC, formerly Align Midstream, LLC, a wholly owned subsidiary of the Partnership that provides natural gas gathering and processing services to customers in the Cotton Valley and Haynesville plays of the Ark-La-Tex Basin in Texas.
Exchange Act.
Securities Exchange Act of 1934, as amended.
FASB.
Financial Accounting Standards Board.
FERC.
Federal Energy Regulatory Commission.
GAAP.
Accounting principles generally accepted in the United States of America.

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.
LDC.
Local distribution company involved in the delivery of natural gas to consumers within a specific geographic area.
LIBOR.
London Interbank Offered Rate.
LNG.
Liquefied natural gas.
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.
NGA.
Natural Gas Act of 1938.
NGLs.
Natural gas liquids, which are the hydrocarbon liquids contained within natural gas including condensate.
NYMEX.
New York Mercantile Exchange.
OGE Energy.
OGE Energy Corp., an Oklahoma corporation, and its subsidiaries.
OPEC.
Organization of the Petroleum Exporting Countries.
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 Anadarko Canadian and Kingfisher Counties.
TBtu.
Trillion British thermal units.
TBtu/d.
Trillion British thermal units per day.

2


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. In particular, our statements with respect to continuity plans and preparedness measures we have implemented in response to the novel coronavirus (COVID-19) pandemic and its expected impact on our business, operations, earnings and results are forward-looking statements. 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, including the material and adverse consequences of the COVID-19 pandemic and its unfolding impact on the global and national economy;
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;
the actions of the Organization of Petroleum Exporting Countries (OPEC) and other significant producers and governments;
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;
world health events, including the ongoing spread and economic effects of COVID-19;
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.

3



PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ENABLE MIDSTREAM PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
Three Months Ended March 31,
 
2020

2019
 
 
 
 
 
(In millions, except per unit data)
Revenues (including revenues from affiliates (Note 13)):





Product sales
$
288


$
443

Service revenues
360


352

Total Revenues
648


795

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





Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately)
226


378

Operation and maintenance
102


103

General and administrative
24


26

Depreciation and amortization
104


105

Impairments (Note 7)
28



Taxes other than income tax
18


18

Total Cost and Expenses
502


630

Operating Income
146


165

Other Income (Expense):



Interest expense
(47
)

(46
)
Equity in earnings of equity method affiliate
6


3

Total Other Expense
(41
)

(43
)
Income Before Income Tax
105


122

Income tax benefit


(1
)
Net Income
$
105


$
123

Less: Net (loss) income attributable to noncontrolling interest
(7
)

1

Net Income Attributable to Limited Partners
$
112


$
122

Less: Series A Preferred Unit distributions (Note 6)
9


9

Net Income Attributable to Common Units (Note 5)
$
103


$
113







Basic earnings per unit (Note 5)





Common units
$
0.24


$
0.26

Diluted earnings per unit (Note 5)





Common units
$
0.19


$
0.26

 

See Notes to the Unaudited Condensed Consolidated Financial Statements
4


ENABLE MIDSTREAM PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
Three Months Ended March 31,
 
2020
 
2019
 
 
 
 
 
(In millions)
Net income
$
105

 
$
123

Other comprehensive loss:

 

Unrealized losses on derivative instruments
(6
)
 

Reclassification of derivative losses to net income

 

Other comprehensive loss
(6
)
 

Comprehensive income
99

 
123

Less: Comprehensive (loss) income attributable to noncontrolling interest
(7
)
 
1

Comprehensive income attributable to Limited Partners
$
106

 
$
122



5



ENABLE MIDSTREAM PARTNERS, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
March 31,
2020
 
December 31,
2019
 
 
 
 
 
(In millions)
Current Assets:
 
Cash and cash equivalents
$
4

 
$
4

Accounts receivable, net of allowance for doubtful accounts (Note 1)
192

 
244

Accounts receivable—affiliated companies
17

 
25

Inventory
43

 
46

Gas imbalances
36

 
35

Other current assets
41

 
35

Total current assets
333

 
389

Property, Plant and Equipment:
 
 
 
Property, plant and equipment
13,183

 
13,161

Less: Accumulated depreciation and amortization
2,366

 
2,291

Property, plant and equipment, net
10,817

 
10,870

Other Assets:
 
 
 
Intangible assets, net
585

 
601

Goodwill

 
12

Investment in equity method affiliate
305

 
309

Other, net of allowance for doubtful accounts (Note 1)
77

 
85

Total other assets
967

 
1,007

Total Assets
$
12,117

 
$
12,266

Current Liabilities:
 
 
 
Accounts payable
$
100

 
$
161

Accounts payable—affiliated companies
2

 
1

Current portion of long-term debt

 
251

Short-term debt
110

 
155

Taxes accrued
25

 
32

Gas imbalances
17

 
19

Other
137

 
161

Total current liabilities
391

 
780

Other Liabilities:
 
 
 
Accumulated deferred income taxes, net
3

 
4

Regulatory liabilities
24

 
24

Other
77

 
80

Total other liabilities
104

 
108

Long-Term Debt
4,270

 
3,969

Commitments and Contingencies (Note 14)

 

Partners’ Equity:
 
 
 
Series A Preferred Units (14,520,000 issued and outstanding at March 31, 2020 and December 31, 2019)
362

 
362

Common units (435,443,494 issued and outstanding at March 31, 2020 and 435,201,365 issued and outstanding at December 31, 2019, respectively)
6,972

 
7,013

Accumulated other comprehensive loss
(9
)
 
(3
)
Noncontrolling interest
27

 
37

Total Partners’ Equity
7,352

 
7,409

Total Liabilities and Partners’ Equity
$
12,117

 
$
12,266


6


ENABLE MIDSTREAM PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Three Months Ended March 31,
 
2020
 
2019
 
 
 
 
 
(In millions)
Cash Flows from Operating Activities:
 
Net income
$
105

 
$
123

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
104

 
105

Deferred income taxes

 
(1
)
Impairments
28

 

Loss on sale/retirement of assets
1

 
1

Equity in earnings of equity method affiliate
(6
)
 
(3
)
Return on investment in equity method affiliate
6

 
3

Equity-based compensation
4

 
4

Changes in other assets and liabilities:
 
 
 
Accounts receivable, net
52

 
27

Accounts receivable—affiliated companies
8

 
2

Inventory
3

 
(1
)
Gas imbalance assets
(1
)
 
7

Other current assets
(6
)
 
10

Other assets
1

 
5

Accounts payable
(59
)
 
(55
)
Accounts payable—affiliated companies
1

 

Gas imbalance liabilities
(2
)
 
(7
)
Other current liabilities
(35
)
 
4

Other liabilities
(4
)
 
(9
)
Net cash provided by operating activities
200

 
215

Cash Flows from Investing Activities:
 
 
 
Capital expenditures
(54
)
 
(143
)
Return of investment in equity method affiliate
4

 
9

Other, net
2

 
(10
)
Net cash used in investing activities
(48
)
 
(144
)
Cash Flows from Financing Activities:
 
 
 
(Decrease) increase in short-term debt
(45
)
 
147

Proceeds from long-term debt, net of issuance costs

 
200

Repayment of long-term debt
(250
)
 

Proceeds from Revolving Credit Facility
340

 

Repayment of Revolving Credit Facility
(40
)
 
(250
)
Distributions to common unitholders
(144
)
 
(138
)
Distributions to preferred unitholders
(9
)
 
(9
)
Distributions to non-controlling interests
(3
)
 
(1
)
Cash paid for employee equity-based compensation
(1
)
 
(23
)
Net cash used in financing activities
(152
)
 
(74
)
Net Decrease in Cash, Cash Equivalents and Restricted Cash

 
(3
)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period
4

 
22

Cash, Cash Equivalents and Restricted Cash at End of Period
$
4

 
$
19


See Notes to the Unaudited Condensed Consolidated Financial Statements
7


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

 
Three Months Ended March 31, 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

Other comprehensive loss

 

 

 

 

 

 

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


 
Three Months Ended March 31, 2020
 
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, 2019
15

 
$
362

 
435

 
$
7,013

 
$
(3
)
 
$
37

 
$
7,409

Net income (loss)

 
9

 

 
103

 

 
(7
)
 
105

Other comprehensive loss

 

 

 

 
(6
)
 

 
(6
)
Distributions

 
(9
)
 

 
(144
)
 

 
(3
)
 
(156
)
Equity-based compensation, net of units for employee taxes

 

 

 
3

 

 

 
3

Impact of adoption of financial instruments-credit losses accounting standard (Note 1)

 

 

 
(3
)
 

 

 
(3
)
Balance as of March 31, 2020
15

 
$
362

 
435

 
$
6,972

 
$
(9
)
 
$
27

 
$
7,352



See Notes to the Unaudited Condensed Consolidated Financial Statements
8


ENABLE MIDSTREAM PARTNERS, LP
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 

(1) Summary of Significant Accounting Policies

Organization

Enable Midstream Partners, LP is a Delaware limited partnership whose assets and operations are organized into two reportable segments: (i) gathering and processing and (ii) transportation and storage. The gathering and processing segment primarily provides natural gas and crude oil gathering and natural gas processing services to our producer customers. The transportation and storage segment provides interstate and intrastate natural gas pipeline transportation and storage services primarily to our producer, power plant, LDC and industrial end-user customers. The Partnership’s natural gas gathering and processing assets are primarily located in Oklahoma, Texas, Arkansas and Louisiana and serve natural gas production in the Anadarko, Arkoma and Ark-La-Tex Basins. Crude oil gathering assets are located in Oklahoma and serve crude oil production in the SCOOP and STACK plays of the Anadarko Basin and in North Dakota and serve crude oil production in the Bakken Shale formation of the Williston Basin. The Partnership’s natural gas transportation and storage assets consist primarily of an interstate pipeline system extending from western Oklahoma and the Texas Panhandle to Louisiana, an interstate pipeline system extending from Louisiana to Illinois, an intrastate pipeline system in Oklahoma, and our investment in SESH, a pipeline extending from Louisiana to Alabama.

CenterPoint Energy and OGE Energy each have 50% of the management interests in Enable GP. Enable GP is the general partner of the Partnership and has no other operating activities. Enable GP is governed by a board made up of two representatives designated by each of CenterPoint Energy and OGE Energy, along with the Partnership’s Chief Executive Officer and three independent board members CenterPoint Energy and OGE Energy mutually agreed to appoint. CenterPoint Energy and OGE Energy also own a 40% and 60% interest, respectively, in the incentive distribution rights held by Enable GP.

As of March 31, 2020, CenterPoint Energy held approximately 53.7% or 233,856,623 of the Partnership’s common units, and OGE Energy held approximately 25.5% or 110,982,805 of the Partnership’s common units. Additionally, CenterPoint Energy holds 14,520,000 Series A Preferred Units. The limited partner interests of the Partnership have limited voting rights on matters affecting the business. As such, limited partners do not have rights to elect the Partnership’s general partner on an annual or continuing basis and may not remove Enable GP, its current general partner, without at least a 75% vote by all unitholders, including all units held by the Partnership’s limited partners, and Enable GP and its affiliates, voting together as a single class.

As of March 31, 2020, the Partnership owned a 50% interest in SESH. See Note 8 for further discussion of SESH. For the three months ended March 31, 2020, the Partnership held a 50% ownership in Atoka and consolidated Atoka in its Condensed Consolidated Financial Statements as EOIT acted as the managing member of Atoka and had control over the operations of Atoka. In addition, the Partnership held a 60% interest in ESCP, which is consolidated in its Condensed Consolidated Financial Statements as EOCS acted as the managing member of ESCP and had control over the operations of ESCP.

Basis of Presentation

The accompanying condensed consolidated financial statements and related notes of the Partnership have been prepared pursuant to the rules and regulations of the SEC and GAAP. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with GAAP have been omitted. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report.  

 The condensed consolidated financial statements and the related notes reflect all normal recurring adjustments that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective periods. Amounts reported in the Partnership’s Condensed Consolidated Statements of Income are not necessarily indicative of amounts expected for a full-year period due to the effects of, among other things, (a) seasonal fluctuations in demand for energy and energy services, (b) changes in energy commodity prices, (c) timing of maintenance and other expenditures, (d) acquisitions and dispositions of businesses, assets and other interests, and (e) the impact of the ongoing spread and economic effects of COVID-19 and the recent actions of Saudi Arabia and Russia which have resulted in a substantial decrease in natural gas, NGLs and crude oil prices.

For a description of the Partnership’s reportable segments, see Note 16.


9


Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Depreciation Expense

On March 26, 2020, FERC issued an order approving MRT’s 2018 Rate Case and 2019 Rate Case settlements. As a result of the settlements, the new depreciation rates for MRT have been applied in accordance with the order. The new depreciation rates did not result in a material change in depreciation expense or results of operations.

Accounts Receivable and Allowance for Doubtful Accounts

The Partnership adopted ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” on January 1, 2020. Upon adoption, the Partnership recognized a $3 million cumulative adjustment to Partners’ Equity and a corresponding adjustment to Allowance for doubtful accounts.

Accounts receivable are recorded at the invoiced amount and do not typically bear interest. The determination of the allowance for doubtful accounts requires management to make estimates and judgments regarding our customers’ ability to pay. The allowance for doubtful accounts is determined based primarily upon the historical loss-rate method established for various pools of accounts receivables with similar levels of credit risk. The historical loss-rates are then adjusted, as necessary, based on current conditions and forecasted information that could result in future uncollectable amounts. On an ongoing basis, we evaluate our customers’ financial strength and liquidity based on aging of accounts receivable, payment history, and review of other relevant information, including ratings agency credit ratings and alerts, publicly available reports and news releases, and bank and trade references. It is the policy of management to review the outstanding accounts receivable and other receivable balances within other assets at least quarterly, giving consideration to credit losses, the aging of receivables, specific customer circumstances that may impact their ability to pay the amounts due and current and forecasted economic conditions over the assets contractual lives. The following table summarizes the required allowance for doubtful accounts.

 
March 31, 2020
 
January 1, 2020
 
 
 
 
 
(In millions)
Accounts receivable
$
2

 
$
2

Other assets
3

 
3

Total Allowance for doubtful accounts
$
5

 
$
5



Inventory

Natural gas inventory is held, through the transportation and storage segment, to provide operational support for pipeline deliveries and to manage leased intrastate storage capacity. Natural gas liquids inventory is held, through the gathering and processing segment, due to timing differences between the production of certain natural gas liquids and ultimate sale to third parties. Natural gas and natural gas liquids inventory is valued using moving average cost and is subsequently recorded at the lower of cost or net realizable value. The Partnership recorded write-downs to net realizable value related to natural gas and natural gas liquids inventory of $6 million and $1 million during the three months ended March 31, 2020 and 2019, respectively.



10


(2) New Accounting Pronouncements

Accounting Standards to be Adopted in Future Periods

Reference Rate Reform

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This standard provides optional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The standard was effective upon issuance and generally can be applied through December 31, 2022. The Partnership is currently evaluating the impact this ASU will have on our Condensed Consolidated Financial Statements and related disclosures.


(3) Revenues

The following tables disaggregate total revenues by major source from contracts with customers and the gain (loss) on derivative activity for the three months ended March 31, 2020 and 2019.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Three Months Ended March 31, 2020
 
Gathering and
Processing
 
Transportation
and Storage
 
Eliminations
 
Total
 
 
 
 
 
 
 
 
 
(In millions)
Revenues:
 
 
 
 
 
 
 
Product sales:
 
 
 
 
 
 
 
Natural gas
$
56

 
$
73

 
$
(60
)
 
$
69

Natural gas liquids
172

 
2

 
(2
)
 
172

Condensate
27

 

 

 
27

Total revenues from natural gas, natural gas liquids, and condensate
255

 
75

 
(62
)
 
268

Gain on derivative activity
20

 

 

 
20

Total Product sales
$
275

 
$
75

 
$
(62
)
 
$
288

Service revenues:
 
 
 
 
 
 
 
Demand revenues
$
39

 
$
142

 
$

 
$
181

Volume-dependent revenues
163

 
17

 
(1
)
 
179

Total Service revenues
$
202

 
$
159

 
$
(1
)
 
$
360

Total Revenues
$
477

 
$
234

 
$
(63
)
 
$
648



11


 
Three Months Ended March 31, 2019
 
Gathering and
Processing
 
Transportation
and Storage
 
Eliminations
 
Total
 
 
 
 
 
 
 
 
 
(In millions)
Revenues:
 
 
 
 
 
 
 
Product sales:
 
 
 
 
 
 
 
Natural gas
$
128

 
$
162

 
$
(141
)
 
$
149

Natural gas liquids
270

 
6

 
(6
)
 
270

Condensate
34

 

 

 
34

Total revenues from natural gas, natural gas liquids, and condensate
432

 
168

 
(147
)
 
453

Loss on derivative activity
(9
)
 
(1
)
 

 
(10
)
Total Product sales
$
423

 
$
167

 
$
(147
)
 
$
443

Service revenues:
 
 
 
 
 
 
 
Demand revenues
$
60

 
$
131

 
$

 
$
191

Volume-dependent revenues
147

 
18

 
(4
)
 
161

Total Service revenues
$
207

 
$
149

 
$
(4
)
 
$
352

Total Revenues
$
630

 
$
316

 
$
(151
)
 
$