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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, 2021
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/f91016fd429b12b2b2706167333448e7-enbl-20210331_g1.jpg
ENABLE MIDSTREAM PARTNERS, LP
(Exact name of registrant as specified in its charter) 
 _______________________________________
Delaware72-1252419
(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 classTrading symbol(s)Name of each exchange on which registered
Common Units Representing Limited Partner InterestsENBLNew 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 filerAccelerated Filer
Non-accelerated filerSmaller 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 16, 2021, there were 435,866,139 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
Measurements
Bbl.Barrel. 42 U.S. gallons of petroleum products.
Bbl/d.Barrels per day.
Bcf.Billion cubic feet.
Bcf/d.Billion cubic feet per day.
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.
MBbl.Thousand barrels.
MBbl/d.Thousand barrels per day.
MMBtu.Million British thermal units.
MMcf.Million cubic feet of natural gas.
MMcf/d.Million cubic feet per day.
TBtu.Trillion British thermal units.
TBtu/d.Trillion British thermal units per day.
Abbreviations
ASC.Accounting Standards Codification.
ASU.Accounting Standards Update.
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.
DOT.Department of Transportation.
EBITDA.Earnings before interest, taxes, depreciation and amortization.
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, Missouri and Kansas.
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 to customers 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.
EPA.Environmental Protection Agency.
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.
FASB.Financial Accounting Standards Board.
FERC.Federal Energy Regulatory Commission.
GAAP.Accounting principles generally accepted in the United States of America.
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.
MRT.Enable Mississippi River Transmission, LLC, a wholly owned subsidiary of the Partnership that operates an approximately 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.
NGL(s).Natural gas liquid(s), which are the hydrocarbon liquids contained within the natural gas stream including condensate.
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NYSE.New York Stock Exchange.
OPEC.Organization of the Petroleum Exporting Countries.
PHMSA.Pipeline and Hazardous Materials Safety Administration.
S&P.Standard & Poor’s Rating Services.
SCOOP.South Central Oklahoma Oil Province.
SEC.Securities and Exchange Commission.
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 Basin Canadian and Kingfisher Counties.
Terms and Definitions
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 initial principal amount of the Partnership’s 4.150% senior notes due 2029.
2044 Notes.$550 million aggregate initial 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 retirement of assets, sales of assets and write-downs of materials and supplies), gain on extinguishment of debt 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, 2020.
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.
Board of Directors.The board of directors of Enable GP, LLC.
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.
Corps.
United States Army Corps of Engineers.
Distribution coverage ratio.A non-GAAP measure calculated as DCF divided by distributions related to common unitholders.
Enable GP.Enable GP, LLC, the general partner of Enable Midstream Partners, LP.
Enable Midstream Services.Enable Midstream Services, LLC, a wholly owned subsidiary of Enable Midstream Partners, LP.
EOIT Senior Notes.$250 million aggregate principal amount of EOIT’s 6.25% senior notes that were repaid in March 2020.
Energy Transfer.Energy Transfer LP, a Delaware limited partnership.
Exchange Act.Securities Exchange Act of 1934, as amended.
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.
General Partner.Enable GP, LLC, a Delaware limited liability company, the general partner of Enable Midstream Partners, LP.
Gross margin.A non-GAAP measure calculated as Total revenues minus Cost of natural gas and natural gas liquids, excluding depreciation and amortization.
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Merger.The acquisition of the Partnership by Energy Transfer Partners, LP.
Merger Agreement.
An agreement between Energy Transfer and the Partnership in which the Partnership will be acquired by Energy Transfer in an all-equity transaction, including the assumption of debt and other liabilities
Moody’s.Moody’s Investor Services.
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.
Revolving Credit Facility.$1.75 billion senior unsecured revolving credit facility.
Series A Preferred Units.
10% Series A Fixed-to-Floating Non-Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in the Partnership.
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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. 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.

All statements, other than statements of historical fact, included in this Form 10-Q regarding the prospects of our industry, our anticipated financial performance, management’s plans and objectives for future operations, planned capital expenditures, business prospects, outcome of regulatory proceedings, market conditions, the expected merger (the “Merger”) of the Partnership with and into Energy Transfer LP pursuant to the Agreement and Plan of Merger between us and Energy Transfer dated February 16, 2021 (the “Merger Agreement”), and other matters, may constitute forward-looking statements. In addition, 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:
our pending Merger with Energy Transfer and the expected timing of the consummation of the Merger;
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 COVID-19 pandemic and the economic effects of the pandemic;
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;
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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, including the recent U.S. Supreme Court ruling involving the Muscogee (Creek) Nation reservation in Eastern Oklahoma; 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 March 31,
 20212020
 (In millions, except per unit data)
Revenues (including revenues from affiliates (Note 13)):
Product sales$627 $288 
Service revenues343 360 
Total Revenues970 648 
Cost and Expenses (including expenses from affiliates (Note 13)):
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately)
519 226 
Operation and maintenance
84 102 
General and administrative37 24 
Depreciation and amortization106 104 
Impairments of property, plant and equipment and goodwill (Note 7) 28 
Taxes other than income tax18 18 
Total Cost and Expenses764 502 
Operating Income206 146 
Other Income (Expense):
Interest expense(42)(47)
Equity in earnings of equity method affiliate1 6 
Total Other Expense(41)(41)
Income Before Income Tax165 105 
Income tax benefit  
Net Income$165 $105 
Less: Net income (loss) attributable to noncontrolling interest1 (7)
Net Income Attributable to Limited Partners$164 $112 
Less: Series A Preferred Unit distributions (Note 6)9 9 
Net Income Attributable to Common Units (Note 5)$155 $103 

Basic and diluted earnings per unit (Note 5)
Basic$0.35 $0.24 
Diluted$0.33 $0.19 
 
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 March 31,
 20212020
 (In millions)
Net income$165 $105 
Other comprehensive income (loss):
Change in fair value of interest rate derivative instruments (6)
Reclassification of interest rate derivative losses to net income1  
Other comprehensive income (loss)1 (6)
Comprehensive income166 99 
Less: Comprehensive income (loss) attributable to noncontrolling interest1 (7)
Comprehensive income attributable to Limited Partners$165 $106 

See Notes to the Unaudited Condensed Consolidated Financial Statements
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ENABLE MIDSTREAM PARTNERS, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2021December 31, 2020
(In millions)
Current Assets:
Cash and cash equivalents$32 $3 
Accounts receivable, net of allowance for doubtful accounts (Note 1)284 248 
Accounts receivable—affiliated companies13 15 
Inventory44 42 
Gas imbalances49 42 
Other current assets, net of allowance for doubtful accounts (Note 1)27 31 
Total current assets449 381 
Property, Plant and Equipment:
Property, plant and equipment13,287 13,220 
Less: Accumulated depreciation and amortization2,633 2,555 
Property, plant and equipment, net10,654 10,665 
Other Assets:
Intangible assets, net523 539 
Investment in equity method affiliate73 76 
Other65 68 
Total other assets661 683 
Total Assets$11,764 $11,729 
Current Liabilities:
Accounts payable$158 $149 
Accounts payable—affiliated companies1 2 
Current portion of long-term debt800  
Short-term debt214 250 
Taxes accrued26 34 
Gas imbalances13 19 
Other122 128 
Total current liabilities1,334 582 
Other Liabilities:
Accumulated deferred income taxes, net4 5 
Regulatory liabilities26 25 
Other67 71 
Total other liabilities97 101 
Long-Term Debt3,152 3,951 
Commitments and Contingencies (Note 14)
Partners’ Equity:
Series A Preferred Units (14,520,000 issued and outstanding at March 31, 2021 and December 31, 2020)
362 362 
Common Units (435,846,766 issued and outstanding at March 31, 2021 and 435,549,892 issued and outstanding at December 31, 2020)
6,798 6,713 
Accumulated other comprehensive loss(5)(6)
Noncontrolling interest26 26 
Total Partners’ Equity7,181 7,095 
Total Liabilities and Partners’ Equity$11,764 $11,729 
See Notes to the Unaudited Condensed Consolidated Financial Statements
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ENABLE MIDSTREAM PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
20212020
(In millions)
Cash Flows from Operating Activities:
Net income$165 $105 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization106 104 
Impairments of property, plant and equipment and goodwill 28 
Net loss on sale/retirement of assets 1 
Equity in earnings of equity method affiliate(1)(6)
Return on investment in equity method affiliate1 6 
Equity-based compensation4 4 
Amortization of debt costs and discount1  
Changes in other assets and liabilities:
Accounts receivable, net(36)52 
Accounts receivable—affiliated companies2 8 
Inventory(2)3 
Gas imbalance assets(7)(1)
Other current assets, net2 (6)
Other assets2 1 
Accounts payable11 (59)
Accounts payable—affiliated companies(1)1 
Gas imbalance liabilities(6)(2)
Other current liabilities(14)(35)
Other liabilities(4)(4)
Net cash provided by operating activities223 200 
Cash Flows from Investing Activities:
Capital expenditures(80)(54)
Proceeds from sale of assets1  
Return of investment in equity method affiliate3 4 
Other, net1 2 
Net cash used in investing activities(75)(48)
Cash Flows from Financing Activities:
Decrease in short-term debt(36)(45)
Repayment of long-term debt (250)
Proceeds from Revolving Credit Facility 340 
Repayment of Revolving Credit Facility (40)
Distributions to common unitholders(72)(144)
Distributions to preferred unitholders(9)(9)
Distributions to non-controlling interests(1)(3)
Cash paid for employee equity-based compensation(1)(1)
Net cash used in financing activities(119)(152)
Net Increase in Cash, Cash Equivalents and Restricted Cash29  
Cash, Cash Equivalents and Restricted Cash at Beginning of Period3 4 
Cash, Cash Equivalents and Restricted Cash at End of Period$32 $4 
See Notes to the Unaudited Condensed Consolidated Financial Statements
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ENABLE MIDSTREAM PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY
(Unaudited)
Three Months Ended March 31, 2021
 Series A
Preferred
Units
Common
Units
Accumulated Other Comprehensive LossNoncontrolling
Interest
Total Partners’
Equity
 UnitsValueUnitsValueValueValueValue
 (In millions)
Balance as of December 31, 202015 $362 435 $6,713 $(6)$26 $7,095 
Net income — 9 — 155 — 1 165 
Other comprehensive income— — — — 1 — 1 
Distributions
— (9)— (72)— (1)(82)
Equity-based compensation, net of units for employee taxes
— — 1 2 — — 2 
Balance as of March 31, 202115 $362 436 $6,798 $(5)$26 $7,181 

Three Months Ended March 31, 2020
Series A Preferred UnitsCommon UnitsAccumulated Other Comprehensive LossNoncontrolling InterestTotal Partners’ Equity
UnitsValueUnitsValueValueValueValue
(In millions)
Balance as of December 31, 201915 $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, 202015 $362 435 $6,972 $(9)$27 $7,352 
See Notes to the Unaudited Condensed Consolidated Financial Statements
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ENABLE MIDSTREAM PARTNERS, LP
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 

(1) Summary of Significant Accounting Policies

Organization

Enable Midstream Partners, LP (the Partnership) is a Delaware limited partnership whose assets and operations are organized into two reportable segments: (i) gathering and processing and (ii) transportation and storage. Our gathering and processing segment primarily provides natural gas gathering and processing services to our producer customers and crude oil, condensate and produced water gathering services to our producer and refiner 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. Our 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, 2021, 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, 2021, the Partnership owned a 50% interest in SESH. See Note 8 for further discussion of SESH. For the three months ended March 31, 2021, the Partnership owned a 50% ownership in Atoka and consolidated Atoka in the accompanying 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 the accompanying Condensed Consolidated Financial Statements as EOCS acted as the managing member of ESCP and had control over the operations of ESCP.

Merger Agreement

On February 17, 2021, the Partnership and Energy Transfer announced their entry into a Merger Agreement, whereby the Partnership will be acquired by Energy Transfer in an all-equity transaction, including the assumption of debt and other liabilities. Under the terms of the Merger Agreement, which has been unanimously approved by the Boards of Directors of both companies, Partnership common unitholders will receive 0.8595 of an Energy Transfer common unit for each Partnership common unit. Each of the Partnership’s Series A Preferred Units will be exchanged for 0.0265 Series G preferred units of Energy Transfer. The transaction will also include a $10 million cash payment for the Partnership’s general partner.

Generally, the Merger, including the receipt of equity consideration by common unitholders is expected to be treated as a tax-free transaction subject to certain exceptions as described in a Registration Statement on Form S-4 filed by Energy Transfer. The transaction, which is expected to close in mid-2021, is subject to customary closing conditions. CenterPoint Energy and OGE Energy, who collectively own approximately 79% of the outstanding Partnership common units, delivered their consents to the transaction. The Merger Agreement includes certain customary restrictions on the Partnership until closing of the Merger, such as limitations on distributions, equity issuances, and incurring and prepaying indebtedness. If the Merger does not occur, under certain circumstances, the Partnership may be required to pay Energy Transfer a termination fee of $97.5 million. Until the approval by unitholders and subsequent closing, we must continue to operate the Partnership as a stand-alone company.

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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 COVID-19 pandemic and the economic effects of the pandemic 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.

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.

Sales and Retirements of Assets

On September 23, 2019, the Partnership entered into an agreement to sell its undivided 1/12th interest in the Bistineau Storage Facility in Louisiana for approximately $19 million. On January 27, 2020, FERC approved the sale. The Partnership closed the sale on April 1, 2020. We did not recognize a gain or loss on this transaction.

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 forecast 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 forecast economic conditions over the assets contractual lives. The following table summarizes the required allowance for doubtful accounts.
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March 31, 2021December 31, 2020
(In millions)
Accounts receivable$4 $1 
Other assets3 3 
Total Allowance for doubtful accounts$7 $4 

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 $1 million and $6 million during the three months ended March 31, 2021 and 2020, respectively.

Impairment of Long-Lived Assets (including Intangible Assets)

The Partnership periodically evaluates long-lived assets, including property, plant and equipment, and specifically identifiable intangibles other than goodwill, when events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. The determination of whether an impairment has occurred is based on an estimate of undiscounted cash flows attributable to the assets, as compared to the carrying value of the assets. For more information, see Note 7.

Impairment of Goodwill

The Partnership assesses its goodwill for impairment annually on October 1st, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. Goodwill is assessed for impairment by comparing the fair value of the reporting unit with its book value, including goodwill. The Partnership utilizes the market or income approaches to estimate the fair value of the reporting unit, also giving consideration to the alternative cost approach. Under the market approach, historical and current year forecasted cash flows are multiplied by a market multiple to determine fair value. Under the income approach, anticipated cash flows over a period of years plus a terminal value are discounted to present value using appropriate discount rates. The resulting fair value of the reporting unit is then compared to the carrying amount of the reporting unit and an impairment charge is recorded to goodwill for the difference. The Partnership performs its goodwill impairment testing at the reporting unit, which is one level below the transportation and storage and gathering and processing reportable segment level. For more information, see Note 7.


(2) New Accounting Pronouncements

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 adopted ASU 2020-04 during the year ended December 31, 2020. The implementation had no material impact on the Consolidated Financial Statements and related disclosures.

In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope.” This standard clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. The Partnership adopted ASU 2021-01 during three months ended March 31, 2021. The implementation had no material impact on the Condensed Consolidated Financial Statements and related disclosures.


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(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, 2021 and 2020.
Three Months Ended March 31, 2021
Gathering and
Processing
Transportation
and Storage
EliminationsTotal
(In millions)
Revenues:
Product sales:
Natural gas
$112 $330 $(130)$312 
Natural gas liquids
297 3 (3)297 
Condensate
32   32 
Total revenues from natural gas, natural gas liquids, and condensate
441 333 (133)641 
Loss on derivative activity(13)(1) (14)
Total Product sales$428 $332 $(133)$627 
Service revenues:
Demand revenues
$26 $127 $ $153 
Volume-dependent revenues
170 23 (3)190 
Total Service revenues$196 $150 $(3)$343 
Total Revenues$624 $482 $(136)$970 
Three Months Ended March 31, 2020
Gathering and
Processing
Transportation
and Storage
EliminationsTotal
(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