Okla.’s largest midstreamers have cause to celebrate with the release of their 3Q earnings. Reese Energy Consulting today is following news from Okla. City-based Enable and Tulsa-based Williams, both of which have roared back to life thanks to stronger energy fundamentals and increased gas volumes. With the expected close right around the corner of its $7.3 billion purchase by Energy Transfer, Enable enjoyed a 3Q profit of $116 million compared to a $164 million net loss at the same time last year. Income attributable to common units was $107 million vs a $173 million loss in 3Q 2021. The company also achieved $265 million in free cash flow, which will no doubt help fund construction of its 135-mile Gulf Run natural gas pipeline. The $500+ million project will flow an initial 1.7 BCFD from northern La., to the Gulf and is slated for completion in late 2022. Citing record-level gathering volumes and contracted transmission capacity, Williams declared an exceptional 3Q, earning $164 million in profit compared to $153 million in the same period 2020. With four pipeline projects on the horizon, Williams this year also created a new subsidiary to develop and commercialize clean energy technologies.
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