Despite completing its initial public offering (IPO) in April 2014, Enable Midstream Partners LP (NYSE: ENBL) already boasts $11 billion in total assets, making the master limited partnership (MLP) one of the largest midstream names in our MLP Ratings.
The size and diversity of the partnership’s asset base distinguishes it from the other MLPs that have completed their IPOs this year. (Also see The MLP Class of 2014, Part 1.)
Three established companies contributed assets to Enable Midstream Partners:
This setup leaves 7 percent of the MLP’s float available to the investing public.
Enable Midstream Partners operates two business units: gathering and processing (G&P) and transmission and storage.
Gathering & Processing
The G&P business includes more than 11,000 miles of oil- and gas-gathering pipelines and 12 gas-processing plants with a total capacity of 2.1 billion cubic feet per day. Gathering lines are small-diameter pipelines that collect oil and gas from individual wells; processing plants remove natural gas liquids (NGL) from raw natural gas.
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Elliott and Roger on Oct. 29, 2018
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