EnLink Midstream authorizes new $200M buyback plan

EnLink Midstream “announced that the EnLink Board of Directors completed its expanded 2023 common unit repurchase authorization of $250 million, authorized a 2024 common unit repurchase plan, increased its quarterly distribution for the fourth quarter of 2023 by approximately 6%, and updated EnLink’s financial policy to reflect a long-term leverage target of 3.5x debt-to-EBITDA. The Board authorized a new $200 million unit repurchase plan for 2024. This marks the third consecutive year that the Board has authorized a significant unit repurchase plan. Following consistent repurchase execution since early 2022, EnLink has repurchased approximately 42 million units, which represents approximately 9% of total outstanding units at the end of 2021. GIP will also participate in the 2024 unit repurchases through its execution of a Unit Repurchase Agreement for 2024.”