Why Units of EnLink Midstream Are Skyrocketing Today
Units of EnLink Midstream (NYSE: ENLC) soared more than 27% by 10:30 a.m. EDT on Tuesday. Fueling the energy stock was its better-than-expected second-quarter results.
EnLink Midstream generated $255.1 million of adjusted EBITDA during the second quarter, which was largely unchanged from the first quarter. That was an impressive result considering all the turmoil in the energy market during the period. The company was able to deliver that steady performance thanks to its operations in the Permian Basin, where profits soared 35% thanks to volume growth, cost reductions, and opportunities to capture margin at its crude oil storage assets. That helped offset weakness elsewhere.
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Source Fool.com
