The company said it entered into agreements with GIP on August 28, 2024 to acquire GIP's interest in EnLink Units 43% and the managing member interests, and completed the acquisition on October 15 for total cash consideration of approximately $3.3 billion. It also said the purchase price for Medallion is $2.6 billion and it expects the deal to close in Q4 2024.

1. 01

   The company said it entered into agreements with GIP on August 28, 2024 to acquire GIP's interest in EnLink Units 43% and the managing member interests, and completed the acquisition on October 15 for total cash consideration of approximately $3.3 billion. It also said the purchase price for Medallion is $2.6 billion and it expects the deal to close in Q4 2024.

2. 02

   The company said it completed an underwritten public offering of $7.0 billion in senior unsecured notes in September 2024, with net proceeds of $6.9 billion after underwriting discounts, commissions and offering expenses. It said it used a portion of the proceeds to fund the EnLink acquisition in October and plans to use the remainder to fund the Medallion acquisition.

3. 03

   The company said operating income for the 3 months ended September 30, 2024 increased $389 million from the same period a year earlier. It said the Refined Products and Crude segment contributed $267 million due to the Magellan acquisition, and transaction costs decreased $113 million.

4. 04

   The company said it had $6.5 billion in cash and cash equivalents as of September 30, 2024, including cash held to fund the EnLink and Medallion acquisitions, and a working capital (defined as current assets less current liabilities) deficit of $681 million. The company cited current maturities of long-term debt as the main factor behind the deficit.

Key figures

Quarter ended September 30, 2024

Revenue

$5.0B

Operating income

$1.1B

Net income

$693M

EPS

$1.18

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.