Enable Midstream Partners Announces Workforce Reductions
Enable Midstream Partners, LP (NYSE:ENBL) today announced that it will reduce its companywide workforce by approximately 10 percent during 2015. The announced reductions will follow an extensive analysis and realignment of the company’s organizational structure. The company said that it is nearing completion of the realignment and that it will be consolidating certain corporate functions to Oklahoma City and Houston to reduce costs and improve efficiency. It expects to announce those changes in the near future.
“Volatility in the commodity markets is taking a toll on our customers and driving our need to respond to what will, undoubtedly, be one of the most financially demanding years we’ve seen in the energy sector,” said Enable Midstream President and CEO Lynn Bourdon. “We find ourselves in a challenging market, forced to make some very difficult decisions. Today’s announcement follows a great deal of careful and thoughtful consideration as to how best to ensure that we meet our long-term financial objectives and to respond quickly in this dynamic market.”
Bourdon applauded the Enable Midstream workforce and added that the company will work tirelessly to ease the transition for affected employees.
“This was a terribly painful decision for us,” he said. “We are very proud of the work our employees have done and what they’ve accomplished in our short time as a standalone company. We especially appreciate the hard work and dedication of those Enable employees who will be affected by this decision. We recognize that this will be very disruptive and will work tirelessly to make the transition for those affected as smooth as we can.”
ABOUT ENABLE MIDSTREAM PARTNERS
Enable Midstream owns, operates and develops strategically located natural gas and crude oil infrastructure assets. The company’s assets include approximately 11,000 miles of gathering pipelines, 12 major processing plants with approximately 2.1 billion cubic feet per day of processing capacity, approximately 7,900 miles of interstate pipelines (including Southeast Supply Header, LLC of which the company owns 49.90 percent), approximately 2,300 miles of intrastate pipelines and eight storage facilities comprising 86.5 billion cubic feet of storage capacity. For more information visit EnableMidstream.com.
This press release may contain “forward-looking statements” within the meaning of the securities laws. All statements, other than statements of historical fact, regarding Enable Midstream Partners’ strategy, future operations, financial position, estimated revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements often include the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “forecast” and similar expressions and are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Enable Midstream’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Enable Midstream assumes no obligation to and does not intend to update any forward-looking statements included herein. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Risk Factors” included in our SEC filings. Enable Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond its control, incident to the ownership, operation and development of natural gas and crude oil infrastructure assets. These risks include, but are not limited to, contract renewal risk, commodity price risk, environmental risks, operating risks, regulatory changes and the other risks described under “Risk Factors” in our SEC filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Enable Midstream’s actual results and plans could differ materially from those expressed in any forward-looking statements.
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