Management now expects full-year 2021 net income to be $125 million to $165 million, up from a previous guidance range of $45 million to $105 million. Adjusted EBITDA is expected to be $1.02 billion to $1.06 billion, up from $940 million to $1 billion. As a result of these improvements, debt-to-adjusted-EBITDA is expected to be between 4 times and 4.2 times at year-end.
On the spending side, management did increase capital expenditure estimates to a range of $165 million to $195 million, from a range of $140 million to $180 million. Management sees more growth opportunities in the Permian Basin, Louisiana, Oklahoma, and North Texas.
Higher commodity prices generally are helping midstream companies like EnLink. After a year of weak demand for energy commodities and relatively low prices, the market looks like it's reversing for now. We don't know yet how long the boom in prices and demand will last, but management sees a strong rest of the year, and investors liked the news today.