Citi One-On-One MLP / Midstream Infrastructure Conference August 20, 2014 Strong. Innovative. Growing. 1
Non-GAAP Financial Information This presentation contains non-generally accepted accounting principle financial measures that EnLink Midstream refers to as adjusted EBITDA and gross operating margin. Adjusted EBITDA is defined as net…
Introduction Who We Are EnLink Midstream is a leading integrated midstream company with sponsorship support from Devon Energy, a diverse geographic footprint and a strong financial foundation to deliver tailored customer solutions for…
The Vehicle for Sustainable Growth: MLP Structure with a Premier Sponsor Devon Energy Corp. Public NYSE: DVN Unitholders (BBB+ / Baa1) 70% 30% EnLink Midstream, LLC ENLC owns 100% of IDRs 52% General Partner 40% NYSE: ENLC…
The Vehicle for Sustainable Growth: Strategically Located and Complementary Assets PA Gas Gathering and Transportation OH MARCELLUS 7,300 miles of gathering and transmission lines CANA-WOODFORD OK Gas Processing UTICA 12…
The Vehicle for Sustainable Growth: Diverse, Fee-Based Cash Flows Devon is EnLink Midstreams largest customer (50% of consolidated 2014E adjusted EBITDA*) EnLink Midstreams growth projects focused on crude/NGL services and rich gas…
The Four Avenues for Growth 8
Destination 2017: The Four Avenues for Growth AVENUE 1 AVENUE 2 AVENUE 3 AVENUE 4 Dropdown Growing Organic Growth Mergers & Opportunities With Devon Projects Acquisitions E2 dropdown Growth Areas where New Project: ORV…
Avenue 1: Future Dropdowns Devon Sponsorship Creates Dropdown Opportunities Devon Sponsorship Provides Potential for 375 MM of Cash Flow from Dropdowns 2014 2015 2016 2017 E2 Legacy Devon Midstream Assets Estimated Capital…
Avenue 2: Growing With Devon Serving Devons Needs is a Priority Devon 2014 E&P Capital Budget Devon has significant financial incentive to contract 5.0 - 5.4 Billion midstream development with EnLink 70% ownership of ENLC, 52%…
Avenue 2: Growing With Devon Bearkat System Expansion in West Texas New Assets 120 MMcf/d cryogenic processing plant 23-mile, 12 high pressure gathering pipeline and low pressure gathering systems Acreage dedication from Devon in…
Avenue 3: Organic Growth Projects Ohio River Valley Condensate Pipeline, Stabilization & Compression System Expansion New Assets 45-mile, 8 condensate pipeline with an expected capacity of 50,000 bpd 6 new condensate stabilization and…
Avenue 3: Organic Growth Projects Cajun-Sibon Expansion 258 miles of NGL pipeline from Mont Belvieu area to NGL fractionation assets in south Louisiana (195 miles new, 63 miles re-purposed) 140 MBbl/d south Louisiana fractionation…
Avenue 3: Organic Growth Projects JV with Marathon to Build NGL Pipeline in South LA New Assets 30-mile, 10 NGL pipeline from EnLinks Riverside fractionator to Marathon Petroleums Garyville refinery Expected to be operational in…
Avenue 4: Mergers & Acquisitions Near-term focus on platform expansion opportunities Longer-term focus on pursuing scale positions in new basins, especially in areas where Devon is active Superior financing capabilities already in…
EnLink Midstream Today & Tomorrow EnLink Midstream EnLink Midstream Today Potential Future in 2017 Access Pipeline E2 CANADIAN Dropdown Dropdown OIL Complete Complete SANDS Heavy Oil Potential for 375 MM of Additional Cash…
Financial Outlook 18
Long Term Vision: EnLinks Key Financial Attributes Investment grade balance sheet at ENLK (BBB, Baa3) Strong B/S Credit Profile Debt/EBITDA of 3.5x 1.0 billion in liquidity at ENLK ORV 95% fee-based margin Louisiana Diverse,…
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