Operations Report February 16, 2016 Strong. Innovative. Growing. 1
2015: Executed on Our Strategy Stable Cash Flows Achieved record consolidated adjusted EBITDA of 728 MM* Raised annual distributions by 5% at ENLK and 16% at ENLC Achieved distribution coverage of 1.0x at ENLK and 1.2x at ENLC…
2015: Executed on Our Strategy Well Positioned for Continued Growth Current Rigs Operating on Gas Processing Crude / Condensate EnLink-Dedicated Acreage Volumes On Volumes on 2014 vs. 2016 Footprints 2014 vs. 2016 Footprints 19 (1,000…
2016: Focused on Stability & Execution Stable cash flows Low direct commodity risk: 95% of 2016E gross operating margin from fee-based contracts High quality customers: 90% of revenue from top 50 customers is from investment grade…
Stable Cash Flows Fee-Based Cash Flows from Quality Customers 2016E EnLink Midstream Consolidated * Gross Operating Margin Top 50 Customer By Contract Type ** Revenue Distribution*** 5% 10% Commodity Non- Sensitive Investment…
Execution in Core Areas Focus on Oklahoma, Permian & Louisiana The Tall Oak acquisition is the next step in positioning EnLink as a midstream leader in North Americas best resource plays Midland Permian Mid-Continent Leading…
Strong Financial Position Well Positioned with a Strong Balance Sheet 1 billion of liquidity on 1.5 billion credit facility at ENLK Strong Balance Investment grade balance sheet at ENLK (BBB-, Baa3) Sheet & Credit Profile Current…
2016 Guidance 10
2016 Guidance Focus on Stability & Execution Project growth in adjusted EBITDA and DCF in 2016 Focus on protecting strong, investment grade balance sheet Capital program focused on the most urgent and economic projects Stable cash…
Growth Capital Expenditures Outlook Focused on Most Critical & Economic Projects EnLink has postponed certain capital projects to focus 2016 investments on most critical projects Growth Capital Expenditures in millions 12 to 31%…
2016 Segment Outlook 13
Oklahoma Segment Growing with Devon in STACK & Cana Segment Cash Flows Volumes in millions 1,000 MMBtu/d CNOW Play 572 547 STACK Play 215 429 360 145 Cana- Woodford 2015 2016E* 2015 2016E* G&T Processing Key Customers…
Louisiana Segment Demand-Driven Platform for Growth Segment Cash Flows * Volumes in millions 1,468 1,520 203 202 144 143 506 524 59 59 137 136 2015 2016E* 2015 2016E* NGL Gas NGL Fractionation (1,000 Bbl/d) Gas…
Crude & Condensate Segment Strategic Assets with Strong Diversity of Services Creates Long-Term Growth Segment Cash Flows Volumes ORV in millions 1,000 Bbl/d 132 134 71 71 Total Total 10 19 20 16 LPC 37 33 System 65 66…
Summary on Segment Outlook Key Takeaways Key producers who are focused on the Permian continue to drive opportunities Tall Oak provides great growth platform Quality customers, low direct commodity risk and diversity of basins and…
2016: Focused on Stability & Execution Stable cash flows Low direct commodity risk: 95% of 2016E gross operating margin from fee-based contracts High quality customers: 90% of revenue from top 50 customers is from investment grade…
Appendix 20
2016 Guidance in millions except percentages, ratios and per unit information 2015 Actuals 2016 Guidance* EnLink Midstream Consolidated Adjusted EBITDA** 728 720 - 800 % of Gross Operating Margin from Fee-based Contracts 96% 95%…
Current Organizational Chart Devon Public Energy Unitholders 63% 37% TPG/Goldman* EnLink Midstream, LLC ENLC owns 100% of IDRs 750MM Convertible Preferred 0.4% GP 23.1% LP 38.8% 13.0% LP LP 24.7% IDR LP 16% Dist./Q…
Leverage & Liquidity Long-Term Debt as of 12/31/2015 (in millions) 2.70% Senior unsecured notes due 2019 400.0 7.125% Senior unsecured notes due 2022 162.5 4.40% Senior unsecured notes due 2024 550.0 4.15% Senior unsecured notes…
ENLC 2016 Tax Overview ENLC has three principal sources of taxable income or loss, each with different levels of exposure to federal and state income tax: 1. IDRs: ENLC receives an annual special allocation of taxable income with…
Assets & Capacities Segments - Assets Miles / Capacity Segments - Assets Miles / Capacity Texas Louisiana North Texas Gas Gathering & Transmission Pipelines 3,145 mi. 3,975 MMcf/d Gas Gathering & Transmission Pipelines 4,110 mi.…
Reconciliation Gross Operating Margin to Operating Loss 2015 Actual (MM) Total gross operating margin* 1,206.8) Operating Expenses (419.9) General and administrative expenses (132.4) Depreciation ,amortization and (1,950.7)…
Reconciliation Segment Cash Flow to Operating Loss 2015 Actual (MM) Total segment cash flows* 833.2) Shared operating expenses ** (53.2) General and administrative expenses (132.4) Depreciation ,amortization and impairment…
Reconciliation Gross Operating Margin to Operating Loss Q2-Q4 2014 Annualized Q2-Q4 2014 (MM) Total gross operating margin* 1,087) Operating expenses ** (308) General and administrative expenses (114) Depreciation and…
Reconciliation Net Income to Consolidated Adjusted EBITDA Q2-Q4 2014 Annualized Q2-Q4 2014 (MM) Net income 347 Interest expense 56 Depreciation, amortization & impairment 303 Depreciation and amortization 10 Other * (26)…
Reconciliation Net Loss to Consolidated Adjusted EBITDA & DCF 2015 2015 (MM) Net loss (1,378.2) Interest expense 102.5 Depreciation, amortization & impairment 1,950.7 Net distribution from equity investments 22.3 Other 37.5…
Reconciliation Net Cash Provided by Operating Activities to Consolidated Adjusted EBITDA & DCF - 2015 2015 (MM) Net cash provided by operating activities 645.6 Interest expense, net * 104.0 Current income tax 3.1 Distributions…
Reconciliation Net Loss of ENLC to ENLC Cash Available for Distribution 2015 2015 Actual (MM) Net loss of EnLink Midstream, LLC (ENLC) (1,409.7) Less: Net income EnLink Midstream Partners, 1,377.8 LP (ENLK) Net loss excluding…
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