Operations Report FEBRUARY 14, 2017 FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS
2016 RESULTS DELIVERED
ENLK: OUTPERFORMED GUIDANCE IN 2016 Delivered on financial and operational priorities Type Metric 2016 Guidance 2016 Actual Status Net Income (Loss) N/A (565MM)1 N/A Net Income & Adjusted EBITDA Adjusted EBITDA2 765MM 775MM…
ENLC: SOLID PERFORMANCE IN 2016 Continued to benefit from GP structure Type Metric 2016 Guidance 2016 Actual Status Net Income (Loss) N/A (460MM)1 N/A Net Income & Cash Available for Distribution Cash Available for 205MM 202MM…
2016: SUCCESSFUL EXECUTION OF THE PLAN Right on track, focused on execution A Central Oklahoma Delaware Basin Closed and integrated 1.5B3 acquisition B (JV with NGP1) Executed new agreement dedicating Successfully completed 60…
2017 GUIDANCE
ENLK: 2017 GUIDANCE HIGHLIGHTS Focused on executing growth priorities Adjusted EBITDA1 Distribution Coverage2 2017 Guidance projects an adjusted EBITDA exit-rate of 925-950MM, an 20% increase Project full-year 2017 coverage of 1.0x…
2017 ENLK GUIDANCE HIGHLIGHTS Execute in core growth areas, preserve balance sheet MM unless otherwise noted 2017 ENLK Guidance Range Net Income 80 120 Adjusted EBITDA 1,5 815 885 Growth Capital Expenditures 2 505 645 % Fee-based…
ENLK: 2017 FINANCING & LIQUIDITY Continued focus on financial strength FINANCIAL METRICS 2017 CASH UTILIZATION Investment grade: Investment-grade credit Sources of Cash (MM) rating at ENLK since inception Asset Sales & ATM Equity…
2017 SEGMENT PROFIT & VOLUME GUIDANCE Execution expected to drive growth in 20171 % 2017 % 2017 2017 Avg. Mcf Volumes / Segment Profit 2016 4Q16 Guidance1 Guidance Guidance Conversion2 vs. 2016 vs. 4Q16 Oklahoma (Volume in 1,000…
GROWTH CAPITAL EXPENDITURES GUIDANCE Portfolio of capital projects focused on core growth assets 2017 Growth Capital 2017 Net Capital Outlay Guidance (MM) Expenditures Guidance 3% 610 - 770 505 - 645 6% 20% 45 - 55 11% 60 - 70…
2017 PROJECTS IN CORE GROWTH AREAS Top tier customers drive capital-efficient growth in core operating areas Delaware Basin A Central Oklahoma B (JV with NGP1) Lobo II plant expansion to full 120 MMcf/d Chisholm II & III 400 MMcf/d…
ENLC: 2017 GUIDANCE HIGHLIGHTS Leveraged to ENLK upside, capitalizing on growth Cash Available for Distribution1 Distribution Coverage2 2017 Guidance represents midpoint Project full-year distribution coverage to growth of 10%, YoY…
2017 ENLC GUIDANCE HIGHLIGHTS GP / LP structure enhances financial flexibility MM unless otherwise noted 2017 ENLC Guidance Range Net Income 45 105 Cash Available for Distribution 1 215 225 Growth Capital Expenditures 60 - 70…
ENLC TAX OUTLOOK: 2017 2019 HORIZON ENLC has three principal sources of taxable income or loss No federal cash taxes estimated from 2017 to 2019 Estimated state income taxes of 5MM per year from 2017 to 2019 Distributions received…
Operations Overview 18
RIG ACTIVITY IN OUR GROWTH BASINS Continued drilling success is driving significant activity in early 2017 Central Oklahoma Midland Basin Acreage dedicated to G&P system Acreage dedicated to G&P system Acreage dedicated to…
OKLAHOMA Expanding strategic position in the STACK Cedar Cove JV dedicated acreage Rig Count1 17 rigs 1 According to Drilling Info as of January 6, 2017. Assets above include those with partial ownership. 20
OKLAHOMA: SIZE & SCALE Future growth from organic projects & depth of producer relationships 20 1 Bcf/d 60% Producer customers STACK Gas Processing MVC protection2 Capacity 2017 gross operating in Oklahoma1 expected in 2017…
MIDLAND BASIN Diverse assets delivering services across products & the value chain Rig Count1 13 rigs 11 2 Gas Crude System System rigs rigs 1 According to Drilling Info as of January 6, 2017. Assets above include those…
MIDLAND BASIN: ESTABLISHED FOOTPRINT Diversifying producer services from a core gas operating position 20 400 MMcf/d 35% G&P producer POP contracts1 Gas Processing Capacity customers G&P gross operating margin in 2017 Strategic…
DELAWARE BASIN: LOBO SYSTEM Serving strong producers, expanding strategic footprint Rig Activity1 1 Rig 8 Rigs on Dedicated Running on acreage with volume Acreage commitments to the Lobo System 1 According to Drilling Info as…
DELAWARE BASIN: DELIBERATE GROWTH Serving strong producers, expanding strategic footprint Strategic Focus Footprint: Developing asset base in three key counties Scale: Expanding processing capacity coincides with expected producer…
NORTH TEXAS Size and scale in mature basin provides stability Natural Gas Premier gas asset 4,000 miles of pipeline 2.0 Bcf of gas gathering capacity 4 processing plants with 1.1 Bcf/d capacity NGLs 35 miles of pipelines 1…
NORTH TEXAS: ANCHOR POSITION Strong 2017 cash generation 100 80% 1.1 Bcf Producer Gross Operating Margin Protected by Total Processing Customers MVCs1 Capacity in Barnett in 2017 Strategic Focus Footprint: Established gas…
LOUISIANA Franchise position serving growing demand markets Natural Gas Premier gas asset position with 3,100 miles of pipeline 6 processing plants with 1.9 Bcf/d capacity, 1 Bcf/d operational 12 Bcf of working natural gas storage…
LOUISIANA: ADVANTAGED ASSET LOCATION Franchise position serving growing demand markets Two Distinct Steady, Slow Growth Step-change Long-Term Premier Asset Platforms in Near-term Growth Opportunities1 NGL fractionation, Expanding…
A PP E N D I X
POSITIONED FOR ONGOING SUCCESS Intentional business model, confident in growth Further develop and extend our strategic asset portfolio throughout our positions in top U.S. supply basins and demand regions TBD EXECUTION Provide…
PROVEN BUSINESS MODEL Diversified across products, geographies, & services Financial stability further enhanced by expanding business diversification Legacy Operations 2015-16 New or Significantly Expanded Midland & 2017+ Future…
2016 SEGMENT PROFIT & VOLUMES Twelve Months Three Months Ended Ended March 31, June 30, September December 31, December 31, 2016 2016 30, 2016 2016 2016 Texas Segment Profit (in millions) 106.9 103.1 103.2 103.2 416.4 Gross…
KEY FINANCIAL METRIC SUMMARY Stability and growth exhibited during a volatile year In millions unless otherwise noted 1Q16 2Q16 3Q16 4Q16 2016 EnLink Midstream Partners (ENLK) Net Income (Loss) Attributable to ENLK (560.4) 5.0 18.8…
THE RIGHT ASSET PLATFORM Integrated across products, basins, & services 20 4.3 Bcf/d Processing Processing Facilities Capacity 7 260 Mbbl/d Fractionators Fractionation Capacity 11k Miles Mbbl/d 130 of Pipeline NGL…
ORGANIZATIONAL CHART Devon Energy Corp. Public NYSE: DVN Unitholders (BBB+/BBB/Ba1) TPG Capital & Goldman 64% 36% ENLC owns 100% Sachs1 of IDRs Preferred Equity Owners EnLink Midstream, LLC General Partner NYSE: ENLC 0.4%…
ENLK FORWARD LOOKING RECONCILIATION Forecast ENLK Net Income to Adjusted EBITDA and Distributable Cash Flow 1 2017 Outlook All amounts in millions Low Mid-point High Net income (2) 80 100 120 Interest expense 176 176 176…
ENLK FORWARD LOOKING RECONCILIATION Forecast Reconciliation of Operating Income (Loss) to Segment Profit (Loss) For the Year Ended December 31, 2017 Crude and All amounts in millions Texas Louisiana Oklahoma Condensate Corporate…
ENLC FORWARD LOOKING RECONCILIATION Forecast ENLC Net Income to ENLC Cash Available for Distribution 1 All amounts in millions 2017 Outlook Low Mid-point High Net income of ENLC (2) 45 75 105 Less: Net income attributable to ENLK 57 85…
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED EBITDA AND DISTRIBUTION CASH FLOW OF ENLK All amounts in millions Three Months Ended Year Ended 3/31/2016 6/30/2016 9/30/2016 12/31/2016 12/31/2016 Net cash…
RECONCILIATION OF NET INCOME OF ENLC TO ENLC CASH AVAILABLE FOR DISTRIBUTION Three Months Ended Year Ended All amounts in millions 3/31/2016 6/30/2016 9/30/2016 12/31/2016 12/31/2016 Net income (loss) of ENLC (871.3) 1.2 11.1…
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA OF ENLK All amounts in millions Three Months Ended Year Ended 3/31/2016 6/30/2016 9/30/2016 12/31/2016 12/31/2016 Net income (loss) from continuing operations (562.9) 3.2 17.5 (31.1)…
RECONCILIATION OF ENLKS OPERATING INCOME (LOSS) TO GROSS OPERATING MARGIN OF ENLK All amounts in millions Crude and Year Ended 12/31/2016 Texas Louisiana Oklahoma Condensate Corporate Totals Operating income (loss) (364.3) General…
RECONCILIATION OF ENLKS OPERATING INCOME (LOSS) TO GROSS OPERATING MARGIN OF ENLK (CONT.) All amounts in millions Crude and Q2 2016 Texas Louisiana Oklahoma Condensate Corporate Totals Operating income (loss) 46.4 General and…
FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS
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