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3Q 2018 Earnings – Enlink Midstream Partners Lp

Enlink Midstream Partners Lp · Nov 6, 2018 · 45 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 1
    THIRD QUARTER 2018 OPERATIONS REPORT November 6, 2018
  2. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 2
    FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the federal securities laws. Although these statements reflect the current views, assumptions, and expectations of our management, the…
  3. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 3
    IMPORTANT INFORMATION FOR INVESTORS AND UNITHOLDERS This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the…
  4. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 4
    NON-GAAP FINANCIAL INFORMATION & OTHER DEFINITIONS This presentation contains non-generally accepted accounting principles (GAAP) financial measures that we refer to as gross operating margin, adjusted EBITDA, distributable cash flow…
  5. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 5
    NON-GAAP FINANCIAL INFORMATION & OTHER DEFINITIONS CONTINUED Other definitions and explanations of terms used in this presentation: 1) ENLKs Adjusted EBITDA is net to ENLK after non-controlling interest 2) ENLKs Distribution Coverage is…
  6. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 6
    RIGHT PLACES EXECUTION RIGHT EXCELLENCE PARTNERS RIGHT PLAN EXECUTION EXCELLENCE STRONG BUSINESS PERFORMANCE DRIVES RESULTS IN 2018, POSITIONED FOR CONTINUED SUCCESS IN 2019 AND BEYOND
  7. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 7
    TRACK RECORD OF SUCCESS IN 2018 3rd CONSECUTIVE QUARTER OF STRONG BUSINESS PERFORMANCE Right Places 25% segment profit growth 3Q18 over 3Q17 across our asset segments 20% processing volume growth 3Q18 over 3Q17 across our asset…
  8. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 8
    3Q18 OUTPERFORMS 3Q18 HIGHLIGHTS: GREATER THAN 20% GROWTH IN SEVERAL KEY METRICS Strong base business outperforms year-over-year: 1. ENLK generated adjusted EBITDA growth of 23% and DCF growth of 24% 3Q18 over 3Q17 2. Double-digit…
  9. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 9
    3Q18: RIGHT PLAN IN ACTION SYSTEM GROWTH DRIVEN BY OUR 7 STRATEGIES 2 MIDLAND BASIN 1 OKLAHOMA Increase asset utilization Maximize strategic position 23% GROWTH 42% GROWTH IN GAS G&P VOLUME YOY1 IN GAS G&P VOLUME YOY1,2 65% GROWTH…
  10. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 10
    2018 OUTPERFORMANCE CONTINUED ASSET STRENGTH RESULTS IN FINANCIAL OUTPERFORMANCE ENLK EXPECTS TO BE AT THE HIGH-END ON TRACK TO ACHIEVE RECORD OF UPDATED FINANCIAL GUIDANCE FULL YEAR RESULTS 2018 ENLK UPDATED GUIDANCE (MM) 1. Twice…
  11. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 11
    FIRST PHASE OF NGL PLATFORM EXPANSIONS INCREASING CAPACITY OF FRANCHISE GULF COAST NGL PLATFORM DRIVE GROWTH: UNLOCK 30 35 MBBLS/D OF FRACTIONATION CAPACITY NGL PLATFORM EXPANSIONS UNLOCK 30-35 MBBLS/D EFFECTIVE FRACTIONATION…
  12. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 12
    EVALUATING NEXT PHASE OF NGL EXPANSION ONGOING REVIEW OF MULTIPLE OPTIONS DRIVE GROWTH: POTENTIAL EXPANSION OF GULF COAST PLATFORM NEXT PHASE OF NGL EXPANSION BEING EVALUATED NEXT PHASE UNDER EVALUATION Multiple options for next…
  13. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 13
    PRO FORMA ENLC BUSINESS OUTLOOK 2019 - 2021 HIGHLIGHTS1: ROBUST BUSINESS OUTLOOK SUPPORTED BY STRONG FUNDAMENTALS 1. GROWTH IN CORE ASSETS SUPPORTS STRONG FINANCIAL OUTLOOK: o Oklahoma segment profit growth rate: 3year CAGR 10%+ o…
  14. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 14
    PRO FORMA ENLC EXCESS DCF OUTLOOK STRONG EXPECTED DCF GROWTH TO DRIVE VALUE CREATION IN 2019 - 2021 FORECAST EXCESS DCF PROVIDES OPTIONS FOR RETURNING 2019 THRU 2021 VALUE TO UNITHOLDERS STRONG PRO FORMA ENLC OUTLOOK THROUGH 2021…
  15. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 15
    ENLINK ADVANCES NEXT CHAPTER OF GROWTH1 PREVIOUSLY ANNOUNCED SIMPLIFICATION BENEFITS Right Places. Right Partners. Executing our Right Plan with Excellence. Our Business Ongoing focus on 7 Growth Strategies Model Operating in 4 core…
  16. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 16
    PRO FORMA ENLC: FINANCIAL PROFILE THRU 2021 LONG-TERM COMMITMENT TO FOUR CORE FINANCIAL TENETS Distribution Growth Self-funding Distribution Coverage Leverage 5% or Greater Majority of equity GCE 1.3x 1.5x 3.5x 4.0x Annual mid to…
  17. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 17
    RIGHT PLACES EXECUTION RIGHT EXCELLENCE PARTNERS RIGHT PLAN RIGHT PLAN: FOCUS ON CORE ASSETS
  18. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 18
    FOCUSED ON 7 GROWTH STRATEGIES EXPANDING STRONG COMMERCIAL RELATIONSHIPS ACROSS OUR PLATFORMS 1 2 Oklahoma Midland Basin Maximize strategic position Increase asset utilization 5 3 Louisiana Gas Capture incremental Delaware…
  19. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 19
    CONSISTENT RIG ACTIVITY ON OUR FOOTPRINT DRILLING RIG ACTIVITY SUBSTANTIATES OUR GROWTH BASIN STRATEGY U.S. RIG COUNT1 RIGS IN OUR GROWTH BASINS1 RIGS ON OUR SYSTEMS1 32% 11% 21% 22% 1,051 RIGHT RIGHT 946 PLACES PARTNERS 628…
  20. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 20
    DRILLING EFFICIENCIES AND VOLUME GROWTH INCREASING VOLUMES WITH CONSISTENT AVERAGE RIG COUNT RIGS ON OUR SYSTEMS1 GROWTH BASIN VOLUME GROWTH An average of 62 drilling rigs were active on Strong producer customer activity supports…
  21. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 21
    TOP TIER E&P CUSTOMER ACTIVITY IN OKLAHOMA RIGHT PARTNERS, RIGHT PLACES BUSINESS MODEL DRIVES VOLUME GROWTH OKLAHOMA RIGS DELIVER VOLUMES TO ENLINKS CONSISTENT RIGS PRODUCE VOLUME GROWTH GAS G&P and CRUDE PLATFORMS1 RIGS Producer A…
  22. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 22
    OKLAHOMA: SIZE, SCALE, & DIVERSIFICATION COMPELLING STACK DEVELOPMENT EVIDENCES RIGHT PLACES, RIGHT PARTNERS RIGHT PLAN: MAXIMIZE STRATEGIC POSITION 16 RIGS ON MULTI-COMMODITY STRATEGY DEDICATED GAS G&P ACREAGE 1. GROWING MULTI…
  23. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 23
    MIDLAND BASIN: FAVORABLE POSITION QUALITY PRODUCER DEDICATIONS DRIVE GAS & CRUDE VOLUME RAMP RIGHT PLAN: INCREASE ASSET UTILIZATION EXECUTING A 3-PRONGED COMMODITY STRATEGY 5 1. ESTABLISHED GAS FOOTPRINT RIGS ON DEDICATED 80%…
  24. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 24
    DELAWARE BASIN: CRUDE AND G&P PLATFORMS ACTIVE PORTFOLIO OF CUSTOMERS ON OUR CRUDE AND GAS SYSTEMS RIGHT PLAN: ACHIEVE SCALE EXECUTING A MULTI-COMMODITY STRATEGY 1. NEW AVENGER CRUDE PLATFORM Quick-to-market solution is in service…
  25. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 25
    GULF COAST NGL PLATFORM 2018 GCE EXPANDS EXISTING FRACTIONATION & PIPELINE CAPACITY MULTI-COMMODITY ASSETS: POTENTIAL FOR ADDITIONAL OPPORTUNITIES 2018 NGL PLATFORM EXPANSIONS 1. LA FRACTIONATION CAPACITY Completed capacity expansion…
  26. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 26
    LOUISIANA: ASSETS IN KEY DEMAND MARKETS STRONG FUNDAMENTALS SURROUND EXISTING GAS AND NGL FOOTPRINT MULTI-COMMODITY ASSETS: POTENTIAL FOR ADDITIONAL OPPORTUNITIES LEADING ASSET POSITIONS 1. CAPTURE INCREMENTAL GAS OPPORTUNITIES…
  27. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 27
    BARNETT SHALE: STABILIZED VOLUMES REINVIGORATED ACTIVITY & NEW CUSTOMERS SUPPORT ENLINK VOLUMES RIGHT PLAN: PROACTIVELY PARTICIPATE IN REDEVELOPMENT BARNETT ACTIVITY CONTINUES 1. 2018 UPDATE On track to surpass full-year financial…
  28. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 28
    RIGHT PLACES EXECUTION RIGHT EXCELLENCE PARTNERS RIGHT PLAN APPENDIX
  29. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 29
    ENLINK ASSET MAP RIGHT PLACES EXECUTION RIGHT EXCELLENCE PARTNERS RIGHT PLAN EnLink Midstream 3Q 2018 Operations Report 29
  30. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 30
    SUSTAINABILITY AND GROWTH DRIVERS CORE ASSET INTEGRATION ACROSS PRODUCTS, BASINS & SERVICES 1,450 EMPLOYEES OPERATING ASSETS 20 PROCESSING FACILITIES 4.8 BCF/D PROCESSING CAPACITY IN 7 STATES 7 FRACTIONATORS 278 MBBL/D…
  31. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 31
    2018 GROWTH CAPITAL EXPENDITURES (GCE) CAPITAL SPEND REMAINS FOCUSED ON KEY GROWTH AREAS 2018 GCE OUTLOOK (MM) YTD18 GCE (MM) 622 810 925 725 - 825 685 - 755 546 495 (85 100) (76) (40 70) (51) Growth Capital JV Partners EnLink…
  32. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 32
    KEY FINANCIAL METRIC SUMMARY1 In millions unless otherwise noted 3Q17 4Q17 1Q18 2Q18 3Q18 EnLink Midstream Partners, LP (ENLK) Net Income Attributable to ENLK 25.5 75.7 60.1 98.9 43.2 Net Cash Provided by Operating Activities 200.8…
  33. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 33
    QUARTERLY VOLUMES & SEGMENT PROFIT Three Months Ended Sep. 30, Dec. 31, Mar. 31, Jun. 30, Sep. 30, In millions unless otherwise noted 2017 2017 2018 2018 2018 Texas Segment Profit 107.6 106.3 104.4 115.3 118.9 Gross Operating…
  34. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 34
    SEGMENT PROFIT (IN MM) OKLAHOMA TEXAS Permian North TX 115.3 118.9 107.6 106.3 104.4 106.21 107.0 95.4 86.0 79.1 92.4 95.0 89.8 89.8 88.7 17.8 16.5 15.7 22.9 23.9 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 LOUISIANA…
  35. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 35
    QUARTERLY VOLUMES OKLAHOMA TEXAS GATHERING & TRANSMISSION PROCESSING GATHERING & TRANSMISSION PROCESSING (1,000 MMBtu/d) (1,000 MMBtu/d) (1,000 MMBtu/d) (1,000 MMBtu/d) Permian North TX Permian North TX 2,252 2,254 2,191 2,258…
  36. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 36
    SIMPLIFIED ORGANIZATIONAL STRUCTURE1 CURRENT PRO FORMA Public Global ENLC Global Infrastructure Public ENLC Infrastructure Holders Partners (GIP) Holders Partners 100% 36% 64% EnLink Public ENLK EnLink Midstream Class C 47% 41%…
  37. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 37
    ENLC 5 YEAR TAX HORIZON ENLC FORECASTS MINIMAL FEDERAL CASH TAXES FOR AT LEAST 5 YEARS FROM 2019 - 2023 ENLC: 3 KEYS TO ENHANCED TAX DEFERRAL OUTLOOK KEY POINTS: Elimination of IDRs through ENLC is expected to declare distributions…
  38. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 38
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW OF ENLK Three Months Ended All amounts in millions 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 Net cash provided by…
  39. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 39
    RECONCILIATION OF NET INCOME OF ENLC TO ENLC CASH AVAILABLE FOR DISTRIBUTION Three Months Ended All amounts in millions 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 Net income of ENLC 24.1 259.5 57.1 102.2 45.0 Less: Net…
  40. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 40
    RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA OF ENLK Three Months Ended All amounts in millions 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 Net income 28.7 80.1 65.1 112.9 51.9 Interest expense, net of interest income 48.9…
  41. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 41
    RECONCILIATION OF ENLKS OPERATING INCOME TO GROSS OPERATING MARGIN OF ENLK Crude and Q3 2018 All amounts in millions Texas Louisiana Oklahoma Condensate Corporate Totals Operating income 92.5 General and administrative expenses 39.2…
  42. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 42
    RECONCILIATION OF ENLKS OPERATING INCOME TO GROSS OPERATING MARGIN OF ENLK (CONT.) Crude and Q4 2017 All amounts in millions Texas Louisiana Oklahoma Condensate Corporate Totals Operating income 98.1 General and administrative…
  43. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 43
    ENLK FORWARD LOOKING RECONCILIATION FORECASTED ENLK NET INCOME TO ADJUSTED EBITDA TO DISTRIBUTABLE CASH FLOW1 Mid-Year 2018 Outlook 1 2018 Revised (MM) Low Midpoint High High Outlook 2 Net income (3) 329 349 369 335 Interest…
  44. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 44
    ENLC FORWARD LOOKING RECONCILIATION FORECASTED ENLC NET INCOME TO ENLC CASH AVAILABLE FOR DISTRIBUTION1 2018 Outlook (MM) Low Midpoint High Net income of ENLC (2) 285 314 343 Less: Net income attributable to ENLK (3) (280) (305)…
  45. 3Q 2018 Earnings – Enlink Midstream Partners Lp – slide 45
    ENLINK.COM FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS

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