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2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp

Enlink Midstream Partners Lp · Feb 19, 2019 · 54 slides

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Slides

  1. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 1
    OPERATIONS REPORT 2018 RESULTS & 2019 GUIDANCE February 19, 2019
  2. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 2
    INDEX Differentiated Midstream Platform.......................4 Purposely Built Strategic Asset Platform........7 Execution Excellence Driven by Strong People & Culture..14 Deep Relationships Drive Opportunities.......18…
  3. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 3
    ENLINK: DIFFERENTIATED MIDSTREAM PLATFORM BUILT FOR LONG-TERM, SUSTAINABLE VALUE CREATION Purposely Built Strategic Execution Excellence Driven Asset Platform by Strong People & Culture Disciplined, intentional, Strong capabilities…
  4. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 4
    ENLINK: DIFFERENTIATED MIDSTREAM PLATFORM BUILT FOR LONG-TERM, SUSTAINABLE VALUE CREATION Attractive distribution yield with strong distribution growth profile Strategic Asset Distribution Yield (%) Unit Growth (%)…
  5. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 5
    Purposely Built Strategic Asset Platform DISCIPLINED, INTENTIONAL, PROACTIVE APPROACH
  6. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 6
    LARGE, INTEGRATED ASSET PLATFORM PREMIER PRODUCTION BASINS CONNECTED TO KEY DEMAND CENTERS Anadarko Basin Marcellus / Utica SUSTAINABILITY & GROWTH DRIVERS 1,450 20 4.9 EMPLOYEES OPERATING PROCESSING BCF/D PROCESSING CAPACITY…
  7. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 7
    PREMIER BASINS CONNECTED TO KEY DEMAND CENTERS DISCIPLINED. INTENTIONAL. PROACTIVE. PRODUCTION BASINS DEMAND CENTERS OKLAHOMA PERMIAN NORTH TEXAS LOUISIANA Own and operate the Core producers with Stable, significant cash…
  8. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 8
    Gas Processing (1,000 MMBtu/d) PREMIER BASINS DRIVE VOLUME GROWTH Crude (1,000 bbls/d) Fractionation (1,000 bbls/d) Gathering & Transmission (1,000 MMBtu/d) OKLAHOMA 100% processing growth PERMIAN 100+% processing growth 1,622…
  9. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 9
    CONSISTENT RIG COUNT IN OUR PREMIER BASINS INCREASING VOLUMES WITH STABLE AVERAGE RIG COUNT RIGS ON OUR SYSTEMS1 On average during the past 16 months, 64 drilling rigs were active on EnLinks footprint +30% Growth 64 Avg. 60…
  10. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 10
    POSITIONED IN TOP SUPPLY BASINS & DEMAND CENTERS REGIONAL FUNDAMENTALS SUPPORT LONG-TERM GROWTH ANADARKO BASIN DYNAMICS PERMIAN BASIN DYNAMICS Shale liquids production from STACK basin continues Permian accounted for 31% of US…
  11. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 11
    PLATFORM DRIVING ORGANIC OPPORTUNITIES IN- Status PROJECT SCOPE SERVICE P LOBO II 4Q16 140 MMcf/d Gas Processing Facility P CHICKADEE 1Q17 Crude Oil Gathering Pipeline P Permian In- L ASCENSION 2Q17 NGL pipeline JV with Marathon…
  12. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 12
    Execution Excellence Driven by Strong People & Culture STRONG CAPABILITIES ACROSS MIDSTREAM VALUE CHAIN
  13. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 13
    EXECUTION OF BUSINESS EVOLUTION ANOTHER YEAR OF STRONG BUSINESS PERFORMANCE BUSINESS STRATEGY Executed value chain integration: Oklahoma and Permian supply linked to our Louisiana NGL platform Average 50% of Louisiana NGLs sourced…
  14. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 14
    OUR BASE BUSINESS IS STRONG AND GROWING SOLID BUSINESS FUNDAMENTALS DRIVE YEAR OVER YEAR ADJUSTED EBITDA GROWTH STRONG BASE BUSINESS ADJUSTED EBITDA GROWTH Base Business Adjusted EBITDA (MM) Related Party Deficiency Payments (MM)…
  15. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 15
    COMMITTED TO CORPORATE RESPONSIBILITY CREATING SUSTAINABLE VALUE FOR OUR STAKEHOLDERS SAFE OPERATIONS ENVIRONMENTAL STEWARDSHIP OBJECTIVE GOVERNANCE Significant investment in Proactively minimizing impact on the Governed with deep…
  16. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 16
    Deep Relationships Drive Opportunities
  17. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 17
    DEEP CUSTOMER RELATIONSHIPS DRIVE OPPORTUNITIES PROVIDING INNOVATIVE SOLUTIONS AND BEST-IN-BASIN SERVICES NORTH TEXAS OKLAHOMA PERMIAN LOUISIANA EnLink Midstream February 2019 Operations and Guidance Report 19
  18. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 18
    DEEP INDUSTRY RELATIONSHIPS DRIVE OPPORTUNITIES OUR TRACK RECORD OF EXPANDING RELATIONSHIPS 2006 - 2013 2014 2015 2016 2017 2018 2019+ EnLinks predecessor EnLinks inception: and Devon complete EnLink and Devon Devon contributes the…
  19. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 19
    STRONG, ALIGNED PARTNERSHIP WITH GIP LONG-TERM PARTNERSHIP WITH GIP, A LEADING GLOBAL INFRASTRUCTURE INVESTOR WITH DEEP ENERGY SECTOR EXPERIENCE Top-Tier Infrastructure Investor with Substantial Industry Experience and Proven Track…
  20. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 20
    Long-Term Value Creation Focus
  21. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 21
    DELIVERING ATTRACTIVE GROWTH AND RETURNS INVESTING IN STRATEGIC PROJECTS TO DRIVE GROWTH Track Record of Strong Investing Capital at Adjusted EBITDA Growth (MM) Attractive Returns CAGR 18%1 1,130 1,077 97 890 82 1,130 5x - 6x…
  22. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 22
    LOWER-RISK, HIGH RETURN PROJECTS DRIVING GROWTH 1.2B 1.5B OF EXPECTED CAPITAL THROUGH 2021; 5X 6X ADJUSTED EBITDA RETURNS Project Type Asset Segment By Year (2019 - 2021) (2019 - 2021) (2019 - 2021) Processing Plants Oklahoma 2019…
  23. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 23
    ENLINK: 2019 GUIDANCE 2019 GUIDANCE ONGOING COMMITMENT Net Income (MM) 205 215 TO STRENGTH Adjusted EBITDA, net to EnLink (MM) 1,085 1,175 2019 Guidance supports financial tenets: Distributable Cash Flow (MM) 730 800 Distributable…
  24. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 24
    2019 VOLUME & SEGMENT PROFIT GUIDANCE 2019 AVERAGE SEGMENT PROFIT AND VOLUME OUTLOOK1 2018 2019 GUIDANCE RANGE MMBTU / MCF CONVERSION Oklahoma Actuals Low Mid High (Gas Volumes in 1,000 MMBtu/d) Segment Profit (MM) 4202 502 538…
  25. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 25
    CAPITAL ALLOCATION PRIORITIES STRONG BALANCE SHEET SUPPORTS EFFICIENT CAPITAL ALLOCATION SIGNIFICANT LIQUIDITY TO FINANCE OUR GROWTH PROJECTS: 110MM of revolving credit borrowings outstanding as of December 31, 2018 1.75B five-year…
  26. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 26
    STRONGLY POSITIONED VERSUS MARKET ENLINK PROVIDES A COMPELLING VALUE PROPOSITION VERSUS MARKET EV / 2019E ADJUSTED EBITDA DISTRIBUTION YIELD (%) 13.0x 9.9% 11.0x 8.3% 9.7x 2.1% ENLC Midstream Peers S&P 500 ENLC Midstream…
  27. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 27
    ENLINK: DIFFERENTIATED MIDSTREAM PLATFORM BUILT FOR LONG-TERM, SUSTAINABLE VALUE CREATION Purposely Built Strategic Execution Excellence Driven Asset Platform by Strong People & Culture Disciplined, intentional, Strong capabilities…
  28. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 28
    Appendix
  29. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 29
    OKLAHOMA PLATFORM ASSET SUMMARY SIZE, SCALE, & DIVERSIFICATION 1.2 Bcf/d Central Oklahoma processing capacity expected in 2Q19: 4 processing facilities to be operational by 2Q19, including Thunderbird 200 MMcf/d Thunderbird plant…
  30. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 30
    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 RIGS GAS G&P and CRUDE PLATFORMS1 30 During…
  31. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 31
    MIDLAND PLATFORM ASSET SUMMARY 3-PRONGED COMMODITY STRATEGY 408 MMcf/d Midland Basin processing capacity: 5 processing facilities in operation 100 MMcf/d Riptide capital efficient plant expansion potential Chickadee crude…
  32. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 32
    DELAWARE PLATFORM ASSET SUMMARY 3-PRONGED COMMODITY STRATEGY 375 MMcf/d Delaware Basin processing capacity expected in 1Q19: 3 processing facilities in operation, including Lobo 100 MMcf/d Lobo III plant expansion in progress,…
  33. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 33
    LOUISIANA PLATFORM ASSET SUMMARY POSITIONED TO FEED GROWING DEMAND MARKET 5 Gulf Coast fractionators 193 Mbbl/d of capacity in Louisiana 56 Mbbl/d of capacity in Mont Belvieu 1.9 Bcf/d gas processing capacity 8 processing…
  34. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 34
    NORTH TEXAS PLATFORM ASSET SUMMARY ANCHOR POSITION IN THE BARNETT 1.1 Bcf/d processing capacity 2 processing facilities 15 Mbbl/d of fractionation capacity 4,000 miles of pipeline 325 MHP of compression 1 RIG ON DEDICATED…
  35. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 35
    CONSISTENT E&P ACTIVITY ON OUR FOOTPRINT DRILLING RIG ACTIVITY SUBSTANTIATES OUR GROWTH BASIN STRATEGY U.S. RIG COUNT1 RIGS IN GROWTH BASINS1 RIGS ON OUR SYSTEMS1 32% 8% RIGHT PLACES RIGHT PARTNERS 969 1,047 7% 30% 557…
  36. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 36
    ENLINK: LONG-TERM TAX HORIZON Forecasting Immaterial Federal Income Cash Taxes For At Least 5 Years From 2019 2023 Distributions To Be Characterized As 100% Non-taxable Return Of Capital For At Least 3 Years Through 2021 ENLINK: 3…
  37. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 37
    ENLINK ORGANIZATION STRUCTURE Public ENLC Global Infrastructure Holders Partners EnLink Midstream 48% 41% Manager, LLC Class C Unitholders2 Non-Economic 11% Non- Managing Economic interest interest EnLink Midstream, LLC…
  38. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 38
    2019 Asset Segments Trailing 4 Quarter Segment Profit & Volumes
  39. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 39
    SEGMENT PROFIT AS PRESENTED WITH 2019 REPORTING SEGMENTS (MM) OKLAHOMA PERMIAN Oklahoma Gas Oklahoma Crude Permian Gas Permian Crude 106.21 107.5 111.3 37.9 95.4 0.9 36.6 0.5 31.7 21.3 12.7 12.5 8.8 95.4 106.2 107.0 110.4…
  40. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 40
    QUARTERLY VOLUMES AS PRESENTED WITH 2019 REPORTING SEGMENTS (1/2) OKLAHOMA GAS GATHERING & TRANSMISSION GAS PROCESSING CRUDE (1,000 MMBtu/d) (1,000 MMBtu/d) (Mbbls/d) 1,236 1,260 1,273 1,201 1,239 1,270 20 1,048 1,069 14 7…
  41. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 41
    QUARTERLY VOLUMES AS PRESENTED WITH 2019 REPORTING SEGMENTS (2/2) LOUISIANA GAS GATHERING & TRANSMISSION GAS PROCESSING CRUDE - ORV NGL FRACTIONATION (1,000 MMBtu/d) (1,000 MMBtu/d) (Mbbls/d) (Mbbls/d) 166 2,223 2,274 2,193 2,094…
  42. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 42
    Appendix 2018: ENLK and ENLC ENLK & ENLC Financial & Operational Metrics 2018 Growth Capital Expenditure Summary Trailing 5 Quarter Segment Profit & Volumes Non-GAAP Reconciliations
  43. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 43
    KEY FINANCIAL METRIC SUMMARY1 In millions unless otherwise noted 4Q17 1Q18 2Q18 3Q18 4Q18 FY2018 EnLink Midstream Partners, LP (ENLK) Net Income Attributable to ENLK 75.7 60.1 98.9 43.2 (172.6) 29.6 Net Cash Provided by Operating…
  44. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 44
    2018 GROWTH CAPITAL EXPENDITURES (GCE) AS PRESENTED WITH 2018 REPORTING SEGMENTS CAPITAL SPEND REMAINS FOCUSED ON KEY GROWTH AREAS 2018 GCE OUTLOOK (MM) FY 2018 GCE (MM) 807 810 925 725 - 825 685 - 755 718 651 (85 100) (89) (40…
  45. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 45
    SEGMENT PROFIT AS PRESENTED WITH 2018 REPORTING SEGMENTS (MM) OKLAHOMA TEXAS Oklahoma Permian North TX 115.3 118.9 121.5 106.21 107.0 110.4 106.3 104.4 95.4 86.0 92.4 95.0 96.1 89.8 88.7 16.5 15.7 22.9 23.9 25.4 4Q17 1Q18…
  46. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 46
    QUARTERLY VOLUMES AS PRESENTED WITH 2018 REPORTING SEGMENTS 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…
  47. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 47
    QUARTERLY SEGMENT PROFIT & VOLUMES AS PRESENTED WITH 2018 REPORTING SEGMENTS Three Months Ended Year Ended Dec. 31, Mar. 31, Jun. 30, Sept. 30, Dec. 31, Dec. 31, In millions unless otherwise noted 2017 2018 2018 2018 2018 2018…
  48. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 48
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW OF ENLK Year Three Months Ended Ended All amounts in millions 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 12/31/2018…
  49. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 49
    RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA OF ENLK Three Months Ended Year Ended All amounts in millions 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 12/31/2018 Net income (loss) 80.1 65.1 112.9 51.9 (228.3) 1.6 Interest…
  50. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 50
    RECONCILIATION OF NET INCOME OF ENLC TO ENLC CASH AVAILABLE FOR DISTRIBUTION Three Months Ended Year Ended All amounts in millions 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 12/31/2018 Net income (loss) of ENLC 259.5 57.1…
  51. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 51
    RECONCILIATION OF ENLKS OPERATING INCOME TO GROSS OPERATING MARGIN OF ENLK AS PRESENTED WITH 2018 REPORTING SEGMENTS (1/2) All amounts in millions Crude and Year Ended 12/31/2018 Texas Louisiana Oklahoma Condensate Corporate Totals…
  52. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 52
    RECONCILIATION OF ENLKS OPERATING INCOME TO GROSS OPERATING MARGIN OF ENLK AS PRESENTED WITH 2018 REPORTING SEGMENTS (2/2) All amounts in millions Crude and Q2 2018 Texas Louisiana Oklahoma Condensate Corporate Totals Operating…
  53. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 53
    RECONCILIATION OF NET INCOME OF ENLK TO ADJUSTED EBITDA OF ENLC Years Ended All amounts in millions 12/31/2015 12/31/2017 12/31/2018 Net income (loss) (1,378.2) 154.8 1.6 Interest expense, net of interest income 102.5 187.9 178.3…
  54. 2019 Guidance and 4Q FY 2018 Earnings Call Presentation – Enlink Midstream Partners Lp – slide 54
    FORWARD LOOKING RECONCILIATION FORECASTED NET INCOME TO ADJUSTED EBITDA OF ENLC All amounts in millions 2019 Outlook 1 (MM) Low Midpoint High Net income of EnLink Midstream, LLC (2) 205 210 215 Interest expense, net of interest…

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