Enable Midstream Partners, LP Second Quarter 2019 Investor Presentation
Contents 1. Enable Midstream Overview 2. Gathering and Processing Segment Overview 4. Transportation and Storage Segment Overview 5. Appendix 4
Enable Midstream Overview
Fully Integrated Midstream Platform Across Leading Basins Significant scale: 7,800 miles of interstate pipelines1, 2,300 miles of intrastate pipelines, 13,900 miles of gathering systems, 15 major processing plants with 2.6 Bcf/d of…
Market-Leading Anadarko Basin Position Strategically-Advantaged Footprint Supports Growth from Top-Tier Producers Dedicated Rigs Other Rigs Dedicated Acreage 1 in Processing Capacity in the SCOOP and STACK1 39% of rigs running in…
Gulf Run Pipeline Gulf Run Project1 The Gulf Run Pipeline, backed by cornerstone shipper Golden Pass LNG, will provide access to some of the most prolific natural gas producing regions in the U.S. Enable continues to pursue…
Other Commercial Highlights Gathering and Processing Transportation and Storage Rig activity remains strong around Enables Contracted or extended over 1 million Dth/d of gathering footprint with 52 rigs1 currently drilling…
Financial Strength and Discipline Enables Results Check All of the Boxes1 Margin Profile 96% Fee-Based or Hedged2 Investment-Grade Credit Metrics 4% 8% Volume Dependent Strong Distribution Coverage Demand 44% Commodity-Based…
Proven Track Record with Upside Potential Compelling Valuation Attractive Yield Strong Balance Sheet 11.1x 9.2% 9.5x 8.2% 5.0x 3.9x 1 2 3 EV / 2019 Adjusted EBITDA Distribution Yield Debt / Adjusted EBITDA 4 ENBL ANGI…
Appendix Gathering and Processing Segment Overview
Anadarko Basin System Highlights System Map1 Enable serves over 200 producers in the Anadarko Basin and has secured 5.4 million gross acres of dedication under long-term, fee-based contracts Strong rig activity continues in the…
Ark-La-Tex Basin System Highlights System Map2 Enable serves over 100 producers in the Ark-La-Tex Basin and provides gathering and processing services to both rich and lean gas production in the Haynesville, Cotton Valley and lower…
Arkoma Basin System Highlights System Map1 Enable serves over 80 producers in the Arkoma Basin and provides gathering and processing services to both rich and lean gas production in the Woodford Shale play located in Oklahoma and…
Williston Basin 2 System Highlights System Map Fee-based contract structures, including some support from crude oil gathering contracts with minimum volume commitment features XTO Energy, Enables customer in the Bakken, has two…
Appendix Transportation and Storage Segment Overview
Transportation and Storage Segment System Map and Highlights Transportation and Storage Gross Margin1 100% Derived from 88% Derived from EOIT Fee-Based Contracts Firm Contracts MRT 13% 100% EGT Fee-Based 54% EOIT 21% EGT…
Enable Gas Transmission (EGT) Pipeline Highlights Pipeline Map2 5,900-mile1 interstate pipeline serving the 5,900 miles 6.0 Bcf/d capacity Anadarko, Ark-La-Tex and Arkoma 29.0 Bcf storage capacity Basins EGTs primary customers…
Mississippi River Transmission (MRT) Pipeline Highlights Pipeline Map2 1,600-mile1 interstate pipeline that offers shippers competitive rates and is interconnected to diverse supply points MRTs primary customers are utilities and…
Enable Oklahoma Intrastate Transmission (EOIT) Pipeline Highlights Pipeline Map2 Interconnects natural gas supply from the 2,300 miles 2.08 TBtu/d average throughput Anadarko and Arkoma Basins to Enables 24.0 Bcf storage capacity EGT…
Southeast Supply Header (SESH) Pipeline Highlights Pipeline Map2 290-mile1 interstate natural gas 50% JV with Enbridge Inc. 290 miles pipeline that runs from the Perryville 1.09 Bcf/d capacity Hub in northeastern Louisiana to…
Appendix Appendix
Enable Ownership Structure Note: Structure as of March 31, 2019 24
Large, Diverse and High-Quality Customer Base Enables revenues are strengthened by a diverse, high-quality customer base, including many investment-grade or affiliates of investment-grade companies Many of our customers rely on us for…
2019 Outlook 2019 outlook provided Nov. 7, 2018, reaffirmed May 1, 2019 2019 Financial Outlook in millions Net Income Attributable to Common Units 435 505 Interest Expense 190 210 Adjusted EBITDA1 1,090 1,180 Series A Preferred…
Derivative Activity and Price Sensitivities Derivative Activity ( in millions) Hedging Summary3 Three Months Ended Commodity 2019 2020 March 31 Natural Gas (NYMEX) 2019 2018 Exposure Hedged (%) 58% 6% Gain (Loss) on Derivative…
Enable Unit Price Appreciation Potential EV / EBITDA +31% Potential Uplift Current EBITDA Potential ENBL Unit Multiple Unit Price in Millions Price Uplift Uplift 2019 Adjusted EBITDA1 1,135 0 1,135 EBITDA Multiple 9.5x 1.6x 11.1x…
Consolidated Statements of Income Year Ended December 31, 2018 2017 2016 (In millions, except per unit data) Revenues (including revenues from affiliates): Product sales 2,106 1,653 1,172 Service revenue 1,325 1,150 1,100 Total…
2019 Forward Looking Non-GAAP Reconciliation 2019 Outlook (In millions) Reconciliation of Adjusted EBITDA and distributable cash flow to net income attributable to limited partners and calculation of Distribution coverage ratio: Net…
2019 Forward Looking Non-GAAP Reconciliation Continued 2019 Outlook (In millions) Reconciliation of Adjusted interest expense to Interest expense: Interest expense, net of interest income 190 - 210 Amortization of premium on…
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