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2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp

Enlink Midstream Partners Lp · Aug 7, 2019 · 38 slides

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Slides

  1. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 1
    OPERATIONS REPORT SECOND QUARTER 2019 RESULTS August 6, 2019 FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS
  2. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 2
    INDEX Unlocking the Value of Our Business......................4 2Q19 Results.5 2019 Full-Year Outlook.............6 2H19 Updated Outlook .......7 Longer-Term Outlook .......8 Segment…
  3. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 3
    UNLOCKING THE VALUE OF OUR BUSINESS CAPITALIZING ON OPPORTUNITIES THAT LEVERAGE OUR PLATFORM DIVERSIFIED DIFFERENTIATED STRONG Operations drive Platform generates Partnership with GIP stable, significant high-return, repeatable…
  4. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 4
    2Q19: STEADY PERFORMANCE IN EVOLVING ENVIRONMENT DIFFERENTIATED PLATFORM DRIVING STABLE, SIGNIFICANT CASH FLOW 2Q19 1H19 1H19 results demonstrate strength and value of our differentiated platform, with all 4 Net Income / Loss (MM),…
  5. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 5
    UPDATED FULL-YEAR 2019 GUIDANCE UPDATED GUIDANCE REFLECTS EVOLVING OPERATING ENVIRONMENT 2H19 GROWTH TRAJECTORY FY19E UPDATED GUIDANCE MM of adjusted EBITDA, net to EnLink 1,077 1,070 1,100 FY19E net loss guidance, net to EnLink,…
  6. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 6
    UPDATED 2H19 OUTLOOK DIFFERENTIATED PLATFORM DRIVES RESULTS ADJUSTED EBITDA, NET TO ENLINK (MM) 2H19E SEGMENT DRIVERS 2H19E vs. 1H19 FY19E Adj. EBITDA Segment Profit 1,070 1,100 1. Oklahoma 2H19E reflects updated Growth Rate…
  7. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 7
    ENLINKS GROWTH OUTLOOK GROWING SCALE, DIVERSIFICATION AND CASH FLOWS WITH ACCRETIVE PROJECTS AND ACQUISITIONS FUTURE GROWTH SOURCES ADJUSTED EBITDA, net to EnLink (MM) Organic Bolt-on Projects Base Business Adjusted EBITDA (MM) Devon…
  8. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 8
    CAPITAL ALLOCATION FRAMEWORK PRIORITIZING UNITHOLDER VALUE VIA HIGH-RETURN PROJECTS, STEADY DISTRIBUTIONS, AND OPTIMIZING BALANCE SHEET FINANCIAL PRIORITIES GROWTH CAPITAL EXPENDITURES (GCE), net to EnLink (MM) Focus on executing…
  9. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 9
    INVESTING IN PROJECTS WITH ATTRACTIVE RETURNS DIFFERENTIATED PLATFORM GENERATING REPEATABLE BOLT-ON PROJECTS AND BALANCED SEGMENT PROFIT BALANCED SEGMENT PROFIT CONTRIBUTION1 EXPECTED CASH FLOW CONTRIBUTION ORGANIC PROJECTS 2019E…
  10. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 10
    DIFFERENTIATED PLATFORM WITH MULTIPLE AVENUES FOR GROWTH DIVERSIFIED SET OF PRODUCTION BASINS CONNECTED TO KEY DEMAND CENTERS Oklahoma Permian3 North Texas Louisiana 35% 25% Segment Profit Contribution 2019E 2019E 2019E 2019E…
  11. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 11
    STRATEGIC LOUISIANA GROWTH ENTERED INTO NEW PRECEDENT AGREEMENT WITH VENTURE GLOBAL PROJECT SUMMARY Supplying natural gas transportation for LNG feedstock with Venture Global Calcasieu Pass, LLC VGs Calcasieu Pass facility in west…
  12. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 12
    LOUISIANA GROWTH POTENTIAL LARGE & INTEGRATED NETWORK CREATES COMMERCIAL ADVANTAGE NGL GROWTH POTENTIAL: EnLink owns one of the largest Louisiana NGL footprints; which provides access to key Gulf Coast markets, including growing…
  13. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 13
    UNLOCK THE VALUE THROUGHOUT OUR BUSINESS NEAR-TERM PRIORITIES TO ADVANCE ENLINKS GROWTH STRATEGY 1 2 3 CONNECTING MORE DEEPLY ACTIVATING THE ENERGY OF LEVERAGING STRATEGIC WITH OUR CUSTOMERS THE ORGANIZATION PARTNERSHIP WITH GIP…
  14. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 14
    COMPELLING INVESTMENT THESIS STABLE CASH FLOW PLATFORM & BALANCE SHEET WITH SIGNIFICANT UPSIDE DIVERSIFIED operations drive stable, significant cash flow DIFFERENTIATED platform generates high-return, repeatable bolt-on…
  15. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 15
    Appendix
  16. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 16
    LARGE, INTEGRATED ASSET PLATFORM PREMIER PRODUCTION BASINS CONNECTED TO KEY DEMAND CENTERS Anadarko Basin Marcellus / Utica SUSTAINABILITY & GROWTH DRIVERS 1,500 21 5.2 EMPLOYEES OPERATING PROCESSING BCF/D PROCESSING Barnett Shale…
  17. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 17
    CENTRAL OKLAHOMA PLATFORM ASSET SUMMARY SIZE, SCALE, & DIVERSIFICATION Results in 1.2 Bcf/d of Central Oklahoma gas processing capacity to support STACK and SCOOP development: 4 operational processing facilities 2,000 miles of…
  18. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 18
    MIDLAND PLATFORM ASSET SUMMARY 3-PRONGED COMMODITY STRATEGY 470 MMcf/d Midland Basin processing capacity expected by 4Q19: 5 processing facilities in operation 65 MMcf/d Riptide plant increase in available capacity underway,…
  19. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 19
    DELAWARE PLATFORM ASSET SUMMARY 3-PRONGED COMMODITY STRATEGY 575 MMcf/d Delaware Basin operating processing capacity expected in 2020: 3 processing facilities in operation today with 375 MMcf/d capacity Incremental 200 MMcf/d…
  20. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 20
    NORTH TEXAS PLATFORM ASSET SUMMARY ANCHOR POSITION IN THE BARNETT 1.0 Bcf/d operating processing capacity 2 operating processing facilities 15 Mbbl/d of fractionation capacity 4,000 miles of pipeline 325 thousand horsepower of…
  21. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 21
    LOUISIANA PLATFORM ASSET SUMMARY POSITIONED TO SUPPLY 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 6 processing…
  22. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 22
    SEGMENT CAPITAL UPDATE GROWTH CAPITAL EXPENDITURES, NET TO ENLC, REMAIN UNCHANGED UPDATED FY19E SEGMENT SOURCES AND USES GCE DETAILS(MM)2 2019 GCE expected to be funded with free cash flow 2Q19 1H19 Segment FY19E (Actual) (Actual)…
  23. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 23
    SEGMENT PROFIT (MM) OKLAHOMA PERMIAN Oklahoma Gas Oklahoma Crude Permian Gas Permian Crude 111.3 110.1 113.7 106.21 107.5 0.9 5.5 0.5 3.3 38.5 37.2 38.6 33.4 107.0 110.4 106.8 108.2 31.3 106.2 14.6 11.8 10.8 8.4 6.2 22.9…
  24. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 24
    QUARTERLY VOLUMES OKLAHOMA GAS GATHERING & TRANSPORTATION GAS PROCESSING CRUDE (1,000 MMBtu/d) (1,000 MMBtu/d) (Mbbls/d) 1,273 1,315 1,299 54 1,236 1,260 1,244 1,239 1,270 1,232 1,201 29 24 17 13 2Q18 3Q18 4Q18 1Q19 2Q19…
  25. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 25
    QUARTERLY VOLUMES (CONT.) LOUISIANA GAS GATHERING & TRANSPORTATION GAS PROCESSING CRUDE - ORV NGL FRACTIONATION (1,000 MMBtu/d) (1,000 MMBtu/d) (Mbbls/d) (Mbbls/d) 178 2,274 2,193 2,094 2,071 1,926 166 458 468 166 429 396 20…
  26. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 26
    QUARTERLY SEGMENT PROFIT & VOLUMES AS PRESENTED WITH 2019 REPORTING SEGMENTS Three Months Ended Jun. 30, Sept. 30, Dec. 31, Mar. 31, Jun. 30, In millions unless otherwise noted 2018 2018 2018 2019 2019 Oklahoma Segment Profit 106.21…
  27. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 27
    FOCUSED ON 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…
  28. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 28
    ENLINK ORGANIZATIONAL STRUCTURE ENLINK ORGANIZATIONAL STRUCTURE Global Public ENLC Infrastructure Holders Partners EnLink Midstream Class C Unitholders2 48% 41% Manager, LLC 11% Non- Non-Economic Economic Managing interest…
  29. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 29
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW OF ENLC Three Months Ended Six Months Ended All amounts in millions 3/31/2019 6/30/2019 6/30/2019 Net cash provided by…
  30. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 30
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA OF ENLC Six Months Six Months Three Months Ended Ended Ended All amounts in millions 3/31/2018 6/30/2018 9/30/2018 12/31/2018 6/30/2018 12/31/2018 Net income (loss) 57.1 102.2 45.0…
  31. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 31
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA OF ENLC Six Months Three Months Ended Ended All amounts in millions 3/31/2019 6/30/2019 6/30/2019 Net income (loss) (134.8) 9.1 (125.7) Interest expense, net of interest income…
  32. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 32
    RECONCILIATION OF ENLCS OPERATING INCOME TO GROSS OPERATING MARGIN OF ENLC All amounts in millions Q2 2019 Permian North Texas Oklahoma Louisiana Corporate Totals Operating income 53.1 General and administrative expenses 32.2…
  33. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 33
    RECONCILIATION OF ENLCS OPERATING INCOME TO GROSS OPERATING MARGIN OF ENLC (CONT.) All amounts in millions Q3 2018 Permian North Texas Oklahoma Louisiana Corporate Totals Operating income 89.8 General and administrative expenses 41.9…
  34. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 34
    RECONCILIATION OF NET INCOME OF ENLK TO ADJUSTED EBITDA OF ENLC Years Ended All amounts in millions 12/31/2015 12/31/2018 Net income (loss) (1,378.2) 1.6 Interest expense, net of interest income 102.5 178.3 Depreciation and…
  35. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 35
    ENLINK FORWARD LOOKING RECONCILIATION FORECASTED ENLC NET INCOME TO ADJUSTED EBITDA OF ENLC Second Half 2019 Outlook 1 Revised 2019 Outlook 2 (MM) Low Midpoint High Low Midpoint High Net income to EnLink Midstream, LLC (3) 102 98 95…
  36. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 36
    ENLINK FORWARD LOOKING RECONCILIATION (PUBLISHED MAY 2019) FORECASTED ENLC NET INCOME TO ADJUSTED EBITDA OF ENLC 2019 Outlook 1 (MM) Low Midpoint High Net income of EnLink Midstream, LLC (2) 18 23 28 Interest expense, net of interest…
  37. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 37
    NON-GAAP FINANCIAL INFORMATION, OTHER DEFINITIONS, AND NOTES (CONT.) Other definitions and explanations of terms used in this presentation: 1) ENLK Series B Preferred Units means Series B Cumulative Convertible Preferred Units of EnLink…
  38. 2Q 2019 Earnings Presentation – Enlink Midstream Partners Lp – slide 38
    ENLINK.COM FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS

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