QUARTERLY REPORT SECOND QUARTER 2020 RESULTS August 4, 2020 FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS
INDEX Strategic Overview.........4 Second Quarter 2020 Results.....9 2020 Outlook.................17 Appendix...............22 FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS
LARGE, INTEGRATED MIDSTREAM PLATFORM Premier production basins connected to key demand centers --------------------------- Our Footprint --------------------------- Permian Louisiana Oklahoma North TX ------------- Service Type…
EXCELLING IN THE MIDST OF ADVERSITY Asset portfolio demonstrated resiliency in 2Q20, withstanding industry headwinds SECOND QUARTER 2020 RESULTS Delivered strong 2Q financial results 255MM Large, diversified asset portfolio provides…
GENERATING STRONG EXCESS FREE CASH FLOW 600MM of expected cash retention in 2020 vs 2019 280MM+ of expected excess free cash flow in 2020 and positioned to continue generate strong free cash flow in 2021 Right-Sized the Cost…
EXECUTION PLAN PRIORITIES Focused on execution excellence and emerging stronger than before Optimizing Driving Positioning to Strengthening Profitability of Organizational Capture Long-term Financial Position Existing Business…
MAINTAINING AND INCREASING FINANCIAL FLEXIBILITY 1.75BN revolving credit facility due 2024 with 400MM Maintain drawn at 2Q20 Strong Liquidity No senior note maturities until 2024 850MM bank Term Loan due December 2021…
SECOND QUARTER 2020 RESULTS
SECOND QUARTER 2020 FINANCIAL RESULTS Delivering robust cash flow and maintaining financial strength MM, unless noted 2Q20 Recent Updates Net Income 30 Resilient Quarterly Adjusted EBITDA Adjusted EBITDA remained strong Adjusted EBITDA,…
SEGMENT PROFIT OVERVIEW Generating significant cash flows across diversified geographies and services Segment Profit Highlights Segment (MM) 2Q19 3Q19 4Q19 1Q20 2Q20 (2Q20 vs 1Q20) Permian Gas 27.2 28.3 30.4 27.9 31.5 Permian…
SECOND QUARTER 2020 CAPITAL EXPENDITURES Continuing to execute key projects while reducing overall capital spending Capital Expenditures1 Capital Spending by Project Type1 Capital Spending by Segment1 (MM) Net to EnLink (MM) Net to…
STRONG CUSTOMERS DELIVERING DURING DOWNTURN Compelling opportunities across a diversified platform Segment Profit (MM) Strong Rig Activity in Midland Basin: 44 PERMIAN Producers continued to drill and complete 33 wells, even…
FOCUS ON FREE CASH FLOW Operational teams are delivering efficiencies and reducing costs Segment Free Cash Flow1 (MM) OKLAHOMA Significant Free Cash Flow: 96 26% reduction in operating expense 2Q20 vs 2Q19 Continued to see modest…
STRONG AND DIVERSE COUNTERPARTIES Strong Counterparty Credit Ratings Top 10 Counterparties Limited Price Exposure (% of YTD 2Q20 Revenues) (% of YTD 2Q20 Revenues) (Contract Types as % of YTD 2Q20 Gross Margin) % of Credit Rating…
Financial Outlook
2020 FINANCIAL OUTLOOK Generating excess free cash flow and preserving balance sheet strength MM, unless noted 2020 Outlook Expected to drive strong Adj. EBITDA Despite challenging backdrop experienced in Net (Loss)1 (123) (222)…
2020 CAPITAL INVESTMENT OUTLOOK Flexing capital in tandem with customer activity 2020 Total Capital Expenditures, Net to EnLink Capital Expenditures, Net to EnLink (MM) 190MM 250MM Further flexibility in 2020 budget to adjust spending…
LEADING INTEGRATED MIDSTREAM PLATFORM Preserving financial strength and positioning for recovery Leading Fortune 500 company Integrated Delivering growth in the Permian Midstream Attractive long-term demand-pull opportunities around…
MIDLAND PLATFORM Midland Overview Multi-commodity strategy 510 MMcf/d Midland Basin processing capacity as of the end of 2Q20: o 5 processing facilities in operation o Riptide expansion project completed in 2Q20 increasing…
DELAWARE PLATFORM Delaware Overview Multi-commodity strategy 575 MMcf/d Delaware Basin operating processing capacity expected in 2020: o 1 processing facility in operation today with 375 MMcf/d capacity o Incremental 200…
LOUISIANA PLATFORM Louisiana Overview Positioned to supply growing demand market 5 Gulf Coast fractionators o 200 Mbbl/d of fractionation capacity in Louisiana o 56 Mbbl/d of fractionation capacity in Mont Belvieu 710 MMcf/d…
CENTRAL OKLAHOMA PLATFORM Central Oklahoma Overview Size, Scale & Diversification Operating 1.2 Bcf/d of Central Oklahoma gas processing capacity to support STACK development 2,000 miles of pipeline EnLink Midstream 2Q 2020…
NORTH TEXAS PLATFORM North Texas Overview Anchor position in the Barnett 1.1 Bcf/d operating natural gas processing capacity o 2 operating natural gas processing facilities 15 Mbbl/d of fractionation capacity 4,200 miles of…
ENLINK ORGANIZATIONAL STRUCTURE Public ENLC Global Infrastructure Holders Partners (GIP) Non-economic managing interest 48% 41% EnLink Midstream Class C Unitholders1 Manager, LLC 11% non- economic interest EnLink Midstream,…
QUARTERLY SEGMENT PROFIT & VOLUMES Three Months Ended amounts in millions unless otherwise noted Jun. 30, 2019 Sept. 30, 2019 Dec. 31, 2019 Mar. 31, 2020 Jun. 30, 2020 Permian Segment Profit 33.4 36.3 37.2 32.3 43.5 Gross Operating…
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO EXCESS FREE CASH FLOW OF ENLC Three Months Ended (All amounts in millions) 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 Net cash provided by operating activities…
RECONCILIATION OF NET INCOME (LOSS) TO EXCESS FREE CASH FLOW OF ENLC Three Months Ended (All amounts in millions) 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 Net income (loss) 9.1 37.5 (911.4) (260.4) 29.8 Interest expense,…
RECONCILIATION OF ENLCS OPERATING INCOME (LOSS) TO GROSS OPERATING MARGIN OF ENLC (All amounts in millions) Q2 2020 Permian North Texas Oklahoma Louisiana Corporate Totals Operating income 70.7 General and administrative expenses 23.5…
RECONCILIATION OF ENLCS OPERATING INCOME (LOSS) TO GROSS OPERATING MARGIN OF ENLC (All amounts in millions) Q3 2019 Permian North Texas Oklahoma Louisiana Corporate Totals Operating income 96.5 General and administrative expenses 38.5…
RECONCILIATION OF SEGMENT FREE CASH FLOW TO SEGMENT PROFIT (All amounts in millions) Q2 2020 North Texas Oklahoma Louisiana Segment profit 69.0 99.3 69.7 Capital expenditures (3.0) (3.0) (15.6) Segment free cash flow 66.0 96.3 54.1…
FORWARD LOOKING RECONCILIATION OF NET INCOME TO EXCESS FREE CASH FLOW OF ENLC 2020 Outlook (1) As published on May 8, 2020 (All amounts in millions) Low Midpoint High Net loss of EnLink Midstream, LLC (2) (222) (172) (123) Interest…
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…
ENLINK.COM FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS
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