NAPTP Presentation Barry Davis, President & CEO May 21, 2014 Strong. Innovative. Growing. 1
Non-GAAP Financial Information This presentation contains non-generally accepted accounting principle financial measures that EnLink Midstream refers to as adjusted EBITDA, gross operating margin and segment cash flows. Adjusted EBITDA…
The Vehicle for Sustainable Growth: MLP Structure with a Premier Sponsor Devon Energy Corp. Public NYSE: DVN Unitholders (BBB+ / Baa1) 70% 30% EnLink Midstream, LLC ENLC owns 100% of IDRs 52% General Partner 40% NYSE: ENLC…
The Vehicle for Sustainable Growth: Strategically Located and Complementary Assets PA Gas Gathering and Transportation OH MARCELLUS 7,300 miles of gathering and transmission lines CANA-WOODFORD OK Gas Processing UTICA 12…
The Vehicle for Sustainable Growth: Diverse, Fee-Based Cash Flows Devon is EnLink Midstreams largest customer (50% of consolidated 2014E adjusted EBITDA*) EnLink Midstreams growth projects focused on crude/NGL services and rich gas…
The Vehicle for Sustainable Growth: Stable & Diversified Cash Flows Each of EnLink Midstreams segments benefits from the stability provided by long-term, fee-based contracts % of Q4 2014 Segment / Key Contract Segment Cash Flow…
The Leadership: Experienced Management Team with a Proven Track Record EnLink Midstream management team is comprised of former Crosstex and Devon senior management and other experienced midstream leaders Management Team Experience…
The Four Avenues for Growth 9
Destination 2017: The Four Avenues for Growth AVENUE 1 AVENUE 2 AVENUE 3 AVENUE 4 Dropdown Growing Organic Growth Mergers & Opportunities With Devon Projects Acquisitions E2 dropdown Potential Areas where South Louisiana…
Avenue 1: Future Dropdowns Devon Sponsorship Creates Dropdown Opportunities Devon Sponsorship Provides Potential for 375 MM of Cash Flow from Dropdowns 2014 2015 2016 2017 E2 Legacy Devon Midstream Assets Estimated Capital…
Avenue 2: Growing With Devon Serving Devons Needs is a Priority Devon 2014 E&P Capital Budget Devon has significant financial incentive to contract 5.0 - 5.4 Billion midstream development with EnLink 70% ownership of ENLC, 52%…
Avenue 3: Organic Growth Significant Organic Growth Projects Already Underway Focused on bolt-on expansions around premier South Louisiana South Louisiana liquids position Platform Expansion Cajun-Sibon expansion expected to be…
Organic Growth Project Cajun-Sibon Expansion 258 miles of NGL pipeline from Mont Belvieu area to NGL fractionation assets in south Louisiana (195 miles new, 63 miles re-purposed) 140 MBbl/d south Louisiana fractionation expansion…
Organic Growth Project Bearkat Processing & Gathering System Builds on success of Deadwood joint venture with Apache, which was on-time, on-budget and is near full capacity 60 MMcf/d processing plant 65-mi., 12 gathering system…
Avenue 4: Mergers & Acquisitions Near-term focus on platform expansion opportunities Longer-term focus on pursuing scale positions in new basins, especially in areas where Devon is active Superior financing capabilities already in…
EnLink Midstream Today & Tomorrow EnLink Midstream EnLink Midstream Today Potential Future in 2017 Access Pipeline E2 CANADIAN Dropdown Dropdown OIL Complete Complete SANDS Heavy Oil Potential for 375 MM of Additional Cash…
Financial Outlook 18
Long Term Vision: EnLinks Key Financial Attributes Investment grade balance sheet at ENLK (BBB, Baa3) Strong B/S Credit Profile Debt/EBITDA of 3.5x 1.0 billion in liquidity at ENLK ORV 95% fee-based margin Louisiana Diverse,…
Appendix: Detailed Asset Overview 20
North Texas Assets Positioned for Long-Term Performance Gathering 3,640 miles of pipeline 2,600 MMcf/d capacity Processing 4 plants 1,100 MMcf/d capacity 1 Stabilizer 5 MBbl/d Truck and rail loading Fractionation 1 plant, 15…
Permian Assets: A Platform in a Prolific Basin Gathering 65 miles of pipeline under construction 65 miles of fuel and gas lift pipeline under construction 200 MMcf/d capacity under construction Processing 1 plant, 58 MMcf/d…
Oklahoma Assets: Solid Platform for Bolt-On Projects Cana 126 Gathering 114 Stack 410 miles of pipeline 530 MMcf/d capacity Processing 1 plant 350 MMcf/d capacity Northridge Gathering 140 miles of pipeline 75 MMcf/d capacity…
Louisiana Assets: Growing Gulf Coast Capabilities NGL Transportation Crude Handling * 120 MBbl/d capacity 2 terminals post-Cajun-Sibon 18 MBbl/d capacity 789 miles of NGL Natural Gas pipeline in service Transportation 119…
Ohio River Valley Assets: Established History of Service Crude/Condensate Transportation 200 miles of crude pipeline, 17 MBbl/d capacity 2,500 miles of unused right-of-way Truck fleet capacity of 25 MBbl/d Barge terminal on Ohio…
Howard Energy Investment: Strategic South Texas Asset Footprint Howard Energy Partners (HEP) is a high growth midstream company with a strategically located asset base in the western Natural Gas Eagle Ford in South Texas Gathering…
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