Investor Presentation September 2014 Strong. Innovative. Growing. 1
Our Strategy Top tier midstream energy service for our customers Stability of cash flows 95% fee-based contracts 50% of gross operating margin from long-term Devon contracts Leverage Devon Energy sponsorship for growth Potential…
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 Four Avenues for Growth 8
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 Growth Areas where New Project: ORV…
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 1: Future Dropdowns E2 Dropdown in Ohio River Valley Customer Estimated Annual Cash Flow E2 Stations Post-Dropdown: 20-25 MM E2 Compression & Condensate Stabilization Three facilities operating, two under construction…
Avenue 1: Future Dropdowns Devons Access & Victoria Express Pipelines Access Pipeline Victoria Express Pipeline Three 180 mile pipelines from Surgeon 56 mile crude oil pipeline from Eagle Ford terminal to Devons thermal acreage…
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 2: Growing With Devon Significant Production Growth in Cana-Woodford EnLink Assets in Cana Devon Assets in Cana Pipeline: 410 miles, 530 MMcf/d capacity Devon Rigs in Cana Processing: one plant with 350 MMcf/d capacity…
Avenue 2: Growing With Devon Bearkat System Expansion in West Texas New Assets Under Construction 120 MMcf/d cryogenic processing plant 23-mile, 12 high pressure gathering pipeline and low pressure gathering systems Acreage…
Avenue 3: Organic Growth Projects Ohio River Valley Condensate Pipeline, Stabilization & Compression System Expansion New Assets Under Construction 45-mile, 8 condensate pipeline with an expected capacity of 50,000 bpd 6 new…
Avenue 3: Organic Growth Projects 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…
Avenue 3: Organic Growth Projects JV with Marathon to Build NGL Pipeline in South LA New Assets Under Construction 30-mile, 10 NGL pipeline from EnLinks Riverside fractionator to Marathon Petroleums Garyville refinery Expected to be…
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 CANADIAN Dropdown ORV Condensate OIL Complete Pipeline and SANDS Heavy Oil Stabilizers Complete Potential for…
Financial Outlook 21
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 700 MM in liquidity at ENLK ORV 95% fee-based margin Louisiana Diverse,…
Long Term Vision: Stable and 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 * Texas Devon…
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