Morgan Stanley Winter MLP & Diversified Natural Gas Bus Tour January 27, 2015 Strong. Innovative. Growing. 1
Our Strategy: Stability Plus Growth A Stable Investment in the MLP Space 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…
The Vehicle for Sustainable Growth: Strategically Located and Complementary Assets Gathering and Transportation 8,800 miles of gathering and transmission lines 11 Bcf of natural gas storage capacity Gas Processing 13 plants with…
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 51% General Partner 41% NYSE:…
The Vehicle for Sustainable Growth: Mitigating Risk with Fee-Based Cash Flows Devon is EnLink Midstreams largest customer (50% of consolidated 2014E adjusted EBITDA*) EnLink Midstreams growth projects focus on crude/NGL services…
The Vehicle for Sustainable Growth: Cash Flow Stability from Long-Term Contracts Each of EnLink Midstreams segments benefits from the stability provided by long-term, fee-based contracts % of Q4 2014 Segment / Key Contract Segment…
The Vehicle for Sustainable Growth: Well Positioned with a Strong Balance Sheet Strong B/S Investment grade balance sheet at ENLK (BBB, Baa3) & Credit Debt / EBITDA of 3.5x Profile Strong liquidity Diverse, 95% fee-based margin…
The Four Avenues for Growth 10
The Four Avenues for Growth Progress in last Six Months Capital Avenue 1: Commitment Drop Downs Ohio River Valley: E2 drop down complete 200 MM Avenue 2: West Texas: Ajax Plant & Martin County Expansion 200 MM+ Growing…
Avenue 1: Drop Downs Devon Sponsorship Creates Drop Down Opportunities Devon Sponsorship Provides Potential for 375 MM of Adjusted EBITDA from Drop Downs 2014 2015 2016 2017 Legacy Devon E2 Midstream Assets * Drop Down Cost:…
Avenue 1: Drop Downs E2 Drop Down in Ohio River Valley New Assets Three facilities operating, two under construction When completed, five facilities will have total capacity of 580 MMcf/d and 19,000 Bbl/d Strategic Benefits E2…
Avenue 1: Future Drop Downs Devons Access & Victoria Express Pipelines Access Pipeline Victoria Express Pipeline Three 180 mile pipelines from Sturgeon 56 mile crude oil pipeline from Eagle Ford terminal to Devons thermal acreage…
Avenue 2: Growing With Devon Martin County Expansion in West Texas New Assets Under Construction Ajax: 120 MMcf/d cryogenic processing plant 23-mile, 12 high pressure gathering pipeline AJAX and low pressure gathering systems…
Avenue 2: Growing With Devon Significant Production Growth in Cana-Woodford EnLink Assets in the Cana-Woodford Devon Assets in the Cana-Woodford Pipeline: 410 miles, 530 MMcf/d capacity Devon Rigs in Cana Processing: one plant with…
Avenue 3: Organic Growth Projects Gulf Coast Market for Products & Services is Strategic to Growth Plans New Gas Pipelines to Gulf Coast 9.0 8.0 7.0 6.0 Bcf/d 5.0 4.0 3.0 2.0 1.0 0.0 Source RBN Energy, January 2015…
Avenue 3: Organic Growth Projects Cajun-Sibon Expansion Complete 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…
Avenue 3: Organic Growth Projects JV with Marathon to Build NGL Pipeline in South LA New Assets in Development 30-mile, 10 NGL pipeline from EnLinks Riverside fractionator to Marathon Petroleums Garyville refinery Expected to be…
Avenue 3: Organic Growth Projects Ohio River Valley Condensate Pipeline, Stabilization & Compression System Expansion New Assets In Development 45-mile, 8 condensate pipeline with an expected capacity of 50,000 Bbl/d 6 new…
Avenue 4: Mergers & Acquisitions Gulf Coast Natural Gas Assets Closed on 235 million acquisition from Chevron on November 1st Creates opportunities to optimize Louisiana assets and convert redundant natural gas pipelines to other…
Avenue 4: Mergers & Acquisitions LPC Crude Oil Logistics Business Announced plans to acquire LPC Crude Oil Marketing, LLC (LPC) on January 12, 2015 for 100 MM LPCs assets include: 13 pipeline and refinery injection stations, 67…
EnLink Midstream Today & Tomorrow EnLink Midstream EnLink Midstream Today Potential Future in 2017 Access Pipeline CANADIAN Drop down ORV Condensate OIL Complete Pipeline and SANDS Heavy Oil Stabilizers Complete Potential…
Our Strategy: Stability Plus Growth A Stable Investment in the MLP Space 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…
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