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EnLink Midstream, LLC

Company Summary

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Financial Data:

NYSE:ENLC from Google Finance

Tickers:

ENLC - New York Stock Exchange

Related Entities

Investor Presentations

EnLink Midstream EIC Investor Presentation May 2022
4Q21 Earnings Presentation (subscriber access)
3Q21 Investor Presentation (subscriber access)
3Q20 Earnings Presentation (subscriber access)
3Q20 Earnings Presentation (subscriber access)
1Q20 Investor Presentation (subscriber access)
4Q19 Investor Presentation (subscriber access)
3Q19 Earnings Presentation (subscriber access)
2Q19 Investor Presentation (subscriber access)
3Q18 Investor Presentation (subscriber access)
2Q18 Operations Report (subscriber access)

Company Transactions

Date: 9/30/2022
Type: Acquisition

BUYERS:

EnLink Midstream, LLC

SELLERS:

Crestwood Equity Partners LP

DETAILS:

COST: 275 $MM

NOTES:
Crestwood Equity Partners has signed a deal to divest their non-core Barnett Shale assets to EnLink Midstream for $275 million in cash. The deal includes the Alliance System, the Lake Arlington System and the Cowtown System, and marks a full exit from the basin.

REGIONS:

Barnett Shale

Date: 1/25/2019
Type: Merger

BUYERS:

EnLink Midstream, LLC

SELLERS:

EnLink Midstream Partners, LP

DETAILS:

NOTES:
Enlink Midstream Partners, LP ("ENLK") and Enlink Midstream, LLC ("ENLC") reported ENLK shareholders approved the merger agreement in which ENLC will acquire all outstanding common units of ENLK not already owned by ENLC in a unit-for-unit exchange transaction to simplify its corporate structure. The simplification merger is anticipated to close on January 25, 2019.

Date: 7/20/2018
Type: Acquisition

BUYERS:

Global Infrastructure Partners

SELLERS:

Devon Energy Corporation

EnLink Midstream, LLC

EnLink Midstream Partners, LP

DETAILS:

COST: 3.125 $B

NOTES:
Devon Energy has entered into a deal to sell its ownership interests in EnLink Midstream Partners and EnLink Midstream to Global Infrastructure Partners (GIP)

	Three Months Ended
$millions, unless noted	September 30, 2020	June 30, 2020	September 30, 2019

Net income	39	30	12
Adjusted EBITDA, net to EnLink	262	255	261
Net cash provided by operating activities	244	135	256
Free cash flow after distributions	99	72	(120)
Total capital expenditures, net to EnLink	38	58	162
Debt-to-adjusted EBITDA*	4.2x	4.3x	4.2x
Outstanding common units**	489,746,802	489,593,587	487,612,888

*As calculated under EnLink's Revolver.
**Outstanding common units as of October 29, 2020, July 30, 2020, and November 4, 2019, respectively.

$millions, unless noted	2020 Guidance
Net loss	(123)	-	(222)
Adjusted EBITDA, net to EnLink	950	-	1,025
Free cash flow after distributions	260	-	280
Total capital expenditures, net to EnLink	190	-	250
Annualized 3Q20 declared distribution per common unit			$ 0.375

EnLink Midstream, LLC
Selected Financial Data
(All amounts in millions except per unit amounts)
(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Total revenues	$	928.5	$	1,408.0	$	2,829.5	$	4,897.2
Cost of sales	549.5		999.5		1,702.5		3,663.0
Gross operating margin	379.0		408.5		1,127.0		1,234.2
Operating costs and expenses, excluding cost of sales:
Operating expenses	94.3		119.2		283.1		351.6
General and administrative	25.7		38.5		79.6		122.1
(Gain) loss on disposition of assets	(1.8)		(3.0)		2.8		(2.9)
Depreciation and amortization	160.3		157.3		481.3		463.1
Impairments	—		—		354.5		186.5
Loss on secured term loan receivable	—		—		—		52.9
Total operating costs and expenses, excluding cost of sales	278.5		312.0		1,201.3		1,173.3
Operating income (loss)	100.5		96.5		(74.3)		60.9
Other income (expense):
Interest expense, net of interest income	(55.5)		(56.6)		(166.3)		(160.5)
Gain on extinguishment of debt	—		—		32.0		—
Income (loss) from unconsolidated affiliates	(0.2)		4.0		0.8		14.0
Other income (expense)	0.4		(0.1)		0.4		0.1
Total other expense	(55.3)		(52.7)		(133.1)		(146.4)
Income (loss) before non-controlling interest and income taxes	45.2		43.8		(207.4)		(85.5)
Income tax benefit (expense)	(6.0)		(6.3)		16.0		(2.7)
Net income (loss)	39.2		37.5		(191.4)		(88.2)
Net income attributable to non-controlling interest	26.6		25.7		78.7		92.4
Net income (loss) attributable to ENLC	$	12.6	$	11.8	$	(270.1)	$	(180.6)
Net income (loss) attributable to ENLC per unit:
Basic common unit	$	0.03	$	0.02	$	(0.55)	$	(0.40)
Diluted common unit	$	0.03	$	0.02	$	(0.55)	$	(0.40)

EnLink Midstream, LLC
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(All amounts in millions)
(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income (loss)	$	39.2	$	37.5	$	(191.4)	$	(88.2)
Interest expense, net of interest income	55.5		56.6		166.3		160.5
Depreciation and amortization	160.3		157.3		481.3		463.1
Impairments	—		—		354.5		186.5
Loss on secured term loan receivable (1)	—		—		—		52.9
(Income) loss from unconsolidated affiliates	0.2		(4.0)		(0.8)		(14.0)
Distributions from unconsolidated affiliates	—		5.4		2.0		15.5
(Gain) loss on disposition of assets	(1.8)		(3.0)		2.8		(2.9)
Gain on extinguishment of debt	—		—		(32.0)		—
Unit-based compensation	8.4		12.1		24.6		31.2
Income tax expense (benefit)	6.0		6.3		(16.0)		2.7
Unrealized (gain) loss on commodity swaps	2.2		0.5		8.0		(4.7)
Payments under onerous performance obligation offset to other current and long-term liabilities	—		—		—		(9.0)
Transaction costs (2)	—		—		—		13.9
Other (3)	(0.3)		(1.2)		(0.8)		(0.8)
Adjusted EBITDA before non-controlling interest	269.7		267.5		798.5		806.7
Non-controlling interest share of adjusted EBITDA from joint ventures (4)	(8.1)		(6.3)		(21.8)		(18.1)
Adjusted EBITDA, net to ENLC	$	261.6	$	261.2	$	776.7	$	788.6

____________________________
(1)	In May 2018, we restructured our natural gas gathering and processing contract with White Star, and, as a result, recognized the discounted present value of a secured term loan receivable granted to us by White Star. We recorded a $52.9 million loss in our consolidated statement of operations for the nine months ended September 30, 2019 related to the write-off of the secured term loan receivable.
(2)	Represents transaction costs primarily attributable to costs incurred related to the acquisition of all outstanding, publicly-held EnLink Midstream Partners, LP ("ENLK") common units in January 2019.
(3)	Includes accretion expense associated with asset retirement obligations and non-cash rent, which relates to lease incentives pro-rated over the lease term.
(4)	Non-controlling interest share of adjusted EBITDA from joint ventures includes NGP Natural Resources XI, L.P.'s ("NGP")'s 49.9% share of adjusted EBITDA from the Delaware Basin JV, Marathon Petroleum Corporation's 50% share of adjusted EBITDA from the Ascension JV, and other minor non-controlling interests.

EnLink Midstream, LLC
Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA
and Free Cash Flow After Distributions
(All amounts in millions except ratios and per unit amounts)
(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net cash provided by operating activities	$	244.2	$	256.0	$	561.0	$	777.5
Interest expense (1)	54.6		55.8		163.3		159.2
Current income tax expense	0.4		0.7		1.1		2.0
Transaction costs (2)	—		—		—		13.9
Other (3)	0.4		(1.6)		0.9		(1.5)
Changes in operating assets and liabilities which (provided) used cash:
Accounts receivable, accrued revenues, inventories, and other	46.5		(78.0)		(72.6)		(341.3)
Accounts payable, accrued product purchases, and other accrued liabilities (4)	(76.4)		34.6		144.8		196.9
Adjusted EBITDA before non-controlling interest	269.7		267.5		798.5		806.7
Non-controlling interest share of adjusted EBITDA from joint ventures (5)	(8.1)		(6.3)		(21.8)		(18.1)
Adjusted EBITDA, net to ENLC	261.6		261.2		776.7		788.6
Interest expense, net of interest income	(55.5)		(56.6)		(166.3)		(160.5)
Maintenance capital expenditures, net to ENLC (6)	(5.0)		(12.7)		(20.9)		(34.4)
ENLK preferred unit accrued cash distributions (7)	(22.9)		(23.1)		(68.5)		(68.9)
Other (8)	(0.5)		(0.6)		(1.1)		(4.1)
Distributable cash flow	177.7		168.2		519.9		520.7
Common distributions declared	(46.4)		(139.2)		(139.3)		(415.8)
Growth capital expenditures, net to ENLC (6)	(32.6)		(149.4)		(165.9)		(510.9)
Free cash flow after distributions	$	98.7	$	(120.4)	$	214.7	$	(406.0)

Actual declared distribution to common unitholders	$	46.4	$	139.2	$	139.3	$	415.8
Distribution coverage	3.83x		1.21x		3.73x		1.25x
Distributions declared per ENLC unit	$	0.09375	$	0.283	$	0.28125	$	0.845

____________________________
(1)	Net of amortization of debt issuance costs and discount and premium, which are included in interest expense but not included in net cash provided by operating activities, and non-cash interest income, which is netted against interest expense but not included in adjusted EBITDA.
(2)	Represents transaction costs primarily attributable to costs incurred related to the acquisition of all outstanding, publicly-held ENLK common units in January 2019.
(3)	Includes accruals for settled commodity swap transactions, distributions received from equity method investments to the extent those distributions exceed earnings from the investment, and non-cash rent, which relates to lease incentives pro-rated over the lease term.
(4)	Net of payments under onerous performance obligation offset to other current and long-term liabilities for the three and nine months ended September 30, 2019.
(5)	Non-controlling interest share of adjusted EBITDA from joint ventures includes NGP's 49.9% share of adjusted EBITDA from the Delaware Basin JV, Marathon Petroleum Corporation's 50% share of adjusted EBITDA from the Ascension JV, and other minor non-controlling interests.
(6)	Excludes capital expenditures that were contributed by other entities and relate to the non-controlling interest share of our consolidated entities.
(7)	Represents the cash distributions earned by the Series B Preferred Units and Series C Preferred Units, which are not available to common unitholders.
(8)	Includes non-cash interest income and current income tax expense.

EnLink Midstream, LLC
Reconciliation of Segment Profit to Segment Free Cash Flow
(All amounts in millions)
(Unaudited)

	Permian		Louisiana		Oklahoma		North Texas
Three Months Ended September 30, 2020
Segment profit	$	46.4	$	69.0	$	107.8	$	66.6
Capital expenditures	(28.5)		(8.5)		(2.6)		(3.0)
Segment free cash flow	$	17.9	$	60.5	$	105.2	$	63.6

Three Months Ended September 30, 2019
Segment profit	$	36.3	$	67.0	$	109.1	$	69.4
Capital expenditures	(119.7)		(21.5)		(48.6)		(5.0)
Segment free cash flow	$	(83.4)	$	45.5	$	60.5	$	64.4

EnLink Midstream, LLC
Operating Data
(Unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Midstream Volumes:
Permian Segment
Gathering and Transportation (MMBtu/d)	923,400	751,400	875,200	695,300
Processing (MMBtu/d)	929,900	798,200	895,800	745,100
Crude Oil Handling (Bbls/d)	99,100	112,900	115,000	135,000
Louisiana Segment
Gathering and Transportation (MMBtu/d)	1,961,100	2,078,500	1,959,600	2,025,000
Crude Oil Handling (Bbls/d)	15,700	21,200	16,300	18,800
NGL Fractionation (Gals/d)	7,462,600	7,240,100	7,665,700	7,231,400
Brine Disposal (Bbls/d)	1,100	2,500	1,400	3,100
Oklahoma Segment
Gathering and Transportation (MMBtu/d)	1,113,900	1,351,800	1,142,800	1,304,100
Processing (MMBtu/d)	1,125,600	1,323,100	1,120,800	1,284,800
Crude Oil Handling (Bbls/d)	25,600	59,600	30,800	47,600
North Texas Segment
Gathering and Transportation (MMBtu/d)	1,450,900	1,644,300	1,505,100	1,658,000
Processing (MMBtu/d)	669,000	760,700	679,800	753,600

EnLink Midstream, LLC
Forward-Looking Reconciliation of Net Income to Full-Year Adjusted EBITDA
and Free Cash Flow After Distributions Guidance (1)
Published May 2020
(All amounts in millions)
(Unaudited)

	Revised 2020 Outlook
	Low		Midpoint		High
Net loss of EnLink Midstream, LLC (2)	$	(222)	$	(172)	$	(123)
Interest expense, net of interest income	222		219		216
Depreciation and amortization	664		650		636
Impairments	353		353		353
Income from unconsolidated affiliate investments	(3)		(4)		(5)
Distributions from unconsolidated affiliate investments	3		5		7
Unit-based compensation	27		30		33
Gain on extinguishment of debt	(32)		(32)		(32)
Income taxes	(17)		(15)		(13)
Gain on non-cash derivatives	(13)		(13)		(13)
Other (3)	(1)		(1)		(1)
Adjusted EBITDA before non-controlling interest	981		1,020		1,058
Non-controlling interest share of adjusted EBITDA (4)	(31)		(32)		(33)
Adjusted EBITDA, net to EnLink Midstream, LLC	950		988		1,025
Interest expense, net of interest income	(222)		(219)		(216)
Current taxes and other	(1)		(2)		(2)
Capital expenditures, net to ENLK (5)	(190)		(220)		(250)
Preferred unit accrued cash distributions (6)	(91)		(91)		(91)
Common distributions declared	(186)		(186)		(186)
Free cash flow after distributions	$	260	$	270	$	280

________________________________
(1)	Represents the revised forward-looking net income guidance for the year ended December 31, 2020, and includes the actual results for the three months ended March 31, 2020 and the projected results for the remainder of the year ended December 31, 2020. The forward-looking net income guidance from April 1, 2020 through December 31, 2020 excludes the potential impact of gains or losses on derivative activity, gains or losses on disposition of assets, impairment expense, gains or losses as a result of legal settlements, and the financial effects of future acquisitions. The exclusion of these items is due to the uncertainty regarding the occurrence, timing and/or amount of these events.

	EnLink does not provide a reconciliation of forward-looking net cash provided by operating activities to adjusted EBITDA because the company is unable to predict with reasonable certainty changes in working capital, which may impact cash provided or used during the year. Working capital includes accounts receivable, accounts payable and other current assets and liabilities. These items are uncertain and depend on various factors outside the company's control.
(2)	Net income includes estimated net income attributable to (i) NGP's 49.9% share of net income from the Delaware Basin JV and (ii) Marathon Petroleum Corp.'s 50% share of net income from the Ascension JV.
(3)	Includes (i) estimated accretion expense associated with asset retirement obligations; (ii) estimated non-cash rent, which relates to lease incentives pro-rated over the lease term; and (iii) transaction costs, including transaction costs related to the simplification transaction.
(4)	Non-controlling interest share of adjusted EBITDA includes estimates for (i) NGP's 49.9% share of adjusted EBITDA from the Delaware Basin JV, (ii) Marathon's 50% share of adjusted EBITDA from the Ascension JV, and (iii) other minor non-controlling interests.
(5)	Excludes capital expenditures that are contributed by other entities and relate to the non-controlling interest share of our consolidated entities.
(6)	Represents the cash distributions earned by the Series B Preferred Units and Series C Preferred Units. Cash distributions to be paid to holders of the Series B Preferred Units and Series C Preferred Units are not available to common unitholders.

EnLink Midstream, LLC
Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA
and Excess Free Cash Flow
(All amounts in millions except ratios and per unit amounts)
(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Net cash provided by operating activities	$	134.8	$	257.5	$	316.8	$	521.5
Interest expense (1)	54.0		53.9		108.7		103.4
Current income tax expense	0.4		0.3		0.7		1.3
Transaction costs (2)	—		0.4		—		13.9
Other (3)	(5.1)		1.6		0.5		0.1
Changes in operating assets and liabilities which (provided) used cash:
Accounts receivable, accrued revenues, inventories, and other	50.2		(165.9)		(119.1)		(263.3)
Accounts payable, accrued product purchases, and other accrued liabilities (4)	27.3		116.6		221.2		162.3
Adjusted EBITDA before non-controlling interest	261.6		264.4		528.8		539.2
Non-controlling interest share of adjusted EBITDA from joint ventures (5)	(6.5)		(5.2)		(13.7)		(11.8)
Adjusted EBITDA, net to ENLC	255.1		259.2		515.1		527.4
Interest expense, net of interest income	(55.2)		(54.3)		(110.8)		(103.9)
Maintenance capital expenditures, net to ENLC (6)	(7.7)		(13.2)		(15.9)		(21.7)
ENLK preferred unit accrued cash distributions (7)	(22.8)		(23.1)		(45.6)		(45.8)
Other (8)	(0.3)		(1.0)		(0.6)		(3.5)
Distributable cash flow	169.1		167.6		342.2		352.5
Common distributions declared	(46.4)		(139.3)		(92.9)		(276.6)
Growth capital expenditures, net to ENLC (6)	(50.7)		(141.9)		(133.3)		(361.5)
Excess free cash flow	$	72.0	$	(113.6)	$	116.0	$	(285.6)

Actual declared distribution to common unitholders	$	46.4	$	139.2	$	92.9	$	276.6
Distribution coverage	3.65x		1.20x		3.69x		1.27x
Distributions declared per ENLC unit	$	0.09375	$	0.283	$	0.1875	$	0.562

		Three Months Ended March 31
$MM, unless noted	2020	2019

Net loss	(260)	(135)
Adjusted EBITDA, net to EnLink*	260	268
Net cash provided by operating activities	182	264
Excess free cash flow	44	(172)
Total capital expenditures, net to EnLink	91	228
Cash and cash equivalents, net to EnLink	195	(6)
Amount outstanding on revolving credit facility	550	160
Outstanding common units as of April 30	489,259,906	487,170,379

*Adjusted EBITDA, net to EnLink, for 1Q20 includes approximately $6 million of expenses related to severance.

$MM, unless noted			2020 Outlook

Net loss	(123)	-	(222)
Adjusted EBITDA, net to EnLink	950	-	1,025
Excess free cash flow	260	-	280
Total capital expenditures, net to EnLink	190	-	250
Annualized 1Q20 declared distribution per common unit			$ 0.375

EnLink Midstream, LLC
Reconciliation of Net Loss to Adjusted EBITDA
(All amounts in millions)
(Unaudited)

	Three Months Ended March 31,
	2020		2019
Net loss	$	(260.4)	$	(134.8)
Interest expense, net of interest income	55.6		49.6
Depreciation and amortization	162.8		152.1
Impairments	353.0		186.5
Income from unconsolidated affiliates	(1.7)		(5.3)
Distributions from unconsolidated affiliates	1.8		2.5
Gain on extinguishment of debt	(5.3)		—
Unit-based compensation	8.8		11.1
Income tax expense (benefit)	(33.7)		1.8
Unrealized (gain) loss on commodity swaps	(13.0)		2.0
Payments under onerous performance obligation offset to other current and long-term liabilities	—		(4.5)
Transaction costs (1)	—		13.5
Other (2)	(0.7)		0.3
Adjusted EBITDA before non-controlling interest	267.2		274.8
Non-controlling interest share of adjusted EBITDA from joint ventures (3)	(7.2)		(6.6)
Adjusted EBITDA, net to ENLC	$	260.0	$	268.2

Fourth Quarter and Full-Year 2019 Results

$MM, unless noted	Fourth Quarter 2019	Full-Year 2019
Net (Loss) Attributable to EnLink	($938.7)	($1,119.3)
Adjusted EBITDA, net to EnLink	$290.9	$1,079.5
Net Cash Provided by Operating Activities	$214.4	$991.9
Distributable Cash Flow	$203.1	$723.8
Distribution Coverage	2.20x	1.42x
Growth Capital Expenditures, net to EnLink	$90	$600
Debt to Adjusted EBITDA, net to EnLink	4.3x	4.3x

2020 Financial Guidance Reaffirmed

$MM, unless noted		2020 Guidance
Net Income (1)		$160 - $230
Adjusted EBITDA, net to EnLink		$1,070 - $1,130
Maintenance Capital, net to EnLink		$40 - $50
Distributable Cash Flow		$715 - $755
Distribution Coverage		1.95x - 2.05x
Growth Capital Expenditures, net to EnLink		$275 - $375
Total Capital Expenditures, net to EnLink		$315 - $425
Debt to Adjusted EBITDA, net to EnLink		4.0x - 4.3x
Excess Free Cash Flow (after total capital expenditures & distributions)		$10 - $70
Annualized 4Q19 Declared Distribution per Common Unit		$0.75/ unit


(1)	In May 2018, we restructured our natural gas gathering and processing contract with White Star, and, as a result, recognized non-cash revenue representing the discounted present value of a secured term loan receivable granted to us by White Star. In late May 2019, White Star, the counterparty to our $58.0 million second lien secured term loan receivable, defaulted on its approximately $10.0 million installment payment under the term loan and filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. White Star sold its assets and we did not recover any amounts then owed to us under the second lien secured term loan.
(2)	Includes a loss of $31.4 million for the three months and year ended December 31, 2019 related to an impairment on the carrying value of Cedar Cove Midstream LLC.
(3)	Represents transaction costs primarily attributable to costs incurred related to the acquisition of all outstanding, publicly-held ENLK common units in January 2019 and costs we incurred related to the acquisition by GIP of equity interests in ENLK, ENLC, and the managing member of ENLC previously held by subsidiaries of Devon Energy Corporation in July 2018.
(4)	Includes accretion expense associated with asset retirement obligations and non-cash rent, which relates to lease incentives pro-rated over the lease term.
(5)	Non-controlling interest share of adjusted EBITDA from joint ventures includes NGP Natural Resources XI, L.P.'s ("NGP") 49.9% share of adjusted EBITDA from the Delaware Basin JV, Marathon Petroleum Corporation's 50% share of adjusted EBITDA from the Ascension JV, and other minor non-controlling interests.

EnLink Midstream, LLC
Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA
and Distributable Cash Flow
(All amounts in millions except ratios and per unit amounts)
(Unaudited)

	Three Months Ended December 31,		Year Ended December 31,
	2019		2019
Net cash provided by operating activities	$	214.4	$	991.9
Interest expense (1)	54.5		213.7
Current income tax benefit	(2.0)		—
Distributions from unconsolidated affiliate investment in excess of earnings	2.9		3.7
Transaction costs (2)	—		13.9
Other (3)	(1.5)		(3.8)
Changes in operating assets and liabilities which (provided) used cash:
Accounts receivable, accrued revenues, inventories, and other	(9.4)		(350.7)
Accounts payable, accrued product purchases, and other accrued liabilities (4)	39.6		236.5
Adjusted EBITDA before non-controlling interest	298.5		1,105.2
Non-controlling interest share of adjusted EBITDA from joint ventures (5)	(7.6)		(25.7)
Adjusted EBITDA, net to ENLC	290.9		1,079.5
Interest expense, net of interest income	(55.5)		(216.0)
Maintenance capital expenditures, net to ENLC (6)	(11.4)		(45.8)
ENLK preferred unit accrued cash distributions (7)	(22.8)		(91.7)
Other (8)	1.9		(2.2)
Distributable cash flow	$	203.1	$	723.8

Actual declared distribution to common unitholders	$	92.3	$	508.1
Distribution coverage	2.20x		1.42x
Distributions declared per ENLC unit	$	0.1875	$	1.0325


(1)	Represents the forward-looking net income guidance of EnLink Midstream, LLC for the year ended December 31, 2020. The forward-looking net income guidance excludes the potential impact of gains or losses on derivative activity, gains or losses on disposition of assets, impairment expense, gains or losses as a result of legal settlements, gains or losses on extinguishment of debt, and the financial effects of future acquisitions. The exclusion of these items is due to the uncertainty regarding the occurrence, timing and/or amount of these events.
(2)	Net income includes estimated net income attributable to (i) NGP Natural Resources XI, L.P.'s ("NGP") 49.9% share of net income from the Delaware Basin JV, (ii) Marathon Petroleum Corp.'s ("Marathon") 50% share of net income from the Ascension JV., and (iii) other minor non-controlling interests.
(3)	Includes (i) estimated accretion expense associated with asset retirement obligations and (ii) estimated non-cash rent, which relates to lease incentives pro-rated over the lease term.
(4)	Non-controlling interest share of adjusted EBITDA includes estimates for (i) NGP's 49.9% share of adjusted EBITDA from the Delaware Basin JV, (ii) Marathon's 50% share of adjusted EBITDA from the Ascension JV and (iii) other minor non-controlling interests.
(5)	Excludes capital expenditures that are contributed by other entities and relate to the non-controlling interest share of our consolidated entities.
(6)	Represents the cash distributions earned by the ENLK Series B Preferred Units and ENLK Series C Preferred Units. Cash distributions to be paid to holders of the ENLK Series B Preferred Units and ENLK Series C Preferred Units are not available to common unitholders.

EnLink Midstream, LLC

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2020 Financial Guidance and Financial Strategy

$MM, unless noted	2020 Guidance
Net income (1)	$	160	—	$	230
Adjusted EBITDA, net to EnLink	$	1,070	—	$	1,130
Maintenance Capital, net to EnLink	$	40	—	$	50
Distributable Cash Flow	$	715	—	$	755
Distribution Coverage	1.95x - 2.05x
Growth Capital Expenditures, net to EnLink	$275 - $375
Annualized 4Q19 Declared Distribution per Common Unit	$0.75/ unit
Excess Free Cash Flow (after total capex & distributions)	$10 - $70
Debt to Adjusted EBITDA, net to EnLink	4.0x - 4.3x

____________________________

2020 Segment Outlook

$MM	2020 Segment Profit
Permian	$	200	—	$	220
Louisiana	$	300	—	$	320
Oklahoma	$	435	—	$	455
North Texas	$	240	—	$	260

EnLink Midstream, LLC
Reconciliation of Net Income to Adjusted EBITDA
(All amounts in millions)
(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income (loss)	$	37.5	$	45.0	$	(88.2)	$	204.3
Interest expense, net of interest income	56.6		45.2		160.5		134.3
Depreciation and amortization	157.3		146.7		463.1		430.1
Impairments	—		24.6		186.5		24.6
Non-cash revenue from contract restructuring (1)	—		—		—		(45.5)
Loss on secured term loan receivable (1)	—		—		52.9		—
Income from unconsolidated affiliates	(4.0)		(4.3)		(14.0)		(11.7)
Distributions from unconsolidated affiliates	5.4		5.3		15.5		16.7
(Gain) loss on disposition of assets	(3.0)		—		(2.9)		1.3
Unit-based compensation	12.1		17.1		31.2		31.8
Income tax expense	6.3		4.0		2.7		17.3
(Gain) loss on non-cash derivatives	0.5		0.8		(4.7)		14.8
Payments under onerous performance obligation offset to other current and long-term liabilities	—		(4.5)		(9.0)		(13.5)
Transaction costs (2)	—		2.8		13.9		2.8
Other (3)	(1.2)		(0.3)		(0.8)		0.5
Adjusted EBITDA before non-controlling interest	267.5		282.4		$	806.7	$	807.8
Non-controlling interest share of adjusted EBITDA from joint ventures (4)	(6.3)		(6.1)		(18.1)		(13.8)
Adjusted EBITDA, net to ENLC	$	261.2	$	276.3	$	788.6	$	794.0

EnLink Midstream, LLC
Forward-Looking Reconciliation of Net Income to Full-Year Adjusted EBITDA Guidance (1)
Published May 2019
(All amounts in millions)
(Unaudited)

	2019 Outlook
	Low		Midpoint		High
Net income of EnLink Midstream, LLC (2)	$	18	$	23	$	28
Interest expense, net of interest income	211		212		213
Depreciation and amortization	594		624		654
Impairments	187		187		187
Income from unconsolidated affiliate investments	(15)		(16)		(17)
Distributions from unconsolidated affiliate investments	14		15		16
Unit-based compensation	44		46		49
Income taxes	57		65		73
Payments under onerous performance obligation offset to other current and long-term liabilities	(10)		(10)		(10)
Payments on secured term loan receivable (3)	17		17		17
Other (4)	(1)		(1)		(1)
Adjusted EBITDA before non-controlling interest	1,116		1,162		1,209
Non-controlling interest share of adjusted EBITDA from joint ventures (5)	(31)		(32)		(34)
Adjusted EBITDA, net to EnLink Midstream, LLC	1,085		1,130		1,175
Interest expense, net of interest income	(211)		(212)		(213)
Current taxes and other	(12)		(11)		(10)
Maintenance capital expenditures (6)	(40)		(50)		(60)
Preferred unit accrued distributions (7)	(92)		(92)		(92)
Distributable cash flow	$	730	$	765	$	800


(1)	Represents the forward-looking net income guidance for the year ended December 31, 2019 adjusted to include $187 million of non-cash impairment recognized in the first quarter of 2019. The forward-looking net income guidance excludes the potential impact of gains or losses on derivative activity, gains or losses on disposition of assets, impairment expense (other than the $187 million impairment recognized in the first quarter of 2019), gains or losses as a result of legal settlements, gains or losses on extinguishment of debt, and the financial effects of future acquisitions. The exclusion of these items is due to the uncertainty regarding the occurrence, timing and/or amount of these events.
(2)	Net income includes estimated net income attributable to (i) NGP's 49.9% share of net income from the Delaware Basin JV, (ii) Marathon Petroleum Corp.'s 50% share of net income from the Ascension JV., and (iii) other minor non-controlling interests.
(3)	Represents estimated payments on secured term loan receivable from White Star.
(4)	Includes (i) estimated accretion expense associated with asset retirement obligations and (ii) estimated non-cash rent, which relates to lease incentives pro-rated over the lease term.
(5)	Non-controlling interest share of adjusted EBITDA includes estimates for (i) NGP's 49.9% share of adjusted EBITDA from the Delaware Basin JV, (ii) Marathon's 50% share of adjusted EBITDA from the Ascension JV and (iii) other minor non-controlling interests.
(6)	Excludes maintenance capital expenditures that are contributed by other entities and relate to the non-controlling interest share of our consolidated entities.
(7)	Represents the cash distributions earned by the ENLK Series B Preferred Units and ENLC Series C Preferred Units. Cash distributions to be paid to holders of the ENLK Series B Preferred Units and ENLC Series C Preferred Units are not available to common unitholders.

EnLink Midstream Partners, LP
Selected Financial Data
(All amounts in millions except per unit amounts)

	Three Months Ended December 31,				Year Ended December 31,
	2018		2017		2018		2017
	(Unaudited)
Total revenues	$	2,058.3	$	1,756.2	$	7,699.0	$	5,739.6
Cost of sales	1,604.3		1,373.6		6,008.0		4,361.5
Gross operating margin	454.0		382.6		1,691.0		1,378.1
Operating costs and expenses:
Operating expenses	116.1		109.9		453.4		418.7
General and administrative	35.7		28.9		130.2		123.5
(Gain) loss on disposition of assets	(0.9)		(0.8)		0.4		—
Depreciation and amortization	147.2		138.2		577.3		545.3
Impairments	341.2		8.3		365.8		17.1
Gain on litigation settlement	—		—		—		(26.0)
Total operating costs and expenses, excluding cost of sales	639.3		284.5		1,527.1		1,078.6
Operating income (loss)	(185.3)		98.1		163.9		299.5
Other income (expense):
Interest expense, net of interest income	(46.8)		(47.4)		(178.3)		(187.9)
Gain on extinguishment of debt	—		—		—		9.0
Income (loss) from unconsolidated affiliates	1.6		4.6		13.3		9.6
Other income	0.3		0.1		0.6		0.6
Total other expense	(44.9)		(42.7)		(164.4)		(168.7)
Income (loss) before non-controlling interest and income taxes	(230.2)		55.4		(0.5)		130.8
Income tax benefit	1.9		24.7		2.1		24.0
Net income (loss)	(228.3)		80.1		1.6		154.8
Net income attributable to non-controlling interest	1.9		4.4		29.6		5.9
Net income (loss) attributable to ENLK	$	(230.2)	$	75.7	$	(28.0)	$	148.9
General partner interest in net income	$	9.1	$	11.0	$	38.6	$	38.3
Limited partners' interest in net income (loss) attributable to ENLK	$	(266.5)	$	36.3	$	(180.8)	$	17.9
Series B preferred interest in net income attributable to ENLK	$	21.2	$	22.4	$	90.2	$	86.0
Series C preferred interest in net income attributable to ENLK	$	6.0	$	6.0	$	24.0	$	6.7
Net income (loss) attributable to ENLK per limited partners' unit:
Basic common unit	$	(0.75)	$	0.10	$	(0.51)	$	0.05
Diluted common unit	$	(0.75)	$	0.10	$	(0.51)	$	0.05

EnLink Midstream Partners, LP
Reconciliation of Net Income (Loss) to Adjusted EBITDA and
Distributable Cash Flow and Calculation of Coverage Ratio
(All amounts in millions except ratios and per unit amounts)
(Unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2018		2017		2018		2017
Net income (loss)	$	(228.3)	$	80.1	$	1.6	$	154.8
Interest expense, net of interest income	46.8		47.4		178.3		187.9
Depreciation and amortization	147.2		138.2		577.3		545.3
Impairments	341.2		8.3		365.8		17.1
(Income) loss from unconsolidated affiliate investments	(1.6)		(4.6)		(13.3)		(9.6)
Distributions from unconsolidated affiliate investments	6.0		2.1		22.7		13.5
(Gain) loss on disposition of assets	(0.9)		(0.8)		0.4		—
Gain on extinguishment of debt	—		—		—		(9.0)
Unit-based compensation	9.2		9.1		40.8		47.8
Income tax provision (benefit)	(1.9)		(24.7)		(2.1)		(24.0)
(Gain) loss on non-cash derivatives	(24.9)		(0.9)		(10.1)		(4.7)
Payments under onerous performance obligation offset to other current and long-term liabilities	(4.4)		(4.4)		(17.9)		(17.9)
Non-cash revenue from contract restructuring (1)	—		—		(45.5)		—
Other (2)	1.3		1.1		3.3		4.6
Adjusted EBITDA before non-controlling interest	$	289.7	$	250.9	$	1,101.3	$	905.8
Non-controlling interest share of adjusted EBITDA (3)	(15.8)		(12.2)		(59.5)		(33.0)
Adjusted EBITDA, net to ENLK	$	273.9	$	238.7	$	1,041.8	$	872.8
Interest expense, net of interest income	(46.8)		(47.4)		(178.3)		(187.9)
Amortization of EOGP installment payable discount included in interest expense (4)	—		6.5		0.5		26.4
Litigation settlement adjustment (5)	—		—		—		(18.1)
Current taxes and other	(1.4)		(1.6)		(4.7)		(2.5)
Maintenance capital expenditures, net to ENLK (6)	(11.9)		(10.4)		(42.0)		(30.9)
Preferred unit accrued cash distributions (7)	(22.5)		(22.1)		(89.4)		(38.7)
Distributable cash flow	$	191.3	$	163.7	$	727.9	$	621.1

Actual declared distribution to common unitholders	$	154.2	$	152.4	$	614.4	$	607.9
Distribution Coverage	1.24x		0.98x		1.18x		1.02x
Distributions declared per limited partner unit	$	0.39	$	0.39	$	1.56	$	1.56


(1)	In May 2018, we restructured a natural gas gathering and processing contract, and, as a result, recognized non-cash revenue representing the discounted present value of a secured term loan receivable.
(2)	Includes accretion expense associated with asset retirement obligations; reimbursed employee costs from Devon and LPC Crude Oil Marketing LLC; successful transaction costs, which we do not consider in determining adjusted EBITDA because operating cash flows are not used to fund such costs; and non-cash rent, which relates to lease incentives pro-rated over the lease term.
(3)	Non-controlling interest share of adjusted EBITDA includes ENLC's 16.1% share of adjusted EBITDA from EOGP, which was acquired in January 2016, NGP's 49.9% share of adjusted EBITDA from the Delaware Basin JV, which was formed in August 2016, Marathon Petroleum Corporation's 50% share of adjusted EBITDA from the Ascension JV, which began operations in April 2017, and other minor non-controlling interests.
(4)	Amortization of the EOGP installment payable discount was considered non-cash interest under the ENLK Credit Facility since the payment under the payable is consideration for the acquisition of the EOGP assets.
(5)	Represents recoveries from a lawsuit settled in 2017 for amounts not previously deducted from distributable cash flow.
(6)	Excludes maintenance capital expenditures that were contributed by other entities and relate to the non-controlling interest share of our consolidated entities.
(7)	Represents the cash distributions earned by the Series B Preferred Units of $65.4 million and $32.0 million for the years ended December 31, 2018 and 2017 respectively, and $24.0 million and $6.7 million earned by the Series C Preferred Units for the year ended December 31, 2018 and 2017, respectively. Cash distributions to be paid to holders of the Series B Preferred Units and Series C Preferred Units are not available to common unitholders.


(1)	Excludes non-cash interest income and amortization of debt issuance costs and discount and premium.
(2)	Includes non-cash rent, which relates to lease incentives pro-rated over the lease term, accruals for settled commodity swap transactions, gains and losses on settled interest rate swaps designated as hedges related to debt issuances, which are recorded in other comprehensive income (loss), and successful transaction costs.
(3)	Net of payments under onerous performance obligation offset to other current and long-term liabilities.
(4)	Non-controlling interest share of adjusted EBITDA includes ENLC's 16.1% share of adjusted EBITDA from EOGP, which was acquired in January 2016, NGP's 49.9% share of adjusted EBITDA from the Delaware Basin JV, which was formed in August 2016, Marathon Petroleum Corporation's 50% share of adjusted EBITDA from the Ascension JV, which began operations in April 2017, and other minor non-controlling interests
(5)	Amortization of the EOGP installment payable discount was considered non-cash interest under the ENLK Credit Facility since the payment under the payable is consideration for the acquisition of the EOGP assets.
(6)	Represents recoveries from a lawsuit settled in 2017 for amounts not previously deducted from distributable cash flow.
(7)	Excludes maintenance capital expenditures that were contributed by other entities and relate to the non-controlling interest share of our consolidated entities.
(8)	Represents the cash distributions earned by the Series B Preferred Units of $65.4 million and $32.0 million for the years ended December 31, 2018 and 2017, respectively, and $24.0 million and $6.7 million earned by the Series C Preferred Units for the year ended December 31, 2018 and 2017, respectively. Cash distributions to be paid to holders of the Series B Preferred Units and Series C Preferred Units are not available to common unitholders.

EnLink Midstream, LLC
Cash Available for Distribution and Calculation of Coverage Ratio
(All amounts in millions except ratios and per unit amounts)
(Unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2018		2017		2018		2017
Distribution declared by ENLK associated with (1):
General partner interest	$	0.6	$	0.6	$	2.5	$	2.5
Incentive distribution rights	14.9		14.8		59.5		58.9
ENLK common units owned	34.5		34.5		138.1		138.1
Total share of ENLK distributions declared	$	50.0	$	49.9	$	200.1	$	199.5
Adjusted EBITDA of EOGP (2)	10.5		7.7		40.3		22.3
Transaction costs (3)	3.7		—		5.0		—
Total cash available	$	64.2	$	57.6	$	245.4	$	221.8
Uses of cash:
General and administrative expenses	(4.8)		(1.1)		(9.9)		(4.8)
Current income taxes (4)	0.2		2.5		(0.1)		2.2
Interest expense	(1.2)		(0.8)		(4.0)		(2.5)
Maintenance capital expenditures (5)	—		(0.1)		(0.4)		(0.2)
Total cash used	$	(5.8)	$	0.5	$	(14.4)	$	(5.3)
ENLC cash available for distribution	$	58.4	$	58.1	$	231.0	$	216.5

Actual declared distribution to common unitholders	$	50.5	$	47.1	$	197.4	$	187.0
Distribution Coverage	1.16x		1.23x		1.17x		1.16x
Distributions declared per ENLC unit	$	0.275	$	0.259	$	1.076	$	1.024