2015 analyst day presentation v12 for website (1)

2015 Analyst &
Investor Day
March 30, 2015
Strong. Innovative. Growing.

Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking
statements are not guarantees of performance. They involve risks, uncertainties and assumptions. The future results of EnLink
Midstream, LLC, EnLink Midstream Partners, LP and their respective affiliates (collectively known as “EnLink Midstream”) may
differ materially from those expressed in the forward-looking statements contained throughout this presentation and in
documents filed with the Securities and Exchange Commission (“SEC”). Many of the factors that will determine these results
are beyond EnLink Midstream’s ability to control or predict. These statements are necessarily based upon various assumptions
involving judgments with respect to the future, including, among others, drilling levels; the dependence on Devon Energy
Corporation for a substantial portion of the natural gas that EnLink Midstream gathers, processes and transports; EnLink
Midstream’s lack of asset diversification; EnLink Midstream’s vulnerability to having a significant portion of its operations
concentrated in the Barnett Shale; the amount of hydrocarbons transported in EnLink Midstream’s gathering and transmission
lines and the level of its processing and fractionation operations; fluctuations in oil, natural gas and natural gas liquids (NGL)
prices; construction risks in its major development projects; its ability to consummate future acquisitions, successfully integrate
any acquired businesses, realize any cost savings and other synergies from any acquisition; changes in the availability and cost
of capital; competitive conditions in EnLink Midstream’s industry and their impact on its ability to connect hydrocarbon supplies
to its assets; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond its control;
a failure in its computing systems or a cyber-attack on its systems; and the effects of existing and future laws and
governmental regulations, including environmental and climate change requirements and other uncertainties and other factors
discussed in EnLink Midstream’s Annual Reports on Form 10-K for the year ended December 31, 2014, and in EnLink
Midstream’s other filings with the SEC. You are cautioned not to put undue reliance on any forward-looking statement. EnLink
Midstream has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information,
future events or otherwise.
2

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, segment cash flows, adjusted EBITDA of EMH, growth capital expenditures and
maintenance capital expenditures. Adjusted EBITDA is defined as net income plus interest expense, provision for income taxes,
depreciation and amortization expense, stock-based compensation, (gain) loss on noncash derivatives, transaction costs,
distribution of equity investment and non-controlling interest; and income (loss) on equity investment. Gross operating margin is
defined as revenue less the cost of purchased gas, NGLs, condensate and crude oil. Segment cash flows is defined as revenue
less the cost of purchased gas, NGLs, condensate, crude oil and operating and maintenance expenditures. Adjusted EBITDA of
EMH is defined as earnings plus depreciation, provisions for income taxes and distribution of equity investment less income on
equity investment. Growth capital expenditures are defined as all construction-related direct labor and material costs, as well
as indirect construction costs including general engineering costs and the costs of funds used in construction. The amounts
included in the calculation of these measures are computed in accordance with generally accepted accounting principles
(GAAP) with the exception of maintenance capital expenditures. Maintenance capital expenditures are capital expenditures
made to replace partially or fully depreciated assets in order to maintain the existing operating capacity of the assets and to
extend their useful lives.
EnLink Midstream believes these measures are useful to investors because they may provide users of this financial information
with meaningful comparisons between current results and prior-reported results and a meaningful measure of EnLink
Midstream’s cash flow after it has satisfied the capital and related requirements of its operations.
Adjusted EBITDA, segment cash flows, gross operating margin, adjusted EBITDA of EMH, growth capital expenditures and
maintenance capital expenditures, as defined above, are not measures of financial performance or liquidity under GAAP. They
should not be considered in isolation or as an indicator of EnLink Midstream’s performance. Furthermore, they should not be
seen as measures of liquidity or a substitute for metrics prepared in accordance with GAAP. Reconciliations of these measures
to their most directly comparable GAAP measures are included in the Appendix to this presentation.
3

Investor Notice
The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves
that meet the SEC's definitions for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of
resources that do not constitute such reserves. This presentation may contain certain terms, such as resource potential and
exploration target size and risked resource. These estimates are by their nature more speculative than estimates of proved,
probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC
guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the
disclosure in Devon Energy Corporation’s Form 10-K, available at Devon Energy Corporation, Attn. Investor Relations, 333 West
Sheridan, Oklahoma City, OK 73102-5015. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or from the
SEC’s website at www.sec.gov.
4

Agenda & Speakers
5
• Barry Davis President & CEO
• Michael Garberding EVP & CFO
EnLink Midstream
Vision & Strategy
• David Hager Devon Energy Corporation, COO
Devon Energy
Sponsorship
Presenter & Panelist
• Steve Hoppe EVP, President of Gas Business Unit
Panelists
• Mike Burdett SVP of Commercial
• Andy Deck SVP of Permian Basin
• Stan Golemon SVP of Engineering & Operations Services
• Ben Lamb SVP of Finance & Corporate Development
Natural Gas
Businesses
Vision & Panel
Presenter & Panelist
• Mac Hummel EVP & President of Liquids Business Unit
Panelists
• Ben Lamb SVP of Finance & Corporate Development
• Shannon Flowers VP of Crude
• John Pellegrin VP of Commercial
• Chris Tennant VP of NGL
Liquids
Businesses
Strategic Vision
& Panel
• Michael Garberding EVP & CFOFinancial Overview

Management Team Experience
Barry Davis
President & CEO
Barry Davis is President and Chief Executive Officer of EnLink Midstream. Mr. Davis led the founding of
Crosstex Energy in 1996 prior to the initial public offerings of Crosstex Energy, L.P. in 2002 and Crosstex
Energy, Inc. in 2004. Under his leadership, Crosstex Energy evolved into a significant service provider in the
energy industry’s midstream business sector.
Michael Garberding
EVP & CFO
Michael Garberding is Executive Vice President and Chief Financial Officer of EnLink Midstream. Previously,
Mr. Garberding held various positions at Crosstex Energy, including Executive Vice President and Chief
Financial Officer, and Senior Vice President of Business Development and Finance. Prior to joining Crosstex
in 2008, Mr. Garberding was assistant treasurer at TXU Corp. where he focused on structured transactions
such as project financing for coal plant development and the sale of TXU Gas Company.
Steve Hoppe
EVP & President of
Gas Business Unit
Steve Hoppe is Executive Vice President and President of the Gathering, Processing and Transportation
Business of EnLink Midstream. Mr. Hoppe previously served as Vice President of Midstream Operations for
Devon, which he joined in 2007. Prior to joining Devon, Mr. Hoppe spent eight years at Thunder Creek Gas
Services, most recently serving as president.
EnLink Midstream’s executive management team is comprised of former Crosstex and Devon
senior management and other experienced midstream leaders
McMillan (Mac) Hummel
EVP & President of
Liquids Business Unit
Mac Hummel is Executive Vice President and President of the Natural Gas Liquids and Crude Business of
EnLink Midstream. Mr. Hummel previously served as Vice President of Commodity Services at Williams
Companies Inc. since 2013, and prior to that he served as Vice President, NGLs & Olefins at Williams from
2010 to 2012. Mr. Hummel worked at Williams for 29 years.
The Leadership
6
Experienced Executive Management Team with a
Proven Track Record

Built for the Road Ahead:
Executing on Our Growth
Strategy
Barry E. Davis,
President and Chief Executive Officer
7

Strong, Diversified Investment in the MLP Space
8
Designed for Safety, Stability & Growth
Stability of cash flows
 ~95% fee-based contracts
 ~50% of gross operating margin from long-term Devon contracts
Top tier midstream energy service for our customers
 Mastio Service Award winner in 2014
Leverage Devon Energy sponsorship for growth
 Expect significant growth from dropdowns
 Serve Devon E&P portfolio in its growth areas
Strong organic growth
 South Louisiana, West Texas and Ohio River Valley (ORV) expansion projects
Top-tier balance sheet
 Investment grade credit rating at ENLK since inception
 Strong liquidity with a $1.5 billion credit facility
Note: Adjusted EBITDA and gross operating margin are non-GAAP financial measures and are explained on page 3.

The Vehicle for Sustainable Growth
 Devon is EnLink Midstream’s largest customer
(>50% of consolidated 2015E adjusted EBITDA*)
 EnLink Midstream’s growth projects focused on crude/NGL services and rich gas processing
 Strong emphasis on fee-based contracts
9
Diverse, Fee-Based Cash Flows
2015E EnLink Midstream Consolidated *
95%
5%
Gross Operating Margin
By Contract Type **
Texas
51%
26%
Ohio
6%
17%
Segment Cash Flow
By Region **
52%
Devon
48%
Other
Gross Operating Margin
By Customer **
Fee-Based
Commodity
Sensitive
* Based on 2015 Guidance information.
** Gross operating margin, segment cash flow and adjusted EBITDA percentage estimates are provided for illustrative purposes.
Note: Adjusted EBITDA, segment cash flow and gross operating margin are non-GAAP financial measures and are explained on page 3.
Louisiana
Oklahoma

Stable Cash Flows From High Quality Contracts
0%
20%
40%
60%
80%
100%
Texas Oklahoma Louisiana Ohio River
Valley
~80% of EnLink’s segment cash flows are supported by long-term, fee-based contracts with either firm
transport agreements or minimum volume commitments.
Top Customers Include
~80%
10
Note: Segment cash flow is a Non-GAAP metric and is explained in greater detail on page 3. See Appendix for a reconciliation to Operating Income.
Segment
Cash Flow

Significant Size & Scale
 ~ 9,100 miles of pipelines
 16 gas processing plants, 3.6 Bcf/d capacity
 7 NGL fractionators, 280,000 Bbl/d capacity
Diversity of Basins
 Barnett
 Permian
 Midcontinent: Cana & Arkoma-Woodford
 Eagle Ford
 Ohio River Valley: Utica & Marcellus
 Louisiana: demand market (gas, NGLs)
Diversity of Services
 Natural Gas: transport, processing, storage & mktng.
 NGL: transport, fractionation, storage & mktng.
 Condensate: transport, storage & mktng.
 Crude: transport, storage & mktng. 11
Powered By a Diverse Set of Assets & Services

EnLink Midstream Partners, LP
Master Limited Partnership
NYSE: ENLK
(BBB / Baa3)
EnLink Midstream, LLC
General Partner
NYSE: ENLC
Public
Unitholders
~70% ~30%
~1% GP
~17% LP
EnLink Midstream Holdings
(formerly Devon Midstream Holdings)
~41%
LP
~41%
LP
Devon Energy
Corp.
NYSE: DVN
(BBB+ / Baa1)
GP + 75% LP
12
Dist./Q Split Level
≤ $0.2500 2% / 98%
≤ $0.3125 15% / 85%
≤ $0.3750 25% / 75%
> $0.3750 50% / 50%
Current
Position
ENLC owns 100% of IDRs
~25%
LP
Note: The ownership percentages shown above is approximate and as of March 20, 2015.
MLP Structure With a Premier Sponsor

First Year Project Execution
~$3.7 Billion of Drop Downs, Growth Projects
and Acquisitions
 E2 in Ohio River Valley
 25% of EMH
 Victoria Express in Eagle Ford (subject
to closing)
AVENUE 1
Dropdowns
~$1.3 Billion
Completed &
Announced
 Ajax plant announced and
associated gathering in Permian
~$200 MM+
Announced
AVENUE 2
Growing
With Devon
 Cajun-Sibon in TX/LA complete
 Bearkat construction in Permian
complete
 ORV condensate expansion announced
 Marathon-Garyville pipeline announced
~$1 Billion
Completed
~$300 MM+
Announced
AVENUE 3
Organic Growth
Projects
 Chevron Gulf Coast pipelines and
storage in South Louisiana
 Coronado Midstream in Midland basin
 LPC in Midland basin
~$935 MM
Completed
AVENUE 3
Mergers &
Acquisitions
13

 Near-term focus on
acquisitions in and
around current
platforms
 Longer-term focus on
pursuing scale positions
in new basins,
especially in areas
where Devon is active
 ORV condensate
expansion
 Marathon-Garyville
pipeline
 Gas to liquids pipeline
conversions in
Louisiana *
 Permian Basin
expansions from
Coronado and LPC
acquisitions
 Expansions to Cana
gathering and
processing *
 Ajax plant in Permian
14
 Access Pipeline in
Canadian Oil Sands
 25% of EMH
 Additional drop downs
from Devon
Dropdowns * Growing
With Devon
Organic Growth
Projects
Mergers &
Acquisitions
AVENUE 1 AVENUE 2 AVENUE 3 AVENUE 4
The Four Avenues for Growth
Identified Opportunities from 2015 - 2017
* This information is for illustrative purposes only. No agreements, understandings or obligations exist regarding these potential transactions and projects. The completion of any future
drop down will be subject to a number of conditions.

Destination 2017
15
Line of Sight to Double the Size of EnLink
LA
$85 WTI
$4.00 gas
Incremental Adjusted EBITDA
Assets
VEX & Access
Pipelines
Cana, Eagle Ford
& Permian
Louisiana,
Permian,
Eagle Ford, Utica
TBD
Estimated Capital
VEX: $210-220 MM
Access: TBD
$750 MM –
$1.25 B
$1.0 – 1.75 B $1.0 – 2.0 B
Annual Estimated Adjusted
EBITDA by 2017
$130 – 180 MM $90 – 160 MM $100 – 175 MM $125 – 250 MM
Note: The information in this slide is for illustrative purposes only.
* Based on 2015 Guidance. Adjusted EBITDA is a non-GAAP and is explained in greater detail on page 3. See Appendix for a reconciliation to Operating Income.
** Includes price deck and potential basin decline sensitivities
$500
$700
$900
$1,100
$1,300
$1,500
$1,700
2015E
Adjusted EBITDA*
Drop
Downs
Growing
with DVN
Organic
Growth**
M&A Destination 2017
Adjusted
EBITDA ($000)
$ 1.4 B

We’re Just Getting Started
Executing on Growth Strategy to Double
In Size By 2017
Powered by strategically located and complementary assets
Generating stable and growing cash flows
Backed by strong sponsorship from Devon
Driven by people with deep industry expertise
Deliver Results Focus on People Be EthicalStrive for Excellence
ENLINK’S CORE VALUES
Built for safety, stability and growth
16

Devon Energy
Sponsorship
Dave Hager,
Chief Operating Officer
of Devon Energy Corporation
17

E&P Industry
 North America is in the midst of a shale revolution
 Dramatic positive impact on supply of hydrocarbons
 Energy independence in North America is possible
 Success creating near-term imbalance between supply and demand
 Altering the global marginal cost curve
 Keys to success in current environment
 Top-tier assets
 Superior execution
 Financial strength
18
Where Are We Today?

Devon Today
 Focused and balanced portfolio
 Proved reserves: 2.8 billion BOE
 Net production: 664 MBOED
 Upstream revenue: 60% oil
 Deep inventory of opportunities
 Prolific Eagle Ford assets
 High-quality Permian position
 World-class heavy oil projects
 Top-tier liquids-rich gas plays
 Strategic EnLink business to support
growth initiatives
19
A Leading North American E&P
Heavy Oil
Rockies Oil
Barnett Shale
Eagle Ford
Permian Basin
Note: All figures represent Devon’s retained asset portfolio.
Anadarko Basin
Oil Assets
Liquids-Rich Gas Assets

A Leading North American E&P
 Premier and sustainable asset portfolio
— High-returning projects
— Positioned in top-tier basins
— Balanced between oil and gas
— Deep inventory of opportunities
 Focused on superior execution
— Technical and operational excellence
— Production optimization
 Maintain financial strength and flexibility
 Strategic midstream business
20
Strategy for Long-Term Success

Strategic Midstream Business
 Devon’s equity ownership interest
 41% of MLP (ENLK: 120 MM units)
 70% of GP (ENLC: 115 MM shares)
 Highly accretive transaction
 DVN assets initially valued at $4.8 billion
 Devon’s ownership interest in ENLK and ENLC
currently valued >$7 billion
 Distributions could reach ≈$300 MM in 2015*
 GP incentive distributions at highest tier
 Initial asset dropdown announced
 Victoria Express Pipeline in Eagle Ford
 Transaction valued at $210-$220 million
21
EnLink Ownership Overview
* Based on 2015 Guidance.
Note: The ownership information shown above is approximate and as of March 20, 2015

Why EnLink is Important to Devon?
 EnLink infrastructure enhances value of E&P production stream
• A competitive advantage in high activity basins
• Ownership interest ensures midstream support of E&P activity
 Improves capital efficiency
• EnLink funds majority of midstream capital requirements
• Increases availability of capital to invest in core E&P business
 Achieves tax-deferred valuation for midstream assets
 Additional asset dropdown potential
 Increases diversification, scale and growth trajectory of midstream
business
22

Building Operational Momentum
2014 Highlights
23
 Completed portfolio transformation
• Creation of EnLink Midstream
• Accretive Eagle Ford acquisition
• Divested >$5 billion of non-core assets
 EnLink drove record midstream profits
 Oil production increased 37%
 Top-line production 15% higher
 Q4 liquids approach 60% of production mix
 Proved oil reserves increase to all-time high

Disciplined Capital Allocation
2015 Capital Outlook
24
 Balances capital with cash inflows
 Reduced 20% from 2014
 Focused on best development
opportunities
 Minimal exploration activity
 Organic midstream capital(1): ≈$135
million
 Dynamically allocate capital
throughout 2015
(1): Excludes EnLink related capital.

Oil Driving Production Growth
2015 Production & Midstream Outlook
25
 Oil production growth: ≈20% - 25%
— Driven by Eagle Ford, Permian & Jackfish 3
 Top-line BOE growth: ≈5%
 Capital efficient growth achievable
with 20% less spend than 2014
 Midstream profit expected to reach
another all time high in 2015

Strong Balance Sheet & Liquidity
 Strong investment-grade ratings
• Cash balances: $1.5 billion
• Net debt(1): $7.8 billion (excluding EnLink)
 Cash flow protected by hedges
• >50% of 2015 oil protected at $91 per barrel
• ≈40% of 2015 gas protected at $4.17 per Mcf
• Fair market value of hedges: ≈$2 billion (12/31/14)
 The EnLink Midstream advantage
• Equity ownership interest valued in ENLK and ENLC at >$7 billion
• Cash distributions from EnLink could reach ≈$300 million in 2015
• Midstream asset dropdown potential
26
EnLink Enhances Financial Strength
(1) Net debt is a Non-GAAP measure defined as total debt less cash and cash equivalents and debt attributable to the consolidation of EnLink
Midstream.
Information on this page is as of March 20, 2015

Eagle Ford
 Top-tier acreage position
• 82,000 net acres focused in DeWitt
• Q4 net production: 98 MBOED
 Highest returning asset in portfolio
• Delivering industry-leading well results
• ≈1,000 undrilled locations in inventory
• 2014 cash margin >$50 per BOE
 2015 Outlook: High activity in DeWitt
• 2015 capital: ≈$1.1 billion
• Running 11 to 12 rigs in 2015
27
Overview

Eagle Ford
28
Strategic EnLink Infrastructure
Victoria Express Pipeline
 First Devon to EnLink dropdown
transaction *
 ≈56 mile crude oil pipeline from
Devon’s Eagle Ford core to Port of
Victoria terminal
 Operational Flexibility
‒ Pipeline operational capacity:
• ≈ 50,000 Bbl/d currently
• ≈ 90,000 Bbl/d by YE 2015
‒ Storage capacity:
• ≈ 150,000 Bbl currently
• ≈ 360,000 Bbl by YE 2015
* Subject to the closing of the transaction between Devon and EnLink.

Permian Basin
 Industry leader in basin
• 1.2 million net surface acres with stacked pay
• Production growth 23% higher in 2014
 Deep inventory of low-risk projects
• >5,000 locations in Delaware Basin
• Significant upside from downspacing
 Expect to leverage EnLink’s expanding
Permian operations
 2015 Outlook: Most active asset
• 2015 capital: ≈$1.3 billion
• Running 13 operated rigs in Delaware Basin
29
Overview

Heavy Oil
 Located in best part of oil sands
• Low geologic risk
• Thick and continuous reservoir
• Industry leading operating results
• Massive risked resource: 1.4 BBO
 Features of each Jackfish project:
• 300 MMBO gross EUR
• Long reserve life >20 years
• Flat production profile
 2015 Outlook: 20%-plus growth
• 2015 capital: ≈$700 million
• Delivering >20% production growth
30
Overview

Heavy Oil Dropdown Potential
 Three ≈180 mile pipelines from
Sturgeon Terminal to Devon’s
thermal acreage
 ≈30 miles of dual pipeline from
Sturgeon Terminal to Edmonton
 Capacity net to Devon:
 Blended bitumen: 170 MBOD
 Devon ownership: 50%
 ≈$1 Billion invested to date
31
Access Pipeline

Anadarko Basin
 Excellent Q4 results in Cana-Woodford
• Production increased 35% YoY
• 1st operated STACK well brought online
 High-rate development wells in Q4
• Cana results >20% above type curve
• Driven by improved completion design
 EnLink infrastructure provides significant
competitive advantage
 2015 Outlook: Accelerating Cana activity
• 2015 capital: $400 million
• Running 8 rigs in 2015
32
Cana-Woodford Overview

Barnett Shale
 Significant gas optionality
 Net acres: 623,000
 Best position in play
 Q4 net production: 201 MBOED
 Liquids 27% of production mix
 EnLink midstream infrastructure
significantly enhances rates of return
 Generated free cash flow of $1 billion
in 2014
 2015 Outlook
 2015 capital: ≈$150 million
 Focused on optimizing base
production
33
Overview

Other Potential Midstream Activity
Potential for additional midstream activity in:
 Permian Basin
• Delaware Basin
• Northern Midland Basin
 Anadarko Basin
• Cana-Woodford
• Emerging STACK opportunity
 Eagle Ford
 Future business development optionality
• Additional build-out in core assets
• New basins
34

Gas
Business Unit
Steve Hoppe,
EVP & President of Gas Business Unit
35

Gas Business Unit
36
North Texas, Oklahoma & West Texas
$114
$126
$132
$114
WTX
7%
OK
25%
NTX
68%
2015E
Consolidated
Segment Cash
Flows *
* Based on 2015 guidance projections. Segment cash flow is a non-GAAP financial measure and is explained in greater detail
on page 3. See Appendix for reconciliation to Operating Income.
** EnLink Midstream and Apache Corp. each have 50% ownership interest in the Deadwood facility.
North Texas
• Largest gatherer and processer in Barnett
Shale
• Basin has a long and stable future
• Supported by long-term contracts with
Devon Energy and third parties
Oklahoma
• Expecting growth in Cana
• Supported by long-term contracts with
Devon Energy and third parties
• Opportunities to expand in developing
areas
West Texas
• Core growth area in prolific Midland Basin
• Recently announced ~$1.25 - $1.45 B
in acquisitions and growth projects
**

North Texas
Significant Platform Position With
Long-Term Future
Key Customers
Segment Cash Flows
$MM
Key Takeaways
• Basin has a long, stable future
• Focus on increasing market
share and offsetting declines
• Excellent upside in improved
commodity environment
$440 $380
2014 * 2015E **
68%
82%
Gas G&T Processing
Utilization Capacity
1.2 Bcf/d
Capacity
4.0 Bcf/d
Capacity
2014 Utilization
2015 Contract Structure
86%
(77% of total
with MVCs)
12% 2% Devon Fee-Based
Other Fee-Based
Commodity-Based
Processing
37
* Represents Q2-Q4 2014 annualized segment cash flows
** Based on 2015 Guidance

North Texas Opportunities
Acquisition, Consolidation & Optimization
Optimization
• Significant refrac and
recomplete potential
• Targeting pressure reduction
projects offsetting decline
Increase Market Share
• Positioned to be basin
consolidator
5.1 5.2
5.6 5.7
5.2 5.1
2009 2010 2011 2012 2013 2014
(Bcf/d)
Barnett Shale Production *
0
10
20
30
40
50
60
70
80
90
Mar-11
Sep-11
Mar-12
Sep-12
Mar-13
Sep-13
Mar-14
Sep-14
Mar-15
Barnett Shale Rig Count **
* Source: Powell Shale Digest
** Source: Baker Hughes 38
Projected Capital Investment Opportunities for
2015-17: ~$150 - $300 MM

Oklahoma
Stable Assets with Expansion Opportunities
Key Takeaways
• Continued expansion opportunities
for Cana
• Pursuing large position in SCOOP or
Stack
• Potential pipeline expansion into
NTX to support production
development
$155 $145
2014 * 2015 **
83%
13%4% Devon Fee-Based Contracts
Linn Fee-Based
Other Fee-Based
Key Customers
69% 65%
0
200
400
600
G&T Processing
Utilization Capacity
550 MMcf/d
Capacity
605 MMcf/d
Capacity
2014 Utilization
39
Segment Cash Flows
$MM

Oklahoma Growth Opportunities
Core Growth Area for Devon & EnLink
Expansion Opportunities *
• Establish a core position in a
3rd play GW/Stack/Scoop/ Miss
• Transmission or rich gathering
expansion opportunities
Devon’s Cana Production Growth
(Mboe/d)
Cana Outlook
• Devon & non-operated
rigs in 2015: 8
• Devon gross wells: 95
• New Stack potential with
Devon
• Enhanced completion
design
• Existing wells benefit from
workovers
40
* This information is for illustrative purposes only. No agreements, understandings or obligations exist regarding these opportunities.
2015-17: ~$300 - $550 MM

Potential Expansion Opportunity
Linking Cana & North Texas
Expansion Opportunity *
• Evaluating project to integrate Oklahoma
and North Texas assets
• Pipeline could be routed through active
production areas
• Opportunity to utilize North Texas
capacity and market access
• Potential capacity of 200 to 1,000
MMcf/d
41
* This information is for illustrative purposes only. No agreements, understandings or obligations exist regarding this opportunity.

Permian
Significant Platform in Core of Midland Basin
Key Customers
Key Takeaways
• Key growth area with large
platform in core of Midland
Basin
• Coronado acquisition adds
large scale long-term growth
potential
• Core of the Midland Basin has
superior drilling economics
$9
$40
2014E 2015E
Processing Capacity
YE 2014 YE 2015E
125 MMcf/d
400 MMcf/d
Segment Cash Flows
$MM
(1) (2)
56%
44%
Fee-Based
Commodity-Based
Processing
42
(1) Represents Q2-Q4 2014 annualized segment cash flows
(2) Based on 2015 Guidance and includes partial year contributions from Coronado
(3) EnLink Midstream and Apache Corp. each have 50% ownership interest in the Deadwood facility.
(4) Includes the gross operating capacity of the Deadwood plant, which is 50% owned by Apache Corp.
(3)
(4) (4)

Permian Growth Opportunities
43
Significant Acreage with Multiple Pay Zones
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
Effective Acreage from Multiple
Zones in Midland Basin
Source: EnLink Midstream estimates
Source: Credit Suisse

Superior Drilling Economics in Midland Basin
Midland Basin / Lower Spraberry Drilling Economics *
* Source: Diamondback Energy Investor Presentation, February 2015
** Represents Diamondback’s additional ROR related to 88% ownership of Viper which owns mineral interests underlying acreage operated by FANG.
• Key producers delivering superior ROR in low price
environment
• Diamondback Energy reports 50-125% ROR with $50
crude
• Lower drilling and completion costs
• Low cost vertical drilling also yielding strong returns
Multiple zone development
Diamondback has assembled a strong acreage
position in the North Midland Basin that will
continue to serve as a key driver of production
growth for many years. We are excited about the
development potential for multiple horizontal
targets within the area that has and will continue
to serve the Coronado system in the future.
Diamondback has been involved with Coronado
since its formation and we have grown together
as business partners. We look forward to
working together with EnLink Midstream to
support each other’s growth aspirations.
“
”
Travis Stice,
CEO, Diamondback Energy
44
** **

Superior Drilling Economics in Midland Basin
EnLink’s System Capacity Expansions
(MMcf/d)
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
2015 2016 2017 2018 2019 2020
Expansion Opportunities **
• Leverage LPC services
• Bolt-on and step out
opportunities in
Dawson/Howard/Regan
counties
• Expand into Delaware
Basin
EnLink’s Midland Basin
Growth Plans
• Integrate Coronado assets with
Bearkat
• Continued construction of
facilities to accommodate
drilling dedicated acreage of
245,000+
• Capacity increasing 30% per
year next 3 years
45
2015-17: ~$600 - $800 MM
*
• EnLink Midstream and Apache Corp. each have 50% ownership interest in the Deadwood facility.
** This information is for illustrative purposes only. No agreements, understandings or obligations exist regarding these opportunities.

Gas Business Unit Summary
46
Oklahoma
Permian
North Texas
 Basin has a long, stable future
 Focus on increasing market share
and offsetting declines
 Excellent upside in improved
commodity environment
 Continued expansion of Cana
 Pursuing large position in a 3rd play
 Pipeline expansion into NTX
supports production development
2015 Key
Takeaways
2015E Segment
Cash Flows *
~ $380 MM
~ $40 MM
~ $145 MM
 Core growth area with large platform
in Midland Basin
 Coronado acquisition adds large
scale long term growth potential
 Midland Basin core generates
superior returns in low prices
2015-17
Capital Investment
Opportunities **
* Based on 2015 guidance. Segment cash flow is a Non-GAAP metric and is explained in greater detail on page 3. See Appendix for a reconciliation to Operating Income.
~ $150 - $300 MM
~ $300 - $550 MM
~ $600 - $800 MM

Louisiana Strategic
Review
Mac Hummel
Executive Vice President
Liquids BU President
47

Crude
Oil
NGLs
Natural
Gas
Louisiana Strategic Review
Executive Summary
48
 Natural gas demand growth will
outpace supply growth
 The Northeast becomes a net
exporter, mainly to the Gulf Coast
 US NGL supply expected to continue
growing
 Majority of all supplies expected to
make their way to the Gulf Coast
 Crude growth will slow but will still
increase
 Where economic, imported barrels
will be displaced
KEY TAKEAWAYS
• US market dynamics are
creating regional supply and
demand imbalances which
in turn are generating
infrastructure opportunities
• Louisiana market dynamics
across all products are
creating similar
opportunities
• EnLink’s platform in
Louisiana positions it
uniquely to provide solutions
created by changing
dynamics in the natural gas,
NGL, and crude markets
• EnLink will continue to be
active in capturing those
opportunities

EnLink’s Louisiana Assets Are Unique and
Well Positioned
49

0
2
4
6
8
10
12
0
20
40
60
80
100
120
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
LNGDemand(Bcf/d)
Supply/Demand(Bcf/d)
Midcon Rockies/West Southeast/Texas Northeast U.S. Gas Demand (Including Shrink) LNG Demand
US Natural Gas Demand Is Projected
to Outpace Supply
Source: Ponderosa Advisors
Lower-48 Gross Natural Gas Production
Production (Bcf/d)
Production growth slows due to
associated gas slow down
(crude directed drilling)
Demand growth driven by LNG
exports and industrial new
build/ expansions
50
LNG Growth
reflected in
total

Louisiana Gas Supply Will Decrease
While Demand Will Increase
51
Source: En*Vantage, EIA, Louisiana DNR
From
4.2 to
2.2
bcf/d
North Region
Production
From
5.3 to
2.7
bcf/d
Total Louisiana
Production
From
1.0 to
0.5
bcf/d
South Region
Production
From
0.1 to
0.0
bcf/d
Offshore State Waters
Production
2015 – 2020 Supply vs Demand Fundamentals
Increase
4 – 8
bcf/d
by 2020
LNG Markets
Demand
Increase
2 - 4
bcf/d
by 2020
Industrial Markets
Demand

EnLink
SE Markets
HENRY
HUB
Haynesville
Future LNG projects
Future LNG projects
EnLink
Future LNG projects
Increased Gas Demand in Louisiana Will Be
Supported by Production in the Northeast
 2014 – 2017: 20+
pipeline projects to
move gas west and
south
 14.8 bcf/d of reversal
projects
 Louisiana is destination
due to pipeline design
 EnLink’s expansive
Louisiana infrastructure
allows for movement
across the entire state,
and enables us to be
the “last mile”
 EnLink’s system
provides flexibility,
storage, and access
to multiple markets
and supply points
52
Increase
4 – 8
bcf/d
by 2020
LNG Markets Demand
Increase
2 - 4
bcf/d
by 2020
Industrial Markets Demand
Marcellus/Utica
Gas Seeking
Louisiana Markets
Including Industrial,
LNG, Seasonal
Outlets
Perryville
Source: En*Vantage

Source: En*Vantage
US NGLs Will Increase and Barrels Will
Work to Make Their Way to Mont Belvieu
53
Incremental US NGLs
by 2020
1.6 MM Bbl/d
By 2020 Louisiana will
only contribute ~4% of
total supply, but will
account for ~25% of
ethane demand
Increase in NGL Supplies
2015 – 2020 (000’s Bpd)
Excess supplies will make
their way to the Gulf Coast
~80% of North American
petchem capacity is in
Texas / Louisiana

Ethane Demand in Louisiana Will Continue
to Outpace Supply
Source: En*Vantage 54

Louisiana
Sarnia
Edmonton/
Ft. Saskatchewan
Conway
Mt.
Belvieu
NGLs Will Need to Move From Mont Belvieu
Into Louisiana – Creating Another Cajun-
Sibon-Type Opportunity
55
Cajun-Sibon
Source: EnLink Midstream

As Crude Oil Production Increases It Will
Continue to Push Out Imports
0
2
4
6
8
10
12
14
16
18
20
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
CrudeOil(MMb/d)
US Production Refinery Inputs
I
M
P
O
R
T
S
56

Most of the Crude Demand in Louisiana Is
Supplied From Offshore Production Or Is
Imported
Onshore
production:
0.2 MMb/d
Offshore
production:
1.2 MMb/d
Louisiana
demand:
2.9 MMb/d
0.4 MMb/d from Texas
57

Imported Barrels into Louisiana Will
Continue to be Displaced
0.0
0.5
1.0
1.5
2.0
2.5
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Imports(MMb/d)
0-25 25-35 35-42 42-50 50+ Grand Total
Louisiana crude oil imports have decreased over time,
but there still exists non-structural imports that can be backed out going forward
Source: Ponderosa Advisors, EIA
--- Structural ImportsGravity
58
~700,000 bpd of non-
structural imports can
still be displaced
Non-structural
Imports

Key Takeaways
US market dynamics are creating regional
supply and demand imbalances which in
turn are generating infrastructure
opportunities
Louisiana market dynamics across all
products are creating similar opportunities
EnLink’s platform in Louisiana positions it
uniquely to provide solutions created by
changing dynamics in the natural gas, NGLs,
and crude markets
EnLink will continue to be active in
capturing those opportunities
59

Liquids
Business Unit
Mac Hummel,
EVP & President of Liquids Business Unit
60

Liquids Business Unit
61
Louisiana Gas & Liquids, ORV & Crude/Condensate
LA Gas
20%
52%
Crude /
Cond
28%
LA NGLs**
LPC
System Victoria
Express
Louisiana Gas
& NGLs
ORV 2015E
Consolidated
Segment Cash
Flows *
* Based on 2015 guidance projections. Segment cash flow is a non-GAAP financial measure and is explained in greater
detail on page 3. See Appendix for reconciliation to Operating Income.
** Louisiana NGLs segment cash flows include hedge impacts of ~$9.0 MM.
Louisiana NGLs
• NGL services from Mt. Belvieu to the river
• New alternative for market supply flexibility
• Long-term supply and product sales contracts
Louisiana Gas
• Full range of services including gathering, treating,
processing, transmission, storage and supply
• Expected growth due to industrial expansions, LNG
exports and optimization
ORV
• Condensate volumes driving stabilization,
transportation and first purchaser opportunities
Crude/Condensate
• New crude platforms for growth in Permian Basin
and Eagle Ford
• Opportunities being realized with Devon

Louisiana Gas and NGLs
62
Providing the Fuel for Industrial Growth
$114
$126
$132
$114
2015E
Consolidated
Segment Cash
Flows *
LA Gas
20%
52%
Crude /
Cond
28%
LA NGLs**
* Based on 2015 guidance projections. Segment cash flow is a non-GAAP financial measure and is explained in
greater detail on page 3. See Appendix for reconciliation to Operating Income.
** Louisiana NGLs segment cash flows include hedge impacts of ~$9.0 MM.
Louisiana NGLs System
• One of largest NGL platforms in Louisiana
• Provides service to market characterized by
declining local supply and higher demand, primarily
for ethane
• Strategically links upstream producers and the
Texas Gulf Coast with Cajun-Sibon customers
• Asset optimization and expansion opportunities
underway
Louisiana Gas System
• Premier end use market delivery system in the
expanding Mississippi River corridor
• Integrated wellhead to market services
• Geographical diversity for gas supply throughout
Louisiana and extended market reach
• Extensive market, supply and asset optimizations
underway
• Storage evaluations for return to service

Louisiana NGLs
A New Supply Alternative for Louisiana
Key Customers
NGL Capacities
$72
$151
2014 * 2015E **
70
130
77
194
Start of
2014
Start of
2015
Pipeline Fractionation
Mbbl/d
Key Contracts
• Long term fee-based
Cajun-Sibon supply
agreements with key
industry participants in
various producing regions
• Long term purity product
sales agreements to key
Louisiana customers,
including Dow, Williams
and Marathon
63
* Represents Q2-Q4 2014 annualized segment cash flows and includes hedge impacts.
** Based on 2015 Guidance and includes hedge impacts of ~$9.0 MM.
Segment Cash Flows
$MM
Key Takeaways
• Completion and market reach of Cajun-Sibon
provides significant bolt-on opportunities
• Marathon-Garyville pipeline expansion in
development
• Assets running well and fully integrated
• Significant asset optimization opportunities

Louisiana Gas
Developing Opportunities from Market Leading
Position
Key Customers 2015 Contract Structure
Segment Cash Flows
$MM
2014 * 2015E **
Pipeline Processing
85%
15%
Fee-Based
Commodity-Based
$64
$59
Natural Gas Capacities
2.0
4.0
1.7 1.7
4.0
Start of
2014
Start of
2015
Pipeline Processing Storage
Bcf/d
64
*** Does not include 7.0 Bcf of inactive natural gas storage capacity at Napoleonville.
***
Key Takeaways
• Positioned to participate in demand growth driven
by industrial expansion and LNG exports
• Asset footprint provides diversity of
supply/markets
• Henry Hub, system interconnects and storage
capabilities provide enhanced flexibility and
services for customers

Gulf Coast Acquisition
Numerous Opportunities in Development
Estimated Estimated
Potential Projects** Capital Cost Adjusted EBITDA *
• Near-term Optimization Projects ~$50 MM ~$10-20 MM
• Repurposing Pipelines ~$130-300 MM ~$30-40 MM
Currently Pursued
Opportunities
65* Adjusted EBITDA is a Non-GAAP metric and is explained in greater detail on page 3. See Appendix for a reconciliation to net income.

Louisiana Growth Opportunities
Focus on Optimization, Re-purposing & Bolt-Ons
Ascension Pipeline:
First Bolt-On Expansion to Cajun-Sibon
66
Louisiana Gas & NGLs Projected
Capital Investment
Opportunities for 2015-17:
~$350 - $700 MM
Louisiana NGLs Outlook
• Expand market reach to new
customers and new areas of
Louisiana
• Execute on Ascension
pipeline – 50/50 JV with
Marathon Petroleum
• Bolt-on opportunities to
increase capacity to serve
customers
Louisiana Gas Outlook
• Weighted average life of
north Louisiana
transmission contracts: 3
yrs.
• Growing gas storage
business – 11 Bcf capacity
• Upside from improved gas
processing environment
• Asset and supply
optimization opportunities
• Re-purpose pipelines to
higher value service

Crude & Condensate Assets
67
Expanding Our Footprint and Services
LPC
System
Louisiana
Crude
Victoria
Express
ORV
* Segment cash flow is a Non-GAAP metric and is explained in greater detail on page 3. See Appendix for a reconciliation to Operating Income.
** Based on 2015 Guidance and includes hedge impacts of ~$9.0 MM.
LA Gas
20%
52%
Crude /
Cond
28%
LA NGLs**
2015E
Consolidated
Segment Cash
Flows *
Louisiana Crude
• Crude terminals at Eunice and Riverside with rail,
truck and barge loading capabilities
• Exclusive firm trans-loading contract at Riverside
expected to provide $8MM of adjusted EBITDA in
2015
Victoria Express
• First drop down from Devon to EnLink (subject to
closing)
• 56-mile pipeline with planned, expanded capacity of
90,000 Bbl/d
• Entry to Eagle Ford – develop full range of services
LPC
• Acquired in January 2015
• Growing with West Texas gas business
• Broader service offering to customers
ORV
• Focused on growing condensate services

Victoria Express Drop Down
New Platform in the Eagle Ford
Key Customer
Segment Cash Flows
$MM
Key Takeaways
• 56 mile crude / condensate line from
Eagle Ford core to Port of Victoria
• Capacity
– Pipeline Today: 50,000 Bbl/d
– Planned Pipeline By YE ‘15:
90,000 Bbl/d
– Storage Today: 150,000 Bbl
– Storage by YE ‘15: 360,000 Bbl
• Expansion Plans
– Capital cost of expansion: ~$30-$40 MM
– Plan to serve Devon & third parties
• Devon in Eagle Ford
– Production in Q4 ‘14: 98 MBOED
– Reserves 247 MMBOE
– 2015E Drilling plans ~225 gross wells
$0
$8
2014 * 2015E **
100%
0%
Fee-Based
Commodity-Based
68
Illustrative Timeline
* Represents Q2-Q4 2014 annualized segment cash flows.
** Based on 2015 Guidance.
Segment cash flow is a Non-GAAP metric and is explained in greater detail on page 3. See Appendix for a reconciliation to Operating Income.
Note: The completion of the VEX drop down is subject to the satisfaction of certain closing conditions. The expansion information on this slide is for illustrative purposes only. No agreements,
understandings or obligations exist regarding these expansion opportunities.

*** Expected growth by year-end 2015
ORV
Focused on Condensate Services
Key Customers
Segment Cash Flows
$MM
Key Takeaways
• Maintaining legacy crude
business
• Enhancing stabilization and
compression services
• Growing condensate and brine
services footprint – pipeline
continues in open season
$26
$48
2014 * 2015E **
96%
4%
Fee-Based
Commodity-Based
19
37
460
760
YE 2014 YE 2015 ***
0
200
400
600
800
0
10
20
30
40
Stab. (thousand Bbl/d)
Comp. (MCF/D)
Stabilization and
Compression Capacity
69
000
Bbl/d Mcf/d

ORV Growth Opportunities
Condensate Pipeline
• Extension of Open Season
through mid-April 2015
• Ongoing discussions with key
long-term shippers
• Utilize truck fleet to move
product until system expansion
is complete
Water *
• Increased water production
accompanying increases in oil and
condensate
• Enter term water-handling
agreements with key producers
• Improve injection capacity via
acquisition and development of
new injection wells
70* Sources: Ohio Department of Natural Resources, Pennsylvania Department of Environmental Protection and West Virginia Department of Environmental Protection
*

Liquids Business Unit Summary
71
ORV
Louisiana
Gas
Louisiana
NGLs
 Integrated supplier to
Louisiana
 Pipeline conversion & bolt-on
opportunities
 Maintaining legacy crude
business
 Growing condensate and brine
services footprint – pipeline
continues in open season
2015 Key
Takeaways
2015E Segment
Cash Flows *
Crude
Assets
~ $151 MM
~ $59 MM
 Louisiana Riverside crude
terminals
 VEX drop down in Eagle Ford
 LPC acquisition in Permian
~ $32 MM
~ $48 MM
~ $350 - $700 MM
~ $250 - $600 MM
2015-17 Long-Term
Capital Investment
Opportunities **
* Based on 2015 guidance. Segment cash flow is a Non-GAAP metric and is explained in greater detail on page 3. See Appendix for a reconciliation to Operating Income.
 Growth driven by industrial
demand and LNG exports
 Footprint provides diversity of
supply/markets and enhanced
flexibility/services for customers

Financial Outlook
Michael Garberding,
EVP & Chief Financial Officer
72

Sustainable
Growth
Substantial
Scale &
Scope
Diverse,
Fee-Based
Cash Flow
Strong Balance
Sheet &
Credit Profile
73
Well Positioned with a Strong Balance Sheet
 Investment grade balance sheet at ENLK (BBB, Baa3)
 Target debt / adjusted EBITDA of ~3.5x
 Strong liquidity with $1.5 billion credit facility
 ~ 95% fee-based margin
 Balanced cash flow (Devon ~50%)
 Balanced portfolio of rich gas processing and NGL/crude oil
 Total consolidated enterprise value of ~$13 - 14 billion
 Projected 2015 Combined Adjusted EBITDA: ~$740 MM
 Geographically diverse assets with multi-commodity exposure
 Stable base cash flow supported by long-term contracts
 Organic growth opportunities through Devon’s upstream portfolio
 Expect significant growth from drop downs
Note: Adjusted EBITDA is a non-GAAP financial measure and is explained in greater detail on page 3.

Destination 2017
74
Line of Sight to Double the Size of EnLink
LA
$85 WTI
$4.00 gas
Incremental Adjusted EBITDA
Assets
VEX & Access
Pipelines
Cana, Eagle Ford
& Permian
Louisiana,
Permian,
Eagle Ford, Utica
TBD
Estimated Capital
VEX: $210-220 MM
Access: TBD
$750 MM –
$1.25 B
$1.0 – 1.75 B $1.0 – 2.0 B
Annual Estimated Adjusted
EBITDA by 2017
$130 – 180 MM $90 – 160 MM $100 – 175 MM $125 – 250 MM
Note: The information in this slide is for illustrative purposes only.
* Based on 2015 Guidance. Adjusted EBITDA is a non-GAAP and is explained in greater detail on page 3. See Appendix for a reconciliation to Operating Income.
** Includes price deck and potential basin decline sensitivities
$500
$700
$900
$1,100
$1,300
$1,500
$1,700
2015E
Adjusted EBITDA*
Drop
Downs
Growing
with DVN
Organic
Growth**
M&A Destination 2017
Adjusted
EBITDA ($000)
$ 1.4 B

Long Term Vision
 ENLK’s investment grade (BBB/Baa3) credit ratings provides great access to capital
 Since inception, ENLK has effectively refinanced its balance sheet and financed its growth totaling
~$2.4B through the debt and equity capital markets:
 Significant liquidity/financial flexibility with $1.5 Billion revolving credit facility at ENLK and $250MM
revolving credit facility at ENLC
 Remaining 25% EMH drop down to provide a run-rate of ~$100MM of unlevered adjusted EBITDA at
ENLK in return for ENLK units to ENLC
 EnLink’s strong credit position gives it significant capacity to pursue organic growth or acquisitions
75
Strong Balance Sheet
EnLink has a strong, investment grade balance sheet
Transaction Timing Amount
2.700% Senior Notes Due 2019 March 2014 ~ $400MM
4.400% Senior Notes Due 2024 November 2014 ~ $100MM
5.050% Senior Notes Due 2045 November 2014 ~ $300MM
At The Market Equity Programs (sales) December 2014 ~ $ 80MM
Overnight Equity Offering of ~12MM units November 2014 ~ $330MM
Coronado Equity to Sellers March 2015 ~ $360MM
Equity
Issuances
Bond
Issuances
Total
Proceeds of
~$1.6 B
Total
Proceeds of
~$770 MM
Note: Adjusted EBITDA is a non-GAAP financial measure and is explained in greater detail on page 3.

% of 2015E
Segment
Cash Flow *
Devon Bridgeport Contract - 9 years remaining on contract with 4 years remaining on minimum volume commitments (MVC)
Devon East Johnson County Contract - 9 years remaining on contract with 4 years remaining on MVC
Existing FT Transmission & Gathering - Volume Commitments with remaining terms of 2-10 years
Bearkat Plant - Volume Commitment with 10 year term from initial flow
Devon Cana Contract - 9 years remaining on contract with 4 years remaining on MVC
Linn Northridge Contract ** - 9 years remaining on contract with 4 years remaining on MVC
North LIG Firm Transport - Reservation fee with avg remaining life of 3 years
Firm Treating & Processing - Remaining term minimum 2 years
Cajun-Sibon Phases I & II - 5 & 10 year agreements for supply and sale of key products
E2 Compression / Stabilization Contract - 7 years ~62%
~80%
ORV
% of Total Segment Cash Flow for 2015E *
~77%
Segment / Key Contract
Texas
Oklahoma
~92%
Louisiana
~83%
76
Cash Flow Stability from Long-Term Contracts
* Based on 2015 Guidance estimates.
** As previously disclosed, Devon assigned this contract to a subsidiary of Linn Energy, effective as of December 1, 2014
Note: Segment cash flow is a non-GAAP financial measure and is explained in greater detail on page 3.
~80% of EnLink’s cash flows are supported by long-term, fee-based contracts with either
firm transport agreements or minimum volume commitments.

Drop Downs
77
Devon Sponsorship Creates Drop Down Opportunities
2014 2015 2016 2017
Other Potential Devon Drop Downs **
E2
25% EMH **
Access Pipeline **
Victoria
Express
Pipeline *
* Subject to the closing of the drop down transaction with Devon.
** Cautionary Note: The information regarding these potential drop downs is for illustrative purposes only. No agreements or understandings exist regarding the terms of these potential drop
downs, and Devon is not obligated to sell or contribute any of these assets to EnLink. The completion of any future drop down will be subject to a number of conditions. The cost and
adjusted EBITDA Information on this slide is based on management’s current estimates and current market information and is subject to change.
*** Based on 2015 Guidance and accounts for 25% of the total estimated adjusted EBITDA of EMH. Adjusted EBITDA of EMH is a non-GAAP financial measure and is explained on page 3.
Note: Adjusted EBITDA is a non-GAAP financial measure and is explained on page 3.
Drop Down Cost:
~$193 MM
Estimated Adjusted EBITDA:
~$20-25 MM
Capital Cost for Construction:
~$1.0 B
Estimated Adjusted EBITDA
by 2017:
~$100-150 MM
Drop Down Cost for 25% Interest:
$925 MM
Estimated Adjusted EBITDA:
~$100 MM ***
Drop Down Cost:
~$210-220 MM
Estimated Adjusted EBITDA
by 2017:
~$30 MM
25%
EMH

Adjusted EBITDA & Volumes
Combined Adjusted EBITDA*:
* Adjusted EBITDA is a non-GAAP financial measure and is explained in greater detail on page 3. See Appendix for reconciliation to net income.
** Based on 2015 Guidance.
78
49%
58%
27%
19%
18% 20%
6% 3%
2015E ** Q2-Q4 2014
Annualized
Texas Louisiana Oklahoma ORV
Midstream Service Volumes (000s)
Texas
Gathering and Transportation (MMBtu/d) 2,690 2,960
Processing (MMBtu/d) 1,090 1,150
Louisiana
Gathering and Transportation (MMBtu/d) 1,270 615
Processing (MMBtu/d) 610 550
NGL Fractionation (Bbl/d) 130 90
Oklahoma
Gathering and Transportation (MMBtu/d) 430 470
Processing (MMBtu/d) 390 440
ORV
Crude/Condensate Handling (Bbls/d)1 80 16
Brine Disposal (Bbls/d) 5 5
1. Includes crude/condensate handling by the ORV, Oklahoma & Louisiana segments
2015E 2014

2015 Consolidated Capital Expenditures
79
Potential long term capital spending of $2-3 billion per year for acquisitions & drop downs
Coronado
$130MM Other
Permian
$170MM
Louisiana &
NGL
$65MM
LPC
$5MM
ORV
Condensate
$95MM
Other
$35MM
Growth Capital Expenditures *
2015E Combined: ~$500 MM
Texas
$26MM
Oklahoma
$8MM
Louisiana
$12MM
ORV $4MM
Maintenance Capital Expenditures *
2015E Combined: ~$50 MM
* Growth capital expenditures and maintenance capital expenditures are non-GAAP financial measures and are explained in greater detail on page 3. Based on
2015 Guidance information.
Note: the information on this slide is for illustrative purposes only.

EnLink’s Credit Exposure
80
Investment grade counterparties comprise 82% of EnLink’s credit exposure
Investment
Grade
82%
Non-Investment
Grade
18%
Counterparty Credit Ratings
EnLink’s Top 20 unsecured counterparties, based on 2014 monthly receipts,
consist primarily of creditworthy customers with investment grade credit ratings

ENLC 2015E Tax Overview
81
 ENLC has three principal sources of income, each with different levels of exposure to federal and
state income tax:
− IDRs: ENLC receives a special allocation of taxable income in relation to the IDR payouts
such that they are fully taxable
− LP and GP Distributions: Distributions from ENLK have a different tax shield from what
public unitholders receive; for 2015, it is forecasted that ENLC will be allocated a small
amount of losses from its ENLK interests, and thus the tax shield will be approximately
100%
− Income from EnLink Midstream Holdings: Tax shield is estimated to be approximately 90%
on distributions from ENLC’s ownership interest in EnLink Midstream Holdings
 ENLC has stand-alone deductions for its direct interest expense, G&A costs, etc., and has net
operating loss carryforwards of approximately $48 MM available to be applied against taxable
income in 2015. These deductions have been factored into tax shield percentages noted above.
 After applicable deductions and applying available net operating losses in 2015, ENLC is
forecasted to incur a cash tax liability in 2015 of ~$20 MM.
 As dropdowns and acquisitions are executed, the composition of ENLC’s income streams will
change, and therefore cash taxes could be materially different than initial guidance.

Key Performance Drivers
Short Term Performance Drivers
 Production optimization in Oklahoma and Barnett shale
 Timing of Utica condensate production and ORV execution
 Indirect exposure to commodity prices
Long Term Performance Drivers
 Potential additional adjusted EBITDA from dropdowns: $130-$180 MM
 Stable cash flows from long-term Devon contracts
 Organic development in the Gulf Coast, Permian and Ohio River Valley
 Organic development with Devon
 M&A activity and development of the recent LPC and Coronado acquisitions
82
* Adjusted EBITDA is a non-GAAP financial measure and is explained in greater detail on page 3. See Appendix for reconciliation to net income.

Closing Remarks
Barry Davis,
President & CEO
83

We’re Just Getting Started
Executing on Growth Strategy to Double
In Size By 2017
Powered by strategically located and complementary assets
Generating stable and growing cash flows
Backed by strong sponsorship from Devon
Driven by people with deep industry expertise
Deliver Results Focus on People Be EthicalStrive for Excellence
ENLINK’S CORE VALUES
Built for safety, stability and growth
84

Assets & Capacities
86
* Includes the net capacity from EnLink Midstream’s 50% ownership interest in the Deadwood processing facility.
** Includes the net capacity from EnLink Midstream’s 38.75% economic interest in the Gulf Coast Fractionators (GCF). The facility is located in Mont Belvieu, Texas and
primarily serves North Texas volumes. Distributions received from the GCF ownership interest is reported as income from equity investments.
Regions - Assets Miles / # Capacity Regions - Assets Miles / # Capacity
Texas Oklahoma
North Texas Gas Gathering & Transmission Pipelines 480 mi. 605 MMcf/d
Gas Gathering & Transmission Pipelines 4,072 mi. 4,045 MMcf/d Processing Plants 2 plants 550 MMcf/d
Processing Plants 4 plants 1,041 MMcf/d
NGL Fractionation Facilities 1 frac. 15,000 Bbl/d Louisiana
Gas Gathering & Transmission Pipelines 3,320 mi. 3,975 MMcf/d
West Texas Processing Plants 5 plants 1,710 MMcf/d
Gas Gathering Pipelines 90 mi. 240 MMcf/d Natural Gas Storage 2 caverns 11 Bcf
Processing Plants * 5 plants 264 MMcf/d NGL Transmission Pipelines 600 mi. 130,000 Bbl/d
NGL Fractionation Facilities 1 frac. 15,000 Bbl/d NGL Fractionation Facilities 4 fracs 194,000 Bbl/d
Crude Oil Pipelines 67 mi. - NGL Storage Facilities 1 cavern 3,200,000 Bbl
Fleet of Tractor Trailers 43 trucks -
Pipeline and Refinery Injection Stations 13 stations - Ohio River Valley
Crude / Condensate Pipeline 200 mi. 19,000 Bbl/d
South Texas - Victoria Express Condensate Stabilization 5 stations 19,000 Bbl/d
Pipeline 56 mi. 50,000 Bbl/d Trucking Fleet 100 trucks 25,000 Bbl/d
Storage 5 tanks 360,000 Bbl Brine Disposal Wells 8 wells 5,000 Bbl/d
Gulf Coast Fractionator ** 1 frac. 56,000 Bbl/d
Total Miles/# Capacity
Gas Pipelines 9,155 mi.
Processing Capacity 16 plants 3,565 MMcf/d
Factionation Capacity 7 fracs. 280,000 Bbl/d

Reconciliation
87
Segment Cash Flow to Operating Income
2015
Forecasted
Q2-Q4 2014
Annualized
($MM)
‪ Total segment cash flows* $854 $779
‪ General and administrative expenses (145) (114)
‪ Depreciation and amortization
expense
(372) (303)
‪ Other ** (26) (20)
Operating Income $311 $342
*Segment cash flows is defined as revenue less the cost of purchased gas, NGLs, condensate, crude oil and operating and maintenance expenditures
**Other includes stock-based compensation and (gain) loss on debt extinguishment

Reconciliation
88
Net Income to Consolidated Adjusted EBITDA
2015
Forecasted
Q2-Q4 2014
Annualized
($MM)
‪ Net Income $219 $347
‪ Interest expense 105 56
‪ Depreciation and amortization expense 372 303
‪ Net distribution from equity
investments*
17 10
‪ Other ** 27 (26)
Consolidated Adjusted EBITDA $740 $690
* Includes distribution from equity investment and non-controlling interest, net of income (loss) on equity investment
**Other includes provision for income taxes, stock-based compensation, (gain) loss on noncash derivatives and transaction costs

Howard Energy Investment:
Strategic South Texas Asset Footprint
Key Customers
Ownership Structure
31%
59%
10%
EnLink Midstream
Alinda Capital Partners
HEP Management
Key Considerations
 Howard Energy Partners (“HEP”) is a high growth midstream
company with a strategically located asset base in South Texas
 Franchise position in western Eagle Ford with access to
multiple producing zones (Eagle Ford, Olmos, Escondido, Pearsall
and Buda)
 Diverse footprint including rich & dry gas gathering,
processing, liquids terminalling and stabilization assets
89
Howard Energy Estimated 2015
Distributions: ~$21 MM

Gulf Coast Fractionator Investment:
Serving Devon in Mont Belvieu
90
38.75%
22.50%
38.75%
Key Considerations
 EnLink owns a contractual right to the economics of Devon’s interest in the
Gulf Coast Fractionator (GCF)
 GCF is a partnership among Devon, Targa and Phillips 66 with Phillips 66
serving as the operator
 Located at Mont Belvieu, Texas, GCF has capacity of ~ 120–145 MBbl/d
depending on composition
 GCF provides fractionation services for a large percentage of Devon’s equity
NGLs
Targa
Resources Devon
Phillips 66
GCF Estimated 2015
Distributions: ~$12 MM
Net to EnLink Midstream

2015 analyst day presentation v12 for website (1)

More Related Content

What's hot

Similar to 2015 analyst day presentation v12 for website (1)

More from EnLinkMidstreamLLC

2015 analyst day presentation v12 for website (1)