2015 Analyst & Investor Day March 30, 2015 Strong. Innovative. - - PowerPoint PPT Presentation

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

• il, 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.

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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
• il. 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.

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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.

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Agenda & Speakers

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• 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 & CFO

Financial Overview

Management Team Experience

Barry Davis President & CEO

Barry Davis is President and Chief Executive Officer of EnLink Midstream. Mr. Davis led the founding

• f 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

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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

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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

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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

The Vehicle for Sustainable Growth

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

The Vehicle for Sustainable Growth

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.

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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

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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.

The Vehicle for Sustainable Growth

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 4

Mergers & Acquisitions

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• 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

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• 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

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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 Ethical Strive for Excellence ENLINK’S CORE VALUES

Built for safety, stability and growth

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Devon Energy Sponsorship

Dave Hager,

Chief Operating Officer

• f Devon Energy Corporation

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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

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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

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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

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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

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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

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• 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

Note: All figures represent Devon’s retained asset portfolio.

Disciplined Capital Allocation

2015 Capital Outlook

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• Balances capital with cash inflows
• Reduced 20% from 2014
• Focused on best development
• pportunities
• 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

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Note: All figures represent Devon’s retained asset portfolio.

• 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

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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

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Overview

Eagle Ford

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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

• f 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
• Q4 net production: 98 MBOED
• 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

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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

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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

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Access Pipeline

Anadarko Basin

• Excellent Q4 results in Cana-Woodford
• Q4 net production: 76 MBOED
• Production increased 35% YoY
• 1st operated STACK well brought
• nline
• 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

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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

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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

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Gas Business Unit

Steve Hoppe,

EVP & President of Gas Business Unit

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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

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* Represents Q2-Q4 2014 annualized segment cash flows ** Based on 2015 Guidance 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.

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 *

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

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Projected Capital Investment Opportunities for 2015-17: ~$150 - $300 MM

Oklahoma

Stable Assets with Expansion Opportunities

Key Takeaways

• Continued expansion
• pportunities for Cana
• Pursuing large position in SCOOP
• r 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

2015 Contract Structure Key Customers

69% 65%

200 400 600

G&T Processing

Utilization Capacity

550 MMcf/d Capacity 605 MMcf/d Capacity

2014 Utilization

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* Represents Q2-Q4 2014 annualized segment cash flows ** Based on 2015 Guidance 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 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

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* This information is for illustrative purposes only. No agreements, understandings or obligations exist regarding these opportunities.

Projected Capital Investment Opportunities for 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

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* 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

2015 Contract Structure 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

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(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. 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. (3) (4) (4)

Permian Growth Opportunities

43

Significant Acreage with Multiple Pay Zones

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

Permian Growth Opportunities

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

** **

Permian Growth Opportunities

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
• pportunities 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

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Projected Capital Investment Opportunities for 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. ** This information is for illustrative purposes only. No agreements, understandings or obligations exist regarding these opportunities.

~ $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
• utpace 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

• pportunities
• Louisiana market dynamics

across all products are creating similar

• pportunities
• 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

• pportunities

EnLink’s Louisiana Assets Are Unique and Well Positioned

49

2 4 6 8 10 12 20 40 60 80 100 120 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LNG Demand (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

2 4 6 8 10 12 14 16 18 20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Crude Oil (MMb/d) US Production Refinery Inputs

I M P O R T S Source: Ponderosa Advisors

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

Source: Ponderosa Advisors

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 Imports

Gravity

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

• pportunities

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
• ptimizations 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. 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 Flows

$MM

Key Takeaways

• Completion and market reach of Cajun-

Sibon provides significant bolt-on

• pportunities
• 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

* Represents Q2-Q4 2014 annualized segment cash flows ** Based on 2015 Guidance *** Does not include 7.0 Bcf of inactive natural gas storage capacity at Napoleonville. 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.

***

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. ** This information is for illustrative purposes only. No agreements, understandings or obligations exist regarding these opportunities.

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
• ptimization 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
• f 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 **

2015 Contract Structure

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.

* Represents Q2-Q4 2014 annualized segment cash flows ** Based on 2015 Guidance *** Expected growth by year-end 2015 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.

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 **

2015 Contract Structure

96% 4%

Fee-Based Commodity-Based

19 37 460 760 YE 2014 YE 2015 ***

200 400 600 800 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 ** This information is for illustrative purposes only. No agreements, understandings or obligations exist regarding these opportunities.

*

Liquids Business Unit Summary

71

ORV Louisiana Gas Louisiana NGLs

• Integrated supplier to

Louisiana

• Pipeline conversion & bolt-on
• pportunities
• 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. ** This information is for illustrative purposes only. No agreements, understandings or obligations exist regarding these opportunities.

• 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

The Vehicle for Sustainable Growth

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 March 2014 ~ $450MM 5.600% Senior Notes Due 2044 March 2014 ~ $350MM 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

• f ~$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 w ith 4 years remaining on minimum volume commitments (MVC) Devon East Johnson County Contract - 9 years remaining on contract w ith 4 years remaining on MVC Existing FT Transmission & Gathering - Volume Commitments w ith remaining terms of 2-10 years Bearkat Plant - Volume Commitment w ith 10 year term from initial flow Devon Cana Contract - 9 years remaining on contract w ith 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 w ith 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%

The Vehicle for Sustainable Growth

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 Ethical Strive for Excellence ENLINK’S CORE VALUES

Built for safety, stability and growth

84

Appendix

85

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