2014 analyst day presentation final

2014 Analyst & Investor Day

May 12, 2014

1

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; the risk that EnLink Midstream will not be integrated successfully or that such

integration will take longer than anticipated; the possibility that expected synergies will not be realized, or will not be

realized within the expected timeframe; 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; 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, 2013, 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, 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. 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. 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. 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, 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.

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

Roadmap for

Growth

• Barry Davis President & CEO

• Michael Garberding EVP and CFO

Devon Energy

Sponsorship • John Richels Devon Energy Corporation, CEO

Natural Gas

Businesses

• Steve Hoppe EVP, President of Gas Gath., Proc. & Trans.

• Mike Burdett SVP of Commercial Development

• Brad Iles SVP of Business Development

• Stan Golemon SVP of Engineering

Liquids

Businesses

• Mac Hummel EVP & President of NGL & Crude

• Stan Golemon SVP of Engineering

• Chris Tennant VP of NGL

• Paul Weissgarber SVP of Ohio River Valley

Financial

Outlook • Michael Garberding EVP and CFO

Non-Operated

Investments • Brad Iles SVP of Business Development

5

The Roadmap for Growth

Barry E. Davis, President and Chief Executive Officer

6

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 evolved into a significant service

provider in the energy industry’s midstream business sector.

Joe Davis

EVP & General Counsel

Joe Davis is Executive Vice President and General Counsel of EnLink Midstream. Mr. Davis joined

Crosstex Energy in 2005 after serving as a partner at Hunton & Williams, an international law firm,

where he also was a member of the executive committee. Mr. Davis began his legal career at

Worsham Forsythe, which merged with Hunton & Williams in 2001.

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 Gathering,

Processing and Transportation

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 management team is comprised of former Crosstex and Devon senior management

and other experienced midstream leaders

McMillan (Mac) Hummel

EVP & President of NGL

and Crude Oil

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: Experienced Management Team with a Proven Track Record

7

EnLink Midstream Partners, LP

Master Limited Partnership NYSE: ENLK

(BBB / Baa3)

EnLink Midstream, LLC

General Partner NYSE: ENLC

Public

Unitholders

~70% ~30%

~1% GP

~7% LP

EnLink Midstream Holdings (formerly Devon Midstream Holdings)

~52%

LP

~40%

LP

50% LP

Devon Energy

Corp. NYSE: DVN

(BBB+ / Baa1)

GP + 50% LP

The Vehicle for Sustainable Growth: MLP Structure with a Premier Sponsor

8

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

~50%

LP

Gathering System

Processing Plant

Fractionation Facility

North Texas Systems

Louisiana Gas System

Louisiana NGL System

Cajun-Sibon Expansion

Howard Energy

Ohio River Valley Pipeline

Storage

Crude & Brine Truck Station

Brine Disposal Well

Barge Terminal

Rail Terminal

Condensate Stabilizers

(1) Increasing to 7 facilities with 252,000 Bbl/d of total net capacity upon completion of the

Cajun-Sibon phase II expansion expected in the second half of 2014.

AUSTIN CHALK

EAGLE

FORD

PERMIAN

BASIN

CANA-WOODFORD

ARKOMA-

WOODFORD

BARNETT

SHALE

HAYNESVILLE

& COTTON

VALLEY

UTICA

MARCELLUS

LA

TX

OK

OH

WV

PA

The Vehicle for Sustainable Growth: Strategically Located and Complementary Assets

Gas Gathering and Transportation

~7,300 miles of gathering and

transmission lines

Gas Processing

12 plants with 3.3 Bcf/d of total

net inlet capacity

1 plant with 60 MMcf/d of net inlet

capacity under construction

NGL Transportation,

Fractionation and Storage

~570 miles of liquids transport line

6 fractionation facilities with

180,000 Bbl/d of total net capacity(1)

3 MMBbl of underground NGL storage

Crude, Condensate and Brine Handling

200 miles of crude oil pipeline

Barge and rail terminals

500,000 Bbl of above ground storage

100 vehicle trucking fleet

8 Brine disposal wells

9

Jackfish Pike

Granite Wash

Barnett Shale

Permian Basin

Ferrier Corridor

Cana Woodford Mississippian-Woodford

Rockies Oil

Greater Wapiti

Washakie

Carthage

Groesbeck

Access Pipeline

Mississippian-Woodford Water Handling

Ferrier Plant

Rockies Midstream

E. Texas Midstream

Devon’s Upstream Portfolio & Non-Contributed Midstream Assets

Horn River Oil

Liquids-Rich

Dry Gas

Midstream

Haynesville/Bossier

The Vehicle for Sustainable Growth: Devon is Committed to the Success of EnLink Midstream

Devon has dedicated ~800,000 net acres

to EnLink Midstream

Long-term contracts in place to stabilize

future cash flows

10-year fixed-fee contracts with rate escalators

5-year minimum gathering commitments (>1.3 Bcf/d)

5-year minimum processing commitments (>1.0 Bcf/d)

Development of Devon’s upstream

portfolio provides organic growth

opportunities

Potential to acquire additional Devon

midstream assets

10

The Vehicle for Sustainable Growth: Diverse, Fee-Based Cash Flows

Devon is EnLink Midstream’s largest customer

(>50% of consolidated 2014E adjusted EBITDA*)

EnLink Midstream’s growth projects focused on crude/NGL services and rich gas processing

Strong emphasis on fee-based contracts

2014E EnLink Midstream Consolidated

Gross Operating Margin*

95%

5%

By Contract Type

Texas 57%

19%

Ohio 5%

Okla. 19%

By Region

56% Devon

44% Other

By Customer

Fee-Based

Commodity

Sensitive

* Gross operating margin and adjusted EBITDA percentage estimates are provided for illustrative purposes and reflect period following transaction closing (2Q-4Q 2014).

Note: Adjusted EBITDA and gross operating margin are non-GAAP financial measures and are explained on page 3.

Louisiana

11

The Vehicle for Sustainable Growth: Strong Balance Sheet and Liquidity

Devon assets contributed with no debt

Investment grade balance sheet at ENLK (BBB / Baa3) provides

low cost of capital

Long-term commitment to investment grade metrics (debt/adjusted

EBITDA <3.5x)

Expected long-term distribution growth of high single digits at

ENLK

Expected long-term distribution growth of 20% at ENLC

Combined Enterprise value of approximately $14 Billion

LP Enterprise Value of ~$8 Billion

GP Enterprise Value of ~$6 Billion

12

Pipeline Infrastructure Capital Spending

Needed Per Year in the U.S.* (2011 – 2035)

$30.0 B

$14.6 B

$15.4 B

Total

Gas

Liquids

The Road Conditions: Exponentially Growing Energy Market

13 * Source: INGAA Study

Surging U.S. Production Requires the Re-Piping of America,

With Expected Midstream Investment of $30 Billion Annually for 20+ years *

*

***

NYMEX Gas Breakeven Price ($/MMBtu) for 10% Return WTI Oil Breakeven Price ($/Bbl) for 15% IRR

The Road Conditions: Presence in the Profitable Plays

14 Source: Credit Suisse; Natural Gas and Oil prices used for breakeven calculations are $4/MMBtu and $90/Barrel, respectively.

Devon and EnLink Midstream Have Significant Presence in Most Prolific and Profitable Shale Plays

$5.37

$5.05

$4.25

$4.13

$3.81

$3.75

$3.70

$3.66

$3.65

$3.34

$3.27

$3.26

$3.02

$2.94

$2.50

$2.47

$1.35

$0.62

$0.29

$0.00

$0.00

$0.00

$0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00

Haynesville/Bossier Shale -…

Woodford Shale - Arkoma

Eagle Ford Shale - Dry Gas

Haynesville Shale - Core LA /…

Piceance Basin Valley

Pinedale

Barnett Shale - Southern…

Barnett Shale

Horn River Basin

Barnett Shale - Core

Fayetteville Shale

Marcellus Shale - SW

Marcellus Shale - NE

Cotton Valley Horizontal

Cana Woodford Shale

Granite Wash - Liquids Rich…

Utica - Wet Gas

Marcellus Shale - SW Liquids…

Mississippian Horizontal - West

Eagle Ford - Liquids Rich

Utica - Liquids Rich

Marcellus Shale - Super Rich

$90.00 $84.45

$74.95 $73.10 $72.15

$68.77 $68.54 $68.52 $66.89

$64.74 $64.63 $64.05

$61.57 $61.57 $59.92 $58.48

$55.29 $55.02 $53.92

$46.10 $46.05

$44.04 $42.15

$32.39 $25.63 $24.23

$20 $40 $60 $80 $100

Cotton Valley HorizontalBarnett Shale - Southern…

Uinta - Wasatch (V)Granite Wash - Liquids Rich…

Uinta - Wasatch (H)Uinta - Green River

Wolfcamp - N. Delaware…Bone Spring (3rd) - W TX

Three ForksBakken Shale

WolfberryMississippian Horizontal - West

Cana Woodford ShaleWolfcamp - S. Midland…

Cana Woodford Shale - Oil…Yeso

Eagle Ford - Oil WindowBone Spring (1st / 2nd) - NM

Wolfcamp - N. Midland…Niobrara - Wattenberg

Eagle Ford - Liquids RichUtica - Liquids Rich

Mississippian Horizontal - EastUtica - Wet Gas

Marcellus Shale - Super RichMarcellus Shale - SW Liquids…

EnLink and/or Devon assets are in these plays Neither EnLink nor Devon assets are in these plays

North American Ethylene Plants & Capacities *

** South Louisiana: 10 Plants, 15.0 B Lb/Yr, ~25% of N.A. capacity

12.5% 4 Plants

8.6 B

Lb/Yr

3.3% 2 Plants

2.3 B

Lb/Yr

80% 33 Plants

56.1 B

Lb/Yr**

3.6% 2 Plants

2.5 B

Lb/Yr

0.6% 1 Plant

0.4 B

Lb/Yr

* Source: En*Vantage, April 2014; Chart represents the maximum capability to

crack ethane at S. LA ethylene plants versus the maximum capability to

extract ethane in Louisiana.

0

100

200

300

400

500

600

700

2012 2013 2014 2015 2016 2017 2018 2019 2020

New World-Scale Plant

Conversions/Expansions/Restarts

2012 Ethane Cracking Capability

LA Gulf Coast Ethane Extraction Capability

South Louisiana Ethane Balances *

The Road Conditions: Global Shift in Petrochemical Industry

15

U.S. Petrochemical Producers in Gulf Coast have tremendous demand for NGLs, and there is now a

shortfall of locally produced supply in South Louisiana*

Near-term focus on

platform expansion

opportunities

Longer-term focus on

pursuing scale

positions in new

basins, especially in

areas where Devon is

active

South Louisiana

Liquids Expansions –

Cajun-Sibon

West Texas Gas

Expansions – Bearkat

Other focused areas

for growth

Potential Areas where

Devon Needs

Infrastructure

Eagle Ford

Permian Basin

Oklahoma

New Basins

Destination 2017: The Four Avenues for Growth

16

E2 dropdown

Dropdown of legacy

Devon midstream

assets at ENLC

Access Pipeline

dropdown

Eagle Ford Victoria

Express Pipeline

dropdown

Dropdown

Opportunities

Growing

With Devon

Organic Growth

Projects

Mergers &

Acquisitions

AVENUE 1 AVENUE 2 AVENUE 3 AVENUE 4

Devon Energy Sponsorship

John Richels, Chief Executive Officer

of Devon Energy Corporation

17

Devon Overview Sharpening The Focus

18

Devon’s Core & Emerging Assets

Core

Emerging

Heavy Oil

Rockies Oil

Mississippian- Woodford

Barnett Shale

Permian Basin

Anadarko Basin

Eagle Ford

(1) Excludes non-core assets identified for monetization.

Proved reserves: 2.6 billion BOE(1)

2014e net production: 580 – 620 MBOED(1)

Expect multi-year oil growth >20%

Oil & liquids ≈55% of 2014e production

Deep inventory of oil opportunities

Top-tier Eagle Ford development

Strong Permian Basin position

World-class steam-assisted-gravity-drainage (“SAGD”) oil projects

Upside potential in emerging plays

Midstream business valued at >$7 billion

Devon’s Enterprise Value: ≈$35 billion

Sharpening The Focus Devon’s Recent Strategic Actions

Innovative midstream combination

Accretive Eagle Ford acquisition

Announced non-core asset sales

19

Permian Basin

28%

21% 21%

7%

5%

11%

2% 5%

Note: Capital figures exclude capitalized G&A and interest, midstream and other corporate capital. For 2014, this

represents approximately $1.4 billion.

Key Highlights

Devon 2014 E&P capital expenditures:

— “Go-forward” assets: $4.8 - $5.2 billion

— $260 million attributable to non-core properties

Capital concentrated in oil development plays

— “Go forward” assets delivering >70% growth in

U.S. oil production

— Long-term investment in Canadian oil growth

— “Go forward” assets growing top-line production ≈10%

Total capital spend to remain within cash flow

JV carries minimize capital costs in emerging

oil plays (>$1 billion of drilling carries in 2014)

Devon’s 2014 Capital Budget

$5.0 - 5.4 Billion

Eagle Ford

Heavy Oil

Anadarko Basin

Barnett Shale

Emerging Oil

Other

Non-Core Assets

2014 E&P Capital Program Delivering Strong Oil Growth

20

Permian Basin 2014 Focus Areas

Devon Net acreage: 1.3 million

basin-wide with stacked-pay potential

Q4 2013 net production: 86 MBOED

(≈60% oil)

Deep inventory of low-risk projects

Delivering highly economic & robust

production growth

— Expect ≈20% oil growth in 2014

Operated rig count: 23

2014 E&P capital: $1.5 billion

2014 plans: Drill ≈350 wells

Midland

Basin

Northwestern

Shelf

Central Basin

Platform

Ozona Arch Diablo

Platform

New

Mexic

o

Texas

Midland

Wolfberry

Conventional Wolfcamp

Shale

Eastern

Shelf

Bone Spring

& Delaware

TEXAS

NEW MEXICO OKLAHOMA

21

Eagle Ford World-Class Oil Asset

Located in best part of Eagle Ford

Devon Net acreage: 82,000

— Working interest: 50%

— Net revenue interest: 38%

Acquisition closed on February 28th

2014e net production: 70 – 80 MBOED(1)

— 57% Oil & Condensate

— 19% NGLs

— 24% Gas

Risked resource: ≈400 MMBOE

Drilling inventory: ≈1,200 locations

2014 E&P capital: $1.1 billion

— Drill ≈200 wells

EAGLE FORD TREND

MILES

0 7 14 21 28

PETRA 11/13/2013 1:37:16 PM

Karnes

Devon Acreage

Gonzales

DeWitt

Lavaca

TEXAS

OKLAHOMA

(1) Represents Devon’s average estimated net production from March through December 22

Ft. McMurray

Edmonton

Calgary

ALBERTA BRITISH

COLUMBIA

Jackfish & Pike

Jackfish 1 Jackfish 2

Jackfish 3

Access Pipeline

R8 R7 R6 R5 R4

T76

T75

T74

T73

Jackfish Acreage (100% WI) Pike Acreage (50% WI) Access Pipeline

(50% Ownership)

Pike Project Area

6 Miles

Jackfish 1

Facility running at peak capacity

Delivering top-tier operating results

Jackfish 2

Q4 production increased >30% sequentially

New well pad ramping up

Jackfish 3

Plant start-up expected in Q3 2014

Pike

Expect phase 1 sanctioning decision

and regulatory approval in 2014

Heavy Oil – Jackfish & Pike SAGD Oil Development

23

Net risked resource: >25 TCFE

Risked locations: >10,000

Devon net acreage: >950,000

Low average royalty burden: <20%

Q4 2013 net production: 1.9 BCFED (30% liquids)

Significant free cash flow (≈$1 billion in 2014)

Operated rig count: 4

2014 E&P capital: $600 million


Basin

Wheeler

Hemphill

Canadian

Blaine

Caddo

Johnson

Tarrant

Denton Wise

Parker Ft. Worth

Denton

Oklahoma City

Barnett Shale

Net Acres: >600,000

Q4 Production: >1.3 BCFED

Operated Rigs: 2

Anadarko Basin (Cana & Granite Wash)

Net Acres: >350,000

Q4 Production: 512 MMCFED

Operated Rigs: 2

Barnett Shale & Anadarko Basin Liquids-Rich Gas

24

Mississippian-Woodford & Rockies Emerging Oil Opportunities

Mississippian-Woodford

Multiple oil-bearing intervals

Best wells to-date: IP’s >1,000 BOED

Drilling activity focused on JV acreage

Improving consistency

Integration of 3D seismic will optimize

2014 E&P capital: ≈$300 million

2014 plans: Drill >200 wells

Rockies Oil

Focused in the Powder River Basin

Stacked oil targets (Parkman, Turner, Frontier & others)

Best wells to-date: IP’s >1,000 BOED

2014 E&P capital: ≈$300 million


Rockies Oil

Net Acres: 150,000

Q4 Production: 21 MBOED

Operated Rigs: 3

Mississippian-Woodford

Net Trend Acres: >600,000

Dec Net Production: 16,000 BOED

Operated Rigs: 8

WYOMING

OKLAHOMA

25

Why EnLink Is Important to Devon

Devon retains majority ownership

— GP (ENLC 70%)

— MLP (ENLK 52%)

EnLink transaction highly accretive

to shareholders

— Initial transaction valued contributed

assets at $4.8 billion

Market value of Devon’s EnLink

ownership interest: >$7 billion

Improves capital efficiency, diversification,

scale and growth of midstream business

AUSTIN

CHALK

EAGLE

FORD

PERMIAN

BASIN

CANA-WOODFORD

ARKOMA-

WOODFORD

BARNETT

SHALE

HAYNESVILLE

& COTTON

VALLEY

UTICA

MARCELLUS

LA

TX

OK

OH

WV

PA

Gathering System

Processing Plant

Fractionation Facility

North Texas Systems

Louisiana Gas System

Louisiana NGL System

Cajun-Sibon Expansion

Howard Energy

Ohio River Valley Pipeline

Storage

Crude & Brine Truck Station

Brine Disposal Well

Barge Terminal

Rail Terminal

Condensate Stabilizers

26

Potential Drop Down Asset Access Pipeline (SAGD Oil Midstream)

Three ≈180 mile pipelines from Sturgeon

Terminal to Devon’s thermal acreage

~30 miles of dual pipeline from Sturgeon

Terminal to Edmonton

Devon ownership: 50%

Capacity net to Devon (after 2014 expansion):

— Blended bitumen: 170 MBPD

— Diluent: 95 MBPD

Expandable with additional investment

Access to Edmonton refining and rail,

West Coast waterborne and U.S. markets

Flexibility enhances economics

EDMONTON

HARDISTY

Express P/L To U.S. Rockies

16” Diluent Line (Edmonton to Jackfish Area)

Oil Pipelines

JACKFISH & PIKE

Sturgeon Terminal

24” Diluent Line (Sturgeon to Jackfish Area)

42” Blend Line (Jackfish Area to Sturgeon)

30” Blend Line (Sturgeon to Edmonton)

27

Potential Drop Down Asset Victoria Express Pipeline (VEX) (Eagle Ford)

≈56 mile crude oil pipeline from Eagle

Ford core to Devon’s Port of Victoria

terminal

50 MBOPD start-up capacity (expandable

for 3rd parties)

≈300,000 barrels of storage available

VEX commissioning to begin early Q3

Provides additional market options

for crude and condensate

Devon ownership: 100%

Total current project capital: $70 MM

(≈1/2 of capital spent by GeoSouthern)

EAGLE FORD TREND

MILES

0 7 14 21 28

PETRA 11/13/2013 1:37:16 PM

Point Comfort

Port of Victoria

Karnes

Gonzales

DeWitt

Lavaca

Victoria

Jackson

Goliad

Wharton

Colorado

Calhoun

Refugio

Aransas

Matagorda

VEX Potential Expansion

VEX Under Construction

Devon Acreage

Gulf of

Mexico

28

Potential for additional midstream activity in:

Eagle Ford

Permian Basin

Oklahoma

New basins

Other Potential Midstream Activity

29

The Four Avenues for Growth

Barry E. Davis, President & Chief Executive Officer

Michael J. Garberding, EVP & Chief Financial Officer

30

Near-term focus on

platform expansion

opportunities

Longer-term focus on

pursuing scale

positions in new

basins, especially in

areas where Devon is

active

South Louisiana

Liquids Expansions –

Cajun-Sibon

West Texas Gas

Expansions – Bearkat

Other focused areas

for growth

Potential Areas where

Devon Needs

Infrastructure

Eagle Ford

Permian Basin

Oklahoma

New Basins

Destination 2017: The Four Avenues for Growth

31

E2 dropdown

Dropdown of legacy

Devon midstream

assets at ENLC

Access Pipeline

dropdown

Eagle Ford Victoria

Express Pipeline

dropdown

Dropdown

Opportunities

Growing

With Devon

Organic Growth

Projects

Mergers &

Acquisitions

AVENUE 1 AVENUE 2 AVENUE 3 AVENUE 4

Avenue 1: Future Dropdowns Devon Sponsorship Creates Dropdown Opportunities

32

Estimated Capital Cost:

$80 MM Estimated Cash Flow:

~$12 MM


$1.0 B Estimated Cash Flow:

~$150 MM

Acquisition Cost:


~$200 MM



~$12 MM

2014 2015 2016 2017

Devon Sponsorship Provides Potential for ~$375 MM of Cash Flow from Dropdowns

Other Potential Devon Dropdowns

E2 Legacy Devon Midstream Assets

Access Pipeline

Victoria Express

Pipeline

Cautionary Note: The information on this slide is for illustrative purposes only. No agreements or understandings exist regarding the terms of these potential dropdowns, and

Devon is not obligated to sell or contribute any of these assets to EnLink. The completion of any future dropdown will be subject to a number of conditions. The capital cost and

cash flow information on this slide is based on management’s current estimates and current market information and is subject to change.

Note: Capital spend figures exclude capitalized G&A and interest, midstream and other corporate capital. For 2014, this represents approximately $1.4 billion.

Devon 2014 E&P Capital Budget $5.0 - 5.4 Billion

Avenue 2: Growing With Devon Serving Devon’s Needs is a Priority

Devon has significant financial incentive to contract

midstream development with EnLink

70% ownership of ENLC, 52% ownership of ENLK

Once EnLink enters the 50% level of the splits, approximately $0.60 of each incremental $1.00 distributed by EnLink goes to Devon

Devon has historically spent $350-$500 MM

annually on midstream capital expenditures

28%

21%21%

7%

5%

11%

2% 5%

Permian Basin

Eagle Ford

Heavy Oil

Anadarko Basin

Barnett Shale

Emerging Oil

Other

Non-Core Assets$0

$100

$200

$300

$400

$500

$600

$700

$800

2011 2012 2013 2014E

Devon Historical Midstream

Capital Expenditures ($MM)

33

Avenue 3: Organic Growth Significant Organic Growth Projects Already Underway

34

South Louisiana

Platform Expansion

• Focused on bolt-on expansions around premier

South Louisiana liquids position

• Cajun-Sibon expansion expected to be operational in 2014

• Increasing utilization of existing NGL asset base

West Texas

Platform Expansion

3rd Party Growth

Around Legacy Devon

Midstream Assets

• Significant bolt-on expansion opportunities around Cana-

Woodford and Barnett Shale assets

• Commercial teams currently in discussions with various

potential producers

Expand Canadian Oil

Sands Presence

• Access Pipeline creates platform for significant growth in Alberta

Canada

• Will have commercial teams looking at additional expansions

and services

• Focused on providing associated gas processing and high pressure

gathering services

• Bearkat plant and high pressure gathering pipelines expected to be

complete in 2014

• Excess pipeline capacity opportunity for continued growth

Avenue 4: Mergers & Acquisitions

Near-term focus on platform expansion opportunities

Longer-term focus on pursuing scale positions in new basins,

especially in areas where Devon is active

Superior financing capabilities already in place

Low cost of capital with investment grade balance sheet (BBB / Baa3)

Significant flexibility with approximately $1.0 billion of liquidity at ENLK

Potential to pursue strategic acquisitions jointly with Devon

35

EnLink Midstream Today & Tomorrow

EnLink Midstream

Today

EnLink Midstream

Potential Future in 2017

36

South Louisiana

Growth: Cajun-

Sibon

West Texas

Growth: Bearkat

Victoria

Express

Dropdown

Complete

E2

Dropdown

Complete

Other Potential Step Changes

Other

Growth

Factors

• Growth from Serving Devon

• Mergers & Acquisitions

Potential

for $375 MM

of Additional

Cash Flows from

dropdowns

Heavy Oil

Access

Pipeline

Dropdown

Complete CANADIAN

OIL

SANDS

Significant

Organic Growth

Projects

Underway

Midstream

Holdings

Dropdown

Complete

Questions?

37

Natural Gas Assets Steve Hoppe, EVP, President of Gathering, Processing

and Transportation

Mike Burdett, SVP of Commercial Development

Brad Iles, SVP of Business Development

Stan Golemon,

SVP of Engineering

38

Natural Gas Gathering, Processing and Transportation Business Unit

$126 $114

North Texas

Gas gathering

Gas processing & NGL fractionation

Condensate stabilization

Gas Transportation

Oklahoma

Gas gathering

Gas processing

Condensate stabilization

West Texas

Gas gathering

Gas processing & NGL fractionation

Gas Business Unit Q2-Q4 2014

Forecasted Segment Cash Flow:

~ $420 MM *

Gas

76%

39

Liquids

24%

* 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.

Devon Contracts Provide Cash Flow Stability in North Texas and Oklahoma

Term: 10 year initial term (acreage dedication), year-to-year thereafter; 5 year minimum volume commitment

Financial terms: Per-MMbtu fees for gathering and processing with CPI escalator

Volume Commitment: Approximately 88% of expected volumes for the 12 months ending 9/30/2014

Gathering and Processing Obligation: EnLink Midstream obligated to gather and process on a firm basis

Downstream Marketing: Devon is responsible for nominations and scheduling of redelivered residue gas,

condensate and NGLs

Well Connections: EnLink Midstream is responsible for connecting wells located within three miles of the pipeline

system at its cost; at greater than three miles, EnLink Midstream has the right, but not the obligation to connect wells

Contract Contract

Term (Years)

Minimum

Gathering

Volume

Commitment

(MMcf/d)

Minimum

Processing

Volume

Commitment

(MMcf/d)

Minimum

Volume

Commitment

Term (Years)

Annual Rate

Escalator

Bridgeport gathering and processing contract 10 850 650 5 CPI

East Johnson County gathering contract 10 125 - 5 CPI

Northridge gathering and processing contract 10 40 40 5 CPI

Cana gathering and processing contract 10 330 330 5 CPI

Legacy Devon Midstream assets supported by fee-based contracts with minimum volume guarantees for five years

40

North Texas Assets Positioned for Long-Term Performance

Gathering

3,640 miles of pipeline

2,600 MMcf/d capacity

Processing

4 plants 1,100 MMcf/d capacity

1 Stabilizer 5 MBbl/d

Truck and rail loading

Fractionation

1 plant, 15 MBbl/d capacity

Transportation

Gas Pipelines

260 miles of pipeline

1,300 MMcf/d capacity

NGL Pipelines

30 Miles

20 MBbl/d capacity

41

86%

12% 2%

Devon Contracts

Other Fee-Based

Commodity-Based Processing

Key Customers

(most active operators in basin)

North Texas Q2-Q4 2014 Forecasted

Segment Cash Flow: ~ $304 MM *

Contract Mix

North Texas Assets: Solid Platform – Broad Reach

Key Considerations

Premier position in Barnett shale

Largest gatherer and processor in the basin

Stable cash flow from firm contracts with significant volumes

Sizable acreage dedications with undrilled locations

Growth opportunities through consolidations & optimization

42 * 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.

North Texas Synergies: Operational Flexibility

43

Reduced O&M costs or increased revenues

$20 MM annually Goal

Reduced capital expenditures Goal

Currently implementing projects that save ~$4 MM annually

Interconnect systems reducing rental compression

Flow reconfiguration lowering system pressures / offsetting production declines

Increased blending of gas to reduce treating costs

Increased market share by providing producers more alternatives to receipt points, access

markets, lower pressures

Identified capital savings opportunities of ~$15 MM

Reduced capital to connect new wells due to larger footprint

Reduced expansion capital by interconnecting systems to fully utilize installed capacity

Consolidate operations freeing up equipment for relocation (compressors / plants)

North Texas Assets: Current Trends and Growth Strategy

5.1 5.2 5.6 5.7

5.2

2009 2010 2011 2012 2013

Average Annual Production (Bcf/d) *

0

10

20

30

40

50

60

70

80

90

Apr-

11

Jul-1

1

Oct-

11

Jan-1

2

Apr-

12

Jul-1

2

Oct-

12

Jan-1

3

Apr-

13

Jul-1

3

Oct-

13

Jan-1

4

Apr-

14

Barnett Shale Current Trends

Reduced gas well drilling as result of low gas prices

Producers focused on optimizing base production

Our Growth Strategy

Short Term

Optimize combined systems

Enhance customer services

Execute identified expansion projects

Long Term


Expand systems & customer base

• Extend into new production areas

• Support 3rd party and Devon activities & opportunities

• Acquire and consolidate other assets

44

Barnett Shale Rig Count **

* Source: Power Shale Digest

** Source: Baker Hughes

Oklahoma Assets: Solid Platform for Bolt-On Projects

Cana

Gathering

• 410 miles of pipeline

• 530 MMcf/d capacity

Processing

• 1 plant


Northridge

Gathering

• 140 miles of pipeline


Processing

• 1 plant


$114 $126

Scoop

Stack

Arkoma

Woodford

45

Oklahoma Assets: Stable Cash Flows and Opportunities for 3rd Party Cash Flows

Key Considerations

Large acreage commitments

Stable cash flow from firm contracts with significant volumes

Many undrilled locations on acreage dedications

Capacity to expand into several active plays

Scoop

Stack

Arkoma

Woodford

Key Customers

Oklahoma Q2-Q4 2014 Forecasted


100%

Fee-Based Contracts

Contract Mix


Oklahoma Assets: Current Trends and Growth Strategy

Current Trends

Reduced gas well drilling due to low gas prices

Producers focused on optimizing base production

Increased oil drilling generating associated gas, condensate

and NGL production

Our Growth Strategy

Short Term

Maximize utilization of regional capacities with

other midstream providers


Long Term



Support 3rd party and Devon activities & opportunities

Extend into new production areas

Develop new midstream infrastructure projects

Acquire and consolidate other assets

47

100

125

150

175

200

225

Oklahoma Rig Count from 2012 to 2014 **

Oklahoma Total

SCOOP, STACK, Oklahoma Mississippian, OklahomaGranite Wash

Devon Acreage in Oklahoma *

* Source: DrillingInfo.com


Permian Assets: A Platform in a Prolific Basin

Gathering

65 miles of pipeline under

construction

65 miles of fuel and gas lift

pipeline under construction

200 MMcf/d capacity

Processing

1 plant, 58 MMcf/d capacity

(50% interest with Apache)

1 plant under construction, 60

MMcf/d capacity

Truck and rail loading

Fractionation

1 plant, 15 MBbl/d capacity

48

Permian Assets: Growing From Our Platform

49

Key Customers

• Deadwood:

• Bearkat: Two Producers

Contract Mix

Key Considerations

• Focused on providing high pressure gathering and

processing services for associated gas in extremely active

drilling area

• Currently constructing Bearkat facility and high pressure

gathering system

• Expanding from platform that started in 2012 with Deadwood

facility and Mesquite fractionator Permian Q2-Q4 2014 Forecasted


100%

Fee-Based


Permian Assets: Bearkat Project Processing and Gathering System Currently Under Construction

Builds on success of Deadwood joint

venture with Apache, which was on-time,

on-budget and is near full capacity

~ 60 MMcf/d processing plant

~65-mi., 12” gathering system with

combined capacity of 200,000 Mscf/d

~65-mi., 6” lean gas fuel line – providing

producer fuel and gas lift

Supported by long-term, fee-based

contracts with multiple producers

Completion expected in second half of

2014

50

Permian Assets: Current Trends and Growth Strategy

Permian Basin Current Trends

Increased oil drilling generating more associated gas,

condensate and NGL production

Producers seek reduced wellhead pressures and

reliable residue takeaway in order to maximize crude

production

Our Growth Strategy

Short Term


Provide capacity relief for constrained producers



Long Term




Develop new midstream infrastructure projects

Acquire and consolidate other assets

Cline Shal

e

Wolfcamp Shale

Midland BasinCentral Basin

Platform

+ N/NW Shelf

Delaware Basin

Source:

Wells – Rig Data

Regions – Apache

Glasscock County

300

350

400

450

500

550

600

Permian Rig Count from 2011 to 2014 **

51 * Source: Apache


Permian Basin Resource Plays*

Natural Gas Assets: Potential Growth Projects from 2014-2017

52

North Texas Potential Projects Consolidation of Midstream Assets / Potential Acquisitions

Compressor and Plant Consolidations

Gathering Expansions

Strategic Interconnects and Flow Reconfigurations to Lower Pressures

Oklahoma Potential Projects Consolidation of Midstream Assets / Potential Acquisitions

Interconnects w/ 3rd Party Pipes to Maximize Existing Capacities

Various Gathering and Plant Expansions

Permian Potential Projects Bearkat Processing Expansions

Various Bearkat Gathering Expansions

Questions?

53

Mac Hummel, EVP, President of NGL and Crude

Chris Tennant, VP of NGL

Stan Golemon, SVP of Engineering

Paul Weissgarber, SVP of Ohio River Valley

Liquids Assets

54

Liquids Business Unit

Louisiana

NGL gathering and transportation

NGL fractionation

NGL storage

Crude handling

Natural Gas transportation

Natural Gas processing

Ohio River Valley (ORV)

Crude/Condensate transportation

Crude/Condensate storage

Brine Disposal

Condensate Stabilization &

Gas Compression 55

$126 $114

Liquids Business Unit Q2-Q4 2014

Forecasted Segment Cash Flow:

~ $133 MM *

Gas

76%

Liquids

24%


Cajun-Sibon Expansion: Game Changer for EnLink in the Gulf Coast

258 miles of NGL pipeline from Mont Belvieu area to NGL fractionation assets

in south Louisiana (195 miles new, 63 miles re-purposed)

140 MBbl/d south Louisiana fractionation expansion

Phase I completed fourth quarter 2013; Phase II projected completion in fourth

quarter 2014

Expected run-rate adjusted EBITDA of Phase I and Phase II approximately

$115 MM

56

Louisiana Assets: Growing Gulf Coast Capabilities

Crude Handling

2 terminals

~18 MBbl/d capacity

Natural Gas

Transportation

2,000 miles of intra-

state pipelines

2.0 Bcf/d of capacity

Natural Gas

Processing

6 plants

2.5 Bcf/d of capacity

NGL Transportation

120 MBbl/d capacity

post-Cajun-Sibon

789 miles of NGL

pipeline in service

119 miles of NGL

pipeline under

construction

NGL Fractionation

3 plants, 95 MBbl/d

capacity

1 plant under

construction, 100

MBbl/d capacity

NGL Storage

3.2 MMBbl of

underground NGL

storage capacity

57

~139 mile, 12-inch NGL pipeline from Mt. Belvieu to Eunice with NGL

capacity of 70,000 Bbl/d

Expansion of Eunice NGL fractionator from 15,000 to 55,000 Bbl/d

Completed in Q4 2013

Cajun-Sibon Expansion – Phase I: Complete

58

Adding pumps to expand NGL pipeline capacity from 70,000 to 120,000 Bbl/d

100,000 Bbl/d fractionator at Plaquemine under construction

Converting Riverside fractionator to Butanes-plus facility

Extending Bayou Jack lateral by 32 miles to Plaquemine

Building ~57 miles of additional NGL pipelines

Expected run-rate adjusted EBITDA of Phase I and Phase II approximately $115 MM

Cajun-Sibon Expansion – Phase 2: Expected completion in Q4 2014

59

Louisiana NGL Assets: Linking North American Supply to Louisiana Demand

Key Customers / Suppliers

Contract Mix

Key Considerations

Cajun-Sibon expansion provides access to North American NGL

length flowing into Mont Belvieu and access to additional deal

flow

Increased Louisiana NGL demand and insufficient Louisiana

supply creates further expansion opportunities

NGL fractionation assets in south Louisiana provide flexibility

and value

Louisiana NGL Q2-Q4 2014 Forecasted

Segment Cash Flow: ~$55 MM *

100%

Fee-Based


Louisiana NGL Assets: Current Trends and Growth Strategy

Current Trends

Louisiana industrial complex built to take advantage of offshore

supply now reliant on non-Louisiana supplies

Infrastructure growing to connect NGL oversupply in Mont Belvieu

area with NGL shortfall in Louisiana

Numerous industrial growth projects drive increased ethane

demand due to attractive pricing and subsequent advantages

garnered by U.S. petrochemical companies

Our Growth Strategy

Short Term

Fully utilize existing assets

Secure additional supply via spot/seasonal deals, transloading of

raw make and other disadvantaged supplies

Assist customers in managing supply security and delivery flexibility

Long Term

Optimize supply, capacity and logistics across basins and hubs

Expand Cajun-Sibon platform through bolt-on growth projects or

acquisitions

Rationalize EnLink and Devon NGL supply positions

0

100

200

300

400

500

2013 2018

Supply Demand

0

10

20

30

40

50

60

Global Ethylene Cash Costs ** (Cents per Lb of Ethylene)

Mid-East

Ethane

Canadian

Ethane U.S.

Ethane

Mid-East

Propane

W. Euro

Naphtha

SE Asia

Naphtha

NE Asia

Naphtha

61

Louisiana Ethane Supply/Demand * (MBbl/d)

* Source: Hodson Report, February 2013

** Source: En*Vantage

Louisiana Crude Assets: Terminals at Eunice and Riverside Facilities

62

Key Customers Key Considerations

Crude assets at Eunice and Riverside with attractive

rail, truck and barge capabilities

Well positioned to service local demand and local

supply as it develops

Well positioned via rail service for Canadian and other

regional supplies

Riverside terminal provides $10 MM of annual Adjusted

EBITDA under firm contract

Nearburg Producing

Louisiana Crude Q2-Q4 2014 Forecasted


Contract Mix

100%

Fee-Based


Louisiana Crude Assets: Current Trends and Growth Strategy

Current Trends

Dramatic growth in U.S. crude production

Significant crude supplies moving by truck and rail

with producers increasingly involved with logistics

Condensate supply growing with more competitive

pricing

Growing discussions about exports

Our Growth Strategy

Short Term

• Increase asset utilization with pipeline supplies,

Riverside rail-to-barge loading and Eunice rail-to-

truck trans-loading

• Purchase crude at the lease and utilize assets to

capture blending uplifts and regional arbitrage

opportunities

Long Term

• Expand Riverside terminal to provide unit train

service for 20 – 40 MBbl/d

• Pursue crude/condensate opportunities with Devon

• Acquire assets complementing existing facilities

and growing footprint

32% 19%

U.S. Crude Production *

63 * Source: EIA

** Source: Association of American Railroads

Rail Carloads of Crude Petroleum on

US Class I Railroads from 2003-2015 **

Louisiana Natural Gas Assets: Pipeline and Processing Plant Flexibility


• Largest intrastate gas pipeline system in Louisiana -

north Louisiana assets supported by firm contracts

averaging remaining term of ~4.0 years

• Transportation and processing assets well positioned to

support new Louisiana and Gulf of Mexico supplies

• Mississippi River market area heavily industrialized and

expanding

Pipeline Customers

Louisiana Gas Q2-Q4 2014 Forecasted


74%

26%

Fee-Based

Commodity-Based Processing

Contract Mix

64

Processing Customers


Louisiana Natural Gas Assets: Current Trends and Growth Strategy

Current Trends

Tuscaloosa Marine Shale, Austin Chalk and Deep

Miocene/Wilcox targets continue to attract producer

interest and investment

Producers refocusing efforts on liquids-richer Cotton

Valley/Bossier targets versus Haynesville

Louisiana gas demand growing with petrochemical,

industrial and LNG expansions

Our Growth Strategy

Short-Term Strategy

Maximize existing capacity

Optimize supply via new connections

Maximize processing margins and opportunities

Expand market connectivity to service petrochemical,

industrial and LNG demand along the Mississippi River

Long-Term Strategy

Pursue strategic acquisitions

Consolidate inefficient facilities and utilize existing assets

in highest value use

Expand position as premier Louisiana gas franchise

Capital Spending for Announced Louisiana

Natural Gas Driven Manufacturing **

Louisiana Gas Demand (Bcf/d)

2010 – 2025 *

65 * Source: ICF International

** Source: LSU Center for Energy Studies

Ohio River Valley Assets: Established History of Service

Crude/Condensate Transportation

200 miles of crude pipeline, 17 MBbl/d

capacity

2,500 miles of unused right-of-way

Truck fleet capacity of 25 MBbl/d

Barge terminal on Ohio River

Rail terminal on Ohio Central Railroad

Crude/Condensate Storage

~600 MBbl of above ground storage

Brine disposal wells

8 total wells – 6 owned, 2 jointly-owned

66

80%

20%

Fee-Based Crude/Condensate

Fee-Based Brine

Ohio River Valley Assets: Well Positioned in the Utica and Western Marcellus


Pipeline and terminal assets strategically located in

Utica’s condensate-rich window where stabilization

requirements are significant

Truck fleet provides access to both the Utica and the

Western Marcellus in Pennsylvania and West Virginia

Establishing “rolling pipeline” via truck fleet until

volumes warrant laying new pipelines

Brine disposal capacity increasingly stressed ORV Q2-Q4 2014 Forecasted

Segment Cash Flow:~$28 MM *

Contract Mix


ORV Assets: Current Trends and Growth Strategy

Current Trends

Producers are delineating their acreage and high-grading

drilling locations

Condensate supplies from the Utica and Western Marcellus

are growing

Out-of-region condensate markets will be needed

Midstream imperatives are high flow assurance and reliable

market outlets

Short Term Growth Strategy

Establish “rolling pipeline” via truck fleet to capture “first

barrels”

Optimize our existing assets and businesses in legacy crude

and brine disposal assets

Long Term Growth Strategy

Complete condensate pipeline and expansion of condensate

stabilization and storage

Develop premium condensate markets including potentially

building and operating a condensate refinery

Pursue additional midstream opportunities including gas

gathering and processing and NGL movements

68

15

20

25

30

35

40

45

Jul-

12

Au

g-1

2

Sep

-12

Oct

-12

No

v-1

2

De

c-12

Jan

-13

Feb

-13

Ma

r-13

Ap

r-1

3

Ma

y-1

3

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

No

v-1

3

De

c-13

Jan

-14

Feb

-14

Ma

r-14

Ohio Pennsylvania West Virginia

* Sources: Ohio Department of National Resources, Pennsylvania Department of Environmental Protection, West Virginia Department of Natural Resources

ORV Rig Count *

ORV Drilling Permits Issued *

0

100

200

300

400

500

600

700

Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14

Ohio Pennsylvania West Virginia

Louisiana Potential Projects Consolidation of Midstream Assets / Potential Acquisitions

LPG Export Facility

Mixed Heavy NGL Pipeline

Terminal Repurposing

NGL Batching Pipeline

Market-Area Pipeline

ORV Potential Projects Consolidation of Midstream Assets / Potential Acquisitions

Condensate Refinery

Condensate Pipeline

69

Liquids Assets: Potential Growth Projects from 2014-2017

Non-Operated Investments

Brad Iles, SVP of Business Development

70

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

~70% of cash flow underwritten by firm contracts with

minimum volume commitments

71

HEP Q2-Q4 2014 Forecasted

Distribution Income:~$20 MM

E2 Investment: Innovative Solution to Grow ORV Condensate Business

Customer

72

E2 Q2-Q4 Cash Flow

Post-Dropdown:~$9 MM

Key Considerations

E2 is 93% owned by ENLC and 7% owned by

E2 management

E2 is highly skilled management team focused

on building compression and stabilization assets

in the Utica and Marcellus region

100% fee-based contracts with minimum volume

commitments to ORV growth strategies

Approximately $80 million invested to date

through EnLink Midstream, LLC with dropdown

expected mid-year 2014

E2 Compression & Condensate Stabilization

Capacity of 320 MMcf/d and 16,000 Bbl/d

Two facilities completed, one under construction

Gulf Coast Fractionator Investment: Serving Devon in Mont Belvieu

73

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 between 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 Q2-Q4

Cash Flow:~$9 MM

Questions?

74

Financial Outlook

Michael Garberding, EVP & Chief Financial Officer

75

Sustainable

Growth

Substantial

Scale &

Scope

Diverse,

Fee-Based

Cash Flow

Strong B/S

Credit Profile

76

• Investment grade balance sheet at ENLK (BBB, Baa3)

• Debt/EBITDA of ~3.5x

• ~$1.0 billion in liquidity

• ~ 95% fee-based margin

• Projects focused on crude/NGL services and

rich gas processing

• Balanced cash flow (Devon ~50%)

• Total consolidated enterprise value of ~$14 billion

• Geographically diverse assets with presence in

major US shale plays

• Stable base cash flow supported by long-term contracts

• Organic growth opportunities through Devon’s

upstream portfolio

• Potential additional cash flow from dropdowns: ~$375 million

Louisiana

ORV

Long Term Vision: EnLink’s Key Financial Attributes

Long Term Vision: Strong Balance Sheet

ENLK has investment grade (BBB/Baa3) credit ratings

Leverage target of ≤ 3.5x EBITDA provides access to relatively inexpensive debt capital

On March 12th, EnLink priced $1.2 billion in senior notes with a weighted-average yield

to maturity of 4.20%:

Significant liquidity/financial flexibility with $1 Billion revolving credit facility at MLP and

$250 MM revolving credit facility at GP

EnLink’s strong credit position gives it significant capacity to pursue organic growth or

acquisitions

77

EnLink has one of the strongest balance sheets in the industry

2.700% Senior Notes

Due 2019

4.400% Senior Notes

Due 2024

5.600% Senior Notes

Due 2044

Principal Amount $400,000,000 $450,000,000 $350,000,000

Maturity Date 1-Apr-19 1-Apr-24 1-Apr-44

Spread to Treasury +115 bps +170 bps +195 bps

Yield to Maturity 2.732% 4.421% 5.605%

Strong Balance Sheet: Execution of Financial Synergies

EnLink financing activity has positioned the company to realize financial synergies of

over $35 MM annually compared to Crosstex standalone

Refinancing $725 MM of 8.875% bonds due 2018

Including call / tender premium, total cost to retire of ~$760 MM

Weighted-average interest rate on new bonds of 4.2% results in annual interest savings of ~$32 MM

Equity claw redemption of $53.5 MM of 7.125% bonds due 2022

Including redemption premium, cost to retire of ~$57 MM

Annual interest savings of ~$1.4MM

Reduction in letters of credit of ~$44 MM

Annual interest savings of ~$1.3 MM

Reduction in revolving credit facility interest and fees

Reduction in undrawn commitment fee from 0.5% to 0.175%

Reduction in drawn spread from +300bps to +125bps at current EnLink ratings

78

At the time the merger was announced, EnLink guided the market to expect

financial synergies of $25 million

Long Term Vision: Stable and Diversified Cash Flows

79

Each of EnLink Midstream’s segments benefits from the stability provided by long-term, fee-based contracts

Segment / Key Contract

% of Q4 201

Segment

Cash Flow *

Texas

New Devon Bridgeport Contract - 10 years with 5 year MVC

85%

New Devon East Johnson County Contract - 10 years with 5 year MVC

Existing FT Transmission & Gathering - Volume Commitments with remaining terms of 2-10 years

Apache Deadwood Plant - Dedicated interest with 8.5 years remaining on 10 year term

Bearkat Plant - Volume Commitment with 10 year term from initial flow

Oklahoma

New Devon Cana Contract - 10 years with 5 year MVC 100%

New Devon Northridge Contract - 10 years with 5 year MVC

Louisiana

North LIG Firm Transport - Reservation fee with avg remaining life of 4 years

70%

Firm Treating & Processing - Remaining term minimum 2 years

Cajun-Sibon Phases I & II - 5 & 10 year agreements for supply and sale of key products

ORV

E2 Compression / Stabilization Contract - 7 years ~30%

% of Total Segment Cash Flow in Q4 2014 ~80%

* Based on Q4 2014.

Note: 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.

Long Term Vision: Sustainable Growth

80

Distribution growth targets are high single digits for MLP and 20% plus for GP

2014 2015 2016 2017



~$12 MM



~$150 MM

Acquisition Cost:


~$200 MM



~$12 MM

Other Potential Devon Dropdowns

E2 Legacy Devon Midstream Assets

Access Pipeline

Victoria Express

Pipeline

Cautionary Note: The information on this slide is for illustrative purposes only. No agreements or understandings exist regarding the terms of these potential dropdowns, and

Devon is not obligated to sell or contribute any of these assets to EnLink. The completion of any future dropdown will be subject to a number of conditions. The capital cost and

cash flow information on this slide is based on management’s current estimates and current market information and is subject to change.

2014 EBITDA & Volumes Forecasts

Q2-Q4 2014 Combined

Annualized EBITDA:

~ $675 MM *

57% 19%

19%

5%

Texas Louisiana Oklahoma ORV

Midstream Service:

Q2 - Q4 2014

Forecasted

Volumes

Texas

Gathering and Transportation (MMBtu/d) 2,968,000

Processing (MMBtu/d) 1,022,000

Louisiana

Gathering and Transportation (MMBtu/d) 499,000

Processing (MMBtu/d) 585,000

NGL Fractionation (Gals/d) 3,570,000

Oklahoma

Gathering and Transportation (MMBtu/d) 389,000

Processing (MMBtu/d) 391,000

ORV

Crude/Condensate Handling (Bbls/d) 1 28,000

Brine Disposal (Bbls/d) 7,000

1. Includes crude/condensate handling by both the ORV and Louisiana segments.

* 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. 81

Key Performance Drivers

Short Term Performance Drivers

Timing and execution of Cajun Sibon II and Bearkat Projects

Drilling activity in Barnett and Oklahoma

Remediation of Bayou Corne Sinkhole

Timing/amount of operational synergies

Timing of Utica condensate production and ORV execution

Long Term Performance Drivers

Potential additional cash flow from dropdowns: $375 million

Stable cash flows from long-term Devon contracts

Organic development in west Texas and south Louisiana

Organic development with Devon 82

2014 Consolidated Capital Expenditures

83

Potential long term capital spending of $1.0 billion - $2.0 billion per year with drop downs

$200 MM

$194 MM

Cajun-Sibon

Bearkat

Other

$50 MM Legacy

DVN

$46 MM

Growth Capex * Q2-Q4 ‘14 Combined: ~$490 MM

$43 MM

$12 MM

$7 MM

Texas

Oklahoma

ORV

$2 MM Louisiana

Maintenance Capex * Q2-Q4 ‘14 Combined: ~$65 MM

* Growth capital expenditures and maintenance capital expenditures are non-GAAP financial measure and are explained in greater detail on page 3.

ENLC Tax

ENLC has three principal sources of cash flow, each with different level of

exposure to federal income tax GP Distributions/IDRs: ENLC receives an allocation of taxable income in the amount of its IDR

distributions such that they are fully taxable

LP Distributions: Distributions from ENLK to ENLC receive a lower tax shield (about 50%) than

public unit holders

Income from EnLink Midstream Holdings: Taxable income is estimated to be at ~70% of cash

flow in 2014

ENLC also receives deductions for its direct interest expense, G&A Costs, etc.

Results in an effective tax rate of ~20% in 2014 before the application of net

operating loses (NOLs)

Includes one-time benefit from transaction related expenses

As dropdowns are executed, the composition of ENLC’s cash flow streams,

and therefore its effective tax rate will change

Degree of tax shield on LP distribution may also change over time

ENLC also has available $146 MM in federal NOL carry forwards

After NOL usage, ENLC currently estimates minimal 2014 cash taxes

84

Closing Remarks Barry Davis, President & CEO

85

Key Takeaways

86

The right team in place

Strategically located and complementary assets

Stability of cash flows

Strong sponsorship support from Devon

Continued focus on organic growth projects

Thank You

87

Appendix

88

Reconciliation: Segment Cash Flow to Operating Income

89

(Amounts in MM) Q2-Q4 Forecasted

Total business unit segment cash flow $555

Shared services (26)

General and administrative expenses (53)

Other * (14)

Depreciation, amortization and impairment (215)

Operating Income $247

* Other includes stock based compensation and loss on debt extinguishment

Reconciliation: Net Income to Consolidated Adjusted EBITDA

90

(Amounts in MM) Q2-Q4 Annualized

Net Income $287

Interest expense 45

Depreciation, amortization and impairment 287

Net distribution from equity investments 40

Other * 16

Consolidated Adjusted EBITDA $675

* Other includes taxes, stock based compensation and other non-cash items

2014 analyst day presentation final

Investor Relations

enlink midstreams ability

enlink midstreams industry

enlink midstream partners

enlink midstream gathers

future results of enlink

forwardlooking statements

future laws

future acquisitions