enable midstream partners, lp
TRANSCRIPT
Forward-looking Statements
This presentation and the oral statements made in connection herewith may contain “forward-looking statements” within
the meaning of the securities laws. All statements, other than statements of historical fact, regarding Enable Midstream
Partners’ (“Enable”) strategy, future operations, financial position, estimated revenues, projected costs, prospects, plans
and objectives of management are forward-looking statements. These statements often include the words “could,”
“believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “forecast” and similar expressions and are intended to
identify forward-looking statements, although not all forward-looking statements contain such identifying words. These
forward-looking statements are based on Enable’s current expectations and assumptions about future events and are
based on currently available information as to the outcome and timing of future events. Enable assumes no obligation to
and does not intend to update any forward-looking statements included herein. When considering forward-looking
statements, which include statements regarding future commodity prices, future capital expenditures and our financial
and operational outlook for 2016, among others, you should keep in mind the risk factors and other cautionary
statements described under the heading “Risk Factors” and elsewhere in our SEC filings. Enable cautions you that these
forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many
of which are beyond its control, incident to the ownership, operation and development of natural gas and crude oil
infrastructure assets. These risks include, but are not limited to, contract renewal risk, commodity price risk,
environmental risks, operating risks, regulatory changes and the other risks described under “Risk Factors” and
elsewhere in our SEC filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions
prove incorrect, Enable’s actual results and plans could differ materially from those expressed in any forward-looking
statements.
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Forward-Looking Non-GAAP Financial Measures
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Enable has included forward-looking non-GAAP financial measures Adjusted EBITDA and Distributable Cash Flow in this
presentation. These non-GAAP financial measures are derived by excluding and including certain amounts, expense or
income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts
that are excluded or included from these non-GAAP financial measures is a matter of management judgment and depends
upon, among other factors, the use of derivative contacts to manage Enable's commodity and financial market risks.
Enable is unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial
measures to their most directly comparable forward-looking GAAP financial measures because Enable cannot reliably
predict the future natural gas, NGL and crude oil prices at which these derivative contracts will transact. Historically, Enable
has computed Adjusted EBITDA and Distributable Cash Flow as follows, and such computations may occur in future periods
and could be significant in amount.
• Adjusted EBITDA is computed by adding depreciation and amortization expense, interest expense, net of interest income,
income tax expense, distributions from equity method affiliates, non-cash equity based compensation and other non-cash
losses to net income attributable to common and subordinated units while subtracting other non-cash gains and equity in
earnings of equity method affiliates from net income attributable to common and subordinated units
• Distributable Cash Flow is computed by subtracting adjustment for Series A Preferred Unit distribution, net, adjusted
interest expense, net, maintenance capital expenditures and current income taxes from Adjusted EBITDA
Enable Midstream Highlights
High-Quality Assets In Strategic Locations With Strong Customer Relationships
► Assets are located in some of most prominent natural gas and crude oil plays in the country
► High degree of interconnectivity between assets and end markets with long-term demand growth
► Long-term relationships with large-cap producers and utilities, many of whom are investment grade
Strong Financial Position
► Favorable contract structure with significant fee-based and demand-fee gross margin
► Lower leverage than many peers
► $1.03 billion of available revolving credit facility and no near-term debt maturities1
► Continue to prioritize leverage and coverage ratios while remaining financially disciplined
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Bradley Processing Complex
1. As of March 31, 2016
Interconnected and Diverse Assets Strategically
Located in Ten States
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Note: Map as of May 18, 2016
► Enable provides operating
reach and scale with
complementary capabilities
managing gas gathering
and processing services,
intrastate and interstate
transmission and storage
for customers in the Mid-
Continent region and crude
oil gathering services in
the Bakken
► Enable’s assets are well-
positioned to support the
long-term supply and
demand dynamics in the
Mid-Continent and
Southeast regions
Enable’s Gathering and Processing (G&P) and Transportation and Storage (T&S) Assets
Producers Remain Active on Enable’s Anadarko
Basin Footprint
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1. As of May 24, 2016
2. Rig count in graph is as of the end of each reporting quarter; as of May 24, 2016 there were 22 active rigs contractually dedicated to Enable’s gathering and
processing system in the SCOOP and STACK plays
3. Source: Bentek Energy: Oil & Gas Production Monitor - May 2016
4. IRR’s based on half cycle economics and assume 12-month forward average WTI of $36.52-$48.56/Bbl, natural gas of $1.77-$2.69/Mcf and Mt. Belvieu
NGLs of $18.98-$22.75/Bbl
► Total of 22 rigs are currently drilling wells that are contractually dedicated to Enable in
the Anadarko basin1
► 8 rigs in the SCOOP
► 14 rigs in the Cana Woodford / STACK
► Rig count on Enable’s SCOOP and STACK footprint has remained stable during a
challenged commodity environment
► The SCOOP and STACK plays have been recognized as two of the top plays in the
country by producers, analysts and investors
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21
16
22 24
1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016
Active Rigs on Enable’s SCOOP/STACK Footprint2 Top 5 Producer IRRs by Play3,4
19.5% 18.5% 15.3% 14.6% 13.7%
PermianDelaware
STACK Bakken EagleFord Oil
SCOOP
Strategically Positioned to Capitalize on Producer
Growth in the Anadarko Basin
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Enable’s Super-Header Processing System
► Enable’s super-header processing
system interconnects 8 of Enable’s 10
natural gas processing plants serving
the Anadarko basin and has over 1.45
Bcf/d of inlet processing capacity1
► The super-header processing system is
uniquely positioned to serve the
prominent SCOOP and STACK plays
and allows Enable to:
► Optimize economics of its natural
gas processing
► Be highly-responsive to customer
needs
► Efficiently phase in new production
► Bradley II, a 200 MMcf/d cryogenic
processing plant, will be fully operational
in Q2-16 and will provide additional
capacity on the super-header processing
system to support the growth out of the
SCOOP and STACK plays
Note: Rig data per Drillinginfo as of May 12, 2016 and Enable assets on map are as of May 18, 2016
1. As of December 31, 2015
Ark-La-Tex and Arkoma G&P Assets Provide Stable
Gross Margin and Can Support Additional Growth
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► Enable’s Ark-La-Tex and Arkoma gathering and processing contracts are primarily fee-based
contracts supported by minimum volume commitment and guaranteed return features
► The Haynesville Shale is well-positioned to serve demand growth from LNG exports and power
generation markets
► Four rigs are currently drilling wells that are contractually dedicated to Enable in the Ark-La-Tex
basin1
Ark-La-Tex System Map
System Highlights
Arkoma System Map
Note: Maps as of May 18, 20161. As of May 24, 2016
Crude Gathering Systems in the Williston Basin
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► Enable’s first crude gathering system,
the Bear Den system, was fully
operational in the first quarter of 2015
and has recently operated in excess of
its contracted commitments
► The Nesson system commenced
operations in the second quarter of
2015, where volumes continue to grow
across the system and additional
infrastructure is expected to be placed
into service as activity warrants
► Enable continues to connect new wells
onto its crude gathering systems,
driving five consecutive quarters of
increased crude gathered volumes
► In the first quarter of 2016, Enable
averaged 28.85 MBbl/d on its crude
gathering systems1
System Map System Highlights
Note: Map as May 18, 20161. As of March 31, 2016
Interconnectivity of T&S Pipelines Provides Supply
Optionality and Flexibility for Expansions
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► Enable Oklahoma Intrastate
Transmission (EOIT),
Mississippi River
Transmission (MRT) and
Southeast Supply Header
(SESH) all have significant
interconnectivity with Enable
Gas Transmission (EGT)
► Shippers have the ability to
access almost every major
consuming market east of
the Mississippi River
through Perryville Hub and
associated trading points
► Well-situated to facilitate
natural gas demand growth
in the Mid-Continent and
Southeast regions
Enable’s Interstate and Intrastate Pipeline System
EGT
• 5,900 miles
• 6.5 Bcf/d capacity
• 29.5 Bcf storage
capacity
MRT
• 1,700 miles
• 1.9 Bcf/d capacity
• 31.5 Bcf storage
capacity
SESH
• 50% JV with
Spectra Energy
Partners, LP
• 290 miles
• 1.0 Bcf/d capacity
Note: EOIT, EGT and SESH pipeline miles as of March 31, 2016; all other pipeline miles, pipeline and storage capacity and pipeline throughput as of December 31, 2015; map as of May 18, 2016
Intrastate EOIT
• 2,200 miles
• 2.1 Bcf/d peak
throughput
• 24.0 Bcf storage
capacity
EGT
EOIT
Perryville Hub
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► Interconnects natural gas supply from the
Anadarko and Arkoma basins to Enable’s
EGT system and 12 other third-party
natural gas pipelines for a total of 67
interconnect points1
► Connected to significant end-user
customers, including 14 natural gas-fired
electric generation facilities1
► Major customers include OG&E,
Enable’s affiliate, and Public Service
Company of Oklahoma (PSO), an
affiliate of AEP
► Functions as a delivery system for
Enable’s super-header processing system
and is well-positioned to serve new
transportation needs for producers in the
SCOOP, STACK, Cana Woodford,
Mississippi Lime and Greater Granite
Wash plays
► Complementary to interstate growth
projects into Texas
EOIT Pipeline Map Pipeline Highlights
Note: Map as of May 18, 20161. As of December 31, 2015
EOIT Pipeline System Connects Supply and
Demand in Oklahoma
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Supply Forecast1
2.9 6.1
8.1
2015 2020 2025
Anadarko
4.6 8.8 10.3
2015 2020 2025
Haynesville
Enable’s assets are strategically located in basins with over 10 Bcf/d of natural gas supply growth
and are positioned well to serve markets with over 10 Bcf/d of natural gas demand growth
Note: Enable assets on map are as of May 18, 20161. Source: Wood Mackenzie – North American gas markets long-term outlook (Fall 2015)2. Anadarko computations include Cana Woodford, Granite Wash, SCOOP, STACK and Other Mid-Con horizontal plays3. All Other Basins computations include all North American basins less the Anadarko and Haynesville basins4. Source: ICF International – April 20165. Texas & South Central represents ICF’s West South Central region which corresponds to the natural gas demand in Texas, Oklahoma, Arkansas and
Louisiana, excluding LNG Exports and Mexico Exports
17.8 18.2 19.2
2015 2020 2025
Texas & South Central
2.6 5.0 6.0
2015 2020 2025
Exports to Mexico
0.0
6.4 9.2
2015 2020 2025
Gulf Coast LNG Exports
Demand Forecast4
Bcf/dBcf/d
39.5 65.4
78.2
2015 2020 2025
All Other Basins
LNG Exports
+9.2 Bcf/d
Texas & South
Central
+1.4 Bcf/d
Mexico
+3.4 Bcf/dEagle Ford
Natural Gas Supply and Demand Outlook
Anadarko
Marcellus/Utica
Ha
yn
es
vil
le
2
3
5
61%
24%
11%
4%
Firm/MVC Fee-based Other Fee-based
Commodity-based Hedged Commodity-based Unhedged
4.10x
3.81x
Dec. 31, 2015 Mar. 31, 2016
$450
$250
$500 $600 $550
$1,750
2016 2017 2018 2019 2020 2024 2044
Term Loan Facility
EOIT Sr. Unsecured Notes
ENBL Sr. Unsecured Notes
Revolving Credit Facility
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2016 Fee-Based Gross Margin Profile1,3
No near-
term debt
maturities
through
2017
Debt Maturity Schedule Leverage Ratio4,5
► Improved leverage ratio as a result of:
► Equity credit assigned to the Series A Preferred units
issued in first quarter of 2016
► Higher quarterly Adjusted EBITDA results
► Enable’s 2016 gross margin profile is expected
to be approximately 96% fee-based or hedged1
► Certain gathering and processing contracts
have provisions to protect against low
commodity price environments and volume
decreases
► Enable has a strong leverage profile supported
by a low leverage ratio, $1.03 billion of available
liquidity2 and no near-term debt maturities
1. Gross margin profile represents Q2-16 through Q4-16
2. As of March 31, 2016; available liquidity calculated as Revolving Credit Facility of $1.75B less principal advances of $715MM less $3MM in letters of credit
3. Percentages in pie charts based on Gross Margin contribution
4. Calculated as Debt/LTM Adj. EBITDA; Enable’s LTM Adj. EBITDA is $809 million
5. In Q4-15, the calculation of Adjusted EBITDA was changed to account for non-cash equity based compensation expense to be consistent with industry
peers; historical Adjusted EBITDA reflects the calculation change
6. Assumes 100% equity credit for the Series A Preferred Units
$ in millions *
* Term Loan includes option to request two, one-year extensions which could move
the maturity to 2020
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Commentary
Favorable Contract Structures and Credit Profile
Well-Positioned For Current and Future Markets
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► Enable continues to prioritize leverage and coverage ratios and does not need
to access the capital markets to meet its 2016 objectives
► Enable remains financially disciplined, focusing on managing costs and
deploying capital efficiently
► Enable is anchored by interconnected and diverse assets that are strategically
positioned to support the long-term supply and demand dynamics in and around
its footprint
► Enable’s super-header processing system is uniquely positioned to capture
supply growth out of the prominent SCOOP and STACK plays and
interconnects with Enable’s intrastate and interstate pipelines to meet end-
user demand
► 2016 gross margin profile is expected to be approximately 96% fee-based or
hedged1, with a significant portion of gross margin from the firm, fee-based
contracts in the Transportation and Storage segment
1. Gross margin profile represents Q2-16 through Q4-16
$ in millions 2016 Financial and Operational Outlook
Natural Gas Gathered Volumes (TBtu/d) 3.1 – 3.5
Natural Gas Processed Volumes (TBtu/d) 1.9 – 2.1
Crude Oil – Gathered Volumes (MBbl/d) 26.0 – 30.0
Net Income Attributable to Common and Subordinated Unit Holders $240 – $310
Adjusted EBITDA $780 – $840
Preferred Equity Distributions1 $32
Adjusted Interest Expense, net2 $110 – $120
Maintenance Capital $105 – $125
Distributable Cash Flow $535 – $565
Targeted Coverage Ratio 1.0x or greater
Interest Expense (GAAP) $100 – $110
2016 Financial, Operational and Capital Outlook
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1. Outlook includes the fourth quarter 2016 distribution that will be paid in first quarter 20172. The difference between “Interest expense” and “Adjusted interest expense, net” is due to adjustments for the premium
amortization on EOIT’s Fixed Rate Senior notes, amortization of deferred charges and adjustments for Capitalized Interest on Expansion Capital
► Enable Midstream’s 2016 outlook as of May 4, 2016, is shown in the tables below:
$ in millions 2016 Capital Outlook
Gathering Pipeline, Compression and Related Capital ~$300
Processing Plants ~$50
Transportation and Storage Organic Growth, incl. EGT Expansion Project ~$25
Total Capital ~$375
Commodity Assumptions
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► Enable Midstream’s 2016 outlook as of May 4, 2016 is based on the following price assumptions:
► Commodity sensitivities, including the impact of hedges:
► A 10% increase or decrease in natural gas and ethane prices together from forecasted levels would
have a minimal impact to Adjusted EBITDA for 2016 due to Enable’s hedged positions and
processing contracts with fee-based floors
► A 10% increase or decrease in NGL (excluding ethane) and condensate prices from forecasted
levels would result in an increase or decrease of approximately $3 million in Adjusted EBITDA for
2016
*Natural gas liquids composite based on assumed composition of 45%, 30%, 10%, 5%, and 10% for ethane, propane, normal
butane, isobutane and natural gasoline, respectively
2016 Outlook
Natural Gas – Henry Hub ($/MMBtu) $2.05 – $2.35
NGLs - Mont Belvieu, Texas ($/gal)* $0.30 – $0.34
NGLs - Conway, Kansas ($/gal)* $0.28 – $0.32
Crude Oil – WTI ($/Bbl) $33.00 – $37.00
Hedging Summary1
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2016 4
2017
Natural Gas2
Exposure Hedged (%) 79% 38%
Average Hedge Price ($/MMBtu) 2.64$ 2.58$
Crude3
Exposure Hedged (%) 78% 29%
Average Hedge Price ($/Bbl) 57.70$ 45.66$
Propane
Exposure Hedged (%) 74% 27%
Average Hedge Price ($/gal) 0.45$ 0.44$
1. Percentage hedged includes hedges executed through April 22, 2016
2. Excludes basis not matched with NYMEX and natural gas shrink associated with ethane spread positions
3. Enable hedges net condensate/natural gasoline exposure with crude
4. Percentage hedged for 2016 reflects April-December hedges only
Note: Table includes hedges and commodity exposures associated with equity volumes resulting from
Enable's Gathering, Processing and Transportation businesses.
Commodity