Investor Presentaiton
RAISING 2022 FINANCIAL GUIDANCE
ENLINK
MIDSTREAM
GROWING ALONGSIDE OUR CUSTOMERS DRIVES IMPROVED OUTLOOK FOR 2022 AND 2023
Adjusted EBITDA Growth
Midpoint now implies -21% growth over 2021
Significantly hedged 2022 commodity
exposure
$MM, unless noted
Initial
Net Income (GAAP)
$230 - $310
Adjusted EBITDA, net to EnLink2,3
$1,110 $1,190
Updated¹
$390 - $430
$1,250 $1,290
•
.
Capex, net to EnLink, Plant
Relocation Costs & Investment
Contributions
$285-$325
$405 - $455
·
Growth Capex, net to EnLink, & Plant
Relocation Costs
$230 - $260
$300 - $330
Maintenance Capex, net to EnLink
$55 - $65
$40 - $50
•
Investment Contributions5
$65-$75
$
Free Cash Flow After Distributions²
$285 - $345
$285 - $315
$0.45/unit
$0.45/unit
Robust Free Cash Flow
Generating $300MM or more in FCFAD for 3rd
consecutive year, while increasing
investments in attractive high-return projects
Capital Discipline
•
•
Incremental 2022 investment supports volume
growth in 2023
Investing in downstream opportunities with
attractive returns
Balance Sheet Strength
Strong financial position provides ample flexibility
Increasing return of capital to common
unitholders, while investing in the business
September 2022 Investor Presentation 11
Annualized 2Q22 Distribution per
Common Unit
Updated Commodity Price Assumptions (2H22 average):
NGL basket $1.07/gallon and Henry Hub $6.50/MMBtu
'Reflects updated 2022 Guidance issued August 3, 2022. 2Non-GAAP measures are defined in the appendix. 3Adjusted EBITDA does not reflect the one-time $45MM
expense related to Project Phantom. Includes $45MM classified as operating expense for GAAP purposes. 5Consists principally of Matterhorn JV contributions.View entire presentation