Investor Presentaiton
PREVIOUSLY ISSUED 2022 GUIDANCE RECONCILIATION OF NET INCOME TO ADJUSTED
EBITDA, DISTRIBUTABLE CASH FLOW AND FREE CASH FLOW AFTER DISTRIBUTIONS
ENLINK
MIDSTREAM
Net income of EnLink (2)
Interest expense, net of interest income
Depreciation and amortization
Income from unconsolidated affiliate investments
Distribution from unconsolidated affiliate investments
Unit-based compensation
Income taxes
Plant relocation costs (3)
Other (4)
Adjusted EBITDA before non-controlling interest
Non-controlling interest share of adjusted EBITDA (5)
Adjusted EBITDA, net to EnLink
Interest expense, net of interest income
Maintenance capital expenditures, net to EnLink (6)
Preferred unit accrued cash distributions (7)
Distributable cash flow
Common distributions declared
Growth capital expenditures, net to EnLink & plant relocation costs (3) (6)
Free cash flow after distributions
2022 Outlook (1)
As of Feb 15, 2022
$270
216
604
(2)
1
21
54
45
(2)
1,207
(57)
1,150
(217)
(60)
(95)
778
(218)
(245)
$315
1) Represents the forward-looking net income guidance of EnLink Midstream, LLC for the year ended December 31, 2022. The forward-looking net income guidance excludes the potential impact of gains or losses on derivative activity, gains or losses on disposition of assets,
impairment expense, gains or losses as a result of legal settlements, gains or losses on extinguishment of debt, the financial effects of future acquisitions, proceeds from the sale of equipment, and repurchases of common units or ENLK Series B Preferred Units. The exclusion
of these items is due to the uncertainty regarding the occurrence, timing and/or amount of these events.
2) Net income includes estimated net income attributable to (i) NGP Natural Resources XI, L.P.'s ("NGP") 49.9% share of net income from the Delaware Basin JV, (ii) Marathon Petroleum Corp.'s ("Marathon") 50% share of net income from the Ascension JV.
3) Includes operating expenses that are not part of our ongoing operations incurred related to the relocation of equipment and facilities from the Thunderbird processing plant in the Oklahoma segment to the Permian segment.
4) Includes (i) estimated accretion expense associated with asset retirement obligations and (ii) estimated non-cash rent, which relates to lease incentives pro-rated over the lease term.
5) Non-controlling interest share of adjusted EBITDA includes estimates for (i) NGP's 49.9% share of adjusted EBITDA from the Delaware Basin JV, (ii) Marathon's 50% share of adjusted EBITDA from the Ascension JV.
6) Excludes capital expenditures that are contributed by other entities and relate to the non-controlling interest share of our consolidated entities.
7) Represents the cash distributions earned by the ENLK Series B Preferred Units and ENLK Series C Preferred Units. Cash distributions to be paid to holders of the ENLK Series B Preferred Units and ENLK Series C Preferred Units are not available to common unitholders.
September 2022 Investor Presentation
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