EnLink Midstream Reports Fourth Quarter and Full-Year 2017 Results, Reaffirms 2018 Guidance, and Provides Operational Update

DALLAS, Feb. 20, 2018 /PRNewswire/ -- The EnLink Midstream companies (EnLink), EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership or ENLK) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner or ENLC), today reported results for the fourth quarter and full-year 2017, and provided an operational update.

Highlights:

    --  Met or exceeded guidance metrics for fourth quarter and full-year 2017
        guidance
    --  Reaffirmed ENLC and ENLK 2018 financial and operational guidance
        released on February 6, 2018
    --  Achieved strong volume increases across core growth regions throughout
        2017, including Central Oklahoma, the Delaware Basin, the Midland Basin
        and the Louisiana Gulf Coast
    --  Completed construction and placed into service strategic development
        projects during 2017, including:
        --  Chisholm II and III facilities in Central Oklahoma
        --  Lobo II expansion in the Delaware Basin
        --  Greater Chickadee crude oil gathering system in the Midland Basin
        --  Ascension Pipeline in southeast Louisiana
    --  Resumed distribution growth at ENLC beginning with fourth quarter 2017
        declared distribution; announced expectation for distribution growth of
        approximately five percent in declared distributions for full-year 2018
        over full-year 2017

"Our fourth quarter performance caps off a very strong year for EnLink," said Michael J. Garberding, EnLink President and Chief Executive Officer. "Our team executed tremendously well throughout 2017, resulting in extensions of our footprint, further integration of our systems, improvements in our strong balance sheet position, and solid growth in cash flows. Our performance in 2017 sets the stage for a strong 2018.

"The industry has been through three years of a downturn, and EnLink's strategic actions have positioned us for continued growth. We're in the right places with the right partners, and we are executing the right plan, all of which will drive strong results for 2018 and beyond."

EnLink Midstream Partners, LP: Fourth Quarter and Full-Year 2017 Financial Results

    --  The Partnership reported net income attributable to ENLK of $75.7
        million for the fourth quarter of 2017, and $148.9 million for the
        full-year 2017.  Net income includes a $24.9 million tax benefit
        recorded as a result of the recently enacted tax reform law known as the
        Tax Cuts and Jobs Act.  Comparatively, the Partnership reported a net
        loss attributable to ENLK of $28.6 million for the fourth quarter of
        2016, and $565.2 million for the full-year 2016.  The full-year 2016 net
        loss was primarily due to a non-cash expense of $566.3 million related
        to impairments.
    --  The Partnership achieved $238.7 million of adjusted EBITDA net to ENLK
        for the fourth quarter of 2017, and achieved $872.8 million for the
        full-year 2017.  Comparatively, the Partnership achieved $194.7 million
        of adjusted EBITDA net to ENLK for the fourth quarter of 2016 and $774.6
        million for the full-year 2016.  Adjusted EBITDA is a non-GAAP measure
        and is explained in greater detail under "Non-GAAP Financial
        Information."
    --  The Partnership achieved net cash provided by operating activities of
        $173.5 million for the fourth quarter 2017, and $706.5 million for the
        full-year 2017.  Comparatively, the Partnership achieved net cash
        provided by operating activities of $153.4 million for the fourth
        quarter of 2016, and $662.6 million for the full-year 2016.
    --  Distributable cash flow was $163.7 million for the fourth quarter of
        2017 and $621.1 million for the full-year 2017.  Comparatively,
        distributable cash flow was $146.3 million for the fourth quarter of
        2016 and $607.1 million for the full-year 2016.  Distributable cash flow
        is a non-GAAP measure and is explained in greater detail under "Non-GAAP
        Financial Information."
    --  Distribution coverage was 1.07x for the fourth quarter of 2017, and
        1.02x for the full-year 2017.
    --  Debt to adjusted EBITDA as of December 31, 2017 was 3.58x, compared to
        3.70x as of December 31, 2016.
    --  Growth capital expenditures net to ENLK for the full-year 2017 were
        approximately $610 million (excluding capitalized interest), in-line
        with the 2017 guidance range of $505 million to $645 million.
    --  As of February 14, 2018, there were 350,022,931 ENLK common units
        outstanding.

EnLink Midstream, LLC: Fourth Quarter and Full-Year 2017 Financial Results

    --  The General Partner reported net income attributable to ENLC of $202.6
        million for the fourth quarter of 2017 and $212.8 million for full-year
        2017.  Net income includes a $210.6 million tax benefit recorded as a
        result of the Tax Cuts and Jobs Act.  Comparatively, the General Partner
        reported a net loss attributable to ENLC of $3.9 million for the fourth
        quarter of 2016 and a 2016 full-year net loss of $460.0 million. As
        noted above, the net losses were primarily due to non-cash expenses
        related to impairments.
    --  The General Partner's cash available for distribution was $58.1 million
        for the fourth quarter of 2017, and $216.5 million for the full-year
        2017.  Comparatively, the General Partner's cash available for
        distribution was $52.4 million for the fourth quarter of 2016, and
        $201.7 million for the full-year 2016.  Cash available for distribution
        is a non-GAAP measure and is explained in greater detail under "Non-GAAP
        Financial Information."
    --  Distribution coverage was 1.23x for the fourth quarter of 2017, and
        1.16x for full-year 2017.
    --  Growth capital expenditures net to ENLC for full-year 2017 were
        approximately $65 million (excluding capitalized interest), in-line with
        the 2017 guidance range of $60 million to $70 million.
    --  As of February 14, 2018, there were 180,883,369 ENLC common units
        outstanding.

Operational Update:

    --  Oklahoma:
        --  EnLink's Oklahoma segment achieved growth of more than 40 percent in
            segment profit and average processing volumes for full-year 2017 as
            compared to full-year 2016, and average gas gathering and
            transmission volumes increased by approximately 30 percent. EnLink's
            Oklahoma segment is expected to achieve approximately 50 percent
            growth in both average volumes and segment profit for full-year
            2018, as compared to full-year 2017.
        --  EnLink increased gas processing capacity at its Chisholm complex in
            Central Oklahoma by 400 million cubic feet per day (MMcf/d) during
            2017. With these completed expansions, EnLink now operates 1 billion
            cubic feet per day (Bcf/d) of processing capacity in Central
            Oklahoma, and remains one of the largest full-service midstream
            providers in the STACK.  EnLink's previously announced plans to
            construct the Thunderbird plant, will add 200 MMcf/d of processing
            capacity in Central Oklahoma.  The Thunderbird facility is expected
            to be operational during the first quarter of 2019.
        --  The construction of EnLink's previously announced Black Coyote crude
            oil gathering system is progressing well, and is expected to be
            completed during the first quarter of 2018.  Once the Black Coyote
            system is operational, EnLink will generate revenue by serving the
            full range of products produced by Devon Energy's multi-zone
            large-scale developments, including natural gas, natural gas liquids
            (NGL) and crude oil.
    --  Midland Basin:
        --  EnLink's Midland Basin natural gas system, achieved 15 percent
            growth in average volumes for the full-year 2017, as compared to
            full-year 2016. EnLink expects additional volume growth on its
            system, as producer customers are expected to bring large scale
            developments on-line during 2018, resulting in average volume growth
            of around 40 percent for full-year 2018 as compared to full-year
            2017. EnLink expects to achieve around 80 percent processing
            capacity utilization of its processing capacity by the end of 2018.
        --  EnLink also placed into full service the Greater Chickadee crude oil
            gathering system during 2017.  Volumes on the system increased
            steadily throughout 2017, and EnLink expects to achieve continued
            growth on the system throughout 2018.
    --  Delaware Basin:
        --  EnLink's Delaware Basin Joint Venture (JV) achieved significant
            volume growth during 2017, with full-year 2017 average gas gathering
            and processing volumes increasing by approximately 300 percent as
            compared to the full-year 2016 average. EnLink expects to achieve
            continued volume growth throughout 2018, with average volumes
            expected to increase by approximately 150 percent for full-year 2018
            as compared to the full-year 2017 average.
        --  To support continued volume growth across the Delaware Basin
            footprint, the Delaware Basin JV expanded its Lobo II facility by 60
            MMcf/d during 2017, and plans to further expand the facility by 15
            MMcf/d in 2018. Additionally, EnLink previously announced the
            construction of Lobo III, a new 200 MMcf/d expansion expected to be
            fully operational around year-end 2018. Today, EnLink's Delaware
            Basin JV operates a total of 155 MMcf/d of processing capacity, with
            370 MMcf/d of processing capacity expected to be operational around
            the end of 2018.
    --  Louisiana:
        --  NGL fractionation volumes experienced 10 percent growth on average
            for the full-year 2017 as compared to full-year 2016.  EnLink
            expects throughput on its Cajun-Sibon pipeline to reach full
            capacity during 2018, largely driven by the completion of the
            Chisholm II and III expansions during 2017.  NGLs produced from
            EnLink's Chisholm complex are preferentially shipped to EnLink's
            Gulf Coast operations for further transportation, fractionation and
            downstream value creation.
        --  Record gas gathering and transmission volumes of over 2 Bcf/d were
            achieved on EnLink's Louisiana gas system during the second half of
            2017, as demand across the footprint remained robust and EnLink
            continued to enhance operational capacity and capture new business.
    --  Barnett Shale:
        --  Producer customers have become increasingly active in the Barnett
            Shale, with one to two rigs expected to be operating on EnLink's
            dedicated acreage throughout 2018.  Redevelopment activity, new well
            drilling, and pressure optimization initiatives are projected to
            reduce annual volume decline for 2018, as compared to 2017.
        --  EnLink's key producer customer in the Barnett Shale, Devon recently
            announced results related to its 6-well drilling pilot that
            leveraged an improved completion design.  Initial 30-day production
            rates from this 6-well pilot program attained per-well rates as high
            as 6.5 million cubic feet equivalent per day, with capital costs of
            approximately $3 million per well.  Devon also announced its 2018
            capital outlook, and plans to allocate $50 million to Barnett
            operations during 2018.
        --  Additionally, Devon provided an update regarding its intent to
            divest select portions of its Barnett Shale position, with a focus
            on Johnson County and surrounding areas. EnLink holds acreage
            dedication rights related to Devon's East Johnson County operations,
            with current midstream services provided in this area representing
            approximately seven percent of EnLink's total North Texas gross
            operating margin for both 2017 and 2018.  Devon announced that it is
            currently in advanced negotiations with a preferred buyer, and a
            sale announcement is expected by March 31, 2018.

Fourth Quarter and Full-Year 2017 Results Call Details

The General Partner and the Partnership will hold a conference call to discuss fourth quarter and full-year 2017 financial results on Wednesday, February 21, 2018, at 9 a.m. Central Time (10 a.m. Eastern Time). The dial-in number for the call is 1-855-656-0924. Callers outside the United States should dial 1-412-542-4172. Participants can also preregister for the conference call by navigating to http://dpregister.com/10115154 where they will receive dial-in information upon completion of preregistration. Interested parties can access an archived replay of the call on the Investors' page of EnLink's website at www.EnLink.com.

About the EnLink Midstream Companies

EnLink provides integrated midstream services across natural gas, crude oil, condensate, and NGL commodities. EnLink operates in several top U.S. basins and is strategically focused on the core growth areas of the Permian's Midland and Delaware basins, Oklahoma's Midcontinent, and Louisiana's Gulf Coast. Headquartered in Dallas, EnLink is publicly traded through EnLink Midstream, LLC (NYSE: ENLC), the General Partner, and EnLink Midstream Partners, LP (NYSE: ENLK), the Master Limited Partnership. Visitwww.EnLink.com for more information on how EnLink connects energy to life.

Non-GAAP Financial Information
This press release contains non-generally accepted accounting principles ("GAAP") financial measures that we refer to as adjusted EBITDA, distributable cash flow available to common unitholders ("distributable cash flow"), gross operating margin, and the General Partner's cash available for distribution.

We define adjusted EBITDA as net income (loss) plus interest expense, provision (benefit) for income taxes, depreciation and amortization expense, impairments, unit-based compensation, (gain) loss on non-cash derivatives, (gain) loss on disposition of assets, (gain) loss on extinguishment of debt, successful acquisition transaction costs, accretion expense associated with asset retirement obligations, reimbursed employee costs, non-cash rent and distributions from unconsolidated affiliate investments, less payments under onerous performance obligations, non-controlling interest and (income) loss from unconsolidated affiliate investments.

We define distributable cash flow as adjusted EBITDA (as defined above), net to the Partnership, less interest expense (excluding amortization of the EnLink Oklahoma Gas Processing LP (together with its subsidiaries, "EnLink Oklahoma T.O.") acquisition installment payable discount), litigation settlement adjustment, adjustments for the redeemable non-controlling interest, interest rate swaps, current income taxes and other non-distributable cash flows, accrued cash distributions on Series B Cumulative Convertible Preferred Units (the "Series B Preferred Units") and Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the "Series C Preferred Units") paid or expected to be paid, and maintenance capital expenditures, excluding maintenance capital expenditures that were contributed by other entities and relate to the non-controlling interest share of our consolidated entities.

We define gross operating margin as revenues less cost of sales.

The General Partner's cash available for distribution is defined as net income (loss) of the General Partner less the net income (loss) attributable to the Partnership, which is consolidated into the General Partner's net income (loss), plus the General Partner's (i) share of distributions from the Partnership, (ii) share of EnLink Oklahoma T.O. non-cash expenses, (iii) deferred income tax (benefit) expense, (iv) corporate goodwill impairment, (v) acquisition transaction costs attributable to its share of the EnLink Oklahoma T.O. acquisition, less the General Partner's interest in maintenance capital expenditures of EnLink Oklahoma T.O. and less third-party non-controlling interest share of net income (loss) from consolidated affiliates.

The Partnership's distribution coverage is calculated by dividing distributable cash flow by distributions declared to the General Partner and the common unitholders. The General Partner's distribution coverage is calculated by dividing cash available for distribution by distributions declared by the General Partner.

Growth capital expenditures generally include capital expenditures made for acquisitions or capital improvements that we expect will increase our asset base, operating income or operating capacity over the long-term.

Maintenance capital expenditures generally include 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.

Segment profit (loss) is defined as operating income (loss) plus general and administrative expenses, depreciation and amortization, (gain) loss on disposition of assets, impairments and (gain) loss on litigation settlement. Segment profit (loss) includes non-cash compensation expenses reflected in operating expenses. See "Item 1. Financial Statements- Note 14 Segment Information" in ENLK's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 and, when available, "Item 1. Financial Statements- Note 15 Segment Information" in ENLK's Annual Report on Form 10-K for the year ended December 31, 2017, for further information about segment profit (loss).

The Partnership and General Partner believe these measures are useful to investors because they may provide users of this financial information with meaningful comparisons between current results and previously reported results and a meaningful measure of the Partnership's and the General Partner's cash flow after satisfaction of the capital and related requirements of their respective operations. In addition, adjusted EBITDA achievement is a primary metric used in the Partnership's credit facility and short-term incentive program for compensating its employees.

Gross operating margin, adjusted EBITDA, distributable cash flow and cash available for distribution, 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 the Partnership's and the General Partner's performance. Furthermore, they should not be seen as a substitute for metrics prepared in accordance with GAAP. Reconciliations of these measures to their most directly comparable GAAP measures for the periods that are presented in this press release are included in the following tables. See ENLK's and ENLC's filings with the Securities and Exchange Commission for more information.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Although these statements reflect the current views, assumptions and expectations of our management, the matters addressed herein involve certain assumptions, risks and uncertainties that could cause actual activities, performance, outcomes and results to differ materially from those indicated. Therefore, you should not rely on any of these forward-looking statements. All statements, other than statements of historical fact, included in this press release constitute forward-looking statements, including but not limited to statements identified by the words "forecast," "may," "believe," "will," "should," "plan," "predict," "anticipate," "intend," "estimate" and "expect" and similar expressions. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, when additional capacity will be operational, operational results of our customers, results in certain basins, future rig count information, objectives, project timing, expectations and intentions and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect our financial condition, results of operations and cash flows include, without limitation,(a) the dependence on Devon for a substantial portion of the natural gas that we gather, process and transport, (b) developments that materially and adversely affect Devon or our other customers, (c) adverse developments in the midstream business may reduce our ability to make distributions, (d) our vulnerability to having a significant portion of our operations concentrated in the Barnett Shale, (e) the amount of hydrocarbons transported in our gathering and transmission lines and the level of our processing and fractionation operations, (f) impairments to goodwill, long-lived assets and equity method investments, (g) our ability to balance our purchases and sales, (h) fluctuations in oil, natural gas and NGL prices, (i) construction risks in our major development projects, (j) conducting certain of our operations through joint ventures, (k) reductions in our credit ratings, (l) our debt levels and restrictions contained in our debt documents, (m) our ability to consummate future acquisitions, successfully integrate any acquired businesses, realize any cost savings and other synergies from any acquisition, (n) changes in the availability and cost of capital, (o) competitive conditions in our industry and their impact on our ability to connect hydrocarbon supplies to our assets, (p) operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control, (q) a failure in our computing systems or a cyber-attack on our systems, and (r) the effects of existing and future laws and governmental regulations, including environmental and climate change requirements and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in EnLink Midstream Partners, LP's and EnLink Midstream, LLC's filings with the Securities and Exchange Commission, including EnLink Midstream Partners, LP's and EnLink Midstream, LLC's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Neither EnLink Midstream Partners, LP nor EnLink Midstream, LLC assumes any obligation to update any forward-looking statements.

The assumptions and estimates underlying the forecasted financial information included in the guidance information in this press release are inherently uncertain and, though considered reasonable by the EnLink Midstream management team as of the date of its preparation, are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the forecasted financial information. Accordingly, there can be no assurance that the forecasted results are indicative of EnLink Midstream's future performance or that actual results will not differ materially from those presented in the forecasted financial information. Inclusion of the forecasted financial information in this press release should not be regarded as a representation by any person that the results contained in the forecasted financial information will be achieved.


                                                                                 EnLink Midstream Partners, LP

                                                                                    Selected Financial Data

                                                                       (All amounts in millions except per unit amounts)


                                                  Three Months Ended                               Year Ended
                                                     December 31,                                 December 31,

                                                2017                 2016                      2017                     2016
                                                ----                 ----                      ----                     ----

                                                    (Unaudited)

    Total revenues                                      $1,756.2                                      $1,224.9                    $5,739.6        $4,252.4

    Cost of sales                            1,373.6                            908.7                               4,361.5         3,015.5
                                             -------                            -----                               -------         -------

    Gross operating margin                     382.6                            316.2                               1,378.1         1,236.9

    Operating costs and expenses:

    Operating expenses                         109.9                            102.2                                 418.7           398.5

    General and
     administrative                             28.9                             28.7                                 123.5           119.3

    (Gain) loss on
     disposition of assets                     (0.8)                            16.1                                     -           13.2

    Depreciation and
     amortization                              138.2                            130.9                                 545.3           503.9

    Impairments                                  8.3                                -                                 17.1           566.3

    Gain on litigation
     settlement                                    -                               -                               (26.0)              -
                                                 ---                             ---                                -----             ---

    Total operating costs
     and expenses,
     excluding cost of
     sales                                     284.5                            277.9                               1,078.6         1,601.2
                                               -----                            -----                               -------         -------

    Operating income (loss)                     98.1                             38.3                                 299.5         (364.3)

    Other income (expense):

    Interest expense, net
     of interest income                       (47.4)                          (50.2)                              (187.9)        (188.1)

    Gain on extinguishment
     of debt                                       -                               -                                  9.0               -

    Income (loss) from
     unconsolidated
     affiliates                                  4.6                           (19.4)                                  9.6          (19.9)

    Other income                                 0.1                              0.2                                   0.6             0.3
                                                 ---                              ---                                   ---             ---

    Total other expense                       (42.7)                          (69.4)                              (168.7)        (207.7)
                                               -----                            -----                                ------          ------

    Income (loss) before
     non-controlling
     interest and income
     taxes                                      55.4                           (31.1)                                130.8         (572.0)

    Income tax benefit
     (provision)                                24.7                                -                                 24.0           (1.3)
                                                ----                              ---

    Net income (loss)                           80.1                           (31.1)                                154.8         (573.3)

    Net income (loss)
     attributable to non-
     controlling interest                        4.4                            (2.5)                                  5.9           (8.1)
                                                 ---                             ----                                   ---            ----

    Net income (loss)
     attributable to EnLink
     Midstream Partners, LP                                $75.7                                       $(28.6)                     $148.9        $(565.2)
                                                           =====                                        ======                      ======         =======

    General partner
     interest in net income                                $11.0                                         $10.7                       $38.3           $39.5
                                                           =====                                         =====                       =====           =====

    Limited partners'
     interest in net income
     (loss) attributable to
     EnLink Midstream
     Partners, LP                                          $36.3                                       $(60.0)                      $17.9        $(662.1)
                                                           =====                                                                    =====         =======

    Class C partners'
     interest in net loss
     attributable to EnLink
     Midstream Partners, LP                        $           -                                $           -                  $       -        $(12.5)
                                                 ===         ===                              ===         ===                ===     ===         ======

    Series B preferred
     interest in net income
     attributable to EnLink
     Midstream Partners, LP                                $22.4                                         $20.7                       $86.0           $69.9
                                                           =====                                         =====                       =====           =====

    Series C preferred
     interest in net income
     attributable to EnLink
     Midstream Partners, LP                                 $6.0                                 $           -                       $6.7     $         -
                                                            ====                               ===         ===                       ====   ===       ===

    Net income (loss) attributable to EnLink
     Midstream Partners, LP per limited
     partners' unit:

    Basic common unit                                      $0.10                                       $(0.18)                      $0.05         $(1.99)
                                                           =====                                        ======                       =====          ======

    Diluted common unit                                    $0.10                                       $(0.18)                      $0.05         $(1.99)
                                                           =====                                        ======                       =====          ======


                                                                EnLink Midstream Partners, LP

                                                 Reconciliation of Net Income (Loss) to Adjusted EBITDA and

                                                  Distributable Cash Flow and Calculation of Coverage Ratio

                                                (All amounts in millions except ratios and per unit amounts)

                                                                         (Unaudited)


                             Three Months Ended                             Year Ended
                                December 31,                               December 31,

                              2017                   2016                      2017                   2016
                              ----                   ----                      ----                   ----

    Net income (loss)                  $80.1                                         $(31.1)                   $154.8   $(573.3)

    Interest expense, net
     of interest income       47.4                               50.2                               187.9         188.1

    Depreciation and
     amortization            138.2                              130.9                               545.3         503.9

    Impairments                8.3                                  -                               17.1         566.3

    (Income) loss from
     unconsolidated
     affiliate investments
     (1)                    (4.6)                              19.4                               (9.6)         19.9

    Distributions from
     unconsolidated
     affiliate investments
     (2)                      2.1                                5.5                                13.5          25.0

    (Gain) loss on
     disposition of assets   (0.8)                              16.1                                   -         13.2

    Gain on extinguishment
     of debt                     -                                 -                              (9.0)            -

    Unit-based
     compensation              9.1                                7.5                                47.8          30.0

    Income tax provision
     (benefit)              (24.7)                                 -                             (24.0)          1.3

    (Gain) loss on non-
     cash derivatives        (0.9)                               4.2                               (4.7)         20.1

    Payments under onerous
     performance
     obligation offset to
     other current and
     long-term
     liabilities             (4.4)                             (4.4)                             (17.9)       (17.9)

    Other (3)                  1.1                              (0.9)                                4.6           6.9
                               ---                               ----                                 ---           ---

    Adjusted EBITDA before
     non-controlling
     interest                         $250.9                                          $197.4                    $905.8     $783.5

    Non-controlling
     interest share of
     adjusted EBITDA (4)    (12.2)                             (2.7)                             (33.0)        (8.9)
                             -----                               ----                               -----          ----

    Adjusted EBITDA, net
     to EnLink Midstream
     Partners, LP                     $238.7                                          $194.7                    $872.8     $774.6
                                      ------                                          ------                    ------     ------

    Interest expense, net
     of interest income     (47.4)                            (50.2)                            (187.9)      (188.1)

    Amortization of EnLink
     Oklahoma T.O.
     installment payable
     discount included in
     interest expense (5)      6.5                               13.3                                26.4          52.3

    Litigation settlement
     adjustment (6)              -                                 -                             (18.1)            -

    Non-cash adjustment
     for redeemable non-
     controlling interest        -                                 -                                  -          0.3

    Interest rate swap (7)       -                                 -                                  -          0.4

    Current taxes and
     other                   (1.6)                             (0.3)                              (2.5)        (1.9)

    Maintenance capital
     expenditures, net to
     EnLink Midstream
     Partners, LP (8)       (10.4)                            (11.2)                             (30.9)       (30.5)

    Preferred unit accrued
     cash distributions
     (9)                   (22.1)                                 -                             (38.7)            -

    Distributable cash
     flow                             $163.7                                          $146.3                    $621.1     $607.1
                                      ======                                          ======                    ======     ======


    Actual declared
     distribution to
     common unitholders               $152.4                                          $149.8                    $607.9     $587.5

    Distribution Coverage    1.07x                             0.98x                              1.02x        1.03x

    Distributions declared
     per limited partner
     unit                              $0.39                                           $0.39                     $1.56      $1.56


    (1)              Includes a loss of $3.4 million
                     for the year ended December 31,
                     2017 and $20.1 million for the
                     three months and year ended
                     December 31, 2016 related to the
                     sale of our HEP interests.


    (2)              Distributions for the year ended
                     December 31, 2016 do not include
                     $32.7 million of distributions
                     received from HEP during the
                     third quarter of 2016
                     attributable to the redemption of
                     preferred units. The preferred
                     units were issued to us by HEP
                     during the second and third
                     quarters of 2016 for
                     contributions of $29.5 million
                     and $3.2 million, respectively.


    (3)              Includes accretion expense
                     associated with asset retirement
                     obligations; reimbursed employee
                     costs from Devon and LPC Crude
                     Oil Marketing LLC ("LPC");
                     successful acquisition
                     transaction costs, which we do
                     not consider in determining
                     adjusted EBITDA because operating
                     cash flows are not used to fund
                     such costs; and non-cash rent,
                     which relates to lease incentives
                     pro-rated over the lease term.


    (4)              Non-controlling interest share of
                     adjusted EBITDA includes ENLC's
                     16.1% share of adjusted EBITDA
                     from EnLink Oklahoma T.O., which
                     was acquired in January 2016, NGP
                     Natural Resources XI, L.P.'s
                     ("NGP") 49.9% share of adjusted
                     EBITDA from the Delaware Basin
                     JV, which was formed in August
                     2016, Marathon Petroleum's 50%
                     share of adjusted EBITDA from the
                     Ascension JV, which began
                     operations in April 2017, and
                     other minor non-controlling
                     interests.


    (5)              Amortization of the EnLink
                     Oklahoma T.O. installment payable
                     discount is considered non-cash
                     interest under our credit
                     facility since the payment under
                     the payable is consideration for
                     the acquisition of the EnLink
                     Oklahoma T.O. assets.


    (6)              Represents recoveries from
                     litigation settlement for amounts
                     not previously deducted from
                     distributable cash flow.


    (7)              During 2016, we entered into an
                     interest rate swap arrangement to
                     mitigate our exposure to interest
                     rate movements prior to our note
                     issuance. The gain on settlement
                     of the interest rate swaps was
                     considered excess proceeds for
                     the note issuance and is
                     therefore excluded from
                     distributable cash flow.


    (8)              Excludes maintenance capital
                     expenditures that were
                     contributed by other entities and
                     relate to the non-controlling
                     interest share of our
                     consolidated entities.


    (9)              Represents the cash distributions
                     earned by the Series B Preferred
                     Units of $16.1 million and $32.0
                     million for the three months and
                     year ended December 31, 2017,
                     respectively, and $6.0 million
                     and $6.7 million earned by the
                     Series C Preferred Units for the
                     three months and year ended
                     December 31, 2017, respectively.
                     Cash distributions to be paid to
                     holders of the Series B Preferred
                     Units and Series C Preferred
                     Units are not available to common
                     unitholders.


                                                                           EnLink Midstream Partners, LP

                                                   Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA

                                                                            and Distributable Cash Flow

                                                                             (All amounts in millions)

                                                                                    (Unaudited)


                                         Three Months Ended                             Year Ended
                                            December 31,                               December 31,

                                          2017                   2016                      2017                   2016
                                          ----                   ----                      ----                   ----

    Net cash provided by
     operating activities                         $173.5                                          $153.4                             $706.5  $662.6

    Interest expense, net
     (1)                                 39.9                               36.6                               158.8                  135.3

    Current income tax
     expense                               1.7                                0.3                                 2.6                    1.9

    Distributions from
     unconsolidated
     affiliate investment
     in excess of earnings
     (2)                                (7.1)                               3.0                                 0.2                   21.9

    Other (3)                              2.3                              (2.2)                                6.3                    4.2

    Changes in operating assets and
     liabilities which (provided) used
     cash:

    Accounts receivable,
     accrued revenues,
     inventories and other               107.7                               93.5                               213.2                  107.7

    Accounts payable,
     accrued gas and crude
     oil purchases and
     other (4)                          (67.1)                            (87.2)                            (181.8)               (150.1)

    Adjusted EBITDA before
     non-controlling
     interest                                     $250.9                                          $197.4                             $905.8  $783.5

    Non-controlling
     interest share of
     adjusted EBITDA (5)                (12.2)                             (2.7)                             (33.0)                 (8.9)

    Adjusted EBITDA, net
     to EnLink Midstream
     Partners, LP                                 $238.7                                          $194.7                             $872.8  $774.6
                                                  ------                                          ------                             ------  ------

    Interest expense, net
     of interest income                 (47.4)                            (50.2)                            (187.9)               (188.1)

    Amortization of EnLink
     Oklahoma T.O.
     installment payable
     discount included in
     interest expense (6)                  6.5                               13.3                                26.4                   52.3

    Litigation settlement
     adjustment (7)                          -                                 -                             (18.1)                     -

    Non-cash adjustment
     for redeemable non-
     controlling interest                    -                                 -                                  -                   0.3

    Interest rate swap (8)                   -                                 -                                  -                   0.4

    Current taxes and
     other                               (1.6)                             (0.3)                              (2.5)                 (1.9)

    Maintenance capital
     expenditures, net to
     EnLink Midstream
     Partners, LP (9)                   (10.4)                            (11.2)                             (30.9)                (30.5)

    Preferred unit accrued
     cash distributions
     (10)                              (22.1)                                 -                             (38.7)                     -

    Distributable cash
     flow                                         $163.7                                          $146.3                             $621.1  $607.1
                                                  ======                                          ======                             ======  ======


    (1)                 Net of amortization of debt issuance
                        costs, discount and premium, and
                        valuation adjustment for redeemable
                        non-controlling interest included
                        in interest expense but not included
                        in net cash provided by operating
                        activities.


    (2)                 Distributions for the year ended
                        December 31, 2016 do not include
                        $32.7 million of distributions
                        received from HEP during the third
                        quarter of 2016 attributable to the
                        redemption of preferred units. The
                        preferred units were issued to us by
                        HEP during the second and third
                        quarters of 2016 for contributions
                        of $29.5 million and $3.2 million,
                        respectively.


    (3)                 Includes successful acquisition
                        transaction costs, which we do not
                        consider in determining adjusted
                        EBITDA because operating cash flows
                        are not used to fund such costs,
                        non-cash rent, which relates to
                        lease incentives pro-rated over the
                        lease term, gains and losses on
                        settled interest rate swaps
                        designated as hedges related to debt
                        issuances, which are recorded in
                        other comprehensive income (loss),
                        and reimbursed employee costs from
                        Devon and LPC, which are costs
                        reimbursed to us by previous
                        employers pursuant to acquisition or
                        merger.


    (4)                 Net of payments under onerous
                        performance obligation offset to
                        other current and long-term
                        liabilities.


    (5)                 Non-controlling interest share of
                        adjusted EBITDA includes ENLC's
                        16.1% share of adjusted EBITDA from
                        EnLink Oklahoma T.O., which was
                        acquired in January 2016, NGP's
                        49.9% share of adjusted EBITDA from
                        the Delaware Basin JV, which was
                        formed in August 2016, Marathon
                        Petroleum's 50% share of adjusted
                        EBITDA from the Ascension JV, which
                        began operations in April 2017, and
                        other minor non-controlling
                        interests.


    (6)                 Amortization of the EnLink Oklahoma
                        T.O. installment payable discount is
                        considered non-cash interest under
                        our credit facility since the
                        payment under the payable is
                        consideration for the acquisition of
                        the EnLink Oklahoma T.O. assets.


    (7)                 Represents recoveries from litigation
                        settlement for amounts not
                        previously deducted from
                        distributable cash flow.


    (8)                 During 2016, we entered into an
                        interest rate swap arrangement to
                        mitigate our exposure to interest
                        rate movements prior to our note
                        issuance. The gain on settlement of
                        the interest rate swaps was
                        considered excess proceeds for the
                        note issuance and is therefore
                        excluded from distributable cash
                        flow.


    (9)                 Excludes maintenance capital
                        expenditures that were contributed
                        by other entities and relate to the
                        non-controlling interest share of
                        our consolidated entities.


    (10)                Represents the cash distributions
                        earned by the Series B Preferred
                        Units of $16.1 million and $32.0
                        million for the three months and
                        year ended December 31, 2017,
                        respectively, and $6.0 million and
                        $6.7 million earned by the Series C
                        Preferred Units for the three months
                        and year ended December 31, 2017,
                        respectively. Cash distributions to
                        be paid to holders of the Series B
                        Preferred Units and Series C
                        Preferred Units are not available to
                        common unitholders.


                                        EnLink Midstream Partners, LP

                                                Operating Data

                                                 (Unaudited)


                              Three Months Ended                           Year Ended
                                 December 31,                             December 31,

                              2017                 2016               2017                   2016
                              ----                 ----               ----                   ----

    Midstream Volumes:

    Texas

    Gathering and
     Transportation
     (MMBtu/d) (1)       2,254,100                         2,518,100                   2,262,900  2,622,600

    Processing (MMBtu/d) 1,201,100                         1,128,200                   1,184,400  1,173,100

    Louisiana

    Gathering and
     Transportation
     (MMBtu/d)           2,101,200                         1,897,600                   1,995,800  1,676,600

    Processing (MMBtu/d)   455,700                           472,100                     453,300    490,300

    NGL Fractionation
     (Gals/d)            6,200,500                         5,204,300                   5,772,800  5,197,100

    Oklahoma

    Gathering and
     Transportation
     (MMBtu/d)             953,600                           644,200                     829,300    626,300

    Processing (MMBtu/d)   978,700                           584,100                     810,300    574,900

    Crude and Condensate

    Crude Oil Handling
     (Bbls/d)              119,200                            81,200                     108,200     94,000

    Brine Disposal
     (Bbls/d)                2,900                             3,800                       4,200      3,600


    (1)              Gathering and transportation
                     volumes in Texas for the three
                     months and year ended December
                     31, 2016 included 232,000 and
                     257,000 MMBtu/d, respectively,
                     related to the North Texas
                     Pipeline, which was divested in
                     the fourth quarter of 2016.


                                                                                   EnLink Midstream, LLC

                                                                                  Selected Financial Data

                                                                     (All amounts in millions except per unit amounts)


                                                  Three Months Ended                                  Year Ended
                                                     December 31,                                    December 31,

                                                2017                    2016                      2017                     2016
                                                ----                    ----                      ----                     ----

                                                    (Unaudited)

    Total revenues                                      $1,756.2                                         $1,224.9                $5,739.6   $4,252.4

    Cost of sales                            1,373.6                               908.7                               4,361.5     3,015.5
                                             -------                               -----                               -------     -------

    Gross operating margin                     382.6                               316.2                               1,378.1     1,236.9

    Operating costs and expenses:

    Operating expenses                         109.9                               102.2                                 418.7       398.5

    General and administrative                  30.1                                27.8                                 128.6       122.5

    (Gain) loss on disposition of
     assets                                    (0.8)                               16.1                                     -       13.2

    Depreciation and amortization              138.2                               130.9                                 545.3       503.9

    Impairments                                  8.3                                   -                                 17.1       873.3

    Gain on litigation settlement                  -                                  -                               (26.0)          -
                                                 ---                                ---                                -----         ---

     Total operating costs and
      expenses, excluding cost of
      sales                                    285.7                               277.0                               1,083.7     1,911.4
                                               -----                               -----                               -------     -------

    Operating income (loss)                     96.9                                39.2                                 294.4     (674.5)

    Other income (expense):

    Interest expense, net of
     interest income                          (48.2)                             (50.6)                              (190.4)    (189.5)

    Gain on extinguishment of debt                 -                                  -                                  9.0           -

    Income (loss) from
     unconsolidated affiliates                   4.6                              (19.4)                                  9.6      (19.9)

    Other income                                 0.1                                 0.2                                   0.6         0.3
                                                 ---                                 ---                                   ---         ---

    Total other expense                       (43.5)                             (69.8)                              (171.2)    (209.1)
                                               -----                               -----                                ------      ------

    Income (loss) before non-
     controlling interest and income
     taxes                                      53.4                              (30.6)                                123.2     (883.6)

    Income tax benefit (provision)             206.1                                 1.4                                 196.8       (4.6)
                                               -----                                 ---                                 -----        ----

    Net income (loss)                          259.5                              (29.2)                                320.0     (888.2)

    Net income (loss) attributable
     to non-controlling interest                56.9                              (25.3)                                107.2     (428.2)
                                                ----                               -----                                 -----      ------

    Net income (loss) attributable
     to EnLink Midstream, LLC                             $202.6                                           $(3.9)                 $212.8   $(460.0)
                                                          ======                                            =====                  ======    =======

    Net income (loss) attributable to EnLink
     Midstream, LLC per unit:

    Basic common unit                                      $1.12                                          $(0.02)                  $1.18    $(2.56)
                                                           =====                                           ======                   =====     ======

    Diluted common unit                                    $1.11                                          $(0.02)                  $1.17    $(2.56)
                                                           =====                                           ======                   =====     ======


                                                                         EnLink Midstream, LLC

                                                   Cash Available for Distribution and Calculation of Coverage Ratio

                                                      (All amounts in millions except ratios and per unit amounts)

                                                                              (Unaudited)


                                    Three Months Ended                                 Year Ended
                                     December 31,                               December 31,

                                   2017                   2016                      2017                   2016
                                   ----                   ----                      ----                   ----

    Distribution declared by ENLK
     associated with (1):

    General partner
     interest                                $0.6                                            $0.5                       $2.5      $2.1

    Incentive
     distribution rights           14.8                               14.4                                58.9           56.8

    ENLK common units
     owned                         34.5                               34.5                               138.1          138.1
                                   ----                               ----                               -----          -----

     Total share of ENLK
      distributions
      declared                              $49.9                                           $49.4                     $199.5    $197.0

    Adjusted EBITDA of
     EnLink Oklahoma
     T.O. (2)                       7.7                                3.1                                22.3            9.0

    Transaction costs
     (3)                             -                                 -                                  -           0.6
                                    ---                                                                  ---

     Total cash available                   $57.6                                           $52.5                     $221.8    $206.6
                                            -----                                           -----                     ------    ------

    Uses of cash:

    General and
     administrative
     expenses                     (1.1)                               1.0                               (4.8)         (2.8)

    Current income taxes
     (4)                           2.5                              (0.6)                                2.2          (0.6)

    Interest expense              (0.8)                             (0.4)                              (2.5)         (1.4)

    Maintenance capital
     expenditures (5)             (0.1)                             (0.1)                              (0.2)         (0.1)


     Total cash used                         $0.5                                          $(0.1)                    $(5.3)   $(4.9)

    ENLC cash available
     for distribution                       $58.1                                           $52.4                     $216.5    $201.7
                                            =====                                           =====                     ======    ======


    Actual declared
     distribution to
     common unitholders                     $47.1                                           $46.5                     $187.0    $185.9

    Distribution
     Coverage                     1.23x                             1.13x                              1.16x         1.09x

    Distributions
     declared per ENLC
     unit                                  $0.259                                          $0.255                     $1.024    $1.020


    (1)              Represents distributions paid on
                     February 13, 2018, November 13,
                     2017, August 11, 2017, May 12,
                     2017, February 13, 2017, November
                     11, 2016, August 11, 2016 and May
                     12, 2016.


    (2)              Represents ENLC's interest in
                     EnLink Oklahoma T.O. adjusted
                     EBITDA, which is disbursed to
                     ENLC by EnLink Oklahoma T.O. on a
                     monthly basis. EnLink Oklahoma
                     T.O. adjusted EBITDA is defined
                     as earnings before depreciation
                     and amortization and provision
                     for income taxes and includes
                     allocated expenses from ENLK.


    (3)              Represents acquisition transaction
                     costs attributable to ENLC's
                     16.1% interest in EnLink Oklahoma
                     T.O, which are considered growth
                     capital expenditures as part of
                     the cost of the assets acquired.


    (4)              Represents ENLC's stand-alone
                     current tax expense or benefit.


    (5)              Represents ENLC's interest in
                     EnLink Oklahoma T.O.'s
                     maintenance capital expenditures,
                     which is netted against the
                     monthly disbursement of EnLink
                     Oklahoma T.O.s' adjusted EBITDA
                     per (2) above.


                                                                 EnLink Midstream, LLC

                                  Reconciliation of Net Income (Loss) of ENLC to ENLC Cash Available for Distribution

                                                               (All amounts in millions)

                                                                      (Unaudited)


                          Three Months Ended                                 Year Ended
                           December 31,                               December 31,

                         2017                   2016                      2017                   2016
                         ----                   ----                      ----                   ----

    Net income (loss)
     of ENLC                     $259.5                                         $(29.2)                               $320.0   $(888.2)

    Less: Net income
     (loss)
     attributable to
     ENLK                75.7                             (28.6)                              148.9                   (565.2)
                         ----

    Net income (loss)
     of ENLC
     excluding ENLK              $183.8                                          $(0.6)                               $171.1   $(323.0)

    ENLC's share of
     distributions
     from ENLK (1)       49.9                               49.5                               199.5                     197.0

    ENLC's interest
     in EnLink
     Oklahoma T.O.'s
     non-cash
     expenses (2)         4.6                                3.9                                17.4                      14.3

    ENLC deferred
     income tax
     (benefit)
     expense (3)      (178.9)                             (1.9)                            (170.6)                      2.8

    ENLC corporate
     goodwill
     impairment             -                                 -                                  -                    307.0

    Non-controlling
     interest share
     of ENLK's net
     (income) loss
     (4)               (1.4)                               1.5                               (1.1)                      2.6

    Other items (5)       0.1                                  -                                0.2                       1.0
                          ---                                ---                                ---                       ---

    ENLC cash
     available for
     distribution                 $58.1                                           $52.4                                $216.5     $201.7
                                  =====                                           =====                                ======     ======


    (1)              Represents distributions paid on
                     February 13, 2018, November 13, 2017,
                     August 11, 2017, May 12, 2017, February
                     13, 2017, November 11, 2016, August 11,
                     2016 and May 12, 2016.


    (2)              Includes depreciation and amortization
                     and unit-based compensation expense
                     allocated to EnLink Oklahoma T.O. for
                     the year ended December 31, 2017, and
                     depreciation and amortization for the
                     year ended December 31, 2016.


    (3)              Represents ENLC's stand-alone deferred
                     taxes. The deferred income tax benefit
                     for the year ended December 31, 2017
                     included an adjustment to deferred
                     income tax expense of $185.7 million
                     related to a reduction in ENLC's
                     federal statutory rate from 35% to 21%.


    (4)              Represents NGP's 49.9% share of adjusted
                     EBITDA from the Delaware Basin JV,
                     which was formed in August 2016,
                     Marathon Petroleum's 50% share of
                     adjusted EBITDA from the Ascension JV,
                     which began operations in April 2017,
                     and other minor non-controlling
                     interests.


    (5)              Represents ENLC's interest in EnLink
                     Oklahoma T.O.'s maintenance capital
                     expenditures (which is netted against
                     the monthly disbursement of EnLink
                     Oklahoma T.O.'s adjusted EBITDA),
                     transaction costs attributable to
                     ENLC's share of the acquisition of
                     EnLink Oklahoma T.O. for the three
                     months and year ended December 31,
                     2016, and other non-cash items not
                     included in cash available for
                     distributions.


                                                                                           EnLink Midstream Partners, LP

                                                          Forward-Looking Reconciliation of Net Income to Adjusted EBITDA and Distributable Cash Flow (1)

                                                                                             (All amounts in millions)

                                                                                                    (Unaudited)


                                                                                                                            2018 Outlook

                                                                                                          Low                Midpoint                   High
                                                                                                          ---                --------                   ----

    Net income (2)                                                                                                    $255                                     $285           $315

    Interest expense, net of interest income                                                                 175                                179                     183

    Depreciation and amortization                                                                            554                                564                     574

    Income from unconsolidated affiliate investments                                                        (19)                              (20)                   (21)

    Distribution from unconsolidated affiliate investments                                                    16                                 17                      18

    Unit-based compensation                                                                                   42                                 37                      32

    Income taxes                                                                                               4                                  5                       6

    Payments under onerous performance obligation offset to other current and long-
     term liabilities                                                                                       (18)                              (18)                   (18)

    Adjusted EBITDA before non-controlling interest                                                                 $1,009                                   $1,049         $1,089

    Non-controlling interest share of adjusted EBITDA (3)                                                   (59)                              (64)                   (69)
                                                                                                             ---                                ---                     ---

    Adjusted EBITDA, net to EnLink Midstream Partners, LP                                                             $950                                     $985         $1,020
                                                                                                                      ----                                     ----         ------

    Interest expense, net of interest income                                                               (175)                             (179)                  (183)

    Preferred unit accrued cash distributions                                                               (89)                              (89)                   (89)

    Current taxes and other                                                                                  (1)                               (5)                    (8)

    Maintenance capital expenditures, net to EnLink Midstream Partners, LP                                  (55)                              (57)                   (60)
                                                                                                             ---                                ---                     ---

    Distributable cash flow                                                                                           $630                                     $655           $680
                                                                                                                      ====                                     ====           ====


    (1)              The forecasted net income guidance
                     for the year ended December 31,
                     2018 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, and the financial effects of
                     future acquisitions. The exclusion
                     of these items is due to the
                     uncertainty regarding the
                     occurrence, timing and/or amount
                     of these events.


                    EnLink Midstream does not provide a
                     reconciliation of forward-looking
                     Net Cash Provided by Operating
                     Activities to Adjusted EBITDA
                     because the companies are unable to
                     predict with reasonable certainty
                     changes in working capital, which
                     may impact cash provided or used
                     during the year.  Working capital
                     includes accounts receivable,
                     accounts payable and other current
                     assets and liabilities. These items
                     are uncertain and depend on various
                     factors outside the companies'
                     control.


    (2)              Net income includes estimated net
                     income attributable to ENLK's non-
                     controlling interest in ENLC's
                     16.1% share of net income from
                     EnLink Oklahoma T.O., NGP's 49.9%
                     share of net income from the
                     Delaware Basin JV and Marathon's
                     50% share of net income from the
                     Ascension JV.


    (3)              Non-controlling interest share of
                     adjusted EBITDA includes ENLC's
                     16.1% share of adjusted EBITDA from
                     EnLink Oklahoma T.O., NGP's 49.9%
                     share of adjusted EBITDA from the
                     Delaware Basin JV, Marathon
                     Petroleum's 50% share of adjusted
                     EBITDA from the Ascension JV and
                     other minor non-controlling
                     interests.


                                                                EnLink Midstream, LLC

                          Forward-Looking Reconciliation of Net Income of ENLC to ENLC Cash Available for Distribution (1)

                                                              (All amounts in millions)

                                                                     (Unaudited)


                                                                2018 Outlook

                                               Low               Midpoint                   High
                                               ---               --------                   ----

    Net income of ENLC
     (2)                                                 $233                                           $262               $291

    Less: Net income
     attributable to ENLK
     (3)                                       (225)                            (250)                             (275)
                                                 ----                              ----                               ----

    Net income of ENLC
     excluding ENLK                                         $8                                            $12                $16

    ENLC's share of
     distributions from
     ENLK (4)                                     201                               201                                201

    ENLC's interest in
     EnLink Oklahoma T.O.
     depreciation                                  19                                19                                 19

    Non-controlling
     interest share of
     ENLK's net income
     (5)                                        (11)                             (11)                              (11)

    ENLC deferred income
     tax expense (6)                               14                                15                                 16

    Maintenance capital
     expenditures (7)                             (1)                              (1)                               (1)

    ENLC cash available
     for distribution                                     $230                                           $235               $240
                                                          ====                                           ====               ====


    (1)              The forecasted net income guidance
                     for the year ended December 31,
                     2018 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, and the financial effects of
                     future acquisitions. The exclusion
                     of these items is due to the
                     uncertainty regarding the
                     occurrence, timing and/or amount
                     of these events.


    (2)              Net income of ENLC includes
                     estimated net income attributable
                     to ENLC's non-controlling interest
                     in ENLK.


    (3)              Net income attributable to ENLK is
                     net of the estimated non-
                     controlling interest share
                     attributable to the Delaware Basin
                     JV, Ascension JV and EnLink
                     Oklahoma T.O.


    (4)              Represents quarterly distributions
                     estimated to be paid to ENLC by
                     ENLK for 2018.


    (5)              Represents estimated net income for
                     NGP's 49.9% share of the Delaware
                     Basin JV, Marathon Petroleum's 50%
                     share of the Ascension JV and other
                     minor non-controlling interests.


    (6)              Represents ENLC's estimated stand-
                     alone deferred taxes for 2018.


    (7)              Represents 2018 maintenance capital
                     expenditures attributable to ENLC's
                     share of EnLink Oklahoma T.O.

Investor Relations: Kate Walsh, Vice President of Investor Relations, 214-721-9696, kate.walsh@enlink.com
Media Relations: Jill McMillan, Vice President of Public & Industry Affairs, 214-721-9271, jill.mcmillan@enlink.com

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