En link midstream 3q 2016 operations report final

Strong. Innovative. Growing.
Operations Report
Third Quarter 2016
November 1, 2016
1

2
Investor Notice
This presentation 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 than those indicated herein. Such forward-looking statements include, but are not limited to,
statements about guidance, projected or forecasted financial and operating results, 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) reductions in our credit
ratings, (k) our debt levels and restrictions contained in our debt documents, (l) our ability to consummate future acquisitions, successfully integrate any
acquired businesses, realize any cost savings and other synergies from any acquisition, (m) changes in the availability and cost of capital, (n) competitive
conditions in our industry and their impact on our ability to connect hydrocarbon supplies to our assets, (o) operating hazards, natural disasters, weather-
related delays, casualty losses and other matters beyond our control, (p) a failure in our computing systems or a cyber-attack on our systems, and (q) 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
(collectively, “EnLink Midstream”) 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 presentation 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
presentation should not be regarded as a representation by any person that the results contained in the forecasted financial information will be achieved.
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and
possible reserves that meet the SEC's definitions for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that
do not constitute such reserves. This presentation may contain certain terms, risked or unrisked resource, potential locations, risked or unrisked locations,
exploration target size and other similar terms. These estimates are by their nature more speculative than estimates of proved, probable and possible
reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these
estimates in filings with the SEC. Investors are urged to consider closely the disclosure in Devon Energy Corporation’s Form 10‐K, available at Devon Energy
Corporation, Attn. Investor Relations, 333 West Sheridan, Oklahoma City, OK 73102‐5015. You can also obtain this form from the SEC by calling
1‐800‐SEC‐0330 or from the SEC’s website at www.sec.gov.

3
Non-GAAP Financial Information
This presentation contains non-generally accepted accounting principle financial measures that we refer to as gross operating margin, segment cash flow,
adjusted EBITDA, distributable cash flow, and ENLC cash available for distribution. Gross operating margin is defined as revenue less the cost of sales.
Segment cash flow is defined as operating income plus general and administrative expenses, depreciation and amortization expense, impairment expense,
unrealized derivative (gain) loss, shared service costs and unit-based compensation (to the extent included in operating expenses), less payments under
onerous performance obligations and gain (loss) on disposition of assets. Adjusted EBITDA is defined as net income (loss) plus interest expense, provision for
income taxes, depreciation and amortization expense, impairment expense, unit-based compensation, (gain) loss on non-cash derivatives, (gain) loss on
disposition of assets, successful 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 obligation, non-controlling interest, transferred interest
adjusted EBITDA, and (income) loss from unconsolidated affiliate investments. Distributable cash flow is defined as adjusted EBITDA (as defined above), net
to the Partnership, less interest expense (excluding amortization of the Tall Oak acquisition installment payable discount), adjustments for the mandatorily
redeemable non-controlling interest, interest rate swaps, cash taxes and other, and maintenance capital expenditures. 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 are capital expenditures made to replace partially or fully depreciated assets in order to maintain the
existing operating capacity of the assets and to extend their useful lives. ENLC’s cash available for distribution is defined as net income (loss) of ENLC less
the net income (loss) of ENLK, which is consolidated into ENLC’s net income (loss), plus ENLC’s (i) share of distributions from ENLK, (ii) share of EnLink
Oklahoma Gas Processing, LP (together with its subsidiaries, “EnLink Oklahoma T.O.”) depreciation expense, (iii) deferred income tax expense, (iv) interest in
the adjusted EBITDA of Midstream Holdings prior to the EMH drop downs, (v) corporate goodwill impairment, (vi) acquisition transaction costs attributable to its
share of the EnLink Oklahoma T.O. acquisition, and less ENLC’s interest in maintenance capital expenditures of Midstream Holdings prior to the EMH drop
downs.
Adjusted EBITDA of EnLink Oklahoma T.O. is defined as EnLink Oklahoma T.O.’s net income plus depreciation and amortization. Adjusted EBITDA of
Midstream Holdings is defined as Midstream Holdings’ net income plus taxes, depreciation and amortization and distributions from unconsolidated affiliate
investments less income from unconsolidated affiliate investments.
EnLink Midstream believes these measures are useful to investors because they may provide users of this financial information with meaningful comparisons
between current results and prior-reported results and a meaningful measure of EnLink Midstream's cash flow after satisfaction of the capital and related
requirements of their respective operations. Adjusted EBITDA achievement is a primary metric used in ELNK’s credit facility and short-term incentive program
for compensating its employees.
Adjusted EBITDA, gross operating margin, segment cash flow, distributable cash flow, and ENLC 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 EnLink Midstream’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 presentation are included the Appendix to this presentation. See ENLK’s and ENLC’s
filings with the SEC for more information.
EnLink Midstream does not provide GAAP financial measures, including reconciliations, on a forward-looking basis because the companies are unable to
predict with reasonable certainty impairments, depreciation and amortization, gains and losses on derivative activities, the ultimate outcome of legal
proceedings, unusual gains and losses and acquisition-related expenses without unreasonable effort. These items are uncertain, depend on various factors,
and could be material to EnLink Midstream's results computed in accordance with GAAP.

The Right Business Model
4

3rd Quarter 2016 Highlights
Performance & momentum; determined to deliver
 Financial Highlights
o Refined Consolidated Adjusted EBITDA guidance to $760–790MM, from $750–800MM
o Achieved ENLK milestone quarterly Adjusted EBITDA before non-controlling interest of ~$201MM
o ~3.75x Debt to Adjusted EBITDA, as defined by ENLK credit facility
o Distribution Coverage of 1.05x at ENLK1 and 1.07x at ENLC2, for the nine months ended 9/30/16
 Operational Highlights
o Significant increase in Central Oklahoma, with volumes on the recently acquired assets up 85% in 3Q16
as compared 1Q16
o Integrated gathering, processing & transportation system in Oklahoma servicing the STACK, SCOOP, &
Cana Woodford
o Louisiana gas volumes of ~1.75 Bbtu/d (3Q16); represents near-record results for two consecutive
quarters
 Execution of the Plan
o Producer rig plans support the core growth strategy in STACK, SCOOP, & Cana Woodford
o Expanding processing capacity at Chisholm in Central Oklahoma and at Lobo in the Delaware Basin
o Expanding crude services in Midland Basin, with construction of the Chickadee Gathering System
o Expanding NGL services in Louisiana with construction of the Ascension Pipeline
1 ENLK’s distribution coverage is defined as ENLK’s Distributable Cash Flow divided by ENLK’s total distributions declared.
2 ENLC’s distribution coverage is defined as ENLC’s Cash Available for Distribution divided by ENLC’s total distributions declared.
Adjusted EBITDA, ENLK’s Distributable Cash Flow, and ENLC’s Cash Available for Distribution are non-GAAP financial measures, which are explained on page 3 and are included in
reconciliations in the Appendix. 5

Positioned for Ongoing Success
Intentional business model, confident in growth
• Provide integrated midstream solutions across products, basins & services
• Grow and expand our strategic asset position in top basins
• Exit 2016 with strength and confidence, momentum growing into 2017+
• Strong producer sponsor in Devon; quality partners across our business
• ~95% fee-based gross operating margin1; ~75% of gross operating
margin in Texas & Oklahoma segments backed by MVCs or firm
contracts1
• ~90% of top 50 customers hold investment-grade credit ratings2
• Financial Tenets: (1) Remain Investment Grade; (2) Target Debt/Adj.
EBITDA of 3.0x - 4.0x3; (3) Target annual distribution coverage of at least
1.1x at ENLK and ENLC4
• ENLK – Investment Grade MLP with ~$1.4B of credit facility liquidity5
• ENLC – Liquidity of ~$225MM under credit facility5
TBD
TBD
TBD
EXECUTION
of the plan
PROVEN
business model
STRONG
financial position
1 For the nine months ended 9/30/2016. 2 Credit rating is defined by internal or external metrics. 3 As defined by the credit facility. 4 Distribution coverage is defined as distributable cash
flow divided by total distributions made. 5 As of 9/30/2016.
Adjusted EBITDA and gross operating margin are non-GAAP financial measures, which are explained on page 3.
6

A History of Performance
Total returns significantly outpace benchmarks
16%
25%
10%
58%
16%
13%
-14%
27%
YTD 1-Year 3-Year 5-Year
ENLK (Total Return)
Alerian MLP Index (Total Return)
Source: Bloomberg.
1 Total Return in each period is defined as stock price appreciation and received distributions. All time periods are as of 9/30/2016.
• Over the trailing 5 years, ENLK’s total
return1 performance is more than
double that of the Alerian MLP index
• Attractive total returns achieved
despite significant challenges for the
oil & gas and midstream industries
• Distribution growth is a critical
component of ENLK’s return to
unitholders over the long-term
• We remain committed to distribution
growth over the long-term
• ENLK’s total return performance has significantly outpaced the Alerian MLP index over a multi-year horizon
ENLK versus Alerian MLP Index
7

Our Proven Business Model
Demonstrating stability & growth in the downturn
Balance sheet and distribution stability, while purposefully executing EnLink’s $6B growth program
3.7x
3.7x
3.8x
4.0x
3.8x
3.9x
3.75x
0.88x
1.05x
1.05x
1.05x
1.09x
1.03x
1.04x
$0.38
$0.385
$0.39
$0.39
$0.39
$0.39
$0.39
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
ENLK Leverage (x) ENLK Coverage (x)
ENLK Distribution ($/unit)
15
40
65
90
Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16
Crude oil index
Note: Crude oil index represents daily WTI Crude Oil prices beginning 1/1/2015. Leverage as defined in the ENLK Credit Agreement. Distribution coverage is defined as Distributable Cash
Flow divided by total distributions declared. ENLK’s Distributable Cash Flow is a non-GAAP financial measure, which is e explained on page 3 and is included in reconciliations in the
Appendix.
• EnLink performed well through
the commodity cycle and
volatility
• Leverage: Focus on balance
sheet strength and
investment-grade rating has
resulted in strong position
• Coverage: Strong distribution
coverage maintained to
support financial position
• Distributions are prudently
managed to ensure strong
financial position; committed to
long-term distribution growth
EnLink Model
8

TBD
Strategic Investing in Volatile Environment
Remaining active & focused on strategic growth
Note: Amounts are approximate and represent press release announcements at closing. Oil price index represents indexed value for WTI crude oil. Indexed to starting date of 6/6/2014
0
20
40
60
80
100
Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
Oil price index
1/31/15
LPC
Permian
Basin
acquisition;
$100MM
3/16/2015
Coronado
Midstream
Midland Basin
acquisition;
$600MM
4/1/15
Victoria Express
Pipeline Drop
Down (VEX)
from Devon;
$215MM
5/27/15
Acquired
remaining 25%
interest in
EnLink
Midstream
Holdings;
$900MM
10/1/15
Delaware Basin
midstream asset
acquisition from
Matador;
$143MM
11/16/2015
Acquisition of
remaining
50% interest
in Deadwood;
$40MM
1/7/2016
Acquisition of Tall
Oak midstream
assets in
STACK/SCOOP;
$1.55B
6/8/2016
Announced Greater
Chickadee crude
oil gathering project
in the Midland
Basin; $70-80MM
Intentional execution of $6B in strategic growth despite the challenging environment
8/1/2016
Announced Delaware
Basin Joint Venture
with NGP; $525MM
remaining capital
commitment as of
9/30/16
2/17/15
Acquired
25% interest
in EnLink
Midstream
Holdings;
$925MM
Midland Basin
Delaware Basin
SCOOP/STACK
Midland & Delaware
Dropdowns
11/3/14
Acquired
Chevron Gulf
Coast Natural
Gas Pipeline
Assets; $235MM
Louisiana
9

Assets Serve Leading Basins & Counties
Organic growth driven by ongoing drilling
Source: DrillingInfo reports
EnLink’s assets are located in the counties with the most drilling rig activity in the U.S.,
positioning the company to benefit from long-term volume increases
Counties with EnLink Operations (Reported 10.14.2016)
Counties Unassociated with EnLink (Reported 10.14.2016)
0 5 10 15 20 25 30 35
Midland, TX
Reeves, TX
Lea, NM
Martin, TX
Loving, TX
Weld, CO
Kingfisher, OK
Blaine, OK
Glasscock, TX
Upton, TX
Howard, TX
McKenzie, ND
Dunn, ND
Eddy, NM
Grady, OK
LPC
Lobo System
Central Oklahoma G&P System
Midland G&P System, LPC
Lobo System, LPC
1
3
6
9
1
1
3
(1)
7
0
(2)
(1)
0
0
1
(5) 0 5 10
Midland, TX
Reeves, TX
Lea, NM
Martin, TX
Loving, TX
Weld, CO
Kingfisher, OK
Blaine, OK
Glasscock, TX
Upton, TX
Howard, TX
McKenzie, ND
Dunn, ND
Eddy, NM
Grady, OK
Rig Counts by Leading County Rig Count Change vs. 7/14/2016
Delaware Basin
Midland Basin
SCOOP
STACK
Lobo System, LPC
Chickadee, LPC
10

A Fully Integrated Midstream Provider
Our services span products, geographies, & services
Note: Assets above include those with partial ownership. Gathering is defined as a pipeline that transports hydrocarbons from a production facility to a transmission line. Transportation is
defined to include pipelines connected to gathering lines or facility.
Midland &
Delaware
Central OK Louisiana North Texas
Crude &
Condensate
GasServices
Gas gathering / compression ● ● ● ●
Gas processing ● ● ● ●
Gas transportation ● ●
Gas storage ● ●
NGLServices
NGL gathering ● ●
NGL fractionation ● ● ●
NGL transportation ● ●
NGL storage ● ●
LPG Exports ●
Crude&
Condensate
Crude/condensate gathering ● ●
Crude/condensate storage ● ● ●
Condensate stabilization ● ● ● ●
Brine disposal ● ●
11

The Right Asset Platform
Integrated across products, basins, & services
Note: Assets above include those with partial ownership.
4.4 Bcf/d
Processing capacity
21
Processing Facilities
7
Fractionators
260 Mbbl/d
Fractionation capacity
~11k Miles
of Pipeline
~1,450 Employees
Operating assets in 7 states
130 Mbbl/d
NGL pipeline capacity
12

Growth Basin Update
13

Our Growth Basins
Rig activity today: significant momentum into 2017
Central Oklahoma
Dedicated Rig Count
1 Based on August 2016 EnLink Operations Report. 2 As of October 31, 2016 according to Drilling Info.
7
rigs
Aug
‘161
Oct
‘162
FYE
‘16
11
rigs
10-12
rigs
Aug
‘161
FYE
‘16
10-12
rigs
10
rigs
Oct
‘162
1
rig
2
rigs
2
rigs
Aug
‘161
FYE
‘16
Oct
‘162
10
rigs
Midland Basin
Dedicated Rig Count
Delaware Basin
Dedicated Rig Count
Growth Basin Rig
Overview
• Strong rig activity across our key growth
basins
• 22 operating rigs on our dedicated acreage in
Central Oklahoma, Midland Basin and
Delaware Basin at the end of October 2016
• Expectation of up to 26 rigs operating by
year-end 2016, carrying significant
momentum into 2017
14

A
B
C
D
Projects in Our Core Growth Areas
Extensive program of capital-efficient projects due to
strong activity in strategic footprint
Midland Basin
Chickadee Crude Oil Gathering: ~$90MM
• 3 rigs on Chickadee dedicated acreage
• Expanded scope for increased customers, volume &
acreage
• Expected operational date 1Q17
Delaware Basin
Lobo II Plant & Gathering Expansion: ~$150MM (100%)
• Joint Venture with NGP
• Incremental 120 MMcf/d, initially 60 MMcf/d
processing capacity operational as of late October
• Pipeline and additional infrastructure expected
operational by year end
Central Oklahoma
Chisholm II Plant & Gathering Expansion: ~$155MM
• Incremental 200 MMcf/d processing
• Brings total Central OK processing capacity to 795
MMcf/d
• Expected operational date 1H17
Louisiana
Ascension Pipeline Project: ~$85MM (100%)
• Joint Venture with Marathon
• 50,000 Bbl/d liquids pipeline
• Expected operational date 2Q17
155
150
90
85
480
Expected 2016-17 Capital Related to
Current Projects (~$MM)
Note: The Lobo II facilities and the Ascension Pipeline are not 100% owned by EnLink; information on this page is gross, not net to EnLink.
B
C
D
A
15

Near-Term Potential
 Ascension pipeline in
operations, expected 2Q17
 Latent capacity with annual
gross operating margin1 benefit:
 $15-20MM: Gas business
 $10-20MM: NGL business
 Incremental contribution from
newly implemented:
 Gas storage services
 LPG exports
 Increased market share of
existing and new demand
Accomplishments to Date
 Expanded market presence:
 Cajun Sibon completion
 Chevron asset acquisition
 Initiated:
 Gas storage services
 LPG exports
 Diversified, improved supply
acquisition
 Served incremental demand
markets:
 LNG
 Industrial
 Power
Prospective in 2018 and Beyond
 Synergies with Central Ok
growth:
 NGL expansion
 Crude transportation
potential
 Demand pull rising impact:
 Gas to liquid conversion
opportunities
 Latent capacity in franchise
position to serve increased
demand with minimal capital
 LNG service opportunities
A B C
2016
A B C
2017
Significant demand markets on the verge of industrial, power, and LNG expansion
Louisiana: Leverage to the Upside
Execution of the plan - inventory of opportunities
2018+
1Gross operating margin is a non-GAAP financial measure, which is explained on page 3. Future information on this page is for illustrative purposes only.
16

Key Asset Updates
17

Location, location, location
• Devon has announced plans for 10,000’ laterals for
60% of its 2017 operated Meramec wells
• Devon raising its over-pressured oil type curve as
a result of the consistent production results
• Devon announces longer laterals for its 2017 over-
pressured oil drilling
A Leading STACK Partner
Midstream assets serve the core of the basin
• Devon’s acquisition of Felix resulted in an industry-leading position within the
volatile oil window, where well productivity and returns are among the highest
in the STACK play
• Gas production predominantly dedicated to EnLink
• 6 operated rigs on acreage dedicated to EnLink by year end ‘16 and into ‘17
Please refer to recent press releases and presentations found in the investor center section of the Devon Energy website. 18
Devon STACK Overview

Offset wells, Blue Ox and Marmot, landed in
different intervals within the Upper Meramec,
indicating full field multi-zone development
potential
• Blue Ox 3130-4AH – achieved a peak 24-
hour rate of 4,000 Boe/d, and was 30% gas
• Marmot 19-1HX - averaged a 30-day rate of
~2,600 Boe/d, and was 30% gas
Third successful STACK Spacing Test
• Pump House - tested a 7 well pattern in a
single Meramec interval with 4,700’ laterals
and 30-day rates ~2,100 Boe/d
These strong results are shaping Devon’s 2017
initial field development
STACK: A story of improving type curves
Drilling efficiencies increase volumes on our system
Please refer to recent press releases and presentations found in the investor center section of the Devon Energy website.
Devon - Third Quarter Well Results
19

Midland Basin Asset System
Diverse midstream assets in the core of the basin
• Rapid growth throughout the core of the core
• Serving high-quality producer customers
• Gathering and Transportation:
 Over 500 miles of gas gathering pipelines
 400 MMcf/d of gas processing capacity
• Off-Spec Crude Stabilization and Treating:
 ~16,000 bpd
• Crude Oil Gathering & Transportation:
 ~155 miles of Chickadee crude gathering
system under construction
 15 pipeline and refinery injection stations
 ~70 miles of crude oil gathering pipelines with
~12,000 bpd of capacity
 Fleet of ~50 tractor trailers, capacity ~50,000
bpd, latent capacity of ~10-20,000 bpd
Asset Overview
20

North Texas Asset System
A solid base business
1 For the nine months ended 9/30/2016. Gross operating margin is a non-GAAP financial measure, which is explained on page 3 and is included in reconciliations in the Appendix.
2 Please refer to recent press releases and presentations found in the investor center section of the Devon Energy website.
Significant potential to offset decline through Barnett
Shale redevelopment:
• Devon represents ~85% of NTX system gross
operating margin1
• Devon’s MVCs conclude 12/31/2018; however the fee
structures associated with the dedicated acreage
remain intact through 12/31/2024
• 825,000 net acres are dedicated to the NTX system2
• Devon’s 2016 refrac appraisal program identified
1,000 horizontal NTX refrac locations2
• Devon has identified 1,500 undrilled locations2
• G&T decline has been reduced from 10-12% to 5-7%,
since 3Q15 due to horizontal refracs and EnLink’s
focus on pressure reduction
Barnett Shale Potential
21
EnLink is a natural consolidator in NTX due to advantaged established midstream position

North Texas Asset System
Strategically located assets with good market access
• Natural Gas
 Premier gas asset position with ~4,100 miles of
pipeline
 ~1.3 Bcf of gas transmission capacity
 4 processing plants with ~ 1,080 MMcf/d
capacity
• NGLs
 ~35 miles of pipelines
 1 fractionator with ~15,000 Bbl/d of y-grade
capacity
 2 MMbbls of storage
 Rail and truck terminal for loading and
unloading
Asset Overview
22

Louisiana Segment
Franchise position serving supply and demand markets
23
• Natural Gas
Premier gas asset position with
~3,100 miles of pipeline
6 processing plants with ~1.9 Bcf/d
capacity, ~1 Bcf/d operational
~12 Bcf of working natural gas storage
capacity
• NGLs
~720 miles of pipelines
4 fractionators (including ~175,000
Bbl/d of y-grade fractionation capacity)
3 MMbbls of storage
Asset Overview

Financial Update
24

1 Based on reported adjusted EBITDA in the 10-Qs. Recast impacts are not included in the information shown here. 2 As defined by the ENLK credit facility. Recast impacts are not
included in the information shown here. 3 Net Cash Provided by Operating Activities are reflected on ENLK’s Condensed Consolidated Statement of Cash Flows, which includes changes in
ENLK’s working capital assets and liabilities. Changes in working capital assets and liabilities fluctuate between periods due to timing of collection of receivables, payments of liabilities,
and changes in inventory balances due to normal operating fluctuations.
Notes: Adjusted EBITDA is a non-GAAP financial measure, which is explained on page 3. Reconciliation of Adjusted EBITDA is included in the Appendix.
ENLK Financial Position
Results and cash flows demonstrate stability
35.6 55.5
(754.9) (714.0)
(560.4)
5.0 18.8
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Net Income (Loss) Attributable to
EnLink Midstream Partners, LP ($MM)
129.9
174.9
187.3 186.1 195.0 187.4
197.5
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Adjusted EBITDA1 ($MM)
171.7
120.6
215.7
137.6
189.1
110.5
209.6
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Net Cash Provided by Operating
Activities3 ($MM)
~3.7x ~3.7x
~3.8x
~4.0x
~3.8x
~3.9x
~3.75x
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Debt to Adjusted EBITDA2
25

1 Cash available for distribution is a non-GAAP financial measure, which is explained on page 3 and is included in the reconciliations in the Appendix. 2 Net Cash Provided by Operating
Activities are reflected on ENLC’s Condensed Consolidated Statement of Cash Flows, which includes changes in ENLK’s working capital assets and liabilities. Changes in working capital
assets and liabilities fluctuate between periods due to timing of collection of receivables, payments of liabilities, and changes in inventory balances due to normal operating fluctuations.
ENLC Financial Position
Results and cash flows demonstrate stability
16.3 14.5
(193.4) (196.1)
(457.6)
0.8 0.7
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
ENLC Interest in Net Income (Loss)
($MM) 52.1 52.0
47.5 47.8 48.4 49.8 51.1
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Cash Available for Distribution1 ($MM)
170.7
106.3
214.6
136.8
194.4
109.8
208.3
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Net Cash Provided by Operating
Activities2 ($MM)
26

Distributions & Coverage
Commitment to stability & growth
0.88x
1.05x 1.05x 1.05x
1.09x
1.03x 1.04x
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
ENLK Distribution Coverage1
1 ENLK’s distribution coverage is defined as ENLK’s distributable cash flow divided by ENLK’s total distributions declared. 2 ENLC’s distribution coverage is defined as ENLC’s cash
available for distribution divided by ENLC’s total distributions declared.
ENLC Distribution Coverage2
1.29x 1.25x
1.12x
1.04x 1.04x 1.07x 1.10x
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
long-term target coverage 1.1x+
$0.380
$0.385
$0.390 $0.390 $0.390 $0.390 $0.390
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
$0.245
$0.250
$0.255 $0.255 $0.255 $0.255 $0.255
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
ENLK Distribution per Unit ENLC Distribution per Unit
Long history of strong distributions while maintaining prudent coverage
long-term target coverage 1.1x+
27

ENLK Leverage & Liquidity
Strong liquidity profile
source:
Long-Term Debt as of 9/30/2016 $MM
2.700% Senior unsecured notes due 2019 $ 400.0
7.125% Senior unsecured notes due 2022 162.5
Revolving credit facility due 2020 75.0
Total $ 3,237.5
ENLK Leverage ratio1 ~3.75x
Consolidated Liquidity as of 9/30/2016 $MM
ENLK Revolver availability2 $1,414.0
ENLC Revolver availability 226.9
Total $1,640.9
ENLK Debt Maturity Schedule ($MM)3
1 Calculated per ENLK credit agreement definitions. 2 Revolver availability less outstanding letters of credit. 3 Installment payment obligations in 2017 and 2018 are excluded from debt.
400
75
163
550
750
500
350
450
2017 2018 2019 2020 2022 2024 2025 2026 2044 2045
EnLink continues to focus on financial strength with no major near-term maturities and
~$1.6B of consolidated liquidity with additional sources of capital available
28

• Howard Energy’s preferred financing reduce
capital expenditures required from EnLink in the
$50 -$110MM1 range
• Initial Delaware JV reimbursement payment self
funds growth capital of ~$115MM
• Delaware JV reduces estimated August –
December 2016 growth capital by ~$40MM
• Initial Tall Oak acquisition payment of $1.02B
financed with $724MM preferred equity, $215MM
ENLC equity, $22MM ENLC revolver, and
$60MM ENLK revolver
• Considering various options for Tall Oak
remaining payments of $250MM in 2017 & 2018:
 Traditional funding sources
 Non-core asset sales
Net Capital Guidance
Prudently funding growth via strategic alternatives
*
70
110
55
2016 Original
Growth Capital
Guidance2
2016
Incremental
Capital
Potential
Howard
Reduction
2016 Revised
Growth Capital
Guidance
Delaware JV
(Reimbursement
Payment)
Delaware JV
(Reduced
Capital)
2016 Net Capital
Guidance
Guidance Texas Oklahoma Crude / Corporate HEP Delaware JV
EnLink has executed key transactions in 2016 to allow for self funding Growth Capital
requirements in strategic basins given challenging capital markets
Net Capital ($MM) 1
235
445-570
630-695
(50-110)
475-540
Key Transactions & Alternatives
(115)
(40)
1 Range utilized in walk-forward highlights the variance of actual from the high and low ends of original guidance provided in February 2016.
2 Growth capital expenditure is a non-GAAP financial measure and is explained on page 3.
29

Net Capital Investments
Financial flexibility supports strategic growth
1,020
(40)
2016
Original
Growth
Capital
Guidance1
Initial Tall
Oak
Payment
Incremental
2016
Growth
Capital
Potential
Howard
Reduction
2016
Revised
Growth
Capital
Guidance
Delaware
Basin JV
Reduced
Capital
2016E
Capital
Guidance
Tall Oak Texas Oklahoma Crude / Corporate HEP Delaware JV
235
Executed on over $1.2 billion in equity during 2016 to support strategic growth
215
724
110
115
Borrowings ENLC Equity
Tall Oak
Convertible
Preferred
Q1-Q3 ATM Delaware
G&P
Proceeds
2016E
Sources
2016 Uses of Capital ($MM) 2016 Sources of Capital ($MM)
55
445-570
1,650 –
1,715
446-5113
1,610-1,675
110
70
80
(50-110)1
1,610 –
1,675 2
1 Range utilized in walk-forward highlights the variance of actual from the high and low ends of original guidance provided in February 2016. 2 2016 Growth Capital Guidance including the
initial Tall Oak payment of $1.02Bn. Excluding Initial Delaware Basin JV payment as it is included in the Sources chart. 3 On July 14, 2016, EnLink issued $500MM of 10 year Senior
Unsecured notes at a rate of 4.85%, which are due in 2026. Proceeds were used to reduce ENLK revolver balance at the time. Capacity created by this transaction can be used to pre-
fund future capital needs.
30

Appendix
31

Organizational Chart
1) Represents TPG Capital and funds managed by the Merchant Banking Division of Goldman Sachs
2) Represents current Incentive Distribution Rights (IDR) split level plus GP ownership
3) Information on this slide is as of the date of this report
Devon Energy
Corp.
NYSE: DVN
(BBB+/BBB/Ba1)
Public
Unitholders
EnLink Midstream, LLC
General Partner
NYSE: ENLC
EnLink Midstream Partners, LP
Master Limited Partnership
NYSE: ENLK
(BBB-/BBB-/Ba2)
EnLink Oklahoma Gas
Processing, LP
~ 64% ~ 36%
~ 84%
~ 0.4% GP
~ 23% LP~ 24% LP ~ 40% LP
ENLC owns 100%
of IDRs
IDR Splits
Dist. / Q Split Level(2)
< $0.2500 0.4% / 99.6%
< $0.3125 13.4% / 86.6%
< $0.3750 23.4% / 76.6%
> $0.3750 48.4% / 51.6%
ENLK Q3 2016 Dist. - $0.39
Announced and to be paid
TPG Capital &
Goldman Sachs(1)
Preferred Equity Owners
~ 13% LP
~ 16%
32

Segment Cash Flow
$37
$55
Q3 '15 Q3 '16
Oklahoma ($MM)
$31 $36
$16
$15
$47
$51
Q3 '15 Q3 '16
NGL
Gas $16 $17
Q3 '15 Q3 '16
$95
$90
$11
$13
$106
$103
Q3 '15 Q3 '16
North Texas
Permian
Texas ($MM)
Louisiana ($MM) Crude & Condensate ($MM)
Note: Segment cash flow is a non-GAAP financial measure and is explained on page 3 and reconciliations are included in the Appendix.
33

Segment Volumes1
Oklahoma
1,000 MMBtu/d
Texas
1,000 MMBtu/d
Louisiana Crude & Condensate
1,000 Bbl/d
391
633
349
583
Q3 '15 Q3 '16
G&T Processing
2,427
977
2,326
884
213
267
254
289
2,640
1,244
2,580
1,173
Q3 '15 G&T Q3 '15
Processing
Q3 '16 G&T Q3 '16
Processing
North Texas
Permian
1,516
1,754
509 494
152
125
0
20
40
60
80
100
120
140
160
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Q3 '15 Q3 '16
Gas Transmission: 1,000 MMBtu/d (left axis)
Gas Processing: 1,000 MMBtu/d (left axis)
NGL Fractionation: 1,000 Bbl/d (right axis)
1 Includes volumes associated with non-controlling interests.
69 51
46
3
21
15
11
4
Q3 '15 Q3 '16
West TX South TX ORV Crude Mktng.
147
73
34

Gross Operating Margin & Operating Data
Note: Gross operating margin is a non-GAAP financial measure and is explained on page 3 and reconciliations are included in the Appendix. Includes volumes associated with
non-controlling interests.
Three Months Ended
September 30,
2015
December 31,
2015
March 31,
2016
June 30,
2016
September 30,
2016
Texas
Gross Operating Margin (in $ millions) $149.6 $145.2 $146.2 $146.1 $146.1
Gathering and Transportation (MMBtu/d) 2,640,300 2,806,500 2,733,700 2,659,800 2,580,300
Processing (MMBtu/d) 1,244,100 1,225,000 1,193,200 1,198,400 1,172,900
Louisiana
Gathering and Transportation (MMBtu/d) 1,516,400 1,614,700 1,475,000 1,576,200 1,754,400
Processing (MMBtu/d) 509,100 574,300 506,300 489,000 493,900
NGL Fractionation (Gals/d) 6,370,600 5,994,400 5,020,200 5,303,700 5,259,400
Oklahoma
Gathering and Transportation (MMBtu/d) 391,100 476,300 622,200 605,500 633,000
Processing (MMBtu/d) 348,900 442,000 583,700 548,300 583,200
Crude & Condensate
Crude Oil Handling (Bbls/d) 147,300 140,300 124,700 97,700 72,800
Brine Disposal (Bbls/d) 4,200 3,900 3,500 3,300 3,700
35

Reconciliation of Net Cash Provided by
Operating Activities to Adjusted EBITDA
and Distributable Cash Flow of ENLK
36
(1) Net of amortization of debt issuance costs, discount and premium, and valuation adjustment for mandatorily redeemable non-controlling interest included in interest expense but not included in net cash provided
by operating activities.
(2) Distributions for the three months ended September 30, 2016 do not include $32.7 million of distributions received from HEP during the third quarter 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 a contribution of $29.5 million and $3.2 million, respectively.
(3) Includes the following: reimbursed employee costs from Devon and LPC, which are costs reimbursed to us by previous employer pursuant to acquisition or merger; and successful acquisition transaction costs
which we do not consider in determining adjusted EBITDA because operating cash flows are not used to fund such costs. Net of payments under onerous performance obligation offset to other current and long-
term liabilities.
(4) Net of payments under onerous performance obligation offset to other current and long-term liabilities.
(5) Non-controlling interest share of adjusted EBITDA includes ENLC’s ~16% share of adjusted EBITDA from EnLink Oklahoma T.O., NGP’s 49.9% share of adjusted EBITDA from the Delaware Bain JV and the
minor NCI share of adjusted EBITDA from the E2 entities.
(6) Represents recast adjusted EBITDA from assets acquired from ENLC and Devon in drop down transactions during the first half of 2015 for the period prior to the date of the drop down transactions.
(7) Amortization of the Tall Oak installment payable discount is considered non-cash interest under our credit facility since the payment under the payable is consideration for the acquisition of the Tall Oak assets.
(8) During the second quarter of 2015 and third quarter of 2016, we entered into interest rate swap arrangements to mitigate our exposure to interest rate movements prior to our note issuances. The gain on
settlement of the interest rate swaps was considered excess proceeds for the note issuance and is therefore excluded from distributable cash flow.
All amounts in millions except ratios and per unit amount
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Net cash provided by operating activities 171.7$ 120.6$ 215.7$ 137.6$ 189.1$ 110.5$ 209.6$
Interest expense, net (1) 21.7 23.0 28.8 30.5 31.4 32.8 34.5
Current income tax 1.2 0.7 1.0 0.2 1.0 (2.0) 2.6
Distributions from unconsolidated affiliate investments in excess of earnings (2) 4.1 4.8 5.4 6.8 9.2 5.6 4.1
Other (3) 6.9 1.9 1.8 0.3 4.5 0.9 1.0
Changes in operating assets and liabilities which used (provided) cash:
Accounts receivable, accrued revenues, inventories and other (102.5) 61.5 (66.9) (95.7) (46.9) 61.3 (0.2)
Accounts payable, accrued gas and crude oil purchases and other (4) 67.1 (22.1) 1.2 107.4 7.5 (19.6) (50.8)
Adjusted EBITDA before non-controlling interest 170.2$ 190.4$ 187.0$ 187.1$ 195.8$ 189.5$ 200.8$
Non-controlling interest share of adjusted EBITDA (5) (0.1) 0.1 0.3 0.1 (0.8) (2.1) (3.3)
Transferred interest adjusted EBITDA (6) (40.2) (15.6) - (1.1) - - -
Adjusted EBITDA, net to EnLink Midstream Partners, LP 129.9$ 174.9$ 187.3$ 186.1$ 195.0$ 187.4$ 197.5$
Interest expense (18.9) (22.4) (30.2) (31.0) (43.7) (46.2) (48.0)
Amortization of Tall Oak installment payable discount included in interest expense (7) - - - - 12.4 13.3 13.3
Non-cash adjustment for mandatorily redeemable non-controlling interest (2.6) (0.7) 1.3 0.3 0.2 0.1 -
Interest Rate Swap (8) - (3.6) - - - - 0.4
Cash taxes and other (0.8) (0.6) (1.0) (0.3) (1.0) 2.0 (2.6)
Maintenance capital expenditured (8.9) (13.5) (9.6) (6.3) (7.5) (5.7) (6.2)
Distributable cash flow 98.7$ 134.1$ 147.8$ 148.8$ 155.4$ 150.9$ 154.4$

Reconciliation of Net Income of ENLC to
ENLC Cash Available for Distribution
37
(1) Represents quarterly distributions to be paid to ENLC by ENLK on November 11, 2016, and distributions paid to ENLC by ENLK on August 11, 2016, May 12, 2016, February 11, 2016, November 12, 2015,
August 13, 2015 and May 1, 2015.
(2) Represents ENLC’s stand-alone deferred taxes.
(3) There are no maintenance capital expenditures attributable to ENLC’s share of EnLink Oklahoma T.O. during 2016. All of EnLink Oklahoma T.O. capital expenditures during 2016 are growth related which are not
considered in determining cash flow available for distribution. The amounts represent ENLC’s interest in maintenance capital expenditures of Midstream Holdings prior to the EMH Drop Downs, which is netted
against the monthly disbursement of Midstream Holdings' adjusted EBITDA.
(4) Represents our interest in the adjusted EBITDA of Midstream Holdings prior to the EMH Drop Downs. Adjusted EBITDA of Midstream Holdings’ is defined as maintenance capital expenditures prior to the EMH
Drop Downs netted against the monthly disbursement of Midstream Holdings’ adjusted EBITDA.
(5) Represents acquisition transaction costs attributable to ENLC’s ~16% interest in EnLink Oklahoma T.O. and other non-cash items not included in cash available for distributions.
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Net income (loss) of ENLC 25.0$ 44.6$ (755.9)$ (723.4)$ (871.3)$ 1.2$ 11.1$
Less: Net income (loss) attributable to ENLK 35.6 55.5 (754.9) (714.0) (560.4) 5.0 18.8
Net loss of ENLC excluding ENLK (10.6)$ (10.9)$ (1.0)$ (9.4)$ (310.9)$ (3.8)$ (7.7)$
ENLC's share of distributions from ENLK (1) 21.7 36.2 47.6 48.9 48.9 49.2 49.4
ENLC's interest in EnLink Oklahoma T.O. depreciation - - - - 3.2 3.6 3.6
ENLC deferred income tax (benefit) expense (2) 5.4 12.4 0.5 7.9 (0.8) 0.5 5.0
Maintenance capital expenditures (3) (2.5) (1.6) - - - - -
Transferred interest EBITDA (4) 38.3 15.6 - - - - -
ENLC corporate goodwill impairment - - - - 307.0 - -
Other items (5) (0.2) 0.3 0.4 0.4 1.0 0.3 0.8
ENLC cash available for distribution 52.1$ 52.0$ 47.5$ 47.8$ 48.4$ 49.8$ 51.1$

Reconciliation of Net Income to
Adjusted EBITDA of ENLK
38
(1) Distributions for the three ended September 30, 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 a contribution of $29.5 million and $3.2 million, respectively.
(2) Includes the following: accretion expense associated with asset retirement obligations; reimbursed employee costs from Devon and LPC, which are costs reimbursed to us by previous employer pursuant to
acquisition or merger; successful acquisition transaction costs which we do not consider in determining adjusted EBITDA because operating cash flows are not used to fund such costs; and non-cash rent which
relates to lease incentives pro-rated over the lease term.
(3) Non-controlling interest share of adjusted EBITDA includes ENLC’s ~16% share of adjusted EBITDA from EnLink Oklahoma T.O., NGP’s 49.9% share of adjusted EBITDA from the Delaware Bain JV and the
minor NCI share of adjusted EBITDA from the E2 entities.
(4) Represents recast adjusted EBITDA from assets acquired from ENLC and Devon in drop down transactions during the first half of 2015 for the period prior to the date of the drop down transactions.
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Net income (loss) 35.7$ 55.4$ (755.2)$ (714.1)$ (562.9)$ 3.2$ 17.5$
Interest expense 18.9 22.4 30.2 31.0 43.7 46.2 48.0
Depreciation and amortization 91.3 97.7 98.4 99.9 121.9 124.9 126.2
Impairments - - 799.2 764.2 566.3 - -
(Income) loss from unconsolidated affiliate investments (3.7) (5.9) (6.4) (4.3) 2.4 (0.8) (1.1)
Distribution from unconsolidated affiliate investments (1) 6.8 12.4 12.2 11.3 9.2 5.6 4.7
(Gain) loss on disposition of assets - - 3.2 (2.0) (0.2) 0.3 (3.0)
Unit-based compensation 13.8 7.6 7.3 7.1 7.9 7.3 7.3
Income taxes 1.2 0.7 1.0 (3.4) 1.0 (2.3) 2.6
(Gain) loss on non-cash derivatives 4.4 2.8 0.2 0.6 6.5 7.8 1.6
(4.5) (4.5) (4.5) (4.4) (4.4) (4.6) (4.5)
Other (2) 6.3 1.8 1.4 1.2 4.4 1.9 1.5
Adjusted EBITDA before non-controlling interest 170.2$ 190.4$ 187.0$ 187.1$ 195.8$ 189.5$ 200.8$
Non-controlling interest share of adjusted EBITDA (3) (0.1) 0.1 0.3 0.1 (0.8) (2.1) (3.3)
Transferred interest adjusted EBITDA (4) (40.2) (15.6) - (1.1) - - -
Adjusted EBITDA, net to EnLink Midstream Partners, LP 129.9$ 174.9$ 187.3$ 186.1$ 195.0$ 187.4$ 197.5$
Payments under onerous performance obligation offset to
other current and long-term liabilities

Texas Lousiana Oklahoma
Crude and
Condensate Corporate Totals
Operating income (loss) 66.9$
General and administrative 28.3
Depreciation and amortization 126.2
(Gain) loss on disposition of assets (3.0)
Impairments -
Segment profit (loss) (1) 103.2$ 47.4$ 53.2$ 15.1$ (0.5)$ 218.4$
Operating expenses 42.9 23.5 12.6 19.0 - 98.0
Gross operating margin (2) 146.1$ 70.9$ 65.8$ 34.1$ (0.5)$ 316.4$
(Gain) loss on disposition of assets 0.3
Impairments -
Operating income (loss) (515.9)$
Impairments 566.3
Q3 2016 – All amounts in millions
Reconciliation of Operating Income
(Loss) to Gross Operating Margin
39
(1) Segment profit (loss) is defined as operating income less general and administrative expenses, depreciation and amortization, gain (loss) on disposition of assets and impairments.
(2) Gross operating margin is defined as operating income (loss) less general and administrative expenses, depreciation and amortization, gain (loss) on disposition of assets, impairments and operating expenses.

Crude and
Impairments 764.2
Segment profit (loss) (1) 100.2$ 45.8$ 39.9$ 12.5$ 2.9$ 201.3$
Gross operating margin (2) 145.2$ 73.0$ 46.9$ 40.6$ 2.9$ 308.6$
(Loss) to Gross Operating Margin (cont.)
40
(1) Segment profit (loss) is defined as operating income less general and administrative expenses, depreciation and amortization, gain (loss) on disposition of assets and impairments.
(2) Gross operating margin is defined as operating income (loss) less general and administrative expenses, depreciation and amortization, gain (loss) on disposition of assets, impairments and operating expenses.
Impairments 799.2
Gross operating margin (2) 149.6$ 69.8$ 43.0$ 41.2$ 5.2$ 308.8$

Impairments 799.2
Shared service costs (2) 4.4 3.5 1.2 1.4 - 10.5
(4.5) - - - - (4.5)
- - - - 0.2 0.2
0.5 0.7 0.4 - - 1.6
Total segment cash flows (5) 105.7$ 46.8$ 37.4$ 16.3$ 5.4$ 211.6$
Payments under onerous performance
obligation offset to other current and
long-Term liabilities (3)
Loss on non-cash derivatives included
in Corporate segment profit
Unit-based compensation, Vex Recast
and Other (4)
Crude and
Impairments -
Shared service costs (2) 4.2 3.0 1.8 1.1 - 10.1
(4.5) - - - - (4.5)
- - - - 1.8 1.8
Unit-based compensation (4) 0.5 0.5 0.2 0.4 - 1.6
Total segment cash flows (5) 103.4$ 50.9$ 55.2$ 16.6$ 1.3$ 227.4$
Payments under onerous performance
obligation offset to other current and
long-Term liabilities (3)
Loss on non-cash derivatives included
in Corporate segment profit
(Loss) to Segment Cash Flows
41
(1) Segment profit (loss) is defined as operating income less general and administrative expenses, depreciation and amortization, gain (loss) on disposition of assets, and impairments. (2) Shared service costs
represent costs associated with segment operations including engineering, measurement and environmental and safety costs that are included in segment profit (loss) but are not reflected as a reduction in segment
cash flows. (3) Payments under this obligation are reflected as a reduction in segment cash flows but are not reflected as a reduction in segment profit because such payments are offset to related accrued contract
obligations for GAAP. (4) Unit-based compensation is included in Segment Profit but is not included in segment cash flows. (5) Segment cash flows are defined as gross operating margin less operating expenses, plus
shared service costs and unit-based compensation and less payments under onerous performance obligations. Realized derivative gains or losses are also included in segment cash flows in our Corporate segment.

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