EnLink Midstream Partners, LP (ENLK)

DALLAS--(BUSINESS WIRE)--The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner), today reported results for the fourth quarter of and full-year 2015 and 2016 Guidance. Fourth Quarter 2015 — EnLink Midstream Partners, LP Financial Results The Partnership realized adjusted EBITDA of $186.1 million and distributable cash flow of $148.8 million in the fourth quarter of 2015, compared with adjusted EBITDA of $122.0 million and distributable cash flow of $93.0 million in the fourth quarter of 2014. The Partnership's net loss from continuing operations was $714.1 million and net cash provided by operating activities was $137.6 million in the fourth quarter of 2015, compared with net income from continuing operations of $91.2 million and net cash provided by operating activities of $99.1 million in the fourth quarter of 2014. The Partnership's operating loss was $690.9 million in the fourth quarter of 2015 compared with operating income of $103.9 million in the fourth quarter of 2014. The net loss in the fourth quarter of 2015 was primarily due to a non-cash expense of $764.2 million related to goodwill and asset impairments. The Partnership’s gross operating margin was $308.6 million in the fourth quarter of 2015 compared with gross operating margin of $303.7 million in the fourth quarter of 2014. Adjusted EBITDA, distributable cash flow and gross operating margin are explained in greater detail under "Non-GAAP Financial Information," and reconciliations of these measures to their most directly comparable GAAP measures are included in the tables at the end of this news release. “EnLink achieved solid results in 2015 despite the challenges facing the industry. We executed our strategic plan, delivered stable cash flows, and enhanced our asset positions in the best oil and gas producing basins,” said Barry E. Davis, EnLink President and Chief Executive Officer. “We know 2016 will require continued focus and execution. We plan to maximize cash flows from our assets, reduce costs, execute growth in core areas, and deliver best-in-basin services. We are committed to maintaining our financial strength and protecting our balance sheet.” The Partnership’s operating and reporting segments are based principally upon geographic regions served and consist of the following: the Texas segment, which includes natural gas gathering, processing, transmission and fractionation operations located in north Texas and west Texas; the Louisiana segment, which includes pipelines, processing plants and NGL assets located in Louisiana; the Oklahoma segment, which includes natural gas gathering and processing operations located in Oklahoma; the Crude and Condensate segment, which includes rail, truck, pipeline, storage and barge facilities to deliver crude and condensate in the Ohio River Valley and Texas and brine disposal wells in the Ohio River Valley; and the corporate segment, which includes operating activity for intersegment eliminations and gains or losses from derivative activities. Each business segment’s contribution to the fourth quarter 2015 gross operating margin compared with fourth quarter 2014, and the factors affecting those contributions, is described below: The Texas segment had a decrease in gross operating margin of $1.1 million for the three months ended December 31, 2015 compared to the three months ended December 31, 2014. This decrease was primarily attributable to declines in gross operating margin of $13.9 million resulting from volume declines in our North Texas gathering, processing, and transmission assets. These declines were partially offset by increases in gross operating margin of $12.8 million from our Permian assets, which were primarily due to the Coronado, Matador and Deadwood acquisitions. The Oklahoma segment had an increase in gross operating margin of $3.9 million for the three months ended December 31, 2015 compared to the three months ended December 31, 2014. Approximately $2.4 million of this increase is the result of insurance proceeds received related to business interruption coverage on the Cana Plant shut-down, which occurred during the second quarter of 2015. The remainder is primarily attributable to increased volumes in the Cana system. The Louisiana segment had an increase in gross operating margin of $9.5 million for the three months ended December 31, 2015 as compared to the three months ended December 31, 2014. This increase was primarily driven by an increase in fractionated volumes which contributed $10.6 million. In addition, the Gulf Coast assets acquired from Chevron contributed another $2.4 million. These increases were partially offset by a decrease in gross operating margin of $2.2 million in our Louisiana natural gas processing and transmission assets primarily due to price declines and declines in revenues from firm transportation agreements. The Crude and Condensate segment had an increase in gross operating margin of $13.9 million for the three months ended December 31, 2015 as compared to the three months ended December 31, 2014. This increase is primarily attributable to the acquisition of the LPC assets in the Permian Basin in January 2015, which contributed $12.7 million. In addition, there was an increase in gross operating margin related to the Victoria Express drop-down transaction in the Eagle Ford of $1.3 million. Gross operating margin from the Ohio River Valley operations increased by $2.8 million due to the commercial start-up of five compression and condensate stabilization stations completed since the fourth quarter of 2014. These increases were partially offset by a decrease of gross operating margin of $2.9 million due to the early termination of a contract in June 2015. The Corporate segment had a decrease in gross operating margin of $21.3 million for the three months ended December 31, 2015 compared to the three months ended December 31, 2014. The decrease was due to reduced gains attributable to derivative activities in 2015. The Partnership’s fourth quarter 2015 operating expenses were $107.3 million, an increase of $24.0 million from the fourth quarter of 2014. General and administrative expenses for the fourth quarter of 2015 increased by $0.3 million from the fourth quarter of 2014. Depreciation and amortization expense for the fourth quarter of 2015 increased by $13.1 million from the fourth quarter of 2014. These increases were primarily due to the acquisitions of LPC, Coronado, the Victoria Express pipeline and the Gulf Coast assets acquired from Chevron. Net interest expense for the fourth quarter of 2015 increased by $14.7 million from the fourth quarter of 2014 primarily due to an increase in long-term borrowings. Net loss per limited partner common unit for the fourth quarter of 2015 was $2.17 per common unit compared with net income of $0.21 per common unit for the fourth quarter of 2014. Fourth Quarter 2015 — EnLink Midstream, LLC Financial Results The General Partner reported a net loss of $723.4 million for the fourth quarter of 2015 compared with net income of $75.6 million in the fourth quarter of 2014. The net loss in the fourth quarter of 2015 was primarily due to the previously mentioned non-cash expense of $764.2 million related to goodwill and asset impairments. The General Partner’s cash available for distribution was $47.8 million in the fourth quarter of 2015 compared with cash available for distribution of $66.3 million in the fourth quarter of 2014. The year-over-year decline in cash available for distribution was primarily due to the drop-down of EnLink Midstream Holdings to the Partnership that was completed in 2015. The resulting distribution coverage ratio for the fourth quarter of 2015 was approximately 1.04x on the declared distribution of $0.255 per General Partner unit. Cash available for distribution is explained in greater detail under "Non-GAAP Financial Information," and a reconciliation of this measure to its most directly comparable GAAP measure is included in the tables at the end of this news release. Full Year 2015 — EnLink Midstream Partners, LP Financial Results The Partnership realized adjusted EBITDA of $678.3 million, a net loss from continuing operations of $1,378.2 million, net cash provided by operating activities of $645.6 million and distributable cash flow of $529.3 million in 2015. The net loss in 2015 was primarily due to a non-cash expense of $1,563.4 million related to goodwill and asset impairments. The Partnership’s gross operating margin was $1,206.8 million in 2015. The Partnership's operating loss was $1,297.4 million in 2015. Each business segment’s contribution to the 2015 gross operating margin is below: The Texas segment contributed $588.0 million of gross operating margin. The Louisiana segment contributed $272.7 million of gross operating margin. The Oklahoma segment contributed $169.1 million of gross operating margin. The Crude and Condensate segment contributed $167.6 million of gross operating margin. The Corporate segment contributed $9.4 million of gross operating margin. The Partnership’s 2015 operating expenses, excluding non-cash impairments, were $419.9 million; general and administrative expenses were $132.4 million; depreciation and amortization expense was $387.3 million; and net interest expense was $102.5 million. The net loss per limited partner common unit for 2015 was $4.66. Full Year 2015 — EnLink Midstream, LLC Financial Results The General Partner reported a net loss of $1,409.7 million in 2015. The net loss was primarily due to a non-cash expense of $1,563.4 million related to goodwill and intangible impairments. The General Partner's cash available for distribution was $199.3 million, which resulted in a 1.17x coverage ratio on the declared distribution of $1.005 for 2015. EnLink Midstream Provides 2016 Guidance EnLink Midstream's 2016 Guidance expectations are shown in the table below. EnLink Midstream currently forecasts to have 2016 consolidated adjusted EBITDA of approximately $770 million, assuming West Texas Intermediate (WTI) crude oil prices average $43.75 and Henry Hub natural gas prices average $2.50 for the year. Assuming the achievement of 2016 guidance set out in the table below, the Partnership forecasts that it will generate sufficient distributable cash flow to support 2016 annual distributions of approximately $1.56 per unit of the Partnership, which would allow for a distribution coverage ratio of approximately 1.0x. The General Partner forecasts that it could pay 2016 annual distributions of approximately $1.02 per unit of the General Partner, which would allow for a distribution coverage ratio of approximately 1.1x. The General Partner distribution forecast assumes the receipt of per unit distributions from the Partnership consistent with the guidance stated above. The payment and amount of distributions will be subject to approval by the Boards of Directors of the Partnership and General Partner and to economic conditions and other factors existing during the time of determination. EnLink Midstream Note: Guidance range assumes 2016 average WTI crude oil prices range from $27.50 to $60 per barrel and 2016 average Henry Hub natural gas prices range from $2 to $4 per MMBtu. The foregoing guidance for 2016 is estimated and, accordingly, remains subject to changes that could be significant. See the section titled “Forward-Looking Statements” of this press release. Adjusted EBITDA, growth capital expenditures, maintenance capital expenditures, distributable cash flow and cash available for distribution are non-GAAP financial measures and are explained in greater detail under “Non-GAAP Financial Information.” 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 to Hold Earnings Conference Call on February 17, 2016 EnLink Midstream, LLC (NYSE: ENLC) (the General Partner) and EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) will hold a conference call to discuss 2015 financial results and 2016 Guidance on Wednesday, February 17, 2016, at 9:00 a.m. Central time (10:00 a.m. Eastern time). EnLink will post an operations report to its website at www.enlink.com after market close on February 16. 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/10079411 where they will receive their dial-in information upon completion of their preregistration. Interested parties can access an archived replay of the call on the Investors page of EnLink Midstream’s website at www.enlink.com. About the EnLink Midstream Companies EnLink Midstream is a leading, integrated midstream company with a diverse geographic footprint and a strong financial foundation, delivering tailored customer solutions for sustainable growth. EnLink Midstream is publicly traded through two entities: EnLink Midstream, LLC (NYSE: ENLC), the publicly traded general partner entity, and EnLink Midstream Partners, LP (NYSE: ENLK), the master limited partnership. EnLink Midstream’s assets are located in many of North America’s premier oil and gas regions, including the Barnett Shale, Permian Basin, Cana-Woodford Shale, the STACK, Arkoma-Woodford Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast region, Utica Shale and Marcellus Shale. Based in Dallas, Texas, EnLink Midstream’s assets include over 9,800 miles of gathering and transportation pipelines, 18 processing plants with 3.8 billion cubic feet per day of processing capacity, seven fractionators with 280,000 barrels per day of fractionation capacity, as well as barge and rail terminals, product storage facilities, purchase and marketing capabilities, brine disposal wells, an extensive crude oil trucking fleet and equity investments in certain private midstream companies. Additional information about the EnLink companies can be found at www.enlink.com. Non-GAAP Financial Information This press release contains non-generally accepted accounting principle financial measures that we refer to as adjusted EBITDA, distributable cash flow, gross operating margin, growth capital expenditures, maintenance capital expenditures and the General Partner's cash available for distribution. We define adjusted EBITDA as net income from continuing operations plus interest expense, provision for income taxes, depreciation and amortization expense, impairments, unit-based compensation, (gain) loss on noncash derivatives, transaction costs, distribution of equity investment and non-controlling interest and income (loss) from unconsolidated affiliates. We define distributable cash flow as net cash provided by operating activities plus adjusted EBITDA, net to EnLink Midstream Partners, LP, less interest expense, litigation settlement adjustment, interest rate swap proceeds, cash taxes and other, maintenance capital expenditures and the adjusted EBITDA of EnLink Midstream Holdings, LP ("Midstream Holdings" and for the period ended prior to March 7, 2014, "Predecessor"). Gross operating margin is defined as revenue minus the cost of sales. Cash available for distribution is defined as distributions due to the General Partner from the Partnership and the General Partner's interest in adjusted EBITDA of Midstream Holdings (as defined herein), less maintenance capital, the General Partner's specific general and administrative costs as a separate public reporting entity, the interest costs associated with the General Partner's debt and current taxes attributable to the General Partner's earnings. 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. The amounts included in the calculation of these measures are computed in accordance with generally accepted accounting principles (GAAP) with the exception of maintenance capital expenditures and the adjusted EBITDA of Midstream Holdings. Adjusted EBITDA of Midstream Holdings is defined as Midstream Holdings' earnings plus depreciation, provisions for income taxes and distribution of equity investment less income on equity investment. 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 prior-reported results and a meaningful measure of the Partnership’s and the General Partner's cash flow after it has satisfied the capital and related requirements of its operations. Gross operating margin, adjusted EBITDA, distributable cash flow, maintenance capital expenditures, growth capital expenditures 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 are included in the following tables. 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. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, guidance, projected or forecasted financial results, 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 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. Three Months EndedDecember 31, (1) Represents net income attributable to the Predecessor for the periods prior to March 7, 2014. Three Months EndedDecember 31, Three Months EndedDecember 31, Three Months EndedDecember 31, 2014 5,771,500 Three Months EndedDecember 31, Net income (loss) attributable to EnLink Midstream, LLC per unit: (1) Represents net income attributable to the Predecessor for the periods prior to March 7, 2014. Three Months EndedDecember 31, Three Months EndedDecember 31,

DALLAS--(BUSINESS WIRE)--The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE: ENLK) (the “Partnership”) and EnLink Midstream, LLC (NYSE: ENLC) (the “General Partner”) (together “EnLink”), today announced that a subsidiary of the Partnership and the General Partner signed definitive agreements to acquire subsidiaries of Tall Oak Midstream, LLC for $1.55 billion, subject to certain adjustments. The purchase price will be paid in installments, with the first installment of $1.05 billion paid at closing and the final installment of $500 million paid no later than the first anniversary of the closing date with the option to defer $250 million of the final installment up to 24 months following the closing date. The Tall Oak assets serve gathering and processing needs in the growing STACK and Central Northern Oklahoma Woodford (“CNOW”) plays in Oklahoma and are supported by long-term, fixed-fee contracts with acreage dedications that have a remaining weighted-average term of approximately 15 years. A subsidiary of Devon Energy Corp. (NYSE: DVN) also announced that it signed a definitive agreement to acquire Felix Energy, LLC (“Felix”) for $1.9 billion, subject to certain adjustments. The Felix acreage is dedicated to the Tall Oak system, making it the largest customer of this system. The acquisition of Felix will enhance Devon’s size and scale in the STACK play by adding approximately 80,000 net surface acres immediately north and northeast of its legacy STACK/Cana position. “This unique and highly attractive transaction underscores the strength and synergies of EnLink’s partnership with Devon, demonstrating the value creation our relationship brings,” said Barry E. Davis, EnLink President and Chief Executive Officer. “The acquisition is consistent with our growth strategy and will provide EnLink with an expanded position in one of the best plays in the nation, the liquids-rich STACK play, as well as expand our Oklahoma footprint and diversify our customer base. These assets represent attractive gathering and processing opportunities that are anchored by long-term, fee-based contracts that provide stable cash flows.” Davis continued, “We remain committed to providing long-term value to our unitholders by growing our business prudently and profitably. The acquisition financing terms are consistent with EnLink’s goal of maintaining an investment-grade profile, as well as ample liquidity and flexibility to continue executing our growth strategy.” “We are excited about the addition of the oil-focused acreage Devon is acquiring to further expand our STACK position and pleased with EnLink’s acquisition of the associated midstream business,” said Dave Hager, Devon President and Chief Executive Officer. “The oil rich nature of this expanded STACK position gives Devon a significant inventory of development opportunities and aligns well with EnLink’s growth strategy. Working together, Devon and EnLink were able to execute on these two strong acquisitions at the same time.” “We are proud of the business we’ve built at Tall Oak, and we’re grateful to see its success continue in the hands of a company like EnLink,” said Ryan D. Lewellyn, Tall Oak’s President and Chief Executive Officer. “We chose EnLink because it has a proven track record and will take great care of our customers. We look forward to contributing to their exciting growth opportunities.” Strategic Benefits of the Transaction The Tall Oak acquisition is expected to provide significant strategic benefits to EnLink, including: Growth Alignment with Devon. EnLink’s agreement to acquire the Tall Oak systems and Devon’s agreement to acquire Felix Energy highlights the strong sponsorship and strategic alignment of EnLink and Devon on growth opportunities in the STACK play. This supports EnLink’s ability to continue executing on its growth strategy. Felix’s prominent position in the region includes 210,000 net effective acres primarily in Blaine, Canadian and Kingfisher counties located immediately north and northeast of Devon’s legacy Cana-Woodford position. Enhanced Financial Strength. The financing terms of the transaction are expected to allow the Partnership to maintain its investment-grade credit rating and strong balance sheet. The transaction is expected to be accretive to EnLink’s distributable cash flow and allow EnLink to continue growing distributions. EnLink expects the Tall Oak purchase price, combined with near-term capital expenditures, will be approximately 7.5 to 8 times projected consolidated adjusted EBITDA of the Tall Oak assets by 2018. EnLink intends to provide updated earnings and distribution guidance on its fourth quarter and year-end 2015 conference call to be held in February 2016. Top-Tier Assets in STACK and CNOW. Tall Oak’s assets are located in the cores of the STACK and CNOW plays, and serve as an excellent complement to EnLink’s existing position in the Cana-Woodford. The STACK is one of North America’s premier resource plays and includes two main stacked formations, the Meramec and the Woodford Shale. Producers, including Devon, expect to place multiple horizontal wellbores in each section to fully develop both formations. Economics in the STACK play are among the most favorable of all producing regions in the United States with low break-even commodity prices for producers. The CNOW is an emerging play that includes two shallow stacked producing formations leading to low-cost wells reported at less than $2 million per well. The combined Tall Oak and EnLink assets effectively link the STACK, Cana-Woodford and CNOW plays and creates a franchise position for EnLink in Oklahoma. Expanded Growth Platform. EnLink has the opportunity to build out the Tall Oak systems by connecting its existing Cana assets to the Tall Oak assets, which would create a super-system in the heart of the STACK play. Longer term plans include the potential for connecting EnLink’s Oklahoma assets to EnLink’s North Texas assets through a multi-phase pipeline development called the Oklahoma Express project. Tall Oak also holds crude oil dedications from major customers on its gas gathering and processing system including Felix. EnLink expects to work closely with Devon and other STACK customers to develop a mutually-beneficial crude oil gathering system. Focused Producer Customers. The Tall Oak acquisition will also further diversify EnLink’s producer relationships through contracts with key producers, which include Felix Energy, PayRock Energy, American Energy-Woodford and other major customers in the region. The majority of these customers are focused on development of the acreage underlying the Tall Oak systems. Long-Term, Fee-Based Contracts to Support Growth. Consistent with EnLink’s business model, Tall Oak’s key contracts are primarily fee-based with substantial acreage dedications and have a remaining weighted-average term of approximately 15 years. Devon will provide EnLink with five-year minimum volume commitments for gathering and processing of the dedicated Felix acreage. Asset Overview Tall Oak’s assets are strategically located in the core areas of the STACK and CNOW plays. The assets include two gathering and processing systems and will include a rich gas pipeline currently under construction that will connect the two systems. The Chisholm Plant, which serves the STACK play, is a cryogenic gas processing plant with a current capacity of 100 million cubic feet of gas per day (MMcf/d). The facility is currently being expanded by an additional 200 MMcf/d, which is expected to be completed in the third quarter of 2016. Depending on future volume requirements, the Chisholm Plant could be expanded by an additional 400 MMcf/d for a total processing capacity of 700 MMcf/d. The plant is connected to a 200-mile, low and high-pressure gathering system with compression facilities. Additional gathering pipelines and compression facilities are currently under construction. The Battle Ridge Plant, which provides EnLink with an entrance into the CNOW play, is a cryogenic gas processing plant with a current capacity of 75 MMcf/d. The plant is connected to a 175-mile, low and high-pressure gathering system with compression facilities. Additional gathering pipelines and compression facilities are currently under construction. A 42-mile, 16-inch high-pressure header pipeline, with a total capacity of 150 MMcf/d is under construction to connect Tall Oak’s Chisolm Plant and Battle Ridge systems. The pipeline, expected to be in service by year-end 2015, will provide customers with additional operational flexibility and access to premium residue markets. Transaction Detail Under the terms of the definitive agreements, the Partnership and the General Partner will jointly acquire subsidiaries of Tall Oak Midstream, LLC for $1.55 billion. Approximately 84 percent of the combined acquisition will be acquired by the Partnership and the remainder will be acquired by the General Partner. The purchase price will be paid in installments, with the first installment of $1.05 billion paid at closing and the final installment of $500 million paid no later than the first anniversary of the closing date with the option to defer $250 million of the final installment up to 24 months following the closing date. The Partnership plans to fund the first installment through its issuance of $750 million aggregate amount of convertible preferred units to TPG, a leading global private investment firm, and funds managed by the Merchant Banking Division of Goldman Sachs and via the Partnership’s revolving credit facility in an amount equal to $50 million. The General Partner plans to issue $250 million of ENLC common units directly to the sellers at closing. The Partnership plans to fund the second installment with proceeds from the monetization of non-core assets, preferred equity issuances or other equity issuances. EnLink expects this financing structure will enable it to maintain its investment-grade credit profile. In connection with the equity issuance, the size of the Board of Directors of the Partnership’s general partner will expand from nine to eleven members and each of Devon and TPG will have the right to appoint one new member. “TPG is pleased to make a significant investment in EnLink to help facilitate this transformative transaction,” said TPG Partner Christopher Ortega. “The Tall Oak acquisition further solidifies EnLink’s position as a leading infrastructure provider in the high-growth STACK play. The Partnership’s attractive asset base, top-tier balance sheet and strategic partnership with Devon, collectively make it an exciting investment opportunity. We look forward to partnering with the EnLink team to continue to accelerate the Partnership’s strategy and capitalize on growth opportunities in the future.” The transaction, which is expected to be completed in the first quarter of 2016, is subject to the satisfaction of customary closing conditions, including applicable regulatory approvals, as well as the completion of Devon’s acquisition of Felix, which is expected to occur concurrently with the Tall Oak closing. Advisors Jefferies LLC is acting as EnLink’s primary financial and technical advisor on the Tall Oak transaction. Morgan Stanley & Co. LLC is also acting as financial advisor and was the primary advisor for the financing transactions. Evercore is acting as financial advisor to the Partnership’s Conflicts Committee. Conference Call and Webcast EnLink will hold a conference call and webcast to discuss the transaction on Monday, December 7 at 8 a.m. Central time (9 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/10077096 where they will receive their dial-in information upon completion of their preregistration.Webcast materials will be accessible on the Investors page of EnLink Midstream’s website at www.EnLink.com. Interested parties can also access an archived replay of the call and the investor presentation on the Investors page of EnLink Midstream’s website at www.enlink.com. Separately, Devon will hold a conference call and webcast to discuss the transaction on Monday, December 7 at 7:00 a.m. Central time (8:00 a.m. Eastern time). About the EnLink Midstream Companies EnLink Midstream is a leading, integrated midstream company with a diverse geographic footprint and a strong financial foundation, delivering tailored customer solutions for sustainable growth. EnLink Midstream is publicly traded through two entities: EnLink Midstream, LLC (NYSE: ENLC), the publicly traded general partner entity, and EnLink Midstream Partners, LP (NYSE: ENLK), the master limited partnership. EnLink Midstream’s assets are located in many of North America’s premier oil and gas regions, including the Barnett Shale, Permian Basin, Cana-Woodford Shale, Arkoma-Woodford Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast region, Utica Shale and Marcellus Shale. Based in Dallas, Texas, EnLink Midstream’s assets include over 9,200 miles of gathering and transportation pipelines, 17 processing plants with 3.6 billion cubic feet per day of processing capacity, seven fractionators with 280,000 barrels per day of fractionation capacity, as well as barge and rail terminals, product storage facilities, purchase and marketing capabilities, brine disposal wells, an extensive crude oil trucking fleet and equity investments in certain private midstream companies. Additional information about the EnLink Midstream companies can be found at www.EnLink.com. Non-GAAP Financial Information The script and presentation accompanying this press release on EnLink Midstream’s website contain non-generally accepted accounting principle financial measures that we refer to as adjusted EBITDA and distributable cash flow. We define adjusted EBITDA as net income from continuing operations plus interest expense, provision for income taxes, depreciation and amortization expense, impairments, unit-based compensation, (gain) loss on noncash derivatives, transaction costs, distribution of equity investment and non-controlling interest and income (loss) on equity investment. We define distributable cash flow as net cash provided by operating activities plus adjusted EBITDA, net to EnLink Midstream Partners, LP, less interest expense, litigation settlement adjustment, interest rate swap proceeds, cash taxes and other, maintenance capital expenditures and the adjusted EBITDA of EnLink Midstream Holdings, LP. The amounts included in the calculation of these measures are computed in accordance with generally accepted accounting principles (GAAP) with the exception of maintenance capital expenditures. 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. 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 prior-reported results and a meaningful measure of the Partnership’s and the General Partner's cash flow after it has satisfied the capital and related requirements of its operations. Adjusted EBITDA and distributable cash flow, 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. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. These statements are based on certain assumptions made by the Partnership and the General Partner based upon management's experience and perception of historical trends, current conditions, expected future developments and other factors the Partnership and the General Partner believe are appropriate in the circumstances. These statements include, but are not limited to, statements about future financial and operating results, objectives, expectations and intentions that are not historical facts. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership and the General Partner, which may cause the Partnership's and the General Partner’s actual results to differ materially from those implied or expressed by the forward-looking statements. These risks include, but are not limited to, the failure to consummate the transactions, the risk that the Partnership does not complete its financing transactions to fund the transactions, the risk that the entities and assets to be acquired will not be successfully integrated or that such integration will take longer than expected, the risk that the entities and assets to be acquired will not perform as expected, the risk that the assets to be acquired fail to generate follow-on investment opportunities, the risk that the transaction does not result in expected synergies, the risk that EnLink fails to enter into an arrangement with Devon regarding minimum volume commitments, the risk that the Partnership fails to maintain its investment grade credit rating, the risk that the contemplated construction projects are not completed on time or at all, regulatory, economic and market conditions and other risks discussed in the Partnership's and the General Partner’s filings with the Securities and Exchange Commission. The Partnership and the General Partner have no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

DALLAS--(BUSINESS WIRE)--The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner), today reported results for the third quarter of 2015. Third-Quarter 2015 — EnLink Midstream Partners, LP Financial Results The Partnership realized adjusted EBITDA of $187.3 million and distributable cash flow of $147.8 million in the third quarter of 2015, compared with adjusted EBITDA of $111.4 million and distributable cash flow of $88.8 million in the third quarter of 2014. The Partnership's net loss from continuing operations was $755.2 million and net cash provided by operating activities was $215.7 million in the third quarter of 2015, compared with net income from continuing operations of $83.5 million and net cash provided by operating activities of $158.9 million in the third quarter of 2014. The Partnership's operating loss was $730.5 million in the third quarter of 2015 compared with operating income of $88.4 million in the third quarter of 2014. The net loss in the third quarter of 2015 was primarily due to a non-cash expense of $799.2 million related to goodwill and intangible asset impairments. The Partnership’s gross operating margin was $308.8 million in the third quarter of 2015 compared with gross operating margin of $260.2 million in the third quarter of 2014. Adjusted EBITDA, distributable cash flow and gross operating margin are explained in greater detail under "Non-GAAP Financial Information," and reconciliations of these measures to their most directly comparable GAAP measures are included in the tables at the end of this news release. “EnLink delivered strong results in the third quarter which demonstrates the benefits of our stable and growing platform,” said Barry E. Davis, EnLink President and Chief Executive Officer. “We’re operating from a position of competitive strength due to our strong investment grade balance sheet, stable cash flows from Devon and other high quality customers, and diversity of basins and services. We continue to execute on our growth strategy including the recent expansion of our footprint in the Permian Basin and remain confident in our ability to deliver strong performance and growth.” The Partnership’s operating and reporting segments are based principally upon geographic regions served and consist of the following: the Texas segment, which includes natural gas gathering, processing, transmission and fractionation operations located in north Texas and west Texas; the Louisiana segment, which includes pipelines, processing plants and NGL assets located in Louisiana; the Oklahoma segment, which includes natural gas gathering and processing operations located in Oklahoma; the Crude and Condensate segment, which previously was referred to as the Ohio River Valley segment, and which includes rail, truck, pipeline and barge facilities to deliver crude and condensate in Texas, Louisiana and the Ohio River Valley and brine disposal wells in the Ohio River Valley; and the corporate segment, which includes operating activity for intersegment eliminations and gains or losses from derivative activities. Each business segment’s contribution to the third quarter 2015 gross operating margin compared with third quarter 2014, and the factors affecting those contributions, is described below: The Texas segment had an increase in gross operating margin of $0.3 million for the three months ended September 30, 2015, compared to the three months ended September 30, 2014. This increase was primarily attributable to a $13.5 million increase from the Coronado Midstream Holdings, LLC (Coronado) acquisition in March 2015 and the Bearkat plant which commenced operations in September 2014. These increases were offset by a decrease of $13.6 million attributable to volume declines on our North Texas processing, gathering and transmission assets. The Oklahoma segment had a decrease in gross operating margin of $2.8 million for the three months ended September 30, 2015, compared to the three months ended September 30, 2014. This decrease is primarily attributable to a reduction in certain fees generated from a third party customer contract and volume declines. The Louisiana segment had an increase in gross operating margin of $28.6 million for the three months ended September 30, 2015, compared to the three months ended September 30, 2014. This increase was primarily driven by the completion of the Cajun-Sibon expansion in September 2014, which resulted in an increase in gross operating margin of $22.9 million, and the gulf coast natural gas pipelines that were acquired from Chevron, which contributed $6.0 million of the increase. These increases were partially offset by volume and price declines in other areas of our Louisiana gas system. The Crude and Condensate segment had an increase in gross operating margin of $18.3 million for the three months ended September 30, 2015, compared to the three months ended September 30, 2014. This increase is attributable to the acquisition of LPC Oil Marketing, LLC (LPC) in January 2015, which contributed $13.5 million; the Victoria Express pipeline which commenced operations in July 2014 and contributed $3.2 million; and the commercial start-up of the E2 compression and condensate stabilization stations during the fourth quarter of 2014 and first quarter of 2015, which contributed $5.5 million. These increases were partially offset by a $2.7 million decline in other crude operations related to the termination of a customer contract in June 2015 and a decrease of $1.2 million attributable to volume declines on our Ohio River Valley assets. The Corporate segment had an increase in gross operating margin of $4.2 million for the three months ended September 30, 2015, compared to the three months ended September 30, 2014. This increase was due to a gain on derivative activities. The Partnership’s third quarter 2015 operating expenses were $105.0 million, an increase of $25.2 million from the third quarter of 2014. General and administrative expenses for the third quarter of 2015 increased by $10.0 million from the third quarter of 2014. Depreciation and amortization expense for the third quarter of 2015 increased by $23.8 million from the third quarter of 2014. These increases were primarily due to the acquisitions of LPC, Coronado and the gulf coast natural gas pipeline assets from Chevron. Net interest expense for the third quarter of 2015 increased by $17.1 million from the third quarter of 2014 primarily due to an increase in senior notes outstanding. Net loss per limited partner common unit for the third quarter of 2015 was $2.32 per common unit compared with net income of $0.18 per common unit for the third quarter of 2014. Third Quarter 2015 — EnLink Midstream, LLC Financial Results The General Partner reported a net loss of $755.9 million for the third quarter of 2015 compared with net income of $64.2 million in the third quarter of 2014. The net loss in the third quarter of 2015 was primarily due to the previously mentioned non-cash expense of $799.2 million related to goodwill and intangible asset impairments. The General Partner’s cash available for distribution was $47.5 million in the third quarter of 2015 compared with cash available for distribution of $61.9 million in the third quarter of 2014, and much of that year-over-year decline was due to the EnLink Midstream Holdings drop down transactions that were completed in 2015. The resulting distribution coverage ratio for the third quarter of 2015 was approximately 1.12x on the declared distribution of $0.255 per General Partner unit. Cash available for distribution is explained in greater detail under "Non-GAAP Financial Information," and a reconciliation of this measure to its most directly comparable GAAP measure is included in the tables at the end of this news release. EnLink Midstream to Hold Earnings Conference Call on November 4, 2015 EnLink Midstream, LLC (NYSE: ENLC) (the General Partner) and EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) will hold a conference call to discuss third quarter financial results on Wednesday, November 4, 2015, at 9:00 a.m. Central time (10:00 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/10073526 where they will receive their dial-in information upon completion of their preregistration. Interested parties can access an archived replay of the call on the Investors page of EnLink Midstream’s website at www.enlink.com. About the EnLink Midstream Companies EnLink Midstream is a leading, integrated midstream company with a diverse geographic footprint and a strong financial foundation, delivering tailored customer solutions for sustainable growth. EnLink Midstream is publicly traded through two entities: EnLink Midstream, LLC (NYSE: ENLC), the publicly traded general partner entity, and EnLink Midstream Partners, LP (NYSE: ENLK), the master limited partnership. EnLink Midstream’s assets are located in many of North America’s premier oil and gas regions, including the Barnett Shale, Permian Basin, Cana-Woodford Shale, Arkoma-Woodford Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast region, Utica Shale and Marcellus Shale. Based in Dallas, Texas, EnLink Midstream’s assets include over 9,200 miles of gathering and transportation pipelines, 17 processing plants with 3.6 billion cubic feet per day of processing capacity, seven fractionators with 280,000 barrels per day of fractionation capacity, as well as barge and rail terminals, product storage facilities, purchase and marketing capabilities, brine disposal wells, an extensive crude oil trucking fleet and equity investments in certain private midstream companies. Additional information about the EnLink companies can be found at www.enlink.com. Non-GAAP Financial Information This press release contains non-generally accepted accounting principle financial measures that we refer to as adjusted EBITDA, distributable cash flow, gross operating margin, maintenance capital expenditures and the General Partner's cash available for distribution. We define adjusted EBITDA as net income from continuing operations plus interest expense, provision for income taxes, depreciation and amortization expense, impairments, unit-based compensation, (gain) loss on noncash derivatives, transaction costs, distribution of equity investment and non-controlling interest and income (loss) on equity investment. We define distributable cash flow as net cash provided by operating activities plus adjusted EBITDA, net to EnLink Midstream Partners, LP, less interest expense, litigation settlement adjustment, interest rate swap proceeds, cash taxes and other, maintenance capital expenditures and the adjusted EBITDA of EnLink Midstream Holdings, LP ("Midstream Holdings" and for the period ended prior to March 7, 2014, "Predecessor"). Gross operating margin is defined as revenue minus the cost of sales. Cash available for distribution is defined as distributions due to the General Partner from the Partnership and the General Partner's interest in adjusted EBITDA of Midstream Holdings (as defined herein), less maintenance capital, the General Partner's specific general and administrative costs as a separate public reporting entity, the interest costs associated with the General Partner's debt and current taxes attributable to the General Partner's earnings. The amounts included in the calculation of these measures are computed in accordance with generally accepted accounting principles (GAAP) with the exception of maintenance capital expenditures and the adjusted EBITDA of Midstream Holdings. 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. Adjusted EBITDA of Midstream Holdings is defined as Midstream Holdings' earnings plus depreciation, provisions for income taxes and distribution of equity investment less income on equity investment. 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 prior-reported results and a meaningful measure of the Partnership’s and the General Partner's cash flow after it has satisfied the capital and related requirements of its operations. Gross operating margin, adjusted EBITDA, distributable cash flow, maintenance capital expenditures 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 are included in the following tables. 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 risks and uncertainties that could cause actual activities, performance, outcomes and results to differ materially from those indicated. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, projected or forecasted financial results, 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) our lack of asset diversification, (c) our vulnerability to having a significant portion of our operations concentrated in the Barnett Shale, (d) the amount of hydrocarbons transported in our gathering and transmission lines and the level of our processing and fractionation operations, (e) fluctuations in oil, natural gas and NGL prices, (f) construction risks in our major development projects, (g) our ability to consummate future acquisitions, successfully integrate any acquired businesses and realize any cost savings and other synergies from any acquisition, (h) changes in the availability and cost of capital, (i) competitive conditions in our industry and their impact on our ability to connect hydrocarbon supplies to our assets, (j) operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control, (k) a failure in our computing systems or a cyber-attack on our systems, and (l) 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 these forward-looking statements. Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA and Distributable Cash Flow

DALLAS--(BUSINESS WIRE)--The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner), today reported results for the second quarter of 2015. Second Quarter 2015 — EnLink Midstream Partners, LP Financial Results The Partnership realized adjusted EBITDA of $174.9 million and distributable cash flow of $134.1 million in the second quarter of 2015, compared with adjusted EBITDA of $113.2 million and distributable cash flow of $94.9 million in the second quarter of 2014. The Partnership's net income from continuing operations was $55.4 million and net cash provided by operating activities was $120.6 million in the second quarter of 2015, compared with net income from continuing operations of $81.9 million and net cash provided by operating activities of $99.6 million in the second quarter of 2014. The Partnership’s gross operating margin was $306.3 million and operating income was $72.5 million in the second quarter of 2015, compared with gross operating margin of $265.3 million and operating income of $91.1 million in the second quarter of 2014. Adjusted EBITDA, distributable cash flow and gross operating margin are explained in greater detail under "Non-GAAP Financial Information," and reconciliations of these measures to their most directly comparable GAAP measures are included in the tables at the end of this news release. “We are pleased to have delivered strong performance in the first half of 2015, particularly given the current commodity price environment,” said Barry E. Davis, EnLink President and Chief Executive Officer. “We are uniquely positioned and continue to execute on our plan. With our fee based contracts, the strong sponsorship of Devon, attractive asset platform and strong balance sheet, we are confident we can continue to deliver strong performance and growth.” The Partnership’s operating and reporting segments are based principally upon geographic regions served and consist of the following: the Texas segment, which includes natural gas gathering, processing, transmission and fractionation operations located in north Texas and west Texas; the Louisiana segment, which includes pipelines, processing plants and NGL assets located in Louisiana; the Oklahoma segment, which includes natural gas gathering and processing operations located in Oklahoma; the Crude and Condensate segment, which previously was referred to as the Ohio River Valley segment, and which includes rail, truck, pipeline and barge facilities to deliver crude and condensate in Texas, Louisiana and the Ohio River Valley and brine disposal wells in the Ohio River Valley; and the corporate segment, which includes operating activity for intersegment eliminations and gains or losses from derivative activities. Each business segment’s contribution to the second quarter 2015 gross operating margin compared with second quarter 2014, and the factors affecting those contributions, is described below: The Texas segment had a decrease in gross operating margin of $3.4 million for the three months ended June 30, 2015 compared to the three months ended June 30, 2014. The decrease was primarily driven by a $15.6 million decrease attributable to a decline in throughput volumes on our North Texas gathering, transmission and processing assets. This decline was partially offset by an increase of $12.2 million in the Permian Basin primarily due to the Coronado acquisition and organic growth of the Bearkat assets. The Oklahoma segment had a decrease in gross operating margin of $8.5 million for the three months ended June 30, 2015 compared to the three months ended June 30, 2014. Of this decrease, $5.5 million is attributable to a decline in volumes. In addition, our Cana Plant was operating at partial capacity from April to late June 2015 for plant repairs resulting in a decrease in gross operating margin of $3.0 million. The Louisiana segment had an increase in gross operating margin of $17.8 million for the three months ended June 30, 2015 as compared to the three months ended June 30, 2014. This increase was primarily driven by the completion of the Cajun-Sibon expansion in September 2014, which increased gross operating margin by $16.1 million. In addition, the Louisiana natural gas processing, gathering and transmission assets contributed an increase of $1.7 million primarily due to the gross operating margins contributed by the gulf coast natural gas pipeline assets acquired from Chevron in November 2014, which was partially offset by declines from other Louisiana gas assets. The Crude and Condensate segment had an increase in gross operating margin of $32.3 million for the three months ended June 30, 2015 compared to the three months ended June 30, 2014. This increase was partly due to the acquisition of the LPC assets in January 2015, which contributed $14.9 million, and the Victoria Express (VEX) pipeline, which commenced operations in July 2014 and contributed $4.2 million. In addition, gross operating margin increased by $4.8 million from our E2 assets due to the commercial start-up of three compression and condensate stabilization stations during the fourth quarter of 2014 and first quarter of 2015. The remaining increase is primarily attributable to the receipt of a one-time termination payment of $10.3 million in connection with the termination of a customer contract in June 2015. The Corporate segment had an increase in gross operating margin of $2.8 million due to a gain on derivative activities. The Partnership’s second quarter 2015 operating expenses were $109.1 million, an increase of $35.2 million, or 47.6%, from the second quarter of 2014. General and administrative expenses increased by $1.2 million from the second quarter of 2014. Depreciation and amortization expense increased by $23.2 million, or 31.1%, from the second quarter of 2014. These increases were primarily due to the acquisitions of LPC Oil Marketing, LLC, Coronado Midstream Holdings, LLC and the gulf coast natural gas pipeline assets from Chevron. Net interest expense increased by $9.2 million, or 69.7%, from the second quarter of 2014 due to an increase in average debt. Income from equity investment increased by $1.4 million from the second quarter of 2014. Net income per limited partner common unit for the second quarter of 2015 was $0.12 per common unit compared with net income of $0.17 per common unit for the second quarter of 2014. Second Quarter 2015 — EnLink Midstream, LLC Financial Results The General Partner reported net income of $44.6 million for the second quarter of 2015 compared with net income of $62.4 million in the second quarter of 2014. The General Partner’s cash available for distribution was $52.0 million compared with cash available for distribution of $67.1 million in the second quarter of 2014, which resulted in a 1.25x coverage ratio on the declared distribution of $0.25 per General Partner unit for the quarter. Cash available for distribution is explained in greater detail under "Non-GAAP Financial Information," and a reconciliation of this measure to its most directly comparable GAAP measure is included in the tables at the end of this news release. EnLink Midstream to Hold Earnings Conference Call on August 5, 2015 EnLink Midstream, LLC (NYSE: ENLC) (the General Partner) and EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) will hold a conference call to discuss second quarter financial results on Wednesday, August 5, 2015, at 9:00 a.m. Central time (10:00 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/10068136 where they will receive their dial-in information upon completion of their preregistration. Interested parties can access an archived replay of the call on the Investors page of EnLink Midstream’s website at www.enlink.com. About the EnLink Midstream Companies EnLink Midstream is a leading, integrated midstream company with a diverse geographic footprint and a strong financial foundation, delivering tailored customer solutions for sustainable growth. EnLink Midstream is publicly traded through two entities: EnLink Midstream, LLC (NYSE: ENLC), the publicly traded general partner entity, and EnLink Midstream Partners, LP (NYSE: ENLK), the master limited partnership. EnLink Midstream’s assets are located in many of North America’s premier oil and gas regions, including the Barnett Shale, Permian Basin, Cana-Woodford Shale, Arkoma-Woodford Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast region, Utica Shale and Marcellus Shale. Based in Dallas, Texas, EnLink Midstream’s assets include over 9,200 miles of gathering and transportation pipelines, 16 processing plants with 3.6 billion cubic feet per day of processing capacity, seven fractionators with 280,000 barrels per day of fractionation capacity, as well as barge and rail terminals, product storage facilities, purchase and marketing capabilities, brine disposal wells, an extensive crude oil trucking fleet and equity investments in certain private midstream companies. Additional information about the EnLink companies can be found at www.enlink.com. Non-GAAP Financial Information This press release contains non-generally accepted accounting principle financial measures that we refer to as adjusted EBITDA, distributable cash flow, gross operating margin, maintenance capital expenditures and the General Partner's cash available for distribution. We define adjusted EBITDA as net income from continuing operations plus interest expense, provision for income taxes, depreciation and amortization expense, unit-based compensation, (gain) loss on noncash derivatives, transaction costs, distribution of equity investment and non-controlling interest and income (loss) on equity investment. We define distributable cash flow as net cash provided by operating activities plus adjusted EBITDA, net to EnLink Midstream Partners, LP, less interest expense, litigation settlement adjustment, interest rate swap proceeds, cash taxes and other, maintenance capital expenditures and the adjusted EBITDA of EnLink Midstream Holdings, LP ("Midstream Holdings" and for the period ended prior to March 7, 2014, "Predecessor"). Gross operating margin is defined as revenue minus the cost of sales. Cash available for distribution is defined as distributions due to the General Partner from the Partnership and the General Partner's interest in Midstream Holdings' adjusted EBITDA (as defined herein), less maintenance capital, the General Partner's specific general and administrative costs as a separate public reporting entity, the interest costs associated with the General Partner's debt and current taxes attributable to the General Partner's earnings. The amounts included in the calculation of these measures are computed in accordance with generally accepted accounting principles (GAAP) with the exception of maintenance capital expenditures and the adjusted EBITDA of Midstream Holdings. 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. Adjusted EBITDA of Midstream Holdings is defined as Midstream Holdings' earnings plus depreciation, provisions for income taxes and distribution of equity investment less income on equity investment. 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 prior-reported results and a meaningful measure of the Partnership’s and the General Partner's cash flow after it has satisfied the capital and related requirements of its operations. Gross operating margin, adjusted EBITDA, distributable cash flow, maintenance capital expenditures 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 are included in the following tables. 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 risks and uncertainties that could cause actual activities, performance, outcomes and results to differ materially from those indicated. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, projected or forecasted financial results, 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) our lack of asset diversification, (c) our vulnerability to having a significant portion of our operations concentrated in the Barnett Shale, (d) the amount of hydrocarbons transported in our gathering and transmission lines and the level of our processing and fractionation operations, (e) fluctuations in oil, natural gas and NGL prices, (f) construction risks in our major development projects, (g) our ability to consummate future acquisitions, successfully integrate any acquired businesses and realize any cost savings and other synergies from any acquisition, (h) changes in the availability and cost of capital, (i) competitive conditions in our industry and their impact on our ability to connect hydrocarbon supplies to our assets, (j) operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control, (k) a failure in our computing systems or a cyber-attack on our systems, and (l) 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 these forward-looking statements.

DALLAS--(BUSINESS WIRE)--The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner), today reported results for the first quarter of 2015. First Quarter 2015 — EnLink Midstream Partners, LP Financial Results The Partnership realized adjusted EBITDA of $129.9 million, net income from continuing operations of $35.0 million, net cash provided by operating activities of $170.6 million and distributable cash flow of $98.7 million for the first quarter of 2015. The Partnership’s first quarter 2015 gross operating margin was $278.9 million and operating income was $50.8 million. Adjusted EBITDA, distributable cash flow and gross operating margin are explained in greater detail under "Non-GAAP Financial Information," and reconciliations of these measures to their most directly comparable GAAP measures are included in the tables at the end of this news release. “We are pleased with our first quarter performance and continue to execute on our growth plan in this challenging commodity environment,” said Barry E. Davis, EnLink President and Chief Executive Officer. “Consistent with our growth strategy, the Partnership has completed approximately $3.7 billion of drop downs, growth projects and strategic acquisitions in the last year. As we look ahead, we remain well positioned for stability and long-term growth.” The Partnership’s operating and reporting segments are based principally upon geographic regions served and consist of the following: the Texas segment, which includes natural gas gathering, processing, transmission and fractionation operations located in north Texas and west Texas; the Louisiana segment, which includes pipelines, processing plants and NGL assets located in Louisiana; the Oklahoma segment, which includes natural gas gathering and processing operations located in Oklahoma; the Crude and Condensate segment, which has historically been referred to as the Ohio River Valley segment and which includes rail, truck, pipeline and barge facilities to deliver crude and condensate in Texas, Louisiana and the Ohio River Valley and brine disposal wells in the Ohio River Valley; and the corporate segment, which includes operating activity for intersegment eliminations and gains or losses from derivative activities. Each business segment’s contribution to the Partnership’s first quarter 2015 gross operating margin is below: The Texas segment contributed $144.8 million of gross operating margin. The Louisiana segment contributed $65.2 million of gross operating margin. The Oklahoma segment contributed $40.5 million of gross operating margin. The Crude and Condensate segment contributed $28.2 million of gross operating margin. The Corporate segment contributed $0.2 million of gross operating margin. The Partnership’s first quarter 2015 operating expenses were $96.2 million; general and administrative expenses were $41.9 million; depreciation and amortization expense was $90.0 million; net interest expense was $18.9 million; and income from equity investment was $3.7 million. Net income per limited partner common unit for the first quarter of 2015 was $0.03. First Quarter 2015 — EnLink Midstream, LLC Financial Results The General Partner reported net income of $24.3 million for the first quarter of 2015. The General Partner’s cash available for distribution was $52.1 million, which resulted in a 1.29x coverage ratio on the declared distribution of $0.245 per General Partner unit for the quarter. Cash available for distribution is explained in greater detail under "Non-GAAP Financial Information," and a reconciliation of this measure to its most directly comparable GAAP measure is included in the tables at the end of this news release. EnLink Midstream to Hold Earnings Conference Call on May 6, 2015 EnLink Midstream, LLC (NYSE: ENLC) (the General Partner) and EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) will hold a conference call to discuss first quarter financial results on Wednesday, May 6, 2015, at 9:00 a.m. Central time (10:00 a.m. Eastern time). The dial-in number for the call is 1-866-270-1533. Callers outside the United States should dial 1-412-317-0797. Participants can also preregister for the conference call by navigating to http://dpregister.com/10064184 where they will receive their dial-in information upon completion of their preregistration. Interested parties can access an archived replay of the call on the Investors page of EnLink Midstream’s website at www.enlink.com. About the EnLink Midstream Companies EnLink Midstream is a leading midstream provider formed through the combination of Crosstex Energy and substantially all of the U.S. midstream assets of Devon Energy Corporation (Devon). EnLink Midstream is publicly traded through two entities: EnLink Midstream, LLC (NYSE: ENLC), the publicly traded general partner entity, and EnLink Midstream Partners, LP (NYSE: ENLK), the master limited partnership. EnLink Midstream’s assets are located in many of North America’s premier oil and gas regions, including the Barnett Shale, Permian Basin, Cana-Woodford Shale, Arkoma-Woodford Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast region, Utica Shale and Marcellus Shale. Based in Dallas, Texas, EnLink Midstream’s assets include over 9,100 miles of gathering and transportation pipelines, 16 processing plants with 3.6 billion cubic feet per day of processing capacity, seven fractionators with 280,000 barrels per day of fractionation capacity, as well as barge and rail terminals, product storage facilities, purchase and marketing capabilities, brine disposal wells, an extensive crude oil trucking fleet and equity investments in certain private midstream companies. The Partnership and the General Partner announced the filing with the Securities and Exchange Commission of their respective annual reports on Form 10-K for the year ended December 31, 2014. Each report was filed on February 20, 2015 and is available at the Investors page of EnLink Midstream’s website at www.enlink.com. Unitholders may receive a hard copy of the reports, free of charge, by sending requests to EnLink Midstream, 2501 Cedar Springs Road, Dallas, Texas 75201, Attention: Communications and Investor Relations. Additional information about the EnLink companies can be found at www.enlink.com. Non-GAAP Financial Information This press release contains non-generally accepted accounting principle financial measures that we refer to as adjusted EBITDA, distributable cash flow, gross operating margin, growth capital expenditures, maintenance capital expenditures and the General Partner's cash available for distribution. We define adjusted EBITDA as net income from continuing operations plus interest expense, provision for income taxes, depreciation and amortization expense, impairment expense, stock-based compensation, gain on noncash derivatives, transaction costs, distribution of equity investment and non-controlling interest and income on equity investment. We define distributable cash flow as net cash provided by operating activities plus adjusted EBITDA, net to EnLink Midstream Partners, LP less interest expense, interest rate swap, cash taxes and other, maintenance capital expenditures and Predecessor adjusted EBITDA. Gross operating margin is defined as revenue minus the cost of purchased gas, NGL, condensate and crude oil. Growth capital expenditures are defined as all construction-related direct labor and material costs, as well as indirect construction costs including general engineering costs and the costs of funds used in construction. We define cash available for distribution for the General Partner as distributions due to the General Partner from the Partnership and the General Partner's 25% interest in the adjusted EBITDA of EnLink Midstream Holdings, LP ("Midstream Holdings") less maintenance capital, which is distributed to the General Partner on a monthly basis, less specific general and administrative costs as a separate public reporting entity, the interest costs associated with the General Partner's debt and current taxes attributable to earnings. The amounts included in the calculation of these measures are computed in accordance with generally accepted accounting principles (GAAP) with the exception of maintenance capital expenditures and the adjusted EBITDA of Midstream Holdings. 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. Adjusted EBITDA of Midstream Holdings is defined as earnings plus depreciation, provisions for income taxes and distribution of equity investment less income on equity investment. 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 prior-reported results and a meaningful measure of the Partnership’s and the General Partner's cash flow after it has satisfied the capital and related requirements of its operations. Gross operating margin, adjusted EBITDA, distributable cash flow, growth capital expenditures, maintenance capital expenditures 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 are included in the following tables. 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 risks and uncertainties that could cause actual activities, performance, outcomes and results to differ materially than those indicated. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, projected or forecasted financial results, 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) our lack of asset diversification, (c) our vulnerability to having a significant portion of our operations concentrated in the Barnett Shale, (d) the amount of hydrocarbons transported in our gathering and transmission lines and the level of our processing and fractionation operations, (e) fluctuations in oil, natural gas and NGL prices, (f) construction risks in our major development projects, (g) our ability to consummate future acquisitions, successfully integrate any acquired businesses, realize any cost savings and other synergies from any acquisition, (h) changes in the availability and cost of capital, (i) competitive conditions in our industry and their impact on our ability to connect hydrocarbon supplies to our assets, (j) operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control, (k) a failure in our computing systems or a cyber-attack on our systems, and (l) 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 these forward-looking statements. (1) Includes $7.9 million of affiliate purchased gas, NGLs, condensate and crude oil. EnLink Midstream Partners, LPSelected Financial Data(All amounts in millions) As a supplement to the financial information included herein for the three months ended March 31, 2015, the Partnership is furnishing the following tables, which segregate the results of operations of Midstream Holdings from the Partnership's other operations. The tables below reflect the following for the three months ended March 31, 2015: the Partnership's results of operations excluding the operations of Midstream Holdings; the results of operations of 100% of Midstream Holdings on a stand-alone basis; the elimination of the portion of net income of Midstream Holdings attributable to the non-controlling interest in Midstream Holdings held by ENLC; the Partnership's results of operations on a consolidated basis. PartnershipExcludingMidstreamHoldings MidstreamHoldings PartnershipConsolidated (18.9 (0.8 (18.9 (0.8 (1) Includes $7.9 million of affiliate purchased gas, NGLs, condensate and crude oil.

DALLAS--(BUSINESS WIRE)--The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE: ENLK) and EnLink Midstream, LLC (NYSE:ENLC) (together “EnLink Midstream”), today announced that EnLink will host its annual analyst and investor conference on Monday, March 30, 2015, from 1:00 p.m. – 5:30 p.m. Central time at the Hotel Monteleone in New Orleans, Louisiana. Members of EnLink’s senior management team, led by Barry E. Davis, President and Chief Executive Officer, will discuss business accomplishments, industry trends, and market opportunities. Steve J. Hoppe, Executive Vice President and President of the Gas Gathering, Processing and Transportation Business, and Mac Hummel, Executive Vice President and President of the Natural Gas Liquids and Crude Oil Business, will provide an overview of their respective business units and future growth opportunities during panel discussions with EnLink leaders. Michael J. Garberding, EnLink Midstream Executive Vice President and Chief Financial Officer, will provide a financial update. Dave Hager, Devon Energy Chief Operating Officer, will participate in the event and provide an overview of Devon Energy’s operations and opportunities with EnLink. The dial-in number to listen to the live broadcast via conference call is 1-877-201-0168. Callers outside the United States should dial 1-647-788-4901. The Conference ID is 69017286 for all participants. Callers are advised to dial in to the call at least 10 minutes prior to the call time to register. Participants may preregister for the call at http://event.on24.com/r.htm?e=927345&s=1&k=B4FBA6754409FB4550AF5793D98676F1. Pre-registrants will be issued a pin number to use when dialing in to the live broadcast, which will provide quick access to the conference by bypassing the operator upon connection. A copy of the related presentation materials will be available on March 30, 2015, on the Investors page of EnLink Midstream’s website at www.EnLink.com. Interested parties also can access a live webcast of the conference on EnLink Midstream’s Investors webpage, and after the conference, a replay of the webcast will be available. About the EnLink Midstream Companies EnLink Midstream is a leading midstream provider formed through the combination of Crosstex Energy and substantially all of the U.S. midstream assets of Devon Energy. EnLink Midstream is publicly traded through two entities: EnLink Midstream, LLC (NYSE: ENLC), the publicly traded general partner entity, and EnLink Midstream Partners, LP (NYSE: ENLK), the master limited partnership. EnLink Midstream’s assets are located in many of North America’s premier oil and gas regions, including the Barnett Shale, Permian Basin, Cana-Woodford Shale, Arkoma-Woodford Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast region, Utica Shale and Marcellus Shale. Based in Dallas, Texas, EnLink Midstream’s assets include approximately 8,800 miles of gathering and transportation pipelines, 13 processing plants with 3.4 billion cubic feet per day of processing capacity, seven fractionators with 280,000 barrels per day of fractionation capacity, as well as barge and rail terminals, product storage facilities, purchase and marketing capabilities, brine disposal wells, an extensive crude oil trucking fleet and equity investments in certain private midstream companies. Additional information about the EnLink Midstream companies can be found at www.EnLink.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. These statements are based on certain assumptions made by EnLink Midstream and include statements about the timing and content of EnLink Midstream’s analyst and investor conference. Although EnLink Midstream believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. EnLink Midstream has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

DALLAS--(BUSINESS WIRE)--The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE:ENLK) (the Partnership or ENLK) and EnLink Midstream, LLC (NYSE:ENLC) (the General Partner or ENLC) (collectively EnLink Midstream), today reported results for the fourth quarter of 2014 and provided 2015 guidance. Fourth Quarter 2014 — EnLink Midstream Partners, LP Financial Results The Partnership realized adjusted EBITDA of $122.3 million, net income from continuing operations of $87.9 million, net cash provided by operating activities of $95.3 million and distributable cash flow of $92.2 million for the fourth quarter of 2014. The Partnership's fourth quarter of 2014 gross operating margin was $298.7 million and operating income was $100.7 million. Adjusted EBITDA, distributable cash flow and gross operating margin are explained in greater detail under “Non-GAAP Financial Information," and reconciliations of these measures to their most directly comparable GAAP measures are included in the tables at the end of this news release. “Last year was transformational for EnLink Midstream. We created a stable and diversified company and successfully executed on our growth plan,” said Barry E. Davis, EnLink Midstream President and Chief Executive Officer. “We utilized all four growth avenues and delivered financial results in line with our guidance. In 2014, we began operations on approximately $1 billion of organic growth projects and announced an additional $1 billion of growth projects and acquisitions that we believe will enable us to further build on our growing midstream platform in key producing regions. “We remain well positioned to grow our business even in the current market environment. Our strong financial position, unique sponsorship with Devon, predominately fee-based model, and strategically located asset base give us flexibility to take advantage of a variety of growth opportunities. In fact, over the last 60 days we announced an aggregate of $700 million of acquisitions in the Permian Basin and a $925 million drop down from our General Partner to our Master Limited Partnership. We remain committed to providing great returns to investors while maintaining an investment grade balance sheet,” Davis added. The Partnership’s operating and reporting segments are based principally upon geographic regions served and consist of the following: the Texas segment, which includes natural gas gathering, processing, transmission and fractionation operations located in north Texas and west Texas; the Louisiana segment, which includes pipelines, processing plants and NGL assets located in Louisiana; the Oklahoma segment, which includes natural gas gathering and processing operations located in Oklahoma; the ORV segment, which includes rail, truck, pipeline and barge facilities to deliver crude and condensate and brine disposal wells in the Ohio River Valley; and the corporate segment, which includes operating activity for intersegment eliminations and gains or losses from derivative activities. Each business segment’s contribution to the Partnership’s fourth quarter 2014 gross operating margin is below: The Texas segment contributed $147.3 million of gross operating margin. The Louisiana segment contributed $65.9 million of gross operating margin. The Oklahoma segment contributed $42.6 million of gross operating margin. The ORV segment contributed $18.9 million of gross operating margin. The Corporate segment contributed $24.0 million of gross operating margin from a gain on derivative activity. The Partnership’s fourth quarter 2014 operating expenses were $82.7 million; general and administrative expenses were $29.7 million; depreciation and amortization expense was $85.7 million; net interest expense was $16.3 million; and income from equity investment was $4.6 million. Net income per limited partner common unit for the fourth quarter of 2014 was $0.21. Fourth Quarter 2014 — EnLink Midstream, LLC Financial Results The General Partner reported net income of $26.1 million for the fourth quarter of 2014. The General Partner’s cash available for distribution was $66.3 million, which resulted in a 1.71x coverage ratio on the declared distribution of $0.235 per General Partner unit for the quarter. Cash available for distribution is explained in greater detail under "Non-GAAP Financial Information," and a reconciliation of this measure to its most directly comparable GAAP measure is included in the tables at the end of this news release. EnLink Midstream Provides 2015 Guidance Assuming the achievement of the 2015 guidance set forth in the table below, the Partnership expects to generate sufficient distributable cash flow to support distributions of approximately $1.58 per unit of the Partnership for 2015, which would be an approximate increase of 7.5 percent over distributions declared for 2014. The General Partner expects it could pay distributions of $1.025 per unit of the General Partner for 2015, which would be an approximate increase of 18.5 percent over distributions declared for 2014, assuming the receipt of per unit distributions from the Partnership consistent with the guidance stated above. The payment and amount of distributions will be subject to approval by the Boards of Directors of the Partnership and General Partner and to economic conditions and other factors existing during the time of determination. The foregoing guidance for 2015 is estimated and, accordingly, remains subject to changes that could be significant. See the section titled “Forward-Looking Statements” of this press release. Adjusted EBITDA, growth capital expenditures, maintenance capital expenditures and distributable cash flow are non-GAAP financial measures and are explained in greater detail under “Non-GAAP Financial Information.” EnLink Midstream to Hold Earnings Conference Call on February 18, 2015 EnLink Midstream, LLC (NYSE: ENLC) (the General Partner) and EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) will hold a conference call to discuss fourth quarter financial results, certain year-end financial results and 2015 guidance on Wednesday, February 18, 2015, at 9:00 a.m. Central time (10:00 a.m. Eastern time). The dial-in number for the call is 1-877-201-0168. Callers outside the United States should dial 1-647-788-4901. The conference identification passcode is 66489291 for all callers. Participants are advised to dial in to the call at least 10 minutes prior to the call time. Interested parties also can access the live webcast and archived replay of the call on the Investors page of EnLink Midstream’s website at www.enlink.com. About the EnLink Midstream Companies EnLink Midstream is a leading midstream provider formed through the combination of Crosstex Energy and substantially all of the U.S. midstream assets of Devon Energy. EnLink Midstream is publicly traded through two entities: EnLink Midstream, LLC (NYSE: ENLC), the publicly traded general partner entity, and EnLink Midstream Partners, LP (NYSE: ENLK), the master limited partnership. EnLink Midstream’s assets are located in many of North America’s premier oil and gas regions, including the Barnett Shale, Permian Basin, Cana-Woodford Shale, Arkoma-Woodford Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast region, Utica Shale and Marcellus Shale. Based in Dallas, Texas, EnLink Midstream’s assets include approximately 8,800 miles of gathering and transportation pipelines, 13 processing plants with 3.4 billion cubic feet per day of net processing capacity, seven fractionators with 252,000 barrels per day of net fractionation capacity, as well as barge and rail terminals, product storage facilities, brine disposal wells, an extensive crude oil trucking fleet and equity investments in certain private midstream companies. Additional information about the EnLink companies can be found at www.enlink.com. Non-GAAP Financial Information This press release contains non-generally accepted accounting principle financial measures that we refer to as adjusted EBITDA, distributable cash flow, gross operating margin, growth capital expenditures, maintenance capital expenditures and the General Partner's cash available for distribution. We define adjusted EBITDA as net income from continuing operations plus interest expense, provision for income taxes, depreciation and amortization expense, impairment expense, stock-based compensation, gain on noncash derivatives, transaction costs, distribution of equity investment and non-controlling interest and income on equity investment. We define distributable cash flow as net cash provided by operating activities plus adjusted EBITDA, net to EnLink Midstream Partners, LP less interest expense, litigation settlement adjustment, interest rate swap, cash taxes and other, maintenance capital expenditures and Predecessor adjusted EBITDA. Gross operating margin is defined as revenue minus the cost of purchased gas, NGL, condensate and crude oil. Growth capital expenditures are defined as all construction-related direct labor and material costs, as well as indirect construction costs including general engineering costs and the costs of funds used in construction. We define cash available for distribution for the General Partner as distributions due to the General Partner from the Partnership and the General Partner's 50% interest in the adjusted EBITDA of EnLink Midstream Holdings, LP ("Midstream Holdings") less maintenance capital, which is distributed to the General Partner on a monthly basis, less specific general and administrative costs as a separate public reporting entity, the interest costs associated with the General Partner's debt and current taxes attributable to earnings. The amounts included in the calculation of these measures are computed in accordance with generally accepted accounting principles (GAAP) with the exception of maintenance capital expenditures and the adjusted EBITDA of Midstream Holdings. 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. Adjusted EBITDA of Midstream Holdings is defined as earnings plus depreciation, provisions for income taxes and distribution of equity investment less income on equity investment. 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 prior-reported results and a meaningful measure of the Partnership’s and the General Partner's cash flow after it has satisfied the capital and related requirements of its operations. Gross operating margin, adjusted EBITDA, distributable cash flow, growth capital expenditures, maintenance capital expenditures 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 are included in the following tables. 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 risks and uncertainties that could cause actual activities, performance, outcomes and results to differ materially than those indicated. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, guidance, projected or forecasted financial results, 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) our lack of asset diversification, (c) our vulnerability to having a significant portion of our operations concentrated in the Barnett Shale, (d) the amount of hydrocarbons transported in our gathering and transmission lines and the level of our processing and fractionation operations, (e) fluctuations in oil, natural gas and NGL prices, (f) construction risks in our major development projects, (g) our ability to consummate future acquisitions, successfully integrate any acquired businesses, realize any cost savings and other synergies from any acquisition, (h) changes in the availability and cost of capital, (i) competitive conditions in our industry and their impact on our ability to connect hydrocarbon supplies to our assets, (j) operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control, (k) a failure in our computing systems or a cyber-attack on our systems, and (l) 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 these 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) As a supplement to the financial information included herein for the three months ended December 31, 2014, the Partnership is furnishing the following table, which segregates the results of operations of Midstream Holdings from the Partnership's other operations. The table below reflects the following for the three months ended December 31, 2014: the Partnership's results of operations excluding the operations of Midstream Holdings; the results of operations of 100% of Midstream Holdings on a stand-alone basis; the elimination of the 50% of the net income of Midstream Holdings attributable to the non-controlling interest in Midstream Holdings held by the General Partner; and the Partnership's results of operations on a consolidated basis. PartnershipExcludingMidstreamHoldings MidstreamHoldings PartnershipConsolidated 0.92 x 1.71 x

DALLAS--(BUSINESS WIRE)--The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE:ENLK) (the Partnership) and EnLink Midstream, LLC (NYSE:ENLC) (the General Partner), today reported results for the third quarter of 2014. Third Quarter 2014 — EnLink Midstream Partners, LP Financial Results The Partnership realized adjusted EBITDA of $111.3 million, distributable cash flow of $89.1 million and net income of $44.0 million for the third quarter of 2014. The Partnership’s third quarter of 2014 gross operating margin was $254.2 million and operating income was $90.1 million. Adjusted EBITDA, distributable cash flow and gross operating margin are explained in greater detail under “Non-GAAP Financial Information,” and reconciliations of these measures to their most directly comparable GAAP measures are included in the tables at the end of this news release. “We experienced another quarter of solid performance,” said Barry E. Davis, EnLink Midstream President and Chief Executive Officer. “We completed construction of approximately $1 billion of organic growth projects, including the Cajun-Sibon expansion project in South Louisiana and a portion of the Bearkat expansion project in West Texas. In just the last 90 days, we’ve also announced projects that represent the next $1 billion in new capital touching on each of our four growth avenues. These new announcements include a drop down acquisition, an expansion project serving Devon Energy in the Permian basin, organic growth projects in South Louisiana and the Utica shale, and the acquisition of natural gas assets in the Louisiana Gulf Coast. We raised distributions for unitholders of both ENLK and ENLC, and we continue to execute on our goal to double the size of EnLink by 2017 and create significant value for our unitholders and customers.” The Partnership’s operating and reporting segments are based principally upon geographic regions served and consist of the following: the Texas segment, which includes natural gas gathering, processing, transmission and fractionation operations located in north Texas and west Texas; the Louisiana segment, which includes pipelines, processing plants and NGL assets located in Louisiana; the Oklahoma segment, which includes natural gas gathering and processing operations located in Oklahoma; and the ORV segment, which includes rail, truck, pipeline and barge facilities to deliver crude and condensate and brine disposal wells in the Ohio River Valley. Each business segment’s contribution to the Partnership’s third quarter 2014 gross operating margin is below: The Texas segment contributed $149.4 million of gross operating margin. The Louisiana segment contributed $43.9 million of gross operating margin. The Oklahoma segment contributed $45.9 million of gross operating margin. The ORV segment contributed $14.0 million of gross operating margin. The Partnership’s third quarter 2014 operating expenses were $75.8 million; general and administrative expenses were $22.8 million; depreciation and amortization expense was $71.6 million; gain on litigation settlement was $6.1 million; interest expense was $12.7 million; and income from equity investment was $5.6 million. Net income per limited partner common unit for the third quarter of 2014 was $0.18. Third Quarter 2014 — EnLink Midstream, LLC Financial Results The General Partner reported net income of $28.8 million. The General Partner’s cash available for distribution was $62.2 million, which resulted in a 1.65x coverage ratio on the declared distribution of $0.23 per General Partner unit for the quarter. Cash available for distribution is explained in greater detail under “Non-GAAP Financial Information,” and a reconciliation of this measure to its most directly comparable GAAP measure is included in the tables at the end of this news release. EnLink Midstream to Hold Earnings Conference Call on November 5, 2014 EnLink Midstream, LLC (NYSE: ENLC) (the General Partner) and EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) will hold a conference call to discuss third quarter 2014 financial results and newly announced growth initiatives on Wednesday, November 5, 2014, at 9:00 a.m. Central time (10:00 a.m. Eastern time). There will also be an accompanying presentation for the call that can be viewed on the Investors page of EnLink Midstream’s website at http://enlk.enlink.com/investor/. The dial-in number for the call is 1-877-201-0168. Callers outside the United States should dial 1-647-788-4901. The conference identification passcode is 15588541 for all callers. Participants are advised to dial in to the call at least 10 minutes prior to the call time. Interested parties also can access the live webcast and archived replay of the call on the Investors page of EnLink Midstream’s website at www.EnLink.com. About the EnLink Midstream Companies EnLink Midstream is a leading midstream provider formed through the combination of Crosstex Energy and substantially all of the U.S. midstream assets of Devon Energy. EnLink Midstream is publicly traded through two entities: EnLink Midstream, LLC (NYSE: ENLC), the publicly traded general partner entity, and EnLink Midstream Partners, LP (NYSE: ENLK), the master limited partnership. EnLink Midstream’s assets are located in many of North America’s premier oil and gas regions, including the Barnett Shale, Permian Basin, Cana-Woodford Shale, Arkoma-Woodford Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast region, Utica Shale and Marcellus Shale. Based in Dallas, Texas, EnLink Midstream’s assets include approximately 8,800 miles of gathering and transportation pipelines, 13 processing plants with 3.4 billion cubic feet per day of net processing capacity, seven fractionators with 252,000 barrels per day of net fractionation capacity, as well as barge and rail terminals, product storage facilities, brine disposal wells, an extensive crude oil trucking fleet and equity investments in certain private midstream companies. Additional information about the EnLink companies can be found at www.EnLink.com. Non-GAAP Financial Information This press release contains non-generally accepted accounting principle financial measures that we refer to as adjusted EBITDA, distributable cash flow, gross operating margin and cash available for distribution. We define adjusted EBITDA as net income plus interest expense, provision for income taxes, depreciation and amortization expense, stock-based compensation, (gain) loss on noncash derivatives, transaction costs, distribution of equity investment and non-controlling interest; and less income on equity investment. Distributable cash flow is defined as earnings before certain noncash charges and the gain on the sale of assets less maintenance capital expenditures. Gross operating margin is defined as revenue minus the cost of purchased gas, NGL, condensate and crude oil. We define cash available for distribution for the General Partner as distributions due to the General Partner from the Partnership and from the General Partner’s 50% interest in EnLink Midstream Holdings, LP (“Midstream Holdings”), less specific general and administrative costs as a separate public reporting entity, the interest costs associated with the General Partner’s debt and taxes attributable to earnings. The amounts included in the calculation of these measures are computed in accordance with generally accepted accounting principles (GAAP) with the exception of maintenance capital expenditures and the adjusted EBITDA of Midstream Holdings. 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. Adjusted EBITDA of Midstream Holdings is defined as earnings plus depreciation, provisions for income taxes and distribution of equity investment less income on equity investment. 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 prior-reported results and a meaningful measure of the Partnership’s and the General Partner’s cash flow after it has satisfied the capital and related requirements of its operations. 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 are included in the following tables. 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 risks and uncertainties that could cause actual activities, performance, outcomes and results to differ materially than those indicated. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, 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) the risk that EnLink Midstream will not be integrated successfully or that such integration will take longer than anticipated, (c) the possibility that expected synergies will not be realized, or will not be realized within the expected timeframe, (d) our lack of asset diversification, (e) our vulnerability to having a significant portion of our operations concentrated in the Barnett Shale, (f) the amount of hydrocarbons transported in our gathering and transmission lines and the level of our processing and fractionation operations, (g) fluctuations in oil, natural gas and NGL prices, (h) construction risks in our major development projects, (i) our ability to consummate future acquisitions, successfully integrate any acquired businesses, realize any cost savings and other synergies from any acquisition, (j) changes in the availability and cost of capital, (k) competitive conditions in our industry and their impact on our ability to connect hydrocarbon supplies to our assets, (l) operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control, (m) a failure in our computer systems or a cyber-attack on our systems, and (n) 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 these forward-looking statements. (Tables follow) EnLink Midstream Partners, LPSelected Financial Data(All amounts in millions except per unit amounts) EnLink Midstream Partners, LPSelected Financial Data(All amounts in millions) As a supplement to the financial information included herein for the three months ended September 30, 2014, the Partnership is furnishing the following table, which segregates the results of operations of Midstream Holdings from the Partnership’s other operations. The table below reflects the following for the three months ended September 30, 2014: the Partnership’s results of operations excluding the operations of Midstream Holdings; the results of operations of 100% of Midstream Holdings on a stand-alone basis; the elimination of the 50% of the net income of Midstream Holdings attributable to the non-controlling interest in Midstream Holdings held by the General Partner; and the Partnership’s results of operations on a consolidated basis. Partnership Excluding Midstream Holdings Midstream Holdings Partnership Consolidated EnLink Midstream Partners, LPReconciliation of Net Income to Adjusted EBITDA and Distributable Cash Flow(All amounts in millions except ratios and per unit amounts) Payments under onerous performance obligation offset to other current and long-term liabilities 0.95 x (1) Includes financial derivatives marked-to-market, accretion expense associated with asset retirement obligations and transaction costs related to the merger. (2) Includes the issuance of approximately 1.0 million ENLK units to ENLC in October 2014 as consideration for the drop down of the E2 entities to ENLK. EnLink Midstream Partners, LPReconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA(All amounts in millions) (1) Net of amortization of debt issuance costs and discount and premium included in interest expense. (2) Represents Midstream Holdings’ pre-March 7, 2014 (“Predecessor”) stock-based compensation contributed through equity and reflected in net distributions to Predecessor in cash flows from financing activities in the Consolidated Statements of Cash Flows. (3) Includes transaction costs. (4) Net of payments under onerous performance obligation offset to other current and long-term liabilities. EnLink Midstream Partners, LPOperating Data EnLink Midstream, LLCSelected Financial Data(All amounts in millions except per unit amounts) EnLink Midstream, LLCCash Available for Distribution(All amounts in millions except ratios and per unit amounts) 1.65 x (1) Represents distributions declared by ENLK and to be paid to ENLC on November 13, 2014. (2) Represents ENLC's 50% interest in Midstream Holdings' adjusted EBITDA, which is disbursed on a monthly basis to ENLC by Midstream Holdings. Midstream Holdings' adjusted EBITDA is defined as earnings plus depreciation, provision for income taxes and distributions from equity investment less income from equity investment. ENLC's share of Midstream Holdings' adjusted EBITDA is comprised of its 50% share in Midstream Holdings' net income of $41.7 million plus its 50% share in Midstream Holdings' depreciation of $17.2 million, taxes of $0.3 million and distributions from equity investment of $2.6 million, less its 50% share of income from equity investment of $2.6 million. (3) Represents ENLC's stand-alone current income tax estimate. Based on updated forecasted taxable income estimates for 2014, ENLC's taxable income is expected to exceed its federal net operating loss carryforward during 2014. (4) Represents ENLC's interest in Midstream Holdings' maintenance capital expenditures which is netted against the monthly disbursement of Midstream Holdings' adjusted EBITDA per (2) above. EnLink Midstream, LLCReconciliation of Net Income of ENLC to ENLC Cash Available for Distribution(All amounts in millions) (1) Represents distributions declared by ENLK and to be paid to ENLC on November 13, 2014. (2) Represents ENLC's interest in Midstream Holdings' depreciation, which is reflected as a non-cash deduction in the net income of ENLC excluding ENLK. (3) Represents ENLC's stand-alone deferred taxes. (4) Represents ENLC's interest in Midstream Holdings' maintenance capital expenditures, which is netted against the monthly disbursement of Midstream Holdings' adjusted EBITDA. (5) Represents E2's adjusted EBITDA and other non-cash items not included in cash available for distributions.

DALLAS--(BUSINESS WIRE)--The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE:ENLK) (the Partnership) and EnLink Midstream, LLC (NYSE:ENLC) (the General Partner), today reported results for the second quarter of 2014. Second Quarter 2014 — EnLink Midstream Partners, LP Financial Results The Partnership realized adjusted EBITDA of $111.6 million, distributable cash flow of $93.8 million and net income of $41.4 million for the second quarter of 2014. The Partnership's second quarter of 2014 gross operating margin was $262.1 million and operating income was $93.1 million. Adjusted EBITDA, distributable cash flow and gross operating margin are explained in greater detail under “Non-GAAP Financial Information,” and reconciliations of these measures to their most directly comparable GAAP measures are included in the tables at the end of this news release. “We are pleased to report outstanding second quarter results,” said Barry E. Davis, EnLink Midstream President and Chief Executive Officer. “Our performance this quarter exemplifies the many benefits of our strong financial foundation, our growing footprint of assets and our innovative sponsorship from Devon. We continue to execute on our strategic goals and we announced new growth projects which will expand our asset base. Based on the results of the business, we raised distributions this quarter for unitholders of both ENLK and ENLC. As we look ahead, we are confident in our ability to continue creating significant value for our unitholders and customers alike.” The Partnership’s operating and reporting segments are based principally upon geographic regions served and consist of the following: the Texas segment, which includes natural gas gathering, processing, transmission and fractionation operations located in north Texas and west Texas; the Louisiana segment, which includes pipelines, processing plants and NGL assets located in Louisiana; the Oklahoma segment, which includes natural gas gathering and processing operations located in Oklahoma; and the ORV segment, which includes rail, truck, pipeline and barge facilities to deliver crude and condensate and brine disposal wells in the Ohio River Valley. Each business segment’s contribution to the Partnership’s second quarter 2014 gross operating margin is below: The Texas segment contributed $153.0 million of gross operating margin. The Louisiana segment contributed $48.3 million of gross operating margin. The Oklahoma segment contributed $47.2 million of gross operating margin. The ORV segment contributed $15.2 million of gross operating margin. The Partnership’s second quarter 2014 operating expenses were $71.5 million; general and administrative expenses were $24.8 million; depreciation and amortization expense was $72.7 million; interest expense was $13.0 million; and income from equity investment was $4.5 million. Net income per limited partner common unit for the second quarter of 2014 was $0.17. Second Quarter 2014 — EnLink Midstream, LLC Financial Results The General Partner reported net income of $28.8 million. The General Partner’s cash available for distribution was $69.1 million, which resulted in a 1.91x coverage ratio, on the declared distribution of $0.22 per General Partner unit for the quarter. Cash available for distribution is explained in greater detail under "Non-GAAP Financial Information," and a reconciliation of this measure to its most directly comparable GAAP measure is included in the tables at the end of this news release. Excluding cash and debt held by the Partnership and E2, the compression and stabilization company in which the General Partner has invested, the General Partner had cash on hand of approximately $15.1 million and $155.0 million of borrowings available under its bank credit facility as of June 30, 2014. EnLink Midstream to Hold Earnings Conference Call on August 6, 2014 EnLink Midstream, LLC (NYSE: ENLC) (the General Partner) and EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) will hold a conference call to discuss second quarter 2014 financial results and newly announced growth projects on Wednesday, August 6, 2014, at 9:00 a.m. Central time (10:00 a.m. Eastern time). The dial-in number for the call is 1-866-520-1073. Callers outside the United States should dial 1-810-740-4841. The conference identification passcode is 64735258 for all callers. Participants are advised to dial in to the call at least 10 minutes prior to the call time to register. Participants may preregister for the call at http://www.directeventreg.com/registration/event/64735258. Pre-registrants will be issued a pin number to use when dialing in to the live call, which will provide quick access to the conference by bypassing the operator upon connection. Interested parties also can access the live webcast and archived replay of the call on the Investors page of EnLink Midstream’s website at www.EnLink.com. About the EnLink Midstream Companies EnLink Midstream is a leading midstream provider formed through the combination of Crosstex Energy and substantially all of the U.S. midstream assets of Devon Energy. EnLink Midstream is publicly traded through two entities: EnLink Midstream, LLC (NYSE: ENLC), the publicly traded general partner entity, and EnLink Midstream Partners, LP (NYSE: ENLK), the master limited partnership. EnLink Midstream’s assets are located in many of North America’s premier oil and gas regions, including the Barnett Shale, Permian Basin, Cana-Woodford Shale, Arkoma-Woodford Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast region, Utica Shale and Marcellus Shale. Based in Dallas, Texas, EnLink Midstream’s assets include approximately 7,300 miles of gathering and transportation pipelines, 12 processing plants with 3.3 billion cubic feet per day of net processing capacity, six fractionators with 180,000 barrels per day of net fractionation capacity, as well as barge and rail terminals, product storage facilities, brine disposal wells, an extensive crude oil trucking fleet and equity investments in certain private midstream companies. Additional information about the EnLink companies can be found at www.EnLink.com. Non-GAAP Financial Information This press release contains non-generally accepted accounting principle financial measures that we refer to as adjusted EBITDA, distributable cash flow, gross operating margin and cash available for distribution. We define adjusted EBITDA as net income plus interest expense, provision for income taxes, depreciation and amortization expense, stock-based compensation, (gain) loss on noncash derivatives, transaction costs, distribution of equity investment and non-controlling interest, and income (loss) on equity investment. Distributable cash flow is defined as earnings before certain noncash charges and the gain on the sale of assets less maintenance capital expenditures. Gross operating margin is defined as revenue minus the cost of purchased gas, NGL, condensate and crude oil. We define cash available for distribution as distributions due to the General Partner from the Partnership and from its 50% interest in EnLink Midstream Holdings, LP ("Midstream Holdings"), less specific general and administrative costs as a separate public reporting entity, the interest costs associated with debt and taxes attributable to earnings. The amounts included in the calculation of these measures are computed in accordance with generally accepted accounting principles (GAAP) with the exception of maintenance capital expenditures and adjusted EBITDA of Midstream Holdings. 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. Adjusted EBITDA of Midstream Holdings is defined as earnings before depreciation. 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 prior-reported results and a meaningful measure of the Partnership’s and the General Partner's cash flow after it has satisfied the capital and related requirements of its operations. 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 measures of liquidity or a substitute for metrics prepared in accordance with GAAP. Reconciliations of these measures to their most directly comparable GAAP measures are included in the following tables. 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 risks and uncertainties that could cause actual activities, performance, outcomes and results to differ materially than those indicated. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, objectives, 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) the risk that EnLink Midstream will not be integrated successfully or that such integration will take longer than anticipated, (c) the possibility that expected synergies will not be realized, or will not be realized within the expected timeframe, (d) our lack of asset diversification, (e) our vulnerability to having a significant portion of our operations concentrated in the Barnett Shale, (f) the amount of hydrocarbons transported in our gathering and transmission lines and the level of our processing and fractionation operations, (g) fluctuations in oil, natural gas and NGL prices, (h) construction risks in our major development projects, (i) our ability to consummate future acquisitions, successfully integrate any acquired businesses, realize any cost savings and other synergies from any acquisition, (j) changes in the availability and cost of capital, (k) competitive conditions in our industry and their impact on our ability to connect hydrocarbon supplies to our assets, (l) operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control, and (m) 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 these forward-looking statements. 1.03 x 1.91 x Represents ENLC's 50% interest in Midstream Holdings' adjusted EBITDA, which is disbursed on a monthly basis to ENLC by Midstream Holdings. Midstream Holdings' adjusted EBITDA is defined as earnings before depreciation. ENLC's share of Midstream Holdings' adjusted EBITDA is comprised of its 50% share in Midstream Holdings' net income of $42.7 million plus its 50% share in Midstream Holdings' depreciation of $17.3 million.

DALLAS--(BUSINESS WIRE)--The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE:ENLK) (the Partnership) and EnLink Midstream, LLC (NYSE:ENLC) (the General Partner), today reported results for the first quarter of 2014. EnLink Midstream was formed through the transaction (the Transaction) that combined substantially all of Devon Energy Corporation’s (Devon) U.S. midstream assets with the assets of the former Crosstex Energy, Inc. and Crosstex Energy, L.P. (collectively, Crosstex), which closed on March 7, 2014. For accounting purposes, EnLink Midstream Holdings, LP (Midstream Holdings) is the acquirer in the Transaction because its parent company, Devon, obtained control of EnLink Midstream in the Transaction. As a result of this accounting treatment, the financial results reported herein include contributions from the legacy Devon midstream assets for the entire first quarter and contributions from the legacy Crosstex assets beginning on March 7, 2014. The financial results reported herein may not be comparable to financial results of prior periods or future periods due to, among other things, the following reasons: (i) Devon only contributed certain of its U.S. midstream assets in the Transaction; (ii) the first quarter financial results include contributions from the legacy Crosstex assets for the final 25 days of the first quarter; and (iii) Midstream Holdings entered into new agreements with Devon effective March 1, 2014 that are fee-based rather than the previous percent-of-proceeds contracts. First Quarter 2014 – EnLink Midstream Partners, LP Financial Results The Partnership realized adjusted EBITDA of $115.4 million and net income of $44.1 million for the first quarter of 2014. For the 25-day period following the closing of the Transaction, the Partnership generated $30.8 million of adjusted EBITDA, $24.5 million of distributable cash flow and $18.9 million of net income. Grossing up the 25-day period following the closing of the Transaction into a 90-day quarterly period implies that the distribution coverage ratio would have been approximately 0.93x on the Partnership’s declared distribution of $0.36 per limited partner unit for the first quarter (assuming that Devon’s Class B units had been common units outstanding for the full period). The implied coverage ratio is for illustrative purposes only and is not necessarily indicative of the result that would have been obtained had the Transaction occurred prior to the beginning of the first quarter. Adjusted EBITDA and distributable cash flow are explained in greater detail under “Non-GAAP Financial Information,” and reconciliations of these measures to their most directly comparable GAAP measures are included in the tables at the end of this news release. “We are pleased to report our first quarter results as EnLink Midstream,” said Barry E. Davis, EnLink Midstream President and Chief Executive Officer. “Since the transaction’s close in early March, we have made substantial progress in the integration of the two businesses. Our strong foundation of diverse assets, fee-based cash flows and unique sponsorship by Devon puts us in an excellent position for sustainable growth. We look forward to creating significant value for the equity holders, customers and employees of EnLink Midstream.” The Partnership’s operating and reporting segments are based principally upon geographic regions served and consist of the following: the Texas segment, which includes natural gas gathering, processing, transmission and fractionation operations located in north Texas and west Texas; the Louisiana segment, which includes the pipelines, processing plants and NGL assets located in Louisiana; the Oklahoma segment, which includes natural gas gathering and processing operations located in Oklahoma; and the ORV segment which includes rail, truck, pipeline and barge facilities to deliver crude and condensate and brine disposal wells in the Ohio River Valley. Each business segment’s contribution to the Partnership’s first quarter 2014 gross operating margin which reflects contributions from the legacy Devon midstream assets for the entire first quarter and contributions from the legacy Crosstex assets for the final 25 days of the first quarter is described below: The Texas segment contributed $126.5 million of gross operating margin. The Oklahoma segment contributed $40.6 million of gross operating margin. The Louisiana segment contributed $13.2 million of gross operating margin. The ORV segment contributed $4.6 million of gross operating margin. Gross operating margin is explained in greater detail under “Non-GAAP Financial Information,” and a reconciliation of this measure to its most directly comparable GAAP measure is included in the tables at the end of this news release. The Partnership’s first quarter 2014 operating expenses were $46.0 million; general and administrative expenses were $15.2 million; depreciation and amortization expense was $47.9 million; and interest expense was $4.8 million. Net income per limited partner common unit for the first quarter of 2014 was $0.03. First Quarter 2014 – EnLink Midstream, LLC Financial Results The General Partner reported net income of $42.3 million. The General Partner’s cash available for distribution was $21.9 million, which resulted in a 1.5x coverage ratio, on the declared distribution of $0.18 per general partner unit for the quarter. Excluding cash and debt held by the Partnership and E2, the compression and stabilization company in which the General Partner has invested, the General Partner had cash on hand of approximately $2.1 million and $103.5 million of borrowings outstanding under its bank credit facility as of March 31, 2014. EnLink Midstream to Hold Earnings Conference Call on May 7, 2014 EnLink Midstream, LLC (NYSE: ENLC) (the General Partner) and EnLink Midstream Partners, LP (NYSE: ENLK) (the Master Limited Partnership) will hold a conference call to discuss first quarter 2014 financial results and guidance information on Wednesday, May 7, 2014, at 9:00 a.m. Central time (10:00 a.m. Eastern time). The dial-in number for the call is 1-888-713-4214. Callers outside the United States should dial 1-617-213-4866. The passcode is 65915062 for all callers. Participants are advised to dial in to the call at least 10 minutes prior to the call time to register. Participants may preregister for the call at https://www.theconferencingservice.com/prereg/key.process?key=PVPN3M7JT. Pre-registrants will be issued a pin number to use when dialing in to the live call, which will provide quick access to the conference by bypassing the operator upon connection. Interested parties also can access the live webcast of the call on the Investors page of EnLink Midstream’s website at www.enlink.com. After the conference call, a replay can be accessed until August 5, 2014, by dialing 1-888-286-8010. International callers should dial 1-617-801-6888 for a replay. The passcode for all callers listening to the replay is 54684779. Interested parties also can visit the Investors page of EnLink Midstream’s website to listen to a replay of the call. About the EnLink Midstream Companies EnLink Midstream is a leading midstream provider formed through the combination of Crosstex Energy and substantially all of the U.S. midstream assets of Devon Energy. EnLink Midstream is publicly traded through two entities: EnLink Midstream, LLC (NYSE: ENLC), the publicly traded general partner entity, and EnLink Midstream Partners, LP (NYSE: ENLK), the master limited partnership. EnLink Midstream’s assets are located in many of North America’s premier oil and gas regions, including the Barnett Shale, Permian Basin, Cana-Woodford Shale, Arkoma-Woodford Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast region, Utica Shale and Marcellus Shale. Based in Dallas, Texas, EnLink Midstream’s assets include approximately 7,300 miles of gathering and transportation pipelines, 12 processing plants with 3.3 billion cubic feet per day of net processing capacity, six fractionators with 180,000 barrels per day of net fractionation capacity, as well as barge and rail terminals, product storage facilities, brine disposal wells, an extensive crude oil trucking fleet and equity investments in certain private midstream companies. Additional information about the EnLink companies can be found at www.enlink.com. Non-GAAP Financial Information This press release contains non-generally accepted accounting principle financial measures that the Partnership refers to as adjusted EBITDA, distributable cash flow and gross operating margin. We define adjusted EBITDA as net income plus interest expense, provision for income taxes, depreciation and amortization expense, stock-based compensation, (gain) loss on noncash derivatives, transaction costs, distribution of equity investment and non-controlling interest, and income (loss) on equity investment. Distributable cash flow is defined as earnings before certain noncash charges and the gain on the sale of assets less maintenance capital expenditures. Gross operating margin is defined as revenue minus the cost of purchased gas, NGL, condensate and crude oil. The amounts included in the calculation of these measures are computed in accordance with generally accepted accounting principles (GAAP) with the exception of maintenance capital expenditures. 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. The Partnership 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 the Partnership’s cash flow after it has satisfied the capital and related requirements of its operations. Gross operating margin, adjusted EBITDA and distributable cash flow, 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 performance. Furthermore, they should not be seen as measures of liquidity or a substitute for metrics prepared in accordance with GAAP. Reconciliations of these measures to their most directly comparable GAAP measures are included in the following tables. 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 risks and uncertainties that could cause actual activities, performance, outcomes and results to differ materially than those indicated. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, objectives, 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) the risk that EnLink Midstream will not be integrated successfully or that such integration will take longer than anticipated, (c) the possibility that expected synergies will not be realized, or will not be realized within the expected timeframe, (d) our lack of asset diversification, (e) our vulnerability to having a significant portion of our operations concentrated in the Barnett Shale, (f) the amount of hydrocarbons transported in our gathering and transmission lines and the level of our processing and fractionation operations, (g) fluctuations in oil, natural gas and NGL prices, (h) construction risks in our major development projects, (i) our ability to consummate future acquisitions, successfully integrate any acquired businesses, realize any cost savings and other synergies from any acquisition, (j) changes in the availability and cost of capital, (k) competitive conditions in our industry and their impact on our ability to connect hydrocarbon supplies to our assets, (l) operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control, and (m) 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 these forward-looking statements. (1) Includes $325.8 million affiliate purchased gas, NGLs and crude oil for the three months ended March 31, 2014. (2) Includes $5.9 million affiliate operating expenses for the three months ended March 31, 2014. (3) Includes $8.3 million affiliate general and administrative expenses for the three months ended March 31, 2014. (4) Represents net income attributable to the Predecessor for the period prior to March 7, 2014. 0.93 x 2014 (1) (1) Includes $325.8 million affiliate purchased gas, NGLs and crude oil for the three months ended March 31, 2014. (2) Includes $5.9 million affiliate operating expenses for the three months ended March 31, 2014. (3) Includes $8.3 million affiliate general and administrative expenses for the three months ended March 31, 2014. (4) Represents net income attributable to the Predecessor for the period prior to March 7, 2014.