DALLAS, May 3, 2016 /PRNewswire/ -- 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 2016.

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First-Quarter 2016 -- EnLink Midstream Partners, LP Financial Results

The Partnership realized adjusted EBITDA of $195.0 million and distributable cash flow of $155.4 million in the first quarter of 2016, compared with adjusted EBITDA of $129.9 million and distributable cash flow of $98.7 million in the first quarter of 2015.

The Partnership's net loss was $562.9 million and net cash provided by operating activities was $189.1 million in the first quarter of 2016, compared with net income of $35.7 million and net cash provided by operating activities of $171.7 million in the first quarter of 2015. The Partnership's operating loss was $515.9 million in the first quarter of 2016 compared with operating income of $51.5 million in the first quarter of 2015. The net loss in the first quarter of 2016 was primarily due to a non-cash expense of $566.3 million related to goodwill impairments.

The Partnership's gross operating margin was $303.5 million in the first quarter of 2016 compared with gross operating margin of $283.1 million in the first quarter of 2015. 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 during the first quarter. Our financial discipline and execution of our strategy enabled us to grow cash flows through fee-based contracts with minimal direct commodity exposure," said Barry E. Davis, EnLink President and Chief Executive Officer. "We are one of the best positioned midstream companies. Our strong platform allows us to execute on opportunities in the 'first mile' of supply in high-return basins like the STACK, SCOOP, and Permian, while our premier natural gas and NGL footprint in Louisiana provides us the 'last mile' in a high-demand growth market."

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 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 first quarter 2016 gross operating margin compared with first quarter 2015, and the factors affecting those contributions, is described below:


    --  Texas Segment. The Texas segment had an increase in gross operating
        margin of $2.6 million for the three months ended March 31, 2016
        compared to the three months ended March 31, 2015. The Texas segment
        increase was primarily attributable to an increase of $11.8 million in
        gross operating margin due to the Coronado acquisition in March 2015,
        the Matador acquisition in October 2015 and the Deadwood acquisition in
        November 2015. The increase attributable to acquisitions was partially
        offset by a decrease of $9.2 million in gross operating margin from our
        other assets primarily due to volume declines on our north Texas
        processing, gathering and transmission assets.
    --  Louisiana Segment. The Louisiana segment had a decrease in gross
        operating margin of $5.5 million for the three months ended March 31,
        2016 as compared to the three months ended March 31, 2015. This decrease
        was primarily attributable to a decrease of $4.8 million from our NGL
        business, which was driven by declines in fractionation volumes between
        periods due to a decline in NGL prices coupled with a decline in volumes
        due to scheduled maintenance on our fractionators during the first
        quarter of 2016.
    --  Oklahoma Segment. The Oklahoma segment had an increase in gross
        operating margin of $18.7 million for the three months ended March 31,
        2016 compared to the three months ended March 31, 2015. This increase
        was primarily driven by an increase of $12.8 million in gross operating
        margin due to the Tall Oak Midstream acquisition in January 2016. In
        addition, our gross operating margin from our Cana gathering and
        processing assets increased by $5.2 million between periods due to
        increased volumes combined with the expansions of our compression
        facilities, which were completed in October 2015.
    --  Crude & Condensate Segment. The Crude and Condensate segment had an
        increase in gross operating margin of $5.2 million for the three months
        ended March 31, 2016 as compared to the three months ended March 31,
        2015. This increase was attributable to the LPC acquisition in January
        2015, which contributed an increase in gross operating margin of $5.5
        million between periods. In addition, gross operating margin from our
        compression and condensate stabilization facilities located in the ORV
        increased by $1.9 million between periods primarily due to the
        construction of new facilities, which commenced operation at various
        times in 2015. These increases were partially offset by a $2.5 million
        decrease from other crude operations related to the termination of a
        customer contract in June 2015.

The Partnership's first quarter 2016 operating expenses were $98.2 million, a decrease of $0.2 million from the first quarter of 2015. General and administrative expenses for the first quarter of 2016 decreased by $8.7 million from the first quarter of 2015. Depreciation and amortization expense for the first quarter of 2016 increased by $30.6 million from the first quarter of 2015. This increase was primarily due to the Tall Oak acquisition in January 2016, the Coronado acquisition in March 2015, the LPC acquisition in January 2015, the Matador acquisition in October 2015 and the decommissioning of certain pipeline assets in Louisiana. Net interest expense for the first quarter of 2016 increased by $24.8 million from the first quarter of 2015 primarily due to an increase in senior notes outstanding and amortization of installment note discount.

Net loss per limited partner common unit for the first quarter of 2016 was $1.74 per common unit compared with net income of $0.03 per common unit for the first quarter of 2015.

First-Quarter 2016 -- EnLink Midstream, LLC Financial Results

The General Partner reported a net loss of $871.3 million for the first quarter of 2016 compared with net income of $25.0 million in the first quarter of 2015. The net loss in the first quarter of 2016 was primarily due to a non-cash expense of $873.3 million related to goodwill impairment. The General Partner's cash available for distribution was $48.4 million in the first quarter of 2016 compared with cash available for distribution of $52.1 million in the first quarter of 2015, 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 first quarter of 2016 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.

EnLink Midstream to Hold Earnings Conference Call on May 4, 2016

The General Partner and the Partnership will hold a conference call to discuss first quarter financial results on Wednesday, May 4, 2016, 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/10083079 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 approximately 9,900 miles of gathering and transportation pipelines, 19 processing plants with approximately 3.9 billion cubic feet per day of processing capacity, seven fractionators with approximately 284,000 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.

References in this press release to "EnLink Midstream Partners, LP," the "Partnership," "ENLK" or like terms refer to EnLink Midstream Partners, LP itself or EnLink Midstream Partners, LP together with its consolidated subsidiaries, including EnLink Midstream Operating, LP, EnLink Midstream Holdings, LP ("Midstream Holdings") and EnLink TOM Holdings, LP and its consolidated subsidiaries (collectively, "TOM Entities"). TOM is sometimes used to refer to EnLink TOM Holdings, LP itself or EnLink TOM Holdings, LP together with its consolidated subsidiaries.

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 (loss) plus interest expense, provision for income taxes, depreciation and amortization expense, impairment expense, unit-based compensation, (gain) loss on noncash derivatives, gain on disposition of assets, transaction costs, accretion expense associated with asset retirement obligations, reimbursed employee costs, non-cash rent and distributions from unconsolidated affiliate investments less payments under onerous performance obligation, non-controlling interest and (income) loss from unconsolidated affiliate investments. We define distributable cash flow as net cash provided by operating activities plus adjusted EBITDA, net to EnLink Midstream Partners, LP, less interest expense (excluding amortization of the TOM Entities' installment note discount), adjustments for the mandatorily redeemable non-controlling interest, cash taxes and other, and maintenance capital expenditures. 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 the TOM Entities' adjusted EBITDA (as defined herein), and the General Partner's interest in the 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, plus ENLC standalone impairment.

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, the TOM Entities' adjusted EBITDA 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 TOM Entities' adjusted EBITDA means earnings before depreciation and amortization.

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 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.


    Contact:  Jill McMillan, Vice President of Communications and Investor
              Relations

             Phone: (214) 721-9271

             Jill.McMillan@enlink.com

(Tables follow)


                                         EnLink Midstream Partners, LP

                                            Selected Financial Data

                               (All amounts in millions except per unit amounts)


                                                 Three Months Ended March 31,
                                                 ----------------------------

                                                    2016                    2015
                                                    ----                    ----

                                                       (Unaudited)
                                               (In millions, except per unit
                                                         amounts)
                                              ------------------------------

    Total
     revenues                                                $889.7                          $940.5

    Cost of
     sales (1)                                     586.2                           657.4
                                                   -----                           -----

    Gross
     operating
     margin                                        303.5                           283.1

    Operating costs and expenses:

    Operating
     expenses
     (2)                                           98.2                            98.4

    General and
     administrative                                 33.2                            41.9

    Gain on
     disposition
     of assets                                     (0.2)                              -

    Depreciation
     and
     amortization                                  121.9                            91.3

    Impairments                                    566.3                               -

    Total
     operating
     costs and
     expenses                                      819.4                           231.6
                                                   -----                           -----

    Operating
     income
     (loss)                                      (515.9)                           51.5

    Other income (expense):

    Interest
     expense,
     net of
     interest
     income                                       (43.7)                         (18.9)

    Income
     (loss) from
     unconsolidated
     affiliates                                    (2.4)                            3.7

    Other income                                     0.1                             0.6
                                                     ---                             ---

    Total other
     expense                                      (46.0)                         (14.6)
                                                   -----                           -----

    Income
     (loss)
     before non-
     controlling
     interest
     and income
     taxes                                       (561.9)                           36.9

    Income tax
     provision                                     (1.0)                          (1.2)
                                                    ----                            ----

    Net income
     (loss)                                      (562.9)                           35.7


    Net income
     (loss)
     attributable
     to the non-
     controlling
     interest                                      (2.5)                            0.1

    Net income
     (loss)
     attributable
     to EnLink
     Midstream
     Partners,
     LP                                                    $(560.4)                          $35.6
                                                            =======                           =====

    General
     partner
     interest in
     net income                                                $7.4                           $26.5
                                                               ====                           =====

    Limited
     partners'
     interest in
     net income
     (loss)
     attributable
     to EnLink
     Midstream
     Partners,
     LP                                                    $(567.2)                           $9.0
                                                            =======

    Class C
     partners'
     interest in
     net income
     (loss)
     attributable
     to EnLink
     Midstream
     Partners,
     LP                                                     $(12.4)                           $0.1
                                                             ======                            ====

    Preferred
     interest in
     net income
     attributable
     to EnLink
     Midstream
     Partners,
     LP                                                       $11.8                        $      -
                                                              =====                      ===    ===

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

    Basic common
     unit                                                   $(1.74)                          $0.03
                                                             ======                           =====

    Diluted
     common unit                                            $(1.74)                          $0.03
                                                             ======                           =====



    (1)              Includes $42.6 million and $7.9
                     million for the three months
                     ended March 31, 2016 and 2015,
                     respectively, of affiliate
                     purchased gas, NGLs, condensate
                     and crude oil.

    (2)              Includes $0.1 million for the
                     three months ended March 31,
                     2016 of affiliate operating
                     expenses.


                                         EnLink Midstream Partners, LP

                  Reconciliation of Net Income to Adjusted EBITDA and Distributable Cash Flow

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


                                                Three Months Ended March 31,
                                                ----------------------------

                                                   2016                    2015
                                                   ----                    ----

    Net income
     (loss)                                               $(562.9)                             $35.7

    Interest
     expense                                       43.7                              18.9

     Depreciation
     and
     amortization                                 121.9                              91.3

    Impairments                                   566.3                                 -

    (Income)
     loss from
     unconsolidated
     affiliate
     investments                                    2.4                             (3.7)

     Distributions
     from
     unconsolidated
     affiliate
     investments                                    9.2                               6.8

    Gain on
     disposition
     of assets                                    (0.2)                                -

    Unit-
     based
     compensation                                   7.9                              13.8

    Income
     taxes                                          1.0                               1.2

    Payments
     under
     onerous
     performance
     obligation
     offset to
     other
     current
     and long-
     term
     liabilities                                  (4.4)                            (4.5)

    Other (1)                                      10.9                              10.7
                                                   ----                              ----

    Adjusted
     EBITDA
     before
     non-
     controlling
     interest                                     195.8                             170.2
                                                  -----                             -----

    Non-
     controlling
     interest
     share of
     adjusted
     EBITDA                                       (0.8)                            (0.1)

     Transferred
     interest
     adjusted
     EBITDA
     (2)                                             -                           (40.2)

    Adjusted
     EBITDA,
     net to
     EnLink
     Midstream
     Partners,
     LP                                                     $195.0                             $129.9
                                                            ------                             ------

    Interest
     expense                                     (43.7)                           (18.9)

     Amortization
     of TOM
     Entities'
     installment
     payable
     discount
     included
     in
     interest
     expense
     (3)                                          12.4                                 -

    Non-cash
     adjustment
     for
     mandatorily
     redeemable
     non-
     controlling
     interest                                       0.2                             (2.6)

    Cash taxes
     and other                                    (1.0)                            (0.8)

     Maintenance
     capital
     expenditures                                 (7.5)                            (8.9)

     Distributable
     cash flow                                              $155.4                              $98.7
                                                            ======                              =====


    Actual
     declared
     distribution
     (4)                                                   $142.2                             $111.7

     Distribution
     Coverage                                     1.09x                            0.88x

     Distributions
     declared
     per
     limited
     partner
     unit                                                   $0.390                             $0.380



    (1)              Includes financial derivatives
                     marked-to-market, accretion
                     expense associated with asset
                     retirement obligations,
                     reimbursed employee costs from
                     Devon and LPC, acquisition
                     transaction costs and non-cash
                     rent.

    (2)              Represents recast adjusted EBITDA
                     from assets acquired from ENLC
                     and Devon in drop down
                     transactions during the first
                     half of 2015 for the period
                     prior to the date of the drop
                     down transactions.

    (3)              Amortization of the TOM Entities
                     acquisition installment payable
                     discount is considered non-cash
                     interest under ENLK's credit
                     facility since the payment under
                     the installment payable is
                     consideration for the
                     acquisition of the TOM Entities.

    (4)              The actual declared distribution
                     does not assume full quarter
                     distributions on the Class D
                     units in the first quarter of
                     2015.


                                        EnLink Midstream Partners, LP

                Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA

                                         and Distributable Cash Flow

                                          (All amounts in millions)


                                               Three Months Ended March 31,
                                             ----------------------------

                                                   2016                   2015
                                                   ----                   ----

    Net cash
     provided
     by
     operating
     activities                                            $189.1                              $171.7

    Interest
     expense,
     net (1)                                       31.4                             21.7

    Current
     income
     tax                                            1.0                              1.2

     Distributions
     from
     unconsolidated
     affiliate
     investments
     in
     excess
     of
     earnings                                       9.2                              4.1

    Other (2)                                       4.5                              6.9

    Changes in operating
     assets and liabilities
     which provided cash:

       Accounts
        receivable,
        accrued
        revenues,
        inventories
        and
        other                                    (46.9)                         (102.5)

     Accounts
      payable,
      accrued
      gas and
      crude
      oil
      purchases
      and
      other
      (3)                                          7.5                             67.1

    Adjusted
     EBITDA
     before
     non-
     controlling
     interest                                     195.8                            170.2

    Non-
     controlling
     interest
     share of
     adjusted
     EBITDA                                       (0.8)                           (0.1)

     Transferred
     interest
     adjusted
     EBITDA
     (4)                                             -                          (40.2)

    Adjusted
     EBITDA,
     net to
     EnLink
     Midstream
     Partners,
     LP                                                    $195.0                              $129.9
                                                           ------                              ------

    Interest
     expense                                     (43.7)                          (18.9)

     Amortization
     of TOM
     Entities'
     installment
     payable
     discount
     included
     in
     interest
     expense
     (5)                                          12.4                                -

    Non-cash
     adjustment
     for
     mandatorily
     redeemable
     non-
     controlling
     interest                                       0.2                            (2.6)

    Cash
     taxes
     and
     other                                        (1.0)                           (0.8)

     Maintenance
     capital
     expenditures                                 (7.5)                           (8.9)

     Distributable
     cash
     flow                                                  $155.4                               $98.7
                                                           ======                               =====



    (1)              Net of amortization of debt
                     issuance costs, discount and
                     premium, and valuation
                     adjustment for mandatorily
                     redeemable non-controlling
                     interest included in interest
                     expense.

    (2)              Includes acquisition transaction
                     costs and reimbursed employee
                     costs from Devon and LPC.

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

    (4)              Represents recast adjusted EBITDA
                     from assets acquired from ENLC
                     and Devon in drop down
                     transactions during the first
                     half of 2015 for the period
                     prior to the date of the drop
                     down transactions.

    (5)              Amortization of the TOM Entities
                     acquisition installment note
                     discount is considered non-cash
                     interest under ENLK's credit
                     facility since the payment under
                     the note is consideration for
                     the acquisition of the TOM
                     Entities.


                             EnLink Midstream Partners, LP

                                     Operating Data


                                           Three Months Ended March 31,
                                           ----------------------------

                                                  2016               2015
                                                  ----               ----

    Midstream Volumes:

    Texas

    Gathering and
     Transportation (MMBtu/
     d)                                      2,743,400                    2,751,000

    Processing (MMBtu/d)                     1,198,100                    1,136,300

    Louisiana

    Gathering and
     Transportation (MMBtu/
     d)                                      1,475,000                    1,355,400

    Processing (MMBtu/d)                       517,800                      434,400

    NGL Fractionation (Gals/
     d)                                      5,020,200                    5,632,000

    Oklahoma

    Gathering and
     Transportation (MMBtu/
     d)                                        617,000                      431,800

    Processing (MMBtu/d)                       569,700                      356,500

    Crude and Condensate

    Crude Oil Handling (Bbls/
     d)                                        124,700                       89,900

    Brine Disposal (Bbls/d)                      3,500                        3,600


                                             EnLink Midstream, LLC

                                            Selected Financial Data

                               (All amounts in millions except per unit amounts)


                                                 Three Months Ended March 31,
                                                 ----------------------------

                                                    2016                    2015


                                                       (Unaudited)
                                               (In millions, except per unit
                                                         amounts)
                                              ------------------------------

    Total revenues                                           $889.7                      $940.5

    Cost of sales
     (1)                                          586.2                           657.4
                                                   -----                           -----

    Gross operating
     margin                                        303.5                           283.1

    Operating costs and expenses:

    Operating
     expenses (2)                                   98.2                            98.4

    General and
     administrative                                 35.1                            42.9

    Gain on
     disposition of
     assets                                        (0.2)                              -

    Depreciation and
     amortization                                  121.9                            91.3

    Impairments                                    873.3                               -

      Total operating
       costs and
       expenses                                  1,128.3                           232.6
                                                 -------                           -----

    Operating income
     (loss)                                      (824.8)                           50.5

    Other income (expense):

    Interest
     expense, net of
     interest income                              (44.0)                         (19.1)

    Income (loss)
     from
     unconsolidated
     affiliates                                    (2.4)                            3.7

    Other income                                     0.1                             0.5
                                                     ---                             ---

    Total other
     expense                                      (46.3)                         (14.9)
                                                   -----                           -----

    Income (loss)
     before non-
     controlling
     interest and
     income taxes                                (871.1)                           35.6

    Income tax
     provision                                     (0.2)                         (10.6)
                                                    ----                           -----

    Net income
     (loss)                                      (871.3)                           25.0

    Net income
     (loss)
     attributable to
     the non-
     controlling
     interest                                    (413.7)                            8.0

    Net income
     (loss)
     attributable to
     EnLink
     Midstream, LLC                                        $(457.6)                      $17.0
                                                            =======                       =====

    Devon investment
     interest in net
     income                                            $          -                       $0.7
                                                     ===        ===                       ====

    EnLink
     Midstream, LLC
     interest in net
     income (loss)                                         $(457.6)                      $16.3
                                                            =======                       =====

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

      Basic per common
       unit                                                 $(2.56)                      $0.10
                                                             ======                       =====

      Diluted per
       common unit                                          $(2.56)                      $0.10
                                                             ======                       =====



    (1)              Includes $42.6 million and $7.9
                     million for the three months
                     ended March 31, 2016 and 2015,
                     respectively, of affiliate
                     purchased gas, NGLs, condensate
                     and crude oil.

    (2)              Includes $0.1 million for the
                     three months ended March 31,
                     2016 of affiliate operating
                     expenses.


                                           EnLink Midstream, LLC

                                      Cash Available for Distribution

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


                                            Three Months Ended March 31,
                                            ----------------------------

                                                2016                   2015
                                                ----                   ----

    Distribution declared
     by ENLK associated
     with (1):

        General
         partner
         interest                                         $0.6                           $0.6

         Incentive
         distribution
         rights                                 13.8                              8.8

        ENLK
         common
         units
         owned                                  34.5                             12.3
                                                ----                             ----

            Total
             share
             of ENLK
             distributions
             declared                                    $48.9                          $21.7

     Transferred
     interest
     EBITDA
     (2)                                          -                            38.3

    Adjusted
     EBITDA
     of the
     TOM
     Entities
     (3)                                        0.9                                $     -

     Transaction
     costs                                       0.7                                $     -
                                                 ---

            Total
             cash
             available                                   $50.5                          $60.0
                                                         -----                          -----

    Uses of cash:

        General
         and
         administrative
         expenses                              (1.8)                           (0.8)

        Current
         income
         taxes
         (4)                                      -                           (4.4)

        Interest
         expense                               (0.3)                           (0.2)

         Maintenance
         capital
         expenditures
         (5)                                      -                           (2.5)


            Total
             cash
             used                                       $(2.1)                        $(7.9)

    ENLC
     cash
     available
     for
     distribution                                        $48.4                          $52.1
                                                         =====                          =====


     Distribution
     declared
     per
     ENLC
     unit                                               $0.255                         $0.245

    Cash
     distribution
     declared                                            $46.5                          $40.5

     Distribution
     coverage                                  1.04x                           1.29x



    (1)              Represents distributions to be
                     paid to ENLC on May 12, 2016 and
                     distributions paid to ENLC on
                     May 14, 2015.

    (2)              Represents ENLC's interest in
                     Midstream Holdings' adjusted
                     EBITDA, which was disbursed to
                     ENLC by Midstream Holdings on a
                     monthly basis, prior to the
                     transfer of all interest in
                     Midstream Holdings to the
                     Partnership in drop down
                     transactions ("EMH Drop Downs").
                     Midstream Holdings' adjusted
                     EBITDA is defined as earnings
                     plus depreciation, provision for
                     income taxes and distributions
                     from equity investments less
                     income from equity investment.

    (3)              Represents ENLC's interest in the
                     TOM Entities' adjusted EBITDA,
                     which is disbursed to ENLC by
                     the TOM Entities on a monthly
                     basis.  The TOM Entities'
                     adjusted EBITDA is defined as
                     earnings before depreciation and
                     amortization and provision for
                     income taxes.

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

    (5)              Represents ENLC's interest in
                     Midstream Holdings' maintenance
                     capital expenditures prior to
                     the EMH Drop Downs which is
                     netted against the monthly
                     disbursement of Midstream
                     Holdings' adjusted EBITDA per
                     (2) above. There are no
                     maintenance capital expenditures
                     attributable to ENLC's share of
                     the TOM Entities during 2016.
                     All of the TOM Entities' capital
                     expenditures during 2016 are
                     growth related which are not
                     considered in determining cash
                     flow available for distribution.


                                          EnLink Midstream, LLC

               Reconciliation of Net Income of ENLC to ENLC Cash Available for Distribution

                                        (All amounts in millions)


                                           Three Months Ended March 31,
                                           ----------------------------

                                              2016                    2015
                                              ----                    ----

    Net
     income
     (loss)
     of
     ENLC                                            $(871.3)                                 $25.0

        Less:
         Net
         income
         (loss)
         attributable
         to
         ENLK                              (560.4)                             35.6
                                            ------                              ----

    Net
     loss
     of
     ENLC
     excluding
     ENLK                                            $(310.9)                               $(10.6)

     ENLC's
     share
     of
     distributions
     from
     ENLK
     (1)                                     48.9                              21.7

     ENLC's
     interest
     in
     the
     TOM
     Entities'
     depreciation                              3.2                                 -

    ENLC
     deferred
     income
     tax
     (benefit)
     expense
     (2)                                    (0.8)                              5.4

     Maintenance
     capital
     expenditures
     (3)                                        -                            (2.5)

     Transferred
     interest
     EBITDA
     (4)                                        -                             38.3

    ENLC
     corporate
     goodwill
     impairment                              307.0                                 -

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

    ENLC
     cash
     available
     for
     distribution                                       $48.4                                  $52.1
                                                        =====                                  =====



    (1)              Represents distributions declared
                     by ENLK and to be paid to ENLC
                     on May 12, 2016 and
                     distributions paid by ENLK to
                     ENLC on May 14, 2015.

    (2)              Represents ENLC's stand-alone
                     deferred taxes.

    (3)              Represents ENLC's interest in the
                     adjusted EBITDA of Midstream
                     Holdings prior to the EMH Drop
                     Downs. Adjusted EBITDA of
                     Midstream Holdings is defined as
                     maintenance capital expenditures
                     prior to the EMH Drop Downs
                     netted against the monthly
                     disbursement of Midstream
                     Holdings' adjusted EBITDA. There
                     are no maintenance capital
                     expenditures attributable to
                     ENLC's share of the TOM Entities
                     during 2016. All of the TOM
                     Entities' capital expenditures
                     during 2016 are growth related
                     which are not considered in
                     determining cash flow available
                     for distribution.

    (4)              Represents ENLC's interest in
                     Midstream Holdings' adjusted
                     EBITDA prior to the EMH Drop
                     Downs.

    (5)              Represents transaction costs and
                     other non-cash items not
                     included in cash available for
                     distributions.

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SOURCE EnLink Midstream