HOUSTON - CenterPoint Energy, Inc. (NYSE: CNP) today announced it is taking steps to reduce the company's midstream exposure following the completion of Enable Midstream Partners, LP's (NYSE: ENBL) merger with Energy Transfer LP (NYSE: ET).

CenterPoint's 53.7% of Enable common units converted into 201 million ET common units. The settlement of CenterPoint's previously announced contingent forward sale for 50 million ET common units, representing approximately 25% of CenterPoint's ownership in ET common units, was triggered upon the completion of the merger between Enable and ET.

CenterPoint also received $5 million in cash in exchange for its Enable general partner interest and ET Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred units with a liquidation preference of approximately $385 million in exchange for the $363 million liquidation preference of Enable Series A Fixed-to-Floating Non-Cumulative Redeemable Perpetual Preferred units owned by CenterPoint. With the completion of this transaction, CenterPoint and OGE Energy Corp. have terminated various agreements related to Enable.

'I am excited to share this announcement today. We are now firmly on an accelerated path to reducing our exposure to the midstream industry. This transaction aligns with our newly unveiled 10-year growth strategy that focuses on investing in the footprint of our pure-play regulated business,' said President and CEO Dave Lesar. 'As I shared during our 2021 Analyst Day, we are targeting a full elimination of our midstream exposure by the end of 2022.'

Lesar added, 'We continue to demonstrate a consistent track record of execution and performance. In the past 18 months, we have taken decisive actions to align our interest more closely with those of our shareholders and our customers, including refocusing on our core regulated utility businesses. Our strategy supports a transition to a cleaner energy future that will drive our industry-leading growth, including our previously announced anticipated Utility earnings per share growth of 8% per year through 2024, and the mid-to-high end of 6% to 8% per year from 2025 through 2030, all with no anticipated issuance of equity during this time frame.'

About CenterPoint Energy, Inc.

As of September 30, 2021, the company owned approximately $37 billion in assets. With approximately 9,500 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years.

About Energy Transfer LP

ET owns and operates one of the largest and most diversified portfolios of energy assets in the North America, with a strategic footprint in all of the major U.S. production basins, ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets and NGL fractionation. ET also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC).

Enable's assets include approximately 14,000 miles of natural gas, crude oil, condensate and produced water gathering pipelines, approximately 2.6 Bcf/d of natural gas processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50%), approximately 2,200 miles of intrastate pipelines and seven natural gas storage facilities comprising 84.5 billion cubic feet of storage capacity.

Contact:

John Sousa

Email: media.relations@centerpointenergy.com

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