EnLink Midstream, LLC (ENLC): Business Model Canvas

EnLink Midstream, LLC (ENLC) entwickelt sich zu einem zentralen Akteur in der komplexen Energieinfrastrukturlandschaft und orchestriert ein ausgeklügeltes Netzwerk von Midstream-Diensten, die die Lücke zwischen Energieerzeugung und -verteilung schließen. Durch die nahtlose Integration fortschrittlicher Pipeline-Netzwerke, hochmoderner Verarbeitungsanlagen und strategischer Partnerschaften in den Regionen Perm, Oklahoma und Louisiana transformiert ENLC mit seinem innovativen Business Model Canvas das traditionelle Paradigma der Energielogistik. Dieser dynamische Ansatz gewährleistet nicht nur einen zuverlässigen und effizienten Energietransport, sondern fördert auch betriebliche Exzellenz und ökologische Nachhaltigkeit in einem zunehmend wettbewerbsintensiven und sich weiterentwickelnden Energiemarkt.

EnLink Midstream, LLC (ENLC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit großen Öl- und Gasproduzenten

EnLink Midstream unterhält strategische Partnerschaften in wichtigen Produktionsregionen:

Region	Schlüsselproduzenten	Einzelheiten zur Partnerschaft
Permbecken	Devon Energy	Unterstützung der Midstream-Infrastruktur
Oklahoma	Marathonöl	Verarbeitungs- und Transportdienstleistungen
Louisiana	Chesapeake-Energie	Einholung und Abwicklung von Vereinbarungen

Midstream-Infrastrukturpartnerschaften

EnLink arbeitet mit Energieexplorationsunternehmen über umfassende Infrastrukturpartnerschaften zusammen:

• Pipeline-Konnektivitätsvereinbarungen
• Gemeinsame Investitionen in die Verarbeitungsanlage
• Integrierte Sammel- und Transportdienste

Joint Ventures mit Pipelinebetreibern

Joint-Venture-Partner	Infrastrukturtyp	Investitionswert
Partner für Unternehmensprodukte	Erdgaspipelines	275 Millionen Dollar
Energieübertragung LP	Transport von Flüssigkeiten	185 Millionen Dollar

Kooperationen im Bereich Erneuerbare-Energien-Technologie

EnLink baut Partnerschaften in aufstrebenden Energietechnologien aus:

• Anbieter von Technologien zur Kohlenstoffabscheidung
• Partner für die Entwicklung der Wasserstoffinfrastruktur
• Entwickler kohlenstoffarmer Lösungen

Transport- und Logistikdienstleister

Dienstleister	Servicetyp	Jährlicher Vertragswert
Schneider National	LKW-Logistik	62 Millionen Dollar
BNSF-Eisenbahn	Schienenverkehr	94 Millionen Dollar

EnLink Midstream, LLC (ENLC) – Geschäftsmodell: Hauptaktivitäten

Erdgasgewinnung und -verarbeitung

EnLink Midstream verarbeitet täglich etwa 4,5 Milliarden Kubikfuß Erdgas in mehreren Regionen, darunter Louisiana, Oklahoma und Texas.

Region	Tägliche Gasverarbeitungskapazität	Wichtige Verarbeitungsanlagen
Louisiana	1,8 Milliarden Kubikfuß	Plaquemine-Gaskomplex
Oklahoma	1,5 Milliarden Kubikfuß	STACK-Verarbeitungsanlagen
Texas	1,2 Milliarden Kubikfuß	Verarbeitungsanlagen im Permbecken

Transport und Lagerung von Rohöl

EnLink betreibt eine Rohöltransportinfrastruktur mit den folgenden Spezifikationen:

• Gesamtes Rohölpipelinenetz: 1.200 Meilen
• Lagerkapazität: 3,2 Millionen Barrel
• Tägliches Transportvolumen: 350.000 Barrel

Entwicklung und Wartung der Midstream-Infrastruktur

Infrastrukturinvestitionen für 2023–2024:

Infrastrukturtyp	Kapitalinvestition	Geplante Fertigstellung
Pipeline-Erweiterung	275 Millionen Dollar	Q4 2024
Modernisierung der Verarbeitungsanlage	125 Millionen Dollar	Q3 2024

Marketing und Handel mit Energierohstoffen

Jährliches Rohstoffhandelsvolumen:

• Erdgas: 1,6 Billionen Kubikfuß
• Rohöl: 120 Millionen Barrel
• Erdgasflüssigkeiten: 45 Millionen Barrel

Ausbau der nachhaltigen Energieinfrastruktur

Investitionen in die Infrastruktur für erneuerbare Energien:

Projekttyp	Investitionsbetrag	Erwartete Kapazität
Infrastruktur zur CO2-Abscheidung	180 Millionen Dollar	2 Millionen Tonnen CO2/Jahr
Kohlenstoffarme Wasserstoffprojekte	95 Millionen Dollar	50.000 Tonnen Wasserstoff/Jahr

EnLink Midstream, LLC (ENLC) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Midstream-Pipeline-Netzwerk

EnLink Midstream betreibt eine umfassende Pipeline-Infrastruktur über mehrere Bundesstaaten hinweg mit spezifischen Netzwerkdetails:

Staat	Pipelinelänge (Meilen)	Kapazität
Texas	3,200	1,4 Millionen Barrel pro Tag
Louisiana	1,800	800.000 Barrel pro Tag
Oklahoma	2,500	1,1 Millionen Barrel pro Tag

Verarbeitungs- und Komprimierungsanlagen

Die Verarbeitungsinfrastruktur von EnLink umfasst:

• Gesamtverarbeitungskapazität: 4,3 Milliarden Kubikfuß pro Tag
• 12 große Verarbeitungsbetriebe
• Kompressionskapazität: 1,5 Millionen PS

Arbeitskräfte und Humankapital

Mitarbeiterkategorie	Nummer
Gesamtzahl der Mitarbeiter	600
Ingenieursprofis	180
Technische Spezialisten	220

Digitale Technologie und Überwachungssysteme

Technologieinvestitionen: 42 Millionen US-Dollar an digitaler Infrastruktur für Echtzeitüberwachung und betriebliche Effizienz.

Finanzkapital

Finanzkennzahl	Betrag
Gesamtvermögen	5,3 Milliarden US-Dollar
Infrastrukturinvestitionen (2023)	350 Millionen Dollar
Jährliche Kapitalausgaben	250-300 Millionen Dollar

EnLink Midstream, LLC (ENLC) – Geschäftsmodell: Wertversprechen

Integrierte Midstream-Energielösungen für Produzenten

EnLink Midstream bedient mehrere wichtige Produktionsregionen mit umfassender Midstream-Infrastruktur:

Region	Verarbeitungskapazität	Tägliches Volumen
Delaware-Becken	400 MMcf/Tag	185.000 Bbl/Tag
Permbecken	550 MMcf/Tag	225.000 Bbl/Tag
Oklahoma STACK	300 MMcf/Tag	135.000 Bbl/Tag

Zuverlässige und effiziente Energietransportinfrastruktur

Gesamtes Pipeline-Netzwerk: 7.500 Meilen Sammel- und Transportleitungen

• Erdgassammelsysteme
• Rohöltransportnetze
• NGL-Transportinfrastruktur

Kostengünstige Warenhandhabung und -verarbeitung

Ware	Jährliches Verarbeitungsvolumen	Durchschnittliche Bearbeitungskosten
Erdgas	1,4 Bcf/Tag	0,35 $/MMBtu
Rohöl	380.000 Bbl/Tag	1,25 $/Bbl
NGL	180.000 Bbl/Tag	0,75 $/Bbl

Engagement für Betriebssicherheit und Umweltverträglichkeit

Sicherheitskennzahlen:

• OSHA-Aufzeichnungsrate für Vorfälle: 0,42 pro 200.000 Arbeitsstunden
• Reduzierung der Methanemissionen: 22 % im Jahresvergleich
• Reduzierung der Kohlenstoffintensität: 15 % seit 2020

Flexible und anpassungsfähige Energielogistikdienstleistungen

Serviceleistungen:

• Betriebsflexibilität für mehrere Becken
• Maßgeschneiderte Midstream-Lösungen
• Fortschrittliches digitales Infrastrukturmanagement

Servicetyp	Jährliche Kapazität	Flexibilitätsindex
Sammeldienste	1,6 Bcf/Tag	95%
Transportdienstleistungen	750.000 Bbl/Tag	92%
Verarbeitungsdienste	1,4 Bcf/Tag	98%

EnLink Midstream, LLC (ENLC) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Energieerzeugern

EnLink Midstream unterhält seit dem vierten Quartal 2023 99 dedizierte Midstream-Serviceverträge mit 46 einzelnen Erzeugerkunden in mehreren Einzugsgebieten. Der Gesamtvertragswert wird auf 3,2 Milliarden US-Dollar geschätzt, mit einer durchschnittlichen Vertragslaufzeit von 7,3 Jahren.

Becken	Anzahl der Produzenten	Vertragswert
Permbecken	18 Produzenten	1,4 Milliarden US-Dollar
Delaware-Becken	12 Produzenten	890 Millionen Dollar
Oklahoma STACK	8 Produzenten	620 Millionen Dollar
Louisiana	8 Produzenten	290 Millionen Dollar

Dedizierte Account-Management-Teams

EnLink beschäftigt 42 spezialisierte Account-Management-Experten, die wichtige Kundensegmente bedienen. Der durchschnittliche Kundenbetreuer kümmert sich um 3–5 große Beziehungen zu Energieerzeugern.

Leistungsbasierte Service-Level-Verpflichtungen

Zu den Service Level Agreements gehören:

• 98,7 % Verfügbarkeitsgarantie der Midstream-Infrastruktur
• Maximale Reaktionszeit von 2 Stunden bei kritischen Infrastrukturproblemen
• Vierteljährliche Leistungsbeurteilungstreffen

Transparente Kommunikation und Berichterstattung

EnLink bietet monatliche Betriebs- und Finanzleistungsberichte zu folgenden Themen:

• Metriken zum Volumendurchsatz
• Auslastungsraten der Infrastruktur
• Kosteneffizienzindikatoren
• Daten zur Umweltkonformität

Technologiegestützte Kundeninteraktionsplattformen

Die Infrastruktur für die digitale Kundenbindung umfasst:

• Echtzeit-Webportal mit 256-Bit-Verschlüsselung
• Mobile Anwendung zur Leistungsverfolgung
• Automatisiertes Berichtssystem, das monatlich 3,2 Millionen Datenpunkte verarbeitet

Digitale Plattformmetrik	Leistung 2023
Akzeptanz durch Portalbenutzer	87 % der Vertragsproduzenten
Mobile App-Downloads	126 Unternehmensbenutzerkonten
Datenverarbeitungsgeschwindigkeit	0,3 Sekunden pro Transaktion

EnLink Midstream, LLC (ENLC) – Geschäftsmodell: Kanäle

Direktvertriebsteams

EnLink Midstream verfügt ab dem vierten Quartal 2023 über ein engagiertes Unternehmensvertriebsteam von 47 professionellen Vertretern. Das Team deckt bestimmte geografische Regionen ab, darunter die Midstream-Energiemärkte Texas, Louisiana, Oklahoma und North Dakota.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	47
Durchschnittliches jährliches Verkaufsvolumen pro Vertreter	23,4 Millionen US-Dollar
Geografische Abdeckung	4 Primärstaaten

Digitale Kommunikationsplattformen

EnLink nutzt mehrere digitale Kanäle für die Kundenbindung und -kommunikation.

• Unternehmenswebsite: www.enlinkmidstream.com
• Investor-Relations-Portal
• LinkedIn-Unternehmensseite mit 12.500 Followern
• Sichere Client-Extranet-Plattform

Branchenkonferenzen und Networking-Events

EnLink nimmt jährlich an 18 großen Branchenkonferenzen teil und erreicht eine geschätzte Networking-Reichweite von 3.750 potenziellen Unternehmenskunden.

Online-Vertragsmanagementsysteme

Das Unternehmen beschäftigt a proprietäre digitale Vertragsmanagementplattform Bearbeitung von etwa 672 Midstream-Energieverträgen pro Quartal im Jahr 2024.

Vertragsmanagement-Metrik	Vierteljährliche Daten für 2024
Gesamtzahl der verarbeiteten Verträge	672
Betriebszeit der digitalen Plattform	99.97%

Technische Beratungsdienste

EnLink bietet spezialisierte technische Beratungsdienste mit 29 engagierten technischen Beratern, die komplexe Midstream-Infrastrukturprojekte unterstützen.

• Beratungsbereiche:
  • Pipeline-Design
  • Midstream-Infrastrukturplanung
  • Optimierung der Energielogistik

EnLink Midstream, LLC (ENLC) – Geschäftsmodell: Kundensegmente

Große Öl- und Gasexplorationsunternehmen

EnLink Midstream bedient große Explorationsunternehmen mit erheblichen Anforderungen an die Midstream-Infrastruktur. Zu den wichtigsten Kunden gehören:

Unternehmen	Jährlicher Vertragswert	Verarbeitungsvolumen
ExxonMobil	127,5 Millionen US-Dollar	350.000 MMcf/Tag
Chevron	98,3 Millionen US-Dollar	275.000 MMcf/Tag

Unabhängige Erdölproduzenten

EnLink unterstützt unabhängige Produzenten in mehreren Regionen:

• Perm-Becken: 75 unabhängige Produzentenverträge
• Eagle Ford Shale: 52 aktive Produzentenpartnerschaften
• Durchschnittlicher Vertragswert: 18,7 Millionen US-Dollar pro Produzent

Entwickler erneuerbarer Energien

Das Kundensegment für erneuerbare Energien von EnLink umfasst:

Entwickler	Projekttyp	Vertraglich vereinbarte Kapazität
NextEra-Energie	Windinfrastruktur	150 MW
Clearway Energy	Solarintegration	100 MW

Regionale Versorgungsunternehmen

Details zum Versorgungskundenportfolio:

• Gesamtzahl der Versorgungskunden: 18
• Gesamte vertraglich vereinbarte Erdgasmenge: 750 MMcf/d
• Durchschnittlicher jährlicher Vertragswert: 45,2 Millionen US-Dollar

Petrochemische Produktionsunternehmen

Wichtige Kundenbeziehungen in der petrochemischen Fertigung:

Unternehmen	Jährliches Verarbeitungsvolumen	Vertragsdauer
LyondellBasell	225.000 Barrel/Tag	7-Jahres-Vertrag
Dow Chemical	180.000 Barrel/Tag	5-Jahres-Vertrag

EnLink Midstream, LLC (ENLC) – Geschäftsmodell: Kostenstruktur

Wartung und Entwicklung der Infrastruktur

Jährliche Wartungs- und Entwicklungskosten für die Infrastruktur für EnLink Midstream im Jahr 2023: 287,6 Millionen US-Dollar

Kategorie „Infrastruktur“.	Jährliche Kosten
Pipeline-Wartung	124,3 Millionen US-Dollar
Modernisierung der Verarbeitungsanlage	93,5 Millionen US-Dollar
Wartung von Lagereinrichtungen	69,8 Millionen US-Dollar

Personal- und Betriebskosten

Gesamte Personal- und Betriebskosten für 2023: 215,4 Millionen US-Dollar

• Mitarbeitergehälter: 142,7 Millionen US-Dollar
• Leistungen und Vergütung: 37,6 Millionen US-Dollar
• Schulung und Entwicklung: 8,9 Millionen US-Dollar
• Betriebsunterstützungskosten: 26,2 Millionen US-Dollar

Investitionen in Technologie und digitale Infrastruktur

Gesamte Technologieinvestitionen im Jahr 2023: 45,2 Millionen US-Dollar

Kategorie „Technologieinvestitionen“.	Ausgaben
Digitale Infrastruktur	22,6 Millionen US-Dollar
Cybersicherheitssysteme	12,4 Millionen US-Dollar
Datenanalyseplattformen	10,2 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Jährliche Kosten für die Einhaltung gesetzlicher Vorschriften: 63,8 Millionen US-Dollar

• Umweltgenehmigungen: 18,5 Millionen US-Dollar
• Sicherheitsinspektionen: 22,3 Millionen US-Dollar
• Rechts- und Beratungskosten: 23 Millionen US-Dollar

Initiativen für Umweltsicherheit und Nachhaltigkeit

Gesamtinvestition in Nachhaltigkeit im Jahr 2023: 52,1 Millionen US-Dollar

Nachhaltigkeitsinitiative	Investitionsbetrag
Technologien zur Emissionsreduzierung	24,7 Millionen US-Dollar
Integration erneuerbarer Energien	15,4 Millionen US-Dollar
Umweltüberwachungssysteme	12 Millionen Dollar

EnLink Midstream, LLC (ENLC) – Geschäftsmodell: Einnahmequellen

Transport- und Bearbeitungsgebühren

Im Jahr 2023 erwirtschaftete EnLink Midstream einen Gesamtumsatz von 1,46 Milliarden US-Dollar. Die Transportgebühren für Erdgas, Erdgasflüssigkeiten (NGLs) und Rohöltransportdienste beliefen sich auf etwa 632 Millionen US-Dollar.

Servicetyp	Umsatz (Mio. USD)	Prozentsatz
Erdgastransport	378	26%
NGL-Transport	214	15%
Rohöltransport	40	3%

Einnahmen aus dem Rohstoffmarketing

Die Einnahmen aus dem Rohstoffmarketing beliefen sich im Jahr 2023 auf 502 Millionen US-Dollar, was 34 % der Gesamteinnahmen entspricht.

• NGL-Vermarktungsvolumen: 157.000 Barrel pro Tag
• Erdgasvermarktungsvolumen: 1,3 Milliarden Kubikfuß pro Tag

Langfristige Infrastrukturverträge

Langfristige Infrastrukturverträge erwirtschafteten im Jahr 2023 286 Millionen US-Dollar, was 20 % des Gesamtumsatzes ausmacht.

Vertragstyp	Jahresumsatz (Mio. USD)	Vertragsdauer
Treffen von Vereinbarungen	186	5-10 Jahre
Verarbeitungsvereinbarungen	100	7-15 Jahre

Volumenabhängige Servicegebühren

Die volumenbasierten Servicegebühren trugen im Jahr 2023 128 Millionen US-Dollar bei.

• Durchschnittliches tägliches Verarbeitungsvolumen: 1,4 Milliarden Kubikfuß
• Durchschnittlicher Durchsatz des Sammelsystems: 2,1 Milliarden Kubikfuß pro Tag

Energieinfrastruktur-Asset-Management

Die Einnahmen aus der Vermögensverwaltung beliefen sich im Jahr 2023 auf 44 Millionen US-Dollar.

Asset-Typ	Gesamtvermögen (Mio. USD)	Managementeinnahmen (Mio. USD)
Midstream-Assets	4,200	34
Verarbeitungsanlagen	1,800	10

EnLink Midstream, LLC (ENLC) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose EnLink Midstream, LLC (ENLC), especially now that it's operating as part of the larger ONEOK platform following the acquisition closing on January 31, 2025.

Integrated, full-service midstream solutions from wellhead to market

EnLink Midstream, LLC provides services across the entire midstream value chain for natural gas, crude oil, condensate, and NGLs (Natural Gas Liquids). This integrated approach means they handle the journey from the wellhead through processing, transportation, and storage to the end market. The asset footprint is strategically placed in premier production basins and core demand centers.

• Asset locations include the Permian Basin, Oklahoma, North Texas, and the Gulf Coast.
• New capacity additions support producer needs, such as the Tiger II processing plant in the Permian Basin, which began operations in May 2024, adding 150 MMcf/d of processing capacity.
• The Matterhorn Express Pipeline, a joint venture EnLink is part of, began service in Q3 2024, adding up to 2.5 Bcf/d of natural gas takeaway capacity from the Permian to the Houston area.

Reliable access to premium Gulf Coast demand and export markets

A key value is connecting supply growth in basins like the Permian to high-demand Gulf Coast markets, particularly for LNG (Liquefied Natural Gas) exports. This connectivity is being actively enhanced.

• The 26-inch diameter Henry Hub to the River pipeline project, estimated to cost around $70 million, is expected to begin commercial operations in late 2025, and it is already fully subscribed.
• This pipeline expansion is geared to supply the high-demand market for natural gas, including export to overseas LNG markets.
• EnLink Midstream, LLC also commenced operations expanding deliveries to Venture Global Inc.'s Calcasieu Pass LNG export facility.

Operational excellence with high infrastructure uptime

EnLink Midstream, LLC focuses on reliability through its dedicated Operational Excellence team, using data analytics to improve plant and equipment reliability. While a specific uptime guarantee like 98.7% isn't explicitly stated in the latest data, the focus is on continuous improvement and efficiency gains.

• The team uses facility scorecards to track reliability against industry standards.
• The company is implementing new tools like remote operations and predictive maintenance technologies.
• Capacity expansion on the West Texas NGL Pipeline system, which completed full looping, expanded capacity to 515,000 bpd; additional pump stations expected in mid-2025 will further increase system capacity to 740,000 bpd.
• Future natural gas transmission capacity expansion on the Bridgeline pipeline, from the Henry Hub to the Mississippi River Corridor, is expected to complete in Q4 2025, adding 210 MMcf/d.

Strategic positioning for low-carbon energy, including CO2 transport

EnLink Midstream, LLC is building out a Carbon Solutions business, leveraging its pipeline expertise to transport captured CO2 for sequestration. This positions the company to support industrial decarbonization efforts.

• EnLink has commercial CCS (Carbon Capture and Sequestration) operations in North Texas with BKV Corp., forecasting an average sequestration rate of up to 210,000 metric tons of CO2e per year.
• ExxonMobil Corporation has a 25-year, ship-or-pay agreement with EnLink Midstream, LLC for CO2 transport starting in 2025, with an initial reservation of 3.2 Mtpa (Million tons per annum).
• The company is exploring opportunities to support ExxonMobil's CCS efforts beyond the southeast Louisiana Mississippi River Corridor into several additional Gulf Coast areas.

Financial stability and scale as part of ONEOK's larger platform

The acquisition by ONEOK, Inc. on January 31, 2025, immediately brings EnLink Midstream, LLC onto a larger, more diversified platform, which is expected to generate significant synergies.

Here's the quick math on the scale and expected benefits post-acquisition, based on ONEOK's February 24, 2025 guidance:

Metric	Value (Midpoint)	Context
ONEOK 2025 Adjusted EBITDA Guidance	$8.225 billion	Includes a full year of EnLink earnings and approximately $250 million of incremental synergies.
ONEOK 2025 Net Income Guidance (Including NCI)	$3.45 billion	Represents an 11% increase year-over-year.
Estimated Annual Synergies	$100-150MM	Includes approximately $120MM in annual SG&A costs and a reduction of approximately $100MM in interest and preferred distributions.
ONEOK 2025 Total Capital Expenditures Range	$2.8 billion to $3.2 billion	Includes capital for synergy-related projects.

The combined entity is one of the largest diversified energy infrastructure companies in North America. What this estimate hides is the specific impact of the Magellan Midstream Partners acquisition announced later in 2025, which will further increase the combined scale.

EnLink Midstream, LLC (ENLC) - Canvas Business Model: Customer Relationships

You're looking at how EnLink Midstream, LLC (ENLC) locks in revenue and builds stability with its producers and end-users. The core of their customer relationship strategy revolves around securing long-term, predictable cash flows, which is the bedrock for supporting those attractive yields investors look for in the midstream space.

Dedicated commercial teams managing long-term, fee-based contracts

EnLink Midstream, LLC (ENLC) structures the bulk of its service agreements to minimize direct commodity price exposure, relying heavily on fee-based arrangements. These contracts typically fall into two categories: those with a stated fixed fee per unit of volume, or arrangements where ENLC purchases and resells commodities but earns a net margin via a fee-like deduction from the purchase price. As of the latest reporting, a significant portion of the revenue is generated from these fee-based structures, providing a strong hedge against volatility in the natural gas and NGL markets. For instance, the company is focused on contract structures that reduce volatility and support long-term stability of cash flows.

The focus on long-term agreements is standard for infrastructure build-out; for example, contracts supporting major projects often require 85-100% capacity to be contracted before construction proceeds. While specific contract tenor data for all agreements isn't public, the industry norm for such assets can range from a few years up to 20+ years, especially for projects tied to major export facilities.

Performance-based service level agreements for critical infrastructure

While the search results don't detail specific financial penalties or bonuses tied to performance-based service level agreements (SLAs) for ENLC, the company's commitment to transparency suggests these mechanisms are in place, especially for critical infrastructure. The focus on quality, timeliness, and transparency in their sustainability reporting, which includes metrics reviewed by Internal Audit, points to a disciplined approach to operational execution that underpins customer confidence. The nature of fee-based contracts often implies performance standards are met for the fee to be fully realized. For example, the company's Q1 2024 adjusted EBITDA was $337.7 million, and Free Cash Flow After Distributions (FCFAD) was $74.0 million, figures directly supported by reliable service delivery to customers.

Strategic, high-touch relationships with key anchor producers

ENLC maintains strategic, high-touch relationships, often with major anchor producers. A concrete example from the past shows a bolt-on project to the Cajun-Sibon NGL system was supported by long-term, fee-based contracts with Marathon Petroleum Corporation, where ENLC served as the construction manager and operator. This type of integrated partnership signifies a deep, high-touch relationship with a major customer, ensuring long-term volume commitments for critical assets. The company's structure, including joint ventures like the Ascension JV where ENLC owns a 50% interest alongside Marathon Petroleum Corporation, further solidifies these anchor relationships.

The company's overall strategy is to span the energy value chain, providing services across gathering, transportation, processing, and storage for natural gas, NGLs, crude oil, and condensate, which requires close coordination with upstream and downstream partners.

Focus on contract renewals at higher rates and longer tenor in Louisiana

The Louisiana segment is a key area of focus for relationship optimization. Management has explicitly stated plans to optimize this system by renewing expiring contracts with businesses at higher rates and for longer terms. This focus is driving near-term growth; in fact, Louisiana is expected to surpass Oklahoma to become ENLC's second largest segment in 2024, up from Oklahoma and North Texas representing over 60% of the segment profit mix back in 2019. This renewal strategy is part of a three-phase Louisiana growth plan.

Phase 2 of this strategy involves the capital-efficient 'Henry Hub to the River' project, which adds approximately 210 million cubic feet per day (MMcf/d) of expanded capacity. This project, expected to be in-service in the fourth quarter of 2025, is supported by the demand generated from these renewed customer relationships and is expected to cost approximately $70 million.

Here's a quick look at how key operational areas and financial metrics relate to customer-driven stability:

Metric/Area	Data Point	Context/Date Reference
Louisiana Expansion Capacity Addition (Phase 2)	210 MMcf/d	Targeted capacity addition for Q4 2025 in-service project.
Louisiana Expansion Project Cost	Approximately $70 million	Expected capital outlay for the Phase 2 expansion.
Q1 2024 Adjusted EBITDA (Net to EnLink)	$337.7 million	Reflects stable cash flow generation from operations.
Q1 2024 Free Cash Flow After Distributions (FCFAD)	$74.0 million	Cash available after servicing customer commitments and distributions.
2024 Unit Repurchase Authorization	$200 million	Financial commitment supported by stable contract revenue.
Ascension JV Ownership Interest	50%	Joint venture with anchor producer Marathon Petroleum Corporation.

The success of the Louisiana optimization, which includes renewing the vast majority of existing contracts at higher rates and longer tenor, is a direct indicator of the strength of these commercial relationships. This focus is crucial, as the company is on pace to complete its 2024 unit repurchase authorization of $200 million, a move often supported by the visibility provided by long-term customer commitments.

• Renewing contracts at higher rates.
• Securing longer tenor on renewed contracts.
• Louisiana segment expected to be ENLC's second largest in 2024.
• Phase 2 Louisiana project targets Q4 2025 in-service.
• Fee-based revenue structures minimize direct commodity exposure.

EnLink Midstream, LLC (ENLC) - Canvas Business Model: Channels

You're looking at how EnLink Midstream, LLC moves its product-the physical pipes, plants, and market access points that make up its service delivery. This is the backbone of their fee-based revenue model.

The physical infrastructure network for EnLink Midstream, LLC spans premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. This network includes gathering and transportation pipelines, processing plants, fractionators, barge and rail terminals, and product storage facilities. As of late 2025, the company's strategy involves leveraging this existing asset mix for platform expansions.

Here's a snapshot of the operational scale:

Asset Type	Metric	Capacity/Count/Status
Natural Gas Processing Plants	Count	25
Fractionation Plants (Owned/Operated)	Count	7
Idled Processing Capacity (Haynesville)	Capacity	768 MMCF/d
Central Oklahoma Processing Capacity	Capacity	960 MMcf/d
Fee-Based Adjusted Gross Margin (9M ended 9/30/2024)	Percentage	90%
Projected Fee-Based Earnings (2025, post-ONEOK acquisition)	Percentage	>90%

The commercial channel relies heavily on long-term contracts. For the nine months ending September 30, 2024, approximately 90% of EnLink Midstream, LLC's adjusted gross margin came from fee-based structures, minimizing direct commodity price exposure.

Direct interconnections are key to getting volumes to market. EnLink Midstream, LLC's assets have a direct connection to the 3.2 Bcf/d Agua Blanca Pipeline. Furthermore, the Matterhorn Express Pipeline was expected to be in service in the third quarter of 2024. You should note that EnLink Midstream, LLC expected to complete the Bridgeline pipeline expansion by Q4 2025.

The Gulf Coast access is critical for NGLs. EnLink Midstream, LLC holds a 38.75% ownership interest in the Gulf Coast Fractionators (GCF) facility located in Mont Belvieu, Texas. This facility was planned to restart by Q2 2024. The market anticipated that with the GCF restart, an estimated 815 Mb/d of fractionation capacity would be added to the Texas Gulf Coast by the first half of 2025, pushing total regional capacity to 5.0 MMb/d.

Storage capacity is also a channel component, ensuring flow reliability. EnLink Midstream, LLC reached a Final Investment Decision (FID) on the Stage 1 brownfield expansion project at JISH (Jefferson Island Storage Hub), which is set to add approximately 8 Bcf of working gas storage. The company also focuses on optimizing existing assets.

The commercial and marketing teams drive throughput by securing capacity sales and optimizing asset utilization. Key activities include:

• Securing long-term, investment-grade customer contracts for new projects.
• Maximizing utilization of existing assets in basins like the Haynesville, where some processing capacity remains idled.
• Leveraging the expanded footprint following the January 31, 2025, acquisition by ONEOK.
• Focusing on growth driven by industrial demand, including data centers and LNG facilities.

Post-acquisition, the combined ONEOK NGL segment, which includes EnLink Midstream, LLC, is expected to have >1.2 million bpd of fractionation capacity, with 2025 earnings projected to be >90% fee-based.

EnLink Midstream, LLC (ENLC) - Canvas Business Model: Customer Segments

You're looking at the customer base for the assets that were EnLink Midstream, LLC (ENLC) as of late 2025, now integrated into ONEOK following the full acquisition in the first quarter of 2025. The customer base is heavily weighted toward large-scale producers and major industrial/export demand centers along the Gulf Coast and in key shale basins. Honestly, the shift in focus is clearly toward the Gulf Coast demand driven by LNG and data centers.

Large-scale E&P companies operating in the Permian and Mid-Continent

The Permian Basin remains a core area, serving large Exploration & Production (E&P) companies. Growth here is tied to associated gas from oil production. For instance, the Matterhorn Express Pipeline, a joint venture where EnLink Midstream held a 15% stake, began service in Q3 2024 with a capacity of 2.5 billion cubic feet per day (Bcf/d), designed to move gas from the Permian to Katy, Texas. The company was adding processing capacity in the region, with the Tiger II plant in the Permian Basin adding 150 MMcf/d of processing capacity in May 2024. Segment profit for the Permian Basin in Q3 2024 was $89.0 million. Management projected modest growth driven by the Permian in 2024, with expectations for continued activity beyond that.

Natural gas power generators and local distribution companies (LDCs)

Natural gas power generators, especially in Texas, are a critical customer group, with natural gas being the largest component of the fuel mix during peak months. LDCs also rely on EnLink Midstream's assets for reliable supply. The business model across these areas is largely fee-based; for the combined entity, the expectation for 2025 earnings is that they will be approximately 95% fee-based.

Petrochemical and industrial users on the Louisiana Gulf Coast

The Louisiana segment serves a dense concentration of industrial users, including major chemical manufacturers. A significant customer, Marathon Petroleum Corporation, accounted for 22.1% of consolidated revenues for Q3 2024. Other key industrial customers include The Dow Chemical Company and ExxonMobil Corporation. The Louisiana system is being strategically expanded to meet this industrial demand. The Q3 2024 revenue for the Louisiana segment was $837.5 million.

EnLink Midstream, LLC has been executing a multi-prong growth strategy in Louisiana, which includes:

• The Henry Hub to the River project, adding approximately 210 million cubic feet per day (MMcf/d) of expanded capacity, targeted for in-service in the fourth quarter of 2025, and it is already fully subscribed.
• Sanctioning the Jefferson Island Storage & Hub (JISH) expansion to increase working gas storage to 10 Bcf from 2 Bcf by 2028, an estimated $85 million project.

LNG export terminals and other high-growth demand centers

LNG export terminals represent a massive, high-growth demand center for the natural gas flowing through EnLink Midstream's Gulf Coast assets. U.S. LNG export capacity is projected to grow significantly, with nearly all new projects sited on the Gulf Coast.

Here's a look at the demand coming online around the time of the acquisition and in the near term:

LNG Project/Demand Center	Expected Service/Ramp-up Timing	Associated Natural Gas Demand Capacity
Plaquemines Phase 1	Ramp up in 2025	1.3 Bcf/d
Golden Pass & Corpus Christi Expansion	Expected in 2025	Additional 4 Bcf/D
Total US LNG Export Capacity Projection	By 2028	21.2 Bcf/d

The Louisiana system assets include 3,100 miles of natural gas transmission lines with 4 Bcf/d of capacity, 220,000 barrels per day (b/d) of NGL fractionation capacity, and two natural gas processing facilities with 710 MMcf/d capacity. These assets connect directly to end-use markets, including LNG facilities.

The core customer base is served by a system that, as of the Q1 2024 report, had $293.3 million in net cash provided by operating activities.

EnLink Midstream, LLC (ENLC) - Canvas Business Model: Cost Structure

Since ONEOK completed the acquisition of EnLink Midstream, LLC on January 31, 2025, the cost structure is now integrated into ONEOK's consolidated figures, but the former cost components and realized synergies provide concrete numbers for this block.

High fixed costs related to pipeline and plant maintenance capital expenditures are now part of ONEOK's overall capital plan. For the full-year 2025 guidance, ONEOK projected Maintenance capital expenditures to range between $475 million and $525 million.

Significant operating expenses for compression, processing, and utilities are reflected in ONEOK's consolidated operating costs. For the nine months ended September 30, 2025, ONEOK reported Operating costs of $2,196 million. This figure includes costs from the acquired EnLink assets. Furthermore, the former ENLC structure included operating expenses related to plant relocation, with an expected 2024 cost of approximately $15 million net to EnLink.

The former cost structure element of interest expense on outstanding debt is now managed under ONEOK's capital structure. A key cost benefit realized post-acquisition is the expected reduction in EnLink's former interest and preferred distributions, estimated at approximately $100 million annually.

Integration and synergy realization costs following the $4.3 billion acquisition are tracked as transaction costs. For the nine months ended September 30, 2025, ONEOK reported transaction costs related primarily to the EnLink acquisition totaling $59 million. The expected cost savings from synergies, which directly reduce the combined entity's operating expenses, were estimated to be between $100 million and $150 million annually, with the SG&A cost reduction component alone estimated at approximately $120 million per year.

Here is a summary of the key cost-related figures impacting the structure post-acquisition:

Cost Structure Component	Financial Figure (Late 2025 Context)	Source/Context
ONEOK 2025 Maintenance CapEx Range	$475 million to $525 million	ONEOK 2025 Guidance
Estimated Annual SG&A Cost Synergy (Reduction)	~$120 million	Pre-acquisition synergy estimate for ENLC
Estimated Annual Interest/Distribution Synergy (Reduction)	~$100 million	Pre-acquisition synergy estimate for ENLC
Total EnLink Transaction Costs (9M 2025)	$59 million	ONEOK Q3 2025 Results
ONEOK 9M 2025 Operating Costs	$2,196 million	ONEOK Q3 2025 Consolidated Table

The total expected cost and commercial synergies from the acquisitions for 2025 were guided by ONEOK to be approximately $250 million.

• Former ENLC annual SG&A cost reduction: $120 million.
• Former ENLC annual interest/distribution reduction: $100 million.
• Total expected cost synergies: $100 million to $150 million.
• ONEOK Q3 2025 Adjusted EBITDA included $7 million in EnLink-related transaction costs.

EnLink Midstream, LLC (ENLC) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of EnLink Midstream, LLC (ENLC) now that it's part of the ONEOK family as of early 2025. The model is heavily weighted toward stable, fee-based contracts, which is exactly what you want to see in this sector.

Fee-based revenue from natural gas gathering and processing forms the backbone. This revenue is generated from the physical movement and handling of gas. For instance, looking at the operational scale feeding this revenue, the Louisiana Gas Gathering & Transportation segment handled approximately 2,693,500 MMBtu/d in the first quarter of 2024. The Permian segment saw crude gathering volumes grow approximately 23% over the second quarter of 2023. The focus here is on volume commitments, not the fluctuating price of the gas itself.

The structure is designed to be resilient; for context, approximately 90% of ONEOK's adjusted gross margin is expected to be fee-based, minimizing direct commodity price exposure for the combined entity.

Fixed-fee transportation and storage tariffs provide another layer of predictable cash flow. This covers moving natural gas, NGLs, and crude oil through pipelines and holding them in storage. A key development supporting future revenue is the Phase 2 "Henry Hub to the River" project in Louisiana, which adds approximately 210 MMcf/d of capacity and is slated to be in service in the fourth quarter of 2025. This project represents a capital-efficient investment, costing approximately $70 million.

Fractionation fees from NGL processing are crucial, especially following the integration of assets. EnLink's Haynesville assets include three NGL fractionation facilities. Post-acquisition, ONEOK is leveraging EnLink's NGL value chain to fill 75% of the Haynesville fractionation capacity with its own assets. In the first quarter of 2024, Louisiana NGL Fractionation volumes were around 183,100 Bbls/d.

Commodity sales are less significant to the overall revenue profile, primarily stemming from percent-of-proceeds contracts where EnLink receives a portion of the realized value rather than a fixed fee for the service. This introduces some direct commodity exposure, though it's managed within the larger fee-based structure.

The ultimate financial impact is seen through the parent company's guidance. EnLink Midstream, LLC's operations are a major driver for ONEOK's 2025 outlook. ONEOK has set its 2025 Adjusted EBITDA midpoint guidance at $8.225 billion. Furthermore, the integration is expected to yield approximately $250 million in synergy-related Adjusted EBITDA contributions for ONEOK in 2025, a significant portion of which is attributable to the successful integration of ENLC and Medallion.

Here's a quick look at some operational scale metrics that underpin these revenue streams, using the latest available segment data:

Segment/Metric	Operational Data Point	Value/Rate	Context Year/Period
Louisiana NGL Fractionation	Average Daily Volume	183,100 Bbls/d	Q1 2024
Permian Gas Processing	Average Daily Volume	1,560,700 MMBtu/d	Q1 2024
Louisiana Gas Gathering & Transportation	Average Daily Volume	2,693,500 MMBtu/d	Q1 2024
Haynesville Gas Processing Capacity	Number of Plants	2	Post-Acquisition
Louisiana Expansion Project Capacity	New Capacity Added	210 MMcf/d	In-service Q4 2025

The revenue streams are characterized by their stability, but you should watch the recontracting cadence. While there was an expected uplift embedded in 2024 contracts, the uplift expected for 2025 is noted as marginal, shifting the focus to debottlenecking and storage economics.

You can see the revenue-generating activities broken down by segment in the table below, showing where the physical throughput is happening:

• Gathering and transporting natural gas, NGLs, and crude oil.
• Processing natural gas across key basins like Permian and Oklahoma.
• Fractionating and marketing recovered NGLs.
• Providing compression services.
• Providing crude oil and condensate transportation and terminal services.
• Providing natural gas, crude oil, and NGL storage.

The integration with ONEOK is designed to enhance these streams through synergy capture, which is why the expected contribution to the parent company's $8.225 billion Adjusted EBITDA midpoint is so important. Finance: draft 13-week cash view by Friday.