EnLink Midstream, LLC (ENLC): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Enlink Midstream, LLC (ENLC) emerge como un jugador fundamental en el complejo panorama de la infraestructura energética, orquestando una red sofisticada de servicios medios que unen la brecha entre la producción y distribución de energía. Al integrar a la perfección las redes avanzadas de tuberías, las instalaciones de procesamiento de vanguardia y las asociaciones estratégicas en las regiones Pérmicas, Oklahoma y Louisiana, ENLC transforma el paradigma tradicional de la logística energética con su innovador lienzo modelo comercial. Este enfoque dinámico no solo garantiza un transporte energético confiable y eficiente, sino también a la excelencia operativa de los campeones y la sostenibilidad ambiental en un mercado energético cada vez más competitivo y en evolución.

Enlink Midstream, LLC (ENLC) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con grandes productores de petróleo y gas

Enlink Midstream mantiene asociaciones estratégicas en regiones de producción clave:

Región	Productores clave	Detalles de la asociación
Cuenca del permisa	Energía de Devon	Soporte de infraestructura de Midstream
Oklahoma	Aceite de maratón	Servicios de procesamiento y transporte
Luisiana	Energía de Chesapeake	Acuerdos de recopilación y procesamiento

Asociaciones de infraestructura de Midstream

Enlink colabora con empresas de exploración energética a través de asociaciones integrales de infraestructura:

• Acuerdos de conectividad de la tubería
• Inversiones compartidas de la instalación de procesamiento
• Servicios integrados de recopilación y transporte

Empresas conjuntas con operadores de tuberías

Socio de empresa conjunta	Tipo de infraestructura	Valor de inversión
Socios de productos empresariales	Tuberías de gas natural	$ 275 millones
Transferencia de energía LP	Transporte de líquidos	$ 185 millones

Colaboraciones de tecnología de energía renovable

Enlink está expandiendo asociaciones en tecnologías de energía emergentes:

• Proveedores de tecnología de captura de carbono
• Socios de desarrollo de infraestructura de hidrógeno
• Desarrolladores de soluciones de emisión de baja carbono

Proveedores de servicios de transporte y logística

Proveedor de servicios	Tipo de servicio	Valor anual del contrato
Schneider National	Logística de camiones	$ 62 millones
Ferrocarril BNSF	Transporte ferroviario	$ 94 millones

Enlink Midstream, LLC (EnlC) - Modelo de negocio: actividades clave

Recolección y procesamiento de gas natural

Enlace de los procesos intermedios de aproximadamente 4.500 millones de pies cúbicos de gas natural por día en múltiples regiones, incluidas Louisiana, Oklahoma y Texas.

Región	Capacidad de procesamiento de gases diarios	Instalaciones de procesamiento clave
Luisiana	1.800 millones de pies cúbicos	Complejo de gases plaqueminado
Oklahoma	1.500 millones de pies cúbicos	Instalaciones de procesamiento de pila
Texas	1.200 millones de pies cúbicos	Plantas de procesamiento de la cuenca de Pérmica

Transporte y almacenamiento de petróleo crudo

Enlink opera infraestructura de transporte de petróleo crudo con las siguientes especificaciones:

• Red total de tuberías de petróleo crudo: 1,200 millas
• Capacidad de almacenamiento: 3.2 millones de barriles
• Volumen diario de transporte: 350,000 barriles

Desarrollo y mantenimiento de la infraestructura de la corriente intermedia

Inversión de infraestructura para 2023-2024:

Tipo de infraestructura	Inversión de capital	Finalización proyectada
Expansión de la tubería	$ 275 millones	P4 2024
Actualizaciones de la instalación de procesamiento	$ 125 millones	P3 2024

Marketing y comercio de productos básicos

Volumen de comercio de productos básicos anuales:

• Gas natural: 1.6 billones de pies cúbicos
• Petróleo crudo: 120 millones de barriles
• Líquidos de gas natural: 45 millones de barriles

Expansión de infraestructura energética sostenible

Inversiones de infraestructura de energía renovable:

Tipo de proyecto	Monto de la inversión	Capacidad esperada
Infraestructura de captura de carbono	$ 180 millones	2 millones de toneladas métricas CO2/Año
Proyectos de hidrógeno bajo en carbono	$ 95 millones	50,000 toneladas de hidrógeno/año

Enlink Midstream, LLC (EnlC) - Modelo de negocio: recursos clave

Extensa red de tuberías de Midstream

Enlink Midstream opera una infraestructura integral de tuberías en múltiples estados, con detalles específicos de la red:

Estado	Longitud de la tubería (millas)	Capacidad
Texas	3,200	1,4 millones de barriles por día
Luisiana	1,800	800,000 barriles por día
Oklahoma	2,500	1.1 millones de barriles por día

Instalaciones de procesamiento y compresión

La infraestructura de procesamiento de Enlink incluye:

• Capacidad de procesamiento total: 4.300 millones de pies cúbicos por día
• 12 Instalaciones de procesamiento principales
• Capacidad de compresión: 1.5 millones de caballos de fuerza

Fuerza laboral y capital humano

Categoría de empleado	Número
Total de empleados	600
Profesionales de ingeniería	180
Especialistas técnicos	220

Tecnología digital y sistemas de monitoreo

Inversión tecnológica: $ 42 millones en infraestructura digital para monitoreo en tiempo real y eficiencia operativa.

Capital financiero

Métrica financiera	Cantidad
Activos totales	$ 5.3 mil millones
Inversión de infraestructura (2023)	$ 350 millones
Gastos de capital anuales	$ 250-300 millones

Enlink Midstream, LLC (ENLC) - Modelo de negocio: propuestas de valor

Soluciones integradas de energía midstream para productores

Enlink Midstream sirve múltiples regiones de producción clave con infraestructura integral de Midstream:

Región	Capacidad de procesamiento	Volumen diario
Cuenca de Delaware	400 mmcf/d	185,000 bbl/d
Cuenca del permisa	550 MMCF/D	225,000 bbl/d
Pila de Oklahoma	300 mmcf/d	135,000 bbl/d

Infraestructura de transporte de energía confiable y eficiente

Red total de tuberías: 7,500 millas de tuberías de reunión y transporte

• Sistemas de recolección de gas natural
• Redes de transporte de petróleo crudo
• Infraestructura de transporte de NGL

Manejo y procesamiento de productos básicos rentables

Producto	Volumen de procesamiento anual	Costo de procesamiento promedio
Gas natural	1.4 BCF/D	$ 0.35/mmbtu
Petróleo crudo	380,000 bbl/d	$ 1.25/bbl
Maestría	180,000 bbl/d	$ 0.75/bbl

Compromiso con la seguridad operativa y la sostenibilidad ambiental

Métricas de seguridad:

• Tasa de incidente registrable de OSHA: 0.42 por 200,000 horas de trabajo
• Reducción de emisiones de metano: 22% año tras año
• Reducción de la intensidad del carbono: 15% desde 2020

Servicios de logística de energía flexible y adaptable

Capacidades de servicio:

• Flexibilidad operacional multi-base
• Soluciones personalizadas de Midstream
• Gestión avanzada de infraestructura digital

Tipo de servicio	Capacidad anual	Índice de flexibilidad
Servicios de recopilación	1.6 BCF/D	95%
Servicios de transporte	750,000 bbl/d	92%
Servicios de procesamiento	1.4 BCF/D	98%

Enlink Midstream, LLC (ENLC) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con productores de energía

Enlink Midstream mantiene 99 acuerdos dedicados de servicio Midstream con 46 clientes de productores únicos en múltiples cuencas a partir del cuarto trimestre 2023. Valor total del contrato estimado en $ 3.2 mil millones con una duración promedio del contrato de 7.3 años.

Cuenca	Número de productores	Valor de contrato
Cuenca del permisa	18 productores	$ 1.4 mil millones
Cuenca de Delaware	12 productores	$ 890 millones
Pila de Oklahoma	8 productores	$ 620 millones
Luisiana	8 productores	$ 290 millones

Equipos de gestión de cuentas dedicados

Enlink emplea a 42 profesionales especializados de gestión de cuentas que atienden segmentos clave de clientes. El administrador promedio de cuentas maneja 3-5 relaciones principales del productor de energía.

Compromisos de nivel de servicio basados ​​en el rendimiento

Los acuerdos de nivel de servicio incluyen:

• 98.7% Garantía de tiempo de actividad de la infraestructura Midstream
• Tiempo de respuesta máximo de 2 horas para problemas de infraestructura crítica
• Reuniones trimestrales de revisión de rendimiento

Comunicación e informes transparentes

Enlink proporciona informes mensuales de desempeño operativo y financiero que cubre:

• Métricas de rendimiento de volumen
• Tasas de utilización de infraestructura
• Indicadores de rentabilidad
• Datos de cumplimiento ambiental

Plataformas de interacción con el cliente habilitadas para la tecnología

La infraestructura de participación digital del cliente incluye:

• Portal web en tiempo real con cifrado de 256 bits
• Aplicación móvil para el seguimiento de rendimiento
• Sistema de informes automatizados Procesamiento de 3,2 millones de puntos de datos mensualmente

Métrica de plataforma digital	2023 rendimiento
Adopción del usuario del portal	87% de los productores contratados
Descargas de aplicaciones móviles	126 cuentas de usuario empresariales
Velocidad de procesamiento de datos	0.3 segundos por transacción

Enlink Midstream, LLC (ENLC) - Modelo de negocio: canales

Equipos de ventas directos

Enlink Midstream mantiene un equipo de ventas empresarial dedicado de 47 representantes profesionales a partir del cuarto trimestre de 2023. El equipo cubre regiones geográficas específicas, incluidas Texas, Louisiana, Oklahoma y North Dakota Midstream Energy Markets.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	47
Volumen de ventas anual promedio por representante	$ 23.4 millones
Cobertura geográfica	4 estados principales

Plataformas de comunicación digital

Enlink utiliza múltiples canales digitales para la participación y comunicación del cliente.

• Sitio web corporativo: www.enlinkmidstream.com
• Portal de relaciones con los inversores
• Página corporativa de LinkedIn con 12,500 seguidores
• Plataforma de Extranet de cliente segura

Conferencias de la industria y eventos de redes

Enlink participa en 18 principales conferencias de la industria anualmente, con un alcance de red estimado de 3.750 clientes empresariales potenciales.

Sistemas de gestión de contratos en línea

La compañía emplea un plataforma de gestión de contratos digitales patentados Procesamiento de aproximadamente 672 contratos de energía Midstream por trimestre en 2024.

Métrica de gestión de contratos	2024 datos trimestrales
Contratos totales procesados	672
Tiempo de actividad de la plataforma digital	99.97%

Servicios de consulta técnica

Enlink ofrece servicios de consulta técnica especializada con 29 consultores técnicos dedicados que respaldan proyectos de infraestructura compleja Midstream.

• Áreas de consulta:
  • Diseño de tuberías
  • Planificación de infraestructura de Midstream
  • Optimización de la logística energética

Enlink Midstream, LLC (ENLC) - Modelo de negocio: segmentos de clientes

Empresas de exploración de petróleo y gas a gran escala

Enlink Midstream atiende a las principales compañías de exploración con importantes requisitos de infraestructura de Midstream. Los clientes clave incluyen:

Compañía	Valor anual del contrato	Volumen de procesamiento
Exxonmobil	$ 127.5 millones	350,000 MMCF/D
Cheurón	$ 98.3 millones	275,000 MMCF/D

Productores de petróleo independientes

Enlink admite productores independientes en múltiples regiones:

• Cuenca Pérmica: 75 contratos de productores independientes
• Eagle Ford Shale: 52 Asociaciones de productores activos
• Valor promedio del contrato: $ 18.7 millones por productor

Desarrolladores de energía renovable

El segmento de clientes de energía renovable de Enlink incluye:

Revelador	Tipo de proyecto	Capacidad contratada
Energía nextera	Infraestructura eólica	150 MW
Energía de Clearway	Integración solar	100 MW

Compañías de servicios públicos regionales

Detalles de la cartera de clientes de servicios públicos:

• Total de clientes de servicios públicos: 18
• Volumen total de gas natural contraído: 750 mmcf/d
• Valor promedio de contrato anual: $ 45.2 millones

Empresas de fabricación petroquímica

Relaciones de clientes de fabricación petroquímica clave:

Compañía	Volumen de procesamiento anual	Duración del contrato
Lyondellbasell	225,000 barriles/día	Acuerdo de 7 años
Químico de dow	180,000 barriles/día	Acuerdo a 5 años

Enlink Midstream, LLC (ENLC) - Modelo de negocio: Estructura de costos

Mantenimiento y desarrollo de infraestructura

Costos anuales de mantenimiento y desarrollo de infraestructura para Enlink Midstream en 2023: $ 287.6 millones

Categoría de infraestructura	Costo anual
Mantenimiento de la tubería	$ 124.3 millones
Actualizaciones de la instalación de procesamiento	$ 93.5 millones
Mantenimiento de la instalación de almacenamiento	$ 69.8 millones

Personal y gastos operativos

Personal total y gastos operativos para 2023: $ 215.4 millones

• Salarios de los empleados: $ 142.7 millones
• Beneficios y compensación: $ 37.6 millones
• Capacitación y desarrollo: $ 8.9 millones
• Costos de soporte operativo: $ 26.2 millones

Tecnología e inversiones en infraestructura digital

Inversión tecnológica total en 2023: $ 45.2 millones

Categoría de inversión tecnológica	Gasto
Infraestructura digital	$ 22.6 millones
Sistemas de ciberseguridad	$ 12.4 millones
Plataformas de análisis de datos	$ 10.2 millones

Costos de cumplimiento regulatorio

Gastos anuales de cumplimiento regulatorio: $ 63.8 millones

• Permisos ambientales: $ 18.5 millones
• Inspecciones de seguridad: $ 22.3 millones
• Tarifas legales y de consultoría: $ 23 millones

Iniciativas de seguridad ambiental y sostenibilidad

Inversión total de sostenibilidad en 2023: $ 52.1 millones

Iniciativa de sostenibilidad	Monto de la inversión
Tecnologías de reducción de emisiones	$ 24.7 millones
Integración de energía renovable	$ 15.4 millones
Sistemas de monitoreo ambiental	$ 12 millones

Enlink Midstream, LLC (ENLC) - Modelo de negocio: flujos de ingresos

Tarifas de transporte y procesamiento

En 2023, Enlink Midstream generó $ 1.46 mil millones en ingresos totales. Las tarifas de transporte para gas natural, líquidos de gas natural (NGL) y servicios de transporte de petróleo crudo representaron aproximadamente $ 632 millones.

Tipo de servicio	Ingresos ($ M)	Porcentaje
Transporte de gas natural	378	26%
Transporte de NGL	214	15%
Transporte de petróleo crudo	40	3%

Ingresos de marketing de productos básicos

Los ingresos por marketing de productos básicos para 2023 fueron de $ 502 millones, lo que representa el 34% de los ingresos totales.

• Volumen de marketing de NGL: 157,000 barriles por día
• Volumen de marketing de gas natural: 1.300 millones de pies cúbicos por día

Contratos de infraestructura a largo plazo

Los contratos de infraestructura a largo plazo generaron $ 286 millones en 2023, lo que representa el 20% de los ingresos totales.

Tipo de contrato	Ingresos anuales ($ M)	Duración del contrato
Recopilación de acuerdos	186	5-10 años
Acuerdos de procesamiento	100	7-15 años

Cargos de servicio basados ​​en volumen

Los cargos de servicio basados ​​en volumen contribuyeron con $ 128 millones en 2023.

• Volúmenes de procesamiento diario promedio: 1.400 millones de pies cúbicos
• Rendimiento promedio del sistema de reunión: 2.100 millones de pies cúbicos por día

Gestión de activos de infraestructura energética

Los ingresos de la gestión de activos fueron de $ 44 millones en 2023.

Tipo de activo	Activos totales ($ M)	Ingresos de gestión ($ M)
Activos de Midstream	4,200	34
Instalaciones de procesamiento	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.