ENLINK MIDSTREAM, LLC (ENLC): Business Model Canvas [Jan-2025 Mise à jour]

Enlink Midstream, LLC (ENLC) émerge comme un acteur pivot dans le paysage complexe de l'infrastructure énergétique, orchestrant un réseau sophistiqué de services médian qui comblent l'écart entre la production d'énergie et la distribution. En intégrant de manière transparente les réseaux de pipelines avancés, les installations de traitement de pointe et les partenariats stratégiques dans les régions du Permien, de l'Oklahoma et de la Louisiane, ENLC transforme le paradigme traditionnel de la logistique énergétique avec sa toile innovante du modèle commercial. Cette approche dynamique garantit non seulement un transport d'énergie fiable et efficace, mais défend également l'excellence opérationnelle et la durabilité environnementale sur un marché de l'énergie de plus en plus compétitif et évolutif.

ENLINK MIDSTREAM, LLC (ENLC) - Modèle commercial: partenariats clés

Alliances stratégiques avec les principaux producteurs de pétrole et de gaz

EnLink Midstream entretient des partenariats stratégiques dans les régions de production clés:

Région	Producteurs clés	Détails du partenariat
Bassin permien	Devon Energy	Support d'infrastructure intermédiaire
Oklahoma	Huile de marathon	Services de traitement et de transport
Louisiane	Chesapeake Energy	Contrats de rassemblement et de traitement

Partenariats d'infrastructure intermédiaire

EnLink collabore avec les sociétés d'exploration d'énergie grâce à des partenariats complets d'infrastructure:

• Accords de connectivité des pipelines
• Installation des installations de traitement partagée
• Services de rassemblement et de transport intégrés

Coentreprises avec des opérateurs de pipeline

Coentreprise	Type d'infrastructure	Valeur d'investissement
Partners des produits d'entreprise	Pipelines de gaz naturel	275 millions de dollars
LP de transfert d'énergie	Transport des liquides	185 millions de dollars

Collaborations de technologies des énergies renouvelables

ENLINK étend les partenariats dans les technologies énergétiques émergentes:

• Fournisseurs de technologies de capture de carbone
• Partenaires de développement d'infrastructure d'hydrogène
• Développeurs de solutions à faible émission en carbone

Fournisseurs de services de transport et de logistique

Fournisseur de services	Type de service	Valeur du contrat annuel
Schneider National	Logistique du camionnage	62 millions de dollars
BNSF Railway	Transport ferroviaire	94 millions de dollars

EnLink Midstream, LLC (ENLC) - Modèle d'entreprise: Activités clés

Rassemblement et traitement du gaz naturel

EnLink Midstream traite environ 4,5 milliards de pieds cubes de gaz naturel par jour dans plusieurs régions, notamment la Louisiane, l'Oklahoma et le Texas.

Région	Capacité quotidienne de traitement du gaz	Installations de traitement clés
Louisiane	1,8 milliard de pieds cubes	Complexe de gaz plaquemine
Oklahoma	1,5 milliard de pieds cubes	Installations de traitement de pile
Texas	1,2 milliard de pieds cubes	Plantes de traitement du bassin du Permien

Transport et stockage du pétrole brut

EnLink exploite une infrastructure de transport de pétrole brut avec les spécifications suivantes:

• Réseau total de l'huile de pétrole brut: 1 200 miles
• Capacité de stockage: 3,2 millions de barils
• Volume quotidien du transport: 350 000 barils

Développement et maintenance des infrastructures intermédiaires

Investissement en infrastructure pour 2023-2024:

Type d'infrastructure	Investissement en capital	Achèvement prévu
Expansion du pipeline	275 millions de dollars	Q4 2024
Mises à niveau des installations de traitement	125 millions de dollars	Q3 2024

Marketing et trading de la matière énergétique

Volume annuel de négociation sur les matières premières:

• Gaz naturel: 1,6 billion de pieds cubes
• Pétrole brut: 120 millions de barils
• Liquides au gaz naturel: 45 millions de barils

Expansion des infrastructures énergétiques durables

Investissements d'infrastructure d'énergie renouvelable:

Type de projet	Montant d'investissement	Capacité attendue
Infrastructure de capture de carbone	180 millions de dollars	2 millions de tonnes métriques CO2 / année
Projets d'hydrogène à faible teneur en carbone	95 millions de dollars	50 000 tonnes hydrogène / an

ENLINK MIDSTREAM, LLC (ENLC) - Modèle commercial: Ressources clés

Réseau de pipelines intermédiaires étendus

EnLink Midstream exploite une infrastructure complète de pipelines dans plusieurs états, avec des détails de réseau spécifiques:

État	Longueur du pipeline (miles)	Capacité
Texas	3,200	1,4 million de barils par jour
Louisiane	1,800	800 000 barils par jour
Oklahoma	2,500	1,1 million de barils par jour

Installations de traitement et de compression

L'infrastructure de traitement d'EnLink comprend:

• Capacité de traitement totale: 4,3 milliards de pieds cubes par jour
• 12 installations de traitement majeures
• Capacité de compression: 1,5 million de chevaux

Main-d'œuvre et capital humain

Catégorie des employés	Nombre
Total des employés	600
Professionnels de l'ingénierie	180
Spécialistes techniques	220

Technologie numérique et systèmes de surveillance

Investissement technologique: 42 millions de dollars d'infrastructures numériques pour la surveillance en temps réel et l'efficacité opérationnelle.

Capital financier

Métrique financière	Montant
Actif total	5,3 milliards de dollars
Investissement en infrastructure (2023)	350 millions de dollars
Dépenses en capital annuelles	250 à 300 millions de dollars

ENLINK MIDSTREAM, LLC (ENLC) - Modèle d'entreprise: Propositions de valeur

Solutions énergétiques intermédiaires intégrées pour les producteurs

EnLink Midstream sert plusieurs régions de production clés avec une infrastructure médiane complète:

Région	Capacité de traitement	Volume quotidien
Bassin du Delaware	400 mmcf / j	185 000 barils / j
Bassin permien	550 mmcf / j	225 000 barils / j
Pile de l'Oklahoma	300 mmcf / j	135 000 barils / j

Infrastructure de transport d'énergie fiable et efficace

Réseau total de pipeline: 7 500 miles de pipelines de rassemblement et de transport

• Systèmes de rassemblement de gaz naturel
• Réseaux de transport de pétrole brut
• Infrastructure de transport de LNG

Manipulation et traitement des produits de base rentables

Marchandise	Volume de traitement annuel	Coût de traitement moyen
Gaz naturel	1,4 BCF / J	0,35 $ / MMBTU
Huile brute	380 000 barils / j	1,25 $ / bbl
NGL	180 000 barils / j	0,75 $ / bbl

Engagement envers la sécurité opérationnelle et la durabilité environnementale

Métriques de sécurité:

• Taux d'incident enregistrable de l'OSHA: 0,42 pour 200 000 heures de travail
• Réduction des émissions de méthane: 22% d'une année à l'autre
• Réduction de l'intensité du carbone: 15% depuis 2020

Services de logistique énergétique flexible et adaptable

Capacités de service:

• Flexibilité opérationnelle multi-bassin
• Solutions intermédiaires personnalisées
• Gestion avancée des infrastructures numériques

Type de service	Capacité annuelle	Indice de flexibilité
Rassemblement des services	1,6 BCF / J	95%
Services de transport	750 000 barils / j	92%
Services de traitement	1,4 BCF / J	98%

ENLINK MIDSTREAM, LLC (ENLC) - Modèle d'entreprise: Relations clients

Accords contractuels à long terme avec les producteurs d'énergie

EnLink Midstream entretient 99 accords de service médian dédiés avec 46 clients producteurs uniques dans plusieurs bassins au cours du quatrième trimestre 2023. Valeur du contrat total estimé à 3,2 milliards de dollars avec une durée du contrat moyenne de 7,3 ans.

Bassin	Nombre de producteurs	Valeur du contrat
Bassin permien	18 producteurs	1,4 milliard de dollars
Bassin du Delaware	12 producteurs	890 millions de dollars
Pile de l'Oklahoma	8 producteurs	620 millions de dollars
Louisiane	8 producteurs	290 millions de dollars

Équipes de gestion des comptes dédiés

ENLINK emploie 42 professionnels de la gestion des comptes spécialisés au service des segments de clientèle clés. Le gestionnaire de compte moyen gère 3 à 5 relations de producteur d'énergie majeures.

Engagements au niveau des services basés sur la performance

Les accords de niveau de service comprennent:

• 98,7% de garantie de disponibilité des infrastructures intermédiaires
• Temps de réponse maximal de 2 heures pour les problèmes d'infrastructure critiques
• Réunions de révision des performances trimestrielles

Communication transparente et rapport

EnLink fournit des rapports de performance opérationnels et financiers mensuels couvrant:

• Métriques de débit de volume
• Taux d'utilisation des infrastructures
• Indicateurs de rentabilité
• Données de conformité environnementale

Plates-formes d'interaction client compatibles avec la technologie

L'infrastructure numérique de l'engagement client comprend:

• Portail Web en temps réel avec cryptage 256 bits
• Application mobile pour le suivi des performances
• Traitement du système de rapport automatisé 3,2 millions de points de données mois

Métrique de la plate-forme numérique	Performance de 2023
Adoption des utilisateurs de portail	87% des producteurs contractés
Téléchargements d'applications mobiles	126 Comptes d'utilisateurs d'entreprise
Vitesse de traitement des données	0,3 seconde par transaction

ENLINK MIDSTREAM, LLC (ENLC) - Modèle d'entreprise: canaux

Équipes de vente directes

Enlink Midstream maintient une équipe de vente d'entreprise dédiée à 47 représentants professionnels au quatrième trimestre 2023. L'équipe couvre des régions géographiques spécifiques, notamment le Texas, la Louisiane, l'Oklahoma et les marchés de l'énergie du Dakota du Nord.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	47
Volume de ventes annuel moyen par représentant	23,4 millions de dollars
Couverture géographique	4 États principaux

Plateformes de communication numérique

ENLINK utilise plusieurs canaux numériques pour l'engagement et la communication des clients.

• Site Web de l'entreprise: www.enlinkmidstream.com
• Portail des relations avec les investisseurs
• Page d'entreprise LinkedIn à 12 500 abonnés
• Plateforme d'extranet client sécurisé

Conférences de l'industrie et événements de réseautage

EnLink participe à 18 conférences industrielles majeures chaque année, avec une portée de réseautage estimée à 3 750 clients potentiels d'entreprise.

Systèmes de gestion des contrats en ligne

L'entreprise emploie un Plateforme de gestion des contrats numériques propriétaires Traitement environ 672 contrats énergétiques au milieu du trimestre par trimestre en 2024.

Métrique de gestion des contrats	2024 données trimestrielles
Total des contrats traités	672
Time de disponibilité de la plate-forme numérique	99.97%

Services de consultation technique

ENLINK fournit des services de consultation technique spécialisés avec 29 consultants techniques dédiés soutenant des projets d'infrastructures complexes en milieu médian.

• Zones de consultation:
  • Conception de pipeline
  • Planification des infrastructures intermédiaires
  • Optimisation de la logistique énergétique

EnLink Midstream, LLC (ENLC) - Modèle d'entreprise: segments de clientèle

Sociétés d'exploration de pétrole et de gaz à grande échelle

EnLink Midstream dessert les grandes sociétés d'exploration ayant des exigences importantes d'infrastructure intermédiaire. Les clients clés comprennent:

Entreprise	Valeur du contrat annuel	Volume de traitement
Exxonmobil	127,5 millions de dollars	350 000 mmcf / j
Chevron	98,3 millions de dollars	275 000 mmcf / j

Producteurs de pétrole indépendants

EnLink prend en charge les producteurs indépendants dans plusieurs régions:

• Basin Permien: 75 Contrats de producteurs indépendants
• Eagle Ford Shale: 52 partenariats de producteurs actifs
• Valeur du contrat moyen: 18,7 millions de dollars par producteur

Développeurs d'énergies renouvelables

Le segment de clientèle des énergies renouvelables d'EnLink comprend:

Promoteur	Type de projet	Capacité contractée
Énergie nextère	Infrastructure éolienne	150 MW
Énergie du clein	Intégration solaire	100 MW

Sociétés de services publics régionaux

Détails du portefeuille des clients des services publics:

• Total des clients des services publics: 18
• Volume total de gaz naturel sous contrat: 750 mmcf / j
• Valeur du contrat annuel moyen: 45,2 millions de dollars

Entreprises manufacturières pétrochimiques

Relations des clients manufacturières à la pétrole.

Entreprise	Volume de traitement annuel	Durée du contrat
Lyondellbasell	225 000 barils / jour	Accord de 7 ans
Dow chimique	180 000 barils / jour	Accord sur 5 ans

EnLink Midstream, LLC (ENLC) - Modèle d'entreprise: Structure des coûts

Maintenance et développement des infrastructures

Coûts annuels de maintenance et de développement des infrastructures pour EnLink Midstream en 2023: 287,6 millions de dollars

Catégorie d'infrastructure	Coût annuel
Maintenance des pipelines	124,3 millions de dollars
Mises à niveau des installations de traitement	93,5 millions de dollars
Entretien des installations de stockage	69,8 millions de dollars

Personnel et dépenses opérationnelles

Personnel total et dépenses opérationnelles pour 2023: 215,4 millions de dollars

• Salaires des employés: 142,7 millions de dollars
• Avantages et rémunération: 37,6 millions de dollars
• Formation et développement: 8,9 millions de dollars
• Coûts de soutien opérationnel: 26,2 millions de dollars

Investissements technologiques et infrastructures numériques

Investissement total technologique en 2023: 45,2 millions de dollars

Catégorie d'investissement technologique	Dépense
Infrastructure numérique	22,6 millions de dollars
Systèmes de cybersécurité	12,4 millions de dollars
Plateformes d'analyse de données	10,2 millions de dollars

Coûts de conformité réglementaire

Dépenses annuelles de conformité réglementaire: 63,8 millions de dollars

• Permis environnementaux: 18,5 millions de dollars
• Inspections de sécurité: 22,3 millions de dollars
• Frais juridiques et de conseil: 23 millions de dollars

Initiatives de sécurité environnementale et de durabilité

Investissement total de durabilité en 2023: 52,1 millions de dollars

Initiative de durabilité	Montant d'investissement
Technologies de réduction des émissions	24,7 millions de dollars
Intégration d'énergie renouvelable	15,4 millions de dollars
Systèmes de surveillance environnementale	12 millions de dollars

ENLINK MIDSTREAM, LLC (ENLC) - Modèle d'entreprise: Strots de revenus

Frais de transport et de traitement

En 2023, Enlink Midstream a généré 1,46 milliard de dollars de revenus totaux. Les frais de transport pour le gaz naturel, les liquides de gaz naturel (LGN) et les services de transport du pétrole brut représentaient environ 632 millions de dollars.

Type de service	Revenus ($ m)	Pourcentage
Transport de gaz naturel	378	26%
Transport demandes LNG	214	15%
Transport de pétrole brut	40	3%

Revenus marketing des produits de base

Les revenus de marketing sur les matières premières pour 2023 étaient de 502 millions de dollars, ce qui représente 34% du total des revenus.

• Volume de marketing NGL: 157 000 barils par jour
• Volume de commercialisation du gaz naturel: 1,3 milliard de pieds cubes par jour

Contrats d'infrastructure à long terme

Les contrats d'infrastructure à long terme ont généré 286 millions de dollars en 2023, représentant 20% du total des revenus.

Type de contrat	Revenus annuels ($ m)	Durée du contrat
Rassemblement des accords	186	5-10 ans
Accords de traitement	100	7-15 ans

Frais de service basés sur le volume

Les frais de service basés sur le volume ont contribué 128 millions de dollars en 2023.

• Volumes de traitement quotidiens moyens: 1,4 milliard de pieds cubes
• Débit moyen du système de rassemblement: 2,1 milliards de pieds cubes par jour

Gestion des actifs d'infrastructure énergétique

Les revenus de gestion des actifs ont été de 44 millions de dollars en 2023.

Type d'actif	Actif total ($ m)	Revenus de gestion ($ m)
Actifs intermédiaires	4,200	34
Installations de traitement	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.