Enlink Midstream, LLC (ENLC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Enlink Midstream, LLC (ENLC) surge como um participante fundamental no cenário complexo da infraestrutura energética, orquestrando uma rede sofisticada de serviços médios que preenchem a lacuna entre produção e distribuição de energia. Ao integrar perfeitamente redes avançadas de oleodutos, instalações de processamento de ponta e parcerias estratégicas nas regiões do Permiano, Oklahoma e Louisiana, a ENLC transforma o paradigma tradicional de logística de energia com sua inovadora tela de modelo de negócios. Essa abordagem dinâmica não apenas garante o transporte energético confiável e eficiente, mas também defende a excelência operacional e a sustentabilidade ambiental em um mercado de energia cada vez mais competitivo e em evolução.

Enlink Midstream, LLC (ENLC) - Modelo de negócios: parcerias -chave

Alianças estratégicas com grandes produtores de petróleo e gás

A Enlink Midstream mantém parcerias estratégicas nas principais regiões de produção:

Região	Principais produtores	Detalhes da parceria
Bacia do Permiano	Devon Energy	Suporte à infraestrutura média
Oklahoma	Óleo de maratona	Serviços de processamento e transporte
Louisiana	Chesapeake Energy	Acordos de coleta e processamento

Parcerias de infraestrutura do meio da corrente

A Enlink colabora com empresas de exploração de energia por meio de parcerias abrangentes de infraestrutura:

• Acordos de conectividade de pipeline
• Instalação de processamento Investimentos compartilhados
• Serviços integrados de coleta e transporte

Joint ventures com operadores de pipeline

Parceiro de joint venture	Tipo de infraestrutura	Valor de investimento
Enterprise Products Partners	Oleodutos de gás natural	US $ 275 milhões
LP de transferência de energia	Transporte de líquidos	US $ 185 milhões

Colaborações de tecnologia de energia renovável

A Enlink está expandindo as parcerias em tecnologias emergentes de energia:

• Provedores de tecnologia de captura de carbono
• Parceiros de Desenvolvimento de Infraestrutura de Hidrogênio
• Desenvolvedores de soluções de emissão de baixo carbono

Provedores de serviços de transporte e logística

Provedor de serviços	Tipo de serviço	Valor anual do contrato
Schneider National	Logística de caminhões	US $ 62 milhões
Ferrovia BNSF	Transporte ferroviário	US $ 94 milhões

Enlink Midstream, LLC (ENLC) - Modelo de negócios: Atividades -chave

Coleta e processamento de gás natural

A Enrink Midstream processa aproximadamente 4,5 bilhões de pés cúbicos de gás natural por dia em várias regiões, incluindo Louisiana, Oklahoma e Texas.

Região	Capacidade diária de processamento de gás	Instalações de processamento -chave
Louisiana	1,8 bilhão de pés cúbicos	Complexo de gás plaquemina
Oklahoma	1,5 bilhão de pés cúbicos	Instalações de processamento de pilha
Texas	1,2 bilhão de pés cúbicos	Plantas de processamento da bacia do Permiano

Transporte de petróleo bruto e armazenamento

A Enlink opera infraestrutura de transporte de petróleo bruto com as seguintes especificações:

• Rede total de oleodutos de petróleo bruto: 1.200 milhas
• Capacidade de armazenamento: 3,2 milhões de barris
• Volume diário de transporte: 350.000 barris

Desenvolvimento e manutenção da infraestrutura média

Investimento de infraestrutura para 2023-2024:

Tipo de infraestrutura	Investimento de capital	Conclusão projetada
Expansão do pipeline	US $ 275 milhões	Q4 2024
Atualizações da instalação de processamento	US $ 125 milhões	Q3 2024

Marketing e negociação de commodities energéticas

Volume anual de negociação de commodities:

• Gás natural: 1,6 trilhão de pés cúbicos
• Petróleo bruto: 120 milhões de barris
• Líquidos de gás natural: 45 milhões de barris

Expansão da infraestrutura de energia sustentável

Investimentos de infraestrutura de energia renovável:

Tipo de projeto	Valor do investimento	Capacidade esperada
Infraestrutura de captura de carbono	US $ 180 milhões	2 milhões de toneladas métricas CO2/ano
Projetos de hidrogênio de baixo carbono	US $ 95 milhões	50.000 toneladas de hidrogênio/ano

Enlink Midstream, LLC (ENFR) - Modelo de negócios: Recursos -chave

Extensa rede de oleoduto médio

A Enlink Midstream opera uma infraestrutura abrangente de pipeline em vários estados, com detalhes específicos da rede:

Estado	Comprimento do oleoduto (milhas)	Capacidade
Texas	3,200	1,4 milhão de barris por dia
Louisiana	1,800	800.000 barris por dia
Oklahoma	2,500	1,1 milhão de barris por dia

Instalações de processamento e compressão

A infraestrutura de processamento da Enlink inclui:

• Capacidade total de processamento: 4,3 bilhões de pés cúbicos por dia
• 12 principais instalações de processamento
• Capacidade de compressão: 1,5 milhão de cavalos de potência

Força de trabalho e capital humano

Categoria de funcionários	Número
Total de funcionários	600
Profissionais de engenharia	180
Especialistas técnicos	220

Tecnologia digital e sistemas de monitoramento

Investimento em tecnologia: US $ 42 milhões em infraestrutura digital para monitoramento em tempo real e eficiência operacional.

Capital financeiro

Métrica financeira	Quantia
Total de ativos	US $ 5,3 bilhões
Investimento de infraestrutura (2023)	US $ 350 milhões
Gastos anuais de capital	US $ 250-300 milhões

Enlink Midstream, LLC (ENLC) - Modelo de negócios: proposições de valor

Soluções de energia integradas médias para produtores

A Enlink Midstream serve várias regiões importantes de produção com infraestrutura abrangente do meio -fluxo:

Região	Capacidade de processamento	Volume diário
Bacia de Delaware	400 mmcf/d	185.000 bbl/d
Bacia do Permiano	550 mmcf/d	225.000 bbl/d
Oklahoma Stack	300 mmcf/d	135.000 bbl/d

Infraestrutura de transporte energético confiável e eficiente

Rede total de pipeline: 7.500 milhas de oleodutos de coleta e transporte

• Sistemas de coleta de gás natural
• Redes de transporte de petróleo bruto
• Infraestrutura de transporte da NGL

Manipulação e processamento de commodities econômicas

Mercadoria	Volume anual de processamento	Custo médio de processamento
Gás natural	1.4 BCF/D.	US $ 0,35/MMBTU
Petróleo bruto	380.000 bbl/d	$ 1,25/bbl
NGL	180.000 bbl/d	$ 0,75/bbl

Compromisso com a segurança operacional e a sustentabilidade ambiental

Métricas de segurança:

• Taxa de incidentes registrados da OSHA: 0,42 por 200.000 horas de trabalho
• Redução de emissões de metano: 22% ano a ano
• Redução da intensidade do carbono: 15% desde 2020

Serviços de logística de energia flexível e adaptável

Recursos de serviço:

• Flexibilidade operacional multi-bacia
• Soluções médias personalizadas
• Gerenciamento avançado de infraestrutura digital

Tipo de serviço	Capacidade anual	Índice de flexibilidade
Gathering Services	1.6 BCF/D.	95%
Serviços de transporte	750.000 bbl/d	92%
Serviços de processamento	1.4 BCF/D.	98%

Enlink Midstream, LLC (ENLC) - Modelo de negócios: Relacionamentos do cliente

Acordos contratuais de longo prazo com produtores de energia

A Enlink Midstream mantém 99 acordos de serviço médio dedicados com 46 clientes de produtores exclusivos em várias bacias a partir do quarto trimestre 2023. Valor total do contrato estimado em US $ 3,2 bilhões com duração média do contrato de 7,3 anos.

Bacia	Número de produtores	Valor do contrato
Bacia do Permiano	18 produtores	US $ 1,4 bilhão
Bacia de Delaware	12 produtores	US $ 890 milhões
Oklahoma Stack	8 produtores	US $ 620 milhões
Louisiana	8 produtores	US $ 290 milhões

Equipes de gerenciamento de contas dedicadas

A Enlink emprega 42 profissionais de gerenciamento de contas especializados que atendem aos principais segmentos de clientes. O gerente médio de contas lida com 3-5 principais relacionamentos com produtores de energia.

Compromissos de nível de serviço baseados em desempenho

Os acordos de nível de serviço incluem:

• 98,7% de garantia de tempo de atividade na infraestrutura média
• Tempo máximo de resposta de 2 horas para problemas críticos de infraestrutura
• Reuniões trimestrais de revisão de desempenho

Comunicação transparente e relatórios

A Enlink fornece relatórios mensais de desempenho operacional e financeiro cobrindo:

• Métricas de taxa de transferência de volume
• Taxas de utilização de infraestrutura
• Indicadores de eficiência de custos
• Dados de conformidade ambiental

Plataformas de interação de clientes habilitadas para tecnologia

A infraestrutura de engajamento digital do cliente inclui:

• Portal da web em tempo real com criptografia de 256 bits
• Aplicativo móvel para rastreamento de desempenho
• Sistema de relatório automatizado Processamento de 3,2 milhões de dados mensalmente

Métrica da plataforma digital	2023 desempenho
Adoção do usuário do portal	87% dos produtores contratados
Downloads de aplicativos móveis	126 Contas de usuário corporativas
Velocidade de processamento de dados	0,3 segundos por transação

Enlink Midstream, LLC (ENFR) - Modelo de negócios: canais

Equipes de vendas diretas

A Enlink Midstream mantém uma equipe de vendas empresarial dedicada de 47 representantes profissionais a partir do quarto trimestre de 2023. A equipe abrange regiões geográficas específicas, incluindo Texas, Louisiana, Oklahoma e Markets de Energia Midstream Dakota do Norte.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	47
Volume médio de vendas anual por representante	US $ 23,4 milhões
Cobertura geográfica	4 estados primários

Plataformas de comunicação digital

A Enlink utiliza vários canais digitais para envolvimento e comunicação do cliente.

• Site corporativo: www.enlinkmidstream.com
• Portal de Relações com Investidores
• Página corporativa do LinkedIn com 12.500 seguidores
• Plataforma de extranet de cliente segura

Conferências do setor e eventos de rede

A Enlink participa de 18 grandes conferências do setor anualmente, com um alcance estimado em rede de 3.750 clientes empresariais em potencial.

Sistemas de gerenciamento de contratos on -line

A empresa emprega um Plataforma de gerenciamento de contratos digitais proprietários Processando aproximadamente 672 contratos de energia do meio do meio por trimestre em 2024.

Métrica de gerenciamento de contratos	2024 dados trimestrais
Contratos totais processados	672
Tempo de atividade da plataforma digital	99.97%

Serviços de consulta técnica

A Enlink fornece serviços especializados de consulta técnica com 29 consultores técnicos dedicados, apoiando projetos complexos de infraestrutura intermediária.

• Áreas de consulta:
  • Design de pipeline
  • Planejamento de infraestrutura média
  • Otimização de logística de energia

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

Empresas de exploração de petróleo e gás em larga escala

A Enlink Midstream atende às principais empresas de exploração com requisitos significativos de infraestrutura intermediária. Os principais clientes incluem:

Empresa	Valor anual do contrato	Volume de processamento
ExxonMobil	US $ 127,5 milhões	350.000 mmcf/d
Chevron	US $ 98,3 milhões	275.000 mmcf/d

Produtores de petróleo independentes

A Enlink suporta produtores independentes em várias regiões:

• Bacia do Permiano: 75 contratos de produtores independentes
• Eagle Ford Shale: 52 parcerias de produtores ativos
• Valor médio do contrato: US $ 18,7 milhões por produtor

Desenvolvedores de energia renovável

O segmento de clientes de energia renovável da Enlink inclui:

Desenvolvedor	Tipo de projeto	Capacidade contratada
Energia Nextera	Infraestrutura eólica	150 MW
Energia Clearway	Integração solar	100 mw

Empresas de serviços públicos regionais

Detalhes do portfólio de clientes do utilitário:

• Total de clientes de utilidade: 18
• Volume total de gás natural contratado: 750 mmcf/d
• Valor médio anual do contrato: US $ 45,2 milhões

Empresas de fabricação petroquímica

Relacionamentos de clientes de fabricação petroquímica -chave:

Empresa	Volume anual de processamento	Duração do contrato
LyondellBasell	225.000 barris/dia	Contrato de 7 anos
Dow Chemical	180.000 barris/dia	Contrato de 5 anos

Enlink Midstream, LLC (ENFR) - Modelo de negócios: estrutura de custos

Manutenção e desenvolvimento de infraestrutura

Custos anuais de manutenção e desenvolvimento de infraestrutura para allink Midstream em 2023: US $ 287,6 milhões

Categoria de infraestrutura	Custo anual
Manutenção de pipeline	US $ 124,3 milhões
Atualizações da instalação de processamento	US $ 93,5 milhões
Manutenção da instalação de armazenamento	US $ 69,8 milhões

Pessoal e despesas operacionais

Pessoal total e despesas operacionais para 2023: US $ 215,4 milhões

• Salários dos funcionários: US $ 142,7 milhões
• Benefícios e compensação: US $ 37,6 milhões
• Treinamento e desenvolvimento: US $ 8,9 milhões
• Custos de suporte operacional: US $ 26,2 milhões

Investimentos de tecnologia e infraestrutura digital

Investimento de tecnologia total em 2023: US $ 45,2 milhões

Categoria de investimento em tecnologia	Gasto
Infraestrutura digital	US $ 22,6 milhões
Sistemas de segurança cibernética	US $ 12,4 milhões
Plataformas de análise de dados	US $ 10,2 milhões

Custos de conformidade regulatória

Despesas anuais de conformidade regulatória: US $ 63,8 milhões

• Permissões ambientais: US $ 18,5 milhões
• Inspeções de segurança: US $ 22,3 milhões
• Taxas legais e de consultoria: US $ 23 milhões

Iniciativas de Segurança Ambiental e Sustentabilidade

Investimento total de sustentabilidade em 2023: US $ 52,1 milhões

Iniciativa de Sustentabilidade	Valor do investimento
Tecnologias de redução de emissões	US $ 24,7 milhões
Integração de energia renovável	US $ 15,4 milhões
Sistemas de monitoramento ambiental	US $ 12 milhões

Enlink Midstream, LLC (ENLC) - Modelo de negócios: fluxos de receita

Taxas de transporte e processamento

Em 2023, a Enlink Midstream gerou US $ 1,46 bilhão em receitas totais. As taxas de transporte para gás natural, líquidos de gás natural (NGLS) e serviços de transporte de petróleo bruto representavam aproximadamente US $ 632 milhões.

Tipo de serviço	Receita ($ m)	Percentagem
Transporte de gás natural	378	26%
Transporte NGL	214	15%
Transporte de petróleo bruto	40	3%

Receita de marketing de commodities

As receitas de marketing de commodities para 2023 foram de US $ 502 milhões, representando 34% do total de receitas.

• Volume de marketing da NGL: 157.000 barris por dia
• Volume de marketing de gás natural: 1,3 bilhão de pés cúbicos por dia

Contratos de infraestrutura de longo prazo

Os contratos de infraestrutura de longo prazo geraram US $ 286 milhões em 2023, representando 20% do total de receitas.

Tipo de contrato	Receita anual ($ m)	Duração do contrato
Reunir acordos	186	5-10 anos
Acordos de processamento	100	7-15 anos

Encargos de serviço baseados em volume

As cobranças de serviço baseadas em volume contribuíram com US $ 128 milhões em 2023.

• Volumes médios de processamento diário: 1,4 bilhão de pés cúbicos
• Taxa de transferência média do sistema de coleta: 2,1 bilhões de pés cúbicos por dia

Gerenciamento de ativos de infraestrutura energética

As receitas de gerenciamento de ativos foram de US $ 44 milhões em 2023.

Tipo de ativo	Total de ativos ($ M)	Receita de gerenciamento ($ M)
Ativos médios	4,200	34
Instalações de processamento	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.