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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2020

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number: 001-36340

ENLINK MIDSTREAM PARTNERS, LP

(Exact name of registrant as specified in its charter)


Delaware			16-1616605
(State of organization)			(I.R.S. Employer Identification No.)

1722 Routh St., Suite 1300
Dallas,	Texas	75201
(Address of principal executive offices)			(Zip Code)

(214) 953-9500

(Registrant’s telephone number, including area code)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934:

Title of Each Class

Trading Symbol

Name of Exchange on which Registered

None.

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act. (Check one):

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of July 30, 2020, the Registrant had 144,358,720 common units outstanding, all of which were held by our affiliate, EnLink Midstream, LLC.

Table of Contents

TABLE OF CONTENTS


Item	Description	Page

	PART I—FINANCIAL INFORMATION

1.	Financial Statements	5

2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30

3.	Quantitative and Qualitative Disclosures About Market Risk	44

4.	Controls and Procedures	47

	PART II—OTHER INFORMATION

1.	Legal Proceedings	48

1A.	Risk Factors	48



6.	Exhibits	48

Table of Contents

DEFINITIONS

The following terms as defined are used in this document:


Defined Term						Definition
/d						Per day.
2014 Plan						ENLC’s 2014 Long-Term Incentive Plan.

ASC						The FASB Accounting Standards Codification.
ASC 350						ASC 350, Intangibles—Goodwill and Other.
ASC 842						ASC 842, Leases.
Ascension JV						Ascension Pipeline Company, LLC, a joint venture between a subsidiary of ENLK and a subsidiary of Marathon Petroleum Corporation in which ENLK owns a 50% interest and Marathon Petroleum Corporation owns a 50% interest. The Ascension JV, which began operations in April 2017, owns an NGL pipeline that connects ENLK’s Riverside fractionator to Marathon Petroleum Corporation’s Garyville refinery.
ASU						The FASB Accounting Standards Update.

Bbls						Barrels.
Bcf						Billion cubic feet.
Cedar Cove JV						Cedar Cove Midstream LLC, a joint venture between a subsidiary of ENLK and a subsidiary of Kinder Morgan, Inc. in which ENLK owns a 30% interest and Kinder Morgan, Inc. owns a 70% interest. The Cedar Cove JV, which was formed in November 2016, owns gathering and compression assets in Blaine County, Oklahoma, located in the STACK play.
CFTC						U.S. Commodity Futures Trading Commission.
CNOW						Central Northern Oklahoma Woodford Shale.
Commission						U.S. Securities and Exchange Commission.
Consolidated Credit Facility						A $1.75 billion unsecured revolving credit facility entered into by ENLC that matures on January 25, 2024, which includes a $500.0 million letter of credit subfacility.
Delaware Basin						A large sedimentary basin in West Texas and New Mexico.
Delaware Basin JV						Delaware G&P LLC, a joint venture between a subsidiary of ENLK and an affiliate of NGP in which ENLK owns a 50.1% interest and NGP owns a 49.9% interest. The Delaware Basin JV, which was formed in August 2016, owns the Lobo processing facilities and the Tiger Plant located in the Delaware Basin in Texas.
Devon						Devon Energy Corporation.


ENLC						EnLink Midstream, LLC.

ENLK						EnLink Midstream Partners, LP or, when applicable, EnLink Midstream Partners, LP together with its consolidated subsidiaries. Also referred to as the “Partnership.”


FASB						Financial Accounting Standards Board.
GAAP						Generally accepted accounting principles in the United States of America.
Gal						Gallons.
GCF						Gulf Coast Fractionators, which owns an NGL fractionator in Mont Belvieu, Texas. ENLK owns 38.75% of GCF.
GIP						Global Infrastructure Management, LLC, an independent infrastructure fund manager, itself, its affiliates, or managed fund vehicles, including GIP III Stetson I, L.P., GIP III Stetson II, L.P., and their affiliates.

GP Plan						Our general partner’s Long-Term Incentive Plan.

Gross Operating Margin						Revenue less cost of sales. Gross Operating Margin is a non-GAAP financial measure. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information.
ISDAs						International Swaps and Derivatives Association Agreements.
Legacy ENLK Awards						Unit-based awards granted under the GP Plan prior to the Merger. As of the closing of the Merger, Legacy ENLK Awards converted into ENLC unit-based awards using the 1.15 exchange ratio from the Merger Agreement as the conversion rate. No additional awards will be granted under the GP Plan.

Merger						On January 25, 2019, NOLA Merger Sub, LLC (previously a wholly-owned subsidiary of ENLC) merged with and into ENLK with ENLK continuing as the surviving entity and a subsidiary of ENLC.
Merger Agreement						The Agreement and Plan of Merger, dated as of October 21, 2018, by and among ENLK, our general partner, ENLC, the managing member of ENLC, and NOLA Merger Sub, LLC (previously a wholly-owned subsidiary of ENLC prior to the Merger) related to the Merger.
MMbbls						Million barrels.
MMbtu						Million British thermal units.
MMcf						Million cubic feet.
MVC						Minimum volume commitment.
NGL						Natural gas liquid.

Table of Contents


NGP						NGP Natural Resources XI, LP.
OPEC+						Organization of the Petroleum Exporting Countries and its broader partners.
Operating Partnership						EnLink Midstream Operating, LP, a Delaware limited partnership and wholly owned subsidiary of ENLK.
ORV						ENLK’s Ohio River Valley crude oil, condensate stabilization, natural gas compression, and brine disposal assets in the Utica and Marcellus shales.
OTC						Over-the-counter.

POL contracts						Percentage-of-liquids contracts.
POP contracts						Percentage-of-proceeds contracts.
Series B Preferred Units						ENLK’s Series B Cumulative Convertible Preferred Units.
Series C Preferred Units						ENLK’s Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units.
STACK						Sooner Trend Anadarko Basin Canadian and Kingfisher Counties in Oklahoma.
Term Loan						An $850.0 million term loan entered into by ENLK on December 11, 2018 with Bank of America, N.A., as Administrative Agent, Bank of Montreal and Royal Bank of Canada, as Co-Syndication Agents, Citibank, N.A. and Wells Fargo Bank, National Association, as Co-Documentation Agents, and the lenders party thereto, which ENLC assumed in connection with the Merger and the obligations of which ENLK guarantees.

Tiger Plant						A gas processing plant that is under construction in the Delaware Basin and is owned by the Delaware Basin JV.

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

ENLINK MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

Consolidated Balance Sheets

(In millions, except unit data)


	June 30, 2020		December 31, 2019
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	52.0	$	77.4
Accounts receivable:
Trade, net of allowance for bad debt of $0.5 and $0.5, respectively	82.0		36.2
Accrued revenue and other	304.7		460.1
Related party	22.1		18.1
Fair value of derivative assets	9.9		12.9
Other current assets	58.4		56.9
Total current assets	529.1		661.6
Property and equipment, net of accumulated depreciation of $3,654.7 and $3,418.6, respectively	6,828.7		7,081.3
Intangible assets, net of accumulated amortization of $607.1 and $545.9, respectively	1,187.1		1,249.9
Investment in unconsolidated affiliates	42.1		43.1
Fair value of derivative assets	5.8		4.3
Other assets, net	88.3		94.4
Total assets	$	8,681.1	$	9,134.6
LIABILITIES AND PARTNERS’ EQUITY
Current liabilities:
Accounts payable and drafts payable	$	49.4	$	70.6
Accounts payable to related party	0.4		1.1
Accrued gas, NGLs, condensate, and crude oil purchases	188.8		354.8
Fair value of derivative liabilities	31.3		14.4

Other current liabilities	156.7		201.7
Total current liabilities	426.6		642.6
Long-term debt, including $1,748.7 and $1,700.0 from related parties, respectively	4,749.0		4,764.3
Asset retirement obligations	15.9		15.5
Other long-term liabilities	84.8		90.8
Deferred tax liability	45.3		44.5
Fair value of derivative liabilities	9.4		6.8

Redeemable non-controlling interest	—		5.2

Partners’ equity:
Common unitholders (144,358,720 units issued and outstanding)	1,440.6		1,681.2
Series B preferred unitholders (59,897,920 and 59,599,550 units issued and outstanding, respectively)	895.7		895.1
Series C preferred unitholders (400,000 units outstanding)	395.1		395.1
General partner interest (1,594,974 equivalent units outstanding)	215.4		216.6
Accumulated other comprehensive loss	(29.6)		(14.5)
Non-controlling interest	432.9		391.4
Total partners’ equity	3,350.1		3,564.9
Total liabilities and partners’ equity	$	8,681.1	$	9,134.6

See accompanying notes to consolidated financial statements.

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ENLINK MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

Consolidated Statements of Operations

(In millions, except per unit data)


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(Unaudited)
Revenues:
Product sales	$	532.6	$	1,450.4	$	1,425.5	$	2,981.3

Midstream services	234.7		252.7		478.7		499.2

Gain (loss) on derivative activity	(22.4)		6.9		(3.2)		8.7
Total revenues	744.9		1,710.0		1,901.0		3,489.2
Operating costs and expenses:
Cost of sales	397.7		1,300.1		1,153.0		2,663.5
Operating expenses	88.1		117.9		188.8		232.4
General and administrative	23.4		31.9		54.3		70.5
Loss on disposition of assets	5.2		0.1		4.6		0.1
Depreciation and amortization	158.2		153.7		321.0		305.8
Impairments	1.5		—		169.9		—
Loss on secured term loan receivable	—		52.9		—		52.9

Total operating costs and expenses	674.1		1,656.6		1,891.6		3,325.2
Operating income	70.8		53.4		9.4		164.0
Other income (expense):
Interest expense, net of interest income	(55.2)		(54.3)		(110.8)		(103.6)
Gain on extinguishment of debt	26.7		—		32.0		—
Income (loss) from unconsolidated affiliates	(0.7)		4.7		1.0		10.0
Other income	—		0.3		—		0.3
Total other expense	(29.2)		(49.3)		(77.8)		(93.3)
Income (loss) before non-controlling interest and income taxes	41.6		4.1		(68.4)		70.7
Income tax benefit (expense)	(1.0)		0.7		(1.5)		(0.2)
Net income (loss)	40.6		4.8		(69.9)		70.5
Net income attributable to non-controlling interest	2.5		0.7		5.9		3.6
Net income (loss) attributable to ENLK	$	38.1	$	4.1	$	(75.8)	$	66.9

See accompanying notes to consolidated financial statements.

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ENLINK MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

(In millions)


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(Unaudited)
Net income (loss)	$	40.6	$	4.8	$	(69.9)	$	70.5
Gain (loss) on designated cash flow hedge	2.0		(13.5)		(15.1)		(13.5)
Comprehensive income (loss)	42.6		(8.7)		(85.0)		57.0
Comprehensive income attributable to non-controlling interest	2.5		0.7		5.9		3.6
Comprehensive income (loss) attributable to ENLK	$	40.1	$	(9.4)	$	(90.9)	$	53.4

See accompanying notes to consolidated financial statements.

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ENLINK MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

Consolidated Statements of Changes in Partners’ Equity

(In millions)


	Common Units					Series B Preferred Units				Series C Preferred Units					General Partner Interest						Accumulated Other Comprehensive Loss	Non-Controlling Interest	Total	Redeemable Non-Controlling Interest (Temporary Equity)
	$		Units	$		Units	$		Units	$		Units	$		$		$		$
	(Unaudited)
Balance, December 31, 2019	$	1,681.2	144.4	$	895.1	59.6	$	395.1	0.4	$	216.6	1.6	$	(14.5)	$	391.4	$	3,564.9	$	5.2
Unit-based compensation	—		—	—		—	—		—	12.3		—	—		—		12.3		—
Distributions	(93.3)		—	(16.8)		0.1	—		—	—		—	—		(7.6)		(117.7)		(0.3)
Contributions from non-controlling interests	—		—	—		—	—		—	—		—	—		37.1		37.1		—
Loss on designated cash flow hedge	—		—	—		—	—		—	—		—	(17.1)		—		(17.1)		—
Redemption of non-controlling interest	—		—	—		—	—		—	—		—	—		—		—		(4.0)
Fair value adjustment related to redeemable non-controlling interest	0.9		—	—		—	—		—	—		—	—		—		0.9		(0.9)
Net income (loss)	(123.2)		—	17.0		—	6.0		—	(13.7)		—	—		3.4		(110.5)		—
Balance, March 31, 2020	1,465.6		144.4	895.3		59.7	401.1		0.4	215.2		1.6	(31.6)		424.3		3,369.9		—
Unit-based compensation	—		—	—		—	—		—	6.8		—	—		—		6.8		—
Distributions	(46.5)		—	(16.8)		0.2	(12.0)		—	—		—	—		(7.1)		(82.4)		—
Contributions from non-controlling interests	—		—	—		—	—		—	—		—	—		13.2		13.2		—
Gain on designated cash flow hedge	—		—	—		—	—		—	—		—	2.0		—		2.0		—


Net income (loss)	21.5		—	17.2		—	6.0		—	(6.6)		—	—		2.5		40.6		—
Balance, June 30, 2020	$	1,440.6	144.4	$	895.7	59.9	$	395.1	0.4	$	215.4	1.6	$	(29.6)	$	432.9	$	3,350.1	$	—

See accompanying notes to consolidated financial statements.

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ENLINK MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

Consolidated Statements of Changes in Partners’ Equity (Continued)

(In millions)


	Common Units					Series B Preferred Units				Series C Preferred Units					General Partner Interest						Accumulated Other Comprehensive Loss	Non-Controlling Interest	Total	Redeemable Non-Controlling Interest (Temporary Equity)
	$		Units	$		Units	$		Units	$		Units	$		$		$		$
	(Unaudited)
Balance, December 31, 2018	$	2,460.8	353.1	$	889.3	58.7	$	395.1	0.4	$	231.2	1.6	$	(2.1)	$	309.8	$	4,284.1	$	9.3
Adoption of ASC 842	0.3		—	—		—	—		—	—		—	—		—		0.3		—
Balance, January 1, 2019	2,461.1		353.1	889.3		58.7	395.1		0.4	231.2		1.6	(2.1)		309.8		4,284.4		9.3
Conversion of restricted units for common units, net of units withheld for taxes	(2.8)		0.5	—		—	—		—	—		—	—		—		(2.8)		—
Unit-based compensation	1.4		—	—		—	—		—	12.1		—	—		—		13.5		—
Distributions	(139.4)		—	(16.5)		0.5	—		—	(15.6)		—	—		(6.3)		(177.8)		—
Contributions from non-controlling interests	—		—	—		—	—		—	—		—	—		15.7		15.7		—
Fair value adjustment related to redeemable non-controlling interest	2.1		—	—		—	—		—	—		—	—		—		2.1		(2.1)
Issuance of common units to ENLC for acquisition of EOGP	—		55.8	—		—	—		—	—		—	—		—		—		—
Conversion of ENLK common units into ENLC units	—		(265.0)	—		—	—		—	—		—	—		—		—		—
Net income (loss)	47.5		—	18.6		—	6.0		—	(9.3)		—	—		2.9		65.7		—
Balance, March 31, 2019	2,369.9		144.4	891.4		59.2	401.1		0.4	218.4		1.6	(2.1)		322.1		4,200.8		7.2

Unit-based compensation	—		—	—		—	—		—	6.4		—	—		—		6.4		—
Distributions	(137.2)		—	(16.7)		0.1	(12.0)		—	—		—	—		(6.4)		(172.3)		—
Contributions from non-controlling interests	—		—	—		—	—		—	—		—	—		29.5		29.5		—
Loss on designated cash flow hedge	—		—	—		—	—		—	—		—	(13.5)		—		(13.5)		—
Fair value adjustment related to redeemable non-controlling interest	1.4		—	—		—	—		—	—		—	—		—		1.4		(1.4)
Net income (loss)	(13.8)		—	18.5		—	6.0		—	(6.6)		—	—		0.7		4.8		—


Balance, June 30, 2019	$	2,220.3	144.4	$	893.2	59.3	$	395.1	0.4	$	218.2	1.6	$	(15.6)	$	345.9	$	4,057.1	$	5.8

See accompanying notes to consolidated financial statements.

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ENLINK MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In millions)


	Six Months Ended June 30,
	2020		2019
	(Unaudited)
Cash flows from operating activities:
Net income (loss)	$	(69.9)	$	70.5
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Impairments	169.9		—
Depreciation and amortization	321.0		305.8

Loss on secured term loan receivable	—		52.9
Non-cash unit-based compensation	16.2		18.9

(Gain) loss on derivatives recognized in net income (loss)	3.2		(8.7)
Cash settlements on derivatives	2.8		4.9
Gain on extinguishment of debt	(32.0)		—
Amortization of debt issue costs, net discount (premium) of notes	2.2		2.9

Distribution of earnings from unconsolidated affiliates	1.2		9.7
Income from unconsolidated affiliates	(1.0)		(10.0)

Other operating activities	4.9		(4.2)
Changes in assets and liabilities:
Accounts receivable, accrued revenue, and other	105.7		259.7
Natural gas and NGLs inventory, prepaid expenses, and other	8.6		(7.8)
Accounts payable, accrued product purchases, and other accrued liabilities	(220.3)		(179.0)
Net cash provided by operating activities	312.5		515.6
Cash flows from investing activities:
Additions to property and equipment	(203.6)		(428.4)



Other investing activities	1.6		1.5
Net cash used in investing activities	(202.0)		(426.9)
Cash flows from financing activities:
Proceeds from borrowings	490.0		3,058.5
Payments on borrowings	(476.0)		(2,870.0)

Debt financing costs	—		(9.7)


Distributions to non-controlling interests	(15.0)		(12.7)
Contributions by non-controlling interests	50.3		45.2
Distributions to Series B Preferred Units	(33.6)		(33.2)
Distributions to Series C Preferred Units	(12.0)		(12.0)
Distributions to common unitholders and to general partner	(139.8)		(292.2)
Other financing activities	0.2		(3.6)
Net cash used in financing activities	(135.9)		(129.7)
Net decrease in cash and cash equivalents	(25.4)		(41.0)
Cash and cash equivalents, beginning of period	77.4		99.5
Cash and cash equivalents, end of period	$	52.0	$	58.5

Supplemental disclosures of cash flow information:
Cash paid for interest	$	106.6	$	103.4
Cash paid for income taxes	$	0.2	$	1.2
Non-cash investing activities:
Non-cash accrual of property and equipment	$	(19.6)	$	(5.8)
Right-of-use assets obtained in exchange for operating lease liabilities	$	4.8	$	95.2
Non-cash financing activities:
Redemption of non-controlling interest	$	(4.0)	$	—

See accompanying notes to consolidated financial statements.

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ENLINK MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

Notes to Consolidated Financial Statements

June 30, 2020

(Unaudited)

(1) General

In this report, the term “Partnership,” as well as the terms “ENLK,” “our,” “we,” “us,” and “its” are sometimes used as abbreviated references to EnLink Midstream Partners, LP itself or EnLink Midstream Partners, LP together with its consolidated subsidiaries.

Please read the notes to the consolidated financial statements in conjunction with the Definitions page set forth in this report prior to Part I—Financial Information.

a.Organization of Business

ENLK is a Delaware limited partnership formed in 2002. Our business activities are conducted through the Operating Partnership and the subsidiaries of the Operating Partnership.

EnLink Midstream GP, LLC, a Delaware limited liability company, is our general partner. Our general partner manages our operations and activities. Our general partner is a direct, wholly-owned subsidiary of ENLC. ENLC’s units are traded on the New York Stock Exchange under the symbol “ENLC.” ENLC’s managing member is a wholly-owned subsidiary of GIP.

b.Nature of Business

We primarily focus on providing midstream energy services, including:

•gathering, compressing, treating, processing, transporting, storing, and selling natural gas;

•fractionating, transporting, storing, and selling NGLs; and

•gathering, transporting, stabilizing, storing, trans-loading, and selling crude oil and condensate, in addition to brine disposal services.

Our natural gas business includes connecting the wells of producers in our market areas to our gathering systems. Our gathering systems consist of networks of pipelines that collect natural gas from points at or near producing wells and transport it to our processing plants or to larger pipelines for further transmission. We operate processing plants that remove NGLs from the natural gas stream that is transported to the processing plants by our own gathering systems or by third-party pipelines. In conjunction with our gathering and processing business, we may purchase natural gas and NGLs from producers and other supply sources and sell that natural gas or NGLs to utilities, industrial consumers, marketers, and pipelines. Our transmission pipelines receive natural gas from our gathering systems and from third-party gathering and transmission systems and deliver natural gas to industrial end-users, utilities, and other pipelines.

Our fractionators separate NGLs into separate purity products, including ethane, propane, iso-butane, normal butane, and natural gasoline. Our fractionators receive NGLs primarily through our transmission lines that transport NGLs from East Texas and from our South Louisiana processing plants. Our fractionators also have the capability to receive NGLs by truck or rail terminals. We also have agreements pursuant to which third parties transport NGLs from our West Texas and Central Oklahoma operations to our NGL transmission lines that then transport the NGLs to our fractionators. In addition, we have NGL storage capacity to provide storage for customers.

Our crude oil and condensate business includes the gathering and transmission of crude oil and condensate via pipelines, barges, rail, and trucks, in addition to condensate stabilization and brine disposal. We also purchase crude oil and condensate from producers and other supply sources and sell that crude oil and condensate through our terminal facilities to various markets.

Across our businesses, we primarily earn our fees through various fee-based contractual arrangements, which include stated fee-only contract arrangements or arrangements with fee-based components where we purchase and resell commodities in connection with providing the related service and earn a net margin as our fee. We earn our net margin under our purchase and resell contract arrangements primarily as a result of stated service-related fees that are deducted from the price of the

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ENLINK MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

commodities purchased. While our transactions vary in form, the essential element of most of our transactions is the use of our assets to transport a product or provide a processed product to an end-user or marketer at the tailgate of the plant, pipeline, or barge, truck, or rail terminal.

c.Current Market Environment

On March 11, 2020, the World Health Organization declared the ongoing coronavirus (COVID-19) outbreak a pandemic and recommended containment and mitigation measures worldwide. The pandemic has now reached every region of the globe and has resulted in widespread adverse impacts on the global economy, on the energy industry as a whole and on midstream companies, and on our customers, suppliers, and other parties with whom we have business relations. The pandemic and related travel and operational restrictions, as well as business closures and curtailed consumer activity, have resulted in a reduction in global demand for condensate, natural gas, and NGLs and especially crude oil. While reductions in global demand for natural gas and NGLs were never as severe as for crude oil and the demand for crude oil has recovered from the steepest drops in April and May, global demand for energy is still reduced as of the date of this report from levels before the pandemic in mid-February. The decline in demand, coupled with the failure of OPEC+ to quickly agree on oil production cuts, resulted in a decline in the market price for these commodities, most severely for crude oil. Although OPEC+ agreed to production cuts in April, extended these cuts through July, and are expected to continue the production cuts beyond July, although at a more moderate level, and although United States oil producers have also curtailed their drilling programs, these cuts have not been enough to fully offset demand loss attributable to the COVID-19 pandemic and market prices remain lower than prior to the pandemic.

As a result of the supply/demand imbalance, reduced commodity prices, and an uncertain timeline for recovery, oil and natural gas producers, including many of our customers, have curtailed their current drilling and production activity, including in some cases by shutting-in production, as well as reducing their plans for future drilling and production activity. As a result of these decreases in producer activity, we have experienced reduced volumes gathered, processed, fractionated, and transported on our assets in some of the regions that supply our systems.

There is considerable uncertainty regarding how long COVID-19 will persist and affect economic conditions and the extent and duration of changes in consumer behavior, such as the reluctance to travel, as well as governmental and other measures implemented to try to slow the spread of the virus, such as large-scale travel bans and restrictions, border closures, quarantines, shelter-in-place orders, and business and government shutdowns. As a result, there is significant uncertainty regarding how long the market dislocations will continue and how significantly and how long they will continue to affect us. We expect to see continued volatility in crude oil, condensate, natural gas, and NGL prices for the foreseeable future, which may, over the long term, adversely impact our business. A sustained significant decline in oil and natural gas exploration and production activities and related reduced demand for our services by our customers, whether due to decreases in consumer demand or reduction in the prices for oil, condensate natural gas and NGLs or otherwise, would have a material adverse effect on our business, liquidity, financial condition, results of operations, and cash flows (including our ability to make distributions to our unitholders).

(2) Significant Accounting Policies

a.Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q, are unaudited, and do not include all the information and disclosures required by GAAP for complete financial statements. All adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of results of operations for a full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2019. Certain reclassifications were made to the financial statements for the prior period to conform to current period presentation. The effect of these reclassifications had no impact on previously reported partners’ equity or net income (loss). All significant intercompany balances and transactions have been eliminated in consolidation.

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ENLINK MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

b.Revenue Recognition

Minimum Volume Commitments and Firm Transportation Contracts

Certain of our gathering and processing agreements provide for quarterly or annual MVCs. Under these agreements, our customers or suppliers agree to ship and/or process a minimum volume of product on our systems over an agreed time period. If a customer or supplier under such an agreement fails to meet its MVC for a specified period, the customer is obligated to pay a contractually-determined fee based upon the shortfall between actual product volumes and the MVC for that period. Some of these agreements also contain make-up right provisions that allow a customer or supplier to utilize gathering or processing fees in excess of the MVC in subsequent periods to offset shortfall amounts in previous periods. We record revenue under MVC contracts during periods of shortfall when it is known that the customer cannot, or will not, make up the deficiency in subsequent periods. Deficiency fee revenue is included in midstream services revenue.

For our firm transportation contracts, we transport commodities owned by others for a stated monthly fee for a specified monthly quantity with an additional fee based on actual volumes. We include transportation fees from firm transportation contracts in our midstream services revenue.

The following table summarizes the contractually committed fees that we expect to recognize in our consolidated statements of operations, in either revenue or reductions to cost of sales, from MVC and firm transportation contractual provisions. All amounts in the table below are determined using the contractually-stated MVC or firm transportation volumes specified for each period multiplied by the relevant deficiency or reservation fee. Actual amounts could differ due to the timing of revenue recognition or reductions to cost of sales resulting from make-up right provisions included in our agreements, as well as due to nonpayment or nonperformance by our customers. These fees do not represent the shortfall amounts we expect to collect under our MVC contracts, as we generally do not expect volume shortfalls to equal the full amount of the contractual MVCs during these periods. For example, for the three and six months ended June 30, 2020, we had contractual commitments of $41.4 million and $83.2 million under our MVC contracts, respectively, and recorded $13.4 million and $25.2 million of revenue due to volume shortfalls, respectively.


MVC and Firm Transportation Commitments (in millions) (1)
2020 (remaining)	$	126.9
2021	115.1
2022	99.8
2023	90.5
2024	77.0
Thereafter	143.3
Total	$	652.6

____________________________

(1)Amounts do not represent expected shortfall under these commitments.

c.Property and Equipment

Impairment Review. In accordance with ASC 360, Property, Plant, and Equipment, we evaluate long-lived assets of identifiable business activities for potential impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. The carrying amount of a long-lived asset is not recoverable when it exceeds the undiscounted sum of the future cash flows expected to result from the use and eventual disposition of the asset. Estimates of expected future cash flows represent management’s best estimate based on reasonable and supportable assumptions. When the carrying amount of a long-lived asset is not recoverable, an impairment is recognized equal to the excess of the asset’s carrying value over its fair value, which is based on inputs that are not observable in the market, and thus represent Level 3 inputs.

For the three months ended June 30, 2020, we recognized a $1.5 million impairment on property and equipment related to cancelled projects. For the six months ended June 30, 2020, we recognized a $168.0 million impairment on property and equipment related to a portion of our Louisiana reporting segment because the carrying amounts were not recoverable based on our expected future cash flows, and a $1.9 million impairment related to certain cancelled projects.

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ENLINK MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

d.Redeemable Non-Controlling Interest

Non-controlling interests that contain an option for the non-controlling interest holder to require us to purchase such interests for cash are considered to be redeemable non-controlling interests because the redemption feature is not deemed to be a freestanding financial instrument and because the redemption is not solely within our control. Redeemable non-controlling interests are not considered to be a component of partners’ equity and are reported as temporary equity in the mezzanine section on the consolidated balance sheets. The amount recorded as a redeemable non-controlling interest at each balance sheet date is the greater of the redemption value and the carrying value of the redeemable non-controlling interest (the initial carrying value increased or decreased for the non-controlling interest holder’s share of net income or loss and distributions). When the redemption feature is exercised the redemption value of the non-controlling interest is reclassified to a liability on the consolidated balance sheets.

During the first quarter of 2020, a non-controlling interest holder in one of our non-wholly owned subsidiaries exercised its option to require us to purchase its remaining interest. We have recorded an estimated liability of $4.0 million related to the redemption of the non-controlling interest on the consolidated balance sheet as of June 30, 2020, but we have not yet agreed to a redemption value with the non-controlling interest holder.

e.Adopted Accounting Standards

Effective January 1, 2020, we adopted ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (Topic 350): Internal-Use Software. ASU 2018-15 aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350-40 to include in its scope implementation costs of a cloud computing arrangement that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a cloud computing arrangement that is considered a service contract. For the three and six months ended June 30, 2020, we did not capitalize any cloud computing costs. However, to the extent future costs incurred in a cloud computing arrangement are capitalizable, the corresponding amortization will be included in “Operating expenses” or “General and administrative” in the consolidated statements of operations, rather than “Depreciation and amortization.”

Effective January 1, 2020, we adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326). The updates in ASU 2016-13 provide financial statement users with more information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Following the adoption of ASU 2016-13, we record an allowance for doubtful accounts based on our expectation of future losses. Because our receivables are typically paid within 30 days, and because we closely monitor the credit-worthiness of all our counterparties, adopting ASU 2016-13 did not have a material effect on our financial statements. However, in the event we foresee further or sustained deterioration in the current market environment, or other factors indicating an increased likelihood of defaults by our customers, we may recognize additional losses.

(3) Intangible Assets

The following table represents our change in carrying value of intangible assets (in millions):


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Six Months Ended June 30, 2020
Customer relationships, beginning of period	$	1,795.8	$	(545.9)	$	1,249.9

Amortization expense	—		(61.8)		(61.8)
Retirements (1)	(1.6)		0.6		(1.0)
Customer relationships, end of period	$	1,794.2	$	(607.1)	$	1,187.1

____________________________

(1)Intangible assets retired as a result of the disposition of certain non-core assets.

Intangible assets associated with customer relationships are amortized on a straight-line basis over the expected period of benefits of the customer relationships, which range from 10 to 20 years.

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(Unaudited)

The weighted average amortization period is 15.0 years. Amortization expense was $30.9 million and $31.0 million for the three months ended June 30, 2020 and 2019, respectively, and $61.8 million and $61.9 million for the six months ended June 30, 2020 and 2019, respectively.

The following table summarizes our estimated aggregate amortization expense for the next five years and thereafter (in millions):


2020 (remaining)	$	61.7
2021	123.4
2022	123.4
2023	123.4
2024	123.4
Thereafter	631.8

Total	$	1,187.1

(4) Related Party Transactions

a.Transactions with ENLC

Related Party Debt. Related party debt includes borrowings under the Consolidated Credit Facility, the Term Loan, and ENLC’s 5.375% senior unsecured notes to fund the operations and growth capital expenditures of ENLK through a related party arrangement with ENLC. See “Note 5—Long-Term Debt” for more information on this arrangement.

We had accounts receivable balances related to transactions with ENLC of $22.1 million and $18.1 million as of June 30, 2020 and December 31, 2019, respectively.

b.Transactions with Cedar Cove JV

For the three and six months ended June 30, 2020, we recorded cost of sales of $1.3 million and $4.2 million, respectively, and for the three and six months ended June 30, 2019, we recorded cost of sales of $5.8 million and $13.9 million, respectively, related to our purchase of residue gas and NGLs from the Cedar Cove JV subsequent to processing at its Central Oklahoma processing facilities. Additionally, we had accounts payable balances related to transactions with the Cedar Cove JV of $0.4 million and $1.1 million at June 30, 2020 and December 31, 2019, respectively.

Management believes the foregoing transactions with related parties were executed on terms that are fair and reasonable to us. The amounts related to related party transactions are included in the accompanying consolidated financial statements.

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(Unaudited)

(5) Long-Term Debt

As of June 30, 2020 and December 31, 2019, long-term debt consisted of the following (in millions):


	June 30, 2020										December 31, 2019
	Outstanding Principal		Premium (Discount)		Long-Term Debt		Outstanding Principal		Premium (Discount)		Long-Term Debt
Related party debt	$	1,748.7	$	—	$	1,748.7	$	1,700.0	$	—	$	1,700.0

4.40% Senior unsecured notes due 2024	521.8		1.2		523.0		550.0		1.5		551.5
4.15% Senior unsecured notes due 2025	720.8		(0.6)		720.2		750.0		(0.7)		749.3
4.85% Senior unsecured notes due 2026	491.0		(0.4)		490.6		500.0		(0.5)		499.5
5.60% Senior unsecured notes due 2044	350.0		(0.2)		349.8		350.0		(0.2)		349.8
5.05% Senior unsecured notes due 2045	450.0		(5.8)		444.2		450.0		(5.9)		444.1
5.45% Senior unsecured notes due 2047	500.0		(0.1)		499.9		500.0		(0.1)		499.9
Debt classified as long-term, including current maturities of long-term debt	$	4,782.3	$	(5.9)	4,776.4		$	4,800.0	$	(5.9)	4,794.1
Debt issuance cost (1)					(27.4)						(29.8)

Long-term debt, net of unamortized issuance cost					$	4,749.0					$	4,764.3

____________________________

(1)Net of amortization of $12.6 million and $10.9 million at June 30, 2020 and December 31, 2019, respectively.

Related Party Debt

Related party debt includes borrowings under the Consolidated Credit Facility, the Term Loan, and ENLC’s 5.375% senior unsecured notes to fund the operations and growth capital expenditures of ENLK through a related party arrangement with ENLC. Interest charged to ENLK for borrowings made through the related party arrangement will be the same as interest charged to ENLC on borrowings under the Consolidated Credit Facility, the Term Loan, and ENLC’s 5.375% senior unsecured notes. As of June 30, 2020 and December 31, 2019, $1.7 billion of related party debt is included in “Long-term debt” in the consolidated balance sheet related to these borrowings.

The indebtedness under ENLC's 5.375% senior unsecured notes due June 1, 2029, the Consolidated Credit Facility, and the Term Loan was incurred by ENLC but is guaranteed by ENLK. Therefore, the covenants in the agreements governing such indebtedness described below affect balances owed by ENLK on the related party debt.

Consolidated Credit Facility

The Consolidated Credit Facility permits ENLC to borrow up to $1.75 billion on a revolving credit basis and includes a $500.0 million letter of credit subfacility. The Consolidated Credit Facility became available for borrowings and letters of credit upon closing of the Merger. In addition, ENLK became a guarantor under the Consolidated Credit Facility upon the closing of the Merger. In the event that ENLC defaults on the Consolidated Credit Facility, ENLK will be liable for the entire outstanding balance ($400.0 million as of June 30, 2020), and 105% of the outstanding letters of credit under the Consolidated Credit Facility ($23.0 million as of June 30, 2020). The obligations under the Consolidated Credit Facility are unsecured.

The Consolidated Credit Facility includes provisions for additional financial institutions to become lenders, or for any existing lender to increase its revolving commitment thereunder, subject to an aggregate maximum of $2.25 billion for all commitments under the Consolidated Credit Facility.

The Consolidated Credit Facility will mature on January 25, 2024, unless ENLC requests, and the requisite lenders agree, to extend it pursuant to its terms. The Consolidated Credit Facility contains certain financial, operational, and legal covenants. The financial covenants are tested on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter. The financial covenants include (i) maintaining a ratio of consolidated EBITDA (as defined in the Consolidated Credit Facility, which term includes projected EBITDA from certain capital expansion projects) to consolidated interest charges of no less than 2.5 to 1.0 at all times prior to the occurrence of an investment grade event (as defined in the Consolidated Credit Facility) and (ii) maintaining a ratio of consolidated indebtedness to consolidated EBITDA of no more than 5.0 to 1.0. If ENLC consummates one or more acquisitions in which the aggregate purchase price is $50.0 million or more, ENLC can elect to

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Notes to Consolidated Financial Statements (Continued)

(Unaudited)

increase the maximum allowed ratio of consolidated indebtedness to consolidated EBITDA to 5.5 to 1.0 for the quarter in which the acquisition occurs and the three subsequent quarters.

Borrowings under the Consolidated Credit Facility bear interest at ENLC’s option at the Eurodollar Rate (LIBOR) plus an applicable margin (ranging from 1.125% to 2.00%) or the Base Rate (the highest of the Federal Funds Rate plus 0.50%, the 30-day Eurodollar Rate plus 1.0% or the administrative agent’s prime rate) plus an applicable margin (ranging from 0.125% to 1.00%). The applicable margins vary depending on ENLC’s debt rating. Upon breach by ENLC of certain covenants governing the Consolidated Credit Facility, amounts outstanding under the Consolidated Credit Facility, if any, may become due and payable immediately.

At June 30, 2020, ENLC was in compliance with and expects to be in compliance with the financial covenants of the Consolidated Credit Facility for at least the next twelve months. Accordingly, we do not expect to make payments related to our guarantee of the $400.0 million outstanding on the Consolidated Credit Facility.

Term Loan

On December 11, 2018, ENLK entered into the Term Loan with Bank of America, N.A., as Administrative Agent, Bank of Montreal and Royal Bank of Canada, as Co-Syndication Agents, Citibank, N.A. and Wells Fargo Bank, National Association, as Co-Documentation Agents, and the lenders party thereto. Upon the closing of the Merger, ENLC assumed ENLK’s obligations under the Term Loan, and ENLK became a guarantor of the Term Loan. In the event that ENLC defaults on the Term Loan and the outstanding balance becomes due, ENLK will be liable for any amount owed on the Term Loan not paid by ENLC. The outstanding balance of the Term Loan was $850.0 million as of June 30, 2020. The obligations under the Term Loan are unsecured.

The Term Loan will mature on December 10, 2021. The Term Loan contains certain financial, operational, and legal covenants. The financial covenants are tested on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter. The financial covenants include (i) maintaining a ratio of consolidated EBITDA (as defined in the Term Loan, which term includes projected EBITDA from certain capital expansion projects) to consolidated interest charges of no less than 2.5 to 1.0 at all times prior to the occurrence of an investment grade event (as defined in the Term Loan) and (ii) maintaining a ratio of consolidated indebtedness to consolidated EBITDA of no more than 5.0 to 1.0. If ENLC consummates one or more acquisitions in which the aggregate purchase price is $50.0 million or more, ENLC can elect to increase the maximum allowed ratio of consolidated indebtedness to consolidated EBITDA to 5.5 to 1.0 for the quarter in which the acquisition occurs and the three subsequent quarters.

Borrowings under the Term Loan bear interest at ENLC’s option at LIBOR plus an applicable margin (ranging from 1.0% to 1.75%) or the Base Rate (the highest of the Federal Funds Rate plus 0.5%, the 30-day Eurodollar Rate plus 1.0% or the administrative agent’s prime rate) plus an applicable margin (ranging from 0.0% to 0.75%). The applicable margins vary depending on ENLC’s debt rating. Upon breach by ENLC of certain covenants included in the Term Loan, amounts outstanding under the Term Loan may become due and payable immediately.

At June 30, 2020, ENLC was in compliance with and expects to be in compliance with the financial covenants of the Term Loan for at least the next twelve months. Accordingly, we do not expect to make payments related to our guarantee of the $850.0 million outstanding on the Term Loan.

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Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Senior Unsecured Notes Repurchases

For the three and six months ended June 30, 2020, we and ENLC made aggregate payments to partially repurchase the 2024, 2025, 2026, and 2029 Notes in open market transactions. Activity related to the partial repurchases of our outstanding debt consisted of the following (in millions):


	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
Debt repurchased	$	57.2	$	67.7
Aggregate payments	(30.8)		(36.0)
Net discount on repurchased debt	(0.3)		(0.3)
Accrued interest on repurchased debt	0.6		0.6
Gain on extinguishment of debt	$	26.7	$	32.0

(6) Partners’ Capital

a.Series B Preferred Units

Income is allocated to the Series B Preferred Units in an amount equal to the quarterly distribution with respect to the period earned. A summary of the distribution activity relating to the Series B Preferred Units during the six months ended June 30, 2020 and 2019 is provided below:


Declaration period	Distribution paid as additional Series B Preferred Units	Cash Distribution (in millions)		Date paid/payable
2020
Fourth Quarter of 2019	148,999	$	16.8	February 13, 2020
First Quarter of 2020	149,371	$	16.8	May 13, 2020
Second Quarter of 2020	149,745	$	16.8	August 13, 2020


2019
Fourth Quarter of 2018	425,785	$	16.5	February 13, 2019
First Quarter of 2019	147,887	$	16.7	May 14, 2019
Second Quarter of 2019	148,257	$	17.1	August 13, 2019

b.Series C Preferred Units

We distributed $12.0 million to holders of Series C Preferred Units during the three and six months ended June 30, 2020 and 2019, respectively.

c.Common Unit Distributions

On February 13, 2019, we paid $0.39 per ENLK common unit related to the fourth quarter of 2018. Subsequent to the closing of the Merger, we no longer have publicly held common units. ENLC owns all of our outstanding common units and we make quarterly distributions to ENLC related to its ownership of our common units.

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Notes to Consolidated Financial Statements (Continued)

(Unaudited)

d.Allocation of ENLK Income

The net income (loss) allocated to our general partner is as follows (in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Unit-based compensation attributable to ENLC’s restricted and performance units	$	(6.8)	$	(6.4)	$	(19.1)	$	(18.5)
General partner share of net income (loss)	0.2		(0.2)		(1.2)		0.2
General partner interest in EOGP acquisition	—		—		—		2.4
General partner interest in net income (loss)	$	(6.6)	$	(6.6)	$	(20.3)	$	(15.9)

(7) Investment in Unconsolidated Affiliates

As of June 30, 2020, our unconsolidated investments consisted of a 38.75% ownership in GCF and a 30% ownership in the Cedar Cove JV. The following table shows the activity related to our investment in unconsolidated affiliates for the periods indicated (in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
GCF

Distributions	$	—	$	7.4	$	1.6	$	9.6
Equity in income	$	0.3	$	5.2	$	2.1	$	10.9

Cedar Cove JV

Distributions	$	0.2	$	0.2	$	0.4	$	0.5
Equity in loss	$	(1.0)	$	(0.5)	$	(1.1)	$	(0.9)

Total

Distributions	$	0.2	$	7.6	$	2.0	$	10.1
Equity in income (loss)	$	(0.7)	$	4.7	$	1.0	$	10.0

The following table shows the balances related to our investment in unconsolidated affiliates as of June 30, 2020 and December 31, 2019 (in millions):


	June 30, 2020		December 31, 2019
GCF	$	39.7	$	39.2
Cedar Cove JV	2.4		3.9
Total investment in unconsolidated affiliates	$	42.1	$	43.1

(8) Employee Incentive Plans

a.Long-Term Incentive Plans

We account for unit-based compensation in accordance with ASC 718, which requires that compensation related to all unit-based awards be recognized in the consolidated financial statements. Unit-based compensation cost is valued at fair value at the date of grant, and that grant date fair value is recognized as expense over each award’s requisite service period with a corresponding increase to equity or liability based on the terms of each award and the appropriate accounting treatment under ASC 718. Unit-based compensation associated with ENLC’s unit-based compensation plan awarded to directors, officers, and employees of our general partner and the managing member of ENLC is recorded by ENLK since ENLC has no substantial or managed operating activities other than its interests in ENLK.

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Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Amounts recognized on the consolidated financial statements with respect to these plans are as follows (in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Cost of unit-based compensation charged to operating expense	$	2.0	$	2.1	$	4.2	$	2.4
Cost of unit-based compensation charged to general and administrative expense	5.4		5.9		12.0		16.5
Total unit-based compensation expense	$	7.4	$	8.0	$	16.2	$	18.9

b.ENLC Restricted Incentive Units

ENLC restricted incentive units were valued at their fair value at the date of grant, which is equal to the market value of ENLC common units on such date. A summary of the restricted incentive unit activity for the six months ended June 30, 2020 is provided below:


	Six Months Ended June 30, 2020
ENLC Restricted Incentive Units:	Number of Units		Weighted Average Grant-Date Fair Value
Non-vested, beginning of period	4,063,605		$	13.85
Granted (1)	4,673,848		5.55
Vested (1)(2)	(2,413,687)		10.35
Forfeited	(478,304)		8.39
Non-vested, end of period	5,845,462		$	9.11
Aggregate intrinsic value, end of period (in millions)	$	14.3

____________________________

(1)Restricted incentive units typically vest at the end of three years. In February 2020, ENLC granted 1,144,842 restricted incentive units with a fair value of $5.2 million to officers and certain employees as bonus payments for 2019, and these restricted incentive units vested immediately and are included in the restricted incentive units granted and vested line items.

(2)Vested units included 851,940 units withheld for payroll taxes paid on behalf of employees.

A summary of the restricted incentive units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the three and six months ended June 30, 2020 and 2019 is provided below (in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
ENLC Restricted Incentive Units:	2020		2019		2020		2019
Aggregate intrinsic value of units vested	$	0.8	$	0.5	$	10.9	$	12.9
Fair value of units vested	$	6.1	$	0.5	$	25.0	$	13.1

As of June 30, 2020, there was $29.4 million of unrecognized compensation cost related to non-vested ENLC restricted incentive units. This cost is expected to be recognized over a weighted-average period of 1.8 years.

c.ENLC Performance Units

ENLC grants performance awards under the 2014 Plan. The performance award agreements provide that the vesting of performance units (i.e., performance-based restricted incentive units) granted thereunder is dependent on the achievement of certain performance goals over the applicable performance period. At the end of the vesting period, recipients receive distribution equivalents, if any, with respect to the number of performance units vested. The vesting of such units ranges from zero to 200% of the units granted depending on the extent to which the related performance goals are achieved over the relevant performance period.

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Notes to Consolidated Financial Statements (Continued)

(Unaudited)

The following table presents a summary of the performance units:


	Six Months Ended June 30, 2020
ENLC Performance Units:	Number of Units		Weighted Average Grant-Date Fair Value
Non-vested, beginning of period	1,317,856		$	14.22
Granted	1,161,986		7.32
Vested (1)	(178,403)		30.56
Forfeited	(37,646)		11.81
Non-vested, end of period	2,263,793		$	9.43
Aggregate intrinsic value, end of period (in millions)	$	5.5

____________________________

(1)Vested units included 67,775 units withheld for payroll taxes paid on behalf of employees.

A summary of the performance units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the three and six months ended June 30, 2020 and 2019 is provided below (in millions).


	Three Months Ended June 30,						Six Months Ended June 30,
ENLC Performance Units:	2020		2019		2020		2019
Aggregate intrinsic value of units vested	$	—	$	—	$	0.9	$	1.8
Fair value of units vested	$	0.5	$	—	$	5.5	$	1.9

As of June 30, 2020, there was $14.5 million of unrecognized compensation cost that related to non-vested ENLC performance units. That cost is expected to be recognized over a weighted-average period of 1.7 years.

The following table presents a summary of the grant-date fair value assumptions by performance unit grant date:


ENLC Performance Units:	January 2020			March 2020
Grant-Date Fair Value	$	7.69		$	1.13
Beginning TSR price	$	6.13		$	1.25
Risk-free interest rate	1.62		%	0.42		%
Volatility factor	37.00		%	51.00		%

d.ENLK Restricted Incentive Units

A summary of the restricted incentive units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the six months ended June 30, 2019 is provided below (in millions). Since the Legacy ENLK Awards converted into ENLC unit-based awards as a result of the Merger, no additional restricted incentive units will vest as ENLK units under the GP Plan (such restricted incentive units, as converted, are eligible to vest as ENLC units) and no additional expense will be recognized after January 25, 2019 under the GP Plan.


	Six Months Ended June 30,
ENLK Restricted Incentive Units:	2019
Aggregate intrinsic value of units vested	$	8.0
Fair value of units vested	$	7.2

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Notes to Consolidated Financial Statements (Continued)

(Unaudited)

e.ENLK Performance Units

A summary of the performance units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the six months ended June 30, 2019 is provided below (in millions). Since the Legacy ENLK Awards converted into ENLC unit-based awards as a result of the Merger, no additional performance units will vest as ENLK units under the GP Plan (such performance units, as converted, are eligible to vest as ENLC units) and no additional expense will be recognized after January 25, 2019 under the GP Plan.


	Six Months Ended June 30,
ENLK Performance Units:	2019
Aggregate intrinsic value of units vested	$	2.1
Fair value of units vested	$	1.7

(9) Derivatives

Interest Rate Swaps

In April 2019, we entered into an $850.0 million interest rate swap to manage the interest rate risk associated with our floating-rate, LIBOR-based borrowings. Under this arrangement, we pay a fixed interest rate of 2.28% in exchange for LIBOR-based variable interest through December 2021. There was no ineffectiveness related to this hedge.

The gain (loss) on designated cash flow hedge related to changes in the fair value of our interest rate swaps were as follows (in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Gain (loss) on designated cash flow hedge	$	2.0	$	(13.5)	$	(15.1)	$	(13.5)

The interest expense, recognized from accumulated other comprehensive loss from the monthly settlement of our interest rate swaps, included in our consolidated income statement were as follows (in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Interest expense (income)	$	3.7	$	(0.3)	$	5.0	$	(0.3)

We expect to recognize an additional $18.4 million of interest expense out of accumulated other comprehensive loss over the next twelve months.

The fair value of our interest rate swaps included in our consolidated balance sheets were as follows (in millions):


	June 30, 2020		December 31, 2019


Fair value of derivative liabilities—current	$	(18.3)	$	(5.6)
Fair value of derivative liabilities—long-term	(9.3)		(6.8)
Net fair value of interest rate swaps	$	(27.6)	$	(12.4)

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Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Commodity Swaps

The components of gain (loss) on derivative activity in the consolidated statements of operations related to commodity swaps are (in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Change in fair value of derivatives	$	(18.8)	$	7.2	$	(5.8)	$	5.2
Realized gain (loss) on derivatives	(3.6)		(0.3)		2.6		3.5
Gain (loss) on derivative activity	$	(22.4)	$	6.9	$	(3.2)	$	8.7

The fair value of derivative assets and liabilities related to commodity swaps are as follows (in millions):


	June 30, 2020		December 31, 2019
Fair value of derivative assets—current	$	9.9	$	12.9
Fair value of derivative assets—long-term	5.8		4.3
Fair value of derivative liabilities—current	(13.0)		(8.8)
Fair value of derivative liabilities—long-term	(0.1)		—
Net fair value of commodity swaps	$	2.6	$	8.4

Set forth below are the summarized notional volumes and fair values of all instruments related to commodity swaps that we held for price risk management purposes and the related physical offsets at June 30, 2020 (in millions). The remaining term of the contracts extend no later than December 2022.

June 30, 2020

Commodity

Instruments

Unit

Volume

Net Fair Value

NGL (short contracts)

Swaps

Gallons

(172.5)

(5.7)

NGL (long contracts)

Swaps

Gallons

3.4

(0.1)

Natural gas (short contracts)

Swaps

MMBtu

(21.6)

(0.2)

Natural gas (long contracts)

Swaps

MMBtu

15.9

(0.6)

Crude and condensate (short contracts)

Swaps

MMbbls

(10.7)

7.2

Crude and condensate (long contracts)

Swaps

MMbbls

0.6

2.0

Total fair value of commodity swaps

2.6

On all transactions where we are exposed to counterparty risk, we analyze the counterparty’s financial condition prior to entering into an agreement, establish limits, and monitor the appropriateness of these limits on an ongoing basis. We primarily deal with financial institutions when entering into financial derivatives on commodities. We have entered into Master ISDAs that allow for netting of swap contract receivables and payables in the event of default by either party. If our counterparties failed to perform under existing commodity swap contracts, the maximum loss on our gross receivable position of $15.7 million as of June 30, 2020 would be reduced to $8.1 million due to the offsetting of gross fair value payables against gross fair value receivables as allowed by the ISDAs.

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Notes to Consolidated Financial Statements (Continued)

(Unaudited)

(10) Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):


	Level 2
	June 30, 2020		December 31, 2019
Interest rate swaps (1)	$	(27.6)	$	(12.4)
Commodity swaps (2)	$	2.6	$	8.4

____________________________

(1)The fair values of the interest rate swaps are estimated based on the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows using observable benchmarks for the variable interest rates.

(2)The fair values of commodity swaps represent the amount at which the instruments could be exchanged in a current arms-length transaction adjusted for our credit risk and/or the counterparty credit risk as required under ASC 820.

Fair Value of Financial Instruments

The estimated fair value of our financial instruments has been determined using available market information and valuation methodologies. Considerable judgment is required to develop the estimates of fair value; thus, the estimates provided below are not necessarily indicative of the amount we could realize upon the sale or refinancing of such financial instruments (in millions):


	June 30, 2020						December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt (1)	$	4,749.0	$	3,791.1	$	4,764.3	$	4,444.2

____________________________

(1)The carrying value of long-term debt is reduced by debt issuance costs of $27.4 million and $29.8 million as of June 30, 2020 and December 31, 2019, respectively. The respective fair values do not factor in debt issuance costs.

The carrying amounts of our cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term maturities of these assets and liabilities.

The fair values of all senior unsecured notes as of June 30, 2020 and December 31, 2019 were based on Level 2 inputs from third-party market quotations.

(11) Segment Information

Identification of the majority of our operating segments is based principally upon geographic regions served:

•Permian Segment. The Permian segment includes our natural gas gathering, processing, and transmission activities and our crude oil operations in the Midland and Delaware Basins in West Texas and Eastern New Mexico and our crude operations in South Texas;

•North Texas Segment. The North Texas segment includes our natural gas gathering, processing, and transmission activities in North Texas;

•Oklahoma Segment. The Oklahoma segment includes our natural gas gathering, processing, and transmission activities, and our crude oil operations in the Cana-Woodford, Arkoma-Woodford, northern Oklahoma Woodford, STACK, and CNOW shale areas;

•Louisiana Segment. The Louisiana segment includes our natural gas pipelines, natural gas processing plants, storage facilities, fractionation facilities, and NGL assets located in Louisiana and our crude oil operations in ORV; and

•Corporate Segment. The Corporate segment includes our unconsolidated affiliate investments in the Cedar Cove JV in Oklahoma, our ownership interest in GCF in South Texas, our derivative activity, and our general corporate assets and expenses.

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ENLINK MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

We evaluate the performance of our operating segments based on segment profits. Summarized financial information for our reportable segments is shown in the following tables (in millions):


	Permian		North Texas		Oklahoma		Louisiana		Corporate		Totals
Three Months Ended June 30, 2020
Natural gas sales	$	32.4	$	14.6	$	28.8	$	68.6	$	—	$	144.4
NGL sales	(0.1)		—		0.5		280.9		—		281.3
Crude oil and condensate sales	87.0		—		5.0		14.9		—		106.9

Product sales	119.3		14.6		34.3		364.4		—		532.6

NGL sales—related parties	59.5		13.9		56.0		3.2		(132.5)		0.1
Crude oil and condensate sales—related parties	—		0.4		0.1		—		(0.6)		(0.1)
Product sales—related parties	59.5		14.3		56.1		3.2		(133.1)		—
Gathering and transportation	13.1		44.2		52.5		11.5		—		121.3
Processing	7.5		33.0		32.1		0.6		—		73.2
NGL services	—		0.1		—		18.6		—		18.7
Crude services	5.0		—		4.6		11.0		—		20.6
Other services	0.2		0.2		0.1		0.4		—		0.9
Midstream services	25.8		77.5		89.3		42.1		—		234.7



Crude services—related parties	—		—		0.1		—		(0.1)		—

Midstream services—related parties	—		—		0.1		—		(0.1)		—
Revenue from contracts with customers	204.6		106.4		179.8		409.7		(133.2)		767.3
Cost of sales	(138.4)		(18.9)		(61.1)		(312.5)		133.2		(397.7)
Operating expenses	(22.7)		(18.5)		(19.4)		(27.5)		—		(88.1)
Loss on derivative activity	—		—		—		—		(22.4)		(22.4)
Segment profit (loss)	$	43.5	$	69.0	$	99.3	$	69.7	$	(22.4)	$	259.1
Depreciation and amortization	$	(31.0)	$	(36.4)	$	(54.1)	$	(34.6)	$	(2.1)	$	(158.2)
Impairments	$	—	$	—	$	—	$	(1.5)	$	—	$	(1.5)

Capital expenditures	$	46.9	$	3.0	$	3.0	$	15.6	$	0.7	$	69.2

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ENLINK MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Continued)

(Unaudited)


	Permian		North Texas		Oklahoma		Louisiana		Corporate		Totals
Three Months Ended June 30, 2019
Natural gas sales	$	(1.0)	$	31.9	$	60.3	$	102.6	$	—	$	193.8
NGL sales	0.8		8.7		4.3		498.8		—		512.6
Crude oil and condensate sales	632.0		—		28.6		83.5		—		744.1
Other	—		—		(0.1)		—		—		(0.1)
Product sales	631.8		40.6		93.1		684.9		—		1,450.4
Natural gas sales—related parties	0.4		0.3		—		—		(0.7)		—
NGL sales—related parties	76.4		22.2		104.6		5.3		(208.5)		—
Crude oil and condensate sales—related parties	6.9		1.7		—		—		(8.6)		—
Product sales—related parties	83.7		24.2		104.6		5.3		(217.8)		—
Gathering and transportation	11.3		49.0		59.2		16.7		—		136.2
Processing	7.3		35.7		35.7		0.8		—		79.5
NGL services	—		—		—		10.0		—		10.0
Crude services	5.3		—		5.2		12.9		—		23.4
Other services	2.9		0.3		0.2		0.2		—		3.6
Midstream services	26.8		85.0		100.3		40.6		—		252.7


NGL services—related parties	—		—		—		(0.3)		0.3		—
Crude services—related parties	—		—		1.2		—		(1.2)		—

Midstream services—related parties	—		—		1.2		(0.3)		(0.9)		—
Revenue from contracts with customers	742.3		149.8		299.2		730.5		(218.7)		1,703.1
Cost of sales	(680.5)		(51.0)		(159.4)		(627.9)		218.7		(1,300.1)
Operating expenses	(28.4)		(25.8)		(26.1)

EnLink Midstream Partners, LP 10-Q