General

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

(1) General

In this report, the terms “Company” or “Registrant,” as well as the terms “ENLC,” “our,” “we,” “us,” or like terms, are sometimes used as abbreviated references to EnLink Midstream, LLC itself or EnLink Midstream, LLC together with its consolidated subsidiaries, including ENLK and its consolidated subsidiaries. References in this report to “EnLink Midstream Partners, LP,” the “Partnership,” “ENLK,” or like terms refer to EnLink Midstream Partners, LP itself or EnLink Midstream Partners, LP together with its consolidated subsidiaries, including the Operating Partnership.

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

ENLC is a Delaware limited liability company formed in October 2013. The Company’s common units are traded on the New York Stock Exchange under the symbol “ENLC.” As of September 30, 2024, and prior to the GIP/ONEOK Transaction, GIP, through GIP III Stetson I, L.P. (“GIP Stetson I”) and GIP III Stetson II, L.P. (“GIP Stetson II”), owned 44.0% of the outstanding limited liability company interests in ENLC. In addition to GIP’s equity interests in ENLC, GIP Stetson I maintained control over the Managing Member through its ownership of all of the equity interests in the Managing Member.

ENLC owns all of ENLK’s common units and also owns all of the membership interests of the General Partner. The General Partner manages ENLK’s operations and activities.

GIP/ONEOK Transaction

On October 15, 2024, GIP and ONEOK closed a transaction pursuant to which ONEOK acquired (i) 43.8% of the outstanding ENLC common units, consisting of 97,207,538 ENLC common units from GIP Stetson I and 103,133,215 ENLC common units from GIP Stetson II, in exchange for consideration equal to $14.90 in cash per common unit and (ii) all of the outstanding limited liability company interests in the Managing Member from GIP Stetson I in exchange for $300.0 million in cash, for a total cash consideration of approximately $3.285 billion. As a result of the GIP/ONEOK Transaction, ONEOK acquired control of the operations of ENLC and its subsidiaries.

b.Nature of Business

We primarily focus on owning, operating, investing in, and developing midstream energy infrastructure assets to provide midstream energy services, including:

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

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

•gathering, transporting, storing, trans-loading, and selling crude oil and condensate.

As of September 30, 2024, our midstream infrastructure network includes approximately 13,600 miles of pipelines, 25 natural gas processing plants with approximately 5.9 Bcf/d of processing capacity, seven fractionators with approximately 316,300 Bbls/d of fractionation capacity, barge and rail terminals, product storage facilities, purchasing and marketing capabilities, and equity investments in certain joint ventures. Our operations are based in the United States, and our sales are derived primarily from domestic customers.