Enable Midstream Partners, LP

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1 Enable Midstream Partners, LP NAPTP 2015 MLP Investor Conference May 20, 2015

2 Forward-looking Statements This presentation and the oral statements made in connection herewith may contain forward-looking statements within the meaning of the securities laws. All statements, other than statements of historical fact, regarding Enable Midstream Partners ( Enable ) strategy, future operations, financial position, estimated revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements often include the words could, believe, anticipate, intend, estimate, expect, project, forecast and similar expressions and are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Enable s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Enable assumes no obligation to and does not intend to update any forward-looking statements included herein. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading Risk Factors included in our SEC filings. Enable cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond its control, incident to the ownership, operation and development of natural gas and crude oil infrastructure assets. These risks include, but are not limited to, contract renewal risk, commodity price risk, environmental risks, operating risks, regulatory changes and the other risks described under Risk Factors in our SEC filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Enable s actual results and plans could differ materially from those expressed in any forward-looking statements. 2

3 Enable Highlights High-Quality Assets High degree of interconnectivity between assets and end markets and consumers Assets are located in four of the most prominent natural gas and crude oil producing basins in the country Strong Customer Relationships Long-term relationships with large-cap producers and utilities, many of whom are investment grade Significant and repeat business in highly competitive areas Solid Financial Position Favorable contract structure with significant fee-based and demand-fee margin Investment grade ratings and lower leverage than many peers Significant Growth Opportunities Up to $1.18 billion of expansion capital opportunities anticipated in Producer activity in Enable s growth areas is driving opportunities across the midstream value chain 3 1. As of Enable s first quarter 2015 earnings release on May 6, 2015

4 Interconnected, Diverse and Strategically Located Enable provides operating reach and scale with complementary capabilities managing gas gathering and processing services, intrastate and interstate transmission and storage for customers in the Mid-Continent region and crude oil gathering services in the Bakken Diverse Set of Interconnected Assets in Ten States Intrastate EOIT 2,241 miles 1.9 Bcf/d peak throughput 24.0 Bcf storage capacity G&P: Anadarko 7,345 miles 558,636 Horsepower 1.38 Tbtu/d gathering volumes 10 processing plants Bcf/d processing capacity 51.6 Mbbl/d NGLs produced 4.3 mm gross acres of dedication G&P: Williston 19,500 Bbl/d crude oil gathering system now fully operational Additional 30,000 Bbl/d crude gathering system currently under construction G&P: Arkoma 2,893 miles 139,620 Horsepower 0.77 Tbtu/d gathering volumes 1 processing plant 60 MMcf/d processing capacity 4.4 Mbbl/d NGLs produced 1.4 mm gross acres of dedication Interstate MRT 1,663 miles 1.9 Bcf/d capacity 32.0 Bcf storage capacity Interstate EGT 5,952 miles 6.6 Bcf/d capacity 31.5 Bcf storage capacity G&P: Ark-La-Tex 1,673 miles 154,540 Horsepower 1.19 Tbtu/d gathering volumes 2 processing plants 545 MMcf/d processing capacity 14,500 bbl/d fractionation capacity 10.8 Mbbl/d NGLs produced 0.7 mm gross acres of dedication Interstate SESH Own 49.90% interest 286 miles 1.0 Bcf/d capacity 4 Note: Operational data as of or for the year ended December 31, 2014, except for interstate and intrastate transportation pipeline mileage and Anadarko processing plants and processing capacity, which are as of March 31, 2015.

5 Enable Ownership Structure Sponsors CenterPoint Energy and OGE Energy have a substantial ownership interest in Enable that represents a significant portion of their respective assets, supporting continued sponsor focus going forward 50% Management Interest / 40% Economic Interest 50% Management Interest / 60% Economic Interest Enable GP, LLC 55.4% LP ownership Incentive Distribution Rights 26.3% LP ownership Public Unitholders Enable Midstream Partners, LP NYSE: ENBL 18.3% LP ownership Gathering and Processing Transportation and Storage 5

6 Large and Diverse Customer Base Enable s revenues are strengthened by a diverse, high-quality customer base, many of whom are investment grade Many of our customers rely on us for multiple midstream services across both G&P and T&S Loyal customer base through exemplary customer service and reliable project execution High Quality Customers (Investment Grade) (Investment Grade) (Investment Grade) (Investment Grade) (Investment Grade) (Investment Grade) QEP Resources, Inc. (Investment Grade) (Investment Grade) (Investment Grade) (Investment Grade) 6

7 Commodity Exposure Enable targets fee-based contracts on a firm basis, when possible Some gathering and processing contracts have provisions to protect against low commodity price environments and volume decreases Commodity sensitivities for second quarter 2015 through fourth quarter 2015, including the impact of hedges: A 10% increase or decrease in the price of natural gas from forecasted levels would result in an increase or decrease of approximately $6 million in gross margin A 10% increase or decrease in the price of NGLs and condensate from forecasted levels would result in an increase or decrease of approximately $1 million in gross margin Q Q Fee-Based Margin Profile 1 Q Q Commodity Hedging Summary 6% Commodity Q2 Q ~94% feebased or hedged 30% 11% Firm/MVC Fee-based Commodity-based Hedged 53% Other Fee-based Commodity-based Unhedged Note: As of Enable s earnings release on May 6, Percentages in pie charts based on Gross Margin contribution 2. Excludes basis not matched with NYMEX and natural gas shrink associated with ethane spread positions 3. Enable hedges condensate exposure with crude Natural Gas 2 Exposure Hedged (%) 66% Average Hedge Price ($/MMBtu) $3.23 Crude 3 Exposure Hedged (%) 79% Average Hedge Price ($/Bbl) $59.16 Propane Exposure Hedged (%) 81% Average Hedge Price ($/gal) $0.58

8 8 Appendix Gathering and Processing Segment

9 Anadarko Basin 7,345 miles 558,636 Horsepower 1.38 TBtu/d gathering volumes 10 processing plants Bcf/d processing capacity 51.6 MBbl/d NGLs produced 4.3 mm gross acres of dedication System Map Anadarko super-header system connects eight processing facilities, allowing Enable to optimize natural gas processing economics and improve system utilization and reliability Producers remain active in the Anadarko Basin, particularly in the SCOOP, Cana Woodford and Granite Wash plays Anadarko volume growth is driving infrastructure investments System Highlights 200 MMcf/d Bradley Plant started full operations in the first quarter of 2015 Additional 200 MMcf/d SCOOParea plant in Grady County scheduled for a first quarter 2016 start-up SCOOP-area compression totals 130,000 horsepower Recently acquired a natural gas gathering system for $80 million in the high-returning Cleveland Sands play 9 Note: Operational data as of or for the year ended December 31, 2014, except for processing data, which is as of March 31, 2015

10 SCOOP Core STACK Cana WDFD Core SCOOP Ardmore WDFD SCOOP WDFD Condensate SCOOP WDFD Oil Cana WDFD Dry Gas SCOOP WDFD Gas Cana WDFD Liquids-Rich Production (mboe/d) SCOOP Remains a Top Play SCOOP breakeven prices estimated at $41-$47 per barrel for the SCOOP Core in Grady, Garvin and Stephens Counties of Oklahoma Over $63 billion remaining to be spent in the SCOOP, STACK and Cana footprint through 2025 with approximately $19 billion related to investments in the SCOOP Core SCOOP production expected to more than double over 10 years Enable has significant, long-term contracts and acreage dedications with the largest leaseholders and most active operators in the play Currently, 18 rigs in the SCOOP area are drilling wells scheduled to be connected to Enable s gathering systems $ billions $19 $13 Remaining Producer Capex by Sub-play 1,400 1,200 1,000 SCOOP Production Outlook $6 $7 $8 $5 $3 $3 $ Gas NGL Crude & Condensate Source: Wood Mackenzie 10

11 Ark-La-Tex and Arkoma Basins Ark-La-Tex System Map Arkoma System Map 1,673 miles 154,450 Horsepower 1.19 TBtu/d gathering volumes 2 processing plants 545 MMcf/d processing capacity 14.5 MBbl/d fractionation capacity 10.8 MBbl/d NGLs produced 0.7 mm gross acres of dedication 2,893 miles 139,620 Horsepower 0.77 TBtu/d gathering volumes 1 processing plant 60 MMcf/d processing capacity 4.4 MBbl/d NGLs produced 1.4 mm gross acres of dedication System Highlights Rich gas exposure to the Cotton Valley play and lean gas exposure to the Haynesville and Fayetteville Shales Primarily fee-based with significant minimum volume commitment contracts The Haynesville Shale is starting to see growing natural gas output again 1, despite low natural gas prices, as drilling costs decline and new demand develops in Gulf Coast markets 11 Note: Operational data as of or for the year ended December 31, April 2015 U. S. Energy Information Administration (EIA) Drilling Productivity Report

12 Williston Basin System Map System Highlights Enable s first crude gathering system, a 19,500 Bbl/d system located in Dunn and McKenzie counties in North Dakota, was completed in the first quarter of 2015 In the first quarter of 2015, Enable began commissioning it s second crude gathering system, a 30,000 Bbl/d system located in Williams and Mountrail counties in North Dakota, and anticipates the system s full capacity will be available by the end of 2015 Enable continues to add origin points and is looking to bring non-system barrels onto existing systems 93% of the active rigs in North Dakota are active in counties in which the partnership operates or is constructing assets 1 XTO, Enable s top customer in the Bakken, is the most active producer in North Dakota with 12 rigs running in the state 1 12 Note: Operational data as of or for the year ended December 31, Per North Dakota s Department of Mineral Resources website as of April 28, 2015

13 Return Analysis by Play Enable s growth areas still rank as some of the highest returning plays in the country Enable is positioned in the core of the Bakken and SCOOP plays where returns are strongest Internal Rate of Returns for Major Plays Plays with Enable assets 30% 25% 20% 15% 10% 5% 0% -5% Base Case 20% Completed Well Costs Reduction 13 Gas Price = 12 month forward average curve for each regional pricing point (range $ $2.91/Mcf) Oil Price = 12 month forward average WTI +/- differential (range $38.82-$54.24/barrel) NGL Prices = weighted average $/barrel, 12-mo forward average Mt. Belvieu prices (range $19.25-$26.36/barrel) Source: Bentek

14 14 Appendix Transportation and Storage Segment

15 Enable Gas Transmission (EGT) Pipeline Map 5,952 miles 6.6 Bcf/d capacity 31.5 Bcf storage capacity 5,952-mile interstate pipeline serving Arkoma, Ark-La-Tex and Anadarko basins in Oklahoma, Texas, Arkansas, Louisiana and Kansas Shippers on EGT have the ability to access almost every major natural gas-consuming market east of the Mississippi River EGT s primary customers include LDCs, gas producers and gas-fired power generators EGT well-positioned to serve increasing Oklahoma production Pipeline Highlights Bradley Lateral pipeline will serve SCOOP volume growth In the first quarter, Enable conducted an open season for additional transportation options from receipt points in Oklahoma to Bennington, Oklahoma, and Perryville, Louisiana 15 Note: Operational data as of or for the year ended December 31, 2014, except for pipeline miles, which are as of March 31, 2015.

16 Mississippi River Transmission (MRT) 1,663 miles 1.9 Bcf/d capacity 32.0 Bcf storage capacity Pipeline Map 1,663-mile interstate pipeline in Texas, Arkansas, Louisiana, Missouri and Illinois MRT s primary delivery points are to local distribution companies and industrial markets in the St. Louis market area MRT offers shippers competitive rates and access to diverse supply points MRT s firm transportation and storage contracts with Laclede, MRT s largest customer, were extended in September 2014 through 2017 and 2018 at existing contract demand levels Pipeline Highlights MRT has an 86-year relationship with Laclede 16 Note: Operational data as of or for the year ended December 31, 2014, except for pipeline miles, which are as of March 31, 2015.

17 Southeast Supply Header (SESH) Pipeline Map Own 49.90% interest 286 miles 1.0 Bcf/d capacity 286-mile interstate natural gas pipeline that runs from the Perryville Hub in Louisiana to connections with Florida markets in southeastern Alabama Joint venture among Enable, Spectra Energy and CenterPoint Enable acquired an additional 24.95% interest in SESH from CenterPoint Energy in May 2014, bringing Enable s total ownership of SESH to 49.90% SESH s primary customers are electric utilities in the Florida market area Pipeline Highlights 100% of contracts with investment grade counterparties Expansion of 45 mdth/d facilitated by an agreement with Enable Gas Transmission was placed into service in October 2014 and additional compression at TET interconnect is under construction. 17 Note: Operational data as of or for the year ended December 31, 2014.

18 Enable Oklahoma Intrastate Transmission (EOIT) Intrastate EOIT 2,241 miles 1.9 Bcf/d peak throughput 24.0 Bcf storage capacity Pipeline Map 2,241-mile intrastate transportation pipeline system in Oklahoma Connected to the EGT system and 12 third-party natural gas pipelines through 66 interconnect points Major transportation customers are OG&E, Enable s affiliate, and Public Service Company of Oklahoma (PSO), an affiliate of AEP, the two largest electric utilities in Oklahoma Pipeline Highlights EOIT provides gas transmission delivery services to all of OG&E s and PSO s natural gasfired electric generation facilities in Oklahoma Positioned to serve SCOOP, Cana Woodford, Mississippi Lime and Greater Granite Wash production Note: Operational data as of or for the year ended December 31, 2014, except for pipeline miles, which are as of March 31,

19 T&S Well-Positioned for Growth Open Season Update In the first quarter, Enable announced an open season on EGT for additional transportation options from receipt points in Oklahoma to Bennington, Oklahoma, and Perryville, Louisiana Received a positive response and currently evaluating bids received This additional capacity would enhance Enable s leading position to provide transport services from the Anadarko basin to key downstream markets Market Update Power plant and LDC loads account for over 5.0 Bcf/d on Enable s transportation systems Power Plants Near Enable s Footprint 1 Enable is well-positioned to capture additional demand with over 45 coal-fired plants located within a 50-mile radius of Enable s pipelines Within a 50 mile radius are another 60+ units totaling 6+ Bcf/d of gas fired capacity that is not connected to Enable 1. Power Plant locations per the EIA 19

20 20 Appendix Growth Strategy and Outlook

21 Growth Strategy Capture organic growth opportunities in our core basins Extend the value chain from wellhead to end users in our core commodities of gas, NGLs and crude Establish a presence in high-growth basins Develop a meaningful and competitive position in any basin where we participate Capture additional market demand on and around our system Maximize earnings stability by increasing fee-based margin 21

22 Acquisition Philosophy Enable s balance sheet provides the opportunity to pursue acquisitions to complement the partnership s organic growth strategy Enable will prioritize acquisition opportunities that provide entry into new high-growth basins, increase Enable s footprint in current basins or extend the value chain Enable will remain disciplined, ensuring that acquisitions meet strategic and financial goals 22

23 2015 Outlook As of Enable s Earnings Release on May 6, 2015 Feb 18, 2015 May 6, 2015 $ in millions, except volume numbers 2015 Outlook 2015 Outlook Natural Gas Gathered Volumes (TBtu/d) Natural Gas Processed Volumes (TBtu/d) Crude Oil Gathered Volumes (MBbl/d) Adjusted EBITDA $800 $860 $800 $840 Adjusted Interest Expense, net $95 $105 $100 $110 Maintenance Capital $140 $160 $140 $160 Distributable Cash Flow $540 $590 $540 $590 Per-unit Distribution Growth 1 3% 7% 3% 7% Per-unit Distribution Growth from MQD 2 6% 8% 6% 8% Coverage Ratio 1.0x 1.08x 1.0x 1.08x 2015 guidance centered around the following price assumptions: Natural Gas (Henry Hub) at $2.80/MMBtu (compared to $2.85/MMBtu on February 18, 2015) Natural Gas Liquids Composite 3 : Mont Belvieu, Texas at $.48/gal; Conway, Kansas at $.45/gal (compared to $.47/gal and $.46/gal, respectively, on February 18, 2015) Crude Oil (WTI) at $56.00/Bbl (compared to $52.50 on February 18, 2015) Distribution growth calculated as the growth rate from Enable s $ fourth quarter 2014 distribution to Enable's projected fourth quarter 2015 distribution 2. Distribution growth calculated as the compound annual growth rate from Enable s minimum quarterly distribution of $ per unit through the fourth quarter of 2015 (7 quarterly compounding periods) 3. Natural gas liquids composite based on an assumed composition of 45%, 30%, 10%, 5%, and 10% for ethane, propane, normal butane, isobutane and natural gasoline, respectively.

24 Expansion Capital Outlook As of Enable s Earnings Release on May 6, 2015 $ in millions Feb 18, Outlook May 6, Outlook Contracted Expansion $600 $800 $600 $800 Acquisitions $80 Identified Opportunities $0 $300 $0 $300 Total $600 $1,100 $680 $1,180 Contracted Expansion includes: Gathering, compression and processing infrastructure to support projected volume growth from current contracts and acreage dedications, including infrastructure in the SCOOP, Bakken and Greater Granite Wash plays Identified Opportunities include transportation and G&P projects in late-stage negotiation, such as: Additional Bakken crude gathering expansions Anadarko gas gathering and processing expansions New end-user transportation service and market access pipeline opportunities NGL transportation infrastructure 24

25 Key Investment Highlights Significant Size, Scale and Diversity Strategically Located Assets Proven Commercial Success with Diverse Customers Fee-based Business and Long-term Contracts Financial Flexibility and Strong Sponsorship Experienced Management and Demonstrated Execution Fully integrated suite of assets: ~11,900 miles of gathering systems, 13 major processing plants, 7,900 miles of interstate pipelines (including SESH, in which we own a 49.90% interest), ~2,300 miles of intrastate pipelines and eight storage facilities comprising 87.5 Bcf of storage capacity Over 1.3 million operated horsepower of compression and MBbls/d of NGL production capacity making us one of the largest operators of compression and producers of NGLs in the United States High degree of interconnectivity between assets and end markets and consumers Largest entity based on asset size at IPO in the history of the MLP space Assets are located in four of the most prominent natural gas and crude oil producing basins in the country: Anadarko, Arkoma, Ark-La-Tex and Williston 227 rigs are currently operating in the counties in which Enable operates or is constructing assets as of April 29, Long-term relationships with large-cap producers and utilities, many of whom are investment grade Significant and repeat business in highly competitive areas Favorable contract structure with significant fee-based and demand-fee margin Long-term contracts with stable customers and active producers Approximately 6.6 million of gross acreage dedications as of December 31, 2014 Investment grade ratings and lower leverage than many peers CNP and OGE have long, proven track records and share a common vision of long-term value creation Management team has significant industry experience with an average of ~30 years Expansion capital of ~$3.0 billion deployed in the last 4 years, on a pro forma basis Company-wide bench strength with proven execution record 25 Note: Operational data as of or for the year ended December 31, 2014, except for interstate and intrastate pipeline mileage and number of processing plants, which are as of March 31, Per Drillinginfo

26 26 Question and Answer Question & Answer

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