ENLINK MIDSTREAM, LLC, 10-Q filed on 8/5/2015
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 30, 2015
Jul. 24, 2015
Document Information [Line Items]
 
 
Document Type
10-Q 
 
Document Fiscal Period Focus
Q2 
 
Document Period End Date
Jun. 30, 2015 
 
Document Fiscal Year Focus
2015 
 
Amendment Flag
false 
 
Entity Registrant Name
EnLink Midstream, LLC 
 
Entity Central Index Key
0001592000 
 
Entity Current Reporting Status
Yes 
 
Entity Voluntary Filers
No 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Well-known Seasoned Issuer
Yes 
 
Entity Common Stock, Shares Outstanding
 
164,231,749 
Condensed Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Current assets:
 
 
Cash and cash equivalents
$ 72.0 
$ 68.4 
Accounts receivable:
 
 
Trade, net of allowance for bad debt of $0.4
67.4 
139.0 
Accrued revenue and other
379.6 
253.3 
Related party
110.8 
121.6 
Fair value of derivative assets
14.0 
16.7 
Natural gas and NGLs inventory, prepaid expenses and other
70.9 
48.8 
Total current assets
714.7 
647.8 
Property and equipment, net of accumulated depreciation of $1,585.7 and $1,426.3, respectively
5,550.5 
5,042.8 
Intangible assets, net of accumulated amortization of $66.3 and $36.5, respectively
840.5 
533.0 
Goodwill
3,731.2 
3,684.7 
Fair value of derivative assets
4.9 
10.0 
Investments in unconsolidated affiliates
261.2 
270.8 
Other assets, net
25.5 
17.6 
Total assets
11,128.5 
10,206.7 
Current liabilities:
 
 
Accounts payable and drafts payable
39.1 
121.8 
Accounts payable to related party
21.6 
3.0 
Accrued gas, NGLs, condensate and crude oil purchases
316.3 
204.5 
Fair value of derivative liabilities
3.5 
3.0 
Other current liabilities
163.0 
152.3 
Total current liabilities
543.5 
484.6 
Long-term debt
2,827.2 
2,022.5 
Fair value of derivative liabilities
0.8 
2.0 
Asset retirement obligation
12.6 
12.4 
Other long-term liabilities
75.2 
83.8 
Deferred tax liability
543.7 
526.6 
Redeemable non-controlling interest
6.9 
0 
Members' equity
2,743.6 
2,774.3 
Non-controlling interest
4,375.0 
4,196.8 
Net Devon investment
0 
103.7 
Total members' equity
7,118.6 
7,074.8 
Commitment and Contingencies (Note 15)
   
   
Total liabilities and members’ equity
$ 11,128.5 
$ 10,206.7 
Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Assets, Noncurrent [Abstract]
 
 
Allowance for bad debt
$ 0.4 
$ 0 
Property and equipment, accumulated depreciation
1,585.7 
1,426.3 
Intangible assets, accumulated amortization
$ 66.3 
$ 36.5 
Condensed Consolidated Statements of Operations (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:
 
 
 
 
Product sales
$ 956.2 
$ 687.9 
$ 1,626.9 
$ 901.3 
Product sales - affiliates
31.7 
0 
47.9 
436.4 
Midstream services
135.9 
67.1 
238.3 
86.2 
Midstream services - affiliates
149.5 
173.8 
300.5 
229.3 
Gain (loss) on derivative activity
1.2 
(1.6)
1.4 
(2.9)
Total revenues
1,274.5 
927.2 
2,215.0 
1,650.3 
Operating costs and expenses:
 
 
 
 
Cost of sales (1)
968.2 
661.9 
1,625.6 
1,200.8 
Operating expenses (2)
109.1 
73.9 
207.6 
120.6 
General and administrative (3)
28.1 
26.6 
70.8 
42.5 
Depreciation and amortization
97.7 
75.0 
189.0 
123.5 
Total operating costs and expenses
1,203.1 
837.4 
2,093.0 
1,487.4 
Operating income
71.4 
89.8 
122.0 
162.9 
Other income (expense):
 
 
 
 
Interest expense, net of interest income
(22.6)
(14.1)
(41.7)
(19.5)
Equity in income of equity investment
5.9 
4.5 
9.7 
8.7 
Gain on extinguishment of debt
0 
0.8 
0 
0.8 
Other income (expense)
0.1 
(0.1)
0.5 
(0.8)
Total other expense
(16.6)
(8.9)
(31.5)
(10.8)
Income from continuing operations before non-controlling interest and income taxes
54.8 
80.9 
90.5 
152.1 
Income tax provision
(10.2)
(18.5)
(20.9)
(42.2)
Net income from continuing operations
44.6 
62.4 
69.6 
109.9 
Discontinued Operations:
 
 
 
 
Income from discontinued operations, net of tax
0 
0 
0 
1.0 
Discontinued operations, net of tax
0 
0 
0 
1.0 
Net income
44.6 
62.4 
69.6 
110.9 
Net income attributable to the non-controlling interest
28.4 
35.7 
36.4 
42.8 
Net income attributable to EnLink Midstream, LLC
16.2 
26.7 
33.2 
68.1 
Predecessor interest in net income (4)
0 
0 
0 
35.5 
Devon investment interest in net income
1.7 
(2.1)
2.4 
(3.0)
EnLink Midstream, LLC interest in net income
$ 14.5 
$ 28.8 
$ 30.8 
$ 35.6 
Net income attributable to EnLink Midstream Partners, LP per limited partners' unit:
 
 
 
 
Basic per common unit
$ 0.09 
$ 0.18 
$ 0.19 
$ 0.22 
Diluted per common unit
$ 0.09 
$ 0.18 
$ 0.19 
$ 0.22 
Condensed Consolidated Statements of Operations (parenthetical) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Affiliate purchased gas, NGLs, condensate and crude
$ 968.2 
$ 661.9 
$ 1,625.6 
$ 1,200.8 
Affiliate general and administrative expense
28.1 
26.6 
70.8 
42.5 
Affiliated Entity [Member]
 
 
 
 
Affiliate purchased gas, NGLs, condensate and crude
32.0 
0 
39.9 
325.8 
Affiliate operating expenses
0.2 
0 
0.2 
5.9 
Affiliate general and administrative expense
$ 0.1 
$ 1.1 
$ 0.1 
$ 9.6 
Consolidated Statements of Changes in Members' Equity (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2015
Dec. 31, 2014
Increase (Decrease) in Members' Equity
 
 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
$ 7,118.6 
$ 7,118.6 
$ 7,074.8 
Unit-based compensation
 
21.5 
 
Issuance of units by the Partnership
 
364.1 
 
Conversion of restricted units for common, net of units withheld for taxes
 
(2.8)
 
Non-controlling partner's impact of conversion of restricted units
 
(2.5)
 
Change in equity due to issuance of units by the partnership
 
(5.0)
 
Non-controlling interest distributions
 
(175.7)
 
Non-controlling interest contribution
 
7.3 
 
Distributions to members
 
(79.3)
 
Tax benefit from vesting of restricted units
 
1.1 
 
Adjustment related to mandatory redemption of E2 non-controlling interest
 
(5.4)
 
Redeemable non-controlling interest
 
(6.9)
 
Contribution from Devon to the Partnership
 
28.8 
 
Distribution To Affiliate
 
(171.0)
 
Net income
44.6 
69.6 
 
Increase (Decrease) in Temporary Equity
 
 
 
Redeemable Noncontrolling Interest, Equity, Carrying Amount
 
0 
 
Redeemable Noncontrolling Interest Reclassifications Between Permanen And Temporary Equity
 
6.9 
 
Redeemable Noncontrolling Interest, Equity, Carrying Amount
6.9 
6.9 
 
Common Units
 
 
 
Increase (Decrease) in Members' Equity
 
 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
2,743.6 
2,743.6 
2,774.3 
Common Stock, Shares, Outstanding
164.2 
164.2 
164.1 
Unit-based compensation
 
11.0 
 
Conversion of restricted units for common, net of units withheld for taxes
 
(2.8)
 
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings
 
0.1 
 
Change in equity due to issuance of units by the partnership
 
8.5 
 
Distributions to members
 
(79.3)
 
Tax benefit from vesting of restricted units
 
1.1 
 
Net income
 
30.8 
 
Non-Controlling Interest
 
 
 
Increase (Decrease) in Members' Equity
 
 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
4,375.0 
4,375.0 
4,196.8 
Unit-based compensation
 
10.5 
 
Issuance of units by the Partnership
 
364.1 
 
Non-controlling partner's impact of conversion of restricted units
 
(2.5)
 
Change in equity due to issuance of units by the partnership
 
(13.5)
 
Non-controlling interest distributions
 
(175.7)
 
Non-controlling interest contribution
 
7.3 
 
Adjustment related to mandatory redemption of E2 non-controlling interest
 
(5.4)
 
Redeemable non-controlling interest
 
(6.9)
 
Contribution from Devon to the Partnership
 
2.2 
 
Distribution To Affiliate
 
(38.3)
 
Net income
 
36.4 
 
Devon Energy Corporation
 
 
 
Increase (Decrease) in Members' Equity
 
 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
 
 
103.7 
Common Stock, Shares, Outstanding
0 
0 
 
Contribution from Devon to the Partnership
 
26.6 
 
Distribution To Affiliate
 
(132.7)
 
Net income
 
$ 2.4 
 
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Statement of Cash Flows [Abstract]
 
 
Net income from continuing operations
$ 69.6 
$ 109.9 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
189.0 
123.5 
Accretion expense
0.3 
0.3 
Gain on extinguishment of debt
0 
(0.8)
Deferred tax expense
17.8 
41.5 
Non-cash unit-based compensation
21.5 
7.0 
(Gain) loss on derivatives recognized in net income
(5.0)
2.9 
Cash settlements on derivatives
11.3 
(0.9)
Amortization of debt issue costs
1.5 
0.4 
Amortization of premium on notes
(1.5)
(1.0)
Redeemable non-controlling interest expense
(3.3)
0 
Distribution of earnings from equity investment
10.3 
0.7 
Equity in income from equity investments
(9.7)
(8.7)
Changes in assets and liabilities:
 
 
Accounts receivable, accrued revenue and other
57.3 
(10.5)
Natural gas and NGLs inventory, prepaid expenses and other
(26.6)
(15.3)
Accounts payable, accrued gas and crude oil purchases and other accrued liabilities
(55.5)
(45.8)
Net cash provided by operating activities
277.0 
203.2 
Cash flows from investing activities:
 
 
Additions to property and equipment
(349.2)
(336.7)
Acquisition of business, net of cash acquired
(324.8)
(126.0)
Proceeds from sale of property
0.1 
0 
Investment in limited liability company
0 
(5.7)
Distribution from equity investment company in excess of earnings
8.9 
5.0 
Net cash used in investing activities
(665.0)
(463.4)
Cash flows from financing activities:
 
 
Proceeds from borrowings
2,327.4 
1,732.2 
Payments on borrowings
(1,521.2)
(1,490.2)
Payments on capital lease obligations
(1.6)
(1.2)
Increase (decrease) in drafts payable
(12.4)
8.6 
Debt financing costs
(9.5)
(7.4)
Conversion of restricted units, net of units withheld for taxes
(2.8)
0 
Conversion of Partnership's restricted units, net of units withheld for taxes
(2.5)
0 
Proceeds from issuance of Partnership's common units
4.1 
19.9 
Proceeds from exercise of Partnership unit options
0 
0.3 
Distribution to non-controlling partners
(175.7)
(45.8)
Distribution to Members
79.3 
14.7 
Contribution from Devon
28.8 
95.3 
Distribution to Devon for net assets acquired (Note 3)
(171.0)
0 
Contributions by non-controlling interest
7.3 
1.2 
Distributions to Predecessor
0 
(22.1)
Net cash provided by financing activities
391.6 
276.1 
Net cash provided by operating activities
0 
5.0 
Net cash used in investing activities
0 
(0.6)
Net cash used in financing activities – net distributions to Devon and non-controlling interests
0 
(4.4)
Net cash provided by discontinued operations
0 
0 
Net increase in cash and cash equivalents
3.6 
15.9 
Cash and cash equivalents, start of period
68.4 
0 
Cash and cash equivalents, end of period
72.0 
15.9 
Cash paid for interest
44.4 
17.1 
Cash paid for income taxes
$ 13.4 
$ 6.9 
Organization and Summary of Significant Agreement
Organization and Summary of Significant Agreements
(1) General

In this report, the terms “Company” or “Registrant” as well as the terms “ENLC,” “our,” “we,” and “us,” or like terms, are sometimes used as references to EnLink Midstream, LLC 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 EnLink Midstream Operating, LP and Midstream Holdings, together with their consolidated subsidiaries. “Midstream Holdings” is sometimes used to refer to EnLink Midstream Holdings, LP itself or to EnLink Midstream Holdings, LP together with EnLink Midstream Holdings GP, LLC and their subsidiaries.

(a)Organization of Business

EnLink Midstream, LLC is a Delaware limited liability company formed in October 2013. Effective as of March 7, 2014, EnLink Midstream, Inc. (“EMI”) merged with and into a wholly-owned subsidiary of the Company and Acacia Natural Gas Corp I, Inc. ("Acacia”), formerly a wholly-owned subsidiary of Devon Energy Corporation (“Devon”), merged with and into a wholly-owned subsidiary of the Company (collectively, the “mergers”). Pursuant to the mergers, each of EMI and Acacia became wholly-owned subsidiaries of the Company and the Company became publicly held. EMI owns common units representing an approximate 5.3% limited partner interest in the Partnership as of June 30, 2015 and also owns EnLink Midstream Partners GP, LLC (the “General Partner”). At the conclusion of the mergers, Acacia directly owned a 50% limited partner interest in Midstream Holdings, which was formerly a wholly-owned subsidiary of Devon. Upon closing of the business combination (as defined below), ENLC issued 115,495,669 common units to a wholly-owned subsidiary of Devon, which represents approximately 70% of the outstanding limited liability company interests in ENLC. Concurrently with the consummation of the mergers, a wholly-owned subsidiary of the Partnership acquired the remaining 50% of the outstanding limited partner interest in Midstream Holdings and all of the outstanding equity interests in EnLink Midstream Holdings GP, LLC, the general partner of Midstream Holdings (together with the mergers, the “business combination”). The Company’s common units are traded on the New York Stock Exchange under the symbol “ENLC.”

On February 17, 2015, Acacia contributed a 25% interest in Midstream Holdings (the "February Transferred Interests") to the Partnership in a drop down transaction (the "February EMH Drop Down") in exchange for 31,618,311 Class D Common Units in the Partnership, representing an approximate 9.6% limited partner interest in the Partnership as of June 30, 2015. On May 27, 2015, Acacia contributed the remaining 25% limited partner interest in Midstream Holdings (the "May Transferred Interests") to the Partnership in a drop down transaction (the "May EMH Drop Down" and together with the February EMH Drop Down, the "EMH Drop Downs") in exchange for 36,629,888 Class E Common Units in the Partnership, representing an approximate 11.2% limited partner interest in the Partnership as of June 30, 2015. After giving effect to the EMH Drop Downs, the Partnership owns 100% of Midstream Holdings. In addition, on April 1, 2015 the Partnership acquired the Victoria Express Pipeline and related truck terminal and storage assets from Devon (the "VEX Interests"). See Note (3) - Acquisitions for further discussion.

Our assets consist of equity interests in the Partnership. The Partnership is a publicly traded limited partnership engaged in the gathering, transmission, processing and marketing of natural gas and natural gas liquids, or NGLs, condensate and crude oil, as well as providing crude oil, condensate and brine services to producers. As of June 30, 2015, our interests in the Partnership consist of the following:

•68,248,199 common units representing an aggregate 26.1% limited partner interest in the Partnership; and
•
100.0% ownership interest in EnLink Midstream Partners GP, LLC, the general partner of the Partnership, which owns a 0.5% general partner interest and all of the incentive distribution rights in the Partnership.

(b) Nature of Business

The Partnership primarily focuses on providing midstream energy services, including gathering, processing, transmission, fractionation, condensate stabilization, and brine services to producers of natural gas, natural gas liquids ("NGLs"), crude oil and condensate. The Partnership's gas gathering systems consist of networks of pipelines that collect natural gas from points near producing wells and transport it to larger pipelines for further transmission. The Partnership's transmission pipelines primarily receive natural gas from its gathering systems and from third party gathering and transmission systems and deliver natural gas to industrial end-users, utilities and other pipelines. The Partnership also has transmission lines that transport NGLs from east Texas and its south Louisiana processing plants to its fractionators in south Louisiana. The Partnership operates processing plants that process gas transported to the plants by major interstate pipelines or from its own gathering systems under a variety of arrangements. The Partnership's processing plants remove NGLs and CO2 from a natural gas stream and its fractionators separate the NGLs into separate NGL products, including ethane, propane, iso-butane, normal butane and natural gasoline. The Partnership also provides a variety of crude oil and condensate services which include crude oil and condensate gathering and transmission via pipelines, barges, rail and trucking facilities as well as brine disposal services.
Significant Accounting Policies (Notes)
Significant Accounting Policies
(2) Significant Accounting Policies

(a) Basis of Presentation

The accompanying condensed consolidated financial statements are prepared in accordance with the instructions to Form 10-Q, are unaudited and do not include all the information and disclosures required by generally accepted accounting principles in the United States of America ("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. All significant intercompany balances and transactions have been eliminated in consolidation.

Further, the unaudited condensed consolidated financial statements give effect to the business combination and related transactions discussed in Note 1(a) above under the acquisition method of accounting and are treated as a reverse acquisition. Under the acquisition method of accounting, Midstream Holdings was the accounting acquirer in the transactions because its parent company, Devon, obtained control of ENLC after the business combination. All financial results prior to March 7, 2014 reflect the historical operations of Midstream Holdings and are reflected as Predecessor income in the statement of operations. Additionally, EMI’s assets acquired and liabilities assumed by the Company, as well as the Company's non-controlling interests in the Partnership, were recorded at their fair values measured as of the acquisition date, March 7, 2014. The excess of the purchase price over the estimated fair values of EMI’s net assets acquired was recorded as goodwill. Financial results on and subsequent to March 7, 2014 reflect the combined operations of Midstream Holdings and EMI, which give effect to new contracts entered into with Devon and include the legacy Partnership assets. Certain assets were not contributed to Midstream Holdings from the Predecessor and the operations of such non-contributed assets have been presented as discontinued operations.

On April 1, 2015 the Partnership acquired assets from Devon through drop down transactions. Due to Devon's control of the Partnership through its ownership of the managing member of ENLC, the acquisition from Devon was considered a transfer of net assets between entities under common control. As such, the Company was required to recast its historical financial statements to include the activities of such assets from the date that these entities were under common control. The consolidated financial statements for periods prior to the Partnership’s acquisition of the assets from Devon have been prepared from Devon's historical cost-basis accounts for the acquired assets and may not necessarily be indicative of the actual results of operations that would have occurred if the Partnership had owned the acquired assets during the periods reported. Net income attributable to the assets acquired from Devon for periods prior to the Partnership’s acquisition is allocated to "Devon investment interest in net income" on the Company's Condensed Consolidated Statements of Operations.

(b) Revenue Recognition

The Partnership generates the majority of its revenues from midstream energy services, including gathering, processing, transmission, fractionation, condensate stabilization, and brine services through various contractual arrangements which include fee based contract arrangements or arrangements where it purchases and resells commodities in connection with providing the related service and earns a net margin for its fee. While the transactions vary in form, the essential element of each transaction is the use of the Partnership's assets to transport a product or provide a processed product to an end-user at the tailgate of the plant, barge terminal, or pipeline. The Partnership reflects revenue as Product sales and Midstream services revenue on the consolidated statements of operations as follows:

•
Product sales - Product sales represent the sale of natural gas, NGLs, crude oil and condensate where the product is purchased and resold in connection with providing its midstream services as outlined above.

•
Midstream services - Midstream services represents all other revenue generated as a result of performing the Partnership's midstream services outlined above.

The Partnership recognizes revenue for sales or services at the time the natural gas, NGLs, crude oil or condensate are delivered or at the time the service is performed at a fixed or determinable price. The Partnership generally accrues one month of sales and the related natural gas, NGL, condensate and crude oil purchases and reverses these accruals when the sales and purchases are actually invoiced and recorded in the subsequent month. Actual results could differ from the accrual estimates. Except for fee based arrangements, the Partnership acts as the principal in these purchase and sale transactions, bearing the risk and reward of ownership as evidenced by title transfer, scheduling the transportation of products and assuming credit risk. The Partnership accounts for taxes collected from customers attributable to revenue transactions and remitted to government authorities on a net basis (excluded from revenues).

(c) Redeemable Non-Controlling Interest

Non-controlling interests that contain an option for the non-controlling interest holder to require the Partnership to buy out 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 the control of the Partnership. Redeemable non-controlling interest is not considered to be a component of members' equity and is reported as temporary equity in the mezzanine section on the Condensed Consolidated Balance Sheets. The amount recorded as 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 holders' share of net income or loss and distributions).

(d) Recent Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 will replace existing revenue recognition requirements in GAAP and will require entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The new standard will also require significantly expanded disclosures regarding the qualitative and quantitative information of the Company's nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period and is to be applied retrospectively, with early application permitted for annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact the pronouncement will have on our condensed consolidated financial statements and related disclosures. Subject to this evaluation, we have reviewed all recently issued accounting pronouncements that became effective during the six months ended June 30, 2015, and have determined that none would have a material impact on our Condensed Consolidated Financial Statements.
In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs (Topic 835). The update requires debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. The standard requires retrospective application and is effective for us beginning on January 1, 2016.
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The update provides additional guidance to reporting entities in evaluating whether certain legal entities, such as limited partnerships, limited liability corporations and securitization structures, should be consolidated. The update is considered to be an improvement on current accounting requirements as it reduces the number of existing consolidation models. The update is effective for us beginning on January 1, 2016, and we are currently evaluating the impact this standard will have on our consolidated financial statements and related disclosures.
Acquisition
Acquisition
(3) Acquisitions

Chevron Acquisition

Effective November 1, 2014, the Partnership acquired, from affiliates of Chevron Corporation, Gulf Coast natural gas pipeline assets predominantly located in southern Louisiana, together with 100% of the equity interests (all of which were voting) in certain entities, for approximately $231.5 million in cash. The natural gas assets include natural gas pipelines spanning from Beaumont, Texas to the Mississippi River corridor and working natural gas storage capacity in southern Louisiana. The transaction was accounted for using the acquisition method, which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date.

The following table presents the fair value of the identified assets received and liabilities assumed at the acquisition date.

Purchase Price Allocation (in millions):
 
 
Assets acquired:
 
 
Property, plant and equipment
 
$
225.3

Intangibles
 
13.0

Liabilities assumed:
 
 
Current liabilities
 
(6.8
)
Total identifiable net assets
 
$
231.5



The Partnership recognized intangible assets related to customer relationships. The acquired intangible assets will be amortized on a straight-line basis over the estimated customer contract life of approximately 20 years.

The purchase price allocation has been prepared on a preliminary basis pending receipt of a final valuation report and is subject to change. The Partnership incurred $0.4 million of direct transaction costs for the six months ended June 30, 2015. These costs are included in general and administrative costs in the accompanying Condensed Consolidated Statements of Operations.

For the period from January 1, 2015 to June 30, 2015, the Partnership recognized $16.0 million of revenues and $0.1 million of net income related to the assets acquired.

LPC Acquisition

On January 31, 2015, the Partnership acquired 100% of the equity interests (all of which were voting) of LPC Crude Oil Marketing LLC (“LPC”), which has crude oil gathering, transportation and marketing operations in the Permian Basin, for approximately $100.0 million ($78.9 million, net of cash acquired). The transaction was accounted for using the acquisition method.

The following table presents the fair value of the identified assets received and liabilities assumed at the acquisition date.

Purchase Price Allocation (in millions):
 
 
Assets acquired:
 
 
Current assets (including $21.1 million in cash)
 
$
107.4

Property, plant and equipment
 
29.8

Intangibles
 
43.2

Goodwill
 
29.6

Liabilities assumed:
 
 
Current liabilities
 
(106.0
)
Deferred tax liability
 
(4.0
)
Total identifiable net assets
 
$
100.0



The Partnership recognized intangible assets related to customer relationships and trade name. The acquired intangible assets related to customer relationships will be amortized on a straight-line basis over the estimated customer contract life of approximately 10 years.

The purchase price allocation has been prepared on a preliminary basis pending receipt of a final valuation report and is subject to change. Goodwill recognized from the acquisition primarily relates to the value created from additional growth opportunities and greater operating leverage in the Permian Basin. All such goodwill is allocated to our Crude and Condensate segment and is non-deductible for tax purposes.

The Partnership incurred $0.2 million of direct transaction costs for the six months ended June 30, 2015. These costs are included in general and administrative costs in the accompanying Condensed Consolidated Statements of Operations.

For the period from January 31, 2015 to June 30, 2015, the Partnership recognized $559.6 million of revenues and $1.6 million of net income related to the assets acquired.

Coronado Acquisition

On March 16, 2015, the Partnership acquired 100% of the equity interests (all of which were voting) in Coronado Midstream Holdings LLC (“Coronado”), which owns natural gas gathering and processing facilities in the Permian Basin, for approximately $602.1 million. The purchase price consisted of $242.1 million in cash ($232.5 million, net of cash acquired), 6,704,285 common units and 6,704,285 Class C Common Units, both in the Partnership.

The following table presents the fair value of the identified assets received and liabilities assumed at the acquisition date. The purchase price allocation has been prepared on a preliminary basis pending receipt of a final valuation report and is subject to change.

Purchase Price Allocation (in millions):
 
 
Assets acquired:
 
 
Current assets (including $9.6 million in cash)
 
$
26.2

Property, plant and equipment
 
302.1

Intangibles
 
281.0

Goodwill
 
16.9

Liabilities assumed:
 
 
Current liabilities
 
(24.1
)
Total identifiable net assets
 
$
602.1



The Partnership recognized intangible assets related to customer relationships. The acquired intangible assets will be amortized on a straight-line basis over the estimated customer contract life of approximately 10 years. Goodwill recognized from the acquisition primarily relates to the value created from additional growth opportunities and greater operating leverage in the Permian Basin. All such goodwill is allocated to our Texas segment and is non-deductible for tax purposes.

The Partnership incurred $3.0 million of direct transaction costs for the six months ended June 30, 2015. These costs are included in general and administrative costs in the accompanying Condensed Consolidated Statements of Operations.

For the period from March 17, 2015 to June 30, 2015, the Partnership recognized $61.5 million of revenues and $4.1 million of net loss related to the assets acquired.
VEX Pipeline Drop Down
On April 1, 2015, the Partnership acquired the Victoria Express Pipeline and related truck terminal and storage assets located in the Eagle Ford shale in south Texas, together with 100% of the equity interests (all of which were voting) in certain entities, from Devon in a drop down transaction (the "VEX Drop Down"). The aggregate consideration paid by the Partnership consisted of $171.0 million in cash, 338,159 common units representing limited partner interests in the Partnership with an aggregate value of approximately $9.0 million and the Partnership’s assumption of up to $40.0 million in certain construction costs related to VEX. The VEX pipeline is a multi-grade crude oil pipeline located in the Eagle Ford Shale. Other VEX assets at the destination of the pipeline include a truck unloading terminal, above-ground storage and rights to barge loading docks. The acquisition has been accounted for as an acquisition under common control under ASC 805, resulting in the retrospective adjustment of our prior results. As such, the VEX Interests were recorded on the Partnership's books at historical cost on the date of transfer of $132.7 million. The difference between the historical cost of the net assets and consideration given was $38.3 million and is recognized as a distribution to Devon. The period of common control for VEX began on February 28, 2014, the effective date of the acquisition of the VEX Interests by Devon.
The following tables present the impact of the VEX Drop Down as presented in the Company's historical Condensed Consolidated Statements of Operations for the six months ended June 30, 2015 and three and six months ended June 30, 2014:

 
 
Six Months Ended June 30, 2015
 
 
Company Historical
 
VEX
 
Combined
 
 
(in millions)
Revenues
 
$
2,210.8

 
$
4.2

 
$
2,215.0

Net income (loss)
 
$
67.2

 
$
2.4

 
$
69.6

Net income attributable to non-controlling interest
 
$
36.4

 
$
—

 
$
36.4

Net income attributable to EnLink Midstream, LLC
 
$
30.8

 
$
2.4

 
$
33.2

EnLink Midstream, LLC interest in net income
 
$
30.8

 
$
—

 
$
30.8


 
 
Three Months Ended June 30, 2014
 
 
Company Historical
 
VEX
 
Combined
 
 
(in millions)
Revenues
 
$
927.2

 
$
—

 
$
927.2

Net income (loss)
 
$
64.5

 
$
(2.1
)
 
$
62.4

Net income attributable to non-controlling interest
 
$
35.7

 
$
—

 
$
35.7

Net income attributable to EnLink Midstream, LLC
 
$
28.8

 
$
(2.1
)
 
$
26.7

EnLink Midstream, LLC interest in net income
 
$
28.8

 
$
—

 
$
28.8



 
 
Six Months Ended June 30, 2014
 
 
Company Historical
 
VEX
 
Combined
 
 
(in millions)
Revenues
 
$
1,650.3

 
$
—

 
$
1,650.3

Net income (loss)
 
$
113.9

 
$
(3.0
)
 
$
110.9

Net income attributable to non-controlling interest
 
$
42.8

 
$
—

 
$
42.8

Net income attributable to EnLink Midstream, LLC
 
$
71.1

 
$
(3.0
)
 
$
68.1

EnLink Midstream, LLC interest in net income (1)
 
$
35.6

 
$
—

 
$
35.6

(1)
Represents net income for the period from March 7, 2014 through June 30, 2014.

Devon Merger

On March 7, 2014, EMI merged with and into a wholly-owned subsidiary of the Company, and Acacia, formerly a wholly-owned subsidiary of Devon, merged with and into another wholly-owned subsidiary of the Company (collectively, the “mergers”). Upon consummation of the mergers, EMI and Acacia became wholly-owned subsidiaries of the Company and the Company became publicly held. As of June 30, 2015, the Company, through its ownership of EMI, owned approximately 5.3% of the outstanding limited partner interests in the Partnership and owned 100.0% of the General Partner. The Company, through its ownership of Acacia, indirectly owns a 50% limited partner interest in Midstream Holdings. Midstream Holdings owns midstream assets previously held by Devon in the Barnett Shale in North Texas, the Cana-Woodford Shale and Arkoma-Woodford Shale in Oklahoma and a contractual right to the burdens and benefits associated with Devon’s 38.75% interest in Gulf Coast Fractionators (“GCF”) in Mt. Belvieu, Texas.

Also effective as of March 7, 2014, a wholly-owned subsidiary of the Partnership acquired the remaining 50% limited partner interest in Midstream Holdings and all of the outstanding equity interests in EnLink Midstream Holdings GP, LLC, the general partner of Midstream Holdings (together with the mergers, the “business combination”).

Under the acquisition method of accounting, Midstream Holdings was the acquirer in the business combination because its parent company, Devon, obtained control of ENLC. Consequently, Midstream Holdings’ assets and liabilities retained their carrying values. Additionally, EMI’s assets acquired and liabilities assumed by ENLC, as well as ENLC’s non-controlling interest in the Partnership, are recorded at their fair values measured as of the acquisition date. The excess of the purchase price over the estimated fair values of EMI’s net assets acquired is recorded as goodwill.

Since equity consideration was issued for this business combination, the purchase of these assets and liabilities has been excluded from our statement of cash flows, except for transaction related costs totaling $51.4 million assumed by ENLC at closing and subsequently paid by ENLC.

For the period from March 7, 2014 to June 30, 2014, the Company recognized $968.8 million of revenues and $26.5 million of net loss related to the assets acquired in the business combination.

Pro Forma Information

The following unaudited pro forma condensed financial information for the three and six months ended June 30, 2015 and 2014 gives effect to the business combination, Chevron acquisition, Coronado acquisition, LPC acquisition, and VEX Drop Down as if they had occurred on January 1, 2014. The unaudited pro forma condensed financial information has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the transactions taken place on the dates indicated and is not intended to be a projection of future results. Pro forma financial information associated with the business combination and acquisitions is reflected below.
 
 
Three Months Ended
June 30,
 
Six Months Ended 
 June 30,
 
 
2014
 
2015
 
2014
 
(in millions)
Pro forma total revenues (1)
 
$
1,453.4

 
$
2,337.2

 
$
2,834.6

Pro forma net income
 
$
55.2

 
$
64.7

 
$
74.0

Pro forma net income attributable to EnLink Midstream, LLC
 
$
25.3

 
$
31.0

 
$
42.7

Pro forma net income per common unit:
 
 
 


 
 
Basic
 
$
0.17

 
$
0.18

 
$
0.28

Diluted
 
$
0.17

 
$
0.18

 
$
0.28

(1)
On January 1, 2014, Midstream Holdings entered into gathering and processing agreements with Devon, which are described in Note 5.
Goodwill and Intangible Assets
Goodwill Disclosure
(4) Goodwill and Intangible Assets

Goodwill

Goodwill is the cost of an acquisition less the fair value of the net identifiable assets of the acquired business. The Company evaluates goodwill for impairment annually as of October 31, and whenever events or changes in circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company first assesses qualitative factors to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as the basis for determining whether it is necessary to perform the two-step goodwill impairment test. The Company may elect to perform the two-step goodwill impairment test without completing a qualitative assessment. If a two-step goodwill impairment test is elected or required, the first step involves comparing the fair value of the reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, the second step of the process involves comparing the implied fair value to the goodwill for that reporting unit. If the carrying value of the goodwill of a reporting unit exceeds the implied fair value of that goodwill, the excess of the carrying value over the implied fair value is recognized as an impairment loss. The Company performed its annual impairment test of goodwill as of the fourth quarter of 2014. Based on these assessments, no impairment of goodwill was required.

The table below provides a summary of the Company’s goodwill, by assigned reporting unit.
 
 
June 30,
2015
 
December 31,
2014
 
 
(in millions)
Texas
 
$
1,185.0

 
$
1,168.2

Louisiana
 
786.8

 
786.8

Oklahoma
 
190.3

 
190.3

Crude and Condensate
 
142.1

 
112.5

Corporate
 
1,427.0

 
1,426.9

       Total
 
$
3,731.2

 
$
3,684.7



The change in goodwill is related to an increase of $29.6 million attributable to the acquisition of LPC, which is included in the Crude and Condensate segment, and an increase of $16.9 million attributable to the acquisition of Coronado, which is included in the Texas segment. See Note 3-Acquisitions for further discussion.

Intangible 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 five to twenty years.

The following table represents the Partnership's total purchased intangible assets for the periods stated (in millions):
 
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
June 30, 2015
 
 
 
 
 
 
Customer relationships
 
$
906.8

 
$
(66.3
)
 
$
840.5

December 31, 2014
 
 
 
 
 
 
Customer relationships
 
$
569.5

 
$
(36.5
)
 
$
533.0



The weighted average amortization period for intangible assets is 11.2 years. Amortization expense for intangibles was approximately $18.2 million and $11.3 million for the three months ended June 30, 2015 and 2014, respectively, and $29.7 million and $13.0 million for the six months ended June 30, 2015 and 2014, respectively.

The following table summarizes the Partnership's estimated aggregate amortization expense for the next five years (in millions):
2015 (remaining)
$
33.2

2016
66.4

2017
66.4

2018
66.3

2019
65.5

Thereafter
542.7

Total
$
840.5

Affiliate Transactions
Related Party Transactions Disclosure
(5) Affiliate Transactions

The Partnership engages in various transactions with Devon and other affiliated entities. For the three and six months ended June 30, 2015 and 2014, Devon was a significant customer to the Partnership. Devon accounted for 14.2% and 15.7% of the Partnership's revenues for the three and six months ended June 30, 2015, respectively, and 18.7% and 40.3% for the three and six months ended June 30, 2014, respectively. The Partnership had an accounts receivable balance related to transactions with Devon of $112.2 million as of June 30, 2015 and $121.6 million as of December 31, 2014. Additionally, the Partnership had an accounts payable balance related to transactions with Devon of $21.6 million as of June 30, 2015 and $3.0 million as of December 31, 2014. Management believes these transactions are executed on terms that are fair and reasonable and are consistent with terms for transactions with nonaffiliated third parties. The amounts related to affiliate transactions are specified in the accompanying financial statements.

Gathering, Processing and Transportation Agreements with Devon

As described in Note 1, Midstream Holdings was previously a wholly-owned subsidiary of Devon, and all of its assets were contributed to it by Devon.  On January 1, 2014, in connection with the consummation of the business combination, EnLink Midstream Services, LLC, a wholly-owned subsidiary of Midstream Holdings ("EnLink Midstream Services"), entered into 10-year gathering and processing agreements with Devon pursuant to which EnLink Midstream Services provides gathering, treating, compression, dehydration, stabilization, processing and fractionation services, as applicable, for natural gas delivered by Devon Gas Services, L.P., a subsidiary of Devon ("Gas Services"), to Midstream Holdings’ gathering and processing systems in the Barnett, Cana-Woodford and Arkoma-Woodford Shales. On January 1, 2014, SWG Pipeline, L.L.C. (“SWG Pipeline”), another wholly-owned subsidiary of Midstream Holdings, entered into a 10-year gathering agreement with Devon pursuant to which SWG Pipeline provides gathering, treating, compression, dehydration and redelivery services, as applicable, for natural gas delivered by Gas Services to another of the Partnership's gathering systems in the Barnett Shale.

These agreements provide Midstream Holdings with dedication of all of the natural gas owned or controlled by Devon and produced from or attributable to existing and future wells located on certain oil, natural gas and mineral leases covering land within the acreage dedications, excluding properties previously dedicated to other natural gas gathering systems not owned and operated by Devon. Pursuant to the gathering and processing agreements entered into on January 1, 2014, Devon has committed to deliver specified average minimum daily volumes of natural gas to Midstream Holdings’ gathering systems in the Barnett, Cana-Woodford and Arkoma-Woodford Shales during each calendar quarter for a five-year period following execution. Devon is entitled to firm service, meaning that if capacity on a system is curtailed or reduced, or capacity is otherwise insufficient, Midstream Holdings will take delivery of as much Devon natural gas as is permitted in accordance with applicable law.

The gathering and processing agreements are fee-based, and Midstream Holdings is paid a specified fee per MMBtu for natural gas gathered on Midstream Holdings’ gathering systems and a specified fee per MMBtu for natural gas processed. The particular fees, all of which are subject to an automatic annual inflation escalator at the beginning of each year, differ from one system to another and do not contain a fee redetermination clause.

In connection with the closing of the business combination, Midstream Holdings entered into an agreement with a wholly-owned subsidiary of Devon pursuant to which Midstream Holdings provides transportation services to Devon on its Acacia pipeline.

Effective December 1, 2014, Gas Services assigned one of its 10-year gathering and processing agreements to Linn Exchange Properties, LLC (“Linn Energy”), which is a subsidiary of Linn Energy, LLC, in connection with Gas Services' divestiture of certain of its southeastern Oklahoma assets. Accordingly, beginning on December 1, 2014, Linn Energy began performing Gas Services' obligations under the applicable agreement, which relates to production dedicated to our Northridge assets in southeastern Oklahoma and remains in full force and effect.

Other Commercial Relationships with Devon

As noted above, the Partnership continues to maintain a customer relationship with Devon originally established prior to the business combination pursuant to which the Partnership provides gathering, transportation, processing and gas lift services to Devon in exchange for fee-based compensation under several agreements with Devon.  The terms of these agreements vary, but the agreements expire between July 2015 and July 2021, renewing automatically for month-to-month or year-to-year periods unless canceled by Devon prior to expiration.  In addition, the Partnership has agreements with Devon pursuant to which the Partnership purchases and sells NGLs, gas and crude oil and pays or receives, as applicable, a margin-based fee.  These NGL, gas and crude oil purchase and sale agreements have month-to-month terms.

VEX Transportation Agreement

In connection with the VEX acquisition, the Operating Partnership became party to a five year transportation services agreement with Devon pursuant to which the Operating Partnership provides transportation services to Devon on the VEX pipeline.

Transition Services Agreement

In connection with the consummation of the business combination, the Partnership entered into a transition services agreement with Devon pursuant to which Devon provides certain services to the Partnership with respect to the business and operations of Midstream Holdings and the Partnership provides certain services to Devon. General and administrative expenses related to the transition service agreement were $0.1 million for the three and six months ended June 30, 2015 and $1.1 million and $1.3 million for the three and six months ended June 30, 2014, respectively. We received $0.2 million from Devon under the transition services agreement for the six months ended June 30, 2015. Substantially all services under the transition services agreement were completed during 2014.

EMH Drop Down to Partnership

On February 17, 2015, Acacia contributed the February Transferred Interests to the Partnership in exchange for 31,618,311 Class D Common Units in the Partnership with an implied value of $925.0 million. The Class D Common Units were substantially similar in all respects to the Partnership’s common units, except that they were only entitled to a pro rata distribution for the fiscal quarter ended March 31, 2015. The Class D Common Units converted into common units on a one-for-one basis on May 4, 2015.

On May 27, 2015, Acacia contributed the May Transferred Interests to the Partnership in exchange for 36,629,888 Class E Common Units in the Partnership with an implied value of $900.0 million. The Class E Common Units were substantially similar in all respects to the Partnership’s common units, except that they were only entitled to a pro rata distribution for the fiscal quarter ended June 30, 2015. The Class E Common Units converted into common units on a one-for-one basis on August 3, 2015, which was the first business day following the record date for distribution payments with respect to the distribution for the quarter ended June 30, 2015. After giving effect to the EMH Drop Downs, the Partnership owns 100% of Midstream Holdings.

E2 Drop Down to Partnership

On October 22, 2014, EMI contributed its equity interests in E2 Appalachian Compression, LLC and E2 Energy Services, LLC (together “E2”) to the Partnership in a drop down transaction (the "E2 Drop Down"). The total consideration for the transaction was approximately $194.0 million, including a cash payment of $163.0 million and the issuance of approximately 1.0 million Partnership units (valued at approximately $31.2 million based on the October 22, 2014 closing price of the Partnership's units).

Predecessor Affiliate Transactions

Prior to March 7, 2014, affiliate transactions relate to Predecessor transactions consisting of sales to and from affiliates, services provided by affiliates, cost allocations from affiliates and centralized cash management activities performed by affiliates.

The following presents financial information for the Predecessor's affiliate transactions and other transactions with Devon, all of which are settled through an adjustment to equity prior to March 7, 2014 (in millions):
 
Six Months Ended June 30, 2014
Continuing Operations:
 
Revenues - affiliates
$
(436.4
)
Operating cost and expenses - affiliates
340.0

Net affiliate transactions
(96.4
)
Capital expenditures
21.3

Other third-party transactions, net
53.0

Net third-party transactions
74.3

Net cash distributions to Devon - continuing operations
(22.1
)
Non-cash distribution of net assets to Devon
(23.2
)
Total net distributions per equity
$
(45.3
)
 
 
Discontinued operations:
 
Revenues - affiliates
$
(10.4
)
Operating costs and expenses - affiliates
5.0

Net affiliate transactions
(5.4
)
Capital expenditures
0.6

Other third-party transactions, net
0.4

Net third-party transactions
1.0

Net cash distributions to Devon and non-controlling interests - discontinued operations
(4.4
)
Non-cash distribution of net assets to Devon
(39.9
)
Total net distributions per equity
$
(44.3
)
Total distributions- continuing and discontinued operations
$
(89.6
)


Share-based compensation costs included in the management services fee charged to Midstream Holdings by Devon were approximately $2.8 million for the six months ended June 30, 2014. Pension, postretirement and employee savings plan costs included in the management services fee charged to the Partnership by Devon were approximately $1.6 million for the six months ended June 30, 2014. These amounts are included in general and administrative expenses in the accompanying statements of operations.
Long-Term Debt
Long-Term Debt
(6) Long-Term Debt
 
As of June 30, 2015 and December 31, 2014, long-term debt consisted of the following (in millions):
 
June 30,
2015
 
December 31,
2014
Partnership credit facility (due 2020), interest based on Prime and/or LIBOR plus an applicable margin, interest rate at June 30, 2015 and December 31, 2014 was 2.3% and 1.9% respectively
$
150.0

 
$
237.0

Company credit facility (due 2019)
—

 
—

The Partnership's senior unsecured notes (due 2019), net of discount of $0.4 million at June 30, 2015 and $0.5 million at December 31, 2014, which bear interest at the rate of 2.70%
399.6

 
399.5

The Partnership's senior unsecured notes (due 2022), including a premium of $20.4 million at June 30, 2015 and $21.9 million at December 31, 2014, which bear interest at the rate of 7.125%
182.9

 
184.4

The Partnership's senior unsecured notes (due 2024), net of premium of $3.0 million at June 30, 2015 and $3.2 million at December 31, 2014, which bear interest at the rate of 4.40%
553.0

 
553.2

Partnership's Senior unsecured notes (due 2025), net of discount of $1.3 million at June 30, 2015, which bear interest at the rate of 4.15%
748.7

 
—

The Partnership's senior unsecured notes (due 2044), net of discount of $0.3 million at June 30, 2015 and December 31, 2014, which bear interest at the rate of 5.60%
349.7

 
349.7

The Partnership's senior unsecured notes (due 2045), net of discount of $7.0 million at June 30, 2015 and $1.7 million at December 31, 2014, which bear interest at the rate of 5.05%
443.0

 
298.3

Other debt
0.3

 
0.4

Debt classified as long-term
$
2,827.2

 
$
2,022.5



Company Credit Facility

On March 7, 2014, the Company entered into a $250.0 million revolving credit facility, which includes a $125.0 million letter of credit subfacility (the “credit facility”). Our obligations under the credit facility are guaranteed by two of our wholly-owned subsidiaries and secured by first priority liens on (i) 17,431,152 Partnership common units and the 100% membership interest in the General Partner indirectly held by us, (ii) the 100% equity interest in each of our wholly-owned subsidiaries held by us and (iii) any additional equity interests subsequently pledged as collateral under the credit facility.

The credit facility will mature on March 7, 2019. The 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, and include (i) maintaining a maximum consolidated leverage ratio (as defined in the credit facility, but generally computed as the ratio of consolidated funded indebtedness to consolidated earnings before interest, taxes, depreciation, amortization and certain other non-cash charges) of 4.00 to 1.00, provided that the maximum consolidated leverage ratio is 4.50 to 1.00 during an acquisition period (as defined in the credit facility) and (ii) maintaining a minimum consolidated interest coverage ratio (as defined in the credit facility, but generally computed as the ratio of consolidated earnings before interest, taxes, depreciation, amortization and certain other non-cash charges to consolidated interest charges) of 2.50 to 1.00 at all times unless an investment grade event (as defined in the credit facility) occurs.

Borrowings under the credit facility bear interest, at our option, at either the Eurodollar Rate (the LIBOR Rate) plus an applicable margin 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. The applicable margins vary depending on our leverage ratio. Upon breach by us of certain covenants governing the credit facility, amounts outstanding under the credit facility, if any, may become due and payable immediately and the liens securing the credit facility could be foreclosed upon. The Company expects to be in compliance with the covenants in the existing credit facility for at least the next twelve months.

As of June 30, 2015 there were no borrowings under the credit facility, leaving $250.0 million available for future borrowing based on the borrowing capacity of $250.0 million.

Partnership Credit Facility

On February 20, 2014, the Partnership entered into a $1.0 billion unsecured revolving credit facility, which includes a $500.0 million letter of credit subfacility (the “Partnership credit facility”). On February 5, 2015, the Partnership exercised the accordion under the Partnership credit facility, increasing the size of the facility to $1.5 billion and also exercised an option to extend the maturity date of the Partnership credit facility to March 6, 2020. The Partnership also entered into certain amendments to the Partnership credit facility pursuant to which the Partnership is permitted to, (1) subject to certain conditions and the receipt of additional commitments by one or more lenders, increase the aggregate commitments under the Partnership credit facility by an additional amount not to exceed $500 million and, (2) subject to certain conditions and the consent of the requisite lenders, on two separate occasions extend the maturity date of the Partnership credit facility by one year. The Partnership credit facility contains certain financial, operational and legal covenants. Among other things, these covenants include maintaining a ratio of consolidated indebtedness to consolidated EBITDA (as defined in the Partnership credit facility, which definition includes projected EBITDA from certain capital expansion projects) of no more than 5.0 to 1.0. If the Partnership consummates one or more acquisitions in which the aggregate purchase price is $50.0 million or more, the maximum allowed ratio of consolidated indebtedness to consolidated EBITDA may be increased to 5.5 to 1.0 for the quarter of the acquisition and the three following quarters.

Borrowings under the Partnership credit facility bear interest at the Partnership’s option at the Eurodollar Rate (the LIBOR Rate) plus an applicable margin 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. The applicable margins vary depending on the Partnership’s credit rating. Upon breach by the Partnership of certain covenants governing the Partnership credit facility, amounts outstanding under the Partnership credit facility, if any, may become due and payable immediately.

As of June 30, 2015, there were $2.9 million in outstanding letters of credit and $150.0 million in outstanding borrowings under the Partnership’s credit facility, leaving approximately $1.3 billion available for future borrowing based on the borrowing capacity of $1.5 billion.

All other material terms of the Partnership credit facility are described in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Indebtedness” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Partnership expects to be in compliance with all credit facility covenants for at least the next twelve months.
On May 12, 2015, the Partnership issued $900.0 million aggregate principal amount of unsecured senior notes, consisting of $750.0 million aggregate principal amount of its 4.150% senior notes due 2025 (the “2025 Notes”) and $150.0 million aggregate principal amount of its 5.050% senior notes due 2045 (the “2045 Notes”) at prices to the public of 99.827% and 96.381%, respectively, of their face value. The 2025 Notes mature on June 1, 2025 and the 2045 Notes mature on April 1, 2045. Interest payments on the 2025 Notes are payable on June 1 and December 1 of each year, beginning December 1, 2015. Interest payments on the 2045 Notes are payable on April 1 and October 1 of each year, beginning October 1, 2015.
Prior to March 1, 2025, the 2025 Notes are redeemable, at the option of the Partnership, at any time in whole, or from time to time in part, at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2025 Notes to be redeemed; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2025 Notes to be redeemed that would be due if the 2025 Notes matured on March 1, 2025 (exclusive of interest accrued to, but excluding, the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 30 basis points; plus, in either case, accrued and unpaid interest to, but excluding, the redemption date. At any time on or after March 1, 2025, the 2025 Notes are redeemable, at the option of the Partnership, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2025 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date.
Prior to October 1, 2044, the Partnership may redeem all or a part of the 2045 Notes at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2045 Notes to be redeemed; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2045 Notes to be redeemed that would be due after the related redemption date but for such redemption (exclusive of interest accrued to, but excluding, the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 30 basis points; plus, in either case, accrued and unpaid interest to, but excluding, the redemption date. At any time on or after October 1, 2044, the Partnership may redeem all or a part of the 2045 Notes at a redemption price equal to 100% of the principal amount of the 2045 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date.
The indentures governing the Senior Notes contain covenants that, among other things, limit our ability to create or incur certain liens or consolidate, merge or transfer all or substantially all of our assets.
Each of the following is an event of default under the indentures:
•
failure to pay any principal or interest when due;

•
failure to observe any other agreement, obligation or other covenant in the indenture, subject to the cure periods for certain failures;

•
our default under other indebtedness that exceeds a certain threshold amount;

•
failure by us to pay final judgments that exceed a certain threshold amount; and

•
bankruptcy or other insolvency events involving us.
If an event of default relating to bankruptcy or other insolvency events occurs, the Senior Notes will immediately become due and payable. If any other event of default exists under the indenture, the trustee under the indenture or the holders of the Senior Notes may accelerate the maturity of the Senior Notes and exercise other rights and remedies.
Income Tax Income Tax (Notes)
Income Tax Disclosure
(7)     Income Taxes

Income taxes included in the condensed consolidated financial statements were as follows for the periods presented.
 
 
Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
 
2015
 
2014
 
2015
 
2014
 
 
(in millions)
Predecessor income tax expense
 
$
—

 
$
—

 
$
—

 
$
19.4

ENLC income tax expense
 
10.2

 
18.5

 
20.9

 
22.8

       Total income tax expense
 
$
10.2

 
$
18.5

 
$
20.9

 
$
42.2

Certain Provision of the Partnership Agreement
Certain Provisions of the Partnership Agreement
(8)      Certain Provisions of the Partnership Agreement

(a) Issuance of Common Units

In November 2014, the Partnership entered into an Equity Distribution Agreement (the “BMO EDA”) with BMO Capital Markets Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Jefferies LLC, Raymond James & Associates, Inc. and RBC Capital Markets, LLC (collectively, the “Sales Agents”) to sell up to $350.0 million in aggregate gross sales of the Partnership’s common units from time to time through an “at the market” equity offering program. The Partnership may also sell common units to any Sales Agent as principal for the Sales Agent’s own account at a price agreed upon at the time of sale. The Partnership has no obligation to sell any of the common units under the BMO EDA and may at any time suspend solicitation and offers under the BMO EDA. For the six months ended June 30, 2015, the Partnership sold an aggregate of 0.2 million common units under the BMO EDA, generating proceeds of approximately $4.1 million (net of less than $0.1 million of commissions). The Partnership used the net proceeds for general partnership purposes. As of June 30, 2015, approximately $337.6 million remains available to be issued under the agreement.



(b) Class C Common Units

In March 2015, the Partnership issued 6,704,285 Class C Common Units representing a new class of limited partner interests as partial consideration for the acquisition of Coronado. For further discussion see Note 3- Acquisitions. The Class C Common Units are substantially similar in all respects to the Partnership's common units, except that distributions paid on the Class C Common Units may be paid in cash or in additional Class C Common Units issued in kind, as determined by the General Partner in its sole discretion. The Class C Common Units will automatically convert into common units on a one-for-one basis on the earlier to occur of (i) the date on which the General Partner, in its sole discretion, determines to convert all of the outstanding Class C Common Units into common units and (ii) the first business day following the date of the distribution for the quarter ended March 31, 2016. Distributions on the Class C Common Units for the three months ended March 31, 2015 were paid-in-kind ("PIK") through the issuance of 99,794 Class C Common Units on May 14, 2015. A distribution on the Class C Common Units of $0.385 per unit was declared for the three months ended June 30, 2015, which will result in the issuance of 120,622 additional Class C Common Units on August 13, 2015.

(c) Class D Common Units

In February 2015, the Partnership issued 31,618,311 Class D Common Units to Acacia as consideration for a 25% interest in Midstream Holdings. For further discussion see Note 3 - Acquisitions. The Partnership’s Class D Common Units were substantially similar in all respects to the Partnership’s common units, except that they only received a pro rata distribution from the date of issuance for the fiscal quarter ended March 31, 2015. The Partnership’s Class D Common Units automatically converted into the Partnership’s common units on a one-for-one basis on May 4, 2015.

(d) Class E Common Units

In May 2015, the Partnership issued 36,629,888 Class E Common Units to Acacia as consideration for the remaining 25% interest in Midstream Holdings. For further discussion see Note 5 - Affiliate Transactions. The Partnership’s Class E Common Units were substantially similar in all respects to the Partnership’s common units, except that they were only entitled to a pro rata distribution from the date of issuance for the fiscal quarter ended June 30, 2015. The Partnership’s Class E Common Units automatically converted into the Partnership’s common units on a one-for-one basis on August 3, 2015.

(e)  Distributions
 
Unless restricted by the terms of the Partnership's credit facility and/or the indentures governing the Partnership’s senior unsecured notes, the Partnership must make distributions of 100% of available cash, as defined in the partnership agreement, within 45 days following the end of each quarter. Distributions are made to the General Partner in accordance with its current percentage interest with the remainder to the common unitholders, subject to the payment of incentive distributions as described below to the extent that certain target levels of cash distributions are achieved. The General Partner is not entitled to its general partner or incentive distributions with respect to the Class C Common Units issued in kind.

Under the quarterly incentive distribution provisions, generally the Partnership's General Partner is entitled to 13.0% of amounts the Partnership distributes in excess of $0.25 per unit, 23% of the amounts the Partnership distributes in excess of $0.3125 per unit and 48.0% of amounts the Partnership distributes in excess of $0.375 per unit.

A summary of the Partnership's distribution activity relating to the common units for the six months ended June 30, 2015 is provided below:
Declaration period
 
Distribution/unit
 
Date paid/payable
Fourth Quarter of 2014
 
$
0.375

 
February 12, 2015
First Quarter of 2015 (1) (2)
 
$
0.38

 
May 14, 2015
Second Quarter of 2015 (3)
 
$
0.385

 
August 13, 2015
(1) The Partnership declared a partial first quarter 2015 distribution on its Class D Common Units of $0.18 per unit paid on May 14, 2015. Distributions paid for the Class D Common Units represent a pro rata distribution for the number of days the Class D Common Units were issued and outstanding during the quarter. The Class D Common Units automatically converted into common units on a one-for-one basis on May 4, 2015.
(2) The Partnership's first quarter distributions on its Class C Common Units of $0.38 per unit were PIK through the issuance of 99,794 Class C Common Units on May 14, 2015.
(3) The Partnership declared a partial second quarter 2015 distribution on its Class E Common Units of $0.15 per unit to be paid on August 13, 2015. Distributions declared for the Class E Common Units represent a pro rata distribution for the number of days the Class E Common Units were issued and outstanding during the quarter. The Class E Common Units automatically converted into common units on a one-for-one basis on August 3, 2015.

(f) Allocation of Partnership Income

Net income is allocated to the General Partner in an amount equal to its incentive distributions as described in Note 8(e). The General Partner's share of net income consists of incentive distributions to the extent earned, a deduction for unit-based compensation attributable to ENLC’s restricted units and the percentage interest of the Partnership’s net income adjusted for ENLC's unit-based compensation specifically allocated to the General Partner. The net income allocated to the General Partner is as follows for the three and six months ended June 30, 2015 and 2014 (in millions):

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014*
Income allocation for incentive distributions
$
11.3

 
$
5.9

 
$
20.1

 
$
7.3

Unit-based compensation attributable to ENLC’s restricted units
(3.9
)
 
(3.1
)
 
(10.9
)
 
(3.7
)
General Partner interest in net income
0.2

 
0.3

 
0.3

 
0.4

General Partner interest in drop down transactions
11.5

 
40.4

 
36.1

 
49.9

General Partner share of net income
$
19.1

 
$
43.5

 
$
45.6

 
$
53.9

* The six months ended June 30, 2014 amounts consist only of the period from March 7, 2014 through June 30, 2014.
Earnings per Unit and Dilution Computations
Earnings per Unit and Dilution Computations
(9) Earnings per Unit and Dilution Computations

As required under FASB ASC 260-10-45-61A, unvested unit-based payments that entitle employees to receive non-forfeitable distributions are considered participating securities, as defined in FASB ASC 260-10-20, for earnings per unit calculations. Net income earned by the Predecessor prior to March 7, 2014 is not included for purposes of calculating earnings per unit as the Predecessor did not have any unitholders.

The following table reflects the computation of basic and diluted earnings per unit for the three and six months ended June 30, 2015 and 2014 (in millions, except per unit amounts):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2015
 
2014
 
2015
 
2014*
EnLink Midstream, LLC interest in net income
$
14.5

 
$
28.8

 
$
30.8

 
$
35.6

Distributed earnings allocated to:
 
 
 
 
 
 
 
Common units (1) (2)
$
41.1

 
$
36.1

 
$
81.3

 
$
50.6

Unvested restricted units (1)
0.3

 
0.1

 
0.5

 
0.3

Total distributed earnings
$
41.4

 
$
36.2

 
$
81.8

 
$
50.9

Undistributed loss allocated to:
 
 
 
 
 
 
 
Common units
$
(26.7
)
 
$
(7.4
)
 
$
(50.7
)
 
$
(15.2
)
Unvested restricted units
(0.2
)
 
—

 
(0.3
)
 
(0.1
)
Total undistributed loss
$
(26.9
)
 
$
(7.4
)
 
$
(51.0
)
 
$
(15.3
)
Net income allocated to:
 
 
 
 
 
 
 
Common units
$
14.4

 
$
28.7

 
$
30.6

 
$
35.4

Unvested restricted units
0.1

 
0.1

 
0.2

 
0.2

Total net income
$
14.5

 
$
28.8

 
$
30.8

 
$
35.6

Total basic and diluted net income per unit:
 
 
 
 
 
 
 
Basic
$
0.09

 
$
0.18

 
$
0.19

 
$
0.22

Diluted
$
0.09

 
$
0.18

 
$
0.19

 
$
0.22

__________________________________________________
* The six months ended June 30, 2014 amounts consist only of the period from March 7, 2014 through June 30, 2014.
(1) Three months ended June 30, 2015 and 2014 represents a declared distribution of $0.25 per unit for common units payable on August 14, 2015 and declared distribution of $0.22 per unit for common units paid on August 14, 2014.
(2) Six months ended June 30, 2015 and 2014 represents a distribution of $0.245 per unit paid in May 2015 and a declared distribution of $0.25 per unit for common units payable on August 14, 2015 and a distribution of $0.18 per unit paid in May 2014 and a distribution of $0.22 per unit for common units paid on August 14, 2014. Additionally, six months ended June 30, 2014 includes declared distribution of $0.05 per unit for Class B Common Units paid on May 15, 2014.

The following are the unit amounts used to compute the basic and diluted earnings per unit for the periods presented (in millions):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2015
 
2014
 
2015
 
2014*
Basic and diluted earnings per unit:
 
 
 
 
 
 
 
Weighted average common units outstanding
164.2

 
164.0

 
164.2

 
164.0

Diluted weighted average units outstanding:
 
 
 
 
 
 
 
Weighted average basic common units outstanding
164.2

 
164.0

 
164.2

 
164.0

Dilutive effect of restricted units issued
0.4

 
0.3

 
0.4

 
0.2

Total weighted average diluted common units outstanding
164.6

 
164.3

 
164.6

 
164.2

_______________________________________________
* The six months ended June 30, 2014 amounts consist only of the period from March 7, 2014 through June 30, 2014.

All outstanding units were included in the computation of diluted earnings per unit and weighted based on the number of days such units were outstanding during the periods presented.
Asset Retirement Obligation
Asset Retirement Obligation Disclosure
(10) Asset Retirement Obligations

The schedule below summarizes the changes in the Partnership’s asset retirement obligation:
 
June 30,
2015
 
June 30,
2014
 
(in millions)
Beginning asset retirement obligation
$
20.6

 
$
8.1

Revisions to existing liabilities
(4.0
)
 
3.4

Liabilities acquired
—

 
0.5

Accretion
0.3

 
0.3

    Liabilities settled
(3.2
)
 
—

Ending asset retirement obligation
$
13.7

 
$
12.3


Asset retirement obligations of $1.1 million and $8.2 million as of June 30, 2015 and December 31, 2014, respectively, are included in Other Current Liabilities.
Investment in Unconsolidated Affiliate
Investment in unconsolidated affiliate
(11) Investment in Unconsolidated Affiliates

The Partnership's unconsolidated investments consisted of a contractual right to the economic benefits and burdens associated with Devon's 38.75% ownership interest in GCF at June 30, 2015 and 2014 and a 30.6% ownership interest in Howard Energy Partners ("HEP") at June 30, 2015 and 2014.

The following table shows the activity related to the Partnership’s investment in unconsolidated affiliates for the periods indicated (in millions):

 
Gulf Coast Fractionators
 
Howard Energy Partners
 
Total
Three months ended
 
 
 
 
 
June 30, 2015
 
 
 
 
 
Distributions
$
4.2

 
$
8.2

 
$
12.4

Equity in income
$
2.9

 
$
3.0

 
$
5.9

 
 
 
 
 
 
June 30, 2014 (1)
 
 
 
 
 
Distributions
$
—

 
$
3.0

 
$
3.0

Equity in income
$
3.9

 
$
0.6

 
$
4.5

 
 
 
 
 
 
Six months ended
 
 
 
 
 
June 30, 2015
 
 
 
 
 
Distributions
$
6.9

 
$
12.3

 
$
19.2

Equity in income
$
6.3

 
$
3.4

 
$
9.7

 
 
 
 
 
 
June 30, 2014 (1)
 
 
 
 
 
Distributions
$
—

 
$
5.7

 
$
5.7

Equity in income
$
8.0

 
$
0.7

 
$
8.7

(1) Includes income and distributions for the period from March 7, 2014 through June 30, 2014 for HEP.

The following table shows the balances related to the Partnership’s investment in unconsolidated affiliates for the periods indicated (in millions):
 
June 30,
2015
 
December 31,
2014
Gulf Coast Fractionators
$
53.4

 
$
54.1

Howard Energy Partners
207.8

 
216.7

Total investments in unconsolidated affiliates
$
261.2

 
$
270.8

Employee Incentive Plans
Employee Incentive Plans
(12) Employee Incentive Plans
 
(a)         Long-Term Incentive Plans
 
The Partnership accounts for unit-based compensation in accordance with FASB ASC 718, which requires that compensation related to all unit-based awards, including unit options, be recognized in the consolidated financial statements.

The Partnership and ENLC each have similar unit-based compensation payment plans for officers and employees, which are described below.  Unit-based compensation associated with ENLC's unit-based compensation plan awarded to officers and employees of the Partnership are recorded by the Partnership since ENLC has no substantial or managed operating activities other than its interests in the Partnership. Amounts recognized in the condensed consolidated financial statements with respect to these plans are as follows (in millions): 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Cost of unit-based compensation allocated to Predecessor general and
    administrative expense (1)
$
—

 
$
—

 
$
—

 
$
2.8

Cost of unit-based compensation charged to general and administrative
    expense
6.6

 
5.0

 
18.5

 
6.0

Cost of unit-based compensation charged to operating expense
1.1

 
0.8

 
3.0

 
1.0

    Total amount charged to income
$
7.7

 
$
5.8

 
$
21.5

 
$
9.8

Interest of non-controlling partners in unit-based compensation
$
3.7

 
$
2.5

 
$
9.2

 
$
3.0

Amount of related income tax benefit recognized in income
$
1.5

 
$
1.3

 
$
4.6

 
$
2.6


(1)
Unit-based compensation expense was treated as a contribution by the Predecessor in the Consolidated Statement of Changes in Members' Equity in 2014.

(b)  EnLink Midstream Partners, LP Restricted Incentive Units
 
The Partnership's restricted incentive units are valued at their fair value at the date of grant which is equal to the market value of common units on such date. A summary of the restricted incentive unit activity for the six months ended June 30, 2015 is provided below:
 
 
Six Months Ended 
 June 30, 2015
EnLink Midstream Partners, LP Restricted Incentive Units:
 
Number of
Units
 
Weighted
Average
Grant-Date
 Fair Value
Non-vested, beginning of period
 
1,022,191

 
$
31.25

Granted
 
564,524

 
27.05

Vested*
 
(261,409
)
 
28.76

Forfeited
 
(62,451
)
 
31.09

Non-vested, end of period
 
1,262,855

 
$
29.89

Aggregate intrinsic value, end of period (in millions)
 
$
27.7

 
 


 * Vested units include 89,679 units withheld for payroll taxes paid on behalf of employees.

The Partnership issued restricted incentive units in the first quarter of 2015 to officers and other employees. These restricted incentive units typically vest at the end of three years. In March 2015, the Partnership issued 128,675 restricted incentive units with a fair value of $3.4 million to officers and certain employees as bonus payments for 2014, which vested immediately and are included in the restricted units granted and vested line items above.
 
A summary of the restricted incentive units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested during the three and six months ended June 30, 2015 are provided below (in millions):


Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
EnLink Midstream Partners, LP Restricted Incentive Units:

2015
 
2015
Aggregate intrinsic value of units vested

$
0.4

 
$
7.2

Fair value of units vested

$
0.5

 
$
7.5



As of June 30, 2015, there was $24.3 million of unrecognized compensation cost related to non-vested restricted incentive units. That cost is expected to be recognized over a weighted-average period of 2.0 years.

(c)       EnLink Midstream Partners, LP Performance Units

In March 2015, the Partnership and ENLC granted performance awards under the amended and restated EnLink Midstream GP, LLC Long-Term Incentive Plan (the "GP Plan") and the 2014 Long-Term Incentive Plan (the “LLC Plan”), respectively. The performance award agreements provide that the vesting of restricted incentive units granted thereunder is dependent on the achievement of certain total shareholder return (“TSR”) performance goals relative to the TSR achievement of a peer group of companies (the “Peer Companies”) over the applicable performance period. The performance award agreements contemplate that the Peer Companies for an individual performance award (the “Subject Award”) are the companies comprising the Alerian MLP Index for Master Limited Partnerships (“AMZ”), excluding the Partnership and the Company (collectively, "EnLink"), on the grant date for the Subject Award. The performance units will vest based on the percentile ranking of the average of the Partnership’s and ENLC’s TSR achievement (the “EnLink TSR”) for the applicable performance period relative to the TSR achievement of the Peer Companies.

At the end of the vesting period, recipients receive distribution equivalents with respect to the number of performance units vested. The vesting of units may be between zero and 200 percent of the units granted depending on EnLink’s TSR as compared to the peer group on the vesting date. The fair value of each performance unit is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all performance unit grants made under the plan: (i) a risk-free interest rate based on United States Treasury rates as of the grant date; (ii) a volatility assumption based on the historical realized price volatility of the Partnership and the designated peer group; (iii) an estimated ranking of the Partnership among the designated peer group and (iv) the distribution yield. The fair value of the unit on the date of grant is expensed over a vesting period of three years. The following table presents a summary of the grant-date fair values of performance units granted and the related assumptions.
EnLink Midstream Partners, LP Performance Units:
 
2015
Beginning TSR Price
 
$
27.68

Risk-free interest rate
 
0.99
%
Volatility factor
 
33.01
%
Distribution yield
 
5.66
%


The following table presents a summary of the Partnership's performance units.
 
 
Six Months Ended 
 June 30, 2015
EnLink Midstream Partners, LP Performance Units:
 
Number of
Units
 
Weighted
Average
Grant-Date
Fair Value
Non-Vested, beginning of period
 
—

 
$
—

Granted
 
118,126

 
35.41

Vested
 
—

 
—

Non-vested, end of period
 
118,126

 
$
35.41

Aggregate intrinsic value, end of period (in millions)
 
$
2.6

 
 


As of June 30, 2015 there was $3.6 million of unrecognized compensation expense that related to non-vested Partnership performance units. That cost is expected to be recognized over a weighted-average period of 2.5 years.

(d)         EnLink Midstream, LLC’s Restricted Incentive Units

ENLC’s restricted incentive units are valued at their fair value at the date of grant which is equal to the market value of the common units on such date. A summary of the restricted incentive units activity for the six months ended June 30, 2015 is provided below:
 
 
Six Months Ended 
 June 30, 2015
EnLink Midstream, LLC Restricted Incentive Units:
 
Number of
Units
 
Weighted
Average
Grant-Date
Fair Value
Non-vested, beginning of period
 
986,472

 
$
37.03

Granted
 
481,042

 
31.74

Vested*
 
(258,094
)
 
35.79

Forfeited
 
(53,723
)
 
36.15

Non-vested, end of period
 
1,155,697

 
$
35.15

Aggregate intrinsic value, end of period (in millions)
 
$
35.9

 
 


 * Vested units include 82,352 units withheld for payroll taxes paid on behalf of employees.

ENLC issued restricted incentive units in the first quarter of 2015 to officers and other employees. These restricted incentive units typically vest at the end of three years and are included in restricted incentive units outstanding. In March 2015, ENLC issued 102,543 restricted incentive units with a fair value of $3.4 million to officers and certain employees as bonus payments for 2014, which vested immediately and are included in the restricted units granted and vested line items above.
 
A summary of the restricted incentive units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested during the three and six months ended June 30, 2015 are provided below (in millions):
 
 
Three Months Ended
June 30,
 
Six Months Ended 
 June 30,
EnLink Midstream, LLC Restricted Incentive Units:
 
2015
 
2015
Aggregate intrinsic value of units vested
 
$
0.6

 
$
8.9

Fair value of units vested
 
$
0.6

 
$
9.2



As of June 30, 2015, there was $24.1 million of unrecognized compensation costs related to non-vested ENLC restricted incentive units. The cost is expected to be recognized over a weighted average period of 1.9 years.

(e) EnLink Midstream, LLC's Performance Units

In March 2015, ENLC granted performance awards under the LLC Plan discussed in Note (c) above. At the end of the vesting period, recipients receive distribution equivalents with respect to the number of performance units vested. The vesting of units may be between zero and 200 percent of the units granted depending on EnLink’s TSR as compared to the peer group on the vesting date. The fair value of each performance unit is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all performance unit grants made under the plan: (i) a risk-free interest rate based on United States Treasury rates as of the grant date; (ii) a volatility assumption based on the historical realized price volatility of ENLC and the designated peer group; (iii) an estimated ranking of ENLC among the designated peer group and (iv) the distribution yield. The fair value of the unit on the date of grant is expensed over a vesting period of three years. The following table presents a summary of the grant-date fair values of performance units granted and the related assumptions.
EnLink Midstream, LLC Performance Units:
 
2015
Beginning TSR Price
 
$
34.24

Risk-free interest rate
 
0.99
%
Volatility factor
 
33.02
%
Distribution yield
 
2.98
%


The following table presents a summary of the Company's performance units.
 
 
Six Months Ended 
 June 30, 2015
EnLink Midstream, LLC Performance Units:
 
Number of
Units
 
Weighted
Average
Grant-Date
Fair Value
Non-Vested, beginning of period
 
—

 
$
—

Granted
 
105,080

 
40.5

Vested
 
—

 
—

Non-vested, end of period
 
105,080

 
$
40.5

Aggregate intrinsic value, end of period (in millions)
 
$
3.3

 
 


As of June 30, 2015 there was $3.7 million of unrecognized compensation expense that related to non-vested ENLC performance units. That cost is expected to be recognized over a weighted-average period of 2.5 years.
Derivatives
Derivatives
(13) Derivatives

Interest Rate Swaps
The Partnership entered into interest rate swaps in April and May 2015 in connection with the issuance of the 2025 Notes in May 2015.                
The impact of the interest rate swaps on net income is included in other income (expense) in the Condensed Consolidated Statements of Operations as part of interest expense, net, as follows (in millions):
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2015
 
2015
Settlement gains on derivatives
 
$
3.6

 
$
3.6



Commodity Swaps

The Partnership manages its exposure to fluctuation in commodity prices by hedging the impact of market fluctuations. Swaps are used to manage and hedge price and location risk related to these market exposures. Swaps are also used to manage margins on offsetting fixed-price purchase or sale commitments for physical quantities of natural gas and NGLs. The Partnership does not designate transactions as cash flow or fair value hedges for hedge accounting treatment under FASB ASC 815. Therefore, changes in the fair value of the Partnership's derivatives are recorded in revenue in the period incurred. In addition, the Partnership's risk management policy does not allow the Partnership to take speculative positions with its derivative contracts.

The Partnership commonly enters into index (float-for-float) or fixed-for-float swaps in order to mitigate its cash flow exposure to fluctuations in the future prices of natural gas, NGLs and crude oil. For natural gas, index swaps are used to protect against the price exposure of daily priced gas versus first-of-month priced gas. They are also used to hedge the basis location price risk resulting from supply and markets being priced on different indices. For natural gas, NGLs, condensate and crude, fixed-for-float swaps are used to protect cash flows against price fluctuations: (1) where the Partnership receives a percentage of liquids as a fee for processing third-party gas or where the Partnership receives a portion of the proceeds of the sales of natural gas and liquids as a fee, (2) in the natural gas processing and fractionation components of its business and (3) where the Partnership is mitigating the price risk for product held in inventory or storage.

The components of gain (loss) on derivative activity in the Condensed Consolidated Statements of Operations relating to commodity swaps are as follows for the three and six months ended June 30, 2015 and 2014 (in millions):
 
Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014*
Change in fair value of derivatives
$
(2.5
)
 
$
(1.3
)
 
$
(6.3
)
 
$
(2.0
)
Realized gain (loss) on derivatives
3.7

 
(0.3
)
 
7.7

 
(0.9
)
    Gain (loss) on derivative activity
$
1.2

 
$
(1.6
)
 
$
1.4

 
$
(2.9
)

* The six months ended June 30, 2014 amounts consist only of the period from March 7, 2014 through June 30, 2014. 

The fair value of derivative assets and liabilities relating to commodity swaps are as follows (in millions):
 
June 30,
2015
 
December 31,
2014
Fair value of derivative assets — current
$
14.0

 
$
16.7

Fair value of derivative assets — long term
4.9

 
10.0

Fair value of derivative liabilities — current
(3.5
)
 
(3.0
)
Fair value of derivative liabilities — long term
(0.8
)
 
(2.0
)
    Net fair value of derivatives
$
14.6

 
$
21.7


 
Set forth below is the summarized notional volumes and fair value of all instruments held for price risk management purposes and related physical offsets at June 30, 2015. The remaining term of the contracts extend no later than December 2016.
 
 
 
 
 
 
June 30, 2015
Commodity
 
Instruments
 
Unit
 
Volume
 
Fair Value
 
 
 
 
 
 
(In millions)
NGL (short contracts)
 
Swaps
 
Gallons
 
(60.5
)
 
$
18.1

NGL (long contracts)
 
Swaps
 
Gallons
 
35.8

 
(2.6
)
Natural Gas (short contracts)
 
Swaps
 
MMBtu
 
(3.7
)
 
2.6

Natural Gas (long contracts)
 
Swaps
 
MMBtu
 
2.7

 
(3.5
)
Total fair value of derivatives
 
 
 
 
 
 
 
$
14.6


 
On all transactions where the Partnership is exposed to counterparty risk, the Partnership analyzes the counterparty's financial condition prior to entering into an agreement, establishes limits and monitors the appropriateness of these limits on an ongoing basis. The Partnership primarily deals with two types of counterparties, financial institutions and other energy companies, when entering into financial derivatives on commodities. The Partnership has entered into Master International Swaps and Derivatives Association Agreements ("ISDAs") that allow for netting of swap contract receivables and payables in the event of default by either party. If the Partnership's counterparties failed to perform under existing swap contracts, the Partnership's maximum loss as of June 30, 2015 of $18.9 million would be reduced to $14.6 million due to the offsetting of gross fair value payables against gross fair value receivables as allowed by the ISDAs. 

Fair Value of Derivative Instruments

Assets and liabilities related to the Partnership's derivative contracts are included in the fair value of derivative assets and liabilities and the profit and loss on the mark to market value of these contracts are recorded net as a loss on derivatives in the Condensed Consolidated Statement of Operations. The Partnership estimates the fair value of all of its derivative contracts using actively quoted prices. The estimated fair value of derivative contracts by maturity date was as follows (in millions):
 
Maturity Periods
 
Less than one year
 
One to two years
 
More than two years
 
Total fair value
June 30, 2015
$
10.5

 
$
4.1

 
$
—

 
$
14.6

Fair Value Measurements
Fair Value Measurements
(14)      Fair Value Measurements
 
FASB ASC 820 sets forth a framework for measuring fair value and required disclosures about fair value measurements of assets and liabilities. Fair value under FASB ASC 820 is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, use of unobservable prices or inputs are used to estimate the current fair value, often using an internal valuation model. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the item being valued.
 
FASB ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
 
The Partnership’s derivative contracts primarily consist of commodity swap contracts which are not traded on a public exchange. The fair values of commodity swap contracts are determined using discounted cash flow techniques. The techniques incorporate Level 1 and Level 2 inputs for future commodity prices that are readily available in public markets or can be derived from information available in publicly quoted markets. These market inputs are utilized in the discounted cash flow calculation considering the instrument’s term, notional amount, discount rate and credit risk and are classified as Level 2 in hierarchy.
 
Net liabilities measured at fair value on a recurring basis are summarized below (in millions):
 
June 30, 2015
Level 2
 
December 31, 2014
Level 2
Commodity Swaps*
$
14.6

 
$
21.7

Total
$
14.6

 
$
21.7

 
__________________________________________________
*                 The fair value of derivative contracts included in assets or liabilities for risk management activities represents the amount at which the instruments could be exchanged in a current arms-length transaction adjusted for credit risk of the Partnership and/or the counterparty as required under FASB ASC 820.
 
Fair Value of Financial Instruments
 
The estimated fair value of the Partnership’s financial instruments has been determined by the Partnership 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 the Partnership could realize upon the sale or refinancing of such financial instruments (in millions):
 
June 30, 2015
 
December 31, 2014
 
Carrying
Value
 
Fair
Value
 
Carrying Value
 
Fair
Value
Long-term debt
$
2,827.2

 
$
2,757.1

 
$
2,022.5

 
$
2,026.1

Obligations under capital leases
$
18.7

 
$
18.0

 
$
20.3

 
$
19.8


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

The Partnership had $150.0 million and $237.0 million in outstanding borrowings under its revolving credit facility as of June 30, 2015 and December 31, 2014, respectively. As borrowings under the credit facility accrue interest under floating interest rate structures, the carrying value of such indebtedness approximates fair value for the amounts outstanding under the credit facility. As of June 30, 2015, the Partnership had total borrowings of $2.7 billion under senior unsecured notes maturing between 2019 and 2045 with fixed interest rates ranging from 2.7% to 7.1%. As of December 31, 2014, the Partnership had total borrowings of $1.8 billion maturing between 2019 and 2045 with fixed interest rates ranging from 2.7% to 7.1%. The fair value of all senior unsecured notes as of June 30, 2015 and December 31, 2014 was based on Level 2 inputs from third-party market quotations.  The fair value of obligations under capital leases was calculated using Level 2 inputs from third-party banks.
Commitments and Contingencies
Commitments and Contingencies Disclosure
(15) Commitments and Contingencies
 
(a) Severance and Change in Control Agreements
 
Certain members of management of the Partnership are parties to severance and change of control agreements with the General Partner. The severance and change in control agreements provide those individuals with severance payments in certain circumstances and prohibit such an individual from, among other things, competing with the General Partner or its affiliates during his employment, and disclosing confidential information about, or interfering with a client or customer of, the General Partner or its affiliates during his employment and for a certain period of time following the termination of such person’s employment.

(b) Environmental Issues
 
The operation of pipelines, plants and other facilities for the gathering, processing, transmitting or disposing of natural gas, NGLs, crude oil, condensate, brine and other products is subject to stringent and complex laws and regulations pertaining to health, safety and the environment. As an owner or operator of these facilities, the Partnership must comply with United States laws and regulations at the federal, state and local levels that relate to air and water quality, hazardous and solid waste management and disposal, and other environmental matters. The cost of planning, designing, constructing and operating pipelines, plants, and other facilities must incorporate compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements, and the issuance of injunctions or restrictions on operation. Management believes that, based on currently known information, compliance with these laws and regulations will not have a material adverse effect on the Partnership's results of operations, financial condition or cash flows.

(c) Litigation Contingencies
 
The Partnership is involved in various litigation and administrative proceedings arising in the normal course of business. In the opinion of management, any liabilities that may result from these claims would not individually or in the aggregate have a material adverse effect on its financial position, results of operations or cash flows. 

At times, the Partnership’s subsidiaries acquire pipeline easements and other property rights by exercising rights of eminent domain and common carrier. As a result, the Partnership (or its subsidiaries) is a party to a number of lawsuits under which a court will determine the value of pipeline easements or other property interests obtained by the Partnership’s subsidiaries by condemnation. Damage awards in these suits should reflect the value of the property interest acquired and the diminution in the value of the remaining property owned by the landowner. However, some landowners have alleged unique damage theories to inflate their damage claims or assert valuation methodologies that could result in damage awards in excess of the amounts anticipated. Although it is not possible to predict the ultimate outcomes of these matters, the Partnership does not expect that awards in these matters will have a material adverse impact on its consolidated results of operations, financial condition, or cash flows.

The Partnership (or its subsidiaries) is defending lawsuits filed by owners of property located near processing facilities or compression facilities constructed by the Partnership as part of its systems. The suits generally allege that the facilities create a private nuisance and have damaged the value of surrounding property. Claims of this nature have arisen as a result of the industrial development of natural gas gathering, processing and treating facilities in urban and occupied rural areas. 

In July 2013, the Board of Commissioners for the Southeast Louisiana Flood Protection Authority for New Orleans and surrounding areas filed a lawsuit against approximately 100 energy companies, seeking, among other relief, restoration of wetlands allegedly lost due to historic industry operations in those areas. The suit was filed in Louisiana state court in New Orleans, but was removed to the United States District Court for the Eastern District of Louisiana.  The amount of damages is unspecified. The Partnership's subsidiary, EnLink LIG, LLC, is one of the named defendants as the owner of pipelines in the area.  On February 13, 2015, the court granted defendants’ joint motion to dismiss and dismissed the plaintiff’s claims with prejudice. Plaintiffs have appealed the matter to the United States Court of Appeals for the Fifth Circuit. The Partnership intends to continue vigorously defending the case. The success of the plaintiffs' appeal as well as the Partnership's costs and legal exposure, if any, related to the lawsuit are not currently determinable.

The Partnership owns and operates a high-pressure pipeline and underground natural gas and NGL storage reservoirs and associated facilities near Bayou Corne, Louisiana. In August 2012, a large sinkhole formed in the vicinity of this pipeline and underground storage reservoirs. The Partnership is seeking to recover its losses from responsible parties. The Partnership has sued Texas Brine Company, LLC ("Texas Brine"), the operator of a failed cavern in the area and its insurers, seeking recovery for these losses.  The Partnership has also sued Occidental Chemical Company and Legacy Vulcan Corp. f/k/a Vulcan Materials Company, two Chlor-Alkali plant operators that participated in Texas Brine’s operational decisions regarding the mining of the failed cavern. The Partnership also filed a claim with its insurers, which the Partnership's insurers denied. The Partnership disputed the denial and sued its insurers, but has agreed to stay the matter pending resolution of its claims against Texas Brine and its insurers. In August 2014, the Partnership received a partial settlement with respect to the Texas Brine claims in the amount of $6.1 million but additional claims remain outstanding. The Partnership cannot give assurance that the Partnership will be able to fully recover its losses through insurance recovery or claims against responsible parties.

In June 2014, a group of landowners in Assumption Parish, Louisiana added a subsidiary of the Partnership, EnLink Processing Services, LLC, as a defendant in a pending lawsuit they had filed against Texas Brine, Occidental Chemical Corporation, and Vulcan Materials Company relating to claims arising from the Bayou Corne sinkhole. The suit is pending in the 23rd Judicial Court, Assumption Parish, Louisiana. Although plaintiffs’ claims against the other defendants have been pending since October 2012, plaintiffs are now alleging that EnLink Processing Services, LLC’s negligence also contributed to the formation of the sinkhole. The amount of damages is unspecified. The validity of the causes of action, as well as the Partnership's costs and legal exposure, if any, related to the lawsuit are not currently determinable. The Partnership intends to vigorously defend the case. The Partnership has also filed a claim for defense and indemnity with its insurers.

In October 2014, Williams Olefins, L.L.C. filed a lawsuit against a subsidiary of the Partnership, EnLink NGL Marketing, LP, in the District Court of Tulsa County, Oklahoma. The plaintiff alleges breach of contract and negligent misrepresentation relating to an ethane output contract between the parties and the subsidiary’s termination of ethane production from one of its fractionation plants. The amount of damages is unspecified. The validity of the causes of action, as well as the Partnership’s costs and legal exposure, if any, related to the lawsuit are not currently determinable. The Partnership intends to vigorously defend the case.
Segment Information
Segment Information
(16) Segment Information
 
Identification of the majority of the Company's operating segments is based principally upon geographic regions served.  The Company’s reportable segments consist of the following: natural gas gathering, processing, transmission and fractionation operations located in north Texas, south Texas and the Permian Basin in west Texas ("Texas"), the pipelines and processing plants located in Louisiana and NGL assets located in south Louisiana ("Louisiana"), natural gas gathering and processing operations located throughout Oklahoma ("Oklahoma") and crude rail, truck, pipeline, and barge facilities in west Texas, south Texas, Louisiana and Ohio River Valley ("Crude and Condensate"). The Company's Crude and Condensate segment, which is identified based upon the nature of services provided to customers of the segment, has historically been referred to as the Company's ORV segment. Due to the growth in this segment, including the acquisitions of LPC and VEX, the Company has renamed this segment to more accurately reflect the assets included therein. The Company has restated the prior period to include certain crude and condensate activity in the Crude and Condensate segment. Operating activity for intersegment eliminations is shown in the corporate segment.  The Company’s sales are derived from external domestic customers.
 
Corporate expenses include general partnership expenses associated with managing all reportable operating segments. Corporate assets consist primarily of cash, property and equipment, including software, for general corporate support, debt financing costs and investments in HEP and GCF. The Company evaluates the performance of its operating segments based on operating revenues and segment profits.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables:
 
Texas
 
Louisiana
 
Oklahoma
 
Crude and Condensate
 
Corporate
 
Totals
 
(In millions)
Three Months Ended June 30, 2015
 

 
 

 
 

 
 

 
 

 
 

Product sales
$
81.2

 
$
401.2

 
$
0.1

 
$
473.7

 
$
—

 
$
956.2

Product sales-affiliates
35.0

 
17.0

 
1.7

 
14.0

 
(36.0
)
 
31.7

Midstream services
36.0

 
63.2

 
9.8

 
26.9

 
—

 
135.9

Midstream services-affiliates
115.8

 
0.3

 
29.1

 
4.3

 
—

 
149.5

Cost of sales
(118.4
)
 
(418.2
)
 
(2.0
)
 
(465.6
)
 
36.0

 
(968.2
)
Operating expenses
(45.5
)
 
(27.2
)
 
(9.1
)
 
(27.3
)
 
—

 
(109.1
)
Gain on derivative activity
—

 
—

 
—

 
—

 
1.2

 
1.2

Segment profit
$
104.1

 
$
36.3

 
$
29.6

 
$
26.0

 
$
1.2

 
$
197.2

Depreciation and amortization
$
(42.8
)
 
$
(26.9
)
 
$
(11.8
)
 
$
(14.5
)
 
$
(1.7
)
 
$
(97.7
)
Goodwill
$
1,185.0

 
$
786.8

 
$
190.3

 
$
142.1

 
$
1,427.0

 
$
3,731.2

Capital expenditures
$
80.9

 
$
14.7

 
$
12.3

 
$
54.4

 
$
2.5

 
$
164.8

Three Months Ended June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
Product sales
$
68.6

 
$
514.2

 
$
—

 
$
105.1

 
$
—

 
$
687.9

Product sales-affiliates
19.3

 
1.7

 
—

 
—

 
(21.0
)
 
—

Midstream services
14.6

 
37.9

 
—

 
14.6

 
—

 
67.1

Midstream services-affiliates
126.6

 
—

 
47.2

 
—

 
—

 
173.8

Cost of sales
(76.1
)
 
(508.1
)
 
—

 
(98.7
)
 
21.0

 
(661.9
)
Operating expenses
(38.6
)
 
(16.5
)
 
(7.3
)
 
(11.5
)
 
—

 
(73.9
)
Loss on derivative activity
—

 
—

 
—

 
—

 
(1.6
)
 
(1.6
)
Segment profit
$
114.4

 
$
29.2

 
$
39.9

 
$
9.5

 
$
(1.6
)
 
$
191.4

Depreciation and amortization
$
(32.8
)
 
$
(19.1
)
 
$
(11.6
)
 
$
(10.7
)
 
$
(0.8
)
 
$
(75.0
)
Goodwill
$
1,168.1

 
$
786.7

 
$
190.3

 
$
118.0

 
$
1,430.4

 
$
3,693.5

Capital expenditures
$
75.4

 
$
121.2

 
$
(2.2
)
 
$
33.9

 
$
3.2

 
$
231.5

 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
Product sales
$
131.0

 
$
773.4

 
$
0.1

 
$
722.4

 
$
—

 
$
1,626.9

Product sales-affiliates
60.9

 
24.1

 
5.4

 
14.0

 
(56.5
)
 
47.9

Midstream services
55.6

 
121.1

 
20.5

 
41.1

 
—

 
238.3

Midstream services-affiliates
231.3

 
0.4

 
60.3

 
8.5

 
—

 
300.5

Cost of sales
(185.6
)
 
(789.1
)
 
(7.1
)
 
(700.3
)
 
56.5

 
(1,625.6
)
Operating expenses
(92.6
)
 
(51.5
)
 
(16.1
)
 
(47.4
)
 
—

 
(207.6
)
Gain on derivative activity
—

 
—

 
—

 
—

 
1.4

 
1.4

Segment profit
$
200.6

 
$
78.4

 
$
63.1

 
$
38.3

 
$
1.4

 
$
381.8

Depreciation and amortization
$
(79.2
)
 
$
(54.4
)
 
$
(25.3
)
 
$
(26.9
)
 
$
(3.2
)
 
$
(189.0
)
Goodwill
$
1,185.0

 
$
786.8

 
$
190.3

 
$
142.1

 
$
1,427.0

 
$
3,731.2

Capital expenditures
$
154.4

 
$
29.9

 
$
17.5

 
$
132.0

 
$
6.7

 
$
340.5

Six Months Ended June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
Product sales
$
114.5

 
$
649.1

 
$
11.5

 
$
126.2

 
$
—

 
$
901.3

Product sales-affiliates
311.9

 
2.3

 
147.9

 
—

 
(25.7
)
 
436.4

Midstream services
19.5

 
48.4

 
—

 
18.3

 
—

 
86.2

Midstream services-affiliates
167.0

 
—

 
62.3

 
—

 
—

 
229.3

Cost of sales
(333.4
)
 
(641.6
)
 
(133.9
)
 
(117.6
)
 
25.7

 
(1,200.8
)
Operating expenses
(70.3
)
 
(21.6
)
 
(14.0
)
 
(14.7
)
 
—

 
(120.6
)
Loss on derivative activity
—

 
—

 
—

 
—

 
(2.9
)
 
(2.9
)
Segment profit
$
209.2

 
$
36.6

 
$
73.8

 
$
12.2

 
$
(2.9
)
 
$
328.9

Depreciation and amortization
$
(60.1
)
 
$
(24.3
)
 
$
(25.8
)
 
$
(12.4
)
 
$
(0.9
)
 
$
(123.5
)
Goodwill
$
1,168.1

 
$
786.7

 
$
190.3

 
$
118.0

 
$
1,430.4

 
$
3,693.5

Capital expenditures
$
100.5

 
$
143.3

 
$
8.0

 
$
45.0

 
$
8.7

 
$
305.5



The table below presents information about segment assets as of June 30, 2015 and December 31, 2014:
 
June 30,
2015
 
December 31,
2014
Segment Identifiable Assets:
(In millions)
Texas
$
4,011.7

 
$
3,303.0

Louisiana
3,195.5

 
3,316.5

Oklahoma
885.5

 
892.8

Crude and Condensate
1,210.6

 
871.9

Corporate
1,825.2

 
1,822.5

Total identifiable assets
$
11,128.5

 
$
10,206.7



The following table reconciles the segment profits reported above to the operating income as reported in the condensed consolidated statements of operations (in millions):

Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014
Segment profits
$
197.2

 
$
191.4

 
$
381.8

 
$
328.9

General and administrative expenses
(28.1
)
 
(26.6
)
 
(70.8
)
 
(42.5
)
Depreciation and amortization
(97.7
)
 
(75.0
)
 
(189.0
)
 
(123.5
)
Operating income
$
71.4

 
$
89.8

 
$
122.0

 
$
162.9

Discontinued Operations
Discontinued Operations
(17) Discontinued Operations

The Predecessor’s historical assets comprised all of Devon’s U.S. midstream assets and operations. However, only its assets serving the Barnett, Cana-Woodford and Arkoma-Woodford Shales, as well as contractual rights to the economic benefits and burdens associated with Devon's 38.75% interest in GCF, were contributed to Midstream Holdings in connection with the business combination on March 7, 2014. All operations activity related to the non-contributed assets prior to March 7, 2014 are classified as discontinued operations.

The following schedule summarizes net income from discontinued operations (in millions):
 
 
Six Months Ended 
 June 30,
 
 
2014
Revenues:
 
 
Revenues
 
$
6.8

Revenues - affiliates
 
10.5

Total revenues
 
17.3

 
 
 
Operating costs and expenses:
 
 
Operating expenses
 
15.7

Total operating costs and expenses
 
15.7

 
 
 
Income before income taxes
 
1.6

Income tax provision
 
0.6

Net income
 
$
1.0

Supplemental Cash Flow Information (Notes)
Cash Flow, Supplemental Disclosures
(18) Supplemental Cash Flow Information

The following schedule summarizes the Partnership's non-cash financing activities for the period presented.
 
 
Six Months Ended 
 June 30,
 
 
2015
 
 
(In millions)
Non-cash financing activities:
 
 
     Non-cash issuance of common units (1)
 
$
180.0

     Non-cash issuance of Class C Common Units (1)
 
$
180.0

(1) Non-cash common units and Class C Common Units were issued as partial consideration for the Coronado acquisition. See Note 3 - Acquisitions for further discussion.

Also, see Note 5-Affiliate Transactions for non-cash activities related to Predecessor operations with Devon prior to March 7, 2014.
Significant Accounting Policies (Policies)
Basis of Accounting, Policy 
(a) Basis of Presentation

The accompanying condensed consolidated financial statements are prepared in accordance with the instructions to Form 10-Q, are unaudited and do not include all the information and disclosures required by generally accepted accounting principles in the United States of America ("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. All significant intercompany balances and transactions have been eliminated in consolidation.

Further, the unaudited condensed consolidated financial statements give effect to the business combination and related transactions discussed in Note 1(a) above under the acquisition method of accounting and are treated as a reverse acquisition. Under the acquisition method of accounting, Midstream Holdings was the accounting acquirer in the transactions because its parent company, Devon, obtained control of ENLC after the business combination. All financial results prior to March 7, 2014 reflect the historical operations of Midstream Holdings and are reflected as Predecessor income in the statement of operations. Additionally, EMI’s assets acquired and liabilities assumed by the Company, as well as the Company's non-controlling interests in the Partnership, were recorded at their fair values measured as of the acquisition date, March 7, 2014. The excess of the purchase price over the estimated fair values of EMI’s net assets acquired was recorded as goodwill. Financial results on and subsequent to March 7, 2014 reflect the combined operations of Midstream Holdings and EMI, which give effect to new contracts entered into with Devon and include the legacy Partnership assets. Certain assets were not contributed to Midstream Holdings from the Predecessor and the operations of such non-contributed assets have been presented as discontinued operations.

On April 1, 2015 the Partnership acquired assets from Devon through drop down transactions. Due to Devon's control of the Partnership through its ownership of the managing member of ENLC, the acquisition from Devon was considered a transfer of net assets between entities under common control. As such, the Company was required to recast its historical financial statements to include the activities of such assets from the date that these entities were under common control. The consolidated financial statements for periods prior to the Partnership’s acquisition of the assets from Devon have been prepared from Devon's historical cost-basis accounts for the acquired assets and may not necessarily be indicative of the actual results of operations that would have occurred if the Partnership had owned the acquired assets during the periods reported. Net income attributable to the assets acquired from Devon for periods prior to the Partnership’s acquisition is allocated to "Devon investment interest in net income" on the Company's Condensed Consolidated Statements of Operations.

Revenue Recognition, Policy [Policy Text Block] 
(b) Revenue Recognition

The Partnership generates the majority of its revenues from midstream energy services, including gathering, processing, transmission, fractionation, condensate stabilization, and brine services through various contractual arrangements which include fee based contract arrangements or arrangements where it purchases and resells commodities in connection with providing the related service and earns a net margin for its fee. While the transactions vary in form, the essential element of each transaction is the use of the Partnership's assets to transport a product or provide a processed product to an end-user at the tailgate of the plant, barge terminal, or pipeline. The Partnership reflects revenue as Product sales and Midstream services revenue on the consolidated statements of operations as follows:

•
Product sales - Product sales represent the sale of natural gas, NGLs, crude oil and condensate where the product is purchased and resold in connection with providing its midstream services as outlined above.

•
Midstream services - Midstream services represents all other revenue generated as a result of performing the Partnership's midstream services outlined above.

The Partnership recognizes revenue for sales or services at the time the natural gas, NGLs, crude oil or condensate are delivered or at the time the service is performed at a fixed or determinable price. The Partnership generally accrues one month of sales and the related natural gas, NGL, condensate and crude oil purchases and reverses these accruals when the sales and purchases are actually invoiced and recorded in the subsequent month. Actual results could differ from the accrual estimates. Except for fee based arrangements, the Partnership acts as the principal in these purchase and sale transactions, bearing the risk and reward of ownership as evidenced by title transfer, scheduling the transportation of products and assuming credit risk. The Partnership accounts for taxes collected from customers attributable to revenue transactions and remitted to government authorities on a net basis (excluded from revenues).

Redeemable Noncontrolling Interest 
(c) Redeemable Non-Controlling Interest

Non-controlling interests that contain an option for the non-controlling interest holder to require the Partnership to buy out 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 the control of the Partnership. Redeemable non-controlling interest is not considered to be a component of members' equity and is reported as temporary equity in the mezzanine section on the Condensed Consolidated Balance Sheets. The amount recorded as 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 holders' share of net income or loss and distributions).
New Accounting Pronouncements, Policy 
(d) Recent Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 will replace existing revenue recognition requirements in GAAP and will require entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The new standard will also require significantly expanded disclosures regarding the qualitative and quantitative information of the Company's nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period and is to be applied retrospectively, with early application permitted for annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact the pronouncement will have on our condensed consolidated financial statements and related disclosures. Subject to this evaluation, we have reviewed all recently issued accounting pronouncements that became effective during the six months ended June 30, 2015, and have determined that none would have a material impact on our Condensed Consolidated Financial Statements.
In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs (Topic 835). The update requires debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. The standard requires retrospective application and is effective for us beginning on January 1, 2016.
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The update provides additional guidance to reporting entities in evaluating whether certain legal entities, such as limited partnerships, limited liability corporations and securitization structures, should be consolidated. The update is considered to be an improvement on current accounting requirements as it reduces the number of existing consolidation models. The update is effective for us beginning on January 1, 2016, and we are currently evaluating the impact this standard will have on our consolidated financial statements and related disclosures.
Acquisition (Table)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Business Acquisition [Line Items]
 
 
ScheduleOfPriorPeriodAdjustmentsRelatedToAssetDropDown [Table Text Block]
Text Block 
Text Block 
Business Acquisition, Pro Forma Information
Text Block 
 
Chevron Acquisition [Member]
 
 
Business Acquisition [Line Items]
 
 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
Text Block 
 
LPC [Member]
 
 
Business Acquisition [Line Items]
 
 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
Text Block 
 
Coronado [Member]
 
 
Business Acquisition [Line Items]
 
 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
Text Block 
 
ScheduleOfPriorPeriodAdjustmentsRelatedToAssetDropDown [Table Text Block] 
 
 
Six Months Ended June 30, 2015
 
 
Company Historical
 
VEX
 
Combined
 
 
(in millions)
Revenues
 
$
2,210.8

 
$
4.2

 
$
2,215.0

Net income (loss)
 
$
67.2

 
$
2.4

 
$
69.6

Net income attributable to non-controlling interest
 
$
36.4

 
$
—

 
$
36.4

Net income attributable to EnLink Midstream, LLC
 
$
30.8

 
$
2.4

 
$
33.2

EnLink Midstream, LLC interest in net income
 
$
30.8

 
$
—

 
$
30.8

ScheduleOfPriorPeriodAdjustmentsRelatedToAssetDropDown [Table Text Block] 
 
 
Six Months Ended June 30, 2014
 
 
Company Historical
 
VEX
 
Combined
 
 
(in millions)
Revenues
 
$
1,650.3

 
$
—

 
$
1,650.3

Net income (loss)
 
$
113.9

 
$
(3.0
)
 
$
110.9

Net income attributable to non-controlling interest
 
$
42.8

 
$
—

 
$
42.8

Net income attributable to EnLink Midstream, LLC
 
$
71.1

 
$
(3.0
)
 
$
68.1

EnLink Midstream, LLC interest in net income (1)
 
$
35.6

 
$
—

 
$
35.6

(1)
Represents net income for the period from March 7, 2014 through June 30, 2014.
 
 
Three Months Ended June 30, 2014
 
 
Company Historical
 
VEX
 
Combined
 
 
(in millions)
Revenues
 
$
927.2

 
$
—

 
$
927.2

Net income (loss)
 
$
64.5

 
$
(2.1
)
 
$
62.4

Net income attributable to non-controlling interest
 
$
35.7

 
$
—

 
$
35.7

Net income attributable to EnLink Midstream, LLC
 
$
28.8

 
$
(2.1
)
 
$
26.7

EnLink Midstream, LLC interest in net income
 
$
28.8

 
$
—

 
$
28.8

Business Acquisition, Pro Forma Information 
Pro Forma Information

The following unaudited pro forma condensed financial information for the three and six months ended June 30, 2015 and 2014 gives effect to the business combination, Chevron acquisition, Coronado acquisition, LPC acquisition, and VEX Drop Down as if they had occurred on January 1, 2014. The unaudited pro forma condensed financial information has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the transactions taken place on the dates indicated and is not intended to be a projection of future results. Pro forma financial information associated with the business combination and acquisitions is reflected below.
 
 
Three Months Ended
June 30,
 
Six Months Ended 
 June 30,
 
 
2014
 
2015
 
2014
 
(in millions)
Pro forma total revenues (1)
 
$
1,453.4

 
$
2,337.2

 
$
2,834.6

Pro forma net income
 
$
55.2

 
$
64.7

 
$
74.0

Pro forma net income attributable to EnLink Midstream, LLC
 
$
25.3

 
$
31.0

 
$
42.7

Pro forma net income per common unit:
 
 
 


 
 
Basic
 
$
0.17

 
$
0.18

 
$
0.28

Diluted
 
$
0.17

 
$
0.18

 
$
0.28

(1)
On January 1, 2014, Midstream Holdings entered into gathering and processing agreements with Devon, which are described in Note 5.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed 
The following table presents the fair value of the identified assets received and liabilities assumed at the acquisition date.

Purchase Price Allocation (in millions):
 
 
Assets acquired:
 
 
Property, plant and equipment
 
$
225.3

Intangibles
 
13.0

Liabilities assumed:
 
 
Current liabilities
 
(6.8
)
Total identifiable net assets
 
$
231.5

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed 
The following table presents the fair value of the identified assets received and liabilities assumed at the acquisition date.

Purchase Price Allocation (in millions):
 
 
Assets acquired:
 
 
Current assets (including $21.1 million in cash)
 
$
107.4

Property, plant and equipment
 
29.8

Intangibles
 
43.2

Goodwill
 
29.6

Liabilities assumed:
 
 
Current liabilities
 
(106.0
)
Deferred tax liability
 
(4.0
)
Total identifiable net assets
 
$
100.0

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed 
The following table presents the fair value of the identified assets received and liabilities assumed at the acquisition date. The purchase price allocation has been prepared on a preliminary basis pending receipt of a final valuation report and is subject to change.

Purchase Price Allocation (in millions):
 
 
Assets acquired:
 
 
Current assets (including $9.6 million in cash)
 
$
26.2

Property, plant and equipment
 
302.1

Intangibles
 
281.0

Goodwill
 
16.9

Liabilities assumed:
 
 
Current liabilities
 
(24.1
)
Total identifiable net assets
 
$
602.1

Goodwill and Intangible Assets (Tables)
Schedule of Goodwill 
The table below provides a summary of the Company’s goodwill, by assigned reporting unit.
 
 
June 30,
2015
 
December 31,
2014
 
 
(in millions)
Texas
 
$
1,185.0

 
$
1,168.2

Louisiana
 
786.8

 
786.8

Oklahoma
 
190.3

 
190.3

Crude and Condensate
 
142.1

 
112.5

Corporate
 
1,427.0

 
1,426.9

       Total
 
$
3,731.2

 
$
3,684.7

Schedule of Finite-Lived Intangible Assets 
The following table represents the Partnership's total purchased intangible assets for the periods stated (in millions):
 
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
June 30, 2015
 
 
 
 
 
 
Customer relationships
 
$
906.8

 
$
(66.3
)
 
$
840.5

December 31, 2014
 
 
 
 
 
 
Customer relationships
 
$
569.5

 
$
(36.5
)
 
$
533.0

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense 
The following table summarizes the Partnership's estimated aggregate amortization expense for the next five years (in millions):
2015 (remaining)
$
33.2

2016
66.4

2017
66.4

2018
66.3

2019
65.5

Thereafter
542.7

Total
$
840.5

Affiliate Transactions (Tables)
Schedule of Related Party Transactions
The following presents financial information for the Predecessor's affiliate transactions and other transactions with Devon, all of which are settled through an adjustment to equity prior to March 7, 2014 (in millions):
 
Six Months Ended June 30, 2014
Continuing Operations:
 
Revenues - affiliates
$
(436.4
)
Operating cost and expenses - affiliates
340.0

Net affiliate transactions
(96.4
)
Capital expenditures
21.3

Other third-party transactions, net
53.0

Net third-party transactions
74.3

Net cash distributions to Devon - continuing operations
(22.1
)
Non-cash distribution of net assets to Devon
(23.2
)
Total net distributions per equity
$
(45.3
)
 
 
Discontinued operations:
 
Revenues - affiliates
$
(10.4
)
Operating costs and expenses - affiliates
5.0

Net affiliate transactions
(5.4
)
Capital expenditures
0.6

Other third-party transactions, net
0.4

Net third-party transactions
1.0

Net cash distributions to Devon and non-controlling interests - discontinued operations
(4.4
)
Non-cash distribution of net assets to Devon
(39.9
)
Total net distributions per equity
$
(44.3
)
Total distributions- continuing and discontinued operations
$
(89.6
)
Long-Term Debt (Tables)
Indebtedness Table
As of June 30, 2015 and December 31, 2014, long-term debt consisted of the following (in millions):
 
June 30,
2015
 
December 31,
2014
Partnership credit facility (due 2020), interest based on Prime and/or LIBOR plus an applicable margin, interest rate at June 30, 2015 and December 31, 2014 was 2.3% and 1.9% respectively
$
150.0

 
$
237.0

Company credit facility (due 2019)
—

 
—

The Partnership's senior unsecured notes (due 2019), net of discount of $0.4 million at June 30, 2015 and $0.5 million at December 31, 2014, which bear interest at the rate of 2.70%
399.6

 
399.5

The Partnership's senior unsecured notes (due 2022), including a premium of $20.4 million at June 30, 2015 and $21.9 million at December 31, 2014, which bear interest at the rate of 7.125%
182.9

 
184.4

The Partnership's senior unsecured notes (due 2024), net of premium of $3.0 million at June 30, 2015 and $3.2 million at December 31, 2014, which bear interest at the rate of 4.40%
553.0

 
553.2

Partnership's Senior unsecured notes (due 2025), net of discount of $1.3 million at June 30, 2015, which bear interest at the rate of 4.15%
748.7

 
—

The Partnership's senior unsecured notes (due 2044), net of discount of $0.3 million at June 30, 2015 and December 31, 2014, which bear interest at the rate of 5.60%
349.7

 
349.7

The Partnership's senior unsecured notes (due 2045), net of discount of $7.0 million at June 30, 2015 and $1.7 million at December 31, 2014, which bear interest at the rate of 5.05%
443.0

 
298.3

Other debt
0.3

 
0.4

Debt classified as long-term
$
2,827.2

 
$
2,022.5

Income Tax (Tables)
Schedule of Components of Income Tax Expense (Benefit)
Income taxes included in the condensed consolidated financial statements were as follows for the periods presented.
 
 
Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
 
2015
 
2014
 
2015
 
2014
 
 
(in millions)
Predecessor income tax expense
 
$
—

 
$
—

 
$
—

 
$
19.4

ENLC income tax expense
 
10.2

 
18.5

 
20.9

 
22.8

       Total income tax expense
 
$
10.2

 
$
18.5

 
$
20.9

 
$
42.2

Certain Provision of the Partnership Agreement (Tables)
Distributions Made to Limited Partner, by Distribution 
A summary of the Partnership's distribution activity relating to the common units for the six months ended June 30, 2015 is provided below:
Declaration period
 
Distribution/unit
 
Date paid/payable
Fourth Quarter of 2014
 
$
0.375

 
February 12, 2015
First Quarter of 2015 (1) (2)
 
$
0.38

 
May 14, 2015
Second Quarter of 2015 (3)
 
$
0.385

 
August 13, 2015
(1) The Partnership declared a partial first quarter 2015 distribution on its Class D Common Units of $0.18 per unit paid on May 14, 2015. Distributions paid for the Class D Common Units represent a pro rata distribution for the number of days the Class D Common Units were issued and outstanding during the quarter. The Class D Common Units automatically converted into common units on a one-for-one basis on May 4, 2015.
(2) The Partnership's first quarter distributions on its Class C Common Units of $0.38 per unit were PIK through the issuance of 99,794 Class C Common Units on May 14, 2015.
(3) The Partnership declared a partial second quarter 2015 distribution on its Class E Common Units of $0.15 per unit to be paid on August 13, 2015. Distributions declared for the Class E Common Units represent a pro rata distribution for the number of days the Class E Common Units were issued and outstanding during the quarter. The Class E Common Units automatically converted into common units on a one-for-one basis on August 3, 2015.

Schedule of Incentive Distributions Made to Managing Members or General Partners by Distribution 
The net income allocated to the General Partner is as follows for the three and six months ended June 30, 2015 and 2014 (in millions):

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014*
Income allocation for incentive distributions
$
11.3

 
$
5.9

 
$
20.1

 
$
7.3

Unit-based compensation attributable to ENLC’s restricted units
(3.9
)
 
(3.1
)
 
(10.9
)
 
(3.7
)
General Partner interest in net income
0.2

 
0.3

 
0.3

 
0.4

General Partner interest in drop down transactions
11.5

 
40.4

 
36.1

 
49.9

General Partner share of net income
$
19.1

 
$
43.5

 
$
45.6

 
$
53.9

* The six months ended June 30, 2014 amounts consist only of the period from March 7, 2014 through June 30, 2014.
Earnings per Unit and Dilution Computations (Tables)
Schedule of Earnings Per Share, Basic and Diluted 
The following table reflects the computation of basic and diluted earnings per unit for the three and six months ended June 30, 2015 and 2014 (in millions, except per unit amounts):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2015
 
2014
 
2015
 
2014*
EnLink Midstream, LLC interest in net income
$
14.5

 
$
28.8

 
$
30.8

 
$
35.6

Distributed earnings allocated to:
 
 
 
 
 
 
 
Common units (1) (2)
$
41.1

 
$
36.1

 
$
81.3

 
$
50.6

Unvested restricted units (1)
0.3

 
0.1

 
0.5

 
0.3

Total distributed earnings
$
41.4

 
$
36.2

 
$
81.8

 
$
50.9

Undistributed loss allocated to:
 
 
 
 
 
 
 
Common units
$
(26.7
)
 
$
(7.4
)
 
$
(50.7
)
 
$
(15.2
)
Unvested restricted units
(0.2
)
 
—

 
(0.3
)
 
(0.1
)
Total undistributed loss
$
(26.9
)
 
$
(7.4
)
 
$
(51.0
)
 
$
(15.3
)
Net income allocated to:
 
 
 
 
 
 
 
Common units
$
14.4

 
$
28.7

 
$
30.6

 
$
35.4

Unvested restricted units
0.1

 
0.1

 
0.2

 
0.2

Total net income
$
14.5

 
$
28.8

 
$
30.8

 
$
35.6

Total basic and diluted net income per unit:
 
 
 
 
 
 
 
Basic
$
0.09

 
$
0.18

 
$
0.19

 
$
0.22

Diluted
$
0.09

 
$
0.18

 
$
0.19

 
$
0.22

__________________________________________________
* The six months ended June 30, 2014 amounts consist only of the period from March 7, 2014 through June 30, 2014.
(1) Three months ended June 30, 2015 and 2014 represents a declared distribution of $0.25 per unit for common units payable on August 14, 2015 and declared distribution of $0.22 per unit for common units paid on August 14, 2014.
(2) Six months ended June 30, 2015 and 2014 represents a distribution of $0.245 per unit paid in May 2015 and a declared distribution of $0.25 per unit for common units payable on August 14, 2015 and a distribution of $0.18 per unit paid in May 2014 and a distribution of $0.22 per unit for common units paid on August 14, 2014. Additionally, six months ended June 30, 2014 includes declared distribution of $0.05 per unit for Class B Common Units paid on May 15, 2014.
Schedule of Weighted Average Number of Shares 
The following are the unit amounts used to compute the basic and diluted earnings per unit for the periods presented (in millions):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2015
 
2014
 
2015
 
2014*
Basic and diluted earnings per unit:
 
 
 
 
 
 
 
Weighted average common units outstanding
164.2

 
164.0

 
164.2

 
164.0

Diluted weighted average units outstanding:
 
 
 
 
 
 
 
Weighted average basic common units outstanding
164.2

 
164.0

 
164.2

 
164.0

Dilutive effect of restricted units issued
0.4

 
0.3

 
0.4

 
0.2

Total weighted average diluted common units outstanding
164.6

 
164.3

 
164.6

 
164.2

_______________________________________________
* The six months ended June 30, 2014 amounts consist only of the period from March 7, 2014 through June 30, 2014.

Asset Retirement Obligation (Table)
Schedule of Change in Asset Retirement Obligation
The schedule below summarizes the changes in the Partnership’s asset retirement obligation:
 
June 30,
2015
 
June 30,
2014
 
(in millions)
Beginning asset retirement obligation
$
20.6

 
$
8.1

Revisions to existing liabilities
(4.0
)
 
3.4

Liabilities acquired
—

 
0.5

Accretion
0.3

 
0.3

    Liabilities settled
(3.2
)
 
—

Ending asset retirement obligation
$
13.7

 
$
12.3


Asset retirement obligations of $1.1 million and $8.2 million as of June 30, 2015 and December 31, 2014, respectively, are included in Other Current Liabilities.
Investment in Unconsolidated Affiliate (Tables)
Equity Method Investments
The following table shows the activity related to the Partnership’s investment in unconsolidated affiliates for the periods indicated (in millions):

 
Gulf Coast Fractionators
 
Howard Energy Partners
 
Total
Three months ended
 
 
 
 
 
June 30, 2015
 
 
 
 
 
Distributions
$
4.2

 
$
8.2

 
$
12.4

Equity in income
$
2.9

 
$
3.0

 
$
5.9

 
 
 
 
 
 
June 30, 2014 (1)
 
 
 
 
 
Distributions
$
—

 
$
3.0

 
$
3.0

Equity in income
$
3.9

 
$
0.6

 
$
4.5

 
 
 
 
 
 
Six months ended
 
 
 
 
 
June 30, 2015
 
 
 
 
 
Distributions
$
6.9

 
$
12.3

 
$
19.2

Equity in income
$
6.3

 
$
3.4

 
$
9.7

 
 
 
 
 
 
June 30, 2014 (1)
 
 
 
 
 
Distributions
$
—

 
$
5.7

 
$
5.7

Equity in income
$
8.0

 
$
0.7

 
$
8.7

(1) Includes income and distributions for the period from March 7, 2014 through June 30, 2014 for HEP.
The following table shows the balances related to the Partnership’s investment in unconsolidated affiliates for the periods indicated (in millions):
 
June 30,
2015
 
December 31,
2014
Gulf Coast Fractionators
$
53.4

 
$
54.1

Howard Energy Partners
207.8

 
216.7

Total investments in unconsolidated affiliates
$
261.2

 
$
270.8

Employee Incentive Plans (Tables)
Schedule Of Share Based Payment Award Other Than Stock Options Valuation Assumption 
The following table presents a summary of the grant-date fair values of performance units granted and the related assumptions.
EnLink Midstream, LLC Performance Units:
 
2015
Beginning TSR Price
 
$
34.24

Risk-free interest rate
 
0.99
%
Volatility factor
 
33.02
%
Distribution yield
 
2.98
%
The following table presents a summary of the grant-date fair values of performance units granted and the related assumptions.
EnLink Midstream Partners, LP Performance Units:
 
2015
Beginning TSR Price
 
$
27.68

Risk-free interest rate
 
0.99
%
Volatility factor
 
33.01
%
Distribution yield
 
5.66
%
Schedule of Nonvested Performance-based Units Activity 
The following table presents a summary of the Company's performance units.
 
 
Six Months Ended 
 June 30, 2015
EnLink Midstream, LLC Performance Units:
 
Number of
Units
 
Weighted
Average
Grant-Date
Fair Value
Non-Vested, beginning of period
 
—

 
$
—

Granted
 
105,080

 
40.5

Vested
 
—

 
—

Non-vested, end of period
 
105,080

 
$
40.5

Aggregate intrinsic value, end of period (in millions)
 
$
3.3

 
 
The following table presents a summary of the Partnership's performance units.
 
 
Six Months Ended 
 June 30, 2015
EnLink Midstream Partners, LP Performance Units:
 
Number of
Units
 
Weighted
Average
Grant-Date
Fair Value
Non-Vested, beginning of period
 
—

 
$
—

Granted
 
118,126

 
35.41

Vested
 
—

 
—

Non-vested, end of period
 
118,126

 
$
35.41

Aggregate intrinsic value, end of period (in millions)
 
$
2.6

 
 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs 
The Partnership and ENLC each have similar unit-based compensation payment plans for officers and employees, which are described below.  Unit-based compensation associated with ENLC's unit-based compensation plan awarded to officers and employees of the Partnership are recorded by the Partnership since ENLC has no substantial or managed operating activities other than its interests in the Partnership. Amounts recognized in the condensed consolidated financial statements with respect to these plans are as follows (in millions): 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Cost of unit-based compensation allocated to Predecessor general and
    administrative expense (1)
$
—

 
$
—

 
$
—

 
$
2.8

Cost of unit-based compensation charged to general and administrative
    expense
6.6

 
5.0

 
18.5

 
6.0

Cost of unit-based compensation charged to operating expense
1.1

 
0.8

 
3.0

 
1.0

    Total amount charged to income
$
7.7

 
$
5.8

 
$
21.5

 
$
9.8

Interest of non-controlling partners in unit-based compensation
$
3.7

 
$
2.5

 
$
9.2

 
$
3.0

Amount of related income tax benefit recognized in income
$
1.5

 
$
1.3

 
$
4.6

 
$
2.6


(1)
Unit-based compensation expense was treated as a contribution by the Predecessor in the Consolidated Statement of Changes in Members' Equity in 2014.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity 
A summary of the restricted incentive unit activity for the six months ended June 30, 2015 is provided below:
 
 
Six Months Ended 
 June 30, 2015
EnLink Midstream Partners, LP Restricted Incentive Units:
 
Number of
Units
 
Weighted
Average
Grant-Date
 Fair Value
Non-vested, beginning of period
 
1,022,191

 
$
31.25

Granted
 
564,524

 
27.05

Vested*
 
(261,409
)
 
28.76

Forfeited
 
(62,451
)
 
31.09

Non-vested, end of period
 
1,262,855

 
$
29.89

Aggregate intrinsic value, end of period (in millions)
 
$
27.7

 
 


 * Vested units include 89,679 units withheld for payroll taxes paid on behalf of employees.
A summary of the restricted incentive units activity for the six months ended June 30, 2015 is provided below:
 
 
Six Months Ended 
 June 30, 2015
EnLink Midstream, LLC Restricted Incentive Units:
 
Number of
Units
 
Weighted
Average
Grant-Date
Fair Value
Non-vested, beginning of period
 
986,472

 
$
37.03

Granted
 
481,042

 
31.74

Vested*
 
(258,094
)
 
35.79

Forfeited
 
(53,723
)
 
36.15

Non-vested, end of period
 
1,155,697

 
$
35.15

Aggregate intrinsic value, end of period (in millions)
 
$
35.9

 
 


 * Vested units include 82,352 units withheld for payroll taxes paid on behalf of employees.
Schedule of Share Based Compensation Restricted Stock and Restricted Stock Units Vested and Fair Value Vested 
A summary of the restricted incentive units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested during the three and six months ended June 30, 2015 are provided below (in millions):
 
 
Three Months Ended
June 30,
 
Six Months Ended 
 June 30,
EnLink Midstream, LLC Restricted Incentive Units:
 
2015
 
2015
Aggregate intrinsic value of units vested
 
$
0.6

 
$
8.9

Fair value of units vested
 
$
0.6

 
$
9.2

A summary of the restricted incentive units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested during the three and six months ended June 30, 2015 are provided below (in millions):


Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
EnLink Midstream Partners, LP Restricted Incentive Units:

2015
 
2015
Aggregate intrinsic value of units vested

$
0.4

 
$
7.2

Fair value of units vested

$
0.5

 
$
7.5

Derivatives (Tables)
Schedule of Interest Rate Derivatives [Table Text Block] 
The impact of the interest rate swaps on net income is included in other income (expense) in the Condensed Consolidated Statements of Operations as part of interest expense, net, as follows (in millions):
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2015
 
2015
Settlement gains on derivatives
 
$
3.6

 
$
3.6

Commodity Swap 
The components of gain (loss) on derivative activity in the Condensed Consolidated Statements of Operations relating to commodity swaps are as follows for the three and six months ended June 30, 2015 and 2014 (in millions):
 
Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014*
Change in fair value of derivatives
$
(2.5
)
 
$
(1.3
)
 
$
(6.3
)
 
$
(2.0
)
Realized gain (loss) on derivatives
3.7

 
(0.3
)
 
7.7

 
(0.9
)
    Gain (loss) on derivative activity
$
1.2

 
$
(1.6
)
 
$
1.4

 
$
(2.9
)

* The six months ended June 30, 2014 amounts consist only of the period from March 7, 2014 through June 30, 2014. 
Fair Value of Derivative Assets and Liabilities Relating to Commodity Swaps 
The fair value of derivative assets and liabilities relating to commodity swaps are as follows (in millions):
 
June 30,
2015
 
December 31,
2014
Fair value of derivative assets — current
$
14.0

 
$
16.7

Fair value of derivative assets — long term
4.9

 
10.0

Fair value of derivative liabilities — current
(3.5
)
 
(3.0
)
Fair value of derivative liabilities — long term
(0.8
)
 
(2.0
)
    Net fair value of derivatives
$
14.6

 
$
21.7

Notional Amount and Fair Value of Derivative Instruments 
Set forth below is the summarized notional volumes and fair value of all instruments held for price risk management purposes and related physical offsets at June 30, 2015. The remaining term of the contracts extend no later than December 2016.
 
 
 
 
 
 
June 30, 2015
Commodity
 
Instruments
 
Unit
 
Volume
 
Fair Value
 
 
 
 
 
 
(In millions)
NGL (short contracts)
 
Swaps
 
Gallons
 
(60.5
)
 
$
18.1

NGL (long contracts)
 
Swaps
 
Gallons
 
35.8

 
(2.6
)
Natural Gas (short contracts)
 
Swaps
 
MMBtu
 
(3.7
)
 
2.6

Natural Gas (long contracts)
 
Swaps
 
MMBtu
 
2.7

 
(3.5
)
Total fair value of derivatives
 
 
 
 
 
 
 
$
14.6

Derivatives Other than Cash Flow Hedges 
The estimated fair value of derivative contracts by maturity date was as follows (in millions):
 
Maturity Periods
 
Less than one year
 
One to two years
 
More than two years
 
Total fair value
June 30, 2015
$
10.5

 
$
4.1

 
$
—

 
$
14.6

Fair Value Measurements (Tables)
Fair Value Derivative Instrument 
Net liabilities measured at fair value on a recurring basis are summarized below (in millions):
 
June 30, 2015
Level 2
 
December 31, 2014
Level 2
Commodity Swaps*
$
14.6

 
$
21.7

Total
$
14.6

 
$
21.7

 
__________________________________________________
*                 The fair value of derivative contracts included in assets or liabilities for risk management activities represents the amount at which the instruments could be exchanged in a current arms-length transaction adjusted for credit risk of the Partnership and/or the counterparty as required under FASB ASC 820.
Fair Value Financial Instrument 
Considerable judgment is required to develop the estimates of fair value; thus, the estimates provided below are not necessarily indicative of the amount the Partnership could realize upon the sale or refinancing of such financial instruments (in millions):
 
June 30, 2015
 
December 31, 2014
 
Carrying
Value
 
Fair
Value
 
Carrying Value
 
Fair
Value
Long-term debt
$
2,827.2

 
$
2,757.1

 
$
2,022.5

 
$
2,026.1

Obligations under capital leases
$
18.7

 
$
18.0

 
$
20.3

 
$
19.8

Segment Information (Tables)
Company Reportable Segment 
Summarized financial information concerning the Company’s reportable segments is shown in the following tables:
 
Texas
 
Louisiana
 
Oklahoma
 
Crude and Condensate
 
Corporate
 
Totals
 
(In millions)
Three Months Ended June 30, 2015
 

 
 

 
 

 
 

 
 

 
 

Product sales
$
81.2

 
$
401.2

 
$
0.1

 
$
473.7

 
$
—

 
$
956.2

Product sales-affiliates
35.0

 
17.0

 
1.7

 
14.0

 
(36.0
)
 
31.7

Midstream services
36.0

 
63.2

 
9.8

 
26.9

 
—

 
135.9

Midstream services-affiliates
115.8

 
0.3

 
29.1

 
4.3

 
—

 
149.5

Cost of sales
(118.4
)
 
(418.2
)
 
(2.0
)
 
(465.6
)
 
36.0

 
(968.2
)
Operating expenses
(45.5
)
 
(27.2
)
 
(9.1
)
 
(27.3
)
 
—

 
(109.1
)
Gain on derivative activity
—

 
—

 
—

 
—

 
1.2

 
1.2

Segment profit
$
104.1

 
$
36.3

 
$
29.6

 
$
26.0

 
$
1.2

 
$
197.2

Depreciation and amortization
$
(42.8
)
 
$
(26.9
)
 
$
(11.8
)
 
$
(14.5
)
 
$
(1.7
)
 
$
(97.7
)
Goodwill
$
1,185.0

 
$
786.8

 
$
190.3

 
$
142.1

 
$
1,427.0

 
$
3,731.2

Capital expenditures
$
80.9

 
$
14.7

 
$
12.3

 
$
54.4

 
$
2.5

 
$
164.8

Three Months Ended June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
Product sales
$
68.6

 
$
514.2

 
$
—

 
$
105.1

 
$
—

 
$
687.9

Product sales-affiliates
19.3

 
1.7

 
—

 
—

 
(21.0
)
 
—

Midstream services
14.6

 
37.9

 
—

 
14.6

 
—

 
67.1

Midstream services-affiliates
126.6

 
—

 
47.2

 
—

 
—

 
173.8

Cost of sales
(76.1
)
 
(508.1
)
 
—

 
(98.7
)
 
21.0

 
(661.9
)
Operating expenses
(38.6
)
 
(16.5
)
 
(7.3
)
 
(11.5
)
 
—

 
(73.9
)
Loss on derivative activity
—

 
—

 
—

 
—

 
(1.6
)
 
(1.6
)
Segment profit
$
114.4

 
$
29.2

 
$
39.9

 
$
9.5

 
$
(1.6
)
 
$
191.4

Depreciation and amortization
$
(32.8
)
 
$
(19.1
)
 
$
(11.6
)
 
$
(10.7
)
 
$
(0.8
)
 
$
(75.0
)
Goodwill
$
1,168.1

 
$
786.7

 
$
190.3

 
$
118.0

 
$
1,430.4

 
$
3,693.5

Capital expenditures
$
75.4

 
$
121.2

 
$
(2.2
)
 
$
33.9

 
$
3.2

 
$
231.5

 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
Product sales
$
131.0

 
$
773.4

 
$
0.1

 
$
722.4

 
$
—

 
$
1,626.9

Product sales-affiliates
60.9

 
24.1

 
5.4

 
14.0

 
(56.5
)
 
47.9

Midstream services
55.6

 
121.1

 
20.5

 
41.1

 
—

 
238.3

Midstream services-affiliates
231.3

 
0.4

 
60.3

 
8.5

 
—

 
300.5

Cost of sales
(185.6
)
 
(789.1
)
 
(7.1
)
 
(700.3
)
 
56.5

 
(1,625.6
)
Operating expenses
(92.6
)
 
(51.5
)
 
(16.1
)
 
(47.4
)
 
—

 
(207.6
)
Gain on derivative activity
—

 
—

 
—

 
—

 
1.4

 
1.4

Segment profit
$
200.6

 
$
78.4

 
$
63.1

 
$
38.3

 
$
1.4

 
$
381.8

Depreciation and amortization
$
(79.2
)
 
$
(54.4
)
 
$
(25.3
)
 
$
(26.9
)
 
$
(3.2
)
 
$
(189.0
)
Goodwill
$
1,185.0

 
$
786.8

 
$
190.3

 
$
142.1

 
$
1,427.0

 
$
3,731.2

Capital expenditures
$
154.4

 
$
29.9

 
$
17.5

 
$
132.0

 
$
6.7

 
$
340.5

Six Months Ended June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
Product sales
$
114.5

 
$
649.1

 
$
11.5

 
$
126.2

 
$
—

 
$
901.3

Product sales-affiliates
311.9

 
2.3

 
147.9

 
—

 
(25.7
)
 
436.4

Midstream services
19.5

 
48.4

 
—

 
18.3

 
—

 
86.2

Midstream services-affiliates
167.0

 
—

 
62.3

 
—

 
—

 
229.3

Cost of sales
(333.4
)
 
(641.6
)
 
(133.9
)
 
(117.6
)
 
25.7

 
(1,200.8
)
Operating expenses
(70.3
)
 
(21.6
)
 
(14.0
)
 
(14.7
)
 
—

 
(120.6
)
Loss on derivative activity
—

 
—

 
—

 
—

 
(2.9
)
 
(2.9
)
Segment profit
$
209.2

 
$
36.6

 
$
73.8

 
$
12.2

 
$
(2.9
)
 
$
328.9

Depreciation and amortization
$
(60.1
)
 
$
(24.3
)
 
$
(25.8
)
 
$
(12.4
)
 
$
(0.9
)
 
$
(123.5
)
Goodwill
$
1,168.1

 
$
786.7

 
$
190.3

 
$
118.0

 
$
1,430.4

 
$
3,693.5

Capital expenditures
$
100.5

 
$
143.3

 
$
8.0

 
$
45.0

 
$
8.7

 
$
305.5

Segment Table Reconciliation to Condensed Consolidated Financial Statement 
The table below presents information about segment assets as of June 30, 2015 and December 31, 2014:
 
June 30,
2015
 
December 31,
2014
Segment Identifiable Assets:
(In millions)
Texas
$
4,011.7

 
$
3,303.0

Louisiana
3,195.5

 
3,316.5

Oklahoma
885.5

 
892.8

Crude and Condensate
1,210.6

 
871.9

Corporate
1,825.2

 
1,822.5

Total identifiable assets
$
11,128.5

 
$
10,206.7

Reconciliation of Operating Profit (Loss) from Segments to Consolidated 
The following table reconciles the segment profits reported above to the operating income as reported in the condensed consolidated statements of operations (in millions):

Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014
Segment profits
$
197.2

 
$
191.4

 
$
381.8

 
$
328.9

General and administrative expenses
(28.1
)
 
(26.6
)
 
(70.8
)
 
(42.5
)
Depreciation and amortization
(97.7
)
 
(75.0
)
 
(189.0
)
 
(123.5
)
Operating income
$
71.4

 
$
89.8

 
$
122.0

 
$
162.9

Discontinued Operations (Tables)
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures
The following schedule summarizes net income from discontinued operations (in millions):
 
 
Six Months Ended 
 June 30,
 
 
2014
Revenues:
 
 
Revenues
 
$
6.8

Revenues - affiliates
 
10.5

Total revenues
 
17.3

 
 
 
Operating costs and expenses:
 
 
Operating expenses
 
15.7

Total operating costs and expenses
 
15.7

 
 
 
Income before income taxes
 
1.6

Income tax provision
 
0.6

Net income
 
$
1.0

Supplemental Cash Flow Information (Tables)
Schedule of Cash Flow, Supplemental Disclosures
The following schedule summarizes the Partnership's non-cash financing activities for the period presented.
 
 
Six Months Ended 
 June 30,
 
 
2015
 
 
(In millions)
Non-cash financing activities:
 
 
     Non-cash issuance of common units (1)
 
$
180.0

     Non-cash issuance of Class C Common Units (1)
 
$
180.0

(1) Non-cash common units and Class C Common Units were issued as partial consideration for the Coronado acquisition. See Note 3 - Acquisitions for further discussion.
Organization and Summary of Significant Agreements (Details Textuals)
0 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 0 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended
Oct. 22, 2014
Jun. 30, 2015
Dec. 31, 2014
Jun. 30, 2015
EMI [Member]
Jun. 30, 2015
Enlink Midstream, Inc.
Dec. 31, 2014
Devon Energy Corporation
Jun. 30, 2015
EnLink Midstream Partners, LP
Jun. 30, 2015
ENLC [Member]
Jun. 30, 2015
Enlink midstream, LLC [Member]
Dec. 31, 2014
Enlink midstream, LLC [Member]
May 27, 2015
EMH Drop Down [Member]
Affiliated Entity [Member]
Midstream Holdings [Member]
EnLink Midstream LP [Member]
May 27, 2015
EMH Drop Down [Member]
Affiliated Entity [Member]
EnLink Midstream Holdings, LP [Member]
EnLink Midstream LP [Member]
Midstream Holdings [Member]
Acacia [Member]
Feb. 17, 2015
EMH Drop Down [Member]
Affiliated Entity [Member]
EnLink Midstream Holdings, LP [Member]
EnLink Midstream LP [Member]
Midstream Holdings [Member]
Acacia [Member]
Feb. 17, 2015
Class D Common Unit [Member]
EMH Drop Down [Member]
Affiliated Entity [Member]
EnLink Midstream Holdings, LP [Member]
EnLink Midstream LP [Member]
Midstream Holdings [Member]
Acacia [Member]
Jun. 30, 2015
Class D Common Unit [Member]
EMH Drop Down [Member]
Affiliated Entity [Member]
EnLink Midstream Holdings, LP [Member]
EnLink Midstream LP [Member]
Midstream Holdings [Member]
Acacia [Member]
May 27, 2015
Class E Common Unit [Member]
EMH Drop Down [Member]
Affiliated Entity [Member]
EnLink Midstream Holdings, LP [Member]
EnLink Midstream LP [Member]
Midstream Holdings [Member]
Acacia [Member]
Jun. 30, 2015
Class E Common Unit [Member]
EMH Drop Down [Member]
Affiliated Entity [Member]
EnLink Midstream Holdings, LP [Member]
EnLink Midstream LP [Member]
Midstream Holdings [Member]
Acacia [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Partnership name
 
EnLink Midstream Partners GP, LLC 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest
 
 
 
5.30% 
5.30% 
70.00% 
50.00% 
26.13% 
 
50.00% 
 
 
 
 
9.60% 
 
11.20% 
Related Party Transaction, Ownership Interest Transferred
 
 
 
 
 
 
 
 
 
 
100.00% 
 
 
 
 
 
 
Related Party Transaction, Ownership Interest Transferred
 
 
 
 
 
 
 
 
 
 
 
25.00% 
25.00% 
 
 
 
 
Related Party Transaction, Amounts of Transaction, Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
31,618,311 
 
36,629,888 
 
Common units
 
 
 
 
 
 
 
68,248,199 
 
 
 
 
 
 
 
 
 
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares
1,000,000.0 
 
115,495,669 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest
 
 
 
 
0.50% 
 
 
 
100.00% 
 
 
 
 
 
 
 
 
Acquisition (Details Textuals) (USD $)
In Millions, except Share data, unless otherwise specified
0 Months Ended 12 Months Ended 0 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended 0 Months Ended 4 Months Ended 0 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 6 Months Ended
Oct. 22, 2014
Dec. 31, 2014
Mar. 7, 2014
Nov. 1, 2014
Chevron Acquisition [Member]
Jun. 30, 2015
Chevron Acquisition [Member]
Nov. 1, 2014
Chevron Acquisition [Member]
Jan. 31, 2015
LPC [Member]
Jun. 30, 2015
LPC [Member]
Jan. 31, 2015
LPC [Member]
Mar. 16, 2015
Coronado [Member]
Jun. 30, 2015
Coronado [Member]
Mar. 16, 2015
Coronado [Member]
Apr. 1, 2015
VEX Pipeline [Member]
Apr. 1, 2015
VEX Pipeline [Member]
Jun. 30, 2014
Crosstex Energy Inc. [Domain] [Domain]
Mar. 16, 2015
Common Class C [Member]
Coronado [Member]
Jun. 30, 2015
Enlink Midstream, Inc.
Jun. 30, 2015
Enlink midstream, LLC [Member]
Dec. 31, 2014
Enlink midstream, LLC [Member]
Jun. 30, 2015
EnLink Midstream Partners, LP
Mar. 7, 2014
EnLink Midstream Partners, LP
Jun. 30, 2015
Class D Common Unit [Member]
EnLink Midstream LP [Member]
Acacia [Member]
EMH Drop Down [Member]
Affiliated Entity [Member]
Midstream Holdings [Member]
EnLink Midstream Holdings, LP [Member]
Jun. 30, 2015
Midstream Holdings [Member]
Enlink midstream, LLC [Member]
Acacia [Member]
Jun. 30, 2015
Gulf Coast Fractionators [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Transaction Costs
 
 
$ 51.4 
 
$ 0.4 
 
 
$ 0.2 
 
 
$ 3.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consideration Transferred
 
 
 
231.5 
 
 
100.0 
 
 
602.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual
 
 
 
 
16.0 
 
 
559.6 
 
 
61.5 
 
 
 
968.8 
 
 
 
 
 
 
 
 
 
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual
 
 
 
 
(0.1)
 
 
(1.6)
 
 
4.1 
 
 
 
26.5 
 
 
 
 
 
 
 
 
 
Payments to Acquire Businesses, Gross
 
 
 
 
 
 
 
 
 
242.1 
 
 
171.0 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares
1,000,000 
115,495,669 
 
 
 
 
 
 
 
6,704,285 
 
 
338,159 
 
 
6,704,285 
 
 
 
 
 
 
 
 
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable
31.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.30% 
 
50.00% 
50.00% 
 
9.60% 
50.00% 
 
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.50% 
100.00% 
 
 
 
 
 
 
Ownership Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
38.75% 
Business Acquisition, Percentage of Voting Interests Acquired
 
 
 
 
 
100.00% 
 
 
100.00% 
 
 
100.00% 
 
100.00% 
 
 
 
 
 
 
50.00% 
 
 
 
Finite-Lived Intangible Asset, Useful Life
 
 
 
20 years 
 
 
10 years 
 
 
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned
 
 
 
 
 
 
 
 
 
 
 
 
 
9.0 
 
 
 
 
 
 
 
 
 
 
Capitalized Costs, Support Equipment and Facilities
 
 
 
 
 
 
 
 
 
 
 
 
 
40.0 
 
 
 
 
 
 
 
 
 
 
Business Combination, Historical Cost of Entity Under Common Control
 
 
 
 
 
 
 
 
 
 
 
 
 
132.7 
 
 
 
 
 
 
 
 
 
 
Distribution To Parent For Asset Drop
 
 
 
 
 
 
 
 
 
 
 
 
 
38.3 
 
 
 
 
 
 
 
 
 
 
Business Combination, Consideration Transferred, Other
 
 
 
 
 
 
$ 78.9 
 
 
$ 232.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 0 Months Ended 0 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Jun. 30, 2014
Jan. 31, 2015
LPC [Member]
Jan. 31, 2015
LPC [Member]
Mar. 16, 2015
Coronado [Member]
Mar. 16, 2015
Coronado [Member]
Nov. 1, 2014
Chevron Acquisition [Member]
Nov. 1, 2014
Chevron Acquisition [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
Consideration Transferred
 
 
 
$ 100.0 
 
$ 602.1 
 
$ 231.5 
 
Assets acquired [Abstract]
 
 
 
 
 
 
 
 
 
Goodwill
3,731.2 
3,684.7 
3,693.5 
 
29.6 
 
16.9 
 
 
Current assets (including $21.1 million in cash)
 
 
 
 
107.4 
 
26.2 
 
 
Property, plant and equipment
 
 
 
 
29.8 
 
302.1 
 
225.3 
Intangibles
 
 
 
 
43.2 
 
281.0 
 
13.0 
Liabilities assumed:
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
(106.0)
 
(24.1)
 
(6.8)
Deferred tax liability
 
 
 
 
(4.0)
 
 
 
 
Net assets acquired
 
 
 
 
$ 100.0 
 
$ 602.1 
 
$ 231.5 
Acquisition (Proforma) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Business Acquisition [Line Items]
 
 
 
Pro forma total revenues (1)
$ 1,453.4 
$ 2,337.2 
$ 2,834.6 
Pro forma net income
55.2 
64.7 
74.0 
Pro forma net income attributable to EnLink Midstream, LLC
$ 25.3 
$ 31.0 
$ 42.7 
Pro forma net income per common unit: Basic (usd per unit)
$ 0.17 
$ 0.18 
$ 0.28 
Pro forma net income per common unit: Diluted (usd per unit)
$ 0.17 
$ 0.18 
$ 0.28 
Acquisition Phantom (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended
Jan. 31, 2015
LPC [Member]
Mar. 16, 2015
Coronado [Member]
Business Acquisition [Line Items]
 
 
Cash Acquired from Acquisition
$ 21.1 
$ 9.6 
Business Combination, Consideration Transferred, Other
$ 78.9 
$ 232.5 
Acquisition Acquisition (Recast) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Business Acquisition [Line Items]
 
 
 
 
Revenues
$ 1,274.5 
$ 927.2 
$ 2,215.0 
$ 1,650.3 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
44.6 
62.4 
69.6 
110.9 
Net Income (Loss) Attributable to Noncontrolling Interest
28.4 
35.7 
36.4 
42.8 
Net Income (Loss) Attributable to Parent
16.2 
26.7 
33.2 
68.1 
EnLink Midstream, LLC interest in net income
14.5 
28.8 
30.8 
35.6 
ENLC Historical [Member]
 
 
 
 
Business Acquisition [Line Items]
 
 
 
 
Revenues
 
927.2 
2,210.8 
1,650.3 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
 
64.5 
67.2 
113.9 
Net Income (Loss) Attributable to Noncontrolling Interest
 
35.7 
36.4 
42.8 
Net Income (Loss) Attributable to Parent
 
28.8 
30.8 
71.1 
EnLink Midstream, LLC interest in net income
 
28.8 
30.8 
35.6 
VEX [Member]
 
 
 
 
Business Acquisition [Line Items]
 
 
 
 
Revenues
 
0 
4.2 
0 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
 
(2.1)
2.4 
(3.0)
Net Income (Loss) Attributable to Noncontrolling Interest
 
0 
0 
0 
Net Income (Loss) Attributable to Parent
 
(2.1)
2.4 
(3.0)
EnLink Midstream, LLC interest in net income
 
$ 0 
$ 0 
$ 0 
Goodwill and Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended 6 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Jun. 30, 2014
Jun. 30, 2015
Texas Operating Segment
Dec. 31, 2014
Texas Operating Segment
Jun. 30, 2014
Texas Operating Segment
Jun. 30, 2015
Louisiana Operating Segment
Dec. 31, 2014
Louisiana Operating Segment
Jun. 30, 2014
Louisiana Operating Segment
Jun. 30, 2015
Oklahoma Operating Segment
Dec. 31, 2014
Oklahoma Operating Segment
Jun. 30, 2014
Oklahoma Operating Segment
Jun. 30, 2015
Crude And Condensate Segment [Member]
Dec. 31, 2014
Crude And Condensate Segment [Member]
Jun. 30, 2014
Crude And Condensate Segment [Member]
Jun. 30, 2015
Corporation [Member]
Dec. 31, 2014
Corporation [Member]
Jan. 31, 2015
LPC [Member]
Jun. 30, 2015
LPC [Member]
Jan. 31, 2015
LPC [Member]
Mar. 16, 2015
Coronado [Member]
Jun. 30, 2015
Coronado [Member]
Mar. 16, 2015
Coronado [Member]
Jun. 30, 2015
Minimum [Member]
Jun. 30, 2015
Maximum [Member]
Goodwill [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
$ 3,731.2 
$ 3,684.7 
$ 3,693.5 
$ 1,185.0 
$ 1,168.2 
$ 1,168.1 
$ 786.8 
$ 786.8 
$ 786.7 
$ 190.3 
$ 190.3 
$ 190.3 
$ 142.1 
$ 112.5 
$ 118.0 
$ 1,427.0 
$ 1,426.9 
 
 
$ 29.6 
 
 
$ 16.9 
 
 
Increase in the Partnership's goodwill
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 29.6 
 
 
$ 16.9 
 
 
 
Finite-Lived Intangible Asset, Useful Life
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10 years 
 
 
10 years 
 
 
5 years 
20 years 
Goodwill and Intangible Assets (Intangible Asset by Major Class) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
 
 
 
 
 
Finite-Lived Intangible Assets, Gross
$ 906.8 
 
$ 906.8 
 
$ 569.5 
Finite-Lived Intangible Assets, Accumulated Amortization
(66.3)
 
(66.3)
 
(36.5)
Finite-Lived Intangible Assets, Net
840.5 
 
840.5 
 
533.0 
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life
 
 
11 years 2 months 
 
 
Amortization of Intangible Assets
$ 18.2 
$ 11.3 
$ 29.7 
$ 13.0 
 
Goodwill and Intangible Assets (Amortization Expense Table) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Finite-Lived Intangibles Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
 
 
2015
$ 33.2 
 
2016
66.4 
 
2017
66.4 
 
2018
66.3 
 
2019
65.5 
 
Thereafter
542.7 
 
Total
$ 840.5 
$ 533.0 
Affiliate Transactions (Details) (USD $)
In Millions, except Share data, unless otherwise specified
0 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 0 Months Ended
Oct. 22, 2014
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Jun. 30, 2014
Devon Energy Corporation
Jun. 30, 2015
Devon Energy Corporation
Sales Revenue [Member]
Jun. 30, 2014
Devon Energy Corporation
Sales Revenue [Member]
Jun. 30, 2015
Devon Energy Corporation
Sales Revenue [Member]
Jun. 30, 2014
Devon Energy Corporation
Sales Revenue [Member]
Jun. 30, 2015
Affiliated Entity [Member]
Jun. 30, 2014
Affiliated Entity [Member]
Jun. 30, 2015
Affiliated Entity [Member]
Jun. 30, 2014
Affiliated Entity [Member]
Jun. 30, 2014
Transmission Service Agreement [Member]
Affiliated Entity [Member]
Jun. 30, 2015
Transmission Service Agreement [Member]
Affiliated Entity [Member]
Jun. 30, 2014
Transmission Service Agreement [Member]
Affiliated Entity [Member]
Jun. 30, 2014
Continuing Operations [Member]
Devon Energy Corporation
Jun. 30, 2014
Continuing Operations [Member]
Affiliated Entity [Member]
Jun. 30, 2014
Discontinued Operations [Member]
Jun. 30, 2014
Discontinued Operations [Member]
Devon Energy Corporation
Jun. 30, 2014
Discontinued Operations [Member]
Affiliated Entity [Member]
Jun. 30, 2015
Gulf Coast Fractionators [Member]
Oct. 22, 2014
E2 [Member]
May 27, 2015
Midstream Holdings [Member]
Acacia [Member]
EMH Drop Down [Member]
EnLink Midstream LP [Member]
EnLink Midstream Holdings, LP [Member]
Affiliated Entity [Member]
Feb. 17, 2015
Midstream Holdings [Member]
Acacia [Member]
EMH Drop Down [Member]
EnLink Midstream LP [Member]
EnLink Midstream Holdings, LP [Member]
Affiliated Entity [Member]
May 27, 2015
Midstream Holdings [Member]
EnLink Midstream LP [Member]
EMH Drop Down [Member]
Affiliated Entity [Member]
Feb. 17, 2015
Class D Common Unit [Member]
Midstream Holdings [Member]
Acacia [Member]
EMH Drop Down [Member]
EnLink Midstream LP [Member]
EnLink Midstream Holdings, LP [Member]
Affiliated Entity [Member]
May 27, 2015
Class E Common Unit [Member]
Midstream Holdings [Member]
Acacia [Member]
EMH Drop Down [Member]
EnLink Midstream LP [Member]
EnLink Midstream Holdings, LP [Member]
Affiliated Entity [Member]
Related Party Transaction [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable
$ 31.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(436.4)
 
 
(10.4)
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
 
 
 
 
 
0.2 
0 
0.2 
5.9 
 
 
 
 
340.0 
 
 
5.0 
 
 
 
 
 
 
 
Net Related Party transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(96.4)
 
 
(5.4)
 
 
 
 
 
 
 
Capital Expenditures
 
164.8 
231.5 
340.5 
305.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
21.3 
 
 
0.6 
 
 
 
 
 
 
 
Other Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
53.0 
 
 
0.4 
 
 
 
 
 
 
 
Total Third-Party Transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
74.3 
 
 
1.0 
 
 
 
 
 
 
 
Net distributions from (to) related party, non-cash
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(23.2)
 
(39.9)
 
 
 
 
 
 
 
 
Net distributions from (to) related party
 
 
 
 
(89.6)
 
 
 
 
 
 
 
 
 
 
 
 
 
(22.1)
(45.3)
(4.4)
 
(44.3)
 
 
 
 
 
 
 
Gross Profit
 
197.2 
191.4 
381.8 
328.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
38.75% 
 
 
 
 
 
 
Cash Provided by (Used in) Financing Activities, Discontinued Operations
 
 
 
391.6 
276.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
Concentration Risk, Percentage
 
 
 
 
 
 
 
14.20% 
18.70% 
15.70% 
40.30% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Due from Affiliate, Current
 
112.2 
 
112.2 
 
121.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Due to Related Parties, Current
 
21.6 
 
21.6 
 
3.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Affiliate general and administrative expense
 
28.1 
26.6 
70.8 
42.5 
 
 
 
 
 
 
0.1 
1.1 
0.1 
9.6 
1.1 
0.1 
1.3 
 
 
 
 
 
 
 
 
 
 
 
 
Allocated Share-based Compensation Expense
 
7.7 
5.8 
21.5 
9.8 
 
2.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension and Other Postretirement Benefit Expense
 
 
 
 
 
 
1.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction, Ownership Interest Transferred
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
 
 
Related Party Transaction, Amounts of Transaction, Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31,618,311 
36,629,888 
Related Party Transaction, Amounts of Transaction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
900.0 
925.0 
 
 
 
Consideration Transferred
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
194.0 
 
 
 
 
 
Payments to Acquire Businesses, Gross
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 163.0 
 
 
 
 
 
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares
1,000,000 
 
 
 
 
115,495,669 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-Term Debt (Indebtedness Table) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
May 12, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
 
Line of Credit Facility, Amount Outstanding
$ 150.0 
 
 
Other Long-term Debt
0.3 
 
0.4 
Long-term Debt
2,827.2 
 
2,022.5 
Partnership [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Line of Credit Facility, Amount Outstanding
150.0 
 
237.0 
ENLC Credit Facility [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Line of Credit Facility, Amount Outstanding
0 
 
0 
2.7% Senior Notes due 2019
 
 
 
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
2.70% 
 
2.70% 
Senior Notes
399.6 
 
399.5 
7.125% Senior Notes due 2022
 
 
 
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
7.125% 
 
7.125% 
Senior Notes
182.9 
 
184.4 
4.4% Senior Notes due 2024
 
 
 
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.40% 
 
4.40% 
Senior Notes
553.0 
 
553.2 
4.15% Senior Notes due 2025 [Member] [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Face Amount
 
750.0 
 
Debt Instrument, Interest Rate, Stated Percentage
4.15% 
4.15% 
0.00% 
Senior Notes
748.7 
 
0 
Selling Priceof Debt Instrument
 
99.827% 
 
5.6% Senior Notes due 2044
 
 
 
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.60% 
 
5.60% 
Senior Notes
349.7 
 
349.7 
5.05% Senior Notes due 2045
 
 
 
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Face Amount
 
150.0 
 
Debt Instrument, Interest Rate, Stated Percentage
5.05% 
5.05% 
5.05% 
Senior Notes
443.0 
 
298.3 
Selling Priceof Debt Instrument
 
96.381% 
 
Unsecured Debt [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Face Amount
 
$ 900.0 
 
Long-Term Debt (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Feb. 20, 2014
Jun. 30, 2015
Enlink Midstream, Inc.
Jun. 30, 2015
EnLink Midstream Partners GP, LLC [Member]
Jun. 30, 2015
Maximum [Member]
Jun. 30, 2015
Minimum [Member]
Jun. 30, 2015
Revolving Credit Facility [Member]
Maximum [Member]
Jun. 30, 2015
Base Rate [Member]
Jun. 30, 2015
Eurodollar [Member]
Revolving Credit Facility [Member]
Jun. 30, 2015
ENLC Credit Facility [Member]
Dec. 31, 2014
ENLC Credit Facility [Member]
Mar. 7, 2014
ENLC Credit Facility [Member]
Jun. 30, 2015
ENLC Credit Facility [Member]
Enlink Midstream, Inc.
Jun. 30, 2015
ENLC Credit Facility [Member]
Maximum [Member]
Jun. 30, 2015
ENLC Credit Facility [Member]
AcquisitionPeriod [Member]
Maximum [Member]
Feb. 5, 2015
Letter of Credit [Member]
Mar. 7, 2014
Letter of Credit [Member]
Jun. 30, 2015
7.125% Senior Notes due 2022
Dec. 31, 2014
7.125% Senior Notes due 2022
Jun. 30, 2015
2.7% Senior Notes due 2019
Dec. 31, 2014
2.7% Senior Notes due 2019
Jun. 30, 2015
4.4% Senior Notes due 2024
Dec. 31, 2014
4.4% Senior Notes due 2024
Jun. 30, 2015
5.6% Senior Notes due 2044
Dec. 31, 2014
5.6% Senior Notes due 2044
Jun. 30, 2015
5.05% Senior Notes due 2045
May 12, 2015
5.05% Senior Notes due 2045
Dec. 31, 2014
5.05% Senior Notes due 2045
Jun. 30, 2015
Line of Credit [Member]
Dec. 31, 2014
Line of Credit [Member]
Jun. 30, 2015
4.15% Senior Notes due 2025 [Member] [Member]
May 12, 2015
4.15% Senior Notes due 2025 [Member] [Member]
Dec. 31, 2014
4.15% Senior Notes due 2025 [Member] [Member]
Feb. 5, 2015
Post Amendment [Member]
May 12, 2015
Unsecured Debt [Member]
Jun. 30, 2015
Debt Instrument, Redemption, Period One [Member]
5.05% Senior Notes due 2045
Jun. 30, 2015
Debt Instrument, Redemption, Period One [Member]
4.15% Senior Notes due 2025 [Member] [Member]
Jun. 30, 2015
Debt Instrument, Redemption, Period Two [Member]
5.05% Senior Notes due 2045
Jun. 30, 2015
Debt Instrument, Redemption, Period Two [Member]
4.15% Senior Notes due 2025 [Member] [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Redemption Price, Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
100.00% 
100.00% 
100.00% 
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest
 
 
 
5.30% 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Long-term Debt
$ 0.3 
$ 0.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.125% 
7.125% 
2.70% 
2.70% 
4.40% 
4.40% 
5.60% 
5.60% 
5.05% 
5.05% 
5.05% 
 
 
4.15% 
4.15% 
0.00% 
 
 
 
 
 
 
Long-term Debt
2,827.2 
2,022.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
182.9 
184.4 
399.6 
399.5 
553.0 
553.2 
349.7 
349.7 
443.0 
 
298.3 
 
 
748.7 
 
0 
 
 
 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
1,500.0 
 
1,000.0 
 
 
 
 
 
 
 
250.0 
 
250.0 
 
 
 
500.0 
125.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,500.0 
 
 
 
 
 
Debt Instrument, Face Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
150.0 
 
 
 
 
750.0 
 
 
900.0 
 
 
 
 
Line Of Credit Facility, Additional Borrowing Limit
500.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest, Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
17,431,152 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage ratios
 
 
 
 
 
5.0 
 
5.5 
 
 
 
 
 
 
4.00 
4.50 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Coverge Ratio
 
 
 
 
 
 
2.50 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Conditional acquisition purchase price
 
 
 
 
 
50.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Interest Rate During Period
0.50% 
 
 
 
 
 
 
 
0.50% 
1.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.30% 
1.90% 
 
 
 
 
 
 
 
 
 
Letters of Credit Outstanding, Amount
2.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Amount Outstanding
150.0 
 
 
 
 
 
 
 
 
 
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Remaining Borrowing Capacity
1,340.0 
 
 
 
 
 
 
 
 
 
250.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage Rate
1.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Unamortized Discount (Premium), Net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 20.4 
$ 21.9 
$ (0.4)
$ (0.5)
$ 3.0 
$ 3.2 
$ (0.3)
$ (0.3)
$ (7.0)
 
$ (1.7)
 
 
$ (1.3)
 
 
 
 
 
 
 
 
Long-term Debt (Phantom) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2015
Jun. 30, 2015
Line of Credit [Member]
Dec. 31, 2014
Line of Credit [Member]
Jun. 30, 2015
2.7% Senior Notes due 2019
Dec. 31, 2014
2.7% Senior Notes due 2019
Jun. 30, 2015
7.125% Senior Notes due 2022
Dec. 31, 2014
7.125% Senior Notes due 2022
Jun. 30, 2015
4.4% Senior Notes due 2024
Dec. 31, 2014
4.4% Senior Notes due 2024
Jun. 30, 2015
5.6% Senior Notes due 2044
Dec. 31, 2014
5.6% Senior Notes due 2044
Jun. 30, 2015
5.05% Senior Notes due 2045
May 12, 2015
5.05% Senior Notes due 2045
Dec. 31, 2014
5.05% Senior Notes due 2045
Jun. 30, 2015
4.15% Senior Notes due 2025 [Member] [Member]
May 12, 2015
4.15% Senior Notes due 2025 [Member] [Member]
Dec. 31, 2014
4.15% Senior Notes due 2025 [Member] [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Interest Rate During Period
0.50% 
2.30% 
1.90% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
2.70% 
2.70% 
7.125% 
7.125% 
4.40% 
4.40% 
5.60% 
5.60% 
5.05% 
5.05% 
5.05% 
4.15% 
4.15% 
0.00% 
Debt Instrument, Unamortized Discount (Premium), Net
 
 
 
$ (0.4)
$ (0.5)
$ 20.4 
$ 21.9 
$ 3.0 
$ 3.2 
$ (0.3)
$ (0.3)
$ (7.0)
 
$ (1.7)
$ (1.3)
 
 
Income Tax (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Operating Loss Carryforwards [Line Items]
 
 
 
 
Income Tax Expense (Benefit)
$ 10.2 
$ 18.5 
$ 20.9 
$ 42.2 
Predecessor [Member]
 
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
Income Tax Expense (Benefit)
0 
0 
0 
19.4 
Enlink midstream, LLC [Member]
 
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
Income Tax Expense (Benefit)
$ 10.2 
$ 18.5 
$ 20.9 
$ 22.8 
Certain Provision of the Partnership Agreement (Textual) (Details) (USD $)
6 Months Ended 6 Months Ended 3 Months Ended 0 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
General Partner Interest
13% Distribution
Jun. 30, 2015
General Partner Interest
23% Distribution
Jun. 30, 2015
General Partner Interest
48% Distribution
Jun. 30, 2015
BMO Capital Markets Corp.
EDA [Member]
Jun. 30, 2015
BMO Capital Markets Corp, Merrilly Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc, Jeffries LLC, Raymond James and Associates, Inc and RBC Capital Markets LLC
EDA [Member]
Nov. 30, 2014
BMO Capital Markets Corp, Merrilly Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc, Jeffries LLC, Raymond James and Associates, Inc and RBC Capital Markets LLC
EDA [Member]
Jun. 30, 2015
Class E Common Unit [Member]
Mar. 31, 2015
Common Class C [Member]
Mar. 31, 2015
Class D Common Unit [Member]
Jun. 30, 2015
Common Units
Mar. 31, 2015
Common Units
Dec. 31, 2014
Common Units
May 27, 2015
EnLink Midstream Holdings, LP [Member]
Midstream Holdings [Member]
EMH Drop Down [Member]
Affiliated Entity [Member]
EnLink Midstream LP [Member]
Acacia [Member]
Feb. 17, 2015
EnLink Midstream Holdings, LP [Member]
Midstream Holdings [Member]
EMH Drop Down [Member]
Affiliated Entity [Member]
EnLink Midstream LP [Member]
Acacia [Member]
May 27, 2015
Class E Common Unit [Member] [Member]
EnLink Midstream Holdings, LP [Member]
Midstream Holdings [Member]
EMH Drop Down [Member]
Affiliated Entity [Member]
EnLink Midstream LP [Member]
Acacia [Member]
Feb. 17, 2015
Class D Common Unit [Member]
EnLink Midstream Holdings, LP [Member]
Midstream Holdings [Member]
EMH Drop Down [Member]
Affiliated Entity [Member]
EnLink Midstream LP [Member]
Acacia [Member]
Jun. 30, 2015
Common Class C [Member]
Mar. 31, 2015
Common Class C [Member]
Jun. 30, 2015
Common Class C [Member]
Subsidiary Sale Of Stock [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution Made to Limited Partner, Cash Distributions Declared
 
 
 
 
 
 
 
 
 
 
$ 0.18 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction, Amounts of Transaction, Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
36,629,888 
31,618,311 
 
 
 
Related Party Transaction, Ownership Interest Transferred
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25.00% 
25.00% 
 
 
 
 
 
Incentive Distribution Percentage Levels
 
 
13.00% 
23.00% 
48.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Incentive Distribution, Distribution Per Unit
 
 
$ 0.25 
$ 0.3125 
$ 0.375 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributions Declared, Per Unit
 
 
 
 
 
 
 
 
$ 0.15 
$ 0.38 
 
$ 0.385 
$ 0.38 
$ 0.375 
 
 
 
 
$ 0.385 
 
 
Distribution Made to Limited Partner, Distribution Date
 
 
 
 
 
 
 
 
 
 
 
Aug. 13, 2015 
May 14, 2015 
Feb. 12, 2015 
 
 
 
 
 
 
 
Proceeds from Issuance of common units
4,100,000 
19,900,000 
 
 
 
 
4,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments of Stock Issuance Costs
 
 
 
 
 
 
100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aggregate Amount Of Equity Securities Allowed Under Equity Distribution Agreement
 
 
 
 
 
 
 
350,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Partners' Capital Account, Units
364,100,000 
 
 
 
 
 
200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AggregateAmountOfEquitySecurityRemainingUnderEquityDistributionAgreement
 
 
 
 
 
$ 337,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Issued During Period, Shares, Acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,704,285 
Paid In Kind Dividends
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
120,622 
99,794 
 
Percentage Of Avaliable Cash to Distribute
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution Made to Limited Partner, Distribution Period
45 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Certain Provision of the Partnership Agreement (Allocated Net Income (loss) to the General Partner) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Incentive Distribution Made to Managing Member or General Partner [Line Items]
 
 
 
 
General Partner share of net income
$ 19.1 
$ 43.5 
$ 45.6 
$ 53.9 
General Partner Interest
 
 
 
 
Incentive Distribution Made to Managing Member or General Partner [Line Items]
 
 
 
 
Income allocation for incentive distributions
11.3 
5.9 
20.1 
7.3 
Unit-based compensation attributable to ENLC’s restricted units
(3.9)
(3.1)
(10.9)
(3.7)
General Partner interest in net income
0.2 
0.3 
0.3 
0.4 
General Partners interest in asset drop
$ 11.5 
$ 40.4 
$ 36.1 
$ 49.9 
Earnings per Unit and Dilution Computations (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Mar. 31, 2015
Jun. 30, 2014
Mar. 31, 2014
Jun. 30, 2015
Jun. 30, 2014
Capital Unit [Line Items]
 
 
 
 
 
 
Distribution paid (usd per unit)
$ 0.25 
$ 0.245 
$ 0.22 
$ 0.18 
 
 
Enlink Midstream, LLC interest in net income
$ 14.5 
 
$ 28.8 
 
$ 30.8 
$ 35.6 
Distributed Earnings
41.4 
 
36.2 
 
81.8 
50.9 
Undistributed Earnings, Basic
(26.9)
 
(7.4)
 
(51.0)
(15.3)
Basic common unit (usd per unit)
$ 0.09 
 
$ 0.18 
 
$ 0.19 
$ 0.22 
Diluted common unit (usd per unit)
$ 0.09 
 
$ 0.18 
 
$ 0.19 
$ 0.22 
Common Unit
 
 
 
 
 
 
Capital Unit [Line Items]
 
 
 
 
 
 
Enlink Midstream, LLC interest in net income
14.4 
 
28.7 
 
30.6 
35.4 
Distributed Earnings
41.1 
 
36.1 
 
81.3 
50.6 
Undistributed Earnings, Basic
(26.7)
 
(7.4)
 
(50.7)
(15.2)
Restricted Stock Units (RSUs)
 
 
 
 
 
 
Capital Unit [Line Items]
 
 
 
 
 
 
Enlink Midstream, LLC interest in net income
0.1 
 
0.1 
 
0.2 
0.2 
Distributed Earnings
0.3 
 
0.1 
 
0.5 
0.3 
Undistributed Earnings, Basic
$ (0.2)
 
$ 0 
 
$ (0.3)
$ (0.1)
Capital Unit, Class B [Member]
 
 
 
 
 
 
Capital Unit [Line Items]
 
 
 
 
 
 
Distribution paid (usd per unit)
 
 
 
 
 
$ 0.05 
Earnings per Unit and Dilution Computations (Unit Weighted Average Schedule) (Details)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Capital Unit [Line Items]
 
 
 
 
Weighted Average Number of Shares Outstanding, Basic
164.2 
164.0 
164.2 
164.0 
Weighted Average Number Diluted Shares Outstanding Adjustment
0.4 
0.3 
0.4 
0.2 
Weighted average common shares outstanding: Basic (usd per share)
164.6 
164.3 
164.6 
164.2 
Common Units
 
 
 
 
Capital Unit [Line Items]
 
 
 
 
Weighted Average Limited Partnership Units Outstanding, Basic
164.2 
164.0 
164.2 
164.0 
Asset Retirement Obligation (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Dec. 31, 2013
Asset Retirement Obligation Disclosure [Abstract]
 
 
 
 
Asset Retirement Obligation, Current
$ 1.1 
 
$ 8.2 
 
Asset Retirement Obligation
13.7 
12.3 
20.6 
8.1 
Revisions to existing liabilities
(4.0)
3.4 
 
 
Liabilities acquired
0 
0.5 
 
 
Accretion
0.3 
0.3 
 
 
Asset Retirement Obligation, Liabilities Settled
$ (3.2)
$ 0 
 
 
Investment in Unconsolidated Affiliate (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries
$ 12.4 
$ 3.0 
$ 19.2 
$ 5.7 
 
Equity in income of equity investments
5.9 
4.5 
9.7 
8.7 
 
Investment in equity investment
261.2 
 
261.2 
 
270.8 
Undistributed Earnings, Basic
26.9 
7.4 
51.0 
15.3 
 
Gulf Coast Fractionators [Member]
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries
4.2 
0 
6.9 
0 
 
Equity in income of equity investments
2.9 
3.9 
6.3 
8.0 
 
Investment in equity investment
53.4 
 
53.4 
 
54.1 
Ownership Percentage
38.75% 
 
38.75% 
 
 
Howard Energy Partners [Member]
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries
8.2 
3.0 
12.3 
5.7 
 
Equity in income of equity investments
3.0 
0.6 
3.4 
0.7 
 
Investment in equity investment
$ 207.8 
 
$ 207.8 
 
$ 216.7 
Ownership Percentage
30.60% 
 
30.60% 
 
 
Employee Incentive Plans (Textuals) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2015
ENLK Restricted Units
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Vesting Period
 
3 years 
ENLC Restricted Units
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Vesting Period
 
3 years 
Restricted Stock Units (RSUs) |
ENLK Restricted Units
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Aggregate intrinsic value of units vested
$ 0.4 
$ 7.2 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
 
261,409 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value
0.5 
7.5 
Restricted Stock Units (RSUs) |
ENLK Restricted Unit March Vest [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
 
128,675 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value
 
3.4 
Restricted Stock Units (RSUs) |
ENLC Restricted Units
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Aggregate intrinsic value of units vested
0.6 
8.9 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
 
258,094 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value
0.6 
9.2 
Restricted Stock Units (RSUs) |
ENLC Restricted Units March Vest [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
 
102,543 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value
 
3.4 
Restricted Stock |
ENLC Restricted Units
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Unrecognized compensation cost related to non-vested restricted incentive units
24.1 
24.1 
Unrecognized compensation costs, weighted average period for recognition
 
1 year 11 months 
EnLink Midstream Partners, LP |
Performance Based Restricted Unit [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Unrecognized compensation cost related to non-vested restricted incentive units
3.6 
3.6 
Unrecognized compensation costs, weighted average period for recognition
 
2 years 6 months 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
 
0 
EnLink Midstream Partners, LP |
Restricted Stock Units (RSUs)
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Unrecognized compensation cost related to non-vested restricted incentive units
24.3 
24.3 
Unrecognized compensation costs, weighted average period for recognition
 
2 years 0 months 
Enlink midstream, LLC [Member] |
Performance Based Restricted Unit [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Unrecognized compensation cost related to non-vested restricted incentive units
$ 3.7 
$ 3.7 
Unrecognized compensation costs, weighted average period for recognition
 
2 years 6 months 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
 
0 
Minimum [Member] |
EnLink Midstream Partners, LP |
Performance Based Restricted Unit [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage
 
0.00% 
Minimum [Member] |
Enlink midstream, LLC [Member] |
Performance Based Restricted Unit [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage
 
0.00% 
Maximum [Member] |
EnLink Midstream Partners, LP |
Performance Based Restricted Unit [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage
 
200.00% 
Maximum [Member] |
Enlink midstream, LLC [Member] |
Performance Based Restricted Unit [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage
 
200.00% 
Employee Incentive Plans (Expense Schedule) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Allocated Share-based Compensation Expense
$ 7.7 
$ 5.8 
$ 21.5 
$ 9.8 
Amount of related income tax expense recognized in income
1.5 
1.3 
4.6 
2.6 
General and Administrative Expense
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Allocated Share-based Compensation Expense
6.6 
5.0 
18.5 
6.0 
Cost of unit-based compensation charged to operating expense
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Allocated Share-based Compensation Expense
1.1 
0.8 
3.0 
1.0 
Interest of non-controlling partners in unit-based compensation
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Allocated Share-based Compensation Expense
3.7 
2.5 
9.2 
3.0 
Predecessor [Member] |
General and Administrative Expense
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Allocated Share-based Compensation Expense
$ 0 
$ 0 
$ 0 
$ 2.8 
Employee Incentive Plans (Compensation Schedule) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
6 Months Ended
Jun. 30, 2015
ENLK Restricted Units |
Restricted Stock Units (RSUs)
 
Number of Units
 
Non-vested, beginning of period (Units)
1,022,191 
Granted (Units)
564,524 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
(261,409)
Forfeited (Units)
(62,451)
Non-vested, end of period (Units)
1,262,855 
Weighted Average Grant-Date Fair Value
 
Non-vested, beginning of period (usd per share)
$ 31.25 
Granted (usd per share)
$ 27.05 
Vested (usd per share)
$ 28.76 
Forfeited (usd per share)
$ 31.09 
Non-vested, end of period (usd per share)
$ 29.89 
Aggregate intrinsic value, end of period (in millions)
$ 27.7 
Units withheld for payroll taxes on behalf of employees
89,679 
ENLC Restricted Units
 
Weighted Average Grant-Date Fair Value
 
Units withheld for payroll taxes on behalf of employees
82,352 
ENLC Restricted Units |
Restricted Stock Units (RSUs)
 
Number of Units
 
Non-vested, beginning of period (Units)
986,472 
Granted (Units)
481,042 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
(258,094)
Forfeited (Units)
(53,723)
Non-vested, end of period (Units)
1,155,697 
Weighted Average Grant-Date Fair Value
 
Non-vested, beginning of period (usd per share)
$ 37.03 
Granted (usd per share)
$ 31.74 
Vested (usd per share)
$ 35.79 
Forfeited (usd per share)
$ 36.15 
Non-vested, end of period (usd per share)
$ 35.15 
Aggregate intrinsic value, end of period (in millions)
35.9 
Enlink midstream, LLC [Member] |
Performance Based Restricted Unit [Member]
 
Number of Units
 
Non-vested, beginning of period (Units)
0 
Granted (Units)
105,080 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
0 
Non-vested, end of period (Units)
105,080 
Weighted Average Grant-Date Fair Value
 
Non-vested, beginning of period (usd per share)
$ 0.00 
Granted (usd per share)
$ 40.50 
Vested (usd per share)
$ 0.00 
Non-vested, end of period (usd per share)
$ 40.50 
Aggregate intrinsic value, end of period (in millions)
3.3 
EnLink Midstream Partners, LP |
Performance Based Restricted Unit [Member]
 
Number of Units
 
Non-vested, beginning of period (Units)
0 
Granted (Units)
118,126 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
0 
Non-vested, end of period (Units)
118,126 
Weighted Average Grant-Date Fair Value
 
Non-vested, beginning of period (usd per share)
$ 0.00 
Granted (usd per share)
$ 35.41 
Vested (usd per share)
$ 0.00 
Non-vested, end of period (usd per share)
$ 35.41 
Aggregate intrinsic value, end of period (in millions)
$ 2.6 
Employee Incentive Plans (Intrinsic and Fair Value of Units Vested) (Details) (Restricted Stock Units (RSUs), USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2015
ENLK Restricted Units
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Aggregate intrinsic value of units vested
$ 0.4 
$ 7.2 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value
0.5 
7.5 
ENLC Restricted Units
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Aggregate intrinsic value of units vested
0.6 
8.9 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value
$ 0.6 
$ 9.2 
Employee Incentive Plans Total Shareholder Return Unit Summary (Details)
6 Months Ended
Jun. 30, 2015
ENLC Restricted Units |
Restricted Stock
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition
1 year 11 months 
Enlink midstream, LLC [Member] |
Performance Based Restricted Unit [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Share Based Compensation Arrangement Grant Date Fair Value
$ 34.24 
Fair Value Assumptions, Risk Free Interest Rate
0.99% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate
33.02% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate
2.98% 
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition
2 years 6 months 
EnLink Midstream Partners, LP |
Performance Based Restricted Unit [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Share Based Compensation Arrangement Grant Date Fair Value
$ 27.68 
Fair Value Assumptions, Risk Free Interest Rate
0.99% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate
33.01% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate
5.66% 
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition
2 years 6 months 
Derivatives (Summary of Derivative Income Expense) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
 
Net fair value of derivatives
$ 14.6 
 
$ 14.6 
 
$ 21.7 
Gain (loss) on derivative activity
1.2 
(1.6)
1.4 
(2.9)
 
Interest Rate Swap [Member]
 
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
 
Realized gain (loss) on derivatives
3.6 
 
3.6 
 
 
Commodity Swap
 
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
 
Change in fair value of derivatives
(2.5)
(1.3)
(6.3)
(2.0)
 
Realized gain (loss) on derivatives
$ 3.7 
$ (0.3)
$ 7.7 
$ (0.9)
 
Derivatives (Schedule of Derivative Assets Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative assets — current
$ 14.0 
$ 16.7 
Fair value of derivative assets — long term
4.9 
10.0 
Fair value of derivative liabilities — current
(3.5)
(3.0)
Fair value of derivative liabilities — long term
(0.8)
(2.0)
Net fair value of derivatives
14.6 
21.7 
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Net fair value of derivatives
$ 14.6 
 
Derivatives (Derivatives Outstanding) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Derivative [Line Items]
 
 
Net fair value of derivatives
$ 14.6 
$ 21.7 
Not Designated as Hedging Instrument
 
 
Derivative [Line Items]
 
 
Net fair value of derivatives
14.6 
 
Liquids |
Short Contracts
 
 
Derivative [Line Items]
 
 
Derivative, Nonmonetary Notional Amount
60,500,000 
 
Net fair value of derivatives
18.1 
 
Liquids |
Long Contracts
 
 
Derivative [Line Items]
 
 
Derivative, Nonmonetary Notional Amount
35,800,000 
 
Net fair value of derivatives
(2.6)
 
Gas |
Short Contracts
 
 
Derivative [Line Items]
 
 
Derivative, Nonmonetary Notional Amount
3,700,000 
 
Net fair value of derivatives
2.6 
 
Gas |
Long Contracts
 
 
Derivative [Line Items]
 
 
Derivative, Nonmonetary Notional Amount
2,700,000 
 
Net fair value of derivatives
$ (3.5)
 
Derivatives (Details Textuals) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
 
Maximum counterparty loss
$ 18.9 
Maximum counterparty loss with netting feature
$ 14.6 
Derivatives (Derivatives Other Than Cash Flow Hedges Table) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Derivative [Line Items]
 
Derivative instruments at fair value
$ 14.6 
Market Approach Valuation Technique |
Less than one year
 
Derivative [Line Items]
 
Derivative instruments at fair value
10.5 
Market Approach Valuation Technique |
One to two years
 
Derivative [Line Items]
 
Derivative instruments at fair value
4.1 
Market Approach Valuation Technique |
More than two years
 
Derivative [Line Items]
 
Derivative instruments at fair value
$ 0 
Fair Value Measurement (Fair Measurement on a Recurring Nonrecurring Basis) (Details) (Fair Value, Inputs, Level 2, Commodity Swap, Fair Value, Measurements, Recurring, USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Fair Value, Inputs, Level 2 |
Commodity Swap |
Fair Value, Measurements, Recurring
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Net Fair Value of Derivative
$ 14.6 
$ 21.7 
Fair Value Measurement (Fair Value of Financial Instrument) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Long-term Debt
$ 2,827.2 
$ 2,022.5 
Reported Value Measurement [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Long-term Debt
2,827.2 
2,022.5 
Obligations under capital lease
18.7 
20.3 
Estimate of Fair Value Measurement [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Long-term Debt, Fair Value
2,757.1 
2,026.1 
Obligations under capital lease
$ 18.0 
$ 19.8 
Fair Value Measurement (Details Textuals) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Jun. 30, 2015
Partnership [Member]
Dec. 31, 2014
Partnership [Member]
Jun. 30, 2015
2.7% Senior Notes due 2019
Dec. 31, 2014
2.7% Senior Notes due 2019
Jun. 30, 2015
4.4% Senior Notes due 2024
Dec. 31, 2014
4.4% Senior Notes due 2024
Jun. 30, 2015
5.6% Senior Notes due 2044
Dec. 31, 2014
5.6% Senior Notes due 2044
Jun. 30, 2015
5.05% Senior Notes due 2045
May 12, 2015
5.05% Senior Notes due 2045
Dec. 31, 2014
5.05% Senior Notes due 2045
Jun. 30, 2015
7.125% Senior Notes due 2022
Dec. 31, 2014
7.125% Senior Notes due 2022
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Amount Outstanding
$ 150.0 
 
$ 150.0 
$ 237.0 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt
2,827.2 
2,022.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Notes
 
 
 
 
399.6 
399.5 
553.0 
553.2 
349.7 
349.7 
443.0 
 
298.3 
182.9 
184.4 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
 
2.70% 
2.70% 
4.40% 
4.40% 
5.60% 
5.60% 
5.05% 
5.05% 
5.05% 
7.125% 
7.125% 
Unsecured Debt
$ 2,676.9 
$ 1,785.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum
2.70% 
2.70% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum
7.10% 
7.10% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commitments and Contingencies (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended
Aug. 31, 2014
Gain Contingencies [Line Items]
 
Gain on Litigation Settlement
$ 6.1 
Segment Information (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
 
 
 
Product sales
$ 956.2 
$ 687.9 
$ 1,626.9 
$ 901.3 
 
Product sales - affiliates
31.7 
0 
47.9 
436.4 
 
Midstream services
135.9 
67.1 
238.3 
86.2 
 
Midstream services - affiliates
149.5 
173.8 
300.5 
229.3 
 
Cost of sales
(968.2)
(661.9)
(1,625.6)
(1,200.8)
 
Operating expenses
(109.1)
(73.9)
(207.6)
(120.6)
 
Gain on derivative activity
1.2 
(1.6)
1.4 
(2.9)
 
Segment profit
197.2 
191.4 
381.8 
328.9 
 
Depreciation and amortization
(97.7)
(75.0)
(189.0)
(123.5)
 
Goodwill
3,731.2 
3,693.5 
3,731.2 
3,693.5 
3,684.7 
Capital expenditures
164.8 
231.5 
340.5 
305.5 
 
Segment identifiable assets
11,128.5 
 
11,128.5 
 
10,206.7 
Texas Operating Segment
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Product sales
81.2 
68.6 
131.0 
114.5 
 
Product sales - affiliates
35.0 
19.3 
60.9 
311.9 
 
Midstream services
36.0 
14.6 
55.6 
19.5 
 
Midstream services - affiliates
115.8 
126.6 
231.3 
167.0 
 
Cost of sales
(118.4)
(76.1)
(185.6)
(333.4)
 
Operating expenses
(45.5)
(38.6)
(92.6)
(70.3)
 
Gain on derivative activity
0 
0 
0 
0 
 
Segment profit
104.1 
114.4 
200.6 
209.2 
 
Depreciation and amortization
(42.8)
(32.8)
(79.2)
(60.1)
 
Goodwill
1,185.0 
1,168.1 
1,185.0 
1,168.1 
1,168.2 
Capital expenditures
80.9 
75.4 
154.4 
100.5 
 
Segment identifiable assets
4,011.7 
 
4,011.7 
 
3,303.0 
Louisiana Operating Segment
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Product sales
401.2 
514.2 
773.4 
649.1 
 
Product sales - affiliates
17.0 
1.7 
24.1 
2.3 
 
Midstream services
63.2 
37.9 
121.1 
48.4 
 
Midstream services - affiliates
0.3 
0 
0.4 
0 
 
Cost of sales
(418.2)
(508.1)
(789.1)
(641.6)
 
Operating expenses
(27.2)
(16.5)
(51.5)
(21.6)
 
Gain on derivative activity
0 
0 
0 
0 
 
Segment profit
36.3 
29.2 
78.4 
36.6 
 
Depreciation and amortization
(26.9)
(19.1)
(54.4)
(24.3)
 
Goodwill
786.8 
786.7 
786.8 
786.7 
786.8 
Capital expenditures
14.7 
121.2 
29.9 
143.3 
 
Segment identifiable assets
3,195.5 
 
3,195.5 
 
3,316.5 
Oklahoma Operating Segment
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Product sales
0.1 
0 
0.1 
11.5 
 
Product sales - affiliates
1.7 
0 
5.4 
147.9 
 
Midstream services
9.8 
0 
20.5 
0 
 
Midstream services - affiliates
29.1 
47.2 
60.3 
62.3 
 
Cost of sales
(2.0)
0 
(7.1)
(133.9)
 
Operating expenses
(9.1)
(7.3)
(16.1)
(14.0)
 
Gain on derivative activity
0 
0 
0 
0 
 
Segment profit
29.6 
39.9 
63.1 
73.8 
 
Depreciation and amortization
(11.8)
(11.6)
(25.3)
(25.8)
 
Goodwill
190.3 
190.3 
190.3 
190.3 
190.3 
Capital expenditures
12.3 
(2.2)
17.5 
8.0 
 
Segment identifiable assets
885.5 
 
885.5 
 
892.8 
Crude And Condensate Segment [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Product sales
473.7 
105.1 
722.4 
126.2 
 
Product sales - affiliates
14.0 
0 
14.0 
0 
 
Midstream services
26.9 
14.6 
41.1 
18.3 
 
Midstream services - affiliates
4.3 
0 
8.5 
0 
 
Cost of sales
(465.6)
(98.7)
(700.3)
(117.6)
 
Operating expenses
(27.3)
(11.5)
(47.4)
(14.7)
 
Gain on derivative activity
0 
0 
0 
0 
 
Segment profit
26.0 
9.5 
38.3 
12.2 
 
Depreciation and amortization
(14.5)
(10.7)
(26.9)
(12.4)
 
Goodwill
142.1 
118.0 
142.1 
118.0 
112.5 
Capital expenditures
54.4 
33.9 
132.0 
45.0 
 
Segment identifiable assets
1,210.6 
 
1,210.6 
 
871.9 
Corporate Segment
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Product sales
0 
0 
0 
0 
 
Product sales - affiliates
(36.0)
(21.0)
(56.5)
(25.7)
 
Midstream services
0 
0 
0 
0 
 
Midstream services - affiliates
0 
0 
0 
0 
 
Cost of sales
36.0 
21.0 
56.5 
25.7 
 
Operating expenses
0 
0 
0 
0 
 
Gain on derivative activity
1.2 
(1.6)
1.4 
(2.9)
 
Segment profit
1.2 
(1.6)
1.4 
(2.9)
 
Depreciation and amortization
(1.7)
(0.8)
(3.2)
(0.9)
 
Goodwill
1,427.0 
1,430.4 
1,427.0 
1,430.4 
 
Capital expenditures
2.5 
3.2 
6.7 
8.7 
 
Segment identifiable assets
$ 1,825.2 
 
$ 1,825.2 
 
$ 1,822.5 
Segment Information (Reconciliation of Segment Profit to Operating Income) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Segment Reporting [Abstract]
 
 
 
 
Segment profits
$ 197.2 
$ 191.4 
$ 381.8 
$ 328.9 
General and administrative expenses
(28.1)
(26.6)
(70.8)
(42.5)
Depreciation and amortization
(97.7)
(75.0)
(189.0)
(123.5)
Operating income
$ 71.4 
$ 89.8 
$ 122.0 
$ 162.9 
Discontinued Operations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Revenues
 
 
 
$ 6.8 
Revenues - affiliates
 
 
 
10.5 
Total revenues
 
 
 
17.3 
Operating expenses
 
 
 
15.7 
Total operating costs and expenses
 
 
 
15.7 
Income before income taxes
 
 
 
1.6 
Income tax provision
 
 
 
0.6 
Net income
$ 0 
$ 0 
$ 0 
$ 1.0 
Gulf Coast Fractionators [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Ownership Percentage
38.75% 
 
38.75% 
 
Supplemental Cash Flow Information (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2015
Other Significant Noncash Transactions [Line Items]
 
Other Significant Noncash Transaction, Value of Consideration Given
$ 180.0 
Common Class C [Member]
 
Other Significant Noncash Transactions [Line Items]
 
Other Significant Noncash Transaction, Value of Consideration Given
$ 180.0