Investor Highlights // MARCH 2020 Enable Midstream Overview - PDF document

Investor Highlights // MARCH 2020

Enable Midstream Overview • Large-scale, fully-integrated midstream platform • Critical link between growing production and downstream markets • Long-term relationships with large-cap producers, LDCs and electric utilities • Signifjcant fee-based and demand-fee margin • Substantial distribution coverage • Investment-grade credit metrics • Proven track record • Compelling value opportunity 10,100 Miles 2.6 Bcf/d Interstate/Intrastate Processing Capacity Pipelines 84.5 Bcf 14,000 Miles Natural Gas Gathering Pipelines Storage Capacity 27 Active Rigs On Enable’s Footprint 1 Note: Map as of Feb. 26, 2020; Stats as of Dec. 31, 2019; Pipeline miles are approximate and interstate/intrastate pipeline miles include ~7,800 miles of interstate pipeline (including SESH, which Enable owns a 50% interest) and ~2,300 miles of intrastate pipeline 1 Rigs drilling wells expected to be connected to Enable’s gathering systems; per Enverus as of Feb. 10, 2020 1 2 | Investor Highlights

2019 Highlights 2019: A Year of Continued Execution Total Gathered Volumes Transported Volumes +62% +27% Commercial • Achieved record full-year natural gas gathered, natural gas processed, natural gas transported, and crude oil and condensate gathered volumes 1 and Operational since 2016 since 2016 • Signifjcantly increased crude oil and condensate gathered volumes in both 5.31 Achievements the Anadarko and Williston Basins 6.18 4.72 5.56 • Extended the weighted-average remaining fjrm transportation contract life for EGT, 5.04 Tbtu/d Equivalent 1 4.88 3.71 MRT and EOIT from 3.6 years at year-end 2018 to 4.1 years at year-end 2019 2,3 3.28 Tbtu/d • Agreed to rate case settlement terms with 100% of MRT’s fjrm capacity customers that participated in the pipeline’s recent rate cases 3 • Announced the Merge, Arkoma, SCOOP and STACK (MASS) natural gas transportation project and continued to develop the Gulf Run Pipeline project 2016 2017 2018 2019 2016 2017 2018 2019 Financial • Higher fourth quarter and full-year 2019 Adjusted EBITDA and DCF Adjusted EBITDA 2 Distribution Coverage 3 compared to fourth quarter and full-year 2018 Achievements +31% +17% • Achieved the upper end of 2019 outlook for Adjusted EBITDA and DCF • Focused on capital effjciency , driving expansion capital below the 2019 since 2016 since 2016 outlook range $1,147 • Increased the cash return to common unitholders by raising the quarterly 1.38x 1.38x $1,074 1.20x 1.18x distribution by approximately 4% 4 $924 $873 $ in millions 2016 2017 2018 2019 2016 2017 2018 2019 Business Growth, Cost Discipline and Efficient Capital Deployment “Enabled” the Self-Funding of Nearly 80% of the 2019 Capital Program After Distributions 4 1 Enable’s total crude oil and condensate volumes have been converted to an MMBtu equivalent using a conversion factor of 5.80 MMBtus per gathered barrel 2 Non-GAAP financial measure are reconciled to the nearest GAAP financial measures on pages 9 and 10 1 Since Enable’s formation in May 2013 3 Non-GAAP measure calculated as DCF divided by distributions related to common and subordinated units 2 Contract life weighted by volumes 4 Self-funding calculated as FY2019 DCF plus FY2019 maintenance capital minus FY2019 common unit distributions. FY2019 Capital Program self-funding 3 Contracts associated with the MRT rate cases are subject to FERC approval 3 4 | Investor Highlights percentage calculated by dividing self-funding amount by total FY2019 capital expenditures 4 The partnership increased the quarterly distribution rate from $.3180/unit to $.3305/unit, an increase of approximately 4%, beginning with the Q2-19 distribution

Financially Strong and Disciplined Gulf Run Pipeline Project Cost Discipline 2020F Gross Margin Profjle 2 ~93% Fee-Based or Hedged 37% $1,681 $1,612 $1,422 7% $1,255 4% 33% 31% 31% 50% 39% 2016 2017 2018 2019 Gross Margin 1 O&M & G&A % Gross Margin Fee-Based Volume Dependent Fee-Based Demand Commodity-Based Hedged Commodity-Based Unhedged Highlights Strong Financial Position • Continued focus on operating 2018 2019 2020 2021 2022 effjciency and cost discipline 4.89x 4.82x 4.56x 4.51x 4.51x • Favorable contract structures with 3.83x signifjcant fee-based and demand- Debt-to-EBITDA fee margins Project Open Golden Survey FERC Public FERC FERC 7(c) FERC Begin Project Season Pass FID Work Pre- Open Scoping Filing Approval Construction Completed Announcement Filing Houses Meetings • Committed to aligning expansion capital expenditures with the business environment • Signifjcant liquidity and investment- • The Gulf Run Pipeline project, backed by a 20-year commitment from cornerstone shipper Golden Pass LNG, grade credit metrics will provide access to some of the most prolifjc natural gas producing regions in the U.S. ENBL Peer A Peer B Peer C Peer D Peer E • Expect to fjle certifjcate applications with FERC by the end of fjrst quarter 2020 seeking authorization for the project ENBL 3 Peer 4 • Project scope expected to be fjled would provide approximately 1.7 Bcf/d of capacity, which would both accommodate Golden Pass’s 1.1 Bcf/d commitment and allow for additional capacity subscriptions that may develop from ongoing discussions at an estimated total cost for the fjled scope of approximately $640 million 1 • Project will be appropriately sized to meet contracted customer capacity commitments and is expected to be placed into service in late 2022, subject to FERC approval 1 Non-GAAP financial measures are reconciled to the nearest GAAP financial measures on pages 9 and 10 2 Gross margin profile represents hedges as of Feb. 14, 2020, and Enable’s Q4-19 Earnings internal 2020 forecast and price assumptions 3 ENBL leverage is calculated as Total Debt / Adjusted EBITDA and is based off of FY2019 Actuals Note: Map as of Feb. 24, 2020 4 Source: Bloomberg. Current (as of Feb. 7, 2020) Total Debt / FY2019 Adjusted EBITDA average analyst 1 Excludes the estimated allowance for funds used during constructions, which represents the approximate net composite estimates; Peers include DCP, ENLC, OKE, WES and WMB; Peers shown on graph in order of ascending interest cost of borrowed funds and a reasonable return on the equity funds used for construction Debt-to-EBITDA rather than alphabetical order 5 6 | Investor Highlights

Q4 2019 Commercial Highlights 2020 Focus Gathering and Processing Strong Financial Position • Producers remain active across Enable’s gathering 18 footprint with 27 rigs 1 currently drilling wells expected • Focused on maintaining strong distribution coverage and investment-grade credit metrics to be connected to Enable’s gathering systems 27 - 47% of all active rigs 1 in the SCOOP and STACK plays Optimization Active Rigs on are drilling wells expected to be connected to Enable’s gathering systems Enable’s Footprint 1 • Continuing to improve effjciency and generate cost savings 3 - Operators have reduced the number of days it takes to drill a well in the Anadarko by an average of 17% in 1 Commercial Excellence Q3-19 compared to Q3-18 2 5 • Total crude oil and condensate volumes gathered • Pursuing additional high-value opportunities across the footprint reached 153 MBbl/d in Q4-19, driven by continued SCOOP Ark-La-Tex growth in the Anadarko Basin Granite Wash Williston Capital Discipline • Right-sizing expansion capital program for customer activity Transportation and Storage Sustainability Reporting • Contracted or extended over 1.2 million Dth/d of transportation capacity during Q4-19 3 Transported Volumes • Planning to expand sustainability disclosures by year-end 2020 • MRT Rate Case Update: TBtu/d - Agreed to rate case settlement terms with all of MRT’s 5.99 5.72 fjrm capacity customers that participated in the recent rate cases, with 90% of third-party transportation capacity now extended into 2024 4.7% - Expect FERC to rule on the proposed settlements in the Increase fjrst half of 2020 - Assuming the settlements are approved in 2020, MRT expects revenues for 2020 to be higher than the revenues Q4 2018 Q4 2019 MRT recognized in 2018, which were unaffected for the rate case or capacity turnbacks Note: SCOOP counties are designated as Caddo, Carter, Garvin, Grady, McClain and Stephens and STACK counties are designated as Blaine, Canadian, Custer, Dewey, Kingfisher, Major and Woodward counties of Oklahoma 1 Rigs per Enverus as of Feb. 10, 2020; represents wells expected to be connected to either Enable’s natural gas gathering or crude oil and condensate gathering systems 2 Source: Enverus 3 Contracts associated with the MRT rate cases are subject to FERC approval 7 8 | Investor Highlights