Noncontrolling Interests

12 Months Ended

Dec. 31, 2017

20.	Noncontrolling Interests

Subsidiary Equity Transactions

EnLink has the ability to sell common units through its “at the market” equity offering programs. In the third quarter of 2017, EnLink entered into additional equity distribution agreements to sell up to $600 million in common units through its programs. Future common units that EnLink issues will be issued under the new equity distribution agreement. During 2017, 2016 and 2015, EnLink issued and sold approximately 6.2 million, 10.0 million and 1.3 million common units through its “at the market” program and general public offerings, generating net proceeds of $107 million, $167 million and $25 million, respectively. During the first quarter of 2016, the General Partner issued common units in conjunction with the Anadarko Basin assets acquisition discussed in Note 3.

In October 2015, EnLink issued approximately 2.8 million common units in a private placement transaction with the General Partner, generating approximately $50 million in proceeds. In 2015, Devon conducted an underwritten secondary public offering of 26.2 million common units representing limited partner interests in EnLink, raising net proceeds of $654 million.

In September 2017, EnLink issued 400,000 preferred units through an underwritten public offering for net proceeds of approximately $394 million. As a result of these transactions and EnLink’s acquisition and dropdown activity discussed further in Note 3, the table below shows the ownership interest activity in the General Partner and EnLink for the last three years.

	EnLink						General Partner
Ownership interest as of	Devon		Non-Devon Unitholders		General Partner		Devon		Non-Devon Unitholders
December 31, 2015		28%		45%		27%		70%		30%
December 31, 2016		24%		53%		23%		64%		36%
December 31, 2017		23%		55%		22%		64%		36%

Distributions to Noncontrolling Interests

EnLink and the General Partner distributed $354 million, $304 million and $254 million to non-Devon unitholders during 2017, 2016 and 2015, respectively.