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Noncontrolling Interests
12 Months Ended
Dec. 31, 2014
Noncontrolling Interests [Abstract]  
Noncontrolling interests

17.Noncontrolling Interests 

 

Acquisition of Noncontrolling Interests

 

In March 2014, EnLink was formed as a publicly traded consolidated subsidiary of Devon to provide midstream services to Devon and third parties. Devon obtained approximately 120.5 million units, or a 52% ownership interest, as a result of this transaction. Approximately 92.7 million units were issued to the public for a 41% ownership interest, with the remaining 7% ownership interest held by the General Partner.

 

Distributions to Noncontrolling Interests

 

In conjunction with the formation of the General Partner in the first quarter of 2014, Devon made a payment of $100 million to noncontrolling interests. Further, EnLink and the General Partner distributed $135 million to non-Devon unitholders during 2014.

 

Subsidiary  Equity Transactions

 

Periodically, EnLink enters into Equity Distribution Agreements (“EDAs”) facilitating the selling of common units representing limited partner interests.  In 2014, EnLink sold approximately 14.8 million common units under these EDAs, generating net proceeds of approximately $410 million. EnLink used the net proceeds for general partnership purposes, to fund working capital, capital expenditures and debt repayments. Subsequent to these sales,  Devon’s ownership interest in EnLink was 49%.