WEEKLY SNAPSHOT APRIL 15, MLP Protocol
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1 WEEKLY SNAPSHOT APRIL 15, 2016
2 Contact Information / Table of Contents PHILIP TRINDER PRESIDENT ptrinder@mlpprotocol.com TABLE OF CONTENTS I MARKETS AND LEVELS 3 II GROUP DATA 12 III SEGMENT YIELD DATA 22 IV GP VALUATION COMPS 27 V SELECTED REGIONAL DATA 31 RESOURCES COMPANY PRESENTATIONS LINKS DEFINITIONS BACKGROUND SEEKING ALPHA I am available for discussions about specific Master Limited Partnership concepts via the Gerson Lehrman Group, Inc. ( GLG ) platform. Alternatively, if your firm does not have access to GLG I can be available for direct discussions. If interested, please feel free to me with any specific requests and I can respond as to whether or not I may be able to add any value in a discussion. My billing rate is $300 per hour. DISCLAIMER ( MLPP ) is not registered as an Investment Advisor or Broker/Dealer with the SEC or in any state or lawful jurisdiction. MLPP relies upon the publisher s exemption from the definition of investment adviser as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. To the extent any of the content published on this website, including transmissions, faxes, recorded voice messages, and any other associated messages/media (hereinafter collectively referred to as Information ) may be deemed investment advice, such Information is impersonal and not tailored to the investment needs or objectives of any specific person. The Information contained within this Web site is provided for informational and educational purposes only, and should be construed as opinion only and not as investment/trading advice and is not meant to be a solicitation regarding any securities mentioned. Opinions expressed herein are MLPP s present opinions only. Any Information is based upon information that MLPP considers reliable, but MLPP does not represent, guarantee, or warrant, expressly or implicitly, that the Information is accurate, complete, or suitable for any particular purpose, and it should not be relied upon as such. MLPP is not obliged to update or periodically review the Information. MLPP accepts no liability with respect to, or arising directly or indirectly out of, the Information. In addition, there can be no guarantee that any projection, forecast or opinion in this presentation will be realized. Opinions expressed herein are subject to change without notice. You are strongly advised to make an independent review and reach your own conclusions regarding the economic risks and benefits of any investment and the legal, credit, tax, accounting and other aspects of such investment in relation to your particular circumstances. We may from time to time have long or short positions in such securities or in options, futures, or other derivative instruments based thereon and all positions are subject to change without notice. Current position data shown for full disclosure purposes only and is in no way to be considered a recommendation for that specific position. All trade names, trade marks, service marks, and logos herein are the property of their respective owners who retain all proprietary rights over their use. No part of this website or Information may be reproduced in any manner without written permission All rights reserved. M L P P R O T O C O L. C O M 1
3 SECTION I MARKETS AND LEVELS
4 MARKETS AND LEVELS CPPL (39%) TEGP (42%) PTXP (5) CNXC (52%) 12.4% 12.2% 9.3% 12.2% 9.4% 16.2% 15.7% 14.4% 11.2% GPP (6%) RMP (12%) EQGP (15%) LMRK (2) BSM (24%) % 20.4% EVA 5% Markets and Levels / Forward Yields / MLP IPO Scorecard 52 Weeks Ago FYE Weeks Ago Week Ago Current Change Indices 4/17/15 12/31/15 3/18/16 4/8/16 4/15/16 1 Year YTD 1 Month 1 Week MLP Index (AMZ) (38.7%) (6.3%) (1.1%) 1.1% MLP Total Return Index (AMZX) 1, , , , ,059.6 (33.9%) (4.) (1.1%) 1.1% S&P 500 2, , , , ,080.7 (0.) 1.8% 1.5% 1.6% Yields MLP Index Yield (AMZ Yield) 5.94% 8.36% 8.68% 8.72% 8.62% 269 bps 27 bps (6 bps) (10 bps) 10 Year Treasury Yield 1.87% 2.27% 1.88% 1.72% 1.76% (11 bps) (51 bps) (12 bps) 4 bps 20 Year Treasury Yield 2.26% 2.67% 2.26% 2.13% 2.14% (12 bps) (53 bps) (12 bps) 1 bps Yield Curve Steepness (20 Year - 3 Month) 225 bps 251 bps 196 bps 190 bps 192 bps (33 bps) (59 bps) (4 bps) 2 bps AMZ Yield Spread to 10 Year UST 407 bps 609 bps 680 bps 700 bps 686 bps 280 bps 78 bps 6 bps (14 bps) AMZ Yield Spread to 20 Year UST 368 bps 569 bps 642 bps 659 bps 648 bps 281 bps 80 bps 6 bps (11 bps) Rigs and Commodity Prices U.S. Total Rig Count (53.9%) (37.) (7.6%) (0.7%) Natural Gas $2.64 $2.31 $1.84 $1.98 $1.71 (35.2%) (26.) (7.1%) (13.6%) Mont Belvieu Propane ($ / Gallon) $0.56 $0.39 $0.46 $0.43 $0.45 (19.6%) 15.7% (2.) 4.4% WTI Crude Oil ($ / Bbl) $54.78 $37.02 $38.32 $36.72 $40.40 (26.3%) 9.1% 5.4% 10. Brent Crude Oil ($ / Bbl) $59.12 $36.56 $38.50 $37.51 $41.32 (30.1%) % 10.2% Brent / WTI Differential ($ / Bbl) $4.34 ($0.46) $0.18 $0.79 $0.92 (78.8%) (300.) 411.1% 16.5% NYMEX Note: The 3:2:1 NYMEX Crack 3:2:1 Spread Crack Spread ($ / Bbl) is calculated using 3 $19.36 barrels of crude at the $12.79 WTI Crude Oil price, $ barrels of gasoline $15.70 at the NY Harbor $16.16 Gasoline (16.5%) price and 1 barrel 26.3% of heating oil at 50.1% the NY Harbor Heating 3. Oil price. This is an indicative estimate only and individual refiners will have materially different effective crack spreads for their operations due to varying crude input mixes, varying product slate outputs and cash price basis differentials for every single input and output at their various locations. Highest Estimated Forward Yield by Segment Price Performance Since IPO 25% Ticker Risk Rating 1 2 ETP Very Risky EEP Very Risky CCLP Extremely Risky (1) 15% MMLP Extremely Risky (2) MEMP Extremely Risky 1 (3) NGL Extremely Risky CPLP Extremely Risky (4) 5% ARLP Extremely Risky (5) AHGP Extremely Risky ETP EEP CCLP MMLP MEMP NGL CPLP ARLP AHG P UAN GLP STON UAN Extremely Risky (6) Nat G as & Crude & G & P T & S Upstream Propane Marin e Coal General Variable D & M Other GLP Extremely Risky NGL Ref Prod & NGL Partners Pipes Pipes Logist ics ( GP ) STON Extremely Risky Showing the 10 most recent MLP IPOs Source: Historical commodity prices are spot prices at the futures contract delivery locations as per the EIA, there is a small lag in the EIA reporting, so there will always be a slight discrepancy in the most recent price data. RED tickers indicate a past distribution cut. ORANGE tickers indicate VARIABLE distributions. 3
5 MARKETS AND LEVELS 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 Indices / Rig Counts / Yields Alerian MLP Index vs. S&P ,310 2,100 1,890 1,680 1,470 1,260 1, AMZ AMZ Current Level S&P 500 S&P 500 Current Level AMZX AMZ S&P 500 U.S. Rig Count Treasury Yields 2,000 1,500 1, /31/99 12/31/02 12/31/05 12/31/08 12/31/11 12/31/ % 5 25% 8% 7% 6% 5% 4% 3% 2% 1% (1%) U.S. Oil Rig Count Current Oil Rig Count U.S. Natural Gas Rig Count Current Nat Gas Rig Count % Oil 20 Year - 3 Month U.S. 20 Year Treasury U.S. 10 Year Treasury 4
6 MARKETS AND LEVELS Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 AMZ Index Spread to Treasury AMZ Yield Spread to 20 Year U.S. Treasury ( STT ) 12% 11% 1 9% 8% % 6% 5% 4% 3% 2% 6.48% 2.76% 2.47% % STT Relative Value Concern STT Relative Value Warning STT Seriously Consider Selling Some MLPs 50 0 AMZ Yield STT (20 YR UST) Average STT Median STT Current STT 20 YR Yld AMZ Current AMZ Source: 5
7 MARKETS AND LEVELS 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 Commodities $16 $14 $12 $10 $8 $6 $4 $2 $0 Natural Gas $160 $140 $120 $100 $80 $60 $40 $20 $0 Crude Oil $41.32 $40.40 WTI Crude WTI Current Brent Crude Brent Current Mont Belvieu Propane NYMEX 3:2:1 Crack Spread $2.00 $1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 Source: Historical commodity prices are spot prices at the futures contract delivery locations as per the EIA, there is a small lag in the EIA reporting, so there will always be a slight discrepancy in the most recent price data. 6
8 MARKETS AND LEVELS 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 Quarterly Average Crude Value Chain Prices 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 QoQ Change YoY Change WTI Crude $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ % (32.9%) Brent Crude $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ % (35.8%) Natural Gas $ 2.35 $ 2.89 $ 3.55 $ 3.51 $ 3.97 $ 3.53 $ 3.84 $ 4.86 $ 4.56 $ 3.91 $ 3.74 $ 2.82 $ 2.71 $ 2.69 $ 2.06 $ 1.96 $ 1.85 (5.9%) (31.9%) NY Harbor Gasoline $ 2.89 $ 3.00 $ 2.85 $ 2.94 $ 2.73 $ 2.89 $ 2.70 $ 2.74 $ 2.90 $ 2.75 $ 2.12 $ 1.54 $ 1.90 $ 1.63 $ 1.35 $ 1.13 $ % (27.1%) Gulf Coast Gasoline $ 2.80 $ 2.88 $ 2.60 $ 2.82 $ 2.69 $ 2.78 $ 2.49 $ 2.65 $ 2.81 $ 2.66 $ 1.89 $ 1.50 $ 1.85 $ 1.58 $ 1.24 $ 1.06 $ % (31.) NY Harbor Heating Oil $ 2.89 $ 2.99 $ 3.05 $ 3.06 $ 2.74 $ 2.93 $ 2.96 $ 3.02 $ 2.88 $ 2.74 $ 2.21 $ 1.71 $ 1.76 $ 1.45 $ 1.24 $ 1.02 $ % (36.6%) Gulf Coast Diesel $ 2.94 $ 3.07 $ 3.04 $ 3.08 $ 2.86 $ 3.01 $ 2.92 $ 2.94 $ 2.92 $ 2.80 $ 2.23 $ 1.68 $ 1.82 $ 1.50 $ 1.27 $ 1.03 $ (38.2%) Mont Belvieu Propane $ 0.97 $ 0.89 $ 0.89 $ 0.87 $ 0.91 $ 1.03 $ 1.19 $ 1.30 $ 1.06 $ 1.04 $ 0.78 $ 0.53 $ 0.46 $ 0.41 $ 0.42 $ 0.39 $ % (4.5%) NYMEX 3:2:1 Crack $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ % (22.4%) Gulf Coast 3:2:1 Crack $ $ $ $ $ $ $ $ $ $ $ 9.70 $ $ $ $ $ $ % (35.) NYMEX 2:1:1 Crack $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ % (28.2%) Gulf Coast 2:1:1 Crack $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ % (39.7%) Crude Oil Gasoline $120 $80 $40 $- $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $- WTI Crude Brent Crude NY Harbor Gasoline Gulf Coast Gasoline Heating Oil / Diesel Crack Spreads $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $- $35 $30 $25 $20 $15 $10 $5 $- NY Harbor Heating Oil Source: U.S. Energy Information Administration, Gulf Coast Diesel NYMEX 3:2:1 Crack NYMEX 2:1:1 Crack Gulf Coast 3:2:1 Crack Gulf Coast 2:1:1 Crack 7
9 MARKETS AND LEVELS D-99 D-00 D-01 D-02 D-03 D-04 D-05 D-06 D-07 D-08 D-09 D-10 D-11 D-12 D-13 D-14 D-15 D-99 D-00 D-01 D-02 D-03 D-04 D-05 D-06 D-07 D-08 D-09 D-10 D-11 D-12 D-13 D-14 D-15 Rig Count U.S. Oil and Natural Gas Drilling Rig Count ANNUAL MONTHLY PEAK ANALYSIS Last Year Annual Current 4 Wks Ago Monthly Current Peak Current Peak Days 4/17/15 Change 4/15/16 3/18/16 Change 4/15/16 Count vs. Peak Date Since Oil Rig Count 734 (383) (36) 351 1,609 (78.2%) 10/10/ % of Total 77.2% 79.8% 81.3% 79.8% Annual/Monthly Change % (52.2%) (9.3%) Natural Gas Rig Count 217 (128) ,606 (94.5%) 9/12/08 2,772 % of Total 22.8% 20.2% 18.7% 20.2% Annual/Monthly Change % (59.) 0. Total Rig Count 951 (511) (36) 440 2,031 (78.3%) 9/12/08 2,772 Annual/Monthly Change % (53.7%) (7.6%) Oil Rig Count vs. WTI Crude Prices Natural Gas Rig Count vs. Natural Gas Prices 1,800 1,600 1,400 1,200 1, $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 1,800 1,600 1,400 1,200 1, $18 $16 $14 $12 $10 $8 $6 $4 $2 $0 U.S. Oil Rig Count Current Oil Rig Count WTI Crude Oil Source: U.S. Natural Gas Rig Count Current Nat Gas Rig Count Natural Gas 8
10 MARKETS AND LEVELS J-00 J-01 J-02 J-03 J-04 J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-00 J-01 J-02 J-03 J-04 J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 Million Bbls / Day Crude Imports Million Bbls / Day Refined Products Exports Million Bbls / Day Bcf / Day Rig Count vs. Production / Imports Exports Oil Rig Count vs. Crude Production 10 2, , , , , , Jan-88 Jan-92 Jan-96 Jan-00 Jan-04 Jan-08 Jan-12 Jan-16 Oil Production Oil Rig Count Refined Products Exports Natural Gas Rig Count vs. Natural Gas Production 100 2, , , , , , J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 Nat Gas Production Nat Gas Rig Count Crude Oil Imports vs. Refined Products Exports Week Avg Daily U.S. Refined Products Exports Source: EIA production data lags by roughly 3 months 4 Week Avg Daily U.S. Refined Products Exports 4 Week Avg Daily U.S. Crude Oil Imports 9
11 MARKETS AND LEVELS J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 Crude Oil Million Bbls / Day Million Bbls / Day J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 Natural Gas Bcf / Day Bcf / Day U.S. Rig Count vs. Production vs. Price Rig Count vs. Production Price vs. Production Rig Count vs. Price Positive for Midstream 2, , , , , , Positive for Midstream $20 $16 $18 $14 $16 $12 $14 $10 $12 $10 $8 1,600 1,400 1,200 1, $8 $ Negative for Oilfield Service Negative for Upstream $6 $4 $2 $0 $4 $2 $ Nat Gas Production Nat Gas Rig Count Nat Gas Production Henry Hub Nat Gas Price Henry Hub Nat Gas Price Nat Gas Rig Count 10 2, $200 $160 1, ,800 1,600 1,400 1,200 1, $180 $160 $140 $120 $100 $140 $120 $100 $80 1,400 1,200 1, $80 $ $60 $40 $20 $- $40 $20 $ Oil Production Oil Rig Count Oil Production Source: EIA production data lags by roughly 3 months WTI Crude Oil Price WTI Crude Oil Price Oil Rig Count 10
12 SECTION II GROUP DATA
13 GROUP DATA 3/1/12 6/1/12 9/1/12 12/1/12 3/1/13 6/1/13 9/1/13 12/1/13 3/1/14 6/1/14 9/1/14 12/1/14 3/1/15 6/1/15 9/1/15 12/1/15 3/1/16 3/1/12 6/1/12 9/1/12 12/1/12 3/1/13 6/1/13 9/1/13 12/1/13 3/1/14 6/1/14 9/1/14 12/1/14 3/1/15 6/1/15 9/1/15 12/1/15 3/1/16 Moving Averages Moving Average Heat Index Marine 35 Other 343% Propane & NGL Logistics 34 Natural Gas & NGL Pipelines 33 Crude & Refined Products Pipelines 309% Variable / Plants 30 Gathering & Processing 295% Terminal & Storage 289% General Partners 289% Coal 267% Upstream 183% Downstream & Marketing 163% Total 3,457% 600 NOT SCALE ADJUSTED Total Moving Average Heat Index AMZ AMZ SCALE ADJUSTED Total Moving Average Heat Index AMZ Current Price vs. Current Price vs. 20 Day Moving Average 1 50 Day Moving Average 1 Current Price vs. 200 Day Moving Average 1 64% 36% 51% 49% 71% 29% 20 Day Moving Average / 200 Day Moving Average 1 73% 27% 20 Day Moving Average / 50 Day Moving Average 1 16% 84% 84% 50 Day Moving Average / 200 Day Moving Average 2 16% Key: % Abov e % Below (1) Included in the Moving Average Heat Index calculation, by segment. (2) NOT included in the Moving Average Heat Index calculations. 12
14 GROUP DATA TOO (79.6%) TGP (80.) AZUR (100.) BBEP (100.) CLMT (100.) FELP (100.) HCLP (100.) LGCY (100.) LINE (100.) LNCO (100.) MCEP (100.) NKA (100.) NMM (100.) SXE (100.) VNR (100.) TEP 34.6% AM 30.6% GEL 10.2% SGU 7.9% EPD 5.3% PAGP 4.1% TLP 2.3% PAA 2.2% KNOP 2. DLNG 0. WPT 0. CLMT (100.) TEGP 21.4% TEP 9.4% SGU 7.9% AM 6.8% GEL 2.7% TLP 1.5% EPD 1.3% DLNG 0. KNOP 0. PAA 0. PAGP 0. TGP 0. TOO 0. WPT 0. 1Q16 Distributions (Paid in 2Q16) Quarter over Quarter (20.) (40.) (60.) (80.) (100.) (120.) Year over Year 5 25% (25%) (5) (75%) (10) (125%) 13
15 GROUP DATA TLP (0.1%) SPP (0.1%) TEGP (0.5%) FUN (0.6%) BWP (0.7%) TLLP (0.7%) CQP (0.7%) UAN (0.8%) CNNX (0.9%) MMLP (0.9%) CAPL (1.1%) KNOP (1.1%) HEP (1.3%) APLP (1.4%) EVEP (1.5%) PBFX (1.5%) EPD (1.7%) VNR (1.7%) ENLK (1.8%) WLKP (1.9%) BSM (2.) DKL (2.) NTI (2.1%) LMRK (2.5%) APU (2.7%) ALDW (2.7%) EQM (2.9%) PSXP (3.) GLP (3.2%) VTTI (3.2%) LGCY (3.2%) RMP (3.3%) SHLX (3.8%) VLP (5.3%) STON (7.3%) EQGP (8.1%) DM (9.6%) CLMT (17.1%) ARP (19.) BBEP (27.3%) BIP 2.1% MPLX 2. SXL 1.8% GMLP 1.8% SPY 1.6% PAGP 1.5% SMLP 1.4% VNOM 1.4% SUN 1.4% ENLC 1.3% ETP 1.3% KMI 1.2% AM 1.1% AMZ 1.1% FGP 1.1% SEP 0.6% WNRL 0.6% EVA 0.4% BKEP 0.4% HMLP 0.4% WPT 0.3% WMLP 0.2% MMP 0.1% MEMP 0. PTXP 0. NKA 0. SXE 60.3% LNCO 42.4% FELP 30.3% LINE 25. NRP 20.8% DLNG 17.6% MCEP 14. RRMS 13.8% WPZ 13.1% HCLP 12.9% DMLP 12.3% AMID 12.3% USAC 11.7% CCLP 11.6% NMM 11.4% ETE 11.2% SDLP 11.1% JPEP 10.9% ARLP 10.7% TRGP 10. TOO 9.7% NAP 9.3% AZUR 9.3% AROC 8.9% ENBL 8.8% ARCX 8.5% EEP 7.9% EEQ 7.5% SXCP 7.3% OCIP 7. MEP 7. GLOP 6.8% USDP 6.3% CEQP 6.1% AHGP 6. DPM 5.9% CPLP 5.8% EMES 5.6% GPP 5. RIGP 4.8% TGP 4.4% CELP 4.3% NS 4.2% SRLP 4.1% NGL 3.9% WGP 3.8% CNXC 3.6% OKS 3.6% TEP 3.5% CINR 3.3% SPH 3.1% TCP 3.1% CVRR 3. NSH 2.9% BPL 2.9% WES 2.8% TNH 2.6% CPPL 2.5% GEL 2.4% SGU 2.4% PAA 2.2% 1 Week Price Performance % (5%) (1) (15%) (2) (25%) (3) Source: 14
16 GROUP DATA SMLP (4.7%) PSXP (4.7%) WES (5.4%) TOO (5.7%) HMLP (6.) EPD (6.3%) AMZ (6.3%) RRMS (6.4%) EQM (6.5%) AM (6.9%) HCLP (6.9%) CAPL (7.1%) UAN (7.4%) MMLP (7.5%) PAGP (7.6%) TEP (7.7%) AMID (9.4%) VTTI (10.5%) WPZ (11.) NTI (11.5%) STON (11.5%) APLP (12.7%) VLP (12.8%) GPP (12.9%) TLLP (13.8%) PBFX (14.3%) EEQ (14.9%) DKL (15.) BKEP (15.5%) GEL (16.5%) EEP (16.8%) ARCX (17.3%) SUN (17.3%) SHLX (18.1%) MEMP (18.2%) WLKP (19.4%) CPPL (19.9%) AHGP (19.9%) NRP (20.) ENLC (21.6%) PTXP (22.7%) CNXC (23.) MPLX (24.8%) NGL (25.5%) ENLK (26.1%) SPP (26.2%) GLP (27.) EVEP (28.8%) LGCY (31.4%) ETE (34.9%) CVRR (36.) CPLP (37.5%) ARP (37.9%) BBEP (40.3%) CCLP (40.8%) CEQP (41.4%) SXE (43.3%) VNR (43.3%) NMM (45.) MEP (46.6%) CLMT (48.4%) ALDW (50.2%) LNCO (53.9%) FELP (55.) AZUR (62.5%) LINE (69.) MCEP 171.9% WMLP 41.5% TLP 41.1% DLNG 39.6% CNNX 32.8% DMLP 32.5% VNOM 28.8% GLOP 25.7% CINR 25.6% APU 23.1% SPH 23.1% KNOP 22.8% KMI 21.7% USDP 21.5% TRGP 20.3% JPEP 19.7% DPM 17.8% SGU 16.3% EVA 15.7% GMLP 14.7% BWP 14.6% TNH 14.6% SXCP 14.2% EMES 13.6% USAC 12.5% NKA 12.5% RIGP 12.3% EQGP 10.3% SDLP 9.9% BIP 9.4% CQP 9.2% FGP 8.5% WPT 8.3% NS 7.8% RMP 7.6% OKS 6. AROC 5.6% FUN 5.1% HEP 5. TEGP 4.9% NSH 4.2% LMRK 3.5% BPL 3.3% OCIP 2.4% ENBL 2.3% TCP 2.2% SPY 1.9% SRLP 0.4% SEP (0.3%) BSM (0.5%) TGP (1.) SXL (1.4%) DM (2.) WNRL (2.) WGP (2.1%) ARLP (2.4%) ETP (2.5%) MMP (3.1%) CELP (3.9%) NAP (4.4%) PAA (4.6%) YTD Price Performance (2) (1) (2) (3) (4) (5) (6) (7) (8) Source: 15
17 16 ENBL BKEP GMLP WGP CVRR EEP SMLP CELP EEQ WMLP CPPL UAN ENLK PTXP TEGP MCEP PAA SPP JPEP ALDW AMID WPZ SXCP APLP ARLP KMI OCIP CNXC CPLP MEP MPLX CLMT AHGP ENLC CCLP TGP GLP TRGP PAGP SDLP NGL TOO ETE RRMS CEQP NRP SXE HCLP MEMP NMM EVEP VNR FELP EMES LGCY ARP BBEP AZUR LNCO LINE (12) (10) (8) (6) (4) (2) FUN BIP HEP EVA TLP APU SEP SGU NKA GPP BPL LMRK TNH CQP BWP VNOM VLP RMP NTI WPT EQM OKS HMLP MMP FGP STON DPM PSXP WNRL PBFX TEP TCP SRLP TLLP CAPL BSM SPH AM DLNG NS KNOP SHLX VTTI DM EPD RIGP NAP GLOP OKE DKL CNNX EQGP WLKP GEL SUN WES USDP ETP USAC SXL NSH MMLP ARCX DMLP (45%) (4) (35%) (3) (25%) (2) (15%) (1) (5%) GROUP DATA % Below 52 Week Highs Positive number indicates close at a new high. Source:
18 GROUP DATA GLP PAA FELP PSXP TCP CQP BPL NGL TEP SPH VNOM SUN MEMP CAPL TNH APU DKL EEP WNRL AHGP BIP MEP CPLP ARLP EEQ GPP SHLX OCIP VNR FGP BSM SRLP SEP CLMT EQGP WLKP AM ARCX DM SGU EVEP CPPL VTTI EQM WPT FUN BKEP TLLP MMP ARP VLP CNXC ALDW CVRR PBFX BBEP PTXP EPD STON AZUR NTI SXE 432% MCEP 331% LNCO 236% JPEP 212% NKA 191% EMES 167% TOO 166% SPP WMLP SDLP TRGP ETE GMLP DLNG NRP RRMS NMM AMID DPM APLP LGCY WPZ USDP ENLK GLOP TLP EVA PAGP WGP ENLC USAC MPLX CCLP SXCP KNOP NSH WES ETP RMP RIGP ENBL NS NAP TEGP CNNX OKE BWP SXL CELP TGP KMI UAN SMLP MMLP GEL HMLP DMLP HCLP CEQP HEP LINE OKS LMRK % Above 52 Week Lows Negative number indicates close at a new low Source: 17
19 GROUP DATA Current Yield Current Yield Yield versus Growth 35% 3 25% 2 15% 1 5% Current Yield vs. 3 Year Historical Distribution Growth Rate y = -0.58x x R² = % 1 15% 2 25% 3 35% 4 3 Year Historical Distribution Growth Rate Current Yield vs. 3 Year Forward Distribution Growth Rate Includes data set for flat or positive 3 year historical growth rates. 5 45% 4 35% 3 25% 2 15% 1 5% y = -0.23x x R² = 0.49 (10) (8) (6) (4) (2) Year Forward Distribution Growth Rate Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown. 18
20 GROUP DATA Current Yield Yield versus Growth 16% 14% 12% 1 8% 6% 4% 2% Current Yield vs. 3 Year Forward Distribution Growth Rate 5% y = 2.66x x R² = % 1 15% 2 25% 3 3 Year Forward Distribution Growth Rate Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown. 19
21 GROUP DATA Natural Gas & NGL Pipelines Tickers by Segment Crude & Refined Product Pipelines Gathering & Processing Terminal & Storage Upstream Propane & NGL Logistics Marine Coal General Partners Variable / Plants Downstream & Marketing BWP BPL AM ARCX ARP APU CPLP ARLP AHGP OCIP ALDW BIP CPPL EEP AMID BKEP BBEP FGP DLNG CNXC AROC TNH CAPL CINR EPD EEQ APLP CQP EVEP NGL GLOP NRP ATLS WLKP CLMT EMES ETP HEP CCLP DKL LGCY SGU GMLP SXCP ENLC UAN CVRR EVA KMI MMP CELP DM LINE SPH HMLP WMLP EQGP GLP FUN OKS MPLX CEQP GEL LNCO KNOP ETE NTI HCLP SEP NS CNNX GPP MCEP NAP NSH SRLP LMRK TCP PAA DPM JPEP MEMP NMM OKE SUN STON TEP PSXP ENBL MMLP SPP RIGP PAGP WPZ SHLX ENLK NKA VNR SDLP TEGP SXL EQM PBFX BSM TGP WGP VLP MEP RRMS DMLP TOO PTXP TLLP VNOM RMP TLP SMLP TRGP USAC WES AZUR SXE USDP VTTI WNRL WPT BANKRUPTCY DELISTING NSLP FELP ATLS Other Click Here for Links to Company Presentations RED tickers indicate a past distribution cut. / ORANGE tickers indicate VARIABLE distributions. / YELLOW highlighting indicates companies & MLPs that DO NOT send a K-1 tax form. All other tickers send a K-1 tax form, MLP positions that generate a K-1 tax form are not appropriate for any type of tax advantaged accounts (i.e. IRAs, etc.). / General Partner list is not exhaustive, others include MPC, PSX, VLO, WMB, etc.,etc. / Expect more Upstream MLP distribution cuts. / Bottom of Upstream list are oil and gas Mineral Interest owners. / Expect more bankruptcies. 20
22 SECTION III SEGMENT YIELD DATA
23 SEGMENT YIELD DATA Investment Grade Names Ticker EPD MMP EEP PAA OKS SXL SEP PSXP ETP WPZ WES TCP MPLX EQM KMI BPL SHLX VLP CPPL S&P Debt Rating / Outlook BBB+ BBB+ BBB BBB BBB BBB BBB BBB BBB- BBB- BBB- BBB- BBB- BBB- BBB- BBB- (Neg) GP: AA GP: BBB GP: BBB- Current Yield* 6.6% 4.8% 12.2% 12.7% 9.9% 7.6% 5.4% 3.1% 12.8% 13.7% 7.1% % % % 2.8% 5.1% Forward Yield 6.7% 4.9% 12.2% 11.3% 9.5% 7.8% 5.5% 3.3% 12.4% 10.6% 7.3% 7.1% 6.9% 4.5% 2.8% % % Estimated Fee Based Cash Flow 88% 85% 92% 74% 81% 85% % 85% 76% % 92% 98% 10 94% 3 Year Distribution Growth Rates: Trailing 5.6% 16.2% 2.4% 6.8% 3.6% 20.7% 8.9% NA 5.7% 0.9% 15.4% 4.5% % (30.4%) 4.6% NA NA NA Projected 2.3% 7.3% 0. (7.7%) (8.1%) 6.9% % (15.) (28.5%) % 14.9% % 9.1% 7.5% General Partner / IDR Owner - - ENB PAGP OKE ETE SE PSX ETE WMB WGP TRP MPC EQT - - RDS-A VLO CPGX *Current Yield is calculated based on most recently announced distribution annualized. Current Yield 16% 14% 12% % 12.7% 9.9% 12.8% 13.7% 8% 6% 4% 2% 6.6% 4.8% 7.6% 5.4% 3.1% 7.1% % % % 2.8% 5.1% EPD MMP EEP PAA OKS SXL SEP PSXP ETP WPZ WES TCP MPLX EQM KMI BPL SHLX VLP CPPL Forward Yield 14% 12% % 11.3% 9.5% 12.4% 10.6% 8% 6% 6.7% 4.9% 7.8% 5.5% 7.3% 7.1% 6.9% 4.5% % 4% 3.3% 2.8% 2.7% 3. 2% EPD MMP EEP PAA OKS SXL SEP PSXP ETP WPZ WES TCP MPLX EQM KMI BPL SHLX VLP CPPL Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown. RED tickers indicate a past distribution cut. ORANGE tickers indicate VARIABLE distributions. 22
24 SEGMENT YIELD DATA CCLP MEP CEQP APLP CELP USAC AMID ENBL SMLP ENLK DPM PTXP CNNX WES TRGP RMP AM EQM AZUR SXE MMLP ARCX USDP BKEP GPP PBFX GEL WPT DKL TLLP RRMS TLP WNRL VTTI CQP JPEP DM NKA % % 15.6% 14.7% 13.2% 12.9% 12.4% 10.7% 9.5% 7.4% 7.3% 6.4% 5.5% 4.6% 4.5% % % 12.2% 11.5% 9.2% 8.9% 8.3% 8.1% 7.5% 7.4% 7.2% 6.9% 6.5% % 3.1% 0. ETP WPZ OKS TEP TCP EPD SEP CPPL KMI BWP EEQ EEP PAA NS SXL HEP BPL MPLX MMP PSXP VLP SHLX 2.8% 2.7% 4.9% 3.3% % 7.6% 7.1% 6.7% 5.5% 5.4% 7.8% % 12.3% 12.2% 11.3% 9.9% 12.4% 10.6% 9.5% Forward Yields by Segment Natural Gas & NGL Pipelines Crude & Refined Product Pipelines 14% 12% 1 8% 6% 14% 12% 1 8% 6% 4% 4% 2% 2% Gathering & Processing Terminal & Storage 25% 2 15% 1 5% 18% 16% 14% 12% 1 8% 6% 4% 2% Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown. 23
25 SEGMENT YIELD DATA CPLP GMLP SDLP RIGP KNOP DLNG GLOP NAP HMLP TOO TGP NMM ARLP SXCP CNXC WMLP NRP FELP % 15.7% % 13.7% 12.6% 12.5% 10.7% 10.4% 9.4% 7.2% % 11.1% 18.2% 17.5% MEMP ARP SPP BSM DMLP VNOM EVEP BBEP LGCY LINE LNCO MCEP VNR NGL SPH FGP APU SGU 0.8% % % 4.2% 6.1% 6.1% 8.7% 9.3% 12.2% 11.9% 11.4% Forward Yields by Segment Upstream Propane & NGL Logistics % 12% 1 8% 6% 4% 2% Marine Coal 18% 16% 14% 12% 1 8% 6% 4% 2% 2 15% 1 5% Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown. 24
26 SEGMENT YIELD DATA GLP SRLP SUN CAPL NTI ALDW CVRR CLMT STON EVA LMRK CINR FUN BIP EMES HCLP % 1.7% % 10.4% 10.1% 9.9% 5.7% 5.6% 14.4% 9.2% 8.7% % AHGP ETE NSH AROC PAGP ENLC OKE TEGP WGP EQGP UAN OCIP TNH WLKP % 8.7% 8.5% 8.3% 7.1% 5.2% 4.7% 2.7% % 8.3% 8.3% 9.4% Forward Yields by Segment General Partners Variable / Plants 25% 2 15% 1 5% 1 9% 8% 7% 6% 5% 4% 3% 2% 1% Downstream & Marketing Other 16% 14% 12% 1 8% 6% 4% 2% 12% 1 8% 6% 4% 2% Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown. 25
27 SECTION IV GP VALUATION COMPS
28 GP VALUATION COMPS General Partner Peer Group GP Ticker AHGP AROC ENLC WGP EQGP PAGP NSH OKE TEGP ETE LP Ticker ARLP APLP ENLK WES EQM PAA NS OKS TEP ETP / SXL / SUN ETP SXL SUN GP Interest + IDRs Maximum Tier % Segment Coal Gath & Process Gath & Process Gath & Process Gath & Process Crude & Ref Prod Pipes Crude & Ref Prod Pipes Nat Gas & NGL Pipes Nat Gas & NGL Pipes Nat Gas & NGL Pipes Crude & Ref Prod Pipes Downstream & Marketing GP Units / Shares (in Millions) (1) LP Units LP Units Owned by GP GP Unit / Share Price $ $ 7.94 $ $ $ $ 8.73 $ $ $ $ 8.95 GP Current Yield 23.76% 9.45% 8.62% 4.55% 2.13% 10.58% 9.89% 7.77% 5.01% 12.74% GP Forward Yield 20.41% 8.66% % 2.71% 8.49% 9.51% 7.12% 5.24% 9.96% GP Estimated 3 Year Forward Distribution Growth Rate (27.4%) (33.3%) (15.) % (15.5%) (9.2%) (16.1%) 10.9% (42.5%) LP Unit / Share Price $ $ $ $ $ $ $ $ $ $ $ $ LP Current Yield 20.52% % 7.12% 4.02% 12.71% 10.13% 9.89% 7.36% 12.83% 7.56% 9.79% LP Forward Yield 18.24% 19.97% 12.42% 7.25% 4.52% 11.35% 9.94% 9.48% 7.63% 11.37% 12.35% 7.77% 10.15% (2) LP Estimated 3 Year Forward Distribution Growth Rate (21.5%) (25.) (10.) % (7.7%) (4.6%) (8.1%) 9.1% (9.7%) (15.) 6.9% 9.1% (2) GP Forward Yield Less LP Forward Yield 2.16% (11.31%) (4.12%) (2.54%) (1.81%) (2.86%) (0.43%) (2.36%) (2.39%) (1.41%) (2.39%) 2.19% (0.19%) (2) LP Estimated Fee Based Cash Flow 10 97% 76% 10 74% 95% 81% 99% 83% 86% 85% 22% (2) LP TTM Distribution Coverage Ratio 1.62x 1.24x 1.02x 1.11x 1.67x 0.88x 1.11x 0.86x 1.43x 1.04x 0.99x 1.20x 1.29x (2) LP Net Debt / EBITDA 1.2x 4.5x 4.5x 3.4x 1.4x 4.1x 4.8x 4.7x 2.9x 4.9x 4.8x 4.3x GP Market Cap (in Millions) $ $ $ 2,128.2 $ 7,778.2 $ 6,092.5 $ 5,290.8 $ $ 6,650.4 $ 2,633.6 $ 6,403.4 GP Stand Alone Net Debt (5.2) (12.1) (1.7) , ,404.0 GP Enterprise Value ( EV ) $ $ $ 2,116.1 $ 7,776.5 $ 6,092.5 $ 5,881.8 $ 1,011.3 $ 8,189.1 $ 2,781.0 $ 12,807.4 GP Stand Alone EBITDA / DCF (4Q15 Annualized) 4Q15 4Q15 4Q15 4Q15 4Q15 4Q15 4Q15 4Q15 4Q15 4Q15 4Q15 4Q15 4Q15 GP Distributions Received From GP Interest + IDRs $ $ 21.8 $ 57.6 $ $ 70.1 $ $ 51.1 $ $ 64.2 $ 1,592.0 $ 1,216.0 $ $ 68.0 From LP Units Owned GP Direct Asset Revenues or EBITDA Total GP Revenue , , Net G&A GP EBITDA $ $ $ $ $ $ $ 93.4 $ $ $ 1,651.0 $ 1,227.0 $ $ 68.0 Interest Expense Cash Income Taxes Capital Expenditures GP Distributable Cash Flow ( DCF ) $ $ 58.6 $ $ $ $ $ 89.7 $ $ $ 1,351.0 $ 1,227.0 $ $ 68.0 GP Net Debt / EBITDA (0.0x) 1.3x (0.1x) (0.0x) 0.0x 1.0x 0.7x 2.0x 1.2x 3.9x GP EV / EBITDA 4.1x 5.7x 11.1x 22.0x 47.1x 9.5x 10.8x 10.5x 23.5x 7.8x GP EV / DCF 4.1x 12.3x 11.1x 22.0x 47.1x 9.7x 11.3x 12.3x 24.4x 9.5x Value of LP Units owned by GP $ $ $ 1,084.5 $ 2,215.9 $ 1,538.2 $ - $ $ 3,650.4 $ $ 85.5 $ 85.5 $ - $ - Effective Valuation of GP Interest + IDRs (GP EV less LP unit value) $ $ $ 1,031.7 $ 5,560.7 $ 4,554.3 $ 5,881.8 $ $ 4,538.7 $ 2,020.0 $ 12,721.9 GP Interest + IDRs EBITDA (Total GP EBITDA less LP Distributions) $ $ 71.2 $ 53.2 $ $ 67.4 $ $ 48.5 $ $ 62.2 $ 1,640.0 GP Interest + IDRs DCF (Total GP DCF less LP Distributions) $ $ 4.6 $ 52.8 $ $ 67.4 $ $ 44.8 $ $ 58.1 $ 1,340.0 Effective Standalone GP EV / EBITDA 3.7x 6.5x 19.4x 28.4x 67.6x 9.5x 11.7x 10.8x 32.5x 7.8x Effective Standalone GP EV / DCF 3.7x 100.9x 19.5x 28.4x 67.6x 9.7x 12.7x 14.9x 34.8x 9.5x (3) GP + LP Consolidated EV / EBITDA 3.2x 6.9x 12.1x 18.5x 23.8x 11.6x 10.8x 13.5x 20.7x 11.9x GP + LP Consolidated Net Debt / EBITDA 1.2x 4.4x 4.6x 3.5x 1.4x 4.3x 4.9x 5.7x 3.5x 5.9x GP + LP Consolidated Net Debt & Preferred / EBITDA 1.2x 4.4x 4.6x 3.5x 1.4x 5.1x 4.9x 5.7x 3.5x 6.4x (1) PAGP share count assumes full conversion of the private Class B shareholders. (2) Underlying LP metrics for ETE are shown as the GP + IDR weighted average of ETP, SXL and SUN. (3) ETE GP valuation multiple is somewhat diluted by the direct assets owned at ETE, mainly the Lake Charles LNG assets that generate ~12% of ETE s EBITDA. 27
29 GP VALUATION COMPS Metrics vs Estimated LP Forward Yield Consolidated EV / EBITDA Consolidated Net Debt / EBITDA 30x 3 7x 3 25x 20x 15x 10x 5x 0x 18.2% % 11.3% 11.4% 9.5% 7.3% 7.6% 4.5% 3.2x 6.9x 10.8x 11.6x 11.9x 12.1x 13.5x 18.5x 20.7x 23.8x AHGP AROC NSH PAGP ETE ENLC OKE WGP TEGP EQGP GP + LP Consolidated EV / EBITDA LP Forward Yield 25% 2 15% 1 5% 6x 5x 4x 3x 2x 1x 0x 25% 18.2% % 11.3% 11.4% 12.4% 15% 9.5% 7.3% 7.6% 1 4.5% 5% 1.2x 4.4x 4.9x 4.3x 5.9x 4.6x 5.7x 3.5x 3.5x 1.4x AHGP AROC NSH PAGP ETE ENLC OKE WGP TEGP EQGP GP + LP Consolidated Net Debt / EBITDA LP Forward Yield Underlying LP TTM Distribution Coverage Ratio 3.0x 3 2.5x 2.0x 18.2% % 2 1.5x 15% 1.0x 0.5x 9.9% 11.3% 11.4% 12.4% 9.5% 7.3% 7.6% 4.5% 1 5% 0.0x 1.62x 1.24x 1.11x 0.88x 1.04x 1.02x 0.86x 1.11x 1.43x 1.67x AHGP AROC NSH PAGP ETE ENLC OKE WGP TEGP EQGP LP TTM Distribution Coverage Ratio LP Forward Yield 28
30 GP VALUATION COMPS 3Q15 Annualized DCF in millions Metrics vs Estimated GP Forward Yield GP Distributable Cash Flow ( DCF ) GP Net Debt / EBITDA $1,500 $1,350 $1,200 $1, % 3 27% 24% 21% 6.0x 5.0x 4.0x 20.4% 3 25% 2 $900 $750 $600 $450 $300 $150 $0 4.7% 5.2% 8.7% 9.5% 8.5% % 7.1% 2.7% $232 $59 $90 $604 $1,351 $191 $666 $354 $114 $129 AHGP AROC NSH PAGP ETE ENLC OKE WGP TEGP EQGP GP Distributable Cash Flow ( DCF ) GP Forward Yield 18% 15% 12% 9% 6% 3% 3.0x 2.0x 1.0x 0.0x (1.0x) 7.1% 4.7% 5.2% 2.7% 1.3x 0.7x 1.0x 3.9x 2.0x 1.2x 0.0x (0.0x) (0.1x) (0.0x) AHGP AROC NSH PAGP ETE ENLC OKE WGP TEGP EQGP GP Net Debt / EBITDA GP Forward Yield 15% 1 5% (5%) Effective Standalone GP EV / DCF 100x 3 90x 27% 80x 70x 20.4% 24% 21% 60x 18% 50x 15% 40x 30x 8.7% 9.5% 8.5% % 7.1% 12% 9% 20x 4.7% 5.2% 2.7% 6% 10x 0x 3.7x 100.9x 12.7x 9.7x 9.5x 19.5x 14.9x 28.4x 34.8x 67.6x AHGP AROC NSH PAGP ETE ENLC OKE WGP TEGP EQGP Effective Standalone GP EV / DCF GP Forward Yield 3% 29
31 SECTION V SELECTED REGIONAL DATA
32 SELECTED REGIONAL DATA Total Regions Barnett Bossier Cotton Valley DJ Basin Haynesville Fayetville Powder River Marcellus Uitna Utica San Juan Woodford / Arkoma Anadarko / Hugoton Eagle Ford Granite Wash Mississippi Lime Offshore Gas Piceance Jonah / Pinedale Permian SCOOP Brown Dense Eagle Ford Four Corners Monterrey Offshore oil Niobrara Permian Utica Williston / Bakken Selected MLP Exposure to Major Producing Regions Dry / Modestly Wet Gas Plays NGL-Rich Gas Plays Oil Plays Ticker Current Yield Forward Yield 3 Year Hist Dist Growth AMID 25.78% 14.66% 3. 2 G G-P BKEP 12.21% 12.21% 8. 1 T BWP 2.69% 2.69% (42.7% ) 7 T T T T G T G-P CEQP 45.19% 20.04% NA 6 G-P G T-G G-P G T DKL 7.78% 8.14% 16.3% 1 G DPM 10.74% 10.74% 4.2% 4 G G-P G-P G EEP 12.15% 12.15% 2.4% 6 T-G-P T-G-P G T-G-P T-G-P T ENBL 13.52% 13.18% NA 10 T-G-P T-G-P T-G-P T-G T-G-P T-G-P T-G-P T T-G-P G ENLK 12.73% 12.42% NA 8 T-G-P T-G T-G G-P G-P P P T EPD 6.59% 6.65% 5.6% 11 T-G T-G T T-G-P T-G-P T-G-P T-G-P T-G-P T T T EQM 4.02% 4.52% 26.6% 1 T-G ETP 12.83% 12.35% 5.7% 13 T-G-P T-G-P T-G-P T T-G T-G-P T T-G-P T T-G-P G-P T-G-P T-G-P GEL 8.77% 8.87% 10.6% 2 T T GLP 14.42% 14.42% (6.7% ) 1 G HEP 6.91% 6.99% 6.3% 1 G KMI 2.75% 2.75% (30.4% ) 15 T-G-P T-G G T-G T T T T-G-P T T T T-G-P T T-P T MMP 4.77% 4.91% 16.2% 2 T T NS 10.13% 9.94% 0. 1 T OKS 9.89% 9.48% 3.6% 10 T T-G T-G-P G-P T-G-P T-G-P T T T T-G-P PAA 12.71% 11.35% 6.8% 8 T T T-G T T T T-G T-G RRMS 18.75% 7.37% 17.9% 3 G-P T T-G SEP 5.37% 5.47% 8.9% 2 T-G T SMLP 12.89% 12.89% 11.9% 2 G G SXE (100. ) 1 G-P SXL 7.56% 7.77% 20.7% 1 T TCP 7.01% % 1 T TEP 7.36% 7.63% NA 3 T T-P T TLLP 7.19% 7.54% 18.2% 1 T-G TRGP 11.19% 6.36% 25.8% 4 G-P G-P G-P G WES 7.12% 7.25% 15.4% 10 G G G-P T-G-P G P G P G-P P WNRL 6.53% 6.85% NA 2 T-G T-G WPZ 13.72% 10.62% 0.9% 11 T T T T-G-P G-P T-G-P T-P T-G-P T-G-P T-G-P T Total Counts Transportation (Least Risky) Gathering Processing (Most Risky) Total Source: Producing regions as per Wells Fargo Securities, LLC MLP Monthly report, other data as per internal estimates 31
33 SELECTED REGIONAL DATA Lower 48 Shale Plays 32
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