WEEKLY SNAPSHOT MAY 13, MLP Protocol

Transcription

1 WEEKLY SNAPSHOT MAY 13, 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 EQGP (8%) GPP (8%) BSM (17%) LMRK (19%) TEGP (26%) CPPL (39%) PTXP (4) CNXC (42%) 11.8% % 12.6% % 13.5% 13.1% 9.5% % 19.9% EVA 9% RMP 4% Markets and Levels / Forward Yields / MLP IPO Scorecard 52 Weeks Ago FYE Weeks Ago Week Ago Current Change Indices 5/15/15 12/31/15 4/15/16 5/6/16 5/13/16 1 Year YTD 1 Month 1 Week MLP Index (AMZ) (34.4%) 0.9% 7.7% 0.3% MLP Total Return Index (AMZX) 1, , , , ,163.2 (28.8%) 5.4% 9.8% 0.4% S&P 500 2, , , , ,046.6 (3.6%) 0.1% (1.6%) (0.5%) Yields MLP Index Yield (AMZ Yield) 5.85% 8.36% 8.54% 7.79% 7.76% 191 bps (60 bps) (78 bps) (3 bps) 10 Year Treasury Yield 2.14% 2.27% 1.76% 1.79% 1.71% (43 bps) (56 bps) (5 bps) (8 bps) 20 Year Treasury Yield 2.66% 2.67% 2.14% % (52 bps) (53 bps) 0 bps (6 bps) Yield Curve Steepness (20 Year - 3 Month) 264 bps 251 bps 192 bps 201 bps 185 bps (79 bps) (66 bps) (7 bps) (16 bps) AMZ Yield Spread to 10 Year UST 371 bps 609 bps 678 bps 600 bps 605 bps 234 bps (4 bps) (73 bps) 5 bps AMZ Yield Spread to 20 Year UST 319 bps 569 bps 640 bps 559 bps 562 bps 243 bps (7 bps) (78 bps) 3 bps Rigs and Commodity Prices U.S. Total Rig Count (54.3%) (41.8%) (7.7%) (2.2%) Natural Gas $2.96 $2.31 $1.72 $1.84 $1.96 (33.8%) (15.2%) % Mont Belvieu Propane ($ / Gallon) $0.50 $0.39 $0.45 $0.49 $ % 33.7% 14.5% 6.3% WTI Crude Oil ($ / Bbl) $60.01 $37.02 $41.23 $44.22 $46.22 (23.) 24.9% 12.1% 4.5% Brent Crude Oil ($ / Bbl) $64.90 $36.56 $42.35 $44.20 $47.05 (27.5%) 28.7% 11.1% 6.4% Brent / WTI Differential ($ / Bbl) $4.89 ($0.46) $1.12 ($0.02) $0.83 (83.) (280.4%) (25.9%) (4,250.) NYMEX Note: 3:2:1 The NYMEX Crack 3:2:1 Spread Crack ($ Spread / Bbl) is calculated using $ barrels of crude at $12.79 the WTI Crude Oil price, $ barrels of gasoline $15.46 at the NY $16.36 Harbor Gasoline (19.1%) price and 1 barrel 27.9% of heating oil at (0.7%) the NY Harbor Heating 5.8% 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 2 2 ETP Very Risky EEP Very Risky MEP Extremely Risky 15% MMLP Extremely Risky () SPP Extremely Risky (2) NGL Extremely Risky SDLP Extremely Risky (3) 5% SXCP Extremely Risky (4) AHGP Extremely Risky ETP EEP MEP MMLP SPP NGL SDLP SXCP AHG P UAN GLP STON UAN Extremely Risky (5) 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% 9% 8% % 6% 5% 4% 3% 2% 5.62% % 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 $47.05 $46.22 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 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (27.4%) Brent Crude $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ % (31.) 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 $ % (23.2%) 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 $ % (27.2%) 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 $ % (31.2%) 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 $ % (32.8%) 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 $ % NYMEX 3:2:1 Crack $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ % (20.9%) Gulf Coast 3:2:1 Crack $ $ $ $ $ $ $ $ $ $ $ 9.70 $ $ $ $ $ $ % (33.7%) NYMEX 2:1:1 Crack $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ % (25.9%) Gulf Coast 2:1:1 Crack $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ % (37.4%) 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 5/15/15 Change 5/13/16 4/15/16 Change 5/13/16 Count vs. Peak Date Since Oil Rig Count 660 (342) (33) 318 1,609 (80.2%) 10/10/ % of Total 74.7% 78.5% 79.8% 78.5% Annual/Monthly Change % (51.8%) (9.4%) Natural Gas Rig Count 223 (136) (2) 87 1,606 (94.6%) 9/12/08 2,800 % of Total 25.3% 21.5% 20.2% 21.5% Annual/Monthly Change % (61.) (2.2%) Total Rig Count 883 (478) (35) 405 2,031 (80.1%) 9/12/08 2,800 Annual/Monthly Change % (54.1%) (8.) 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 , , , , , , $20 $18 $16 $14 $12 $10 $16 $14 $12 $10 $8 1,600 1,400 1,200 1, $8 $ $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 Propane & NGL Logistics 44 Terminal & Storage 406% Gathering & Processing 395% General Partners 389% Natural Gas & NGL Pipelines 36 Crude & Refined Products Pipelines 327% Marine 325% Variable / Plants 325% Other 30 Coal 283% Upstream 22 Downstream & Marketing 163% Total 3,933% 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 % 51% 20 Day Moving Average / 200 Day Moving Average Day Moving Average / 50 Day Moving Average 1 59% 16% 41% 84% 50 Day Moving Average / 200 Day Moving Average 2 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 AMID (12.7%) CCLP (23.7%) GLP (32.) ARLP (34.) AROC (36.7%) NGL (37.6%) AHGP (41.3%) APLP (49.3%) NRP (50.) SDLP (55.9%) CEQP (56.4%) CPLP (68.) KMI (74.) TOO (79.6%) TGP (80.) MEMP (94.5%) AZUR (100.) BBEP (100.) CLMT (100.) EVEP (100.) FELP (100.) HCLP (100.) LGCY (100.) LINE (100.) LNCO (100.) MCEP (100.) NMM (100.) SXE (100.) VNR (100.) EMES (100.) CVRR (100.) ALDW (100.) NTI (100.) VNOM (21.6%) TNH (27.4%) UAN (40.) DMLP (51.9%) TEP 34.6% SHLX 34.3% AM 30.6% PSXP 30. DM 28.3% SUN 26.7% WGP 23.7% MPLX 23.2% VLP 22.5% HMLP 22.2% EQM 21.3% PBFX 20. SXL 16.7% TLLP 16.5% ETE 16.3% WNRL 15.8% CNNX 15.3% DKL 15.1% VTTI 14.3% WLKP 13.1% SRLP 12.7% WES 12.4% RMP 12. MMP 11.8% LMRK 10.9% GEL 10.2% GLOP 10. FUN 10. TRGP 9.6% CAPL 9.1% SEP 8.3% SGU 7.9% BIP 7.5% ARCX 7.3% HEP 7. USDP 7. TCP 6. EPD 5.3% CINR 4.8% BPL 4.3% ENLC 4.1% PAGP 4.1% BKEP 3.9% ETP 3.9% RRMS 3.9% SXCP 3.9% STON 3.1% MEP 2.9% ENLK 2.6% NAP 2.4% EEP 2.3% TLP 2.3% PAA 2.2% APU 2.2% KNOP 2. USAC 1.9% SMLP 1.8% ENBL 1.8% OKE 1.7% BWP 0. CELP 0. CQP 0. DLNG 0. DPM 0. GMLP 0. JPEP 0. MMLP 0. NS 0. NSH 0. OKS 0. RIGP 0. SPH 0. SPP 0. WMLP 0. WPT 0. WPZ 0. AMID (12.7%) ARLP (35.2%) NGL (39.1%) AHGP (42.7%) AROC (49.3%) APLP (50.2%) CEQP (56.4%) CPLP (68.6%) MEMP (70.) CLMT (100.) EVEP (100.) OCIP (81.3%) ALDW (100.) NTI (100.) DMLP (26.) VNOM (34.6%) TNH (47.6%) TEGP 21.4% EVA 10.9% EQGP 9.8% TEP 9.4% SGU 7.9% RMP 6.9% AM 6.8% SHLX 6.8% VLP 6.3% DM 5.2% PSXP 5. WGP 5. EQM 4.2% CPPL 4.2% WLKP 3.9% TLLP 3.8% CNNX 3.7% DKL 3.4% VTTI 3.1% SRLP 2.9% GEL 2.7% WNRL 2.5% USDP 2.5% PBFX 2.4% MMP 2.2% APU 2.2% SXL 2.1% SUN 2. SEP 2. WES 1.9% HEP 1.8% LMRK 1.5% SPP 1.5% TLP 1.5% EPD 1.3% CINR 1.2% BPL 1.1% MPLX 1. CAPL 0.8% GPP 0.6% ARCX 0. BIP 0. BKEP 0. BSM 0. BWP 0. CCLP 0. CELP 0. CNXC 0. CQP 0. DLNG 0. DPM 0. EEP 0. ENBL 0. ENLC 0. ENLK 0. ETE 0. ETP 0. FUN 0. GLOP 0. GLP 0. GMLP 0. HMLP 0. JPEP 0. KMI 0. KNOP 0. MEP 0. MMLP 0. NAP 0. NRP 0. NS 0. NSH 0. OKS 0. PAA 0. PAGP 0. PTXP 0. RIGP 0. RRMS 0. SDLP 0. SMLP 0. SPH 0. STON 0. SXCP 0. TCP 0. TGP 0. TOO 0. TRGP 0. USAC 0. WMLP 0. WPT 0. WPZ 0. UAN 0. 1Q16 Distributions (Paid in 2Q16) 4 2 (2) (4) Quarter over Quarter (2) (4) (6) VARIABLE MLPs (6) (8) (10) (12) (8) (10) (12) 5 25% Year over Year (2) VARIABLE MLPs (25%) (5) (75%) (10) (125%) (4) (6) (8) (10) (12) 13

15 GROUP DATA CEQP (0.3%) WGP (0.3%) CPLP (0.4%) NTI (0.4%) GLP (0.4%) BPL (0.5%) SPY (0.5%) VNOM (0.5%) SGU (0.6%) CPPL (0.7%) BIP (0.7%) EVA (0.9%) CINR (1.) CELP (1.1%) HMLP (1.2%) GPP (1.4%) HEP (1.5%) TCP (1.8%) CNXC (1.9%) EQM (2.2%) ETE (2.3%) SEP (2.5%) MMLP (2.6%) VLP (2.7%) MMP (2.7%) AM (2.8%) DMLP (3.) ETP (3.) WNRL (3.1%) USAC (3.5%) JPEP (4.) APLP (4.) DM (4.) SXL (4.1%) WLKP (4.2%) NMM (4.2%) WMLP (4.4%) DKL (4.5%) PBFX (4.6%) RMP (4.9%) CVRR (4.9%) ARLP (5.) DPM (5.1%) ALDW (5.1%) OCIP (5.3%) EQGP (5.3%) VNR (6.3%) HCLP (6.7%) SDLP (7.) BSM (7.6%) RIGP (8.5%) LGCY (8.7%) SXCP (9.) AHGP (9.) CLMT (10.) AROC (10.6%) NRP (11.3%) FELP (11.3%) MEMP (15.) EVEP (15.8%) ARP (21.3%) AZUR (22.4%) MCEP (23.8%) RRMS 11.6% GEL 10.2% PTXP 8.8% CCLP 8.5% WPZ 8.1% PAGP 7.2% GLOP 6.7% SRLP 6.1% SXE 5.9% SPH 5.4% TGP 5.1% APU 4.8% NKA 4.5% BKEP 4.3% VTTI 3.9% SPP 3.8% EMES 3.7% MEP 3.3% TOO 3.3% LMRK 3.1% SMLP 3. FGP 2.9% CAPL 2.8% OKS 2.7% TRGP 2.4% EEQ 2.4% MPLX 2.4% NS 2.4% ENBL 2.4% TLP 2.3% ENLK 2. PAA 2. KNOP 2. ARCX 2. EEP 1.8% GMLP 1.7% KMI 1.7% WPT 1.6% TEP 1.4% STON 1.3% CQP 1.2% SHLX 1.2% TEGP 1.1% SUN 0.8% NAP 0.8% BWP 0.8% EPD 0.8% PSXP 0.5% TNH 0.4% AMZ 0.3% ENLC 0.3% WES 0.2% FUN 0.2% NGL 0.2% TLLP 0.2% UAN 0.1% AMID 0.1% CNNX 0. NSH (0.1%) DLNG (0.2%) USDP (0.3%) 1 Week Price Performance 14% 12% 8% 6% 4% 2% (2%) (5%) () (15%) (2) (25%) Source: 14

16 GROUP DATA EQM (1.) ARCX (3.) WNRL (3.4%) TLLP (4.1%) SEP (4.4%) VTTI (4.5%) PBFX (5.3%) GEL (5.6%) HMLP (5.6%) DM (5.7%) BKEP (5.9%) EEQ (6.) CNXC (6.6%) PTXP (7.2%) EEP (8.) ETE (8.) ENLC (8.9%) CAPL (9.) NRP (9.1%) OCIP (9.4%) VLP (10.4%) WLKP (10.8%) TOO (12.) STON (12.3%) AROC (12.8%) SHLX (12.8%) PSXP (13.1%) EMES (14.5%) GPP (15.2%) ENLK (15.4%) SUN (15.9%) AHGP (17.) CEQP (17.5%) NTI (18.4%) CPPL (20.) MEMP (20.5%) MPLX (21.1%) DKL (21.8%) GLP (24.2%) EVEP (24.2%) MEP (26.2%) CCLP (28.2%) SPP (28.7%) SXE (39.9%) CVRR (45.2%) VNR (50.) CPLP (53.3%) ARP (53.4%) NMM (55.) FELP (55.5%) ALDW (58.7%) AZUR (71.4%) CLMT (81.5%) MMLP 3.1% EPD 2.7% MMP 2.6% PAA 2.3% WES 1.7% ETP 1.7% CELP 1.1% UAN 1.1% AMZ 0.9% SPY 0.4% MCEP 128.1% CNNX 53.7% TLP 53.2% JPEP 52.6% TRGP 51.4% USDP 50.6% SXCP 47.7% AMID 46. LGCY 43.4% ENBL 36.1% DPM 36. TEGP 34.4% DLNG 33.9% KNOP 33.5% VNOM 32.6% RIGP 32.5% RRMS 32. SDLP 31.5% SPH 31.3% GLOP 30.9% WMLP 30. DMLP 29.9% APU 27.6% NKA 27.5% CINR 27. RMP 26.9% BWP 24.7% OKS 24.3% GMLP 23. EVA 20.6% USAC 20.4% EQGP 20.3% NS 20.2% NGL 18.2% SGU 17.9% FGP 16.9% SRLP 16.8% SMLP 15.1% KMI 14.8% NSH 14.6% BIP 13.3% WPT 12.3% WGP 10.8% ARLP 9. TEP 9. BSM 8.9% WPZ 8.4% CQP 7.6% TGP 6.2% NAP 6. SXL 5.6% TCP 5.5% HEP 5.3% LMRK 5.1% AM 5. APLP 4.4% FUN 4.2% BPL 3.8% PAGP 3.8% TNH 3.8% HCLP 3.2% YTD Price Performance () (2) (3) (4) (5) (6) (7) (8) (9) Source: 15

17 16 ETP GMLP WGP BKEP TEGP SXCP DKL UAN ENLK EEP PTXP JPEP MEP EEQ CELP DMLP WPZ APLP PAA CPPL ARLP WMLP CNXC CVRR CCLP SPP NGL TRGP MPLX ENLC MCEP KMI SDLP CEQP TGP ETE AHGP RRMS OCIP ALDW PAGP GLP CPLP TOO NRP LGCY HCLP SXE MEMP EVEP CLMT NMM FELP VNR EMES ARP AZUR (10) (9) (8) (7) (6) (5) (4) (3) (2) () NKA BIP TLP FUN APU OKS BWP EVA LMRK OKE DPM RMP TEP SGU SEP BPL EQM HEP SRLP VNOM GPP MMP WPT PBFX VLP CQP FGP WLKP BSM TLLP TNH AM HMLP USDP NS TCP RIGP SPH STON ENBL KNOP CNNX WNRL NAP NTI EPD VTTI GLOP AMID GEL SUN SHLX WES ARCX PSXP CAPL DLNG MMLP EQGP USAC SXL SMLP DM NSH (4) (35%) (3) (25%) (2) (15%) () (5%) GROUP DATA % Below 52 Week Highs Positive number indicates close at a new high. Source:

18 GROUP DATA SRLP ARLP EEP HEP LMRK TCP KMI DMLP EEQ BPL AM VNOM SUN APU CQP WLKP AHGP SHLX FELP BSM FGP CNXC PTXP EQGP BIP MEMP CAPL TLLP BKEP WNRL VTTI GPP EVEP PSXP EQM PBFX WPT SGU MMP TNH DKL SEP CPPL DM VLP FUN OCIP VNR EPD STON AZUR CPLP GLP ALDW CLMT CVRR NTI ARP SXE 463% JPEP 315% LGCY 311% MCEP 261% AMID 241% NKA 23 ETE 224% TOO USDP SPP NRP APLP WPZ SXCP NGL ENBL WMLP DPM GMLP CCLP ENLK OKE CEQP TEGP ENLC PAGP WGP RMP TLP DLNG RIGP GLOP CNNX USAC MEP EMES SMLP NSH EVA NAP NS KNOP WES MPLX ETP BWP MMLP CELP SXL UAN GEL OKS TGP TEP NMM HCLP PAA SPH HMLP ARCX RRMS SDLP TRGP % Above 52 Week Lows 25 Negative number indicates close at a new low Source: 17

19 GROUP DATA Current Yield Current Yield Yield versus Growth 25% 2 15% Current Yield vs. 3 Year Historical Distribution Growth Rate y = -0.62x x R² = % 5% 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. 25% 2 y = -0.27x x R² = % 5% (10) (8) (6) (4) (2) 2 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. 18

20 GROUP DATA Current Yield Yield versus Growth Current Yield vs. 3 Year Forward Distribution Growth Rate 5% 12% y = -0.16x x R² = % 6% 4% 2% 5% 15% 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 Tickers by Segment Click Here for Links to Company Presentations Natural Gas & NGL Pipelines Crude & Refined Product Pipelines Gathering & Processing Terminal & Storage Upstream Propane & NGL Logistics Marine Coal General Partners Variable / Plants Downstream & Marketing BWP BPL AM ARCX MEMP APU CPLP ARLP AHGP OCIP CAPL BIP CPPL EEP AMID BKEP SPP FGP DLNG CNXC AROC TNH GLP CINR EPD EEQ APLP CQP BSM NGL GLOP NRP ENLC WLKP SRLP EVA ETP HEP CCLP DKL DMLP SGU GMLP SXCP EQGP UAN SUN FUN KMI MMP CELP DM VNOM SPH HMLP WMLP ETE LMRK OKS MPLX CEQP GEL KNOP NSH STON SEP NS CNNX GPP NAP OKE TCP PAA DPM JPEP RIGP PAGP TEP PSXP ENBL MMLP SDLP TEGP WPZ SHLX ENLK PBFX TGP WGP SXL EQM RRMS TOO VLP MEP TLLP PTXP TLP RMP USDP SMLP VTTI TRGP WNRL ARP USAC WPT EVEP ALDW WES LGCY CLMT AZUR MCEP CVRR EMES SXE NKA VNR NMM NTI HCLP BANKRUPTCY DELISTING BBEP FELP ATLS LINE LNCO NSLP Other RED tickers indicate a past distribution cut / RED border indicates current distribution/dividend is zero / 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 / BSM, DMLP and VNOM 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 OKS SXL SEP PSXP ETP WPZ PAA TCP WES 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* % % 7.2% 5.7% 3.6% 12.3% 11.3% 11.8% 6.8% 6.7% 6.5% % % 2.9% 5.4% Forward Yield 6.1% 4.7% % 7.4% 5.8% 3.8% 11.8% 10.8% 10.6% 6.9% 6.8% 6.6% 4.1% 2.9% 7.1% 2.7% % Estimated Fee Based Cash Flow 88% 85% 92% 81% 85% % 85% 74% 10 76% % 92% 98% 10 94% 3 Year Distribution Growth Rates: Trailing 5.6% 16.5% 2.4% 3.4% 19.5% 9.1% NA 5.7% 0.1% 6.8% 4.5% 14.7% 22.8% 26. (31.) 4.6% NA NA NA Projected 2.3% 6.4% 0. (8.1%) 7.3% 2.7% 11.4% (15.) (15.) (7.7%) 2.3% 3.7% 2.7% 11.4% % 13.7% 9.1% 6.9% General Partner / IDR Owner - - ENB OKE ETE SE PSX ETE WMB PAGP TRP WGP MPC EQT - - RDS-A VLO CPGX *Current Yield is calculated based on most recently announced distribution annualized. Current Yield 14% 12% % 11.3% 11.8% 8% 6% 4% % 8.4% 7.2% 5.7% 3.6% 6.8% 6.7% 6.5% % % 2.9% 5.4% 2% EPD MMP EEP OKS SXL SEP PSXP ETP WPZ PAA TCP WES MPLX EQM KMI BPL SHLX VLP CPPL Forward Yield 14% 12% % 10.8% 10.6% 8% 6% 4% 6.1% 4.7% 8.1% 7.4% 5.8% 3.8% 6.9% 6.8% 6.6% 4.1% 2.9% 7.1% 2.7% % 2% EPD MMP EEP OKS SXL SEP PSXP ETP WPZ PAA TCP WES MPLX EQM KMI BPL SHLX VLP CPPL NOTE: I am anticipating an S&P Debt Rating downgrade for PAA. 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 MEP CCLP CELP USAC CEQP AMID ENLK SMLP DPM ENBL APLP PTXP WES CNNX TRGP RMP EQM AM AZUR SXE MMLP ARCX JPEP GPP USDP BKEP RRMS DKL PBFX WPT GEL WNRL TLLP TLP VTTI CQP DM NKA 19.9% 15.9% 14.9% 14.2% % 10.8% 10.7% 9.3% 9.2% 8.9% 7.9% 6.8% 6.7% 6.5% % 4.1% % 13.7% 13.6% 11.8% 11.5% % % % % 6.7% 6.4% 6.1% 3.2% ETP WPZ OKS TCP TEP EPD SEP CPPL KMI BWP EEQ EEP PAA NS SXL HEP BPL MPLX MMP PSXP VLP SHLX 2.9% 2.5% 4.7% 3.8% % 8.1% 6.9% 6.5% 6.1% 5.8% 5.5% 7.4% 7.1% 7.1% 6.6% 11.1% % 9.1% 11.8% 10.8% Forward Yields by Segment Natural Gas & NGL Pipelines Crude & Refined Product Pipelines 14% 12% 8% 6% 4% 2% 12% 8% 6% 4% 2% Gathering & Processing Terminal & Storage 25% 2 15% 5% 16% 14% 12% 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 SDLP GMLP DLNG CPLP RIGP KNOP GLOP HMLP NAP TOO TGP NMM SXCP WMLP ARLP CNXC NRP FELP % % 11.6% 11.5% 10.3% 9.4% 9.4% 7.7% 6.1% 13.5% 12.1% 11.9% 10.2% SPP MEMP BSM DMLP VNOM ARP EVEP LGCY MCEP VNR NGL SPH FGP APU SGU % 3.6% 5.6% 4.9% 4.7% 8.6% 12.6% % 10.6% Forward Yields by Segment Upstream Propane & NGL Logistics % 12% 8% 6% 4% 2% Marine Coal 2 15% 15% 5% 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 CAPL SUN SRLP NTI CVRR ALDW CLMT STON EVA LMRK CINR FUN BIP EMES HCLP % 5.7% 5.3% % % 9.6% 8.9% % AHGP NSH PAGP ENLC AROC OKE ETE WGP TEGP EQGP UAN TNH WLKP OCIP 2.3% % 7.1% 5.8% 5.5% 4.5% 4.3% 4.1% % 6.5% 13.1% 9.5% Forward Yields by Segment General Partners Variable / Plants 14% 12% 8% 6% 4% 2% 9% 8% 7% 6% 5% 4% 3% 2% 1% Downstream & Marketing Other 14% 12% 12% 8% 6% 4% 2% 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 $ $ 6.56 $ $ $ $ 9.81 $ $ $ $ GP Current Yield 13.13% 5.79% 7.42% 4.22% 2.15% 9.42% % 3.91% 9.02% GP Forward Yield 13.13% 5.79% 7.14% 4.31% 2.26% 7.56% % 4.09% 4.51% GP Estimated 3 Year Forward Distribution Growth Rate (15.) 5.5% 13.7% (15.5%) 0. (16.1%) 10.9% (100.) LP Unit / Share Price $ $ $ $ $ $ $ $ $ $ $ $ LP Current Yield % 11.13% 6.74% 3.96% 11.84% 9.09% 8.44% 6.24% % LP Forward Yield % 10.85% 6.84% 4.14% 10.58% 9.09% 8.09% 6.47% 10.91% 11.84% 7.42% 10.03% (2) LP Estimated 3 Year Forward Distribution Growth Rate (10.) 3.7% 11.4% (7.7%) 0. (8.1%) 9.1% (9.8%) (15.) 7.3% 5.5% (2) GP Forward Yield Less LP Forward Yield 1.24% (3.08%) (3.71%) (2.53%) (1.88%) (3.02%) (0.09%) (2.59%) (2.38%) (6.4) (7.33%) (2.91%) (5.52%) (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 1.44x 1.24x 1.02x 1.11x 1.67x 0.86x 1.08x 0.86x 1.15x 1.04x 0.99x 1.20x 1.29x (2) LP Net Debt / EBITDA 1.6x 4.5x 4.5x 3.4x 1.4x 4.6x 5.4x 4.7x 3.6x 4.9x 4.8x 4.3x GP Market Cap (in Millions) $ 1,002.7 $ $ 2,473.7 $ 8,800.6 $ 6,646.1 $ 5,945.4 $ 1,040.2 $ 8,618.0 $ 3,374.1 $ 9,043.5 GP Stand Alone Net Debt (5.8) (12.1) (1.7) , ,404.0 GP Enterprise Value ( EV ) $ $ $ 2,461.6 $ 8,798.9 $ 6,646.1 $ 6,532.4 $ 1,066.2 $ 10,156.7 $ 3,521.2 $ 15,447.5 GP Stand Alone EBITDA / DCF (Most Recent Quarter Annualized) 1Q16 4Q15 4Q15 4Q15 4Q15 1Q16 1Q16 4Q15 1Q16 4Q15 4Q15 4Q15 4Q15 GP Distributions Received From GP Interest + IDRs $ $ 21.8 $ 57.6 $ $ 70.1 $ $ 51.1 $ $ 82.6 $ 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 $ $ 98.1 $ $ $ $ $ 92.8 $ $ $ 1,651.0 $ 1,227.0 $ $ 68.0 Interest Expense Cash Income Taxes / (Benefit) (0.5) Capital Expenditures GP Distributable Cash Flow ( DCF ) $ $ 31.5 $ $ $ $ $ 92.3 $ $ $ 1,351.0 $ 1,227.0 $ $ 68.0 GP Net Debt / EBITDA (0.0x) 1.7x (0.1x) (0.0x) 0.0x 1.0x 0.3x 2.0x 1.1x 3.9x GP EV / EBITDA 5.4x 6.3x 12.9x 24.7x 50.4x 10.6x 11.5x 13.0x 25.7x 9.4x GP EV / DCF 5.4x 19.8x 12.9x 24.7x 50.4x 10.9x 11.6x 15.2x 26.6x 11.4x Value of LP Units owned by GP $ $ $ 1,241.2 $ 2,383.5 $ 1,628.9 $ - $ $ 4,279.0 $ $ 89.2 $ 89.2 $ - $ - Effective Valuation of GP Interest + IDRs (GP EV less LP unit value) $ $ $ 1,220.4 $ 6,415.4 $ 5,017.2 $ 6,532.4 $ $ 5,877.8 $ 2,623.2 $ 15,358.3 GP Interest + IDRs EBITDA (Total GP EBITDA less LP Distributions) $ $ 71.2 $ 53.2 $ $ 67.4 $ $ 48.2 $ $ 80.6 $ 1,640.0 GP Interest + IDRs DCF (Total GP DCF less LP Distributions) $ $ 4.6 $ 52.8 $ $ 67.4 $ $ 47.7 $ $ 76.2 $ 1,340.0 Effective Standalone GP EV / EBITDA 4.1x 4.5x 22.9x 32.8x 74.4x 10.6x 11.9x 14.0x 32.6x 9.4x Effective Standalone GP EV / DCF 4.1x 69.3x 23.1x 32.8x 74.4x 10.9x 12.0x 19.3x 34.4x 11.5x (3) GP + LP Consolidated EV / EBITDA 4.5x 6.9x 13.3x 20.2x 25.6x 12.7x 11.4x 15.4x 21.0x 12.5x GP + LP Consolidated Net Debt / EBITDA 1.6x 4.4x 4.6x 3.5x 1.4x 4.8x 4.9x 5.7x 4.0x 5.9x GP + LP Consolidated Net Debt & Preferred / EBITDA 1.6x 4.4x 4.6x 3.5x 1.4x 5.6x 4.9x 5.7x 4.0x 6.6x (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 25% 6x 25% 20x 15x 10x 5x 0x 11.9% 8.9% 9.1% 10.9% 10.6% 10.8% 8.1% 6.8% 6.5% 4.1% 4.5x 6.9x 11.4x 12.5x 12.7x 13.3x 15.4x 20.2x 21.0x 25.6x AHGP AROC NSH ETE PAGP ENLC OKE WGP TEGP EQGP GP + LP Consolidated EV / EBITDA LP Forward Yield 2 15% 5% 5x 4x 3x 2x 1x 0x % 8.9% 9.1% 10.9% 15% 10.6% 10.8% 8.1% 6.8% 6.5% 4.1% 5% 1.6x 4.4x 4.9x 5.9x 4.8x 4.6x 5.7x 3.5x 4.0x 1.4x AHGP AROC NSH ETE PAGP ENLC OKE WGP TEGP EQGP GP + LP Consolidated Net Debt / EBITDA LP Forward Yield Underlying LP TTM Distribution Coverage Ratio Consolidated Net Debt / EBITDA 3.0x 3 7x 3 2.5x 25% 6x 25% 2.0x 1.5x 1.0x 0.5x 0.0x 11.9% 8.9% 9.1% 10.9% 10.6% 10.8% 8.1% 6.8% 6.5% 4.1% 1.44x 1.24x 1.08x 1.04x 0.86x 1.02x 0.86x 1.11x 1.15x 1.67x AHGP AROC NSH ETE PAGP ENLC OKE WGP TEGP EQGP LP TTM Distribution Coverage Ratio LP Forward Yield 2 15% 5% 5x 4x 3x 2x 1x 0x % 8.9% 9.1% 10.9% 15% 10.6% 10.8% 8.1% 6.8% 6.5% 4.1% 5% 1.6x 4.4x 4.9x 6.6x 5.6x 4.6x 5.7x 3.5x 4.0x 1.4x AHGP AROC NSH ETE PAGP ENLC OKE WGP TEGP EQGP GP + LP Consolidated Net Debt & Preferred / EBITDA LP Forward Yield 28

30 GP VALUATION COMPS Most Recent Quarter 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, % 24% 21% 6.0x 5.0x 4.0x 3 25% 2 $900 $750 $600 $450 $300 $150 $0 13.1% % 7.1% 5.8% 5.5% 4.5% 4.3% 4.1% 2.3% $186 $31 $92 $1,351 $600 $191 $666 $357 $133 $132 AHGP AROC NSH ETE PAGP 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) 13.1% 5.8% % 7.1% 4.5% 5.5% 4.3% 4.1% 2.3% 1.7x 0.3x 3.9x 1.0x 2.0x 1.1x 0.0x (0.0x) (0.1x) (0.0x) AHGP AROC NSH ETE PAGP ENLC OKE WGP TEGP EQGP GP Net Debt / EBITDA GP Forward Yield 15% 5% (5%) Effective Standalone GP EV / DCF 100x 3 90x 27% 80x 24% 70x 21% 60x 50x 13.1% 18% 15% 40x 30x 20x 10x 0x 5.8% % 7.1% 5.5% 4.5% 4.3% 4.1% 2.3% 4.1x 69.3x 12.0x 11.5x 10.9x 23.1x 19.3x 32.8x 34.4x 74.4x AHGP AROC NSH ETE PAGP ENLC OKE WGP TEGP EQGP Effective Standalone GP EV / DCF GP Forward Yield 12% 9% 6% 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 13.97% 12.58% (1.6% ) 2 G G-P BKEP 10.96% 10.96% 7.3% 1 T BWP 2.47% 2.47% (42.7% ) 7 T T T T G T G-P CEQP NA 6 G-P G T-G G-P G T DKL 8.74% 8.98% 16.6% 1 G DPM % 4 G G-P G-P G EEP 10.98% 10.98% 2.4% 6 T-G-P T-G-P G T-G-P T-G-P T ENBL 10.16% 9.22% 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 11.13% 10.85% NA 8 T-G-P T-G T-G G-P G-P P P T EPD 6.02% 6.07% 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 3.96% 4.14% T-G ETP % 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 7.76% 7.84% 10.6% 2 T T GLP 13.89% 11.98% (7.4% ) 1 G HEP 7.01% 7.12% 6.4% 1 G KMI 2.92% 2.92% (31. ) 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 4.61% 4.73% 16.5% 2 T T NS 9.09% 9.09% 0. 1 T OKS 8.44% 8.09% 3.4% 10 T T-G T-G-P G-P T-G-P T-G-P T T T T-G-P PAA 11.84% 10.58% 6.8% 8 T T T-G T T T T-G T-G RRMS 13.29% 10.44% 15.4% 3 G-P T T-G SEP 5.72% 5.78% 9.1% 2 T-G T SMLP 10.67% 10.67% G G SXE (100. ) 1 G-P SXL % 19.5% 1 T TCP 6.79% 6.85% 4.5% 1 T TEP 6.24% 6.47% NA 3 T T-P T TLLP 6.72% 6.94% 18.2% 1 T-G TRGP 8.88% 6.49% 22.5% 4 G-P G-P G-P G WES 6.74% 6.84% 14.7% 10 G G G-P T-G-P G P G P G-P P WNRL NA 2 T-G T-G WPZ 11.26% 10.84% 0.1% 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