Midcoast Energy Partners, L.P. Stephen J. Neyland, Vice President, Finance
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1 Midcoast Energy Partners, L.P. Stephen J. Neyland, Vice President, Finance NAPTP Annual Investor Conference May 20-22, 2015
2 Forward Looking Statement This presentation includes forward-looking statements, which are statements that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "projection," "should," "strategy," opportunity, "target," "will" and similar words. Although we believe that such forward-looking statements are reasonable based on currently available information, such statements involve risks, uncertainties and assumptions and are not guarantees of performance. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond the ability of Midcoast Energy Partners, L.P. (the Partnership ) to control or predict. The Partnership s forward looking statements are subject to risks and uncertainties pertaining to operating performance, regulatory parameters, project approval and support, weather, economic conditions, interest rates and commodity prices, including but not limited to the following specific factors that could cause actual results to differ from those in the forward-looking statements: (1) changes in the demand for or the supply of, forecast data for, and price trends related to natural gas, natural gas liquids and crude oil and the response by natural gas and crude oil producers to changes in any of these factors; (2) the Partnership s ability to successfully complete and finance expansion projects; (3) the effects of competition, in particular, by other pipeline and gathering systems, as well as other processing and treating plants; (4) shut-downs or cutbacks at the Partnership s facilities or refineries, petrochemical plants, utilities or other businesses for which the Partnership transports products or to whom the Partnership sells products; (5) hazards and operating risks that may not be covered fully by insurance; (6) changes in or challenges to the Partnership s rates; (7) changes in laws or regulations to which the Partnership is subject, including compliance with environmental and operational safety regulations that may increase costs of system integrity testing and maintenance; and (8) cost overruns and delays on construction projects resulting from numerous factors. Forward-looking statements regarding drop-down opportunities are further qualified by the fact that Enbridge Energy Partners, L.P. is under no obligation to offer to sell us additional interests in Midcoast Operating, L.P., and we are under no obligation to buy any such additional interests. As a result, we do not know when or if any such additional interests will be purchased. Forward-looking statements regarding joint funding or investments in Partnership projects by Enbridge Energy Partners, L.P. ( EEP ) are further qualified by the fact that EEP has no obligation to participate in such projects, and there is no guarantee that it will do so. Except to the extent required by law, we assume no obligation to publically update or revise any forward looking statements, whether as a result of new information, future events or otherwise. In addition to the risks listed above, other risks include those detailed from time to time in the Partnership s Securities and Exchange Commission, or SEC, reports, including, without limitation, in the Partnership s Annual Report on Form 10-K for December 31, 2014 and any subsequently filed Quarterly Report on Form 10-Q for additional factors that may affect results. These filings are available to the public at the SEC's website ( In this presentation, unless the context otherwise requires, references to Midcoast, the Partnership, MEP, we, our, us, or like terms refer to Midcoast Energy Partners, L.P. We refer to Enbridge Energy Partners, L.P. as Enbridge Energy Partners, Sponsor, or EEP. References to Midcoast Operating or MOLP refer to Midcoast Operating, L.P. 1
3 Vision and Strategy VISION Be recognized as a leading natural gas and NGL midstream infrastructure developer, operator and service provider in North America SCALE SCOPE STRATEGY Provide best in class gathering, processing and transportation solutions with a focus on safety, operational reliability and stakeholder engagement. REACH CAPABILITIES We will increase our scale, scope, reach and capabilities across our business lines to deliver sustainable and industry leading growth to our unit holders. SCALE SCOPE REACH CAPABILITIES Increased size will provide for improved synergies and optimization opportunities while creating a stronger financial foundation for investment grade credit ratings. An array of natural gas commodities and services in conjunction with core asset optimization will significantly augment our customer value proposition and improve our return on assets. We will expose our businesses to new market opportunities by diversifying geographically and/or by commodity composition (e.g., wet, dry, treating, and gathering). We will be well-positioned to execute across our business lines through attracting, engaging and developing high-performing talent; by providing appropriate tools and resources; and by fostering knowledge sharing throughout the organization. 2
4 Strong Sponsors and Management Leveraging Enbridge Inc. & Enbridge Energy Partners, L.P. ENB: North American leader in energy delivery Enbridge Inc. (ENB) A-/Baa1 ~$45 billion equity market capitalization Enbridge Energy Partners, L.P. (EEP) BBB+/Baa2 $17 billion equity market capitalization ~$44 billion organic growth program underway Support of Strong Sponsors: Financial Support and Risk Management Operational Oversight and Management Major Project Execution and Risk Mitigation Commercial and Investment Review Oversight Note: Standard & Poor s/moody s credit ratings respectively. Market capitalization as of May 1,
5 Strategically Positioned Asset Base Anadarko System Secured new demandbased volumes from nearby play Midcoast Business Segments Gathering, Processing & Transportation: strong asset foundation ~ 90% EBITDA Logistics & Marketing ~ 10% EBITDA Natural Gas Deliveries Key Assets ~ 2.2 bcf/d Gathering and Transportation Pipelines Processing Capacity (25 plants) Treating Capacity (11 plants) Texas Express NGL system 11,100 miles 2.3 Bcf/d 1.3 Bcf/d 35% JV interest Texas Express NGL System East Texas System Beckville Processing Plant 2Q 2015 in-service CLINE SHALE North Texas System Petal COTTON VALLEY EAGLEBINE Eaglebine Investments Ghost Chili Lateral late 2015 NGR acquisition March 1 effective date, integration 4
6 Strategic Entry into Eaglebine Play Secured transactions establish strategic foothold in the liquids-rich Eaglebine Midcoast to construct the Ghost Chili lateral Midcoast acquiring NGR s midstream assets ~$160 million combined transaction and expansion capex Jointly funded with Enbridge Energy Partners East Texas System Beckville Plant Diversifies producing basins and extends asset footprint Existing volumes provide near-term cash flows Increases demand-based and fee-based revenues First-mover position provides opportunities for future investment New investments driving low-risk growth in distributable cash flow 5
7 Long-Term Transformation of Risk Profile Risk profile transforms as base business grows and new business is captured Demand volumes and revenue progressively ramping on Texas Express Re-contract and capture new business that enhances cash flow certainty Eaglebine investments underpinned by long-term minimum volume commitments Fee-based arrangements in Anadarko re-contracted with minimum volume commitments 2014 Risk Profile (1) 2015e Risk Profile (2) Future State Risk Profile Hedged 40% Commodity Sensitive 10% 8% Est. Demand or Volume Commitment Other Fee- Based 42% Hedged ~41% Commodity Sensitive ~6% Demand- Based ~11% Other Fee- Based ~42% Commodity Sensitive Hedged Other Fee- Based Demand or Volume Commitment (1) Based on forecasted gross margin for Includes $19.6 million of distributions attributable to our 35% interest in the Texas Express NGL System. (2) Based on forecasted gross margin for Gathering Processing & Transportation segment for Includes $33.1 million of equity earnings and cash distributions in excess of earnings attributable to our 35% interest in the Texas Express NGL System. Demand-based revenue growth is a key strategic priority 6
8 Executing on Strategic Priorities Strengthen underlying business Recontracted and captured new business that enhances cash flow certainty Executed plan to reduce operating & administrative costs by over $50 million proceeding ahead of schedule Focused cost management measures enhance competitiveness Secure and execute on organic growth opportunities Enhance existing asset base by adding new supply and optimizing assets Aggressively pursue accretive acquisitions Diversify basins and extend reach of existing asset base Increase scale of enterprise Enhance scope of business Position for future drop-downs from sponsor MEP does not assume a drop-down in 2015 under current market conditions Long-term drop-down strategy still intact Safety and operational reliability are cornerstones that underpin our business and growth outlook 7
9 Actions Underway to Navigate Current Market Conditions WTI Average Forward Price ($/Bbl) Composite NGL Barrel Price ($/gal) Challenging Market Conditions Reduced drilling programs by natural gas producers Lower Midcoast forecasted system volumes in 2015 Actions Taken Aggressive cost reduction measures well underway Progress ahead of schedule $ Potential to achieve additional cost reductions $88.08/bbl $69.80/bbl $57.57/bbl Commodity based cash flows hedged approximately 90% in 2015 and 70% in 2016 (1) Asset optimization, rationalization, and facilities consolidation $90.00 $80.00 $70.00 $60.00 $50.00 $40.00 Average 2015 Forward Prices $0.87/gal WTI 9/30/ Guidance $0.67 /gal Composite NGL BBL $0.56/gal $0.57/gal $61.62/bbl 2/13/2015 5/1/2015 $0.95 $0.85 $0.75 $0.65 $0.55 $0.45 $0.35 $0.25 Cost structure being aligned with current activity levels Midcoast positioned to respond when market conditions improve (1) Portfolio hedge percentages based on commodity positions and forward prices as of 4/20/ e hedged cash flows represents Apr Dec
10 Strong Sponsor Support EEP incentivized to invest alongside MEP Jointly fund on and off footprint growth Commitment to long-term drop-down strategy to enhance accretion at MEP Enhance MEP Cost of Equity Natural Gas Midstream - Focused Operations Liquids - Focused Operations Pure-Play Natural Gas & NGL Midstream MEP growth supported by: Organic Growth Drop-downs Sponsor aligned and incentivized to ensure MEP success 9
11 Key Takeaways Maintain positive momentum and focus on execution Solid 1Q performance and healthy coverage of 1.16x Fourth consecutive quarterly distribution increase (+11.2% vs 1Q14) Actions underway to strengthen underlying midstream business Execution of plan to reduce annual O&A costs by over $50 million proceeding ahead of schedule Hedging largely secures 2015 and 2016 commodity-based gross margin Capital investments enhance cash flow certainty Eaglebine investment diversifies basins and extends G&P asset footprint Capture new business and increase scale to bolster accretive growth Position Partnership to respond as business fundamentals improve Distribution is secure Distribution policy reflects long-term outlook and track record of GP support Drop-down outlook Sponsor aligned with MEP and long-term drop-down strategy is intact MEP is committed to delivering long-term sustainable value to unitholders 10
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