IPAA Private Capital Conference. Peter Bowden January 21, 2014
|
|
- Harriet Snow
- 5 years ago
- Views:
Transcription
1 IPAA Private Capital Conference Peter Bowden January 21, 2014
2 Historical MLP Capital Raising Activity ($ in Billions) Since 2010, there has been significant growth in institutional demand for debt and equity securities of MLPs; correspondingly, the level of MLP capital markets activity has increased In 2013 alone, MLPs raised over $60.0 billion in the public capital markets In addition, over $20 billion was raised in 2013 through private financings MLP Capital Markets Activity $70.0 $60.0 $60.8 $50.0 $49.0 $40.0 $37.2 $40.0 $30.0 $20.0 $10.0 $7.4 $9.4 $12.0 $16.1 $23.2 $19.4 $17.3 $ IPOs Equity Follow-on Offerings Debt Offerings (1) Source: SDC and Company filings. (1) Includes private placements and block trades. 1
3 Increased Institutional Investment in MLPs Over Time Due to high investor demand for yield-oriented securities postfinancial crisis, several new MLPfocused investment vehicles have been developed These vehicles offer diversification and tax treatment that is less burdensome than direct MLP ownership (avoidance of K-1) MLP Products Introduced Since Legend Exchange-Traded Fund Exchange-Traded Notes Closed-End Fund (1) Open-End Fund Summary of Existing MLP Products Exchange-Traded Funds Exchange-Traded Notes Closed-End Funds (1) Open-End Funds Total Source: Wall Street research. (1) Includes MLP-related closed-end funds, comprised of funds with 25% or greater of holdings in MLPs. 2
4 Total Net Assets of MLP Investment Vehicles Last Twelve Months $ in Billions Total AUM of MLP-focused investment vehicles continues to increase as investor demand for MLP exposure remains strong As of November 30, 2013, total assets across these vehicles had grown to ~$50.1 billion Exchange-Traded Funds Exchange-Traded Notes $10.0 $8.0 $6.0 $4.7 $8.1 $10.0 $8.0 $6.0 $6.1 $8.4 $4.0 $4.0 $2.0 $2.0 $0.0 $0.0 Closed-End Funds Open-End Funds $25.0 $20.0 $16.3 $20.3 $15.0 $12.0 $13.3 $15.0 $9.0 $10.0 $5.0 $0.0 $6.0 $3.0 $0.0 $5.0 Source: Wall Street research. 3
5 Historical MLP Trading Performance The Alerian MLP index generally outperformed other yielding asset classes in the five-year period following the financial crisis While the Alerian MLP Index has underperformed other benchmarks during 2013: MLPs have still provided solid performance on a total return basis of approximately 29% primarily due to distribution growth The recent underperformance of MLPs has been driven by waning investor appetite of yield products attributed to anticipation of near-term increases in interest rates 2013 Index Performance 40.0% Dow Jones Industrial Average NASDAQ Composite Index 30.0% S&P 500 Index Alerian MLP Index 20.0% 10.0% NASDAQ: 38.3% S&P: 29.6% DJI: 26.5% AMZ: 20.4% 0.0% -10.0% MLP Yield vs. Other Yield-Oriented Investments (Current Yield %) 6.4% 5.7% 5.4% 4.4% 4.3% 4.0% 3.0% 2.1% MLP Yield Median ML US B-BB High Yield Moody's Investment Grade Index FTSE NAREIT Index Moody's Municipal Bond Index S&P 500 Utilities Index US 10 Year Treasury S&P 500 Index Source: Bloomberg, CapitalIQ and Wall Street Research. 4
6 Recent Successes in Private Funding of Greenfield Midstream Parties Investment / Exit Date Greenfield Project Exit Features 2008 / Oct. 13 Originally formed in 2008 to develop, own and operate crude oil, natural gas and water gathering systems on the Fort Berthold Indian Reservation in the core of the Bakken The Arrow system consisted of over 460 miles of gathering pipeline, including 150 miles of crude pipeline, 160 miles of natural gas pipeline and 150 miles of water gathering lines Volumes on the system were ~50 MBbls/d of crude oil, 15 MMcf/d of natural gas and 8.5 MBbls/d of water Arrow Midstream was acquired by Crestwood Midstream Partners LP in October 2013 for $750 million Oct. 08 / Apr. 13 Originally formed in October 2009 to develop gathering, transmission, treating, processing, compression and marketing services in key gas producing areas of the U.S. TEAK s Eagle Ford assets included 200 MMcf/d of cryogenic processing capacity, a second 200 MMcf/d cryogenic processing facility expected to be in service in the first quarter of 2014, 265 miles of 20 to 24 gathering and residue lines (750 MMcf/d throughput capacity) and 275 miles of low pressure gathering lines TEAK Midstream, L.L.C. was acquired by Atlas Energy, L.P. in April 2013 for $1.0 billion Nov. 09 / Nov. 12 Originally formed in November 2009 for the ground-up development of the COLT Hub, North Dakota's largest open-access crude oil marketing hub Construction of the facility began in May 2011 and the facility came into service in May 2012 Colt Hub assets included 120 MBbl/d of rail loading capacity, 720 MBbl of storage capacity, a 64 MBbl/d truck unloading facility and a 21-mile, 10 bi-directional pipeline connecting the COLT Terminal to the Dry Fork terminal COLT was acquired by Inergy Midstream, L.P. in November 2012 for $425 million May 09 / Mar. 12 Originally formed in May 2009 to develop gathering and processing assets servicing the Marcellus Shale Assets sold included a gathering system, two processing facilities and a fractionator (with expansions to all assets underway at the time) Long-term contracted commitments included 236,000 dedicated gathering acres from 10 producers in West Virginia, Ohio and Pennsylvania and processing commitments of 100 MMcf/d Caiman Eastern Midstream LLC was acquired by Williams Partners L.P. in March 2012 for $2.5 billion Source: Public filings. 5
7 Common Private Midstream Investment Structures Transaction Structure Benefits Considerations Recent Examples Straight Preferred Equity Provides capital pursuant to smarter paper than common equity predictable structured payments until conversion Typically convertible upon election beginning three years postinvestment at an attractive valuation October 2010, $140 million preferred investment in Blueknight Energy Partners by Charlesbank Capital Partners and Vitol Private Greenfield Funding Immediate capital that funds the intermediate requirements of the business through the highest risk phase of development Can entail payments to management team upon exit based on multiple of invested cash flow Private greenfield investment in Arrow Midstream Holdings by Och- Ziff Private greenfield investment in EagleClaw Midstream Services by EnCap Flatrock Midstream Payment-in-Kind ( PIK ) Preferred Allows company to bridge timing gap between initial capital outlays and achieving free cash flow Investor benefits from compounding during the pre-conversion period July 2010, $300 million PIK preferred investment in Copano by TPG Capital Source: Public filings. 6
8 PIK Preferred Example Copano Energy: Market Reaction to TPG Capital Investment Key Terms of Investment On July 21, 2010 Copano announced the issuance of $300 million of convertible preferred equity to TPG Capital Copano intended to use proceeds from the transaction to fund its Eagle Ford Shale expansion strategy The preferred units were entitled to in-kind quarterly distributions of $ per unit for the first three years, and were generally convertible into common units on a one-for-one basis after July 21, 2013 TPG Capital s investment was well-received by the market and Wall Street Analysts From announcement on July 21, 2010 to year-end, Copano s unit price increased 22.5% compared to a 10% increase for the Alerian MLP Index CPNO Unit Price Performance January 2010 December 2010 TPG Investment announced July 21, 2010 $36 $34 $32 $30 $28 $26 $24 $22 $20 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000 - Volume CPNO Share Price Source: CapitalIQ and public filings. 7
9 Private Capital Investment Example Highstar Capital s Investment in Caiman Energy Equity Investments Caiman Assets Exit Features Formation of Caiman Energy In May 2009, EnCap Flatrock Midstream formed Caiman Energy to develop and operate gathering and processing assets focused on servicing the Marcellus Shale Terms of the initial investment were not disclosed Highstar Capital Investment In July 2011, Caiman announced the completion of a new financing with Highstar Capital IV LP and two of Caiman s existing limited partners The joint equity commitment to Caiman consisted of up to $300 million to further develop the company s gathering and processing infrastructure in the Marcellus Shale The equity commitment included a make-whole provision in the event a sale of the company occurred in the near-term Initial Caiman Assets Caiman s initial greenfield project consisted of developing a Marcellus gathering system, multiple processing facilities and a fractionator At the time of Highstar s investment, Caiman operated one 120 MMcf/d cryogenic processing facility with an additional 200 MMcf/d facility expected to be completed within six months Caiman s third processing facility was expected to be complete within one year, bringing total processing capacity to 520 MMcf/d Caiman Assets at Sale Marcellus gathering system, two processing facilities and one fractionator Long-term contracted commitments included 236,000 dedicated gathering acres from 10 producers in West Virginia, Ohio and Pennsylvania and processing commitments of 100 MMcf/d Sale of Assets to WPZ In March 2012, Caiman Eastern Midstream LLC, Caiman s gathering and processing business in northern West Virginia, southwestern Pennsylvania and eastern Ohio was acquired by Williams Partners L.P. Williams acquired the assets for $2.5 billion Current Investment In December 2012, Dominion Resources Inc. announced an agreement with Caiman Energy II to form Blue Racer Midstream, a $1.5 Billion joint venture to develop Utica Shale midstream assets Highstar has provided equity commitments to Caiman Energy II on undisclosed terms Source: Public filings. 8
10 MLP Market Performance Median Current Yield 14.3% 4.8% 6.0% 6.2% 6.6% 6.8% 7.0% 7.3% 7.6% 7.7% 7.8% 8.1% 9.9% 10.7% Refined Gathering & Products / Processing Crude / Other Other MLPs Wholesale Distribution Large Cap Shipping & Drilling Natural Gas Variable Pay Transporation MLPs Propane MLPs Oilfield Services MLPs Natural Gas Storage E&P Refining MLPs Coal MLPs 2013 Trading Performance by Sector Large Cap Refined Products / Crude / Other Natural Gas Transporation Gathering & Processing Natural Gas Storage Wholesale Distribution Propane MLPs Coal MLPs -12.2% Oilfield Services MLPs Variable Pay MLPs -28.4% Shipping & Drilling Refining MLPs -14.4% Other MLPs E&P MLPs S&P 500 DJIA -7.3% AMZ 12.9% 39.4% 38.0% 16.3% 10.3% 37.9% 28.1% 42.7% 29.9% 24.0% 20.0% 73.8% 31.5% 29.5% 33.8% 34.8% 2.8% 33.3% 29.6% 26.5% 20.4% 2013 Trading Performance by S&P Credit Rating (1) BBB+ 39.4% BBB 10.3% BBB- 29.9% BB+ 20.0% BB BB- B+ 31.5% 33.8% 33.3% B -7.3% -25% -75% -50% 0% -25% 0% 25% 25% 50% 75% 50% -25% 0% 25% 50% Source: Bloomberg, Capital IQ and Company filings. (1) Representative of MLPs with available credit ratings. 9
11 MLP Cost of Capital GP Interest Effect MLP Cost of Capital Analysis Scenario 1 Scenario 2 Scenario 3 LP Yield: 4.5% LP Yield: 4.5% LP Yield: 4.5% Long-Term Growth Rate: 6.5% Long-Term Growth Rate: 6.5% Long-Term Growth Rate: 6.5% Cost of Debt: 4.5% Cost of Debt: 4.5% Cost of Debt: 4.5% Cash Flow to GP: 0.0% Cash Flow to GP: 20.0% Cash Flow to GP: 40.0% 7.8% 8.3% 9.3% Cost of Capital (1) (1) Assumes debt to be 50.0% of total capitalization. 10
12 Midstream Risk Profile / Contract Types Contract Types Fee-Based Gatherer/processor receives a fee per unit of natural gas gathered at the wellhead, compressed and treated Under fee-based arrangements, a midstream service provider bears no direct commodity price risk Percent-of-Proceeds Gatherer/processor remits to the producers a percentage of the proceeds from the sales of residue gas and/or NGLs or a percentage of the residue gas and/or NGLs at the tailgate Gatherer/processor is exposed to direct commodity price risk because the revenues from these contracts directly correlate with the fluctuating price of natural gas and/or NGLs Keep-Whole Gatherer/processor retains all or a portion of the NGLs produced and replaces (or pays for) the heating value of the NGLs and the natural gas used during processing Results in the highest direct commodity price risk for the gatherer/processor because costs are dependent on the price of natural gas and revenues are dependent on the price of NGLs Contract Risk Profile Fee-Based Percent-of-Proceeds Keep-Whole Least Risky / Commodity Sensitive Most Risky / Commodity Sensitive 11
13 MLP M&A Observations and Outlook 2013 M&A Observations 1 Beginning of MLP Consolidation 2 Midstream Acquisition Multiples Remain Rich 3 Focus on Organic Pipeline Projects 4 Slowdown of Upstream A&D 2014 M&A Outlook 1 Continued Consolidation of MLPs 2 Infrastructure Buildout from Platforms Acquired in Developing Shale Plays (Bakken, Marcellus/Utica, Etc.) 3 Continued Rich Midstream Acquisition Multiples 4 Further Expansions of MLPs into New Energy Sub-Sectors 5 Robust Capital Markets Available to Fund Organic Growth, but Third Party Acquisitions Continue 6 Ongoing Execution of Drop-Down Strategies 12
14 2014 Midstream / MLP Potential Challenges Increased Ethane Rejection Increased volumes of Marcellus ethane to the Gulf Coast via the Enterprise Products Partners ATEX line could result in higher ethane rejection in the Texas market and lower ethane prices overall Marcellus ethane has benefitted from the advent of paths to new markets, including Sunoco Logistics Mariner West line, which is currently delivering Marcellus ethane into the Sarnia, Ontario petrochemical complex Ethane rejection likely to continue if the price of ethane remains low Price of Ethane ($ per Gallon) $1.00 $0.75 $0.50 $0.25 $- Execution Risks Associated with High-Growth Acquisitions Midstream acquisition multiples continue to rise, increasing the risks associated with post-acquisition build outs and volume ramps Nevertheless, the importance of the five top-performing unconventional plays (Bakken, Utica, Marcellus, Eagle Ford and Permian) will continue to drive re-positioning acquisitions Acquisitions are expected to continue to be an important growth catalyst in 2014 Midstream Acquisition Multiples Paid 9.9x 8.9x 11.3x 9.2x 7.9x 9.5x 10.9x 11.8x 10.5x Narrowing Crude Differentials on the Gulf Coast Beginning in early 2013, the spread between WTI and LLS began to compress due in part to additional pipeline capacity between the Mid-Continent and the Gulf Coast markets Profits driven by the crude oil spread are expected to continue to decline in 2014 WTI vs. LLS Price ($ per Barrel) LLS $130 $110 $90 $70 WTI vv Rising Interest Rates Interest rates will not stay at current levels in perpetuity, and MLP valuations may suffer with rising rates if (i) inflation becomes evident and/or (ii) investors rotate into other yield-oriented alternatives Higher borrowing rates may also strain already tight distribution coverage levels in some instances YTD US Treasury Constant Maturity - 10 Year 3.0% 2.5% 2.0% 1.5% Tax Concerns As the MLP structure continues to be applied to new energy sub-sectors, there is some risk that legislators in Washington may consider limiting the universe of activities generating qualifying income for MLP purposes Increased fiscal constraints may increase the IRS focus on MLPs as a potential revenue source However, in our view, the public policy rationale for MLP tax treatment still holds Source: Bloomberg and CapitalIQ. 13
2015 Jefferies Energy Conference Pete Bowden Global Head of Midstream Energy Investment Banking November Jefferies LLC Member SIPC
2015 Jefferies Energy Conference Pete Bowden Global Head of Midstream Energy Investment Banking November 2015 Jefferies LLC Member SIPC Current Macro Environment 1 Production / Consumption (MMBbl/d) Stock
More informationUtica Midstream Conference Presentation Blue Racer Midstream. June 8th, 2016
fp Utica Midstream Conference Presentation Blue Racer Midstream June 8th, 2016 Utica Midstream Conference Disclaimer n Forward-Looking Statements This presentation contains forward-looking statements based
More information2012 Wells Fargo Securities Research & Economics 11 th Annual Pipeline, MLP & Energy Symposium. December 4, 2012
2012 Wells Fargo Securities Research & Economics 11 th Annual Pipeline, MLP & Energy Symposium December 4, 2012 Risks and Forward-Looking Statements This presentation includes forward-looking statements
More informationNAPTP Annual MLP Investor Conference NASDAQ: CPNO. May 12, 2010
NAPTP Annual MLP Investor Conference NASDAQ: CPNO May 12, 2010 Disclaimer Statements made by representatives of Copano Energy, L.L.C. ( Copano ) during this presentation will include forward-looking statements,
More informationPlatt s NGL Forum NGL Supply Outlook
Platt s NGL Forum NGL Supply Outlook September 26, 2011 Anne B. Keller Midstream Energy Group, Inc. abk@midstreamenergygroup.com NGL Supply Update Updated Map N American Shales Plenty of opportunity to
More informationFOURTH-QUARTER AND FULL-YEAR 2015 EARNINGS. Feb. 22, 2016
FOURTH-QUARTER AND FULL-YEAR 2015 EARNINGS Feb. 22, 2016 FORWARD-LOOKING STATEMENTS Statements contained in this presentation that include company expectations or predictions should be considered forward-looking
More informationSecond Quarter 2016 Earnings Call Presentation August 3, 2016
Second Quarter 216 Earnings Call Presentation August 3, 216 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. All statements, other than statements of historical facts,
More informationCrestwood Midstream Partners LP Arrow Acquisition Overview October 10, 2013
Crestwood Midstream Partners LP Arrow Acquisition Overview October 10, 2013 Forward Looking Statements The statements in this communication regarding future events, occurrences, circumstances, activities,
More informationUtica Midstream Summit MarkWest Update. April 4, 2018
Utica Midstream Summit MarkWest Update April 4, 2018 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP ( MPLX
More informationTarga Resources Corp. Fourth Quarter 2018 Earnings & 2019 Guidance Supplement February 20, 2019
Targa Resources Corp. Fourth Quarter 2018 Earnings & 2019 Guidance Supplement February 20, 2019 Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within
More informationFIRST-QUARTER 2016 UPDATE. May 3, 2016
FIRST-QUARTER 2016 UPDATE May 3, 2016 FORWARD-LOOKING STATEMENTS Statements contained in this presentation that include company expectations or predictions should be considered forward-looking statements
More informationPTXP Investment Highlights
Disclaimer Forward-Looking Statements This presentation includes forward-looking statements. Forward-looking statements give our current expectations, contain projections of results of operations or of
More informationCrestwood Announces First Quarter 2018 Financial and Operating Results
NEWS RELEASE Crestwood Announces First Quarter 2018 Financial and Operating Results 5/1/2018 Adjusted EBITDA increased 12% year-over-year driven by a 23% increase in G&P segment EBITDA Increased year-over-year
More informationENERGY TRANSFER EQUITY
ENERGY TRANSFER EQUITY Credit Suisse MLP & Energy Logistics Conference June 10 th 2014 Jamie Welch Group CFO LEGAL DISCLAIMER This presentation relates to a meeting among members of management of Energy
More informationInvestor Presentation
PEOPLE PROCESS TECHNOLOGY Investor Presentation December 2018 Forward-Looking Statements Under the Private Securities Litigation Reform Act of 1995 This document may contain or incorporate by reference
More informationMidstream Development in the Marcellus. March 2011
+ Midstream Development in the Marcellus March 2011 + Introduction Rich Marcellus Market for NGLs Ethane Options Caiman Energy Experience Execution Expansion Key Takeaways + Marcellus Overview: Rich Acreage
More informationWells Fargo Pipeline, MLP & Energy Symposium
Wells Fargo Pipeline, MLP & Energy Symposium Barry E. Davis President & Chief Executive Officer December 11, 2013 RIGHT PLATFORM. RIGHT OPPORTUNITIES. RIGHT PEOPLE. 1 Forward-Looking Statements & Non-GAAP
More informationGHS 100 Energy Conference. June 24, 2014
GHS 100 Energy Conference June 24, 2014 Forward-Looking Statement Statements made in this presentation that are not historical facts are forward-looking statements within the meaning of the U.S. Private
More informationENERGY TRANSFER EQUITY, L.P.
ENERGY TRANSFER EQUITY L.P. Credit Suisse Conference June 23 2015 Jamie Welch Group CFO DISCLAIMER This presentation relates to a presentation the management of Energy Transfer Equity L.P. (ETE) will give
More informationTULSA MLP CONFERENCE. Tulsa, OK November 15, 2016
TULSA MLP CONFERENCE Tulsa, OK November 15, 2016 DEREK REINERS Senior Vice President, Chief Financial Officer and Treasurer Page 2 FORWARD-LOOKING STATEMENTS Statements contained in this presentation that
More informationMarkWest Energy Partners. Platts NGL Supply, Demand, Pricing and Infrastructure Development Conference September 25, 2012
MarkWest Energy Partners Platts NGL Supply, Demand, Pricing and Infrastructure Development Conference September 25, 2012 Forward-Looking Statements This presentation contains forward-looking statements
More informationMarkWest Overview. Dave Ledonne, VP Operations Utica and Appalachia May 31, 2017
MarkWest Overview Dave Ledonne, VP Operations Utica and Appalachia May 31, 2017 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities
More informationNAPTP MLP Investor Conference. May 23, 2013
NAPTP MLP Investor Conference May 23, 2013 Forward-Looking Statement Statements made in this presentation that are not historical facts are forward-looking statements within the meaning of the U.S. Private
More informationSecond Quarter 2016 Earnings Conference Call Presentation July 28, 2016
Second Quarter 2016 Earnings Conference Call Presentation July 28, 2016 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding
More informationWELLS FARGO ENERGY SYMPOSIUM. New York Dec. 6, 2016
WELLS FARGO ENERGY SYMPOSIUM New York Dec. 6, 2016 TERRY K. SPENCER President and Chief Executive Officer Page 2 FORWARD-LOOKING STATEMENTS Statements contained in this presentation that include company
More information2014 MASTER LIMITED PARTNERSHIP INVESTOR CONFERENCE MAY 22, 2014
2014 MASTER LIMITED PARTNERSHIP INVESTOR CONFERENCE MAY 22, 2014 FORWARD-LOOKING STATEMENTS Certain statements and information in this presentation may constitute forward-looking statements. The words
More informationTortoise Talk. Energy update
Tortoise Talk Energy update First quarter 2018 Tortoise Talk First Quarter 2018 The broad energy market had a volatile start to the year with strong performance in January that turned sharply negative
More informationUtica Midstream Conference June 7, Blue Racer Midstream
Utica Midstream Conference June 7, 2017 Blue Racer Midstream Blue Racer Midstream, LLC. Nature of Information Presented: The following information has been prepared by Blue Racer Midstream, LLC to provide
More informationAntero Resources Announces 2015 Capital Budget and Guidance
NEWS RELEASE Antero Resources Announces 2015 Capital Budget and Guidance 1/20/2015 DENVER, Jan. 20, 2015 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero" or the "Company") today announced
More informationJefferies Global Energy Conference 2012 Alan Armstrong, Chief Executive Officer November 29, 2012
Jefferies Global Energy Conference 2012 Alan Armstrong, Chief Executive Officer November 29, 2012 Forward-looking statements The reports, filings, and other public announcements of The Williams Companies,
More informationInvestor Presentation. December 2016
Investor Presentation December 2016 Forward-Looking Statements Under the Private Securities Litigation Act of 1995 This document may contain or incorporate by reference forward-looking statements as defined
More information2012 Wells Fargo Securities Research & Economics 11 th Annual Pipeline, MLP and Energy. Symposium
2012 Wells Fargo Securities Research & Economics 11 th Annual Pipeline, MLP and Energy Symposium December 4-5, 2012 Forward-Looking Statements Under the Private Securities Litigation Act of 1995 This document
More informationMLP Market Overview. Emily Hsieh, Director of Operations. Tulsa MLP Conference
MLP Market Overview Emily Hsieh, Director of Operations Tulsa MLP Conference 1 About Alerian 2 About Alerian Real-time MLP Index MLP ETN $14 billion in index-linked products MLP ETF 85% market share for
More informationMidcoast Energy Partners, L.P. Investment Community Presentation. March 2014
Midcoast Energy Partners, L.P. Investment Community Presentation March 2014 Forward Looking Statement This presentation includes forward-looking statements, which are statements that frequently use words
More informationRBC Capital Markets 2013 MLP Conference
RBC Capital Markets 2013 MLP Conference November 21, 2013 RIGHT PLATFORM. RIGHT OPPORTUNITIES. RIGHT PEOPLE. 1 Forward-Looking Statements & Non-GAAP Financial Information This presentation contains forward
More informationInvestor Presentation. January 4, 2017
Investor Presentation January 4, 2017 Forward-Looking Statements Cautionary Statement Regardng Forward-Looking Statements This presentation contains or incorporates by reference forward-looking statements
More informationGoldman Sachs Power, Utilities, MLP & Pipeline Conference. August 11, 2015 Strong. Innovative. Growing.
Goldman Sachs Power, Utilities, MLP & Pipeline Conference August 11, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning
More informationTarga Resources Corp. (NYSE:TRGP)
Targa Resources Corp. (NYSE:TRGP) Investor Presentation March 2015 Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning of Section 27A
More informationCiti 2014 MLP/Midstream Infrastructure Conference. August 20-21, 2014
Citi 2014 MLP/Midstream Infrastructure Conference August 20-21, 2014 Forward-Looking Statement Statements made in this presentation that are not historical facts are forward-looking statements within the
More informationAntero Resources Reports Fourth Quarter and Year- End 2013 Financial and Operating Results
Antero Resources Reports Fourth Quarter and Year- End 2013 Financial and Operating Results February 26, 2014 DENVER, Feb. 26, 2014 /PRNewswire/ -- (Logo: http://photos.prnewswire.com/prnh/20131101/la09101logo)
More informationLETTER TO UNITHOLDERS FOR 2013
LETTER TO UNITHOLDERS FOR 2013 We had a very successful 2013 at Kinder Morgan Energy Partners, L.P. (NYSE: KMP). KMP declared distributions of $5.33 per unit, up 7 percent from 2012, and exceeded our annual
More informationWells Fargo Securities 12 th Annual Energy Symposium
Wells Fargo Securities 12 th Annual Energy Symposium December 2013 Forward-Looking Statements Under the Private Securities Litigation Act of 1995 This document may contain or incorporate by reference forward-looking
More informationRBC Capital Markets MLP Conference
RBC Capital Markets MLP Conference November 18, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities
More informationInvestor Presentation August 2012
Investor Presentation August 2012 Safe Harbor Provision Delek US Holdings is traded on the New York Stock Exchange in the United States under the symbol DK and, as such, is governed by the rules and regulations
More informationFebruary 5, 2013 Cleveland, Ohio
February 5, 2013 Cleveland, Ohio Momentum s Appalachian Assets 1 Utica Shale Joint Venture UEO Buckeye UEO Buckeye is a midstream JV in the Utica developed in conjunction with Chesapeake / Access and EVEP
More informationCopano Energy. Memphis, TN
Morgan Keegan 2008 Equity Conference Memphis, TN NASDAQ: CPNO September 5, 2008 Disclaimer Statements made by representatives of, L.L.C. (the Company ) during this presentation may constitute forward-looking
More informationUSA Compression Partners, LP Jefferies Global Energy Conference 2013 November 13, 2013
USA Compression Partners, LP Jefferies Global Energy Conference 2013 November 13, 2013 Disclaimers This presentation contains forward-looking statements relating to the Partnership s operations that are
More informationMorgan Keegan MLP Conference May 18 th, 2010
Morgan Keegan MLP Conference May 18 th, 2010 1 Forward Looking Statements This presentation contains forward looking statements within the meaning of the federal securities laws. Forward looking statements
More informationEV Energy Partners, L.P. Citi MLP/Midstream Infrastructure Conference
EV Energy Partners, L.P. Citi MLP/Midstream Infrastructure Conference August 17, 2016 Forward-Looking Statement Statements made in this presentation that are not historical facts are forward-looking statements
More informationCredit Suisse MLP and Energy Logistics Conference. June 26-27, 2013
Credit Suisse MLP and Energy Logistics Conference June 26-27, 2013 Legal Disclaimer This presentation relates to meetings among members of management of Energy Transfer Partners, L.P. (ETP), Energy Transfer
More informationCiti One-On-One MLP / Midstream Infrastructure Conference. August 20, 2014 Strong. Innovative. Growing.
Citi One-On-One MLP / Midstream Infrastructure Conference August 20, 2014 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning
More informationINVESTOR PRESENTATION. May 2015
INVESTOR PRESENTATION May 2015 FORWARD-LOOKING STATEMENTS / NON-GAAP FINANCIAL MEASURES The statements included in this presentation contain forward- looking statements within the meaning of the Securities
More informationNovember 12, :49 PM ET
MarkWest Energy Partners Reports Third Quarter Financial Results; Places into Service Three Major Facilities; Announces Additional Midstream Infrastructure Project in the Marcellus Shale November 12, 2013
More informationCredit Suisse MLP & Energy Logistics Conference
Credit Suisse MLP & Energy Logistics Conference June 23, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal
More informationAntero Resources Reports Third Quarter 2013 Financial and Operational Results
Antero Resources Reports Third Quarter 2013 Financial and Operational Results DENVER, Nov. 6, 2013 /PRNewswire/ -- (Logo: http://photos.prnewswire.com/prnh/20131101/la09101logo) Highlights: Net daily production
More informationCHESAPEAKE MIDSTREAM DEVELOPMENT ACQUISITION DECEMBER 11, 2012
CHESAPEAKE MIDSTREAM DEVELOPMENT ACQUISITION DECEMBER 11, 2012 TRANSACTION OVERVIEW ACMP Acquisition of CHK Midstream Assets (CMD) ACMP to acquire a substantial majority of Chesapeake Energy s remaining
More informationMLP Market Update. August 21, 2008
MLP Market Update August 21, 2008 Table of Contents MLP Performance YTD Commodity Prices Impact on Business Fundamentals Access to Capital Valuations Positive Asymmetric Returns Conclusions Disclosure
More informationCredit Suisse MLP and Energy Logistics Conference
Credit Suisse MLP and Energy Logistics Conference New York City June 2014 www.magellanlp.com Forward-Looking Statements Portions of this document constitute forward-looking statements as defined by federal
More informationNatural Gas Liquids Update: Leading Position & Strong Fundamentals
1 Natural Gas Liquids Update: Leading Position & Strong Fundamentals Cautionary Statement This presentation includes "forward-looking statements". Such forward-looking statements are subject to a number
More informationRising Energy Prices & Permian Constraints have encouraged activity to shift to other basins across the United States
Oil & Gas Equipment and Services Update Market Insights Report November 218 Introduction With energy prices trading within a normalized range, drilling and production activity should continue to increase
More informationSecond Quarter 2018 Earnings Call Presentation AUGUST 2, 2018
Second Quarter 2018 Earnings Call Presentation AUGUST 2, 2018 Cautionary Statement This presentation includes "forward-looking statements". Such forward-looking statements are subject to a number of risks
More informationTarga Resources Corp. Announces Delaware Basin and Grand Prix Expansions March 2018
Targa Resources Corp. Announces Delaware Basin and Grand Prix Expansions March 2018 Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning
More informationTarga Resources Corp. Fourth Quarter 2017 Earnings & 2018 Guidance Supplement February 15, 2018
Targa Resources Corp. Fourth Quarter 2017 Earnings & 2018 Guidance Supplement February 15, 2018 Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within
More informationAntero Resources Reports Third Quarter 2013 Financial and Operational Results
Antero Resources Reports Third Quarter 2013 Financial and Operational Results Highlights: Net daily production averaged 566 MMcfe/d, a 25% increase over second quarter 2013 and a 128% increase over third
More informationEnable Midstream Partners, LP
Enable Midstream Partners, LP MLPA 2016 Investor Conference June 3, 2016 Forward-looking Statements This presentation and the oral statements made in connection herewith may contain forward-looking statements
More informationEnable Midstream Partners, LP
Enable Midstream Partners, LP Fourth Quarter 2014 Conference Call February 18, 2015 Forward-looking Statements This presentation and the oral statements made in connection herewith may contain forward-looking
More informationMorgan Stanley Marcellus-Utica Conference
Morgan Stanley Marcellus-Utica Conference September 19, 2012 www.enterpriseproducts.com All rights reserved. Enterprise Products Partners L.P. Randy Fowler EVP & CFO Forward Looking Statements This presentation
More informationTHE US: GROWING GLOBAL SIGNIFICANCE
ENTERPRISE PRODUCTS PARTNERS L.P. THE US: GROWING GLOBAL SIGNIFICANCE March 8, 217 Joseph Fasullo Manager, International NGLs ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
More informationSecond-Quarter 2017 Earnings Conference Call Presentation. July 27, 2017
Second-Quarter 2017 Earnings Conference Call Presentation July 27, 2017 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding
More informationTall Oak Midstream Acquisition December 7, 2015
Tall Oak Midstream Acquisition December 7, 2015 Strong. Innovative. Growing. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities
More informationCopano Energy NASDAQ: CPNO RBC Capital Markets MLP Conference November 17, 2006
Copano Energy NASDAQ: CPNO RBC Capital Markets MLP Conference November 17, 2006 Forward-Looking Statements Statements made by representatives of Copano Energy, L.L.C. (the Company ) during this presentation
More information5 th Annual Appalachian Gas Marcellus and Utica Production, Pricing, Takeaway, and Markets
5 th Annual Appalachian Gas Marcellus and Utica Production, Pricing, Takeaway, and Markets October 15-16, 2012 * The Westin Convention Center Pittsburgh* Pittsburgh, PA Day One Monday, October 15, 2012
More informationI N V E S T O R U P D AT E M A Y
I N V E S T O R U P D AT E M A Y 2 0 1 8 F O RWA R D - L O O K I N G S TAT E M E N T S Statements contained in this presentation that include company expectations or predictions should be considered forward-looking
More informationJefferies 2012 Global Energy Conference
Jefferies 2012 Global Energy Conference November 29, 2012 NASDAQ: CPNO 1 Disclaimer Forward-Looking Statements This presentation includes forward-looking statements, as defined in the federal securities
More informationMidstream-to-Downstream. James Crews, VP Business Development MarkWest Energy Partners January 26, 2017
Midstream-to-Downstream James Crews, VP Business Development MarkWest Energy Partners January 26, 2017 Forward-Looking Statements This presentation contains forward-looking statements within the meaning
More informationInvestor Presentation. March 2-4, 2015 Strong. Innovative. Growing.
Investor Presentation March 2-4, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws.
More informationPartnership Profile. June 2017
Partnership Profile June 2017 Forward-Looking Information and Non-GAAP Measures This presentation may contain forward-looking statements within the meaning of securities laws. Forward-looking statements
More informationForward Looking Statements
January 2010 1 Forward Looking Statements This presentation contains forward looking statements within the meaning of the federal securities laws. Forward looking statements are not guarantees of performance.
More informationDelek US Holdings, Inc./ Delek Logistics Partners, LP Wells Fargo Energy Symposium December 2013
Delek US Holdings, Inc./ Delek Logistics Partners, LP Wells Fargo Energy Symposium December 2013 Safe Harbor Provision Delek US Holdings and Delek Logistics Partners, LP are traded on the New York Stock
More informationMPLX Overview. Scott Garner, VP Corporate Development October 19, 2017
MPLX Overview Scott Garner, VP Corporate Development October 19, 2017 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding
More informationPTXP Update: Operations and Events
Investor Presentation August 2016 Disclaimer Forward-Looking Statements This presentation includes forward-looking statements. Forward-looking statements give our current expectations, contain projections
More informationAntero Resources Reports Fourth Quarter and Full Year 2016 Financial and Operational Results
Antero Resources Reports Fourth Quarter and Full Year 2016 Financial and Operational Results Denver, Colorado, February 28, 2017 Antero Resources Corporation (NYSE: AR) ( Antero or the Company ) today
More informationW E L L S FA R G O E N E R G Y S Y M P O S I U M. N e w Y o r k D e c. 6-7
W E L L S FA R G O E N E R G Y S Y M P O S I U M N e w Y o r k D e c. 6-7 T E R RY S P E N C E R P R E S I D E N T A N D C H I E F E X E C U T I V E O F F I C E R Mont Belvieu II fractionator Gulf Coast
More informationThird Quarter 2018 Earnings Call
PEOPLE PROCESS TECHNOLOGY Third Quarter 2018 Earnings Call November 6, 2018 Forward-Looking Statements Under the Private Securities Litigation Reform Act of 1995 This document may contain or incorporate
More informationINGAA FOUNDATION ANNUAL MEETING MIDSTREAM R0UNDTABLE. November 7, 2014
INGAA FOUNDATION ANNUAL MEETING MIDSTREAM R0UNDTABLE November 7, 2014 FORWARD- LOOKING STATEMENTS The statements included in this presentation contain forward-looking statements within the meaning of the
More informationPartnership Profile. December 2017
Partnership Profile December 2017 Forward-Looking Information and Non-GAAP Measures This presentation may contain forward-looking statements within the meaning of securities laws. Forward-looking statements
More informationMizuho Energy Infrastructure Summit. April 2017
Mizuho Energy Infrastructure Summit April 2017 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP ( MPLX )
More informationI N V E S T O R U P D AT E. A u g u s t
I N V E S T O R U P D AT E A u g u s t 2 0 1 8 F O RWA R D - L O O K I N G S TAT E M E N T S Statements contained in this presentation that include company expectations or predictions should be considered
More informationUBS One-on-One MLP Conference
UBS One-on-One MLP Conference January 13, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities
More informationPartnership Profile. February 2018
Partnership Profile February 2018 Forward-Looking Information and Non-GAAP Measures This presentation may contain forward-looking statements within the meaning of securities laws. Forward-looking statements
More informationJP Morgan High Yield & Leveraged
JP Morgan High Yield & Leveraged Finance Presentation Conference Title Presentation Subtitle 2/24/2014 February 24-26, 2014 Crestwood Midstream Partners LP Crestwood Equity Partners LP Forward Looking
More informationAsset Class Review APR. 24, Master Limited Partnerships
APR. 24, 2013 INVESTOR EDUCATION GLOBAL INVESTMENT COMMITTEE Asset Class Review OVERVIEW AUTHOR Master Limited Partnerships DESCRIPTION. Master limited partnerships (MLPs) operate physical assets such
More informationVentura County Employees' Retirement Association
Ventura County Employees' Retirement Association Energy infrastructure 2017 Tortoise Ventura County Employees' Retirement Association May 15, 2017 MASTER PAGE NO. 22 of 269 Tortoise presenters Andrew Goldsmith
More informationDeutsche Bank 2008 Energy & Utilities Conference. Fred Fowler President and CEO
Deutsche Bank 2008 Energy & Utilities Conference Fred Fowler President and CEO May 28-29, 2008 Safe Harbor Statement Some of the statements in this document concerning future company performance will be
More informationMLP Investment Company
MLP Investment Company KYN Annual Report November 30, 2012 CONTENTS Letter to Stockholders... 1 Portfolio Summary... 7 Management Discussion... 8 Schedule of Investments... 13 Statement of Assets and Liabilities...
More informationAntero Resources Reports First Quarter 2013 Results
Antero Resources Reports First Quarter 2013 Results DENVER, May 13, 2013 /PRNewswire/ -- Highlights: Net daily production averaged 383 MMcfe/d, up 114% over first quarter 2012 production from continuing
More informationARB Midstream, LLC. The Private Equity Perspective on Energy Infrastructure. February 2017
ARB Midstream, LLC The Private Equity Perspective on Energy Infrastructure February 2017 ARB Midstream Background ARB Midstream was formed in August 2014 Formerly of NGL Energy Partners (NYSE:NGL) Highly
More informationTortoise Capital Advisors, LLC Mandate: Master Limited Partnerships Hired: 2012
Tortoise Capital Advisors, LLC Mandate: Master Limited Partnerships Hired: 2012 Firm Information Investment Approach Total ARMB Mandate Tortoise Capital was founded in 2002 to provide energy investment
More informationSecond Quarter 2018 Update
PEOPLE PROCESS TECHNOLOGY Second Quarter 2018 Update August 8, 2018 Earnings Call Forward-Looking Statements Under the Private Securities Litigation Act of 1995 This document may contain or incorporate
More informationJefferies 2014 Global Energy Conference. November 11 & 12, 2014
Jefferies 2014 Global Energy Conference November 11 & 12, 2014 Forward Looking Statements Statements contained in this presentation that state management s expectations or predictions of the future are
More information