J.P. Morgan Global High Yield and Leveraged Finance Conference February 28, 2011
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1 J.P. Morgan Global High Yield and Leveraged Finance Conference February 28, 2011
2 Forward Looking Statements NYSE: NRGY Except for the historical information contained herein, the matters discussed in this presentation (e.g., our growth outlook and forecasted economics) are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include, among other things, market conditions, weather risks and other factors discussed in the Company s filings with the Securities and Exchange Commission including Forms 10- K, 10-Q, and 8-K. Furthermore, any forward-looking statements presented are expressed in good faith and are believed to have a reasonable basis as of the date of this presentation. Inergy assumes no responsibility to update this information and it may be superseded by later information. Forward-looking statements are not guarantees of future performance or an assurance that our current assumptions and projections are valid. Actual results may differ materially from those projected. 2
3 Investment Highlights Income Growth Diversified Operating Model Among the Largest Independent Natural Gas Storage Providers in the U.S. A Leading National Propane Franchise Strong Financial Performance Record Midstream Energy Storage Platform Becoming a Larger Component of Business Pipeline of High-Return Midstream Expansion Projects Underway Record of Consistent EBITDA & Distributable Cash Flow Growth Disciplined Consolidator of Retail Propane Industry Safety Underlying Businesses Characterized by Stable Cash Flows Balance Sheet well-positioned for future opportunities 3
4 Inergy Snapshot Inergy, L.P. is a geographically diverse retail propane and midstream energy business ~$6.9 billion partnership enterprise value with ~$349 million TTM Adj. EBITDA (a) Propane Midstream 4th largest retail propane distributor serving ~700,000 customers in 33 states Footprint located in quality markets with an intense focus on delivering financial and operational performance Supported by experienced supply, transportation, and logistics group based in Kansas City Propane ~57% Diversified Business Model (b)(c) 80 Bcf high-deliverability natural gas storage operations located in New York & Texas with planned expansion to ~100 Bcf (b) Leading provider of underground LPG storage in the Northeastern U.S. Industry-leading solution mining and salt production company in upstate New York NGL fractionation, storage, and terminalling operation strategically located on the West Coast Midstream ~43% (a) TTM Adjusted EBITDA as of 12/31/2010. Enterprise value as of 2/18/11. (b) Pro Forma Seneca Lake acquisition. (c) Forecast 2011 Adjusted EBITDA. 4
5 Recent Events: Continued Steady, Predictable Performance Inergy reported record fiscal Q1 earnings Inergy raised over $1.0 billion via the issuance of $750 million of 6⅞% Senior Unsecured Notes due 2021 and a $300 million secured term loan due 2015 to refinance its existing 2014 and 2016 notes and a portion of its 2015 notes Refinancing transaction is expected to result in meaningful cash interest expense savings Improves Inergy s debt maturity profile Tres Palacios Natural Gas Storage 38.4 Bcf of working gas capacity with planned expansion to 47.9 Bcf High-deliverability salt dome storage asset located near Houston and San Antonio metro areas and connected to 10 interstate and intrastate pipelines serving multiple U.S. demand markets Acquisition positions Inergy as the largest independent natural gas storage operator in the U.S. Establishes a new gas storage platform for future growth Inergy raised ~$400 million in an upsized equity offering and issued $600 million of Senior Unsecured Notes due 2018 to fund the Tres Palacios acquisition and repay borrowings under our revolving credit facility Transaction closed in October 2010 Seneca Lake Natural Gas Storage Additional 2.0 Bcf natural gas storage capacity located on property at US Salt Attractive capital efficiencies existing compression and pipelines available for US Salt Gas Storage expansion Accelerates natural gas storage and transportation hub in Northeastern U.S. Expected to be 100% fee-based at close under long-term contracts All regulatory approvals received expected to close fiscal Q NRGY & NRGP complete simplification transaction Creates single, streamlined enterprise positioned for future growth Inergy s corporate family credit rating upgraded to Ba2 by Moody s in August
6 Inergy Strategy Deliver Operational Excellence Significant Service Provider in Core Midstream Markets Midstream operations primarily fee-based; long-term contract-driven cash flow Dual energy storage hubs in the Northeast and Texas with access to multiple major long-haul pipelines serving premium demand markets Further Enhance the Operation of an Outstanding Propane Franchise Maintain flexible operating model in attractive markets Deliberate focus on residential customer base with high tank control Disciplined Capital Investment Continue Growth Through Capital Expansion Projects & Acquisitions Midstream - Execute capital expansion projects around existing asset base Pursue and evaluate complementary midstream opportunities Seek to further strengthen the long-term growth profile with stable, fee-based cash flow streams Propane - Expand existing retail footprint and establish new footprints with top regional businesses 6
7 Midstream Operations 7
8 Midstream Business Stable Fee-Based Cash Flows Stable, fee-based cash flow profile with little commodity price exposure Natural gas storage assets over 95% contracted with firm storage agreements (a) Growing business representing an increasing percentage of Inergy s runrate EBITDA High Quality Assets Newly constructed core energy infrastructure in the Northeast and Texas in the heart of the Marcellus Shale and adjacent to the Eagle Ford Shale Natural gas and LPG storage assets uniquely positioned with a firstmover advantage in the infrastructure development of the Marcellus Shale Tres Palacios situated near 26 gigawatts of Texas gas-fired power generation and the Houston and San Antonio demand markets with unparalleled flexibility and connectivity High Return Capital Expansion Opportunities (a) Pro Forma Tres Palacios Caverns 1 & 2 and Seneca Lake acquisition. Assets have attractive capital expansion opportunities which further enhance financial returns Well-positioned to seek additional midstream growth via acquisitions 8
9 Integrated Storage and Transportation Platform Two premier gas storage platforms located between major shale plays and premium demand markets Planned expansion to ~100 Bcf of fee-based, highly flexible gas storage capacity near demand markets (a) Marc I and North-South projects in Northeast add deliverability and flexibility to storage platform Stagecoach/NE Storage 42 Bcf storage capacity (a) Situated near largest demand market in U.S. Expansion opportunities available Tres Palacios 38 Bcf storage capacity Highly liquid storage point with 10 interconnects Expansion opportunities available (a) Pro forma for pending Seneca Lake acquisition. 9
10 Northeast Natural Gas Storage Hub Potential for 52 Bcf natural gas storage capacity within 200 miles of New York City Northeast Storage & Transportation Hub uniquely positioned with access to multiple gas supply sources and pipeline interconnects into premium demand markets Rockies Asset location, contract tenor, and attractive customer mix helps insulate business from short-term pressure on storage fundamentals Platform consists of high quality assets integrated together to buffer supply and demand imbalances in natural gas markets 10
11 Tres Palacios Overview Located ~100 miles southwest of Houston in Matagorda County, TX 38.4 Bcf of working gas capacity with planned expansion to 47.9 Bcf Situated near Eagle Ford Shale and near one of the largest gasfired power generation markets in the U.S. Connected to 10 intrastate and interstate pipelines serving multiple U.S. demand markets Establishes new midstream market platform with additional growth opportunities Up to five potential additional interconnects Rights to develop caverns leached by Texas Brine on Markham salt dome Creates additional commercial opportunities with Inergy s Northeast storage assets in the Northeast via common connections and customer overlap Significantly expands natural gas storage operations Creates largest independent natural gas storage operator in the U.S. with ~80 Bcf of working gas storage capacity with planned expansion to ~100 Bcf Recently announced non-binding open season for header pipeline extension project 11 Bcf Tres Palacios Working Gas Capacity 38.4 Current (Caverns 1-3) 47.9 Expected 2014 (with additional Cavern 4 capacity)
12 Leading Independent Storage Provider Abundant pipeline interconnections available close to storage assets Northeast - Millennium, Tennessee Gas Pipeline, National Fuel, Empire, Transco, Dominion Tres Palacios 10 interstate and intrastate connections including common interconnects to Northeast assets Inergy is playing a major role in the development of storage and transportation infrastructure in the Marcellus and Eagle Ford Shale plays Top 5 U.S. Independent Natural Gas Storage Providers Legend Rank Company Location 5 Alinda Capital (Nortex Gas Storage) Texas 35 (a) (b) Pro forma for pending Seneca Lake acquisition. Pro forma for pending Southern Pines acquisition. 12 (b) (a) Working Capacity (bcf) 1 Inergy (Stagecoach, Steuben, Thomas Corners, Seneca Lake, Tres Palacios) New York, Pennsylvania, Texas 80 2 PAA Natural Gas Storage, L.P. (Bluewater, Pine Prarie, Southern Pines) Michigan, Louisiana, Mississippi 67 3 Iberdrola (Caledonia, Freebird, Katy, Waha Hub) Mississippi, Alabama, New Mexico, Texas 50 4 Niska-Riverstone (Wild Goose, Salt Plains) California, Oklahoma 42
13 Premier Storage Footprint Inergy s gas storage infrastructure is connected to major U.S. natural gas pipelines and offer unparalleled deliverability and flexibility helping customers meet supply - demand imbalances in the U.S. natural gas market. Stagecoach/NE Storage 42 Bcf storage capacity (a) Situated near largest demand market in U.S. Expansion opportunities available Tres Palacios 38 Bcf storage capacity Highly liquid storage point with 10 interconnects Expansion opportunities available (a) Pro forma for pending Seneca Lake acquisition. 13
14 Propane Operations 14
15 Propane Value Chain Fundamental Supply Inergy Fundamental Demand Propane represents about 4% of household energy consumption in the US.(a) Propane is a basic necessity to many consumers Propane is clean burning and generally characterized by a stable demand base Propane is transported to customers beyond the natural gas distribution network Customers use propane to heat homes, cook food, heat water and run appliances Typically propane has a comfort and/or economic advantage to electricity Inergy competes in the storage, transportation, and distribution areas of the value chain (a) Based on data provided by the U.S. Energy Information Administration (EIA). 15
16 Propane Operations A leading national retail business Quality geographic footprint profitable markets 4 th largest national retailer based on retail gallons sold Consistent financial performance Residential customer focus ~70% ~90% tank control Cost + margin service provider with little commodity price exposure Successful integration of 82 propane acquisitions Centralized supply, transportation, & logistics business Consolidates buying power & leverages across North American infrastructure Lowers retail cost, protects margins, reduces risk 200+ transport fleet facilitates linking inefficiencies in nationwide markets Superior profitability within peer group 16
17 Superior Operating Performance Business model and intense focus on retail margin lends itself to better pricing and operational decision-making = Key Profit Driver Acquisition integration & elimination of cost redundancies have driven significant value to cash flow line over last 4 years Strong transportation, supply and procurement business protects margins & creates material 3rd party cash flow $0.75 $0.60 $0.45 $0.30 $0.15 $0.00 $1.20 $1.05 $0.90 $0.75 EBITDA/Retail Propane Gallon (a) Inergy (b) (b) (c) Peer Average (c) Gross Profit/Retail Propane Gallon (a) (a) Source: most recent 10-K & 10-Q filings. Data includes gross profit & EBITDA from propane operations. (b) Inergy s EBITDA and gross profit exclude i) non-cash gains or losses on derivative contracts associated with fixed price sales to retail propane customers, ii) non-cash compensation expenses, and iii) gains or losses on the disposal of assets as disclosed in SEC filings. (c) Peer average includes: APU, ETP, FGP, and SPH. 17 $0.60 $0.45 Inergy (b) Peer Average (c)
18 Propane Industry Fragmentation Domestic Retail Market for LPG is Approximately 9.6 Billion Gallons (a) United Propane Gas 0.8% MFA Oil Co. (c) 0.9% Cenex (c) 2.4% Growmark (c) 3.2% Blossman Gas Inc. 0.8% Independent Retailers 60.7% Suburban Propane 3.3% Inergy, L.P. 3.9% Energy Transfer 5.8% Ferrellgas 8.9% (a) (b) (c) Top 10 Propane Retailers Control ~39% of Market Share (b) Source: December 2010 American Petroleum Institute Report. Source: February 2011 LPGas Magazine. Cooperatives. Amerigas 9.3% 18
19 Demonstrated Financial Discipline Balanced funding objectives Long-term targeted debt-to-ebitda of approximately 3.5 to 4.0x Proven access to debt and equity capital markets Strong and flexible balance sheet with long-term maturities Bank credit facility comprised of a $525 million revolving credit facility and a $300 million term loan provided by 20 diverse institutions ~$1. 5 billion of senior unsecured notes Corporate family credit ratings S&P: BB- (Stable Outlook) Moody s: Ba2 (Stable Outlook) Rigorous capital investment review process All acquisitions & expansion projects must be accretive to Distributable Cash Flow per LP unit Conservative approach to risk management Cost-plus service provider in propane and primarily fee-based in midstream No speculative commodity positions taken 19
20 Access to Long-Term Capital & Balanced Funding Approach Since its IPO in 2001, Inergy, L.P. has Accessed equity markets 14 times raising approximately $1.7 billion Accessed senior unsecured notes markets 5 times raising ~$1.7 billion of new capital Partially funded 4 acquisitions with equity issued directly to sellers Maintained strength of balance sheet during period of exceptional growth in business $25.0 m IPC Acquisition Partially Funded with Equity $23.8 m 1.6 m Unit Offering $85.2 m 3.6 m Unit Offering $91.0 m Private Placement Units $205.1 m 7.4 m Unit Offering $104.5 m 3.5 m Unit Offering $20.0 m US Salt Acquisition Partially Funded with Equity $94.7 m 4.4 m Unit Offering $200.0 m 5.8 m Unit Offering $34.3 m 3.7 m NRGY Unit IPO $36.1 m 2.4 m Unit Offering $45.0 m United Acquisition Partially Funded with Equity $29.7 m Private Placement Units $139.5 m 5.1 m Unit Offering $102.8 m 4.3 m Unit Offering $7.6 m BluGas Acquisition Partially Funded with Equity $107.0 m 4.0 m Unit Offering $402.8 m 11.8 m Unit Offering Note: All equity transactions adjusted for 2-for-1 stock split in January Proceeds include the exercise of the underwriters option to purchase additional units, and are presented net of discounts, commissions and other offering expenses. 20
21 Financial Performance Total Gross Profit ($ millions) $700.0 $600.0 $500.0 $400.0 $300.0 $200.0 $100.0 $502 Total Gross Profit $620 $650 $574 EBITDA ($ millions) $400.0 $350.0 $300.0 $250.0 $200.0 $150.0 $100.0 $50.0 $239 32% Adjusted EBITDA (a) $296 $326 28% 34% $349 34% $0.0 FY 2008 FY 2009 FY 2010 FY 2011 $0.0 FY 2008 FY 2009 FY 2010 TTM 12/31/10 % Midstream EBITDA Contribution Distributable Cash Flow $300.0 $250.0 $222 $230 $242 DCF ($ millions) $200.0 $150.0 $100.0 $174 $50.0 (a) $0.0 FY 2008 FY 2009 FY 2010 TTM 12/31/10 Adjusted EBITDA represents EBITDA excluding the gain or loss on derivative contracts associated with retail propane fixed price sales contracts, the gain or loss on the disposal of fixed assets, long-term incentive and equity compensation expenses, and transactions costs. Item 6 to the Partnership s Annual Report on Form 10-K provides a historical reconciliation of net income to EBITDA and Adjusted EBITDA. 21
22 Debt Refinancing Summary Inergy recently completed the following opportunistic debt refinancing transactions: Redeemed 35% of its existing $225 million 8 ¾% senior notes due 2015 using the optional equity clawback Tendered and redeemed $425 million of existing 6 ⅞% senior notes due 2014 Tendered and redeemed $400 million of existing 8 ¼% senior notes due 2016 Tendered for $30 million of the remaining 8 ¾% senior notes due 2015 To fund the redemption of the notes Inergy issued: $750 million of new 6 ⅞% 10.5 year senior unsecured notes due 2021 A new 4 year $300 million secured term loan tranche within the current credit facility Secured term loan tranche is i) be pari passu with Inergy s existing revolving credit facility; ii) bears interest at L+ leveragebased spread; and iii) matures ~2.2 years beyond current secured tranches Improves Inergy s maturity profile by extending the weighted average maturity to 8.7 years (September 2018) from 6.4 years Inergy expects to realize meaningful cash interest expense savings Current Debt Maturity Profile ($ millions) $800 $700 $600 $500 $400 $300 $407 $300 $600 $750 $200 $100 $- $118 $ Credit Facility (Drawn) Credit Facility (Undrawn) Sr. Notes due 2015 Sr. Notes due 2018 New Term Loan A Sr. Notes due
23 Capitalization As of December 31, 2010 ($ in millions) Actual As adjusted (a) adjusted As further Cash & cash equivalents $ 19.3 $ 19.3 $ 19.3 Revolving working capital credit facility $ 21.4 $ - $ - Revolving general partnership credit facility (b) Term loan facility /8% senior notes due /4% senior notes due /4% senior notes due % senior notes due /8% senior unsecured notes due Net bond and swap premium/(discount) (5.8) (5.1) (5.6) Other debt Total Debt $ 1,807.1 $ 1,897.9 $ 1,899.0 (b) (b) Total partners capital $ 1,130.4 $ 1,083.2 (c) 1,080.9 (c) Total Capitalization $ 2,937.5 $ 2,981.0 $ 2,979.9 (a) Outstanding debt balances as of February 18, 2011 which reflects the issuance of a $300 million secured term loan and the issuance of $750 million of senior unsecured notes due The proceeds from these offerings were used to fund the tender of our senior unsecured notes due 2014 and 2016 and the optional redemption (clawback)/tender of our senior notes due (b) Reflects additional borrowings on our revolving credit facility which will be used to fund the final redemption of our senior notes due 2014 and 2016 on March 7, (c) Reflects estimated charges to net income of approximately $49.5 million associated with tender/redemption of our senior notes due 2014, 2015 and
24 Successfully Executing Diversified Business Model (a) Financial Performance Track Record, Mix of Business, and Disciplined Balance Sheet Management = Attractive Investment 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% EBITDA MIX BY SEGMENT E 2012E 2013E 2014E 2015E Midstream Run rate assumes Finger Lakes LPG, Marc I/NS and Tres Palacios Cavern 4 midstream projects are implemented. Includes pending Seneca Lake acquisitions. 24 Visibility of ~50% Adjusted EBITDA growth from FY2010 to FY2012 Propane Run Rate (a)
25 Investment Highlights Income Growth Diversified Operating Model Among the Largest Independent Natural Gas Storage Providers in the U.S. A Leading National Propane Franchise Strong Financial Performance Record Midstream Energy Storage Platform Becoming a Larger Component of Business Pipeline of High-Return Midstream Expansion Projects Underway Record of Consistent EBITDA & Distributable Cash Flow Growth Disciplined Consolidator of Retail Propane Industry Safety Underlying Businesses Characterized by Stable Cash Flows Balance Sheet well-positioned for future opportunities 25
26 Committed to Generating Industry-Leading Returns to Our Investors 26
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