ISI Energy: Natural Gas Basin Analysis Jonathan D. Wolff, CFA
|
|
- Dorothy McDaniel
- 5 years ago
- Views:
Transcription
1 ISI Energy: Natural Gas Basin Analysis Jonathan D. Wolff, CFA
2 Summary New Basin Supply Model Should Be Better Predictor: Having the benefit of starting fresh, we decided to upgrade our natural gas supply model. We think the new approach will be a much better predictor of supply as it is not purely rig count driven. Our analysis in the past turned out to be too optimistic regarding supply declines (which have not surfaced). Based on the factors we see supply falling by just ~52 MMcf/d (1%) this year. Multi-Factor Evaluation of 21 US Basins: We have built a bottoms-up model for 21 US basins evaluated (93% of US supply). For forecasting, in addition to predicted rig activity and completion forecasts, the model considers midstream expansions in wet gas and liquids-rich areas, the inventory of drilled and uncompleted wells, the benefits of Pad drilling and the acreage holding (HBP) requirements of operators in the basin. Deeper Analysis of Midstream and Pipelines: In the new era of resource manufacturing, tracking pipelines and gas plant construction is key (particularly in wet gas plays). Natural gas production additions used to be easily tracked by the rig count due to the push nature of energy markets (complete the well and bring it on to sales right away). In today s world, volume growth is much more pull (driven by infrastructure). Significant Gas Plant Expansion Underway: In our estimation, there will be nearly 14 Bcf/d of natural gas processing capacity additions between now and then end of 214. Particular areas of focus are the Marcellus Shale, the Anadarko Basin (Cana, Miss) and the Eagle Ford Shale. Hidden DUCs to Drive Production Beyond What Rig Count Suggests: Incorporated into our model are drilled uncompleted (DUCs) and proved developed non-producing (PDNP). We believe there could be some 1,8 Drilled UnCompleted ( DUCs ) and developed non-producing wells in the U.S. including a significant chunk (perhaps ~1,) in the Marcellus region that are effectively inventory for future production additions. 2
3 Supply Balances 213 Basin Recent 213E Exit Rig Count Dry Gas Rate Change 213E (MMCf/d) (MMcf/d) Total Peak Gas/ Hybrid Bakken Anadarko basin 6, Permian 3, Northern Midcon N/A 15 Mature Midcon 1,8 (126) N/A 6 Haynesville (LA) 5,8 (49) East Texas (CV, HV) 3,9 (735) Fayetteville 2, Barnett 5,3 (42) TXGC (Incl. Eagle Ford) 6, Marcellus- PA 6, West Virginia 1, Utica- OH N/A 37 Northeast- Mature 665 (4) Offshore 4,6 (1) Green River 3,4 (14) Piceance 1,8 (175) DJ 1, Uinta 1,1 (131) PRB 85 (68) Mature Rockies 55 (44) 7 N/A N/A SubTotal (Active Basins) 59, ,568 2, Other Production 4,643 (325) Total Dry 64, (18) Imports (Exports) Mexico (4) Canada (1) LNG Supply Change (518) 3
4 Supply Balances 214 Basin Recent 214E Exit Rig Count Dry Gas Rate Change 214E (MMcf/d) (MMcf/d) Total Peak Gas/ Hybrid Bakken Anadarko basin 6, Permian 3, Northern Midcon N/A 2 Mature Midcon 1,674 (117) N/A 4 Haynesville (LA) 5,31 (359) East Texas (CV, HV) 3,165 (415) Fayetteville 3,185 (315) Barnett 4,88 (294) TXGC (Incl. Eagle Ford) 6, Marcellus- PA 7, West Virginia 1, Utica- OH N/A 52 Northeast- Mature 625 (38) Offshore 4,5 (75) Green River 3,26 (112) Piceance 1,625 (131) DJ 1, Uinta 969 (98) PRB 782 (63) Mature Rockies 56 (4) 7 N/A N/A SubTotal (Active Basins) 59,664 (52) 1,449 Other Production 4,336 (34) Total Dry 64, (356) Imports (Exports) Mexico (3) Canada (3) LNG Supply Change (956) 4
5 Historical Basin Output and Midstream Review 5
6 NE Marcellus Dry Natural Gas Production 6, Rig Count (RHS) Gas Production (LHS) 3 2,5 Marcellus Completions 5, 4, , MMcf/d 3, 2, 15 1 Rigs 1,5 1, 1, Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan Source: Bentek, Smith Rig Count, State Filings, ISI estimates 6
7 SW Marcellus Natural Gas Production Utica Rigs West Virginia Rigs Gas Production Utica Completions 3, MMcf/d 2,5 2, 1, Rigs , Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan Source: Bentek, Smith Rig Count, State Filings, ISI estimates 7
8 New Northeast Natural Gas Processing Facilities & Expansions Plant Owner County Start-up Date Capacity (MMcf/d) Natrium/44 - Phase I Dominion Transmission, Inc. Marshall, WV 2/1/213 2 Fort Beeler - Phase 3 Williams Company Inc. Marshall, WV 2/28/213 2 Mobley II MarkWest Liberty Midstream Wetzel, WV 3/1/ Majorsville III MarkWest Liberty Midstream Marshall, WV 3/1/213 2 Cadiz I MarkWest Utica Harrison, OH 3/1/ Ft Wetzel - Phase 1 Williams Company Inc. Marshall, WV 4/1/213 2 Sherwood II MarkWest Liberty Midstream Doddridge, WV 6/1/213 2 Columbiana Chesapeake/M3/EV Energy Columbiana, OH 6/1/213 6 Seneca Interim MarkWest Utica Noble, OH 6/1/ Harrison I NiSource Harrison, OH 6/1/213 2 Natrium/44 - Phase II Dominion Transmission, Inc. Marshall, WV 9/1/213 2 Sherwood III MarkWest Liberty Midstream Doddridge, WV 9/1/213 2 Cadiz II MarkWest Utica Harrison, OH 9/1/213 2 Ft Wetzel - Phase 2 Williams Company Inc. Marshall, WV 1/1/213 2 Seneca I MarkWest Utica Noble, OH 1/1/213 2 [Not Yet Named] Pennant Midstream LLC OH 1/1/213 2 Majorsville V MarkWest Liberty Midstream Marshall, WV 12/1/213 2 Mobley III MarkWest Liberty Midstream Wetzel, WV 12/31/213 2 Seneca II MarkWest Utica Noble, OH 12/31/213 2 Bluestone II MarkWest Liberty Midstream Butler, PA 3/1/ Bluestone III MarkWest Liberty Midstream Butler, PA 6/1/214 2 Majorsville IV MarkWest Liberty Midstream Marshall, WV 6/1/214 2 Majorsville VI MarkWest Liberty Midstream Marshall, WV 6/1/214 2 Regional Subtotal (MMcf/d) 4,61 Source: Bentek, company filings 8
9 New Northeast Pipeline Projects & Expansions Owner KMI Name In-Service Date Capacity (MMcf/d) Route Tennesee Gas Pipeline - Northeast Upgrade 4Q Expansion of 3 line: Bradford County, PA to NJ WPZ Transco Northeast Supply Link 4Q Leidy, PA to Northeast TCP Millennium Minisink Compressor 1Q Millennium to Algonquin at Ramapo TCP Millennium Hancock Compressor 4Q Marcellus to Northeast NFG West to East Marcellus to Leidy, PA hub SE TETCO - TEAM 214 4Q Expansion of TETCO: SW Marcellus to Northeast WPZ/COG Constitution Pipeline 1Q NE PA to Iroquios pipeline (at Albany, NY) Source: Bentek, company filings 9
10 Texas Gulf Coast (incl. Eagleford) Natural Gas Production 7,6 Rig Count (RHS) Gas Production (LHS) 3 3,5 Eagleford Completions 7, 25 3, 6,4 2 2,5 MMcf/d 5,8 5,2 4,6 4, Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan Rigs 2, 1,5 1, Source: Bentek, Smith Rig Count, State Filings, ISI estimates 1
11 New Texas Gulf Coast Natural Gas Processing Facilities & Expansions Plant Owner County Start-up Date Capacity (MMcf/d) Flag City Boardwalk Field Services LLC Jackson, TX 2/1/ Eagle DCP Midstream, LP Jackson, TX 2/28/213 2 Houston Central Copano Energy Colorado, TX 3/1/213 4 Yoakum Enterprise Products Lavaca, TX 3/1/213 3 Jackson Energy Transfer Company Jackson, TX 3/1/213 4 Pettus TexStar Midstream Services Bee, TX 6/1/ Brasada Western Gas Partners La Salle, TX 6/1/213 2 Catrina DCP Midstream, LP Dimmit, TX 1/1/214 2 Reveille Howard Energy Partners Webb, TX 1/31/214 2 Jackson Energy Transfer Company Jackson, TX 3/1/214 2 Jackson Energy Transfer Company Jackson, TX 3/1/214 2 Silver Oak TEAK Midstream Bee, TX 3/1/214 2 Goliad DCP Midstream, LP Bee, TX 3/1/214 2 Houston Central Copano Energy Colorado, TX 7/1/214 4 Regional Subtotal (MMcf/d) 3,5 Source: Bentek, company filings 11
12 Anadarko Basin Natural Gas Production 7, Rig Count (RHS) Gas Production (LHS) 3 2,5 Anadarko Completions 6,2 24 2, MMcf/d 5,4 4, Rigs 1,5 1, 3, , Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan Source: Bentek, Smith Rig Count, State Filings, ISI estimates 12
13 New Anadarko Basin Natural Gas Processing Facilities & Expansions Plant Owner County Start-up Date Capacity (MMcf/d) Carmen Caballo Energy Alfalfa, OK 3/1/213 6 Ajax Enbridge Energy Partners Wheeler, TX 3/1/ Northern Oklahoma System SemGas L.P. Woods, OK 3/1/ Fort Elliot Enogex Wheeler, TX 6/1/213 8 Wheeler Eagle Rock Energy Wheeler, TX 6/1/213 6 National Helium DCP Midstream, LP Seward, KS 9/1/213 - [Not Yet Named] Next Generation ProcessinReno, KS 9/1/213 1,4 McClure Enogex Custer, OK 12/1/213 2 Cana - Mustang Devon Energy Canadian, OK 12/31/ Canadian Valley ONEOK Partners Canadian, OK 3/1/214 2 Regional Subtotal (MMcf/d) 2,425 Source: Bentek, company filings 13
14 Fayetteville Shale Natural Gas Production 3,3 Rig Count (RHS) Gas Production (LHS) 35 1, Fayetteville Completions 3, MMcf/d 2,9 2, Rigs 6 4 2, ,3 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan Source: Bentek, Smith Rig Count, State Filings, ISI estimates 14
15 Permian Basin Natural Gas Production Gas Production Conventional Rigs Unconventional Rigs MMcf/d 3,3 3,2 3,1 3, 2,9 2,8 2, ,6 1 2,5 5 2,4 - Jan-13 Nov-12 Sep-12 Jul-12 May-12 Mar-12 Jan-12 Nov-11 Sep-11 Jul-11 May-11 Mar-11 Jan-11 Jan-13 Nov-12 Sep-12 Jul-12 May-12 Mar-12 Jan-12 Nov-11 Sep-11 Jul-11 May-11 Mar-11 Jan-11 Source: Bentek, Smith Rig Count, State Filings, ISI estimates 15
16 New Permian Basin Natural Gas Processing Facilities & Expansions Plant Owner County Start-up Date Capacity (MMcf/d) Bone Springs Regency / Anadarko PecosWard, TX 2/1/213 1 Driver Atlas Pipeline Partners Upton, TX 4/1/213 2 Rawhide Plant DCP Midstream, LP Glasscock, TX 6/1/ Red Bluff Southern Union Gas ServicReeves, TX 6/1/213 2 Ramsey III Nuevo Midstream Reeves, TX 6/1/214 2 Midway DCP Midstream, LP Midland, TX 6/1/ High Plains Targa Resources Glasscock, TX 6/1/214 2 Regional Subtotal (MMcf/d) 1,5 Source: Bentek, company filings 16
17 Bakken Natural Gas Production 6 Rig Count (RHS) Gas production (LHS) 24 2,1 Bakken Completions 5 2 1, ,5 MMcf/d Rigs 1, Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan Source: Bentek, Smith Rig Count, State Filings, ISI estimates 17
18 New Bakken Natural Gas Processing Facilities & Expansions Plant Owner County Start-up Date Capacity (MMcf/d) Stateline II ONEOK Partners W. Williams, ND 4/1/213 1 Tioga Hess Corporation Williams, ND 6/1/ South Heart New Frontier Midstream Stark, ND 7/1/213 4 Ross Plains Gas Solutions Mountrail, ND 12/1/ Garden Creek II ONEOK Partners McKenzie, ND 9/1/214 1 Regional Subtotal (MMcf/d) 445 Source: Bentek, company filings 18
19 Haynesville Natural Gas Production 12, 11, Rig Count (RHS) Gas Production (LHS) Haynesville Completions 1, MMcf/d 9, 8, 9 6 Rigs , 6, Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan Source: Bentek, Smith Rig Count, State Filings, ISI estimates 19
20 Rockies Natural Gas Production 1, Rig Count (RHS) Gas production (LHS) 12 2,5 Rockies Completions 9,6 96 2, MMcf/d 9,2 8, Rigs 1,5 1, 8, , Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan Source: Bentek, Smith Rig Count, State Filings, ISI estimates 2
21 Barnett Shale Natural Gas Production 6,5 Rig Count (RHS) Gas Production (LHS) 7 3,5 Barnett Completions 6, 56 3, MMcf/d 5,5 5, Rigs 2,5 2, 1,5 4,5 14 1, 4, Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan Source: Bentek, Smith Rig Count, State Filings, ISI estimates 21
22 ANALYST CERTIFICATION: The views expressed in this Report accurately reflect the personal views of those preparing the Report about any and all of the subjects or issuers referenced in this Report. No part of the compensation of any person involved in the preparation of this Report was, is, or will be directly or indirectly related to the specific recommendations or views expressed by research analysts in this Report. DISCLOSURE: Neither ISI nor its affiliates beneficially own 1% or more of any class of common equity securities of the subject companies referenced in the Report. No person(s) responsible for preparing this Report or a member of his/her household serve as an officer, director or advisory board member of any of the subject companies. No person(s) preparing this report or a member of his/her household have a financial interest in the subject companies of this Report. At various times, the employees and owners of ISI, other than those preparing this Report, may transact in the securities discussed in this Report. Neither ISI nor its affiliates have any investment banking or market making operations. No person(s) preparing this research Report has received non-investment banking compensation form the subject company in the past 12 months. ISI does and seeks to do business with companies covered in this research Report may have or has received non-investment banking compensation in the past 12 months. DISCLAIMER: This material is based upon information that we consider to be reliable, but neither ISI nor its affiliates guarantee its completeness or accuracy. Assumptions, opinions and recommendations contained herein are subject to change without notice, and ISI is not obligated to update the information contained herein. Past performance is not necessarily indicative of future performance. This material is not intended as an offer or solicitation for the purchase or sale of any security. ISI RATING SYSTEM: Based on stock s 12-month risk adjusted total return. STRONG BUY Return > 2% BUY Return 1% to 2% NEUTRAL Return % to 1% CAUTIOUS Return -1% to % SELL Return < -1% ISI has assigned a rating of STRONG BUY/BUY to 47% of the securities rated as of 12/31/12.* ISI has assigned a rating of NEUTRAL to 5% of the securities rated as of 12/31/12.* ISI has assigned a rating of CAUTIOUS/SELL to 4% of the securities rated as of 12/31/12.* (Due to rounding, the above number may add up to more/less than 1%). *Please note as of January 213 ISI Group LLC has changed our ratings system to the categories described above. For the distribution of ratings for the quarter ending 12/31/12, what was previously rated as a BUY is now reflected in the Strong Buy/Buy category, what was previously rated as a HOLD is now reflected in the Neutral category, and what was previously rated as a SELL is now reflected in the Cautious/Sell category. 22
Rig Activity, Production and Trends
Rig Activity, Production and Trends Catherine Bernardo September 24, 2013 2013 Platts, McGraw Hill Financial. All rights reserved. Who is Bentek Energy? Who We Are 33% 5% 40% Premier Energy Data and Analytics
More informationShale by Shale Analysis:
Shale by Shale Analysis: Assessing the New Landscape Matt Andre Senior Energy Analysis September 1, 2015 2015 Platts, McGraw Hill Financial. All rights reserved. 1 Who is Bentek Energy? 5% 22% 40% 33%
More informationPipelines, Trains, and Trucks Infrastructure Booms and Busts?
Pipelines, Trains, and Trucks Infrastructure Booms and Busts? Rockies Oil & Gas Conference E. Russell Braziel RBN Energy, LLC April 12, 212 Source of NGL volume balances and forecasts: The Great NGL Surge!
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 informationSECOND QUARTER 2015 CONFERENCE CALL PRESENTATION. August 5, 2015
SECOND QUARTER 2015 CONFERENCE CALL PRESENTATION August 5, 2015 NON-GAAP FINANCIAL MEASURES / FORWARD-LOOKING STATEMENTS We use non- generally accepted accounting principles ( non- GAAP ) financial measures
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 informationGas/Electric Partnership Conference Gas Pipelines and Storage Investment Outlook January 31, 2018
Gas/Electric Partnership Conference Gas Pipelines and Storage Investment Outlook January 31, 2018 Photo of Wilson Compressor Station, part of the Coastal Bend Header Project Gregg Philbrick Director, System
More informationChanging Flow Dynamics: Natural Gas, Oil, NGL
Changing Flow Dynamics: Natural Gas, Oil, NGL Pipeline Development & Expansion Conference September 22, 2011 The Westin Oaks Houston, TX E. Russell Braziel BENTEK Energy Bentek Energy 2011 Shale Infrastructure
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 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 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 informationJefferies 2012 Global Energy Conference. November 2012 Nancy Buese, SVP & CFO
Jefferies 2012 Global Energy Conference November 2012 Nancy Buese, SVP & CFO Forward-Looking Statements This presentation contains forward-looking statements and information. These forward-looking statements,
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 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 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 informationFourth-Quarter 2017 Earnings Conference Call Presentation. February 1, 2018
Fourth-Quarter 2017 Earnings Conference Call Presentation February 1, 2018 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws
More informationThird-Quarter 2017 Earnings Conference Call Presentation. October 26, 2017
Third-Quarter 2017 Earnings Conference Call Presentation October 26, 2017 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws
More informationN e w s R e l e a s e
N e w s R e l e a s e Chesapeake Energy Corporation P. O. Box 18496 Oklahoma City, OK 73154 FOR IMMEDIATE RELEASE AUGUST 2, 2010 INVESTOR CONTACTS: JEFFREY L. MOBLEY, CFA (405) 767-4763 jeff.mobley@chk.com
More informationCONE Midstream Partners LP. Capital Link MLP Investing Forum March 5, 2015
CONE Midstream Partners LP Capital Link MLP Investing Forum March 5, 2015 Disclaimer Forward Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities
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 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 information2015 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 informationJefferies Global Energy Conference
Jefferies Global Energy Conference NYSE: WES, WGP www.westerngas.com1 Western Gas Cautionary Language Re: Forward-Looking Statements This presentation contains forward-looking statements. Western Gas Partners,
More informationNYSE: WES, WGP
NYSE: WES, WGP Western Gas Cautionary Language Re: Forward-Looking Statements This presentation contains forward-looking statements. Western Gas Partners, LP and Western Gas Equity Partners, LP believe
More informationDevon Energy Corporation (DVN-NYSE)
November 24, 2014 Devon Energy Corporation (DVN-NYSE) Current Recommendation Prior Recommendation SUMMARY DATA NEUTRAL Underperform Date of Last Change 01/10/2013 Current Price (11/21/14) $67.20 Target
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 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 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 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 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 informationCONSOL Energy Inc. EnerCom s The Oil & Gas Conference
CONSOL Energy Inc. EnerCom s The Oil & Gas Conference Cautionary Language This presentation contains statements, estimates and projections which are forward-looking statements (as defined in Section 21E
More informationFIXED INCOME INVESTOR UPDATE. July 2017
FIXED INCOME INVESTOR UPDATE July 2017 FORWARD-LOOKING STATEMENTS Statements contained in this presentation that include company expectations or predictions should be considered forward-looking statements
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 informationHubert Eldridge. System Design Director Kinder Morgan Midstream GULF COAST EXPRESS PIPELINE
Hubert Eldridge System Design Director Kinder Morgan Midstream GULF COAST EXPRESS PIPELINE January 31, 2018 Cautionary Language Regarding Forward-Looking Statements This presentation contains forward-looking
More informationWilliams and Williams Partners Fourth Quarter 2017 Earnings Call
WE MAKE ENERGY HAPPEN Williams and Williams Partners Fourth Quarter 2017 Earnings Call February 15, 2018 NYSE: WMB NYSE: WPZ williams.com Atlantic Sunrise Expansion Project FOURTH QUARTER 2017 EARNINGS
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 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 informationEOG Resources, Inc. (EOG) - Oil & Gas - Deals and Alliances Profile
Report Information More information from: https://www.wiseguyreports.com/reports/29304-eog-resources-inc-eog-oil-gas-deals-and-alliancesprofile EOG Resources, Inc. (EOG) - Oil & Gas - Deals and Alliances
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 informationAntero Resources Reports Second Quarter 2013 Financial Results, Utica First Production and Well Rates
Antero Resources Reports Second Quarter 2013 Financial Results, Utica First Production and Well Rates Highlights: Net daily production averaged 458 MMcfe/d, up 115% over second quarter 2012 production
More informationEagle Ford Shale Update
INTERSTATE PIPELINES EXPLORATION & PRODUCTION TIPRO Conference Eagle Ford Shale Update John Kelly El Paso Exploration & Production Company Vice President, Gulf Coast August 13, 2010 Cautionary Statement
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 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 informationThe State of U.S. Tight Oil Activity During the Downturn
The State of U.S. Tight Oil Activity During the Downturn OPEC/IEA/IEF Workshop Trisha Curtis Co-Founder, PetroNerds, LLC trisha@petronerds.com March 15, 2016 PetroNerds LLC www.petronerds.com 970-329-1645
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 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 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 informationSital K. Mody. Chief Commercial Officer Kinder Morgan Midstream A NEW LANDSCAPE
Sital K. Mody Chief Commercial Officer Kinder Morgan Midstream A NEW LANDSCAPE August 15, 2017 Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the
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 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 informationDahlman Rose Ultimate Oil Service Conference
Dahlman Rose Ultimate Oil Service Conference December 3, 2012 Overview of Operations 16 Bakken Tulsa based company founded in 1963 with long history of operations in the Mid-Continent Integrated approach
More informationI N V E S T O R U P D AT E M A R C H
I N V E S T O R U P D AT E M A R C H 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 informationTarga Resources. Acquisition of Atlas Pipeline Partners, L.P. and Atlas Energy, L.P. October 2014
Targa Resources Acquisition of Atlas Pipeline Partners, L.P. and Atlas Energy, L.P. October 2014 Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within
More informationINVESTOR BOOK NYSE: WES, WGP
INVESTOR BOOK NYSE: WES, WGP www.westerngas.com1 Western Gas Cautionary Language Re: Forward-Looking Statements This presentation contains forward-looking statements. Western Gas Partners, LP and Western
More informationIs the Permian Still King of the Hill? Crude growth rate slows compared to other basins.
? Is the Permian Still King of the Hill? Crude growth rate slows compared to other basins. Morningstar Commodities Research 5 November 2018 Sandy Fielden Director, Oil and Products Research +1 512 431-8044
More informationMarch 5, Raymond James 35 th Annual Institutional Investors Conference
March 5, 2014 Raymond James 35 th Annual Institutional Investors Conference Cautionary Language This presentation contains statements, estimates and projections which are forward-looking statements (as
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 informationAtlas Pipeline Partners, L.P.
Atlas Pipeline Partners, L.P. NYSE: APL 6 th Annual Wachovia Pipeline & MLP Symposium New York, NY December 6, 2007 1 Safe Harbor Statement THE WORDS BELIEVES, ANTICIPATES, EXPECTS AND SIMILAR EXPRESSIONS
More informationUBS M I D S T R E A M AND M L P C O N F E R E N C E. P a r k C i t y, U t a h J a n. 9-10
UBS M I D S T R E A M AND M L P C O N F E R E N C E P a r k C i t y, U t a h J a n. 9-10 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
More informationWilliams and Williams Partners Fourth Quarter Earnings Call
Williams and Williams Partners Fourth Quarter Earnings Call February 16, 2017 2016 Review and Recent Accomplishments > Strong operating and financial performance; Cash Flow from Operations up significantly,
More informationINDEPENDENT FISCAL OFFICE
INDEPENDENT FISCAL OFFICE Matthew Knittel, Director Testimony Before the Senate Environmental Resources and Energy Committee and the Senate Finance Committee June 1, 2015 Chairmen Yaw and Yudichak, Chairmen
More informationOil-focused initiative in the Eagle Ford Shale production growth guidance of 28% - 41% Initial 2015 production growth guidance of 20% - 30%
INVESTOR PRESENTATION EnerCom s The Oil & Gas Conference 19 August 18, 2014 KEY INVESTMENT HIGHLIGHTS Extensive Inventory of Low-Risk, High-Return Drilling Opportunities Industry-Leading Production and
More informationCredit Suisse Vertical Tour
Credit Suisse Vertical Tour November 8, 2012 www.enterpriseproducts.com Lynn Bourdon Group SVP All rights reserved. Enterprise Products Partners L.P. Forward Looking Statements This presentation contains
More informationFirst Quarter Earnings Call
First Quarter Earnings Call May 2017 2 Forward Looking Statements and Non-GAAP Measures This presentation contains certain forward-looking statements within the meaning of the federal securities law. Words
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 informationOur VISION: we will be the. Our MISSION: for our customers, the quality of life for our employees and the returns for our stakeholders.
opportunity Our VISION: we will be the best midstream energy solutions provider. Our MISSION: to provide MIDSTREAM energy services TO improve the quality of business for our customers, the quality of life
More informationOil and gas revenues in 16 U.S. States. Daniel Raimi, Senior Research Associate University of Ohio webinar December 6, 2017
Oil and gas revenues in 16 U.S. States Daniel Raimi, Senior Research Associate University of Ohio webinar December 6, 2017 About Resources for the Future Resources for the Future (RFF) is an independent,
More informationGHS 100 Energy Conference. June 2012
GHS 100 Energy Conference June 2012 Cautionary Language Re: Forward-Looking Statements This presentation contains forward-looking statements. Western Gas Partners, LP believes that its expectations are
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 informationEnerCom s The Oil & Gas Conference. August 15, 2012
EnerCom s The Oil & Gas Conference August 15, 2012 Overview of Operations 16 Bakken Tulsa based company founded in 1963 with long history of operations in the Mid-Continent Integrated approach to business
More informationInvesting Today for Tomorrow s Energy Infrastructure
Investing Today for Tomorrow s Energy Infrastructure Investor Introduction and Overview NYSE: CNP NYSE: OGE Forward Looking Statement This document does not constitute an offer to sell or a solicitation
More informationAcquisition of Navigator Energy Services, LLC
Acquisition of Navigator Energy Services, LLC April 2017 Forward-Looking Statements Statements contained in this presentation other than statements of historical fact are forward-looking statements. While
More informationOUR ADVANTAGE: We have been doing it for 20 years with no distractions --- $7.5 billion of acquisitions
Proven Acquisition Success Focus and discipline allows us to buy properties throughout the cycle Flexibility to act in 'real-time' Significant targets remain in the 'right-rock' in the U.S. XTO initiates
More informationWILLIAMS COMMERCIAL / REVENUE SYNERGY OPPORTUNITIES
WILLIAMS COMMERCIAL / REVENUE SYNERGY OPPORTUNITIES 2015 Analyst Day November 17 th, 2015 LEGAL DISCLAIMER This presentation relates to a meeting among members of management of Energy Transfer Partners,
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 informationMLPA Investor Conference. May 2018
MLPA Investor Conference May 2018 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP ( MPLX ) and Marathon
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 informationWhite Cliffs Pipeline. David Minielly VP Operations
White Cliffs Pipeline David Minielly VP Operations 1 Forward-looking Information Certain matters contained in this presentation include forward-looking statements within the meaning of Section 27A of the
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 informationLow Risk, Sustainable Growth
Low Risk, Sustainable Growth 7 th Annual Wachovia Pipeline and MLP Symposium December 2008 #1 Legal Notice Certain information during this presentation will constitute forward-looking statements. These
More informationI N V E S TO R U P D AT E. N o v e m b e r 2017
I N V E S TO R U P D AT E N o v e m b e r 2017 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 informationPlunging Oil Prices: Impact on the U.S. and State Economies
Plunging Oil Prices: Impact on the U.S. and State Economies Mine Yücel Senior Vice President and Director of Research November 17, 216 Nominal price, weekly 16 14 Oil and gas prices volatile 12 1 Oil price
More informationEPD NYSE 2ND QUARTER 2017 FACT SHEET DISTRIBUTION REINVESTMENT PLAN $ $1.68/Unit. Baa1/BBB+ ENTERPRISEPRODUCTS.COM
FINANCIAL PERFORMANCE EPD UNIT PRICE 8/23/17 CURRENT ANNUALIZED DISTRIBUTION 26.02 1.68/Unit YIELD RANKING ON FORTUNE 500 6.5% 122 SENIOR UNSECURED DEBT RATINGS MOODY S/STANDARD & POOR S Baa1/BBB+ PARTNERSHIP
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 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 informationSecond Quarter 2013 Supplemental Information
Second Quarter 2013 Supplemental Information Forward-looking Statements and Non-GAAP Measures This presentation contains certain forward-looking statements within the meaning of the safe harbor provisions
More informationConnections for America s Energy. Investor Presentation. Presentation Title. Presentation Subtitle. March /3/2015
Investor Presentation Presentation Title Presentation Subtitle March 2015 3/3/2015 Crestwood Midstream Partners LP Crestwood Equity Partners LP Company Information Crestwood Midstream Partners LP NYSE
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 informationEnerCom s The Oil & Services Conference. February 20, 2013
EnerCom s The Oil & Services Conference February 20, 2013 Overview of Operations 16 Bakken Tulsa based diversified energy company incorporated in 1963 Integrated approach to business allows Unit to balance
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 informationRice Midstream Partners Citi MLP Conference August 19 20, 2015
Rice Midstream Partners Citi MLP Conference August 19 20, 2015 1 Investment Highlights Premier E&P Sponsorship with RICE 144K net acres in the dry gas cores of the Marcellus and Utica with 13+ year inventory
More informationEnergizing the World, Bettering People s Lives. Investor Handout. November 2014
Energizing the World, Bettering People s Lives Investor Handout November 214 Marcellus Shale Maximizing value from a premier resource play Net Risked Resources* of 15 Tcfe, Doubled Over Two Years 35, net
More informationInvestor Presentation. March 2014
Investor Presentation March 2014 Forward Looking Statements This presentation contains forward looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees
More informationEmpire Pipeline, Inc.
Empire Pipeline, Inc. Marcellus to Markets Changing Gas Supply and Infrastructure LDC Gas Forum - Northeast Kevin Cotter DIRECTOR EMPIRE PIPELINE, INC. June 7, 2011 Safe Harbor for Forward Looking Statements
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 information2017 MLPA Investor Conference
2017 MLPA Investor Conference May 31 June 2, 2017 2 Forward Looking Statements and Non-GAAP Measures This presentation contains certain forward-looking statements within the meaning of the federal securities
More informationRBC Capital Markets Midstream Conference. November 2017
RBC Capital Markets Midstream Conference November 2017 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP (
More informationIPAA Private Capital Conference. Peter Bowden January 21, 2014
IPAA Private Capital Conference Peter Bowden January 21, 2014 Historical MLP Capital Raising Activity ($ in Billions) Since 2010, there has been significant growth in institutional demand for debt and
More informationRBC Capital Markets MLP Conference Dallas, TX
RBC Capital Markets MLP Conference 2007 Dallas, TX November 15-17, 17, 2007 2 FORWARD-LOOKING STATEMENTS DISCLOSURE NYSE:BWP Statements made at this conference or in the materials distributed in conjunction
More information