Corporate Presentation. July 2015
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1 Corporate Presentation July 2015
2 Forward-Looking and Non-GAAP Information Advisory Certain information contained in this presentation constitutes forward-looking information under applicable Canadian securities laws. All information, other than statements of historical fact, which addresses activities, events or developments that we expect or anticipate may or will occur in the future, is forward-looking information. Forward-looking information typically contains statements with words such as "may", "estimate", "anticipate", "believe", "expect", "plan", "intend", "target", "project", "forecast" or similar words suggesting future outcomes or outlook. Forward-looking statements in this presentation include, but are not limited to, statements with respect to: the returns provided by the Dawson MSA, timing for sanctioning of Sunrise and Tower and the Saturn expansion, annual distributions in respect of the Ruby Preferred Interest, expected returns and contributions to cash flow from Ruby, future markets from Ruby, future growth prospects of Ruby, and the ability of Veresen to recognize synergies between Ruby and the Jordan Cove LNG project, potential future increases in production in the Cutbank Ridge region; opportunities for future midstream infrastructure investment; our ability to pay future dividends; the ability of Alliance to successfully implement new services; the sources of additional rich-gas supplies for transportation on the Alliance pipeline and for processing at Aux Sable s Channahon facility; the cost estimate and timing of the Aux Sable expansion, the cost estimate, timing of, and our ability to successfully obtain regulatory approvals for Jordan Cove LNG and the Pacific Gas Connector Pipeline, the timing of decisions to proceed with construction of, and the in-service date of the Jordan Cove LNG and the Pacific Gas Connector Pipeline; and the ability of each of our businesses to generate distributable cash in The risks and uncertainties that may affect the operations, performance, development and results of our businesses include, but are not limited to, the following factors: our ability to successfully implement our strategic initiatives and achieve expected benefits; levels of oil and gas exploration and development activity; the status, credit risk and continued existence of contracted customers; the availability and price of capital; the availability and price of energy commodities; the availability of construction services and materials; fluctuations in foreign exchange and interest rates; our ability to successfully obtain regulatory approvals; changes in tax, regulatory, environmental, and other laws and regulations; competitive factors in the pipeline, NGL and power industries; operational breakdowns, failures, or other disruptions; and the prevailing economic conditions in North America. Additional information on these and other risks, uncertainties and factors that could affect our operations or financial results are included in our filings with the securities commissions or similar authorities in each of the provinces of Canada, as may be updated from time to time. Although we believe the expectations conveyed by the forward-looking information are reasonable based on information available to us on the date of preparation, we can give no assurances as to future results, levels of activity and achievements. Readers should not place undue reliance on the information contained in this presentation, as actual results achieved will vary from the information provided herein and the variations may be material. We make no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking information. Furthermore, the forward-looking statements contained herein are made as of the date hereof, and, except as required by law, we do not undertake any obligation to update publicly or to revise any forward-looking information, whether as a result of new information, future events or otherwise. We expressly qualify any forward-looking information contained in this presentation by this cautionary statement. Certain financial information contained in this presentation may not be standard measures under Generally Accepted Accounting Principles ("GAAP") in the United States and may not be comparable to similar measures presented by other entities. These measures are considered to be important measures used by the investment community and should be used to supplement other performance measures prepared in accordance with GAAP in the United States. For further information on non-gaap financial measures we use, see the section entitled Non-GAAP Financial Measures contained in our annual Management Discussion and Analysis, filed with Canadian securities regulators. 2
3 Veresen Today High-quality infrastructure well-positioned to serve market needs Pipelines 6,000+ km of regulated gas transmission 1,300+ km of NGL transportation Midstream 900 km of gathering systems 670 mmcf/d of processing 100,000 HP of compression 100,000+ bbls/d of fractionation Power 13 plants 830 MW of generation 17 years average PPA 3
4 Our Corporate Strategy Pursuing market driven opportunities to connect energy supply to markets Connect Build Optimize Optimize Build a strong base of assets where we have strategic advantage Midstream Pipelines LNG Power Connect asset base Expand service offering via connectivity of assets Optimize our assets Drive productivity Commercial optimization of business Build 4
5 Growth Opportunities We are building a strong mix of near-term to long-term growth opportunities and entering into partnerships and customer relationships that distinguish Veresen from its peers Large opportunity set will transform Veresen over the next several years Fee-based growth supported by customer demand and long-term contracts Expanding platform will add incremental opportunities going forward Proprietary Growth Opportunities Start-up Start-up ~$7 billion ~$12 billion Veresen Today Enterprise Value (as at March 31 15) 5
6 Veresen Midstream A leading independent natural gas gathering and processing business Crew Shell Murphy CNRL Tourmaline ARC Encana/CRP Conoco Multi-year, large scale contracted growth profile Area is the most prolific and actively developed gas play in Canada Demonstrated strong growth through low gas price environments Development in region is infrastructure constrained Creates scale and a powerful platform for growth in the Montney; significant third party activity in the region 50/50 ownership Veresen and KKR 6
7 Veresen Midstream Growth Projects These projects, along with the build-out of associated gathering pipelines and Veresen Midstream s acquisition of infrastructure earlier this year, collectively represent in excess of $3 billion of capital investment. In-service June 2015 Summer 2015 To be sanctioned Fall 2015 Late 2015 / early 2016 In-service 2 nd half 2017 Mid MMcf/d Saturn compressor in service 400 MMcf/d Sunrise gas plant final investment decision 200 MMcf/d gas plant final investment decision Incremental 200 MMcf/d compression & 400 MMcf/d refrigeration capacity to Saturn compressor Tower and Sunrise gas plants in service Incremental compression and refrigeration capacity at Sunrise in service 7
8 Built-in Material Growth Profile With start-up of Saturn, Veresen Midstream s annual run-rate EBITDA is expected to be between $145 million and $155 million Additional cash flow potential through attracting third-party volumes EBITDA (1) Capex (Projects Under Development) Q2 - Q Includes operating Dawson infrastructure, Sunrise, Tower, and Saturn gas plants, and gathering system build-out. Excludes Hythe / Steeprock. 2. Capital spending excludes $760 million paid on closing in Capital spending and EBITDA are not shown on the same scale. 4. All capital investment is subject to investment decisions by CRP. 8
9 Ruby Pipeline Acquired a 50% a convertible preferred interest in Ruby for US$1.4 billion Own a large interest in a long-haul natural gas pipeline with strong market fundamentals Attractive strategic and financial attributes Stable, long-term contracted cash flows with significant expected growth Ruby provides direct access to the U.S. West Coast through the proposed Pacific Connector Gas Pipeline which would supply the proposed Jordan Cove LNG terminal Provides significant future upside associated with Jordan Cove LNG 9
10 Attractive Convertible Preferred Structure Preferred Interest structure provides strong downside protection while preserving upside Illustrative Ruby Cash Flows Preferred distributions are payable prior to any distributions on common equity Contractual debt amortization will substantially de-lever Ruby over the initial shipper contract term while Veresen earns its preferred distribution Preferred Interest can convert to a 50% common equity interest in Ruby at Veresen s option Contracting of an incremental ~250 mmcf/d of long-term firm capacity at rates generally consistent with current contracts activates an automatic conversion of the Preferred Interest to common equity 50/50 joint control governance provides alignment of interests with experienced operating partner EBITDA Toll Revenue O&M and G&A Debt Service Veresen Preferred Distribution ($91 MM) Partner Common Distribution Today EBITDA Toll Revenue O&M and G&A Debt Service Veresen Common Distribution (Converted) Partner Common Distribution (50%) Future* 10
11 Alliance Pipeline Alliance s recontracting has been successful and shipper commitments for bcf/d of receipt capacity, for approximately 5 years, have been secured. Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Fill the Fractionator An amount of firm gas capacity remains to be filled with dry gas and interruptible service to commence in the fall of 2015 Contract with producers who have choices for how they would manage their liquids rich gas to ship to our NGL fractionator in Chicago Fill the Remaining Space on the Pipe Seek Regulatory Approval for Services and Tolls Optimize the system and develop growth projects NEB hearings completed; FERC application submitted; Approvals anticipated in the summer of 2015 Once sufficient progress has been made on filling the fractionator and pipe, consider debottlenecking projects and system optimization opportunities 11
12 Power Portfolio 830 MW (gross) in operation, construction or development 67% of power portfolio comprised of gas-fired; remainder of portfolio in renewable, district energy and waste heat Assets provide long-term cash flows Significant growth for Veresen over the last five years 12
13 Jordan Cove LNG Project Components Terminal: Jordan Cove LNG 6 mtpa facility (phase 1) expandable to 9 mtpa (later date) 400+ acre site includes: marine facility; two 160,000 m 3 LNG tanks; four 1.5 mtpa liquefaction trains; two gas treatment facilities; and, 420 MW power plant. Ownership: 100% Veresen Pipeline: Pacific Connector Design capacity of ~1 bcf/d for 6 mtpa LNG terminal requirements Expandable to 1.5 bcf/d 232-mile, 36-inch diameter pipeline Ownership: 50% Veresen; 50% Williams Liquefaction Power Plant 13
14 The Jordan Cove LNG Advantage Competitive with Gulf of Mexico brownfield LNG into Asia 9 days shipping from Coos Bay, Oregon to Tokyo No Panama Canal risk Gas supply from two large distinct gas basins Limited local competition for natural gas supply Strong local and political support Advanced permitting/regulatory status Strong Houston based project management team 14
15 Jordan Cove LNG is Highly Competitive with Unique Advantages ~9 shipping days to Asia ~9 shipping days to Asia (4300 nmi) Australia LNG ~7 to 9 shipping days to Asia ( nmi) USGC LNG ~22 shipping days to Asia (9200 nmi) plus Panama Canal Costs USGC LNG ~9 shipping days to Europe Source: Terminal websites, DOE Japan as comparative market 15
16 Delivered LNG into Tokyo Bay US$/MMbtu US Exports Competitive in a Low Oil Price Environment JCC LNG cost $100? Future Cost of JCC oillinked LNG prices??? $ Asia Spot LNG Henry Hub gas cost $60 US LNG delivered to Tokyo Bay, based on current $2.73/MMBtu gas cost at Henry Hub? Future Cost of Henry Hub Natural Gas??? JCC Malin Hub Asia spot Source: Wood Mackenzie, ICIS, Poten & Partners
17 Key Work Streams to Reach a Final Investment Decision Regulatory EPC Contract FERC Notice to Proceed; all state and federal permits Final EPC contract in place + Commercial Off-take Agreements Project Financing Customers for 100% of capacity Debt / equity financing 17
18 Supplementary Information 18
19 Veresen Midstream Structure $500 million for 50% equity interest $500 million for 50% equity interest Banks & Term Loan Hythe & Steeprock Assets Acquired by Veresen in 2012 for $920 million Long-term take-or-pay contract with Encana Dawson Assets ~$760 million of assets day 1 Contract with Encana & CRP for build out of up to ~$5 billion of additional Montney midstream assets Future Assets Future assets to be built for 3rd parties Could involve new facilities, expansions, NGL assets, etc. Cutbank Ridge Partnership (CRP) 60% 40% a subsidiary of 19
20 50 / 50 Ownership: Veresen & KKR Structure provides Veresen with a disproportionate share of cash flow during the construction period, prior to the Sunrise and Tower gas plants being placed in-service Equal governance >35% ownership Class A pays cash dividend Class B paid-in-kind ( PIK ) at Class A yield +4% Class A 50% 25% Class B (PIK) - 25% Total 50% 50% 20
21 Ruby Pipeline The Details Newly-built, large-scale, natural gas transmission system extending westward from the Opal hub in Wyoming to the Malin hub in Oregon In-service Date July 28, 2011 Pipeline Length Pipeline Diameter miles Current Capacity ~1.5 bcf/d (1) (2) Build Cost US$3.7 billion (3) Compression Ship-or-Pay Contracts Remaining Contract Terms Operator 4 mainline stations; 155,000 horsepower 1.1 bcf/d firm contracts (71% of current capacity) Weighted average of ~9 years Kinder Morgan Inc. 50% Partner El Paso Pipeline Partners (4) (1) Average annual capacity (2) Incremental capacity of 0.5 bcf/d is achievable through the addition of compression (3) Includes allowance for funds used during construction ( AFUDC ) (4) Affiliate of Kinder Morgan Inc. 21
22 Ruby Pipeline System Significant Opportunity for Additional Long-term Contracting and Expansion Opportunity to participate in significant cash flow growth from contracting the remaining 29% of capacity Current average capacity of ~1.5 bcf/d is expandable to 2 bcf/d through the addition of compression Attractive market dynamics in higher growth areas including California, Oregon, Washington and northern Nevada Ruby provides western U.S. natural gas consumers with critical supply diversity Shifting market dynamics including the potential development of U.S. West Coast LNG support Ruby s continued and growing long term utilization Expansion through Compression ~500 mmcf/d Available for Contracting, ~450 mmcf/d Contracted, 1.1 bcf/d Capacity Utilization ~130% 100% 71% 22
23 Distributable Cash Guidance 2015 Guidance (1) ($/Share) Low High Alliance Ruby AEGS Hythe/Steeprock Veresen Midstream Aux Sable Fixed Variable (0.12) 0.02 Power General and administrative (0.11) (0.10) Debt service - principal repayments and interest, net (0.12) (0.11) Taxes (0.08) (0.08) Preferred Share Dividends (0.08) (0.09) Distributable cash (2) (1) Guidance reaffirmed on May 6, 2015 (2) The low and high estimates applicable to each line item are not intended to be additive and therefore will not add to the low and high forecast distributable cash. 23
24 Investor Relations Phone:
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