ENERGY TRANSFER EQUITY
|
|
- Frederick Waters
- 5 years ago
- Views:
Transcription
1 ENERGY TRANSFER EQUITY Credit Suisse MLP & Energy Logistics Conference June 10 th 2014 Jamie Welch Group CFO
2 LEGAL DISCLAIMER This presentation relates to a meeting among members of management of Energy Transfer Equity L.P. (ETE) and securities analysts to be held New York on Tuesday June 10th At this meeting members of the Partnerships management may make statements about future events outlook and expectations related to Energy Transfer Partners L.P. (ETP) Regency Energy Partners LP (RGP) Sunoco Logistics Partners L.P. (SXL) ETE and Panhandle Eastern Pipe Line Company LP (PEPL) (collectively the Partnerships) and their subsidiaries and this presentation may contain statements about future events outlook and expectations related to the Partnerships and their subsidiaries all of which statements are forward-looking statements. Any statement made by a member of management of the Partnerships at this meeting and any statement in this presentation that is not a historical fact will be deemed to be a forward-looking statement. These forwardlooking statements rely on a number of assumptions concerning future events that members of management of the Partnerships believe to be reasonable but these statements are subject to a number of risks uncertainties and other factors many of which are outside the control of the Partnerships. While the Partnerships believe that the assumptions concerning these future events are reasonable we caution that there are inherent risks and uncertainties in predicting these future events that could cause the actual results performance or achievements of the Partnerships and their subsidiaries to be materially different. These risks and uncertainties are discussed in more detail in the filings made by the Partnerships with the Securities and Exchange Commission copies of which are available to the public. The Partnerships expressly disclaim any intention or obligation to revise or publicly update any forward-looking statements whether as a result of new information future events or otherwise. All references in this presentation to capacity of a pipeline processing plant or storage facility relate to maximum capacity under normal operating conditions and with respect to pipeline transportation capacity is subject to multiple factors (including natural gas injections and withdrawals at various delivery points along the pipeline and the utilization of compression) which may reduce the throughput capacity from specified capacity levels. 2
3 ENERGY TRANSFER FAMILY PRO FORMA ENERGY TRANSFER EQUITY L.P. (NYSE: ETE) General Partner / Parent Company million Class H Units (1) SUNOCO LOGISTICS PARTNERS L.P. (NYSE: SXL) 32.2% LP Interest 2.0% GP Interest & IDRs 9.2% LP Interest 1.1% GP Interest & IDRs ENERGY TRANSFER PARTNERS L.P. (NYSE: ETP) 14.5% LP Interest 0.7% GP Interest & IDRs REGENCY ENERGY PARTNERS LP (NYSE: RGP) Refined Product Pipelines Crude Oil Acquisition & Marketing Terminal Facilities 100% GP Interest & IDRs 100% Interest (2) SUSSER HOLDINGS CORPORATION (NYSE: SUSS) SUSSER PETROLEUM PARTNERS LP (NYSE: SUSP) 50.2% LP Interest Intrastate Transportation & Storage Interstate Transportation & Storage Midstream LP Interest Lake Charles LNG LP GP and IDR interests (3) ENERGY TRANSFER LNG (NYSE: ETLN) Trunkline LNG Company LLC (TLNG) Gathering & Processing Contract Compression & Treating Natural Gas Transportation Crude Oil Pipelines Retail Operations Sunoco Inc. Retail Marketing Natural Resources NGL Transportation Fractionation & Storage NGL Transportation Fractionation & Storage ETP 70% Interest Lone Star NGL Joint Venture RGP 30% Interest (1) Class H Units track ~50% of the SXL GP and IDR economics. (2) Pro Forma pending Susser acquisition - subject to close. (3) Owner and operator of LNG Regasification facility in Lake Charles LA and expected nucleus of new stand-alone MLP. 3
4 SIGNIFICANT FINANCIAL SCALE AND DIVERSIFICATION ACROSS THE FAMILY Energy Transfer Equity L.P. (NYSE: ETE) Market Cap: $29.5 billion Unit Price: $54.27 Distribution: $1.44 LQA Yield: 2.80% Credit Ratings: Ba2/BB/BB+ Enterprise value in excess of ~$90 billion ETE ETP SXL RGP ETE: 139% SXL: 86% RGP: 34% ETP: 32% (1) Energy Transfer Partners L.P. (NYSE: ETP) Market Cap: $19.0 billion Unit Price: $56.83 Distribution: $3.74 LQA Yield: 6.60% Credit Ratings: Baa3/BBB-/BBB- Sunoco Logistics Partners L.P. (NYSE: SXL) Market Cap: $9.6 billion Unit Price: $92.65 Distribution: $2.78 LQA Yield: 3.00% (2) Credit Ratings: Baa3/BBB-/BBB Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Source: Bloomberg as of 06/06/14 Note: ETP RGP & SXL unit prices rebased to ETE as of 01/02/13 Regency Energy Partners LP (NYSE: RGP) Market Cap: $10.8 billion Unit Price: $29.01 Distribution: $1.92 LQA Yield: 6.62% Credit Ratings: Ba2/BB/BB (1) Enterprise Value is pro forma for pending EROC and SUSS transactions both of which are subject to close. (2) Pro forma for ETP s pending acquisition of SUSS. 4
5 BUSINESS OVERVIEW Energy Transfer Equity (ETE) a pure-play general partner (GP) is an MLP that receives all of its cash flow from limited partner interests GP interests and incentive distribution rights (IDRs) in Energy Transfer Partners L.P. (ETP) and Regency Energy Partners LP (RGP) as well as from securities that track 50% of the economics from GP interests and IDRs in Sunoco Logistics Partners L.P. (SXL) and its ownership of Trunkline LNG. ETP: a large-cap investment grade MLP with intrastate transportation and storage interstate transportation and storage midstream; natural gas liquid ( NGL ) transportation and services and retail marketing operations. RGP (2) : a growth-oriented MLP engaged in the G&P compression treating and storage of natural gas NGL transportation and services crude oil services and terminaling and coal and natural resource management. SXL: a large-cap investment grade MLP focused on acquiring owning & operating a diverse mix of crude oil & refined products & NGL pipelines terminalling & storage facilities as well as crude oil acq. & marketing assets. TLNG: the owner / operator of an LNG regasification facility in Lake Charles LA. 1Q 2014 Adjusted EBITDA: $1206 million 1Q 2014 Adjusted EBITDA: $205 million 1Q 2014 Adjusted EBITDA: $208 million 1Q 2014 Adjusted EBITDA: $48 million KEY ASSETS ~35000 miles of natural gas and NGL pipelines Owns subsidiaries including Panhandle Eastern engaged in natural gas transportation / storage; and 70% of Lone Star NGL engaged in NGL transportation / storage ~6398 combined retail locations with ownership in Sunoco Inc and pro forma SUSS with one of the largest retail/wholesale footprints in the Southwest KEY ASSETS ~19000 miles of natural gas gathering and transportation pipelines including its interests in the Midcontinent Express Pipeline ( MEP ) and the Haynesville Joint Venture Owns 30% of Lone Star NGL >25 treating / processing plants ~2.7 million of gathering and processing throughput (Mmbtu/d) KEY ASSETS ~5400 miles of crude oil pipelines ~2500 miles of refined product pipelines 39 active refined products marketing terminals Interests in 9 product and crude oil pipelines KEY ASSETS 3 LNG storage tanks At peak capacity the terminal can regasify LNG and send out natural gas has at a maximum rate of 2.1 Bcf/d and a run rate capability of 1.8 Bcf/d BG long-term contracts in place through 2030 (1) Retail locations pro forma for ETP s acquisition of SUSS. (2) RGP operating data shown is pro forma for PVR and Hoover. 5
6 BUSINESS MODEL TRANSFORMATION Natural Gas Transmission & Storage Interstate Intrastate Midstream Gathering and Processing NGLs Transportation / Frac and Storage / Export SXL Crude Oil / Refined Products / NGLs and Terminals (East Coast and Gulf Coast) LNG Regasification / Liquefaction Sunoco / Susser Retail 6
7 SHALE BASIN PRODUCTION GROWTH ALIGNED WITH ENERGY TRANSFER FAMILY OPERATING ASSETS Energy Transfer Asset Overview ETP Assets SXL Assets RGP Assets Hoover PVR Eagle Rock (1) Pro Forma Retail Locations includes Distributers Dealers and Co-ops Sunoco Susser '03 '14 '03 '14 Bakken '03 '14 '03 '14 Niobrara '03 '14 '03 '14 Marcellus '03 '14 '03 '14 Permian '03 '14 '03 '14 Haynesville Energy Transfer Projects Crude Conversion Pipeline Mariner South Trunkline LNG Export Crude Production (Mbbl/d) Natural Gas Production (MMcf/d) Source: DI Desktop and EIA Drilling Productivity Report; May (1) Expected to close 2Q '03 '14 '03 '14 Eagle Ford 7
8 UNIQUELY POSITIONED TO CAPITALIZE ON GROWING U.S. EXPORT STORY Asset base well-positioned to capture the changing supply and demand dynamics for condensates natural gas NGLs and LNG Europe Asia South America NGLs LNG Natural Gas Marcus Hook Mexico Europe India Nederland Lake Charles Asia Asia South America Europe 8
9 KEY INVESTMENT HIGHLIGHTS Diversified Revenue Stream ETE s cash flow comes from a highly diversified revenue stream supported by long-term fee-based contracts from large scale regulated operations ETP has six distinct business segments each making meaningful EBITDA contributions and no segment accounting for more than 25% of total ETP 1Q14 adjusted EBITDA Majority of RGP s cash flows are from gathering and processing across 6 diversified basins. Total cash flows are ~75% fee-based SXL continues to grow its crude oil business which accounts for over 2/3 of its EBITDA while its blue bar cash flow is expected to be approximately 80% over the long-term Consistent and Growing Distributions ETE receives stable growing distributions through its LP interest GP interest and IDRs in ETP and RGP as well in 50% interest tracking the economics from GP interests and IDRs in SXL SXL is also now in the high splits so as SXL cash distributions increase going forward growth of distributions to ETE will be significant It is expected that RGP will hit the high splits in 2015 Focused on Cost of Capital Committed to maintaining investment grade credit metrics at ETP and SXL and for RGP to achieve investment grade ratings Cash flow and distribution growth to drive unit price performance Experienced Management Team with Significant Ownership Management team and insiders own over 20% of ETE Motivated to effectively and efficiently manage business operations Management team has a proven track record of delivering on its commitments Well Positioned for 2014 and Beyond Increased financial flexibility and distribution growth potential Roll off of IDR subsidies creates built-in incremental cash flow growth at ETE Multi-MLP family offers a full suite of services to customers in the most prolific shale plays in the US and for customers through emerging export opportunities 9
10 TRANSFORMATION AND CONTINUED GROWTH ETP Adjusted EBITDA by Operating Segment ($ in millions) Propane Midstream Intrastate Interstate NGL Retail Crude All other 15% 18% 14% 53% 2009 $ % 9% 13% 11% 10% 15% 25% LTM $4203 Adjusted EBITDA by Operating Segment ($ in millions) 20% 40% 28% 12% SXL Refined Products Pipeline Terminals Crude Acquisition & Marketing Crude Oil Pipeline 8% 45% 31% 2009 LTM $372 $843 16% RGP Adjusted Total Segment Margin by Business ($ in millions) G&P Transportation Contract Services NGL Coal / Natural Resources 37% 8% 55% 2009 $373 19% 12% 1% 17% 51% LTM $
11 ORGANIC DEVELOPMENT AND ACQUISITIONS DRIVE GROWTH RGP SXL ETP $
12 CONSISTENT AND GROWING DISTRIBUTIONS FROM STRONG DIVERSIFIED OPERATING BUSINESSES ETE currently receives significant cash flow from Trunkline LNG and through its LP GP and IDR interests in ETP RGP and SXL Trunkline ($ in millions) Class H SXL GP + IDRs RGP LP RGP GP + IDRs ETP $13 LP ETP $11 $48 $7 $48 $35 $316 $370 $396 $441 $534 $196 $175 $222 $223 $191 $180 $180 $105 $14 $48 $504 $268 $191 $77 $29 $50 $588 $ Q14 Annualized Cash flow contribution to ETE Q14 Annualized ETP RGP SXL ETP RGP SXL Trunkline 11% 7% 7% 18% 82% 8% 67% Note: ETP distributions in 2007 are for the fiscal year ended 8/31/2007; all successive fiscal years end 12/31. During 2010 ETP redeemed 12.3 million ETP common units previously held by ETE in connection with its acquisition of the general partner of RGP. During 2Q10 ETE acquired its equity interest in RGP through a series of transactions completed May Figures exclude ETE SG&A and 2013 ETP GP + IDRs includes dividends from Holdco. Class H includes ~50% of SXL GP and IDR cash flows excluding the impact of IDR subsidies and subsidy offsets. 12
13 TRUNKLINE AND LAKE CHARLES LNG Adding liquefaction transforms Trunkline into a bi-directional facility capable of importing and exporting LNG - Lake Charles LNG the liquefaction project in development is currently owned 60% ETE / 40% ETP - Lake Charles LNG has agreed on principal terms with BG on a tolling basis for a minimum 25-year term Second Largest Liquefaction Facility planned in U.S. after Cheniere s Sabine Pass BG responsible for all gas procurement and will utilize ETP s pipeline network to deliver gas to the facility - Additional revenue created with upstream transportation and logistics capabilities - ETP s pipelines are the only systems delivering to Lake Charles LNG so ETP provides 100% supply to BG DOE FTA & non-fta approval conditionally granted to export domestically produced LNG from the Lake Charles LNG - Revised DOE approach to approvals has no impact on Lake Charles LNG On March filed applications with FERC seeking authorization for the Lake Charles LNG export project - Approval sought by April Total all in cost estimated to be ~$11 billion including financing costs - No incremental capital or credit support required from ETP and ETE for construction Over $1.8 billion in projected annual cash flow from 2020 through
14 LAKE CHARLES LNG ON TRACK FOR FINAL INVESTMENT DECISION IN MID-2015 DOE FTA & non-fta Approvals Pre-FEED & Feed Study FERC Pre-Filing & Application Preliminary Commercial Agreements Executed Definitive Agreements Q3 14 through mid-2015 FID Construction Start mid-2015 Train 1 In-Service mid-2019 Full In-service late 2020 Completed Pending DOE FTA authorization granted July 2011 Pre-FEED Study completed in February 2013 FERC Pre-Filing approved on April Commercial Term Sheet completed April 2013 DOE non-fta authorization for 15 MTPA granted August 2013 Project Development Agreement (PDA) executed September 2013 FEED Study complete by Technip and full FERC Application filed in March 2014 Issued EPC invitation to bid May 2014 Commercial Agreements with BG expected to be finalized in next 45 days Draft EIS requested by end of Sept ember 2014 EPC final submissions in late November 2014: - Award likely in January 2015 FERC Application approval expected April Likely early works expenditures commencing in February 2015 Financing (Debt & Equity) in March / April 2015 Final investment decision expected by mid-2015 Train 1 Commissioning & startup no later than mid-2019 Trains 2 & 3 - subsequent in-service at ~6 month intervals BG LSA for 25 years post Train 3 COD Full commercial operation in late
15 APPENDIX
16 NET IDR RELINQUISHMENTS TO ETP FROM ETE ($ in millions) Total Net IDR Relinquishments ($124) ($86) ($107) ($85) ($80) ($70) ($552) Management Fees (95) (95) (5) (195) Total ($219) ($181) ($112) ($85) ($80) ($70) ($747) Note: Pro forma for announced SUSS acquisition. (1) Includes the IDR subsidy givebacks that ETE will receive through the Class H distributions ($329 million including 2013 givebacks already received). 16
17 NON-GAAP RECONCILIATIONS Energy Transfer Equity L.P. ($ in millions) FY 2010 FY 2011 FY 2012 FY Q14 ETP GP distributions (1) $396 $441 $459 $522 $116 ETP LP distributions ETP distributions credited to Holdco consideration (68) Class H distributions RGP GP distributions (1) RGP LP distributions Cash dividends from Holdco Distributable cash flow attributable to SUG 82 Distributable cash flow attributable to Trunkline LNG 48 SG&A (2) (9) (8) (14) (15) (1) Management fees (15) (24) Adjusted EBITDA $619 $672 $843 $909 $238 (1) Includes distributions from both GP and IDR interests net of relinquishments. (2) Excludes transaction-related expenses of $13 $21 $38 $19 and $1 million in and 1Q14 respectively. 17
18 NON-GAAP RECONCILIATIONS Energy Transfer Partners L.P Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 FY Net income $ 491 $ - $ - $ - $ 491 $ 424 $ 413 $ 404 $ (473) $ 768 Interest expense net of interest capitalized Gain on deconsolidation of Propane Business Gain on sale of AmeriGas common units (70) (70) - - (87) - (87) Income tax expense (benefit) from continuing operations (42) 97 Depreciation and amortization Non-cash compensation expense (Gains) losses on interest rate derivatives (7) (39) - 2 (44) Unrealized (gains) losses on commodity risk management activities (19) (18) (8) (6) (51) Impairment Loss Loss on extinguishment of debt LIFO valuation adjustment (14) (14) (38) 22 (6) 19 (3) Non-operating environmental remediation Equity in earnings of unconsolidated affiliates (79) (79) (72) (37) (28) (35) (172) Adjusted EBITDA related to unconsolidated affiliates Other net (6) Adjusted EBITDA Adjusted EBITDA related to unconsolidated affiliates (196) (196) (165) (158) (151) (155) (629) Distributions from unconsolidated affiliates Interest expense net of interest capitalized (219) (219) (211) (211) (210) (217) (849) Amortization included in interest expense (16) (16) (23) (24) (16) (17) (80) Income tax (expense) benefit from continuing operations (146) (146) (3) (89) (47) 42 (97) Income tax expense related to the Trunkline LNG Transaction Maintenance capital expenditures (39) (39) (51) (121) (62) (109) (343) Other net Distributable Cash Flow (consolidated) Distributable Cash Flow attributable to Sunoco Logistics (100%) (158) (158) (195) (184) (121) (155) (655) Distributions from Sunoco Logistics to ETP Distributions to ETE in respect of Holdco (50) (50) Distributions to Regency in respect of Lone Star (33) (33) (23) (16) (23) (25) (87) Distributable Cash Flow attributable to the partners of ETP $ 629 $ - $ - $ - $ 629 $ 376 $ 418 $ 511 $ 530 $
19 NON-GAAP RECONCILIATIONS Sunoco Logistics Partners L.P. 19
20 NON-GAAP RECONCILIATIONS Regency Energy Partners LP 20
ENERGY 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 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 informationNAPTP 2013 MLP Investor Conference Stamford, Connecticut. May 22 May 23, 2013
NAPTP 2013 MLP Investor Conference Stamford, Connecticut May 22 May 23, 2013 Legal Disclaimer This presentation relates to meetings among members of management of Energy Transfer Partners, L.P. (ETP),
More informationFORM 8-K PANHANDLE EASTERN PIPE LINE COMPANY, LP
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 November 7, 2017 Date of Report (Date
More informationMEIC FIRESIDE CHAT. May 23, 2018
MEIC FIRESIDE CHAT May 23, 2018 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the federal securities laws. Although these statements reflect the
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 informationENERGY TRANSFER Wells Fargo Meetings
ENERGY TRANSFER Wells Fargo Meetings December 7-8 th, 2015 LEGAL DISCLAIMER This presentation relates to meetings among members of management of Energy Transfer Partners, L.P. (ETP), Sunoco Logistics Partners
More informationAMERICAN MIDSTREAM PARTNERS, LP (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December
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 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 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 informationRegency Energy Partners LP NAPTP MLP Investor Conference May 22, 2013
Regency Energy Partners LP NAPTP MLP Investor Conference May 22, 2013 Forward Looking Statements and Other Disclaimers This presentation includes forward looking statements. Forward looking statements
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 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 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 informationENERGY TRANSFER PARTNERS, L.P.
ENERGY TRANSFER PARTNERS, L.P. Analyst Day Presentation November 18, 2014 LEGAL DISCLAIMER This presentation relates to a meeting among members of management of Energy Transfer Partners, L.P. (ETP) and
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 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 informationARCHROCK PARTNERS CITI ONE-ON-ONE MLP / MIDSTREAM INFRASTRUCTURE CONFERENCE. August 16, 2017
ARCHROCK PARTNERS CITI ONE-ON-ONE MLP / MIDSTREAM INFRASTRUCTURE CONFERENCE August 6, 07 Forward Looking Statements All statements in this presentation (and oral statements made regarding the subjects
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 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 information2018 Update and 2019 Outlook
PEOPLE PROCESS TECHNOLOGY 2018 Update and 2019 Outlook February 12, 2019 Earnings Call Forward-Looking Statements Under the Private Securities Litigation Reform Act of 1995 This document may contain or
More informationAMERICAN MIDSTREAM PARTNERS, LP (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (date of earliest event
More information2017 WELLS FARGO PIPELINE, MLP AND UTILITY SYMPOSIUM
207 WELLS FARGO PIPELINE, MLP AND UTILITY SYMPOSIUM December 6, 207 Forward Looking Statements All statements in this presentation (and oral statements made regarding the subjects of this presentation)
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 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 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 informationENERGY TRANSFER. Jefferies 2017 Energy Conference November 29, 2017
ENERGY TRANSFER Jefferies 2017 Energy Conference November 29, 2017 FORWARD-LOOKING STATEMENTS Management of Energy Transfer Equity, L.P. (ETE) and Energy Transfer Partners, L.P. (ETP) will provide this
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 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 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 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 informationFIRST QUARTER 2018 OPERATIONS REPORT. May 1, 2018
FIRST QUARTER 2018 OPERATIONS REPORT May 1, 2018 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the federal securities laws. Although these statements
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 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 informationENERGY TRANSFER. UBS Midstream & MLP Conference January 9 th and 10 th, 2018
ENERGY TRANSFER UBS Midstream & MLP Conference January 9 th and 10 th, 2018 FORWARD-LOOKING STATEMENTS Management of Energy Transfer Equity, L.P. (ETE) and Energy Transfer Partners, L.P. (ETP) will provide
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 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 informationEnable Midstream Partners, LP
Enable Midstream Partners, LP Third Quarter 2014 Conference Call November 4, 2014 Forward-looking Statements This presentation and the oral statements made in connection herewith may contain forward-looking
More informationMorgan Keegan Equity Conference
Morgan Keegan Equity Conference September 5, 2008 Randy Fowler Executive Vice President & CFO Forward Looking Statements This presentation contains forward-looking statements and information based on Enterprise
More information2 nd Quarter Operations Report AUGUST 2017
2 nd Quarter Operations Report AUGUST 207 FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS INVESTOR NOTICE This presentation contains forward-looking statements within
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 information3 RD Q U A R T E R
3 RD Q U A R T E R 2 0 1 7 OPERATIONS REPORT O C T O B E R 3 1, 2 0 1 7 FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS INVESTOR NOTICE This presentation contains forward-looking
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 informationSimplification Overview and
Simplification Overview and Q1 Presentation 2015 Financial Title & Operating Results Presentation Subtitle 5/5/2015 May 6, 2015 Crestwood Midstream Partners LP Crestwood Equity Partners LP Forward-Looking
More informationDECEMBER 2018 INVESTOR PRESENTATION. December 4, 2018
DECEMBER 2018 INVESTOR PRESENTATION December 4, 2018 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the federal securities laws. Although these statements
More informationJANUARY 23, 2017 FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS
2017 GUIDANCE JANUARY 23, 2017 FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within
More informationENERGY TRANSFER. Morgan Stanley Midstream Energy Conference February 28 th, 2018
ENERGY TRANSFER Morgan Stanley Midstream Energy Conference February 28 th, 2018 FORWARD-LOOKING STATEMENTS Management of Energy Transfer Equity, L.P. (ETE) and Energy Transfer Partners, L.P. (ETP) will
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 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 informationBuckeye GP Holdings L.P. (NYSE: BGH) Buckeye Partners, L.P. (NYSE: BPL) Kelso & Company Annual LP Conference April 21, 2010
Buckeye GP Holdings L.P. (NYSE: BGH) Buckeye Partners, L.P. (NYSE: BPL) Kelso & Company Annual LP Conference April 21, 2010 Forward Looking Statement Certain statements contained in this presentation or
More informationEnkon offers a wide spectrum of advisory services to meet clients strategic, commercial, transactional and operational needs.
Qualifications Enkon offers a wide spectrum of advisory services to meet clients strategic, commercial, transactional and operational needs. Asset/Company Due Diligence Revenue and Cost Assessment Valuations
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 informationEnable Midstream Partners, LP
Enable Midstream Partners, LP Second Quarter 2015 Conference Call August 5, 2015 Forward-looking Statements This presentation and the oral statements made in connection herewith may contain forward-looking
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. 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 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 informationForward Looking Statements
RBC Capital Markets MLP Conference November 16, 2006 Forward Looking Statements NASDAQ: RGNC This presentation may contain statements about future events and Regency Energy Partners LP s ( Regency, the
More informationBMO Capital Markets 2010 Utilities and Pipelines Day November 30,
BMO Capital Markets 2010 Utilities and Pipelines Day November 30, 2010 www.sug.com Forward Looking Information This presentation contains forward-looking statements within the meaning of Section 27A of
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 informationCITI MLP/MIDSTREAM INFRASTRUCTURE CONFERENCE. Las Vegas, NV Aug , 2016
CITI MLP/MIDSTREAM INFRASTRUCTURE CONFERENCE Las Vegas, NV Aug. 17-18, 2016 FORWARD-LOOKING STATEMENTS Statements contained in this presentation that include company expectations or predictions should
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 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 informationENERGY TRANSFER. Mizuho Energy Summit April 9 th 10 th, 2018
ENERGY TRANSFER Mizuho Energy Summit April 9 th 10 th, 2018 FORWARD-LOOKING STATEMENTS Management of Energy Transfer Equity, L.P. (ETE) and Energy Transfer Partners, L.P. (ETP) will provide this presentation
More informationMARTIN MIDSTREAM PARTNERS L.P. Deutsche Bank Leveraged Finance Conference September 29, 2015
MARTIN MIDSTREAM PARTNERS L.P. Deutsche Bank Leveraged Finance Conference September 29, 2015 USE OF NON-GAAP FINANCIAL MEASURES This presentation includes certain non-gaap financial measures such as EBITDA
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 informationENERGY TRANSFER EQUITY & ENERGY TRANSFER PARTNERS. J.P. Morgan 2018 Energy Conference June 19, 2018
ENERGY TRANSFER EQUITY & ENERGY TRANSFER PARTNERS J.P. Morgan 2018 Energy Conference June 19, 2018 FORWARD-LOOKING STATEMENTS Management of Energy Transfer Equity, L.P. (ETE) and Energy Transfer Partners,
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 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 informationEnable Midstream Partners, LP
Enable Midstream Partners, LP Second Quarter 2016 Conference Call August 3, 2016 Non-GAAP Financial Measures The Partnership has included the non-gaap financial measures gross margin, Adjusted EBITDA,
More informationEnable Midstream Partners, LP
Enable Midstream Partners, LP Fourth Quarter 2016 Conference Call February 21, 2017 Forward-looking Statements This presentation and the oral statements made in connection herewith may contain forward-looking
More informationAmerican Midstream Partners to merge with JP Energy Partners, creating a $2 billion diversified midstream MLP
American Midstream Partners to merge with JP Energy Partners, creating a $2 billion diversified midstream MLP Transformational merger creates strategic midstream platform Enhance access to capital sources;
More informationWells Fargo 8th Annual Pipeline and MLP Symposium. December 8 th, 2009 Bill Davis, Chief Financial Officer
Wells Fargo 8th Annual Pipeline and MLP Symposium December 8 th, 2009 Bill Davis, Chief Financial Officer 1 Forward Looking Statements This presentation contains forward looking statements within the meaning
More informationINVESTOR PRESENTATION DECEMBER 2018
INVESTOR PRESENTATION DECEMBER 2018 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward-looking statements within the meaning
More informationInvestor Presentation December 2013
Investor Presentation December 2013 CAUTIONARY STATEMENTS & NON-GAAP MEASURES This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
More informationSecond Quarter 2016 Earnings Conference Call Presentation July 28, 2016
Second Quarter 2016 Earnings Conference Call Presentation July 28, 2016 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding
More informationIPAA Private Capital Conference. Peter Bowden January 21, 2014
IPAA Private Capital Conference Peter Bowden January 21, 2014 Historical MLP Capital Raising Activity ($ in Billions) Since 2010, there has been significant growth in institutional demand for debt and
More informationSECOND QUARTER Earnings Review
SECOND QUARTER 2014 Earnings Review 8/6/2014 Forward-Looking Statements Under the Private Securities Litigation Act of 1995 This document may contain or incorporate by reference forward-looking statements
More informationRaymond James Institutional Investors Conference
Raymond James Institutional Investors Conference March 9, 2009 W. Randall Fowler Executive Vice President & CFO Forward Looking Statements This presentation contains forward-looking statements and information
More informationENLC and ENLK ANNOUNCE SIMPLIFICATION TRANSACTION. October 22, 2018
ENLC and ENLK ANNOUNCE SIMPLIFICATION TRANSACTION October 22, 2018 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the federal securities laws. Although
More informationENERGY TRANSFER LP RBC Capital Markets Midstream Conference November 13, 2018
ENERGY TRANSFER LP 2018 RBC Capital Markets Midstream Conference November 13, 2018 FORWARD-LOOKING STATEMENTS / LEGAL DISCLAIMER Management of Energy Transfer LP (ET) will provide this presentation to
More informationInvestor Presentation: UBS MLP Conference January 2016
Investor Presentation: UBS MLP Conference January 2016 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward looking statements
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 informationINVESTOR PRESENTATION JANUARY 2018
INVESTOR PRESENTATION JANUARY 2018 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward-looking statements within the meaning
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 informationEnergy Transfer Partners A N N U A L R E P O R T. Midstream in Motion E N E R G Y T R A N S F E R
Energy Transfer Partners 2 0 1 2 A N N U A L R E P O R T Midstream in Motion E N E R G Y T R A N S F E R Energy Transfer Partners is one of the largest and most diversified midstream energy partnerships
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 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 informationINVESTOR PRESENTATION MAY 2018
INVESTOR PRESENTATION MAY 2018 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward-looking statements within the meaning of
More informationMorgan Stanley MLP Bus Tour
Morgan Stanley MLP Bus Tour January 26, 2016 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities
More informationCHESAPEAKE MIDSTREAM PARTNERS MARCELLUS ACQUISITION
CHESAPEAKE MIDSTREAM PARTNERS MARCELLUS ACQUISITION DECEMBER 2011 ACCESSING THE GROWTH PLATFORM! Best in Class Midstream Business Model Differentiated Growth Platform Marcellus Acquisition Transaction
More informationAntero Midstream and AMGP Report Second Quarter 2018 Financial and Operating Results
Antero Midstream and AMGP Report Second Quarter 2018 Financial and Operating Results Denver, Colorado, August 1, 2018 Antero Midstream Partners LP (NYSE: AM) ( Antero Midstream or the Partnership ) and
More informationSUNOCO LP INVESTOR UPDATE
SUNOCO LP INVESTOR UPDATE November 2014 FORWARD-LOOKING STATEMENTS Some of the statements in this presentation constitute forward-looking statements about Sunoco LP and Energy Transfer Partners, L.P. and
More informationChesapeake Midstream Partners Springridge Acquisition December 2010
Chesapeake Midstream Partners Springridge Acquisition December 2010 NYSE: CHKM www.chkm.com Best in Class MLP Gets Better! Best in Class Midstream Business Model Differentiated Growth Platform Haynesville
More informationTarga Resources Corp. Development Joint Ventures February 6, 2018
Targa Resources Corp. Development Joint Ventures February 6, 2018 Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning of Section 27A of
More informationENERGY TRANSFER EQUITY & ENERGY TRANSFER PARTNERS Citi One-on-One MLP / Midstream Infrastructure Conference August 15-16, 2018
ENERGY TRANSFER EQUITY & ENERGY TRANSFER PARTNERS 2018 Citi One-on-One MLP / Midstream Infrastructure Conference August 15-16, 2018 FORWARD-LOOKING STATEMENTS / LEGAL DISCLAIMER Management of Energy Transfer
More informationENERGY TRANSFER LP Goldman Sachs Global Energy Conference January 8, 2019
ENERGY TRANSFER LP 2019 Goldman Sachs Global Energy Conference January 8, 2019 FORWARD-LOOKING STATEMENTS / LEGAL DISCLAIMER Management of Energy Transfer LP (ET) will provide this presentation to analysts
More informationMay 24, 2018 MLP & Energy Conference
May 24, 2018 MLP & Energy Conference Carlin Conner, CEO Non-GAAP Financial Measures SemGroup s non-gaap measures, Adjusted EBITDA and Total Segment Profit, are not GAAP measures and are not intended to
More informationCREDIT SUISSE 2015 MLP & ENERGY LOGISTICS CONFERENCE. June 23, 2015
CREDIT SUISSE 2015 MLP & ENERGY LOGISTICS CONFERENCE June 23, 2015 FORWARD-LOOKING STATEMENTS Some of the statements in this presentation constitute forward-looking statements about Sunoco LP ( SUN ) and
More information