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Q2 2014 Conference Call – Markwest Energy Partners, L.P.

Markwest Energy Partners, L.P. · Aug 7, 2014 · 20 slides

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Slides

  1. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 1
    SECOND QUARTER 2014 CONFERENCE CALL PRESENTATION August 7, 2014
  2. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 2
    NON-GAAP MEASURES D i s t r i b u t a b l e C a s h F l o w ( D C F ) a n d A d j u s t e d E B I T D A a r e n o n- G A A P F i n a n c i a l M e a s u r e s , a n d s h o u l d n o t b e c o n s i d e r e d s e p a r a t e l y f r o m…
  3. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 3
    SECOND QUARTER 2014: FINANCIAL SUMMARY Record second quarter 2014 volume results: Total system volume of 3.9 Bcf/d for second quarter, an increase of 11% from the prior quarter and 39% compared to the second quarter 2013 Marcellus…
  4. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 4
    S E C O N D Q U A R T E R 2 0 1 4 : O P E R AT I O N A L S U M M A R Y Completed five new projects: 120 MMcf/d processing plant at the Keystone complex Bluestone II 20,000 Bbl/d C2+ fractionation at the Keystone complex Bluestone…
  5. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 5
    SOUTHWEST SEGMENT OVERVIEW Gulf Coast SEOK WOK East Texas Processed volumes increased 13% when 1,200 compared to last quarter and 18% from the second quarter 2013 20% 1,000 Forecasted Segment operating income for the second…
  6. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 6
    MARCELLUS SEGMENT OVERVIEW MarkWest continues to achieve record volumes Processed Volumes (MMcf/d) and operating income at five major complexes 2,500 Processed volumes increased 11% when compared to last quarter and 76% from the…
  7. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 7
    M A R K W E S T M A R C E L L U S O P E R AT I O N S & P R O D U C E R S KEYSTONE COMPLEX MAJORSVILLE COMPLEX Bluestone I, II & Sarsen I 210 MMcf/d Operational Majorsville I V 870 MMcf/d Operational Bluestone III 200 MMcf/d 4Q15…
  8. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 8
    UTICA SEGMENT OVERVIEW MarkWest Utica EMG continues to develop its Processed Volumes (MMcf/d) leading fully integrated midstream system in eastern Ohio 600 Current development consists of 600 MMcf/d of new processing capacity,…
  9. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 9
    U T I C A O P E R AT I O N S & P R O D U C E R S OHIO GATHERING OHIO CONDENSATE In 2Q14, Summit exercised the option it acquired from Stabilization Facility 23,000 Bbl/d 4Q14 Gulfport to purchase a 40% ownership in Ohio Gathering and…
  10. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 10
    M A R C E L L U S & U T I C A F R A C T I O N AT I O N O V E R V I E W Fractionated Volumes (Bbl/d) Marcellus C3+ volumes increased 17% 200,000 since last quarter 190% Increase in Utilization of MarkWests total C3+ fractionation…
  11. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 11
    M A R C E L L U S & U T I C A : F U L L - S E R V I C E C A PA B I L I T I E S HOPEDALE FRACTIONATOR KEYSTONE Ten major complexes with current processing capacity of over 3.2 Bcf/d. Butler UTICA CONDENSATE OHIO HILLMAN Growing to…
  12. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 12
    M A R K W E S T S T O TA L P R O C E S S E D V O L U M E F O R E C A S T 4.0 60% Increase in Volumes 3.0 for the Full-Year Processed Volumes (Bcf/d) 2013 to 2014 2.0 1.0 0.0 2009 2010 2011 2012 2013 2014F…
  13. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 13
    FINANCIAL SUMMARY MarkWest has raised nearly 1 billion YTD through ATM and has 1.1 billion of liquidity MarkWest preserves a strong balance sheet to fund growth As of today, we have over 1.1 billion of liquidity to support our…
  14. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 14
    2014 DCF & ADJUSTED EBITDA FORECAST 2014 DCF Forecast of 630 to 670 million & Adjusted EBITDA of 810 to 870 million 1,000 900 34% Growth in DCF & 800 39% Growth in Adjusted DCF & Adjusted EBITDA ( in millions) 810 - 870…
  15. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 15
    2014 CAPITAL INVESTMENT FORECAST 2014 Capital Investment Forecast Remains in Range of 2.0 to 2.3 billion Growth Capex Growth Capex as % of PP&E Marcellus 2,500 35% 70% 30% 2,000 25% 1,500 20% 15% 1,000 10% 500…
  16. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 16
    APPENDIX
  17. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 17
    R E C O N C I L I AT I O N O F D C F & D I S T R I B U T I O N C O V E R A G E Six Months Ended Year Ended ( in millions) 6/30/2014 12/31/2013 Net Income 29.0 40.4 Depreciation, amortization, impairment, and other non-cash…
  18. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 18
    R E C O N C I L I AT I O N O F A D J U S T E D E B I T D A LTM Ended Year Ended Year Ended ( in millions) 6/30/2014 12/31/2013 12/31/2012 Net income 5.0 40.4 217.0 Non-cash compensation expense 10.1 7.8 8.2 Non-cash derivative…
  19. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 19
    R E C O N C I L I AT I O N O F N E T O P E R AT I N G M A R G I N Six Months Ended Year Ended ( in millions) 6/30/2014 12/31/2013 Income from operations 127.6 245.9 Facility expense 167.3 291.1 Derivative activity 16.7 25.8…
  20. Q2 2014 Conference Call – Markwest Energy Partners, L.P. – slide 20
    1515 Arapahoe Street Tower 1, Suite 1600 Denver, Colorado 80202 PHONE: 303-925-9200 I N V E S T O R R E L AT I O N S : 866-858-0482 E M AI L : investorrelationsmarkwest.com W EBSITE: www.markwest.com

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