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MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P.

Sunoco Logistics Partners L.P. · Mar 10, 2015 · 58 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 1
    Sunoco Logistics Partners L.P. NYSE MLP Corporate Access Day SXL March 2015
  2. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 2
    Sunoco Logistics Assets 3
  3. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 3
    Sunoco Logistics and Energy Transfer Assets 4
  4. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 4
    Energy Transfer Family of Companies LP Interest, GP Interest, IDRs ENERGY TRANSFER EQUITY, L.P. LP Interest, GP Interest, IDRs (NYSE: ETE) LP Interest, GP Interest, IDRs Class H Units(1) LP Interest, GP ENERGY TRANSFER ENERGY…
  5. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 5
    Recent Highlights Distributions: 2015 guidance of approximately 20% year-over-year growth 4Q increase: 1.53/unit to 1.60/unit (annualized) 11 consecutive quarter over quarter increase of 5% 39th consecutive increase overall 21%…
  6. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 6
    Recent Highlights Capital: 2015 organic expansion capital guidance at 2 billion 2014 organic expansion capital of 2.5 billion 2014 acquisition capital of 448 million 2014 maintenance capital of 76 million 4Q14 Financing: Issued…
  7. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 7
    EBITDA by Segment (MM) 2010 2011 2012 2013 2014 Crude Oil Pipeline 156 207 275 349 377 Crude Oil Acq. & Mktg. 39 148 239 233 163 Terminal Facilities 127 149 225 233 346 Products Pipeline 77 69 71 56 85 Total EBITDA 399 573 810 871…
  8. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 8
    Adjusted EBITDA: Ratable and Market Related 1,000 971 Maximize asset base by 810 871 taking advantage of 800 market opportunities Adjusted EBITDA (MM) 600 573 Distributions based on 399 400 ratable cash 200 Market…
  9. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 9
    11 Consecutive Quarters of 5% Distribution Growth Guidance 5% quarter over quarter increases in 2015 Note: Values adjusted for the two-for-one unit split completed on June 12, 2014 10
  10. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 10
    Major Organic Projects 14 Successful Open Seasons: 3 West Texas Crude expansion projects (crude oil) Permian Express 1 (crude oil) Permian Express 2 (crude oil) Eaglebine Express (crude oil) Granite Wash Extension (crude oil)…
  11. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 11
    Scheduled Project Start-up 12
  12. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 12
    Organic Expansion Capital 2,500 2,000 Investment (MM) 1,500 1,000 500 0 2010 2011 2012 2013 2014 2015P Organic Expansion Capital 13
  13. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 13
    Acquisitions 600 500 Investment (MM) 400 300 200 100 0 2010 2011 2012 2013 2014 2015* Acquisition Capital *SXL does not comment on future acquisitions *Includes the acquisition of an additional interest West…
  14. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 14
    Dated Brent Daily Price 2008 - Present 15
  15. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 15
    World Non-OPEC Liquids Supply Growth Change Year-Over-Year Source: PIRA 16
  16. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 16
    Top 20 Crude Producers November 2014 (MMBPD) Source: PIRA OPEC Non-OPEC 17
  17. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 17
    Permian Basin Output *** About 200 MBPD growth projected in 2014 *** Actual Growth was 270 MBPD Source: PIRA *** 2015 Still expected to grow over 200 MBPD despite low prices 18
  18. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 18
    Crude Projects 3 West Texas Crude Expansions Permian Crude to multiple markets 2012 - 2014 Houston Committed Fee-based Income 19
  19. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 19
    Crude Projects 3 West Texas Crude Expansions Permian Crude to multiple markets 2012 - 2014 Permian Express 1 Permian Crude to Nederland 2Q 2013 Houston Committed Fee-based Income 20
  20. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 20
    Crude Projects 3 West Texas Crude Expansions Permian Crude to multiple markets 2012 - 2014 Permian Express 1 Permian Crude to Nederland 2Q 2013 Permian Express 2 Permian Crude to multiple markets Houston 3Q 2015*…
  21. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 21
    Crude Projects 3 West Texas Crude Expansions Permian Crude to multiple markets 2012 - 2014 Permian Express 1 Permian Crude to Nederland 2Q 2013 Permian Express 2 Permian Crude to multiple markets Houston 3Q 2015*…
  22. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 22
    Crude Projects 3 West Texas Crude Expansions Granite Wash Extension Permian Crude to multiple markets Granite Wash Crude to multiple markets 2012 - 2014 4Q 2014 Permian Express 1 Permian Crude to Nederland 2Q 2013 Permian…
  23. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 23
    Crude Projects 3 West Texas Crude Expansions Granite Wash Extension Permian Crude to multiple markets Granite Wash Crude to multiple markets 2012 - 2014 4Q 2014 Permian Express 1 Permian Crude to Nederland 2Q 2013 Permian…
  24. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 24
    Crude Projects 3 West Texas Crude Expansions Granite Wash Extension Permian Crude to multiple markets Granite Wash Crude to multiple markets 2012 - 2014 4Q 2014 Permian Express 1 Permian Crude to Nederland 2Q 2013 Permian…
  25. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 25
    Crude Projects: 9 Successful Open Seasons 3 West Texas Crude Expansions Granite Wash Extension Permian Crude to multiple markets Granite Wash Crude to multiple markets 2012 - 2014 4Q 2014 Permian Express 1 Permian Crude to…
  26. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 26
    Allegheny Access: Successful Open Season Allegheny Access Ohio Products to Pittsburgh End of 1Q 2015* Committed Fee-based Income *Expected Start-up 27
  27. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 27
    Marcellus / Utica NGL Forecast Over 800 MBPD liquids by 2016 BPD Source: Dominion, SXL 28
  28. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 28
    Mariner Franchise: 4 Successful Open Seasons Mariner East 1 Ethane / Propane from Houston to Marcus Hook 4Q 2014* Mariner West Ethane from Houston to Sarnia 4Q 2013 Mariner South Mariner East 2 Propane / Butane from Mont…
  29. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 29
    Mariner South Natural Gas Liquids Mariner South Propane / Butane from Mont Belvieu to Nederland End of 2014 SXL Terminal Lone Star Fractionators Committed Fee-based Income 30
  30. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 30
    Mariner South at Nederland Terminal 31
  31. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 31
    Nederland Terminal 32
  32. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 32
    Mariner West and East Natural Gas Liquids Mariner West Mariner East 1 Ethane from Houston to Sarnia E/P from Houston to Marcus Hook 4Q 2013 4Q 2014* Mariner East 2 NGLs to Marcus Hook 4Q 2016** Committed Fee-based…
  33. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 33
    Mariner East 275,000 B/D Initial Capacity 345,000 B/D including ME 1 Connecting to 4 Fractionator Origin Locations in the Basin World-Class NGL Facility at Marcus Hook Industrial Complex 34 34
  34. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 34
    Marcus Hook Industrial Complex Mariner Infrastructure 35
  35. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 35
    Marcus Hook Terminal Build-Out 36
  36. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 36
    Global Propylene Supply and Demand - Global Propylene market is expected to grow by 33MM Metric Tons by 2020 - Lighter feed to crackers - PDH is a preferred choice 37
  37. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 37
    Propylene Supply and Demand 38
  38. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 38
    Why PDH in Marcus Hook Perfect location for local demand Better logistics Perfect location for propylene export to North West Europe Advantaged shipping and logistics costs Delivered cash cost competitive with international…
  39. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 39
    Marcus Hook Industrial Complex PROPOSED PDH Mariner Infrastructure 40
  40. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 40
    Key SXL Takeaways Recent History Strategic Focus on Crude and Natural Gas Liquids First Mover First West Texas crude projects on line since the shale boom First Marcellus ethane pipeline on line First waterborne propane exports from…
  41. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 41
    Key SXL Takeaways Going Forward Commitment to Growth New phase of growth in processing at Marcus Hook Opportunities within the Energy Transfer family M&A - Actively looking for right, strategic opportunities Commitment to Rewarding…
  42. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 42
    Appendix
  43. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 43
    SXL Non-GAAP Financial Measures Twelve Months Ended December 31, (MM) 2010 2011 2012 2013 2014 Net Income 348 322 531 474 300 Interest expense, net 73 89 79 77 67 Depreciation and amortization expense 64 86 139 265 296 Impairment…
  44. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 44
    Historical Financial Results (MM) 2010 2011 2012 2013 2014 Crude Oil Pipelines 156 207 275 349 377 Crude Oil Acquisition & Marketing 39 148 239 233 163 Terminal Facilities 127 149 225 233 346 Products Pipelines 77 69 71 56 85…
  45. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 45
    Joint Venture Ownership Consolidated JV's: Mid-Valley Inland Price River Terminal SXL 91.0% SXL 83.8% SXL 55.0% Chevron 9.0% Citgo 16.2% Non-Controlling Interest 45.0% Equity Interest JV's: Explorer* West Shore Wolverine**…
  46. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 46
    Crude Oil Pipeline System 39% of total EBITDA for the twelve months ended December 31, 2014 Approximately 5,300 miles of crude oil trunk lines located in the Southwest and Midwest U.S. Approximately 500 miles of gathering lines…
  47. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 47
    Crude Oil Acquisition and Marketing 17% of total EBITDA for the twelve months ended December 31, 2014 Crude truck fleet of over 300 trucks Purchase crude oil at the wellhead from producers and in bulk from aggregators at major…
  48. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 48
    Terminal Facilities 35% of total EBITDA for the twelve months ended December 31, 2014 Nederland, TX Crude & NGL Terminal - One of the largest onshore crude facilities in U.S. 25 million barrel capacity currently Eagle Point, NJ Crude…
  49. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 49
    Products Pipeline System 9% of total EBITDA for the twelve months ended December 31, 2014 Refined products pipeline system (approximately 2,400 miles), located in the Northeast, Midwest and Southwest U.S. Equity interest in four…
  50. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 50
    Distribution History Average Annual Distribution (per LP unit) LP/GP Split (%) 2.00 11 consecutive quarter over quarter distribution increases 1.60 1.50 50/50 of 5% 39 consecutive 1.06 1.00 quarterly distribution…
  51. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 51
    1.5 Billion Revolving Credit Facility (MM) Facility Facility 100MM Lenders Allocation 40.5MM Lenders Allocation (1) 100.0 Bank of Nova Scotia 40.5 Citibank Barclays Bank 100.0 BNP Paribas 40.5 Bank of Tokyo-Mitsubishi UFJ 100.0…
  52. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 52
    Capitalization (MM) As of 12/31/14 Debt Senior Notes, net 3,975 fixed 1.5 B SXL Revolver (matures November 2018)(2) 150 floating 35 MM WTG Revolver (matures April 2015) 35 floating Cash Debt 4,160 Unamortized fair value…
  53. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 53
    Debt Maturity Schedule at 12/31/2014 (MM) 6.13% 5.50% 4.65% 3.45% 4.25% 6.85% 6.10% 4.95% 5.30% 5.35% Note: Excludes borrowings under the revolvers 54
  54. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 54
    Acquisition History (2B Since IPO) November 2002 Joint-venture interests in 3 refined product pipelines from Unocal, for 54MM Wolverine (31.5%), West Shore (9.2%), and Yellowstone (14.0%) November 2002 43.8% joint-venture interest from…
  55. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 55
    Acquisition History (2B Since IPO), Continued June 2007 50% joint-venture interest in a refined products terminal in Syracuse, NY from ExxonMobil for 13MM November 2008 Texas refined products pipeline system and terminal facilities from…
  56. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 56
    Acquisition History (2B Since IPO), Continued April 2013 Marcus Hook Industrial Complex from Sunoco, Inc. for 60MM March 2014 Additional joint-venture interest in Explorer Pipeline from Chevron for 42MM increasing ownership interest…
  57. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 57
    SXL Key Financial and Operating Statistics 2010 2011 2012 2013 2014 Total Total 1st 2nd 3rd 4th Total 1st 2nd 3rd 4th Total 1st 2nd 3rd 4th Total Financial highlights (in millions) Sales and other operating revenue Crude Oil…
  58. MLP CORPORATE ACCESS DAY – Sunoco Logistics Partners L.P. – slide 58
    SXL Key Financial and Operating Statistics 2010 2011 2012 2013 2014 Total Total 1st 2nd 3rd 4th Total 1st 2nd 3rd 4th Total 1st 2nd 3rd 4th Total Reconciliation of Segment Operating Income to Net Income Attributable to Sunoco…

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