ENERGY TRANSFER PARTNERS, L.P. REGENCY ENERGY PARTNERS LP ETPs Merger with Regency January 30, 2015
KEY MERGER HIGHLIGHTS Energy Transfer Partners, L.P. (ETP) has executed a definitive agreement to merge with Regency Energy Partners LP (Regency) in an all unit transaction 0.4066 ETP common units plus a one-time cash payment of 0.32…
STRATEGIC CONSIDERATIONS LEADING POSITIONS Strong positions in Permian, Eagle Ford, Marcellus and Utica basins IN THE MOST Active in 9 of the top 10 basins by active rig count (1) ATTRACTIVE Top 3 regions by oil production and top 3…
MERGER MATRIX Action Plan Why Now Merger of ETP and Regency Commodity price environment has fundamentally changed Next steps require regulatory and unitholder approvals Backdrop provides challenges to Regencys ability to grow…
MERGER REINFORCES ETPS POSITION AS ONE OF THE LARGEST AND MOST DYNAMIC MIDSTREAM MLPS Enterprise Value(1) Current 4.14% 5.97% 5.97% 4.65% 4.26% 5.61% 7.24% 3.62% 8.46% Yield(2): 90,731 87,130 67,292 60,705 27,881 26,796 22,714…
ETPS DIVERSIFIED PLATFORM AND STABLE CASH FLOW PROFILE IMPROVES POST MERGER Q3 2014 Adjusted EBITDA by Segment (2) Pro Forma (1) Natural Contract Other Resources Other Services Intrastate 4% Interstate 5% 3% 3% NGL Services…
OPERATING ASSETS ALIGNED WITH THE MOST PROLIFIC SHALE BASINS IN THE U.S. , , , , , Operating Assets 1,193 , 1,462 , ETP Assets 9 9 SXL Assets , '03 '14 '03 '14 , Bakken , RGP Assets , , ,…
SIGNIFICANT SCALE, SCOPE AND OVERLAP IN TEXAS, MIDCONTINENT AND THE GULF COAST Panhandle ETP Assets RGP Assets Niobrara Lone Star Pipeline ETP Storage ETP Plant Facility Lake Charles LNG RGP Plant Facility Lone Star Storage…
ACCELERATING NGL FLOWS TO LONE STAR Lone Star is Among the Best Positioned NGL Businesses in Mont Belvieu ETP Assets Opportunity to move legacy PVR and RGP Assets EROC liquids volumes to Lone Star ETP Storage ETP Plant Facility…
INTEGRATED MODEL DRIVES VALUE CREATION Lone Star West Texas Pipeline 12 (140 Mbpd) ETP Godley ETP Freedom/Liberty Regency Regency (75 Mbpd) Red Bluff Regency Keystone ETP Jal Rebel ETP Regency Justice 20 Mi Vida JV (340…
FURTHER ENHANCES ETPS BEST-IN-CLASS Interstate Pipeline INTRASTATE NATURAL Assets GAS SYSTEM Over 7,700 miles of intrastate pipelines 14 Bcf/d of throughput capacity 74 Bcf of owned storage capacity Additional volumes through…
MERGER POSITIONS ETP FOR A MAJOR PRESENCE IN THE MARCELLUS / UTICA BASINS ETPs PEPL/Trunkline and Rover pipelines, and Regencys assets are highly complementary Capitalize on ETPs unique franchise and broad capabilities with SXLs…
SUBSTANTIAL OPPORTUNITIES TO REALIZE VALUE Value Creation Overall synergies with low execution risk Corporate Systems Field / Commercial Capital G&A Operational Efficiency Highly complementary assets provide ability to…
PROVEN TRACK RECORDS OF SUCCESSFUL INTEGRATION Energy Transfer and Regency management teams have proven track records of successfully integrating acquisitions: 2011 2012 2012 2013 2014 2014 2014 Knowledge of respective assets…
KEY TAKEAWAYS ETP becomes the second largest MLP Combined footprint with over 62,270 miles of pipelines and over 60 plants with 8.7 Bcf/d of gathering and processing throughput Operations in major high-growth oil and gas shales and…
ILLUSTRATIVE MERGER TIMELINE Integration plan will result in one functional organization at closing Only major regulatory approval is HSR; no issues expected given common control of ETP and RGP by ETE 3 5 months expected timing from…
APPENDIX
PRO FORMA CAPITALIZATION ( in millions) As of September 30, 2014 As Adjusted ETP As Regency Refi Regency Pro Capitalization Reported Merger Revolver Forma Cash and Cash Equivalents 1,060 15 1,075 Revolving Credit Facilities: ETP…
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