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Scotia Howard Weil Energy Conference – Enterprise Products Partners LP

Enterprise Products Partners LP · Mar 23, 2015 · 34 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. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 1
    ENTERPRISE PRODUCTS PARTNERS L.P. SCOTIA HOWARD WEIL ENERGY CONFERENCE March 23, 2015 Mike Creel CEO ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  2. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 2
    ENTERPRISE PRODUCTS PARTNERS L.P. One of the largest integrated midstream energy companies Diversified businesses, geography and sources of cash flow History of successful execution with 24 billion of major acquisitions and 33…
  3. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 3
    EPD TODAY: NATURAL GAS, NGLS, CRUDE OIL, REFINED PRODUCTS AND PETROCHEMICALS Asset Overview Connectivity Pipelines: 51,300 miles of natural gas, NGL, crude oil, refined Connected to U.S. major shale basins products and…
  4. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 4
    SOLID OPERATING PERFORMANCE 5.3 5.3 Liquids Pipeline Volumes Equity NGL Production & Feebased Processing 5.0 140 5 126 4.8 121 116 4.8 116 Feebased Processing 120 Equity NGL Production 4.4 4.6 4.5 Million BPD 100…
  5. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 5
    STRONG FINANCIAL RESULTS Gross Operating Margin 4.5 Distributable Cash Flow (DCF) (1) 5.3 4.1 4.1 4.8 3.8 3.8 5.0 4.4 3.9 3.9 3.5 3.7 4.0 3.3 Billions Billions 3.0 3.0 2.5 2.3 2.8 2.0 2.2 1.5 1.0 0.0 0.5 2010…
  6. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 6
    DIVERSIFIED SOURCES OF CASH FLOW BACKED BY FEEBASED BUSINESS MODEL (1) 5.3 Billion Gross Operating Margin 3 Year Growth Capital Allocation 20142016E For 12 months ended December 31, 2014 10.5 Billion (predominantly feebased)…
  7. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 7
    FUNDAMENTALS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  8. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 8
    NOT ALL OIL IS CREATED EQUAL REGIONAL PRICES: CURRENT VS. 2018 WCS: 30 / 47 (net backs to oil sands are lower) Bakken: 36 / 53 NYMEX WTI: 45 / 62 WTS: 45 / 62 50% of U.S. Refining Capacity is inside this oval Eagle…
  9. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 9
    INDICATIVE ECONOMICS FOR KEY OIL PLAYS Before / After Drill and Complete Cost Improvements Average and HighGrade Wells with NGL Upgrade 100 15% Avg w/D&C 15% Average 15% HG w/D&C 15% Highgrade Avg 90 Pricing Assumes 20% BFIT…
  10. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 10
    INDICATIVE U.S. CRUDE FORECASTS Based on 36 Month Forward Markets MMBPD U.S. Crude and Condensate Sensitivities 13 13 Base Case December to Growth, MBPD December 85 12 2014 to 2015 535 12 2015 to 2016 339 2016 to 2017 172 7075…
  11. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 11
    INDICATIVE NGL PRODUCTION FORECASTS Based on 36 Month Forward Markets MBPD U.S. NGL Sensitivities 6,000 6,000 5,500 85 5,500 7075 5,000 5,000 6065 4,500 4,500 4,000 4,000 Oct14 3,500 3,500 Jan15 High Jan15 Base 3,000…
  12. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 12
    THE CHEMICALS INDUSTRY IS ALSO MAKING VERY LARGE BETS ON U.S. SHALES American Chemistry Council (ACC) is tracking 225 U.S. Chemical projects valued at 137 billion. They estimate that 60% of these new investments is from foreign…
  13. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 13
    MAJOR CAPITAL PROJECTS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  14. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 14
    SUCCESSFUL EXECUTION IN CONSTRUCTION OF CAPITAL PROJECTS Since 2009, completed 98 major capital projects totaling 15 billion of gross investment approximately 2% under budget 4% % Over / (Under) Budget 2% 2.6% 0% 1.0% 2.0%…
  15. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 15
    MAJOR NGL CAPITAL GROWTH PROJECTS ATEX and Aegis Ethane Pipelines ATEX Pipeline 1,205mile, 16 and 20 pipeline Initial capacity 125 MBPD, expandable to 265 MBPD Connected to 4 NGL fractionators 15 year shiporpay commitments 150…
  16. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 16
    POTENTIAL MARCELLUS PROPANE TAKEAWAY PROJECT Northeast has transitioned from a supply short to a seasonal supply long position Without an evacuation pipeline, propane is steeply discounted due to growing volumes evacuated by…
  17. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 17
    PDH FACILITY UPDATE Propylene production from ethylene crackers decreased by 5.4 billion pounds or 37% since 2010 due to decline in naphtha cracking New facility will have capacity to produce up to 1.65 billion pounds per year of…
  18. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 18
    SEAWAY CRUDE PIPELINE COMPANY LLC Reversal / Expansion Project Complete Formed in March 2012 by Enbridge and EPD Cushing Reversed flow on pipeline to NorthSouth with 150 MBPD capacity in May 2012 O k l a h o m a A r k a n…
  19. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 19
    EAGLE FORD JV PROJECT EXPANSION TO HANDLE PROCESSED CONDENSATE EPD and Plains JV will construct a new condensate gathering system 55 miles connecting surrounding counties to Three Rivers Terminal Marshall Expand mainline between…
  20. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 20
    EPD AND SEAWAY DISTRIBUTION Unparalleled Connectivity Moore Road From Cushing 36/24/24 EPD Houston Ship Channel 24 Galena Park Sealy 30 Baytown 24 24 45 draft XOM VLO H.R. PRSI Shell Beaumont Katy 24 Rancho Speed…
  21. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 21
    EPD HOUSTON SHIP CHANNEL TERMINAL A Recent Addition Houston Ship Channel Terminal Over 20 MMBbls storage with 3.1 MMBbls under construction Room to grow by more than 5 MMBbls on 58 acre Port of Houston lease Ship dock 1A and…
  22. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 22
    U.S. BECOMES LARGEST EXPORTER OF PROPANE Propane Exports by Destination in 2014 2014 Propane Exports (from EPD Facility) by Destination Region: 83 MMBbls % of Cargoes Loaded % of Destination Market North America 24% 44% South…
  23. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 23
    LPG LOADINGS Historical and Committed Loadings vs. Capacity 1,800 Cargos Scheduled from 20152024 16 14 12 10 MMBbls 8 6 Existing Capacity: 7.5 MMBbls/mo 4 Expansion 1Q 2015: +1.5 MMBbls/mo Expansion 4Q 2015: +7.0…
  24. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 24
    ETHANE EXPORT FACILITY: MORGANS POINT ON HOUSTON SHIP CHANNEL New ethane export facility with a combined operating rate of 200 MBPD across two docks 160 MBPD or 80% committed under longterm contracts All major materials ordered; on…
  25. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 25
    HISTORY OF FINANCIAL DISCIPLINE WHILE EXECUTING GROWTH STRATEGY Retained 1.4 billion of DCF in Total Growth Capex & Debt Leverage 2014 to reinvest in the partnership 8.0 7.8 4.6x 4.6 4.7x Issued 2.75 billion Senior Notes in 7.0…
  26. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 26
    STRENGTHENING DEBT PORTFOLIO Extending Maturities Without Increasing Costs 15.9 Billion Notes Issued 95.9% Fixed Rate Debt 15 2009 2014 14.1 7.5% 13 13.3 7.3% Average Maturity Years 12.3% 12.4 Cost of Debt 6.5% 11…
  27. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 27
    EPD TOTAL RETURN Compared to 9 Other Asset Classes 15-Year 10-Year 5-Year 3-Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 1 1 1 1 CAGR CAGR CAGR CAGR REIT Commodities IG Bonds MLP Index EPD EPD EPD EPD REIT Small Cap Equity…
  28. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 28
    APPENDIX ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  29. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 29
    VISIBILITY TO GROWTH: MAJOR CAPITAL PROJECTS 4.1B InService 2014; 6.5B Under Construction In Service Date 2014 1Q2015 2Q2015 3Q2015 4Q2015 2016/2017 NGL Pipeline & Services Mid-America NGL pipeline expansion Rocky Mountain segment…
  30. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 30
    NONGAAP RECONCILIATIONS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  31. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 31
    GROSS OPERATING MARGIN We evaluate segment performance based on the nonGAAP financial measure of gross operating margin. Gross operating margin (either in total or by individual segment) is an important performance measure of the core…
  32. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 32
    ADJUSTED EBITDA Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our financial statements, such as investors, commercial banks, research analysts and ratings agencies to…
  33. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 33
    DISTRIBUTABLE CASH FLOW Distributable cash flow is an important nonGAAP financial measure for our limited partners since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial…
  34. Scotia Howard Weil Energy Conference – Enterprise Products Partners LP – slide 34
    CONTACT INFORMATION Randy Burkhalter Vice President, Investor Relations (713) 3816812 rburkhaltereprod.com Jackie Richert Manager, Investor Relations (713) 3813920 jmricherteprod.com ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS…

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