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Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services

Texstar Midstream Services · Aug 1, 2014 · 20 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. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 1
    Citi One-on-One MLP Midstream Infrastructure Conference August 2014 1
  2. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 2
    Transformational Transaction On August 4, 2014 Southcross Energy LLC and TexStar Midstream Services, LP (TexStar), a South Texas based gathering and processing company, combined to form Southcross Holdings LP (Holdings) EIG Global…
  3. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 3
    Transformational Transaction Rationale Leveraging our strengths to drive unitholder value Increased Scale Four processing plants, two fractionation facilities, approximately 3,000 miles of pipelines Access to Holdings extensive…
  4. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 4
    Corporate Structure Financial sponsor ownership through various holding companies Southcross Holdings LP (Holdings) Southcross Energy 57% LP Interest Partners GP, LLC Legacy TexStar Assets Southcross Energy Partners,…
  5. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 5
    History of Progress 2009 2010 2011 2012 2013 2014 Acquired core Expanded Won anchor Completed Completed Initiated Webb assets Gregory contracts for Woodsboro expansion of Pipeline processing Eagle Ford processing plant Bonnie…
  6. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 6
    Investment Highlights Integrated Midstream Value Chain in South Texas Direct Access to Strategically Attractive Lower Located Gulf Coast Assets NGL and Gas Markets Southcross is a traditional MLP with an integrated…
  7. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 7
    Strategic Location in Prolific, Liquids Rich Eagle Ford Shale Expected 2014 Eagle Ford Upstream Capex Rapid Eagle Ford Production Growth Exceeds All Other United States Plays MBoe/d ( in billions) 4,000 26.9 3,500 3,000 The…
  8. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 8
    Integrated Midstream Value Chain Transportation Natural Gas Lines/ Storage End Users Wellhead Gathering Gas Processing and Mixed NGL Fractionation NGL Products NGL Terminals NGL NGL Retailers/ and Treating Plants Pipelines…
  9. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 9
    Attractive Dry Gas End-Use Markets Competitive Advantages of Dry Gas System Diverse market outlets are an advantage in attracting producer contracts Local markets provide incremental downstream margins Direct connections to…
  10. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 10
    Direct Access to Attractive NGL Markets Competitive Advantages of NGL System Advantaged footprint in expanding Gulf Coast petrochemical infrastructure and NGL markets End-use NGL markets provides attractive pricing and market…
  11. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 11
    Lower Gulf Coast Projects Present Opportunities Petrochemical Projects Lyondell to add 800 million lbs/year of ethylene capacity at Corpus Christi plant by late 2015 OxyChem and MexiChem to build 1.2 billion lbs/year ethylene cracker…
  12. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 12
    Summary of TexStar Acquisition Accretive acquisition of strategic rich gas system assets Acquisition of Eagle Ford midstream assets for approximately 450 million, consisting of 180 million in cash and 14.6 million payment-in-kind…
  13. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 13
    Premier Eagle Ford Footprint Processing Plants (MMcf/d) Capacity Lone Star 300 Woodsboro 200 Gregory 135 Conroe 50 Total 685 Fractionation (MBbls/d) Capacity Bonnie View 22.5 Gregory 4.8 Total 27.3 Processing Plant…
  14. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 14
    Southcross Holdings Potential Drop-Down Assets NGL System 63,000 Bbls/d NGL Robstown Fractionator 56 mile Y-grade pipeline from the Lone Star Plant Lancaster System to the Robstown Fractionator 49 mile Y-grade pipeline from the…
  15. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 15
    Southcross Path to Growth Second Quarter Actual Fourth Quarter Guidance Future Growth 10mm ADJUSTED EBITDA 22-28mm ADJUSTED EBITDA 685 MMcf/d processing capacity Rich gas system acquisition Fill remaining plant capacity…
  16. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 16
    Opportunity for Southcross Unit Price Improvement Peer Valuation Analysis Source: Barclays Capital, August 11, 2014 Note: Gray shading denotes peers with significant assets at GP level Citi One-On-One MLP Conference 17
  17. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 17
    Southcross Investment Summary Strategically located assets Integrated midstream value chain in South Texas Direct access to attractive Lower Gulf Coast NGL and gas markets Recent synergistic acquisition expected to drive…
  18. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 18
    Southcross Fact Sheet NYSE Ticker SXE Total Units 50.6 million units(1) Unit Price 23.48(2) Market Capitalization 1.2 billion(2) Debt at June 30, 2014 227 million(3) Quarterly Distribution 0.40 per unit (1.60 per unit on…
  19. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 19
    Cautionary Statements Non-GAAP Measures We believe that Adjusted EBITDA and distributable cash flow are widely accepted financial indicators of our operational performance and our ability to incur and service debt, fund capital…
  20. Citi One on One MLP Midstream Infrastructure Conference – Texstar Midstream Services – slide 20
    Reconciliation to Adjusted EBITDA (Dollars in Thousands) Three Months Ended, 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 Reconciliation of net loss to Adjusted EBITDA: Net (loss) income (6,192) (4,069) 674 (1,289) (2,961)…

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