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Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P.

Markwest Energy Partners, L.P. · Aug 20, 2014 · 27 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 MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 1
    2014 CITI MLP/MIDSTREAM INFRASTRUCTURE CONFERENCE August 20, 2014
  2. Citi MLPMidstream Infrastructure Conference – 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 AAP Fi 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 o…
  3. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 3
    K E Y I N V E S T M E N T C O N S I D E R AT I O N S HIGH-QUALITY SUBSTANIAL PROVEN STRONG DIVERSIFIED GROWTH CUSTOMER FINANCIAL ASSETS OPPORTUNITES SATISFACTION PROFILE Leading presence 2014 growth capital Received the 1 rating…
  4. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 4
    W H E R E W E O P E R AT E Utica In the Utica segment, we have a leading position with 725 MMcf/d of processing capacity and 64,000 Bbl/d C2+ fractionation capacity. Growing to over 1.3 Bcf/d of processing capacity and 109,000…
  5. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 5
    G R O W T H D R I V E N B Y C U S T O M E R S AT I S FA C T I O N MarkWest has received the 1 rating in four of the last five EnergyPoint Research surveys 6
  6. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 6
    M A R C E L L U S & U T I C A : D R I V I N G U . S . G A S S U P P LY Wellhead gas production (before flaring and NGL extraction) Rest of U.S. Marcellus & Utica 65 20 Marcellus & Utica Billion cubic feet per day (Bcf/d) Rest…
  7. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 7
    M A R C E L L U S & U T I C A : Q U I C K FA C T S Current Processing Capacity 3.3 Bcf/d Growing to 5.8 Bcf/d Current Fractionation Capacity 266 MBls/d 15 Premier producers and full access to NGL & Growing to Residue Gas…
  8. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 8
    MARCELLUS SEGMENT We are the largest processor and fractionator in the Marcellus Processing Shale and provide fully-integrated natural gas midstream services 2.5Bcf/d Fractionation 202,000Bbl/d Gathering 615MMcf/d Under Construction…
  9. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 9
    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…
  10. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 10
    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…
  11. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 11
    UTICA SEGMENT In the Utica segment, we are partnered with The Energy & Minerals Group Processing and Summit Midstream, and have a leading position in developing fully- integrated gathering, processing, fractionation, and NGL marketing…
  12. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 12
    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,…
  13. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 13
    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 Gulfport to purchase a 40% ownership in Ohio Gathering and Condensate Stabilization Facility…
  14. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 14
    T O TA L M A R C E L L U S & U T I C A P R O C E S S I N G C A PA C I T Y Current & Announced MarkWests Processing Capacity Processing Capacity 3,280 Current MMcf/d 65% 4,080 2014 35% 80% MMcf/d MarkWest Others 2015+…
  15. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 15
    UTICA DRY GAS POTENTIAL Potentially one of the most KEYSTONE Butler economically viable dry gas plays in OHIO the U.S. HOPEDALE EURs ranging from 10 Bcfe to in UTICA CONDENSATE HILLMAN excess of 15 Bcfe CADIZ Ultimate volumes…
  16. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 16
    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 Butler processing capacity of over 3.2 Bcf/d. UTICA CONDENSATE OHIO HILLMAN Growing to…
  17. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 17
    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…
  18. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 18
    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…
  19. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 19
    2014 DCF & ADJUSTED EBITDA FORECAST 2014 DCF Forecast of 630 to 670 million and Adjusted EBITDA of 810 to 870 million 1,000 900 34% Growth in DCF & 39% Growth in Adjusted DCF & Adjusted EBITDA ( in millions) 800 810 -…
  20. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 20
    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%…
  21. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 21
    DISTRIBUTION GROWTH SINCE IPO Over 11% CAGR in distributions since IPO 252% 1.00 2016 10% Average Increase Increase in 2015 7% Average Increase 0.80 distributions since IPO Distribution in 0.60 0.40…
  22. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 22
    M A R K W E S T I N V E S T M E N T C O N S I D E R AT I O N S : W H AT T O E X P E C T Maintain strong customer base in key resource plays with high-quality assets and exceptional service Continue to execute on growth projects that…
  23. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 23
    APPENDIX
  24. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 24
    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…
  25. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 25
    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…
  26. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 26
    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…
  27. Citi MLPMidstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 27
    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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