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NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P.

Markwest Energy Partners, L.P. · Nov 10, 2014 · 36 slides

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Slides

  1. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 1
    IN V E S TOR P R E S E N TAT ION November 2014
  2. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 2
    NON-GAAP MEASURES Distributable Cash Flow (DCF), Adjusted EBITDA are non-GAAP Financial Measures, and should not be considered separately from or as a substitute for net income, income from operations, or cash flow as reflected in our…
  3. NOVEMBER 2014 INVESTOR PRESENTATION – 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 in 2015 growth capital Received the 1…
  4. NOVEMBER 2014 INVESTOR PRESENTATION – 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 925 MMcf/d of processing capacity and 100 MBbl/d of shared C2+ fractionation capacity. Growing to over 1.5 Bcf/d of processing capacity and 220…
  5. NOVEMBER 2014 INVESTOR PRESENTATION – 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 for total customer satisfaction in every EnergyPoint Research survey since its inception in 2006 6
  6. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 6
    S H A L E P L AY S A R E D R I V I N G N AT U R A L G A S S U P P LY EIA data concludes that total U.S. Dry Natural Gas Production U.S. natural gas supply will (trillion cubic feet per year) increase by approximately 55% 40 2014…
  7. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 7
    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 By YE 2014, Marcellus & Utica will account for over 20% of total U.S. Gas Supply 63 19 Marcellus & Utica Billion cubic feet per day (Bcf/d) Rest of U.S.…
  8. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 8
    SOUTHWEST SEGMENT Processing In the Southwest segment, we provide best-in-class midstream 1.0Bcf/d services including gathering and processing in many resource plays throughout Oklahoma and Texas. In addition, we process and…
  9. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 9
    SOUTHWEST SEGMENT OVERVIEW Processed Volumes (MMcf/d) 1,200 Average utilization of 85% during the 20% third quarter 2014 1,000 Forecasted Processed volumes increased 6% from Avg. Increase last quarter and 26% compared to the from…
  10. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 10
    MARCELLUS SEGMENT We are the largest processor and fractionator in the Processing Marcellus Shale and provide fully-integrated natural gas 2.9Bcf/d midstream services Fractionation * 226,000Bbl/d Gathering 615MMcf/d * 60,000…
  11. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 11
    MARCELLUS SEGMENT OVERVIEW MarkWest continues to achieve record volumes Processed Volumes (MMcf/d) and operating income at five major complexes 3,500 Processed volumes increased 22% when compared to last quarter and 95% from the…
  12. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 12
    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 24 facilities completed: 16 facilities under construction KEYSTONE COMPLEX HOPEDALE FRACTIONATION COMPLEX Butler Sarsen I 40 MMcf/d Operational (MarkWest & MarkWest Utica EMG…
  13. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 13
    UTICA SEGMENT Processing In the Utica segment, we are partnered with The Energy & Minerals Group and Summit Midstream, and have a leading position in 925MMcf/d developing fully-integrated gathering, processing, fractionation, and NGL…
  14. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 14
    UTICA SEGMENT OVERVIEW MarkWest Utica EMG continues to develop its Processed Volumes (MMcf/d) leading fully integrated midstream system in 1,000 eastern Ohio Operating income reached a record 11.7 900 110% million for the third…
  15. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 15
    M A R K W E S T U T I C A O P E R AT I O N S 7 facilities completed: 6 facilities under construction HOPEDALE FRACTIONATION COMPLEX MWE Gathering System (MarkWest & MarkWest Utica EMG shared MWE Utica Complex fractionation…
  16. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 16
    M A R C E L L U S & U T I C A F R A C T I O N AT I O N O V E R V I E W Fractionated Volumes (Bbl/d) 300,000 Total C2+ fractionated volumes for the third C3+ C2 quarter 2014 were a record 177 MBbl/d 250,000 55% Utilization of…
  17. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 17
    U T I C A C O N D E N S AT E E X PA N S I O N MarkWest Utica EMG and Summit OHIO GATHERING & OHIO CONDENSATE MarkWest Utica EMGs Joint Venture with Summit Midstream, LLC Midstream are constructing a large- Stabilization Facility…
  18. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 18
    C O N D E N S AT E S O L U T I O N S I N T H E U T I C A S H A L E OHIO GATHERING & OHIO CONDENSATE MarkWest Utica EMGs Joint Venture with Condensate will be delivered by truck and stabilized at Summit Midstream, LLC Stabilization…
  19. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 19
    UTICA DRY GAS POTENTIAL KEYSTONE Potentially one of the most Butler economically viable dry gas OHIO HOPEDALE plays in the U.S. UTICA CONDENSATE FOX EURs ranging from 10 Bcfe to in excess of 15 Bcfe CADIZ Harrison HOUSTON…
  20. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 20
    27 MAJOR PLANT PROJECTS COMPLETED IN THE L A S T T W O Y E A R S - 1 7 P L A N T S TA R T- U P S I N 2 0 1 4 Mobley I & II Sherwood I & II Langley III Carthage East Majorsville III & V Houston De-ethanizer Majorsville…
  21. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 21
    G A S T O M A R K E T: R E S I D U E TA K E A W AY & M A R K W E S T MarkWests Marcellus and Utica KEYSTONE processing complexes will produce Butler more than 3.5 Bcf/d of residue gas OHIO MarkWest has the ability to bring UTICA…
  22. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 22
    M A R C E L Lake LU Erie 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 MWE Marcellus Complex MWE Utica Complex MWE Gathering System KEYSTONE Rich-Gas Area OHIO ATEX Express Pipeline TEPPCO Product Pipeline…
  23. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 23
    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 6.0 For 2015, total 5.0 processed volumes are forecasted to exceed 5 Bcf/d Processed Volumes (Bcf/d) 4.0 3.0 2.0 1.0 0.0 2011…
  24. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 24
    FINANCIAL SUMMARY MarkWest has over 1.0 billion of liquidity MarkWest preserves a strong balance sheet to fund growth As of today, we have over 1.0 billion of liquidity to support our capital investment program As of September 30,…
  25. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 25
    DCF & ADJUSTED EBITDA FORECAST 2015 DCF Forecast of 800 to 880MM & Adjusted EBITDA of 1.0 to 1.1B 1,200 1,000 22% Growth in DCF 1,000 - 1,100 DCF & Adjusted EBITDA ( in millions) & Adjusted EBITDA from 800 mid-point…
  26. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 26
    CAPITAL INVESTMENT FORECAST 2015 Capital Investment Forecast of Growth Capital Investments and PP&E 1.8 to 2.3 billion Growth Capex (Net) Growth Capex as % of Gross PP&E Marcellus 2,500 35% 72% 30% 2,000 25% 1,500 20%…
  27. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 27
    INCREASING FEE-BASED INCOME 2015 fee-based net operating margin is forecasted to be approximately 80% 90% 80% 80% 70% 73% Increase of Net Operating Margin (%) 60% over 3x 61% 50% since 2008 40% 53%…
  28. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 28
    2 0 1 5 D I S T R I B U TA B L E C A S H F L O W : S E N S I T I V I T Y TA B L E MarkWest is more sensitive to changes in volumes than changes in commodity prices MarkWest estimates the effect on 2015 DCF resulting from changes in…
  29. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 29
    DISTRIBUTION GROWTH SINCE IPO Over 11% CAGR in distributions since IPO 256% 1.00 2016 10% Average Increase Increase in 0.80 2015 7% Average Increase distributions since IPO Distribution in 0.60 0.40…
  30. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 30
    M A R K W E S T 5 - Y E A R T O TA L R E T U R N MarkWest Provides Superior Total Return 400 MWE Alerian S&P 500 288% 300 Cumulative Total Return (%) 200 166% 100 117% 0 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14…
  31. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 31
    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…
  32. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 32
    APPENDIX
  33. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 33
    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 Nine Months Ended Year Ended ( in millions) 9/30/2014 12/31/2013 Net Income 115.0 40.4 Depreciation, amortization and other non-cash operating expenses…
  34. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 34
    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) 9/30/2014 12/31/2013 12/31/2012 Net income 111.1 40.4 217.0 Non-cash compensation expense 9.8 7.8 8.2 Unrealized (gain) loss…
  35. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 35
    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 Nine Months Ended Year Ended ( in millions) 9/30/2014 12/31/2013 Income from operations 267.1 245.9 Facility expenses 250.8 291.1 Derivative (loss) gain (7.6)…
  36. NOVEMBER 2014 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 36
    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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