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MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp

Regency Energy Partners Lp · Mar 7, 2012 · 21 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. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 1
    GOING BEYOND Regency Energy Partners LP Morgan Stanley MLP & Diversified Natural Gas Corporate Access Event March 7, 2012 www.regencyenergy.com
  2. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 2
    Diverse Portfolio Regencys portfolio is a diversified platform offering complete midstream services to producers Gathering & Processing ThirdParty Contract Services Gas Gathering Contract Compression Gas Processing Gas…
  3. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 3
    Strategically Located Assets Well positioned in key shale plays that are expected to require significant infrastructure development in the foreseeable future 1 Asset Summary Growth Opportunities Gathering Pipeline 5,283 miles…
  4. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 4
    Proven Business Model Strategically pursuing organic growth projects and acquisitions that generate solid results Acquisition Capital Organic Growth Capital 1,000 934 1,000 869 900 900 800 800 745 700 700 593 in…
  5. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 5
    Gathering & Processing Expansion Plans Potential to develop assets in emerging shale plays located near existing assets that are just beginning to require gathering and processing infrastructure Eagle Ford Expansion Project Key…
  6. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 6
    Lone Star Expansion Plans Key Lone Star expansion projects will facilitate growth for all of Regencys business segments Mont Belvieu Fractionator 1 Key Highlights Capacity (Bbl/d) 100,000 Additional Ygrade liquids storage…
  7. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 7
    Compression Growth Opportunities External horsepower has increased by 35% since January 2008 Marcellus/Utica Shales Fayetteville Shale Barnett Shale Contract Compression Opportunities Increasing demand for compression in…
  8. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 8
    Treating Growth Opportunities Marcellus/Utica Shales Permian/Avalon/ Bone Spring Contract Treating Opportunities Increasing demand in Eagle Ford Shale for treaters capable of handling sour gas with Eagle Ford Shale high…
  9. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 9
    Diverse Portfolio The addition of the Lone Star Joint Venture in 2011 provided further margin diversification 2009 Adjusted Segment Margin 2010 Adjusted Segment Margin 2011 Adjusted Segment Margin 2012E Adjusted Segment Margin 2%…
  10. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 10
    Diverse Portfolio Our target is for feebased margin to comprise over 80% of our adjusted segment margin 2010 Adjusted Segment Margin 2011 Adjusted Segment Margin 2012E Pro Forma Adjusted Segment Margin 3% 6% 8% 11% 11%…
  11. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 11
    Commodity Price Risk Management DCF Sensitivity to Commodity Price Changes 2012 Change in WTI Price (/Bbl) Change in Natural Gas Price Decrease 10.00 Flat Increase 10.00 (/MMbtu) Decrease 1.00 (7.6)M (3.2)M 1.3M Flat…
  12. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 12
    Concluding Thoughts Well positioned to deliver continued distribution growth and achieve investment grade ratings Supportive General Energy Transfer Equity is a strong supporter of Regencys objectives Partner Diverse Portfolio…
  13. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 13
    Appendix
  14. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 14
    2011 Performance Comparing the fourth quarter of 2011 to the fourth quarter of 2010, adjusted EBITDA increased approximately 13% Comparing fullyear 2011 to fullyear 2010, adjusted EBITDA increased approximately 29% Adjusted…
  15. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 15
    Commodity Price Risk Management We utilize a comprehensive hedging program to mitigate exposure NGL Equity Production vs. Hedged 5,000 4,000 Bbl/d 3,000 2,000 121% 77% 62% 1,000 58% 56% 12% - Q4 2011 Q1 2012 Q2 2012 Q3…
  16. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 16
    Commodity Price Risk Management Executed Hedges by Product 2011 2012 2013 2014 Price Price Price Price Bbls/d Bbls/d Bbls/d Bbls/d (/gal) (/gal) (/gal) (/gal) Puts Ethane 302 0.67 Swaps Ethane 1,639 0.50 762 0.47…
  17. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 17
    NonGAAP Reconciliation Three Months Ended December 31, 2011 September 30, 2011 June 30, 2011 March 31, 2011 ( in thousands) Net income (loss) 13,628 30,849 14,837 14,305 Add: Interest expense, net 28,926 28,852 24,689 20,007…
  18. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 18
    NonGAAP Reconciliation Three Months Ended December 31, 2010 September 30, 2010 June 30, 2010 March 31, 2010 ( in thousands) Net (loss) income (8,923) 7,846 (9,391) (450) Add: Interest expense, net 19,791 20,393 22,223 20,564…
  19. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 19
    NonGAAP Reconciliation Year Ended December 31, 2011 2010 2009 ( in thousands) Net income (loss) 73,619 (10,918) 140,489 Add (Deduct): Operation and maintenance 147,643 125,650 117,080 General and administrative 67,408 80,951…
  20. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 20
    NonGAAP Reconciliation The following provides a reconciliation of Non-GAAP to GAAP measures for 100% of the Haynesville Joint Venture Year Ended December 31, 2011 2010 2009 ( in thousands) Net income - Haynesville Joint Venture…
  21. MORGAN STANLEY CORPORATE ACCESS EVENT – Regency Energy Partners Lp – slide 21
    NonGAAP Reconciliation The following provides a reconciliation of Non-GAAP to GAAP measures for 100% of the Lone Star Joint Venture From May 2, 2011 (Initial Acquisition date) through December 31, 2011 ( in thousands) Net…

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