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2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P.

Inergy Midstream, L.P. · May 25, 2011 · 32 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. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 1
    2011 MLP Investor Conference May 25-26, 2011
  2. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 2
    Management Representatives John Sherman(a) President and Chief Executive Officer Brooks Sherman(a) Executive Vice President and Chief Financial Officer __________________ (a) No relation. 3
  3. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 3
    Investment Highlights Diversified Operating Model Among the Largest Independent Natural Gas Storage Providers in the Income U.S. A Leading National Propane Franchise Strong Financial Performance Track Record Midstream Energy Storage…
  4. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 4
    Inergy Snapshot Inergy, L.P. is a geographically diverse retail propane and midstream energy business 6.4 billion partnership enterprise value with 357 million TTM Adj. EBITDA(a) Propane Midstream 4th largest retail propane…
  5. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 5
    Recent Events: Continued Execution of Strategy Inergy refinanced its balance sheet in February 2011 resulting in meaningful cash interest expense savings and extending its long term debt maturity profile Tres Palacios Natural Gas…
  6. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 6
    Inergy Strategy Deliver Operational Excellence Significant Service Provider in Core Midstream Markets Midstream operations primarily fee-based; long-term contract-driven cash flow Dual energy storage hubs in the Northeast and Texas…
  7. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 7
    Distinguished Distribution Performance Simplification transaction and expansion projects position company for long-term growth 2.79 2.82 2.60 2.44 2.28 2.14 1.91 1.60 1.45 1.18 Fiscal 2002 Fiscal 2003 Fiscal 2004…
  8. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 8
    Midstream Operations 9
  9. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 9
    Midstream Business Stable, fee-based cash flow profile with little commodity price exposure Stable Fee-Based Natural gas storage assets predominantly contracted with firm storage agreements Cash Flows Growing business representing an…
  10. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 10
    Integrated Storage and Transportation Platform Two premier gas storage platforms located between major shale plays and premium demand markets Planned expansion to 100 Bcf of fee-based, highly Marc I and North-South projects in…
  11. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 11
    Northeast Natural Gas Storage Hub Potential for 52 Bcf(a) natural gas storage capacity within 200 miles of New York City Northeast Storage & Transportation Hub uniquely positioned with access to multiple gas supply sources and…
  12. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 12
    Tres Palacios Overview Located 100 miles southwest of Houston in Matagorda County, TX 38.4 Bcf of working gas capacity with planned expansion to 47.9 Bcf Situated near the Eagle Ford Shale which is currently producing gas volumes of…
  13. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 13
    Leading Independent Storage Provider Abundant pipeline interconnections available close to storage assets Northeast - Millennium, Tennessee Gas Pipeline, National Fuel, Empire, Transco, Dominion Tres Palacios 10 interstate and…
  14. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 14
    Premier Storage Footprint Inergys gas storage infrastructure is connected to major U.S. natural gas pipelines and offer unparalleled deliverability and flexibility helping customers meet supply - demand imbalances in the U.S. natural…
  15. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 15
    Propane Operations 16
  16. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 16
    Propane Value Chain Propane represents about 4% of household energy consumption in the US.(a) Inergy Fundamental Fundamental Demand Supply Propane is a basic necessity to many consumers Propane is clean burning and…
  17. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 17
    Propane Operations A leading national retail business Quality geographic footprint profitable markets 4th largest national retailer based on retail gallons sold Consistent financial performance Residential customer focus 70% 90%…
  18. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 18
    Superior Operating Performance EBITDA/Retail Propane Gallon (a) Business model and intense focus on 0.80 retail margin lends itself to better pricing and operational decision-making = Key 0.60 Profit Driver 0.40 0.20 Acquisition…
  19. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 19
    Propane Industry Fragmentation Domestic Retail Market for LPG is Approximately 9.6 Billion Gallons (a) Blossman Gas Inc. United Propane Gas 0.8% 0.8% MFA Oil Co. (c) 0.9% Cenex (c) 2.4% Independent Retailers Growmark (c) 60.7%…
  20. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 20
    NGL Supply, Transportation & Logistics Coast to coast NGL capabilities Aggregates 700 million gallons of LPG demand Supplies retail propane operations reducing cost, enhancing supply security and protecting margins Delivers 400…
  21. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 21
    Positioned for Growth Inergys diversified business strategically well-positioned A leading national propane franchise with ability to continue executing on growth opportunities Midstream operations anchored by two gas storage…
  22. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 22
    Financial Overview 23
  23. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 23
    Demonstrated Financial Discipline Balanced funding objectives Proven access to debt and equity capital markets Raised 2.0 billion of debt and equity capital in the last twelve months to fund growth and refinance existing debt…
  24. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 24
    Financial Performance (a)(b) Total Gross Profit Adjusted EBITDA 700.0 620 653 400.0 356 600.0 574 350.0 324 Total Gross Profit ( m illions) 502 296 300.0 EBITDA ( millions) 500.0 238 250.0 400.0 200.0 300.0 150.0…
  25. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 25
    Capitalization Recent balance sheet refinancing has extended maturity profile and resulted in significant cash interest savings ( in millions) As of March 31, 2011 Cash & cash equivalents.. 18.8 Revolving working capital credit…
  26. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 26
    Successfully Executing Diversified Business Model Financial Performance Track Record, Mix of Business, and Disciplined Balance Sheet Management = Attractive Investment EBITDA MIX BY SEGMENT 100% 90% 80% 70% 60% 50% 40% 30%…
  27. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 27
    Investment Highlights Diversified Operating Model Among the Largest Independent Natural Gas Storage Providers in the Income U.S. A Leading National Propane Franchise Strong Financial Performance Track Record Midstream Energy Storage…
  28. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 28
    Appendix 29
  29. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 29
    Storage & Transportation Expansion Opportunities Finger Lakes LPG Storage (Watkins Glen) Developing up to 5 million barrels of additional LPG storage Readily connected to Teppco pipeline, rail and truck terminal access Long-term…
  30. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 30
    Historical Financial Overview & Non-GAAP Reconciliations(a) Six Months Ended March 31, 2008 2009 2010 2010 2011 TTM (in MMs) (audited) (audited) (audited) (unaudited) (unaudited) (unaudited) Retail propane gallons 331.9 310.0 340.2…
  31. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 31
    Historical Financial Overview & Non-GAAP Reconciliations, (cont.) (a) Six Months Ended March 31, 2008 2009 2010 2010 2011 TTM (in MMs) (audited) (audited) (audited) (unaudited) (unaudited) (unaudited) EBITDA Reconciliation: Net…
  32. 2011 MLP INVESTOR CONFERENCE – Inergy Midstream, L.P. – slide 32
    Committed to Generating Industry-Leading Returns to Our Investors 33

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