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WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P.

Sunoco Logistics Partners L.P. · Dec 10, 2013 · 42 slides

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Slides

  1. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 1
    Sunoco Logistics Partners L.P. Wells Fargo Securities NYSE 2013 MLP, Pipeline & Energy Symposium SXL December 10, 2013
  2. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 2
    Forward-Looking Statements Statements we make that are not historical facts are forward-looking statements. These forward-looking statements are not guarantees of future performance. Although we believe the assumptions underlying these…
  3. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 3
    Sunoco Logistics Assets 3
  4. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 4
    Sunoco Logistics and Energy Transfer Assets 4
  5. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 5
    Energy Transfer Family of Companies ENERGY TRANSFER EQUITY, L.P. (NYSE: ETE) LP Interest, GP Interest, IDRs, Class H Units* LP Interest, GP Interest, IDRs ENERGY TRANSFER PARTNERS, L.P. REGENCY ENERGY PARTNERS LP (NYSE: ETP)…
  6. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 6
    Recent Highlights g 3Q 2013 Distribution: increase from 2.40/unit to 2.52/unit (annualized) 0 4th consecutive 5% quarter over quarter increase 0 22% increase over 3Q12 distribution of 2.07/unit (annualized) 0 34th consecutive increase…
  7. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 7
    Distribution History Average Annual Paid Distribution (per LP unit) LP/GP Split (%) 3.00 g Fourth consecutive 5% quarter over 2.52 50/50 quarter distribution 2.50 increase 2.11 2.00 g 34 consecutive quarterly distribution…
  8. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 8
    EBITDA by Segment (MM) 2008 2012 Crude Oil Pipeline System Crude Oil Pipeline System Crude Oil Acquisition and Marketing Crude Oil Acquisition and Marketing Terminal Facilities Terminal Facilities Refined Products Pipeline System…
  9. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 9
    Adjusted EBITDA: Ratable and Market Related Maximize asset base by 810 taking advantage of market opportunities 573 Distributions based on 372 399 ratable cash 319 Market related cash flow increases coverage ratio Note: The…
  10. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 10
    Major Organic Projects g 10 Successful Open Seasons: 03 West Texas Crude expansion projects (crude oil) 0Permian Express 1 (crude oil) 0Eaglebine Express (crude oil) 0Granite Wash Extension (crude oil) 0Allegheny Access (refined…
  11. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 11
    Scheduled Project Start-up Note: Houston Access project start-up occurred in 2Q 2012 Nederland Access waiting on Pegasus to re-start * Open Season Launched 11
  12. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 12
    Organic Capital 1,500 1,200 Investment (MM) 900 600 300 0 2008 2009 2010 2011 2012 2013P 2014P Organic Capital 12
  13. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 13
    Acquisition Capital 600 500 400 Investment (MM) 300 200 100 0 2008 2009 2010 2011 2012 2013 * Acquisition Capital *SXL does not comment on future acquisitions 13
  14. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 14
    Original 110 MB/D West Texas Expansion Crude Oil g West Texas Crude Expansion: 0 Strong demand for takeaway capacity out of the Permian Basin 0 Existing crude pipeline 0 Multiple destinations 0 3 Successful Open Seasons Houston…
  15. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 15
    Permian Express Crude Oil Additional West TX Crude Expansion: 0 Continued strong demand for takeaway capacity out of the Permian Basin 0 PE 1: Successful Open Season Wichita Falls to Nederland Existing pipeline Permian Express 1…
  16. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 16
    Eaglebine Express Crude Oil g 60MB/D of takeaway capacity from the Eaglebine Eaglebine Express Eaglebine / Woodbine Crude to Nederland and Woodbine shale at Hearne to Nederland g Existing MagTex pipeline 0 MagTex acquired in 2008…
  17. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 17
    Granite Wash Extension Crude Oil g Approximately 70MB/D of takeaway capacity from the Granite Wash Shale to Ringgold 0 Ability to ultimately connect to multiple SXL and 3rd party pipelines 0 Destinations include refiners and…
  18. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 18
    Allegheny Access Refined Products g Midwest products to Eastern Ohio Allegheny Access and Western Pennsylvania: Ohio Products to Pittsburgh 0 Strong demand to move Midwest refined products east Refinery expansions Refinery…
  19. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 19
    Mariner West and East Natural Gas Liquids Mariner West Mariner East 1 Ethane from Houston to Sarnia E/P from Houston to Marcus Hook Mariner East 2 NGLs from Shales to Marcus Hook 19
  20. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 20
    Mariner West and East Details g Comprehensive Marcellus Shale Pipeline Solution 0Strong demand for NGL takeaway capacity out of the Marcellus 0Successful Open Seasons for both Mariner West and Mariner East 1 0Open Season Launched for…
  21. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 21
    Marcus Hook Natural Gas Liquids g Acquired from Sunoco, Inc. 60MM g Continued commitment to growth in natural gas liquids g Foundation of Mariner East 1 & 2 g Located near the Marcellus and Utica shales, the site offers many…
  22. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 22
    Mariner South Natural Gas Liquids g Export NGLs from Gulf Coast: 0 Joint project between SXL and Mariner South Lone Star (ETP/RGP) NGLs from Mont Belvieu to Nederland 0 Project originates at Lone Stars fractionation facility in…
  23. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 23
    Summary g Geographically diverse asset base and strong business fundamentals g Commitment to Investment Grade credit rating g Flexible capital structure to support growth and distribution coverage g Experienced management team g…
  24. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 24
    Appendix
  25. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 25
    2008 2012 Adjusted EBITDA (Prior Definition) A-1
  26. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 26
    Adjusted EBITDA Definition Category Prior Definition New Definition Proportionate share of Unconsolidated Recorded at SXL's Recorded at SXL's Affiliates' (JV) interest, depreciation ownership share of JV's ownership share of JV's and…
  27. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 27
    2008 2012 Adjusted EBITDA (New Definition) A-3
  28. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 28
    Distributable Cash Flow (DCF) Definition Category Prior Definition New Definition Distributions versus Adjusted No Adjustment Subtract Adjusted EBITDA; EBITDA of Unconsolidated add cash dividends (1) Affiliates (JVs) received…
  29. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 29
    2008-2012 DCF (New Definition) (1) Excludes non-cash amortization of fair value adjustment on long-term debt (6 million in 2012) A-5
  30. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 30
    Joint Venture Ownership Consolidated Affiliates (JVs): Inland Mid-Valley West Texas Gulf SXL 83.8% SXL 91.0% SXL 60.3% Citgo 16.2% Chevron 9.0% Chevron 28.3% Citgo 11.4% Unconsolidated Affiliates (JVs): Explorer* West Shore…
  31. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 31
    Historical Financial Results (MM) 2008 2009 2010 2011 2012 Crude Oil Pipelines 138 147 156 207 275 Crude Oil Acquisition & Marketing 41 46 39 148 239 Terminal Facilities 81 105 127 149 225 Refined Products Pipelines 59 74 77 69 71…
  32. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 32
    SXL Non-GAAP Financial Measures (MM) Twelve Months Ended December 31, 2008 2009 2010 2011 2012 Net Income 214 250 348 322 531 Interest expense, net 31 45 73 89 79 Depreciation and amortization expense 40 48 64 86 139 Impairment…
  33. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 33
    Capitalization (MM) As of 9/30/13 Debt Senior Notes, net 2,148 fixed Unamortized fair value adjustments, net(1) 126 350 MM SXL Revolver (matures August 2016)(2) - floating (2) 200 MM SXL Revolver (matures August 2014) - floating…
  34. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 34
    Debt Maturity Schedule at 9/30/2013 (MM) 400 350 350 350 300 300 300 250 250 250 200 175 175 150 100 50 8.75% 6.13% 5.50% 4.65% 3.45% 6.85% 6.10% 4.95% 0 '13 '14 '15 '16 - '20 '21 '22 '23 - '40 '41 '42 '43 Note: Excludes…
  35. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 35
    Debt to Adjusted EBITDA 3.5x 3.0x 2.5x 2.0x 1.5x 12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 9/30/2013 Note: Adjusted EBITDA reflects last twelve months for the period ended. Total Debt at 12/31/12 and…
  36. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 36
    Debt to Adjusted EBITDA December 31, Sept 30, (MM) 2008 2009 2010 2011 2012 2013 Debt to Adjusted EBITDA Ratio Total Debt 748 868 1,229 1,698 1,732 2,309 Less: Unamortized FV adjustments, net(1) - - - - 143 126 748 868 1,229 1,698…
  37. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 37
    Crude Oil Pipeline System g 34% of total EBITDA for the year ended December 31, 2012 g Approximately 4,900 miles of crude oil trunk lines located in the Southwest and Midwest U.S. 0Approximately 500 miles of gathering lines g 60.3%…
  38. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 38
    Crude Oil Acquisition and Marketing g 29% of total EBITDA for the year ended December 31, 2012 g Crude truck fleet of approximately 275 trucks g Purchase crude oil at the wellhead from producers and in bulk from aggregators at major…
  39. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 39
    Terminal Facilities g 28% of total EBITDA for the year ended December 31, 2012 g Nederland, TX Crude Oil Terminal - One of the largest onshore crude facilities in U.S. 022 million barrel capacity currently g Eagle Point, NJ Crude Oil and…
  40. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 40
    Refined Products Pipeline System 9% of total EBITDA for the year ended December 31, 2012 Refined products pipeline system (approximately 2,500 miles), located in the Northeast, Midwest and Southwest U.S. Equity interest in four…
  41. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 41
    Acquisition History (1.4B Since IPO) November 2002 g Joint-venture interests in 3 refined product pipelines from Unocal, for 54MM 0Wolverine (31.5%), West Shore (9.2%), and Yellowstone (14.0%) November 2002 g 43.8% joint-venture…
  42. WELLS FARGO SECURITIES NYSE 2013 MLP PIPELINE & ENERGY SYMPOSIUM – Sunoco Logistics Partners L.P. – slide 42
    Acquisition History (1.4B Since IPO), Continued November 2008 g Texas refined products pipeline system and terminal facilities from ExxonMobil for 186MM September 2009 g Oklahoma crude oil pipeline from Excel Pipeline LLC and Romulus,…

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