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NAPTP MLP Investor Conference – Markwest Energy Partners, L.P.

Markwest Energy Partners, L.P. · May 21, 2015 · 28 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. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 1
    NAPTP 2015 MLP INVESTOR CONFERENCE May 21, 2015
  2. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 2
    MARKWEST ENERGY: EXPANDING ON SUCCESS Leading midstream provider with nearly 6.0 Bcf/d of HIGH-QUALITY processing capacity, 379 MBbl/d of fractionation DIVERSIFIED capacity and nearly 4,700 miles of pipeline ASSETS We are the second…
  3. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 3
    U.S. NATURAL GAS SUPPLY & DEMAND U.S. Dry Natural Gas Production Total U.S. natural gas supply is forecasted (billion cubic feet per day) to grow by over 26 Bcf/d from 2015 to 120 2015 2040 Shale gas is forecasted to account for…
  4. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 4
    MARCELLUS & UTICA: DRIVING U.S. GAS SUPPLY The Marcellus & Utica account for over 20% of total U.S. Gas Supply 65 21 64 Marcellus & Utica Marcellus & Utica Billion cubic feet per day (Bcf/d) 19 Rest of U.S. Billion cubic feet…
  5. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 5
    IRR BY RESOURCE PLAY MarkWest is focused in high IRR resource plays 30% 25% 75% 2015 Operating Income Forecasted from Marcellus & Utica 20% 15% 10% 5% 0% Year: 2015 2016 2017 2018 2019 2020 2021 2022+ Areas…
  6. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 6
    GROWTH DRIVEN BY CUSTOMER SATISFACTION MarkWest has received the 1 rating for total customer satisfaction in every EnergyPoint Research survey since its inception in 2006 7
  7. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 7
    MARCELLUS SEGMENT 1.0 We are the largest processor and fractionator in the Marcellus Shale and provide fully integrated natural Bcf/d gas midstream services Gathering capacity 3.1 Processing capacity Bcf/d 286 C2+…
  8. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 8
    MARCELLUS SEGMENT OVERVIEW Processed Volumes (MMcf/d) Processed volumes increased 73% compared from the first quarter 2014 and 3,500 11% compared to the fourth quarter 2014 3,000 50% Average utilization of Marcellus 2Q15 through…
  9. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 9
    UTICA SEGMENT 700 In the Utica segment, we have a leading position in developing fully integrated natural gas midstream MMcf/d services Gathering capacity 925 Processing capacity MMcf/d 160 C2+ Fractionation MBbl/d…
  10. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 10
    UTICA SEGMENT OVERVIEW Processed Volumes (MMcf/d) MarkWest Utica EMG supports producers development of the Utica Shale, with the 900 largest fully integrated midstream system in Ohio 800 95% Processed volumes increased 201% from…
  11. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 11
    MARCELLUS & UTICA: 34 PROJECTS COMPLETE 18 Major projects under construction, 10 to be completed in 2015 HOPEDALE FRACTIONATION COMPLEX (MarkWest & MarkWest Utica EMG shared KEYSTONE COMPLEX fractionation capacity) Bluestone I II &…
  12. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 12
    SIGNIFICANT AREA DEDICATIONS & VOLUME COMMITMENTS IN THE NORTHEAST Nearly 8 million acres dedicated to MarkWest in the Utica & Marcellus PENNSYLVANIA OHIO Utica Marcellus Area Dedications: 3.7 Area Dedications: 4 million acres…
  13. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 13
    PROCESSED VOLUME GROWTH We are now the second largest gas processor in the U.S. 1.3 Bcf/d 2.3 Bcf/d 5.3 Bcf/d Increase of 4 Bcf/d in 4 years 14
  14. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 14
    NORTHEAST GAS PRODUCTION FORECAST 35 30 30% 25 Northeast Rich Gas Billion cubic feet per day (Bcf/d) 20 15 70% 10 Northeast Dry Gas 5 - 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024…
  15. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 15
    ANNOUNCED GAS TAKEAWAY PROJECTS Approximately 20 Billion in Capital Investments and 29 Bcf/d of Natural Gas Pipeline Projects on the Horizon Pipeline Bcf/d 4 Projects 4.2 Pipeline Bcf/d 31 Projects 8.8 2.9bn 7.3bn investment in…
  16. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 16
    NORTHEAST NGL PRODUCTION Northeast NGL production is forecasted to reach nearly 1.2 million barrels per day over the next 10 years 1,400 1,200 Northeast NGL Production (MBld/d) 1,000 800 600 The Marcellus & Utica…
  17. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 17
    INFRASTRUCTURE TO SUPPORT GROWING SUPPLY Mariner West SARNIA MI Mariner East PA The Northeast is poised for midstream infrastructure OH TEPPCO MARCUS growth, with HOOK investments totaling more than 80 billion throughout the…
  18. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 18
    PROPOSED DOWNSTREAM NGL PROJECTS Kinder Morgan Proposed regional cracker Utopia East Marathon projects to support ethane Cornerstone demand MI Pipeline Proposed UMTP project, Shell Ethane Utopia East Pipeline, PDH Cracker facility…
  19. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 19
    UTICA CONDENSATE EXPANSION OHIO GATHERING & OHIO CONDENSATE Our recently completed 23,000 Bbl/d facility will MarkWest Utica EMGs Joint Venture with Summit Midstream, LLC serve as the origin for MPLX LPs (NYSE: MPLX) Stabilization…
  20. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 20
    FINANCIAL FORECAST 2015 DCF Forecast: 700MM 800MM 2015 EBITDA Forecast: 925MM 1,025MM Capital Investment Forecast Net Operating Margin Forecast 2015: 1.5B to 1.9B 100% 2015 12% 80% 90% Fee-based 60% 12% 53% of C3+ 40%…
  21. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 21
    FINANCIAL SUMMARY MarkWest has over 1.4 billion of liquidity MarkWest preserves a strong balance sheet to fund growth We have over 1.4 billion of liquidity to support our capital investment program MarkWest maintains flexible…
  22. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 22
    DISTRIBUTION GROWTH SINCE IPO Forecasted distribution of 3.70 for 2015, 3.97 for 2016 and annual growth rate of 10% from 2017 to 2020 3.97 4.00 3.70 11% 3.54 3.38 3.22 2.86 CAGR since IPO 3.00 2.51 2.56 2.57…
  23. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 23
    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…
  24. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 24
    APPENDIX
  25. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 25
    RECONCILIATION OF DCF & DISTRIBUTION COVERAGE Three Months Ended Year Ended ( in millions) 3/31/2015 12/31/2014 Net Income 5.5 160.3 Depreciation, amortization and other non-cash operating expenses 135.7 489.4 (Gain) loss on sale…
  26. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 26
    RECONCILIATION OF ADJUSTED EBITDA LTM Ended Year Ended Year Ended ( in millions) 3/31/2015 12/31/2014 12/31/2013 Net income 149.9 160.3 40.4 Non-cash compensation expense 12.3 10.3 7.8 Unrealized (gain) loss on derivative…
  27. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 27
    RECONCILIATION OF NET OPERATING MARGIN Three Months Ended Year Ended ( in millions) 3/31/2015 12/31/2014 Income from operations 52.5 377.2 Facility expenses 91.8 343.4 Derivative gain (2.8) (95.3) Revenue deferral adjustment…
  28. NAPTP MLP Investor Conference – Markwest Energy Partners, L.P. – slide 28
    1515 ARAPAHOE STREET TOWER 1, SUITE 1600 DENVER, COLORADO 80202 PHONE: 303-925-9200 INVESTOR RELATIONS: 866-858-0482 EMAIL: INVESTORRELATIONSMARKWEST.COM WEBSITE: WWW.MARKWEST.COM

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