Transformational Year Added substantial NGL Logistics platform Significantly expanded position in liquidsrich plays Announced over 1 billion in organic growth May 2011 June 2011 August 2011 February 2012 Announced plans to…
Financial Highlights Generating solid results today provides a better foundation to build upon Historical Performance Financial Highlights 450 422 400 Distributable cash flow increased 110% from fullyear 350 327 2009 to fullyear…
Strategic Focus Integrated Midstream Platform Continue to enhance our position in existing business segments Expand service offerings with our customers Optimize assets across the value chain FeeBased Cash Flows Maintain high…
Integrated Midstream Platform Regency has evolved into a comprehensive midstream service provider Natural Gas Services Residue Gas Utilities Residential Natural Gas Industrial Natural Gas Transportation Production Contract…
Leveraging Integrated Platform For Significant Future Growth Strong position in liquidsrich plays driving future growth opportunities Marcellus/Utica Shale Gathering & Processing Compression Treating Drilling activity driving…
Strongest Organic Growth Platform Since IPO Acquisition Capital Organic Growth Capital 1,000 934 1,000 900 870 900 800 745 800 700 700 593 in millions 600 in millions 600 500 Provides 500 407 Platform For…
Organic Growth Driven By LiquidsRich Shale Plays Business Project Contract Type Estimated Completion Date Segment Refrigeration Plant Q2 2012 Gathering & Feebased Ranch JV Processing Facility Cryogenic Processing Plant Q4…
Summary Integrated Midstream Platform Advanced our position as a player in the NGL transportation, fractionation and storage business Well diversified midstream portfolio with high percentage of feebased margins Strong Market…
Sample Table and Footer Box NGL Logistics NGL Logistics
NGL Logistics: Overview Lone Stars midstream assets include storage, NGL pipeline, fractionation and processing facilities which handle a wide array of energy products, including natural gas, NGLs, petrochemicals and refined…
NGL Logistics: Growth Opportunities Mont Belvieu Fractionator 1 Key Highlights Capacity (Bbl/d) 100,000 Fully Contracting Status Contracted Additional Ygrade liquids storage facilities to be developed 118 million project is…
Transportation and Gathering & Processing
Gathering and Processing and Transportation: Asset Overview Mississippi Gathering & Processing Asset Summary Shale Total Processing Plants 6 Transportation Asset Summary Total Gas Treating Plants 6 Total Intrastate Pipeline…
Intrastate Transportation: RIGS RIGS Haynesville Joint Venture Partnership Structure RIGS Details Regency Energy Partners (Operator) 49.99% Capacity / 2.1 Bcf/d Pipeline Length 450 miles GE Energy Financial Services 0.01%…
Interstate Transportation: MEP Continue to evaluate opportunities for ancillary services on or near the pipeline such as backhauls and park & loans MEP Joint Venture Partnership Structure MEP Details Regency Energy Partners 50%…
Transportation Segment Decrease in RIGS volumes in 2011 was primarily due to a From yearend 2010 to yearend 2011, MEP throughput volumes producer curtailment as a result of an operational upset remained flat at 1.4 million MMBtu/d…
Wet Gas vs. Dry Gas Volume Summary Expect volumes from wet gas plays to increase in 2012 as producers continue to shift drilling programs to liquidsrich plays Volumes associated with growth in south and west Texas will be primary…
Gathering and Processing: MidContinent MidContinent FY 2010 YTD 2012 Total Gathering System 3,470 3,475 Length (miles) Total Compression (HP) 40,576 26,889 Total Processing Capacity 50 50 (MMcf/d) New Well Connects 35…
Gathering and Processing: MidContinent 2012 Margin by Type Regional Production 700,000 4% 3% 16% 600,000 500,000 Mcf/d 9% 400,000 300,000 200,000 69% 100,000 Jan09 Mar09 May09 Jul09 Sep09 Nov09…
Gathering and Processing: NLA North Louisiana FY 2010 YTD 2012 Total Gathering System 442 698 Length (miles) Total Compression (HP) 55,489 52,128 Total Processing Capacity 525 560 (MMcf/d) Total Treating Capacity 660…
Gathering and Processing: NLA 2012 Margin by Type Regional Production 7,000,000 12% 6,000,000 5,000,000 4,000,000 Mcf/d 22% 3,000,000 59% 2,000,000 1,000,000 8% May09 May10 May11 Jan09 Mar09 Jul09…
Gathering and Processing: West Texas West Texas FY 2010 YTD 2012 Total Gathering System Length 806 901 (miles) Total Compression (HP) 48,574 62,245 Total Processing Capacity (MMcf/d) 125 125 Total Treating Capacity (GPM) 400…
Gathering and Processing: West Texas 2012 Margin by Type Regional Production 1,400,000 19% 15% 1,200,000 1,000,000 Mcf/d 800,000 600,000 19% 400,000 200,000 46% May09 May10 May11 Jan09 Mar09…
Gathering and Processing: South Texas South Texas FY 2010 YTD 2012 Total Gathering System 541 1,157 Length (miles) Total Compression (HP) 48,132 80,732 Total Treating Capacity (GPM) 750 850 New Well Connects 17 11 Key…
Gathering and Processing: South Texas 2012 Margin by Type Regional Production 8% 2,000,000 1,800,000 1,600,000 1,400,000 21% Mcf/d 1,200,000 1,000,000 800,000 600,000 62% 400,000 9% 200,000 May09…
CDP Illustration Established CDP allows for a fullyintegrated system, which utilizes the complete suite of Regencys services offerings, including gathering & processing, compression and treating Modular design is easily replicated…
Gathering & Processing Opportunities Summary Compression & Treating Operating Base Midcontinent Express Pipeline* Gathering System Regency Regional Offices Regency Intrastate Gas System (RIGS)* Regency Corporate Headquarters Lone…
Contract Compression: Who We Are CDM Resource Management is a natural gas contract compression company that services the oil and gas industry using customengineered compression packages Key Services Contract Compression…
Contract Compression: What Differentiates Us Superior level of service maximizes production and cash flow Competitive Advantages Unique Business Model Guarantee runtime by focusing on predictive and preventative maintenance…
Contract Compression: Asset Overview CDM has one of the largest fleets in the industry and focuses on larger horsepower compressors Barnett/Haynesville Permian/Avalon/ Fayetteville/Marcellus/ Bone Spring Utica Gulf…
Contract Compression: 2011 Accomplishments Drill bit movement from dry gas to wet gas plays created challenges and opportunities 2011 Horsepower By Shale Play 2011 Accomplishments 250,000 Focused on resource optimization for…
Contract Compression: Utilization Key focus will be on managing idle fleet in 2012 Asset Utilization Utilization Optimization 1,000 100% Approximately 53,000 hp committed to customers 900 for installation in 2012 111 105 106…
Contract Compression: Growth Opportunities Expect liquidsrich plays like the Eagle Ford Shale and Permian/Bone Spring Formation to provide greatest growth opportunities in 2012 2012E Horsepower Growth By Region 2012 Growth Strategy…
Sample Table and Footer Box Contract Treating Contract Treating Segment
Contract Treating: Who We Are Zephyr Gas Services supplies the natural gas industry with superior contract treating, processing and condensate stabilization solutions Key Services Contract Treating Applications: Natural gas…
Contract Treating: What Differentiates Us Zephyr creates value for its customers by offering quality contract treating solutions Competitive Advantages Unique Business Model Guarantee 98% mechanical availability on units owned and…
Contract Treating: Asset Overview Zephyrs operations are primarily located in Texas, Louisiana and Arkansas Fayetteville 2 Amine Plants Barnett Shale 1 Amine Plant 3 Miscellaneous Cotton Valley/ Haynesville/Bossier…
Contract Treating: 2011 Accomplishments 2011 Performance 2011 Accomplishments 3,600 3,468 3,465 20 3,431 3,400 3,368 18 Transitioned and modified strategy to place more emphasis on Segment Margin ( in millions) 3,268…
Contract Treating: Growth Opportunities In 2012, expect liquidsrich areas to provide opportunities for condensate stabilization, H2S scavenging and fuel gas conditioning 2012 Key Service Opportunities 2012 Key Growth Regions…
Sample Table and Footer Box Financial Overview Financial Overview
Maintain Strong Balance Sheet & Financial Flexibility Over the past six years, Regency has improved its credit metrics while investing in significant acquisitions and organic growth projects Long Term Debt to Capitalization Long…
Strengthen Balance Sheet: Debt Maturity Profile Weighted average maturity of debt is six years 1,100 Debt Maturity Profile 900 700 in Millions 568 500 600 300 500 332 250 100 2012 2013 2014 2015 2016…
Maintain Stable Cash Flows: Diverse Portfolio Significantly improved the diversity of cash flows through strategic acquisitions and organic growth projects Adjusted Segment Margin, FY 2007 Estimated 2012 24% 37% 23%…
Maintain Stable Cash Flows: Business Mix As Regencys business mix evolves, we continue to focus on adding incremental feebased margin Adjusted Total Segment Margin, FY 2009 FY 2010 FY 2011 FY 2012E 11% 6% 3% 11% 8% 2%…
Maintain Stable Cash Flows: Comprehensive Hedging Program Utilize a comprehensive hedging program to mitigate exposure Regency utilizes productspecific hedges for all commodities NGL Equity Production vs. Hedged 5,000 4,000 77%…
Maintain Stable Cash Flows: DCF Sensitivities 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…
Maximize Returns: 2012 Capital Expenditures 2012E Growth Capital 2012E Maintenance Capital Growth Capital Business Segment For 2012, maintenance capital expenditures for ( in millions) our base business are estimated to be…
Summary Maintain Strong Balance Disciplined capital management program and target a leverage ratio around 4.0x Sheet As of December 31, 2011, debttoadjusted EBITDA ratio was 3.61x Maintain Stable Cash Organic growth spend is…
Conclusion
Concluding Thoughts Well positioned to increase DCF/Unit and achieve investment grade ratings over time Strategic location of assets and diverse portfolio of services, including a significant NGL Integrated Midstream platform,…
Appendix
NonGAAP Reconciliation For the Ye ar Ended De ce mbe r 31, 2011 2010 2009 (in thousands) Net cash flows provide d by operating activities 253,755 169,207 143,960 Add (deduct): Depreciation and amortization, including debt issuance…
NonGAAP Reconciliation For the Ye ar Ende d De ce mbe r 31, 2011 2010 2009 (in thousands) 100% of Haynesville Joint Venture's Adjusted EBIT DA is calculated as follows: Net income 109,186 106,737 19,734 Add: Depreciation and…
NonGAAP Reconciliation Three Months Ended December 31, 2011 September 30, 2011 June 30, 2011 March 31, 2011 ( in thousands) 100% of Haynesville Joint Venture's Adjusted EBITDA is calculated as follows: Net income Haynesville Joint…
NonGAAP Reconciliation Year Ended December 31, 2007 ( in thousands) Net loss (13,531) Add (Deduct): Operation and maintenance 58,000 General and administrative 39,713 Loss on asset sales, net 1,522 Transaction expenses 420…
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