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Q4 2013 EARNIGS CALL – Regency Energy Partners Lp

Regency Energy Partners Lp · Feb 21, 2013 · 16 slides

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Slides

  1. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 1
    Regency Energy Partners LP Fourth-Quarter and Full-Year 2012 Earnings Release February 21, 2013
  2. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 2
    2012 Performance Comparing full-year 2012 to full-year 2011, adjusted EBITDA increased to 480 million from 422 million, driven by volume growth in the gathering and processing segment and a full-year contribution from the Lone Star…
  3. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 3
    Gathering and Processing Segment Throughput increased 20% from 2011 to 2012, primarily driven by volume growth in south and west Texas and north Louisiana Adjusted Segment Margin 80 70 68 71 70 65 64 65 60 53 ( in millions)…
  4. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 4
    Natural Gas Transportation1 Natural Gas Transportation Segment Adjusted EBITDA2 50 44 45 45 42 43 42 43 41 41 40 35 in millions 30 25 20 15 10 5 0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4…
  5. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 5
    NGL Services1 Adjusted EBITDA increased from 38 million for May through December 2011 to 59 million for full-year 20122 NGL Services Adjusted EBITDA3 18 16 15 16 15 14 14 13 13 12 11 in millions 10 8 6 4 2 0 Q2 2011…
  6. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 6
    Contract Services Segment1 From 2011 to 2012, adjusted segment margin grew from 185 million to 189 million and revenue generating horsepower grew 9% due to additional horsepower placed into service in south Texas Adjusted Segment…
  7. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 7
    Liquidity Position In October, issued 700 million of senior notes due in 2023 at 5.50% and used proceeds to repay nearly all of the outstanding revolver balance Capitalization ( in millions) 12/31/2011 9/30/2012 12/31/12 Cash 1…
  8. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 8
    Maintain Stable Cash Flows: Business Mix Adjusted Total Segment Margin 2009 2010 2011 2012 2013E 9% 7% 6% 7% 3% 9% 2% 11% 21% 27% 71% 76% 83% 82% 86% Fee-based Hedged Commodity Un-hedged Commodity 9
  9. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 9
    Sample Table and Footer Box Q&A NGL Logistics
  10. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 10
    Appendix
  11. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 11
    Maintain Stable Cash Flows: DCF Sensitivities DCF Sensitivity to Commodity Price Changes 2013 Estimate Change in WTI Price (/Bbl) Change in Natural Gas Price Decrease 10.00 Flat Increase 10.00 (/MMbtu) Decrease 1.00…
  12. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 12
    Maintain Stable Cash Flows: Comprehensive Hedging Program Executed Hedges by Product1 2013 2014 Price Price Bbls/d Bbls/d (/gal) (/gal) Ethane2 1,000 - - Propane 217 0.97 - - Normal Butane 395 1.63 125 1.54 Natural…
  13. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 13
    Non-GAAP Reconciliation Three Months Ended December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 ( in thousands) Net income (loss) (8,949) (1,454) 29,327 28,900 Add: Interest expense, net 36,314 28,567 27,934 29,557…
  14. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 14
    Non-GAAP Reconciliation Three Months Ended December 31, 2011 September 30, 2011 June 30, 2011 March 31, 2011 ( in thousands) Net income 13,628 30,849 14,837 14,305 Add (deduct): Interest expense, net 28,926 28,852 24,689 20,007…
  15. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 15
    Non-GAAP Reconciliation Three Months Ended December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 ( in thousands) Net income (8,949) (1,454) 29,327 28,900 Add (deduct): Operation and maintenance 44,652 41,275 38,992…
  16. Q4 2013 EARNIGS CALL – Regency Energy Partners Lp – slide 16
    Non-GAAP Reconciliation Three Months Ended December 31, 2011 September 30, 2011 June 30, 2011 March 31, 2011 ( in thousands) Net income 13,628 30,849 14,837 14,305 Add (deduct): Operation and maintenance 42,025 37,950 33,996…

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