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JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P.

Sunoco Logistics Partners L.P. · Jun 11, 2015 · 54 slides

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Slides

  1. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 1
    Sunoco Logistics Partners L.P. NYSE June 2015 SXL
  2. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 2
    Sunoco Logistics Assets 3
  3. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 3
    Sunoco Logistics and Energy Transfer Assets 4
  4. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 4
    Energy Transfer Family of Companies LP Interest, GP Interest, IDRs ENERGY TRANSFER EQUITY, L.P. (NYSE: ETE) LP Interest, Class H Units(1) GP Interest, IDRs LP Interest, GP ENERGY TRANSFER LP Interest, GP ENERGY TRANSFER SUNOCO…
  5. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 5
    Recent Highlights 1Q Results: 221MM Adjusted EBITDA / 160MM Distributable Cash Flow Blue Bar EBITDA up over 30% compared to first quarter 2014 Results were negatively impacted by 25MM due to LIFO accounting Expect a reversal of this…
  6. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 6
    Recent Highlights Capital: 2014 organic capital of 2.5 billion 2015 updated organic capital guidance of 2.5 billion Includes a 30% interest in ETP Bakken Pipeline Project 2015 maintenance capital guidance of 70 million 2015…
  7. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 7
    EBITDA by Segment (MM) 2010 2011 2012 2013 2014 Crude Oil Pipeline 156 207 275 349 377 Crude Oil Acq. & Mktg. 39 148 239 233 163 Terminal Facilities 127 149 225 233 346 Products Pipeline 77 69 71 56 85 Total EBITDA 399 573 810 871…
  8. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 8
    Adjusted EBITDA: Ratable and Market Related Maximize asset base by taking advantage of market opportunities Distributions based on ratable cash Market related cash flow increases coverage ratio 9
  9. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 9
    12 Consecutive Quarters of 5% Distribution Growth Guidance 5% quarter over quarter increases in 2015 Note: Values adjusted for the two-for-one unit split completed on June 12, 2014 10
  10. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 10
    Major Organic Projects 14 Successful SXL Open Seasons: 3 West Texas Crude expansion projects (crude oil) Permian Express 1 (crude oil) Permian Express 2 (crude oil) Eaglebine Express (crude oil) Granite Wash Extension (crude oil)…
  11. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 11
    Scheduled Project Start-up 12
  12. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 12
    Organic Expansion Capital 13
  13. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 13
    Acquisitions *SXL does not comment on future acquisitions *Includes the acquisition of an additional interest West Texas Gulf Pipeline 14
  14. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 14
    Crude Projects 3 West Texas Crude Expansions Permian Crude to multiple markets 2012 - 2014 Houston Committed Fee-based Income 15
  15. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 15
    Crude Projects 3 West Texas Crude Expansions Permian Crude to multiple markets 2012 - 2014 Permian Express 1 Permian Crude to Nederland 2Q 2013 Houston Committed Fee-based Income 16
  16. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 16
    Crude Projects 3 West Texas Crude Expansions Permian Crude to multiple markets 2012 - 2014 Permian Express 1 Permian Crude to Nederland 2Q 2013 Permian Express 2 Permian Crude to multiple markets Houston 3Q 2015*…
  17. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 17
    Crude Projects 3 West Texas Crude Expansions Permian Crude to multiple markets 2012 - 2014 Permian Express 1 Permian Crude to Nederland 2Q 2013 Permian Express 2 Permian Crude to multiple markets Houston 3Q 2015*…
  18. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 18
    Crude Projects 3 West Texas Crude Expansions Granite Wash Extension Permian Crude to multiple markets Granite Wash Crude to multiple markets 2012 - 2014 4Q 2014 Permian Express 1 Permian Crude to Nederland 2Q 2013 Permian…
  19. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 19
    Crude Projects 3 West Texas Crude Expansions Granite Wash Extension Permian Crude to multiple markets Granite Wash Crude to multiple markets 2012 - 2014 4Q 2014 Permian Express 1 Permian Crude to Nederland 2Q 2013 Permian…
  20. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 20
    Crude Projects 3 West Texas Crude Expansions Granite Wash Extension Permian Crude to multiple markets Granite Wash Crude to multiple markets 2012 - 2014 4Q 2014 Permian Express 1 Permian Crude to Nederland 2Q 2013 Permian…
  21. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 21
    Crude Projects: 9 Successful Open Seasons 3 West Texas Crude Expansions Granite Wash Extension Permian Crude to multiple markets Granite Wash Crude to multiple markets 2012 - 2014 4Q 2014 Permian Express 1 Permian Crude to…
  22. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 22
    Allegheny Access: Successful Open Season Allegheny Access Ohio Products to Pittsburgh End of 1Q 2015 Committed Fee-based Income 23
  23. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 23
    Mariner Franchise: 4 Successful Open Seasons Mariner East 1 Ethane / Propane from Houston to Marcus Hook 4Q 2014* Mariner West Ethane from Houston to Sarnia 4Q 2013 Mariner South Mariner East 2 Propane / Butane from Mont…
  24. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 24
    Mariner South Natural Gas Liquids Mariner South Propane / Butane from Mont Belvieu to Nederland End of 2014 SXL Terminal Lone Star Fractionators Committed Fee-based Income 25
  25. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 25
    Mariner South at Nederland Terminal 26
  26. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 26
    Nederland Terminal 27
  27. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 27
    Marcellus / Utica NGL Forecast Source: Bentek 28
  28. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 28
    Mariner West and East Natural Gas Liquids Mariner West Mariner East 1 Ethane from Houston to Sarnia E/P from Houston to Marcus Hook 4Q 2013 4Q 2014* Mariner East 2 NGLs to Marcus Hook 4Q 2016** Committed Fee-based…
  29. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 29
    Mariner East Capacity 70 MBPD for ME 1 Initial Capacity 275 MBPD for ME 2 Connecting to 4 Fractionator Upside Capacity 700 MBPD for Mariner East Origin Locations in the Basin World-Class NGL Facility at Marcus Hook Industrial…
  30. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 30
    Marcus Hook Industrial Complex Mariner Infrastructure 31
  31. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 31
    Marcus Hook Terminal Build-Out 32
  32. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 32
    Global Propylene Supply and Demand - Global Propylene market is expected to grow by 33MM Metric Tons by 2020 - Lighter feed to crackers - PDH is a preferred choice 33
  33. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 33
    Propylene Supply and Demand 34
  34. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 34
    Why PDH in Marcus Hook Perfect location for local demand Better logistics Perfect location for propylene export to North West Europe Advantaged shipping and logistics costs Delivered cash cost competitive with international…
  35. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 35
    Marcus Hook Industrial Complex PROPOSED PDH Mariner Infrastructure 36
  36. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 36
    Key SXL Takeaways Recent History Strategic Focus on Crude and Natural Gas Liquids First Mover First West Texas crude projects on line since the shale boom First Marcellus ethane pipeline on line First waterborne propane exports from…
  37. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 37
    Key SXL Takeaways Going Forward Commitment to Growth New phase of growth in processing at Marcus Hook Opportunities within the Energy Transfer family M&A - Actively looking for right, strategic opportunities Commitment to Rewarding…
  38. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 38
    Appendix
  39. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 39
    Historical Financial Results (MM) 2010 2011 2012 2013 2014 Crude Oil Pipelines 156 207 275 349 377 Crude Oil Acquisition & Marketing 39 148 239 233 163 Terminal Facilities 127 149 225 233 346 Products Pipelines 77 69 71 56 85…
  40. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 40
    Joint Venture Ownership Consolidated JV's: Mid-Valley Inland Price River Terminal SXL 91.0% SXL 83.8% SXL 55.0% Chevron 9.0% Citgo 16.2% Non-Controlling Interest 45.0% Equity Interest JV's: Explorer* West Shore Wolverine**…
  41. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 41
    Crude Oil Pipeline System 39% of total EBITDA for the twelve months ended December 31, 2014 Approximately 5,300 miles of crude oil trunk lines located in the Southwest and Midwest U.S. Approximately 500 miles of gathering lines…
  42. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 42
    Crude Oil Acquisition and Marketing 17% of total EBITDA for the twelve months ended December 31, 2014 Crude truck fleet of over 300 trucks Purchase crude oil at the wellhead from producers and in bulk from aggregators at major…
  43. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 43
    Terminal Facilities 35% of total EBITDA for the twelve months ended December 31, 2014 Nederland, TX Crude & NGL Terminal - One of the largest onshore crude facilities in U.S. 25 million barrel capacity currently Eagle Point, NJ Crude…
  44. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 44
    Products Pipeline System 9% of total EBITDA for the twelve months ended December 31, 2014 Refined products pipeline system (approximately 2,400 miles), located in the Northeast, Midwest and Southwest U.S. Equity interest in four…
  45. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 45
    Dated Brent Daily Price 2008 - Present /bbl 160 140 120 100 80 60 40 20 47
  46. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 46
    Distribution History Average Annual Distribution (per LP unit) LP/GP Split (%) 2.00 12 consecutive quarter over quarter 1.68 distribution increases 1.50 50/50 of 5% 40 consecutive 1.06 1.00 quarterly distribution…
  47. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 47
    2.5 Billion Revolving Credit Facility (MM) Facility Facility 130MM Lenders Allocation 100MM Lenders Allocation Citibank(1) 130.0 Bank of America 100.0 Barclays Bank 130.0 Bank of Nova Scotia 100.0 Bank of Tokyo-Mitsubishi UFJ 130.0 BNP…
  48. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 48
    Capitalization (MM) As of 03/31/15 Debt Senior Notes, net 3,975 fixed 2.5 B SXL Revolver (matures March 2020)(2) 350 floating 35 MM WTG Revolver (matures April 2015) 35 floating Cash Debt 4,360 Unamortized fair value adjustments…
  49. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 49
    Debt Maturity Schedule at 03/31/2015 (MM) 6.13% 5.50% 4.65% 3.45% 4.25% 6.85% 6.10% 4.95% 5.30% 5.35% Note: Excludes borrowings under the revolvers 51
  50. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 50
    Acquisition History (2B Since IPO) November 2002 Joint-venture interests in 3 refined product pipelines from Unocal, for 54MM Wolverine (31.5%), West Shore (9.2%), and Yellowstone (14.0%) November 2002 43.8% joint-venture interest from…
  51. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 51
    Acquisition History (2B Since IPO), Continued June 2007 50% joint-venture interest in a refined products terminal in Syracuse, NY from ExxonMobil for 13MM November 2008 Texas refined products pipeline system and terminal facilities from…
  52. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 52
    Acquisition History (2B Since IPO), Continued April 2013 Marcus Hook Industrial Complex from Sunoco, Inc. for 60MM March 2014 Additional joint-venture interest in Explorer Pipeline from Chevron for 42MM increasing ownership interest…
  53. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 53
    SXL Key Financial and Operating Statistics 55
  54. JUNE 2015 INVESTOR PRESENTATION – Sunoco Logistics Partners L.P. – slide 54
    SXL Key Financial and Operating Statistics 56

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