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Q4 2013 EARNINGS CALL – Midcoast Energy Partners, L.P.

Midcoast Energy Partners, L.P. · Feb 12, 2014 · 11 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. Q4 2013 EARNINGS CALL – Midcoast Energy Partners, L.P. – slide 1
    Fourth Quarter 2013 Earnings & 2014 Financial Guidance Presentation February 12, 2014
  2. Q4 2013 EARNINGS CALL – Midcoast Energy Partners, L.P. – slide 2
    Agenda Predictable Distribution Growth 1. Strategic Rationale 2. Growth Outlook Large Scale, Enhanced Strong Diversified Access to Sponsor and Business 3. 2014 Financial Guidance Capital Management 4. Financial Summary…
  3. Q4 2013 EARNINGS CALL – Midcoast Energy Partners, L.P. – slide 3
    MEP: Focused Gas Operations Past State Gas & Liquids Operations Gas-Focused Operations Liquids-Focused Operations Current State Enhances Strategic Focus of Each Partnership Increases Ability to Respond to Market…
  4. Q4 2013 EARNINGS CALL – Midcoast Energy Partners, L.P. – slide 4
    Predictable Distribution Growth EBITDA Growth Supported by Drop-downs and Organic Growth Target: Mid-Teens Annual Distribution Growth Through 2017 100% Natural Gas business ownership 61% 39% IPOIPO 2014 2017e (2) NTM…
  5. Q4 2013 EARNINGS CALL – Midcoast Energy Partners, L.P. – slide 5
    Strategically Positioned Asset Base Midcoast Business Segments Anadarko System Gathering, Processing & Transportation: Ajax Processing Plant strong asset foundation 90% EBITDA in service 3Q 2013 Logistics & Marketing 10% EBITDA…
  6. Q4 2013 EARNINGS CALL – Midcoast Energy Partners, L.P. – slide 6
    Business Opportunities Gathering, Processing & Transportation Logistics & Marketing Enhance end-market access Expand condensate treating, stabilization, and liquids takeaway Pursue vertical integration opportunities Specialty…
  7. Q4 2013 EARNINGS CALL – Midcoast Energy Partners, L.P. – slide 7
    Financial Outlook 2014 Financial Outlook 2014 Midcoast Operating, LP 2014e Midcoast Energy Partners (MEP) ( millions) 140 Guidance Range 125 Adjusted EBITDA* 235 - 265 120 Depreciation 140 150 100 105 95 Operating Assumptions…
  8. Q4 2013 EARNINGS CALL – Midcoast Energy Partners, L.P. – slide 8
    Capital Forecast & Available Liquidity 2014 Capital Expenditures1 Available Liquidity Beckville Gas Processing Plant 110 millions 850 MM Credit Facility Well Connect Expansion Capital 50 1,000 Texas Express NGL System 20 800…
  9. Q4 2013 EARNINGS CALL – Midcoast Energy Partners, L.P. – slide 9
    Financial Summary Financial Summary 1 2014 Outlook Focused on business growth Midcoast Operating, LP 4Q 2013 Improving cost fundamentals New well tie-ins accumulating Adjusted Operating Income 4.4 Adjusted EBITDA 37.4 MEP…
  10. Q4 2013 EARNINGS CALL – Midcoast Energy Partners, L.P. – slide 10
    Key Takeaways Predictable distribution growth mid-teens CAGR through 2017 Visible drop-down opportunities 1st drop-down post-IPO expected mid-2014; anticipated 100% debt-funded Accretive organic growth projects Large-scale,…
  11. Q4 2013 EARNINGS CALL – Midcoast Energy Partners, L.P. – slide 11

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