ENERGY TRANSFER EQUITY, L.P. Investor Presentation 1,000 million Senior Secured Notes May 2015
TRANSACTION OVERVIEW
INDICATIVE TERMS SENIOR SECURED NOTES Issuer: Energy Transfer Equity, L.P. (the Issuer) Issue: 1,000 million Senior Notes (the New Notes) Coupon: 5.50% Distribution: SEC registered Maturity: 12 years (June 2027) Interest:…
ENERGY TRANSFER GROUP ENERGY TRANSFER EQUITY, L.P. (NYSE: ETE) 100%(1) 90% GP / IDRs Ba2 / BB / BB (Stable) (Class H Units) 5% LP Interest, 1% GP Interest, & IDRs ENERGY TRANSFER 27% LP Interest, SUNOCO LOGISTICS 40%…
PRO FORMA ETE STANDALONE LEVERAGE PROFILE Energy Transfer Equity, L.P. Sources ( millions) ( millions) 03/31/15 Adjustm ents Adjusted 5.50% Senior Secured Notes due 06/01/2027 1,000 Cash and Cash Equivalents 4 (4) Revolver (1.5bn)…
GROUP OVERVIEW AND KEY HIGHLIGHTS
SIGNIFICANT FINANCIAL SCALE AND DIVERSIFICATION ACROSS THE GROUP Enterprise value 100 billion Indexed unit price performance since January 1, 2013 ETE: 204% ETE ETP SXL SUN SUN: 92% SXL: 65% ETP: 34% Jan-13…
BUSINESS OVERVIEW ETE, a pure-play GP that receives cash flow from LP interests, GP interests and IDRs in ETP, as well as 90% of the economics from GP interests and IDRs in SXL, and its ownership of Lake Charles LNG. ETP: a…
A TRULY UNIQUE FRANCHISE: ONE OF THE TEN LARGEST ENERGY FRANCHISES IN THE U.S. Natural NGLs Crude Gas Oil 3rd largest G&P 2nd largest 3rd largest MLP 4th largest NGL 2nd largest planned Leading non-refining player and…
SIGNIFICANT GEOGRAPHIC FOOTPRINT ACROSS THE GROUP Combined Sunoco Retail Platform Company Operated ETP Assets SXL Assets , Dealer / Distributor Operated Crude Production (Mbpd) Natural Gas Production (MMcf/d) , , SUN…
EXCEPTIONALLY WELL POSITIONED TO CAPITALIZE ON US ENERGY EXPORTS Asset base well-positioned to capture the changing supply and demand dynamics for condensates, natural gas, NGLs and LNG Canada Europe NGLs LNG Natural Gas…
TRANSFORMATION AND CONTINUED GROWTH Adjusted Propane Midstream Interstate Crude / Refined Products Retail Marketing Liquids Trans. & Svcs. Intrastate Other EBITDA by Operating Segment 9% 4% ( in m illio ns ) 3% 16% 24% 11%…
ETP REGENCY MERGER: STRATEGIC HIGHLIGHTS LEADING POSITIONS Strong positions in Permian, Eagle Ford, Marcellus and Utica basins IN THE MOST Active in 9 of the top 10 basins by active rig count (1) ATTRACTIVE Top 3 regions by oil…
ETP BENEFITS FROM DIVERSIFICATION OF REGENCY MERGER WHILE MAINTAINING ATTRACTIVE FEE BASED PROFILE LTM Adjusted EBITDA by Segment (1) Pro Forma(2) Natural Other Resources Other Intrastate 4% Midstream Intrastate 13% 6% 4% 10%…
SUBSTANTIAL OPPORTUNITIES TO REALIZE VALUE FROM MERGER Value Creation Low execution risk 160 225 million annual synergies Most of the synergies to be harvested over balance of 2015 Corporate Systems Field / Capital…
ETE WILL CONTINUE TO BENEFIT FROM STRONG CASH FLOW GROWTH Distributions received from underlying operating partnerships(1) ( in millions) Lake Charles LNG Class H SXL 196 GP + IDRs RGP 196 261 LP RGP 224 GP + IDRs ETP 195 LP…
A BALANCE OF ORGANIC DEVELOPMENT AND ACQUISITIONS HAVE DRIVEN AND WILL CONTINUE TO DRIVE STRONG CASH FLOW GROWTH SXL RGP ETP 1.20 18 Current board approved growth projects of approximately 22 billion
KEY INVESTMENT HIGHLIGHTS Diversified Revenue Stream Committed to continued improvement in overall credit ratings across the Group Continued Preserve Financial Flexibility + Cost of Capital Strong Performance Well…
Q&A
APPENDIX
PRO FORMA ETE CREDIT PROFILE No maturities in the next 4 years Pro Forma weighted average interest rate is 5.2% Pro Forma Capital Structure Pro Forma Maturity Profile ( millions) ( millions) 03/31/15 Senior Notes Term Loan C Cash…
ENERGY TRANSFER EQUITY, L.P. NON-GAAP RECONCILIATIONS (MM) Twelve Months Ended December 31, 2010 2011 2012 2013 2014 1Q15 (1) ETP GP distributions 396 441 459 522 525 281 ETP LP distributions 191 180 180 268 119 24 ETP…
LAKE CHARLES LNG NON-GAAP RECONCILIATIONS Lake Charles LNG Year ended Three Months Ended (MM) 31-Dec-14 31-Mar-15 Revenues 216 54 Operating expenses (17) (4) Selling, general and administrative expenses (5) (1) Other, net 1 -…
ENERGY TRANSFER PARTNERS, L.P. NON-GAAP RECONCILIATIONS Energy Transfer Partners, L.P. Reconciliation of Non-GAAP Measures Twelve Months Ended December 31, (MM) 2009 2010 2011 2012 2013 2014 1Q15 Net income 791 617 697 1,648 768…
SUNOCO LOGISTICS PARTNERS L.P. NON-GAAP RECONCILIATIONS Twelve Months Ended December 31, (MM) 2009 2010 2011 2012 2013 2014 1Q15 Net Income 250 348 322 531 474 300 37 Interest expense, net 45 73 89 79 77 67 29 Depreciation and…
SUNOCO LP NON-GAAP RECONCILIATIONS Sunoco LP Reconciliation of Net Income to Adjusted EBITDA 12 Months Ended 3 Months Ended December 31 2014 March 31 2015 Net Income 57,786 17,918 Depreciation, amortization and accretion 26,955…
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