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WELLS FARGO KICK THE TIRES – Oneok Inc.

Oneok Inc. · Jun 3, 2015 · 73 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. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 1
    WELLS FARGO KICK THE TIRES Houston, Texas June 3, 2015
  2. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 2
    WHAT WELL COVER KEY POINTS ONEOK Overview As a pure-play general partner, our focus is creating exceptional value through our ownership in ONEOK Partners by maximizing ONEOKs dividend payout ONEOK Partners Overview Connecting…
  3. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 3
    ONEOK AS PURE-PLAY GP CORPORATE STRUCTURE IS WORKING Simplified capital allocation ONEOK, Inc. Earnings and cash flow underpinned by 37.6% GP and LP interest as of March 31, 2015 investment-grade MLP with fee-based business model…
  4. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 4
    ONEOK PARTNERS ASSET OVERVIEW Owns and operates strategically located assets in midstream natural gas and natural gas liquids businesses Provides nondiscretionary services to producers, processors and customers Extensive…
  5. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 5
    ONEOK PARTNERS WELL-POSITIONED TO WITHSTAND CHALLENGING MARKET CONDITIONS Experienced leadership team, making prudent financial decisions Early mover among peers to proactively revise financial guidance Disciplined growth continues,…
  6. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 6
    OUR KEY STRATEGIES A PREMIER ENERGY COMPANY GROWTH Increase distributable cash flow through investments in organic growth projects and strategic acquisitions Continue to grow/expand our integrated natural gas and natural gas liquids…
  7. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 7
    DISCIPLINED GROWTH CONTINUES 14 BILLION TO 16 BILLION IN CAPITALGROWTH PROJECTS Completed nearly 8 billion of capital-growth projects and acquisitions since 2006 Announced capital-growth projects of nearly 3 billion 4 to 5 14.2 to…
  8. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 8
    OKS IN THE WILLISTON BASIN A LEADING SERVICE PROVIDER TO PRODUCERS Significant natural gas and natural gas liquids takeaway capacity. 3+ million Acreage net acres Dedications 60% of total acreage footprint Processing 600…
  9. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 9
    OKS IN THE POWDER RIVER BASIN OPERATIONS IN NGL-RICH BASIN 130,000 Acreage net acres Dedications 23% of total acreage footprint Processing 50 MMcf/d current Capacity 50 MMcf/d announced Existing Gathering Pipeline Bronco…
  10. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 10
    OKS IN THE MID-CONTINENT INTEGRATED ASSETS AT WORK 500,000+ Acreage net acres Dedications 28% of total acreage footprint Processing 700 MMcf/d currently Capacity 200 MMcf/d announced Integrated assets Natural Gas plants Natural…
  11. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 11
    OKS IN THE PERMIAN ROADRUNNER GAS TRANSMISSION GROWING EXPORTS TO MEXICO 50-50 joint venture with Fermaca 200 miles of 30-inch diameter pipeline Provide up to 640 MMcf/d capacity to existing El Paso, Texas, markets and up to 570…
  12. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 12
    OKS IN THE PERMIAN WEST TEXAS LPG PIPELINE SYSTEM 2,600 miles of NGL gathering pipeline 800 million 285,000 bpd, gross Acquisition closed in November 2014 Expands NGL segments portfolio of assets NGL gathering system mileage…
  13. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 13
    NATURAL GAS GATHERING AND PROCESSING GATHERED VOLUMES 2015 volumes gathered expected to increase 10% from 2014; 2016 volumes expected to increase 16% from 2015 Expect to reach approximately 2,080 BBtu/d, or 1,625 MMcf/d of natural…
  14. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 14
    NATURAL GAS GATHERING AND PROCESSING WILLISTON BASIN GATHERED VOLUMES 2015 volumes gathered expected to increase 39% from 2014; 2016 volumes expected to increase 27% from 2015 Expect range of approximately 570 MMcf/d of natural gas…
  15. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 15
    NATURAL GAS GATHERING AND PROCESSING MID-CONTINENT BASIN GATHERED VOLUMES 2015 volumes gathered expected to decrease 8% from 2014; 2016 volumes expected to increase 6% from 2015 Mid-Continent volume decline due to Oklahoma well…
  16. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 16
    NATURAL GAS GATHERING AND PROCESSING PROCESSED VOLUMES Natural Gas Processed (BBtu/d) 2015 processed volumes expected to increase 20% CAGR 8% from 2014 1,660 Expect to reach approximately 1,860 BBtu/d, 1,534 or 1,425 MMcf/d, in…
  17. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 17
    NATURAL GAS GATHERING AND PROCESSING CONTRACT PORTFOLIO Current contract mix aligns interests with customers Primarily percent-of-proceeds contracts with a fee-based component Pursuing opportunities to convert existing…
  18. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 18
    NATURAL GAS LIQUIDS GATHERING AND FRACTIONATION VOLUMES Gathered volumes expected to be below 2015 guidance due to short-haul barrels on West Texas LPG pipeline system; fractionation volumes are relatively flat compared with 2014…
  19. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 19
    NATURAL GAS LIQUIDS GATHERED VOLUME Connected to approximately 180 processing plants More than 160 plants are operated by a third party Processing plant connections in 2015 Six third-party plants First quarter Williston Basin (1),…
  20. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 20
    FRACTIONATION CAPACITY NATURAL GAS LIQUIDS Increased our fractionation capacity MB-2 75 MBbl/d fractionator in service in 100% Fractionation December 2013 Capacity MB-3 75 MBbl/d fractionator completed in December 2014 26%…
  21. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 21
    NATURAL GAS LIQUIDS MARGIN PROFILE MIX Exchange & Storage Services Gather, fractionate, transport and store NGLs Exchange & and deliver to market hubs; primarily fee based Storage Services Transportation 68% 77% 74% Transportation…
  22. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 22
    NATURAL GAS PIPELINES INCREMENTAL FEE-BASED EARNINGS Converting coal-fired electric generators to Viking Gas cleaner natural gas Northern Border Pipeline Transmission Low natural gas pricing environment providing many…
  23. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 23
    NATURAL GAS PIPELINES PERCENT OF MARGIN Nearly 100% of margin is fee-based Sources of Margin 8% 6% 6% 4% 8% 4% Minimal volume risk Backed by take-or-pay contracts Connect directly to end-use markets Local natural gas distribution…
  24. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 24
    ONEOK PARTNERS SOURCES OF MARGIN PERCENT OF MARGIN Sources of Margin 2015 fee-based margin increased to 75% due to 1.2 B 1.6 B 1.6 B 1.7 B 2.1 B 2.3 B low commodity prices 9% 11% 12% 9% Commodity price risk 20% Exists primarily in…
  25. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 25
    CREATING OKS UNITHOLDER VALUE DISTRIBUTION GROWTH 3% 5% increase expected in 2015 distributions declared compared with 2014 Long-term distribution growth rate will be re-evaluated as the environment becomes more stable…
  26. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 26
    OKS GROWTH BENEFITS OKE VALUE OF GP INTEREST TO ONEOK ONEOK Partners capital-growth Distributions Declared to ONEOK projects and strategic ( in Millions) 17% CAGR 694 acquisitions expected to drive 633 continued distribution growth…
  27. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 27
    CREATING OKE SHAREHOLDER VALUE DIVIDEND GROWTH 4% 8% increase expected in 2015 dividends declared compared with 2014 Long-term dividend growth rate will be re-evaluated as the environment becomes more stable Prudent to retain…
  28. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 28
    OKS STRONG BALANCE SHEET INVESTMENT GRADE Committed to investment-grade credit Total Debt-to-Capitalization Ratio ratings S&P: BBB (stable) Moodys: Baa2 (stable) 50% 52% 53% 55% 54% Capital structure targets 50/50 capitalization…
  29. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 29
    OKS STRONG BALANCE SHEET LIQUIDITY* OKS Revolver Availability OKS Debt Maturities** ( in millions) ( in millions) Cash 91 2015 - Total Capacity Available 2,400 2016 1,100 Less 2017 400 Commercial Paper (825) 2018 425 Letters…
  30. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 30
    OKE STAND-ALONE BALANCE SHEET LIQUIDITY* OKE Revolver Availability OKE Debt Maturities ( in millions) ( in millions) Cash 149 2015 2021 - Total Capacity Available 298 2022 2035 1,135 Less Letters of Credit (2) Liquidity…
  31. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 31
    KEY INVESTMENT CONSIDERATIONS PREMIER ENERGY COMPANIES Strategic assets connecting prolific supply basins and key markets Nondiscretionary services to producers, processors and customers Stable cash flow ONEOK Partners primarily…
  32. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 32
    ONEOK VISION AND MISSION Our Vision A pure-play general partner that creates exceptional value for all stakeholders through our ownership in ONEOK Partners by: Providing management and resources to ONEOK Partners, enabling it to…
  33. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 33
    ONEOK PARTNERS VISION AND MISSION Our Vision Creating exceptional value for all stakeholders by: Re-bundling services across the energy value chain, primarily through vertical integration, to provide customers with premium services…
  34. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 34
    ONEOK PARTNERS 2015 OPERATING INCOME AND EQUITY EARNINGS GUIDANCE BY SEGMENT Natural Gas Gathering and Processing Natural Gas Liquids Natural Gas Pipelines 14% 68% 18% 180 million 864 million 225 million Page 46
  35. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 35
    OKS FINANCIAL GUIDANCE SUMMARY 2015 Adjusted EBITDA range: 1.51 billion 1.73 billion Net income range: 845 million 1.01 billion Distributable cash flow range: 1.08 billion 1.26 billion Capital expenditures: 1.0 billion 1.4 billion…
  36. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 36
    OKS 2015 FINANCIAL GUIDANCE BY SEGMENT Operating Income and Equity Earnings* Natural gas gathering and processing: ( in Millions) Higher gathered and processed volumes 13% CAGR Benefit of new processing plants and 1,269…
  37. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 37
    OKE FINANCIAL GUIDANCE SUMMARY 2015 Cash flow available for dividends: 570 million 650 million Free cash flow: 90 million 120 million after capital expenditures and dividends No expected borrowings; 300 million credit facility…
  38. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 38
    ONEOK INCOME TAXES Taxes on GP distributions at full corporate tax rate Taxes on LP distributions have been 100% deferred in recent years Bonus depreciation renewed in 2014 2015 cash taxes expected to be zero Page 51
  39. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 39
    WILLISTON BASIN DRILLING ECONOMICS Producer Economics Approximately 97% of producer economics Natural from crude-oil and NGL production gas NGLs Drilling is economical with crude-oil prices 4% 3% (WTI) as low as 4560 per barrel…
  40. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 40
    WILLISTON BASIN REDUCED FLARING AND VOLUME BACKLOG BENEFITS OKS Reduced flaring results in increased NGL and natural gas value uplift 19% of North Dakotas natural gas production was flared in March 2015 North Dakota Industrial…
  41. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 41
    WILLISTON BASIN ANNOUNCED CAPITAL INVESTMENTS CapEx Expected Project ( in millions) Completion Lonesome Creek plant 1 and related infrastructure 550680 Q4 2015 200 MMcf/d Additional compression 80100 Q4 2015 Stateline…
  42. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 42
    WILLISTON BASIN DEMICKS LAKE NATURAL GAS GATHERING AND PROCESSING AND NGL INVESTMENTS Demicks Lake plant and related natural gas 565 million to 785 million infrastructure 475 million to 670 million 200 MMcf/d natural gas processing…
  43. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 43
    WILLISTON BASIN SERVING NEW ETHANE MARKETS De-ethanization facilities adjacent to Stateline Natural Gas Processing plants ONEOK Partners Stateline natural gas processing plants Gas Residue Gas Approximately 60 million - 80 million…
  44. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 44
    WILLISTON BASIN BEAR CREEK NATURAL GAS GATHERING AND PROCESSING AND NGL INVESTMENTS Bear Creek plant and related natural 265 million to 375 million gas infrastructure 230 million to 330 million 80 MMcf/d Expected to be completed…
  45. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 45
    WILLISTON BASIN LONESOME CREEK NATURAL GAS GATHERING AND PROCESSING INVESTMENTS Lonesome Creek plant and upgrades and expansions of existing infrastructure 550 million 680 million 200 MMcf/d natural gas processing facility…
  46. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 46
    POWDER RIVER BASIN DRILLING ECONOMICS Approximately 83% of producer Producer Economics economics from crude-oil and NGL production NGLs 11% Drilling is economical with crude-oil prices (WTI) as low as 6070 per Natural barrel gas…
  47. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 47
    POWDER RIVER BASIN BRONCO NATURAL GAS GATHERING AND PROCESSING INVESTMENTS Bronco plant 175 million to 260 million 130 million to 200 million 50 MMcf/d Suspended until market conditions improve Natural gas liquids pipeline…
  48. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 48
    POWDER RIVER BASIN ANNOUNCED CAPITAL INVESTMENTS CapEx Expected Project ( in millions) Completion Sage Creek plant and 50 Q4 2015 infrastructure upgrades Bronco plant and related 130200 Suspended* infrastructure 50 MMcf/d…
  49. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 49
    WILLISTON AND POWDER RIVER BASIN NATURAL GAS LIQUIDS TAKEAWAY Approximately 1 billion Bakken NGL Pipeline expansion Expand capacity to 135,000 bpd from 60,000 Williston Basin Bakken Shale bpd with additional pump stations;…
  50. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 50
    MID-CONTINENT DRILLING ECONOMICS Approximately 85% of producer Producer Economics economics from crude-oil and NGL production NGLs Drilling is economical with crude-oil 15% prices (WTI) as low as 4570 per barrel in the SCOOP…
  51. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 51
    SCOOP KNOX PLANT KNOX NATURAL GAS PROCESSING PLANT Knox plant and related natural gas infrastructure, including natural gas gathering pipelines and natural gas compression 240 million to 470 million 200 MMcf/d natural gas…
  52. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 52
    PERMIAN DRILLING ECONOMICS Producer Economics Approximately 78% of producer economics from crude-oil and NGL production NGLs Drilling is economical with crude-oil 23% prices (WTI) as low as 4761 per barrel in the Delaware…
  53. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 53
    WELL POSITIONED IN SHALE PLAYS OUR FAIRWAY Active in and evaluating numerous shale plays Producer supply commitments are key Exposure to NGL-rich resource development Provides platform for future growth Bakken Shale Williston…
  54. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 54
    WILLISTON BASIN-RELATED GROWTH PROJECTS COMPLETED 800 MILLION IN PROJECTS CapEx Contract Major Project Scope Completed ( Millions) Type Bakken NGL Pipeline Bakken NGL Pipeline: 600-mile, 12-inch NGL pipeline with initial 75-90 Fee…
  55. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 55
    WILLISTON BASIN-RELATED GROWTH PROJECTS 2.0 BILLION ANNOUNCED CapEx Contract Major Project Scope Timing ( Millions) Type Lonesome Creek plant and related 200 MMcf/d* capacity 550680 POP with fee Fourth quarter infrastructure…
  56. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 56
    MID-CONTINENT AND GULF COAST-RELATED GROWTH PROJECTS 1.8 BILLION IN PROJECTS COMPLETED Major Project Scope CapEx Contract Completed ( Millions) Type Sterling III pipeline and 550-mile, 16-inch NGL pipeline 808 Fee based March 2014…
  57. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 57
    ACQUISITIONS 1.2 BILLION Major Project Scope CapEx Contract Timing ( Millions) Type Sage Creek natural gas 50 MMcf/d* natural gas processing capacity 305 POP with fee September 2013 processing plant Powder River Basin components…
  58. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 58
    JOINT VENTURE 475 MILLION Approximate Contract Major Project Scope Costs* Type Timing ( Millions) Roadrunner Gas Transmission 50-50 joint venture with Fermaca 450-500 Fee based Various Pipeline Phases I, II, III 200-mile natural gas…
  59. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 59
    FUTURE GROWTH 4 BILLION 5 BILLION BACKLOG Project backlog: approximately 60% natural gas liquids primarily fee based, 25% natural gas pipelines primarily fee based and 15% natural gas gathering and processing Future growth across…
  60. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 60
    OKS GROWTH: 2006 2009 MORE THAN 2 BILLION OF GROWTH PROJECTS COMPLETED 2010 was first full year of all of these projects contributing Grasslands Plant Expansion EBITDA Two-thirds of investments Fort Union Gas Guardian II…
  61. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 61
    ASSET OVERVIEW NATURAL GAS GATHERING AND PROCESSING Nondiscretionary services to producers Gathering, compression, treating and processing Williston Basin Diverse contract portfolio More than 2,000 contracts Powder River Primarily…
  62. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 62
    NATURAL GAS GATHERING AND PROCESSING COMMODITY PRICE RISK MITIGATION Nine month forward 2015 hedged positions* 2016 hedged positions* Natural gas: 79% at 3.89/MMBtu Natural gas: 63% at 3.10/MMBtu 149,500 MMBtu/d of estimated equity…
  63. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 63
    NATURAL GAS GATHERING AND PROCESSING COMMODITY PRICE SENSITIVITIES 2015 Volume* Assumed Prices Annual Contribution Net Margin ( in millions) Impact of 10% Price Movement ** ( in millions) Natural gas (MMBtu/d) 30,800 3.50 / MMbtu…
  64. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 64
    ONEOK PARTNERS COMMODITY PRICE ASSUMPTIONS ONEOK Partners' 2015 average composite NGL equity barrel is: estimated to be 13% ethane, 58% propane, 7% iso-butane, 21% normal-butane and 1% natural gasoline; priced at the Mont Belvieu,…
  65. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 65
    ASSET OVERVIEW NATURAL GAS LIQUIDS Provides nondiscretionary, fee-based services to natural gas processors and customers Gathering, fractionation, transportation, marketing and storage Extensive NGL gathering system Connected to…
  66. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 66
    STERLING NGL PIPELINES EXPANDING ACCESS TO GULF COAST MARKETS Sterling III pipeline Approximately 800 million Flexibility to transport NGL purity products and unfractionated NGLs 550-plus miles, 16-inch diameter 193,000 bpd,…
  67. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 67
    FRACTIONATORS AND E/P SPLITTER INVESTMENTS AT MONT BELVIEU 945 million to 965 million MB-2 fractionator - 75,000 bpd capacity In service in December 2013 100% of available capacity committed MB-3 fractionator - 75,000 bpd capacity…
  68. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 68
    ETHANE REJECTION ASSUMPTIONS 2014 2017 Ethane rejection continues at existing Mid-Continent, Rockies and Williston Basin natural gas processing plants that supply ONEOK Partners NGL assets Estimated Ethane Rejection (MBbl/d) 45…
  69. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 69
    ASSET OVERVIEW NATURAL GAS PIPELINES Primarily fee-based income 92% of transportation capacity contracted under demand-based rates in 2015 85% of contracted system transportation capacity serves end-use markets in 2015 Connected…
  70. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 70
    NORTHERN BORDER PIPELINE 50 PERCENT EQUITY INVESTMENT Integrated asset position Williston Basin Bakken Shale Links natural gas supply from western Canada and the Williston Basin to Midwest markets Powder River Basin Bison…
  71. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 71
    OKE FINANCIAL MEASURES CASH FLOW AVAILABLE FOR DIVIDENDS ( in Millions) 2014 2015G* Recurring cash flows: Distributions received from ONEOK Partners declared 633 694 Interest expense, excluding non cash items (69) (63) Cash income…
  72. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 72
    OKE NON-GAAP RECONCILIATION CASH FLOW AVAILABLE FOR DIVIDENDS AND FREE CASH FLOW ( in Millions) 2014 2015G* Net income attributable to ONEOK 314 317 Depreciation and amortization 15 3 Deferred income taxes 141 173 Equity in…
  73. WELLS FARGO KICK THE TIRES – Oneok Inc. – slide 73
    OKS NON-GAAP RECONCILIATIONS ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW ( in Millions) 2010 2011 2012 2013 2014 2015G* Reconciliation of Net Income to Adjusted EBITDA and Distributable Cash Flow Net Income 473 831 888 804 911 935…

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