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CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer

Energy Transfer · Jun 23, 2015 · 24 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. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 1
    ENERGY TRANSFER EQUITY, L.P. Credit Suisse Conference June 23, 2015 Jamie Welch Group CFO
  2. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 2
    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%…
  3. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 3
    SIGNIFICANT FINANCIAL SCALE AND DIVERSIFICATION ACROSS THE GROUP Enterprise value 100 billion Indexed unit price performance since January 1, 2013 ETE: 206% ETE ETP SXL SUN SUN: 82% SXL: 55% ETP: 31% Jan-13 May-13…
  4. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 4
    ETES PERFORMANCE DRIVEN BY STRONG FUNDAMENTALS OF ITS OPERATING SUBSIDIARIES ETE unit price performance since January 1st, 2013 70.00 69.67 / 206% 60.00 50.00 40.00 30.00 20.00 Jan-13 Mar-13 May-13 Jul-13 Sep-13…
  5. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 5
    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…
  6. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 6
    A TRULY UNIQUE FRANCHISE 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 transporter of transporter of business LNG Export gasoline…
  7. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 7
    SIGNIFICANT GEOGRAPHIC FOOTPRINT ACROSS THE GROUP ETP Assets SXL Assets Crude Production (Mbpd) Natural Gas Production (MMcf/d) 1,267 1,499 9 9 , , '03 '15 '03 '15 Bakken , , , , , , 4,565 ,…
  8. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 8
    EXCEPTIONALLY WELL POSITIONED TO CAPITALIZE ON U.S. 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…
  9. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 9
    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 millions) 3% 16% 24% 11%…
  10. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 10
    SUBSTANTIAL OPPORTUNITIES TO REALIZE VALUE FROM REGENCY 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 /…
  11. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 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…
  12. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 12
    ETP REGENCY MERGER: KEY TAKEAWAYS The merger of ETP and Regency creates benefits for ETE Immediate increase in overall cash flow and long-term cash flow growth Improved pro forma credit profile ETE is stronger and better positioned…
  13. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 13
    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%…
  14. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 14
    A BALANCE OF ORGANIC DEVELOPMENT AND ACQUISITIONS HAVE DRIVEN AND WILL CONTINUE TO DRIVE STRONG CASH FLOW GROWTH SXL RGP ETP 1.20 15 Current board approved growth projects of approximately 22 billion
  15. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 15
    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…
  16. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 16
    KEY INVESTMENT HIGHLIGHTS Diversified Revenue Stream Corporate structure built around strategic and financial optionality Unique level of insider ownership 25% Continued Strong Preserve Financial Flexibility + Cost of…
  17. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 17
    APPENDIX
  18. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 18
    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…
  19. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 19
    NET IDR SUBSIDIES TO ETP FROM ETE IDR Subsidies ( millions) 2015 2016 2017 2018 2019 Unadjusted IDR Subsidies (51) (72) (50) (45) (35) Susser IDR Subsidy (35) (35) (35) (35) (35) Bakken Adjustment 55 30 ETP / Regency Merger…
  20. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 20
    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…
  21. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 21
    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…
  22. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 22
    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 -…
  23. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 23
    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…
  24. CREDIT SUISSE 2015 MLP & ENERGY PRESENTATION LOGISTICS – Energy Transfer – slide 24
    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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