CONFIDENTIAL Credit Suisse 2015 MLP and Energy Logistics Conference June 23, 2015
Summit Midstream Partners, LP Overview General Overview Distribution Per LP Unit (in thousands, except per unit information) / Unit Ticker SMLP 0.600 Exchange NYSE 0.550 Current SMLP Price Per Unit (1) 32.19 0.500 Total Units…
SMLP Proven Track Record of Growth 10 Consecutive Quarters of Distribution Growth Per Unit / Unit 0.600 Identified Future Growth Catalysts 0.550 Drop downs from Summit 0.500 Investments(1) 0.450 Organic growth in Utica and Williston…
SMLP Continues to Be Undervalued Relative to Many of Its Peers Peer Valuation Analysis(1) At current trading levels, SMLPs distribution yield implies a 5.4% three year growth rate for SMLP(2) Three year growth rates of 7.5% to 15.0%…
SMLP Asset Map Increased Scale & Geographic Diversity Across Four Basins Constructed Under Construction Polar & Divide 7
SMLP Investment Considerations & Operating Statistics(1) Growth-oriented midstream MLP focused on natural gas, crude oil and produced water gathering SMLP Investment Considerations 97%+ of revenue is fee-based Fee-Based Contract…
Polar & Divide Drop Down Overview Asset Details Polar & Divide Asset Map 290 million drop down transaction executed in May 2015 Consists of more than 295 miles of crude oil and Global Partners produced water pipeline, spanning…
SMLPs Current & Projected Business Profile Drop down strategy will further diversify SMLP geographically while enhancing its core focus on fee-based revenue Revenue Composition 2012 at IPO 2015E(1) 2019E(2) Variable Variable…
Differentiated Contract Portfolio with Significant MVC Underpinning SMLP Contract Portfolio Overview Primarily long-term and fee-based contracts for natural gas, Avg. Gas MVCs Through 2019 = 77% of 1Q 2015 Throughput crude oil and…
Summit Investments Overview
Drop Downs Drive Long-Term Growth For SMLP SMLPs relationship with Summit Investments provides it with long-term, visible growth ( in millions) Total Investment Expected Total Operating System Investment Investment Status System From…
Summit Utica & Ohio Gathering Expanding Utica Footprint Summit Investments is building a dominant footprint in the Utica Shale the highest return shale play in the United States(1) Overview Asset Footprint Summit Investments invested…
Tioga / Blacktail / Hereford Sizable Rockies Footprint Williston Assets DJ Assets Tioga Midstream Niobrara G&P Crude oil, produced water, and associated natural gas Commissioned in September 2013 and subsequently gathering for Hess…
SMLP Asset Overview
Marcellus Shale High-pressure gas gathering and compression assets located in the rich gas window of the Marcellus Shale Asset Summary Map of Mountaineer Assets Asset Mountaineer Midstream Reportable Segment Marcellus Shale 1Q 2015…
Williston Basin Crude oil, produced water, and associated natural gas gathering in the Williston Asset Summary Map of Williston Assets(5) Reportable Segment Williston Basin Polar & Divide Revenue (1) 90% Fee-Based Revenue Stampede…
Barnett Shale Natural gas gathering in the core of the core of the Barnett Asset Summary Map of DFW Midstream Asset DFW Midstream Reportable Segment Barnett Shale 1Q 2015 Throughput 403 MMcf/d Throughput Capacity 480 MMcf/d Basin…
Piceance Basin Positioned in the core of the Piceance Basin with exposure to the liquids-rich Mesaverde formation as well as the emerging Mancos & Niobrara formations Asset Summary Map of Grand River Asset Grand River Reportable…
SMLP Financial Overview
Conservative Financial Strategy Strong balance sheet and liquidity enables SMLP to execute its growth strategy Actual Pro Forma Targeting long-term leverage ratio of 3.5x 4.0x (s in 000s) Mar-15 Adjustments Mar-15 442 million of…
SMLP 2015 Financial Guidance Guidance Range Actual Actual Actual FY 2015(3) Year Year Year Ended Ended Ended ( in millions) 2012 2013 2014 Low High Adjusted EBITDA 105.9 164.8 193.8 210.0 225.0 LP Distribution Growth(1,2) n/a…
SMLP Non-GAAP Reconciliations
SMLP Non-GAAP Reconciliations Three Months Ended March 31, Year Ended December 31, (s in 000s) 2015 2014 2014 2013 2012 2011 2010 (1) Net Income 1,667 6,373 (21,164) 53,304 42,997 37,951 8,172 Add: Interest expense 12,118 7,144…
SMLP Financial Performance Three Months Ended March 31, Variance (s in 000s) 2015 2014 % Distributable Cash Flow: (1) EBITDA 36,355 33,543 2,812 8.4% Add: Unit-based compensation 1,312 1,063 249 23.4% (2) Adjustments related to…
SMLP Segment Adjusted EBITDA Three Months Ended March 31, (s in 000s) 2015 2014 Segment Adjusted EBITDA Marcellus Shale 6,535 3,883 Williston Basin 5,333 4,676 Barnett Shale 16,760 15,034 Piceance Basin 27,236 25,581 Total…
Appendix Additional Information
Mountaineer Midstream Strategic Position in Core of Marcellus Shale Marcellus Shale Overview Map of Marcellus Shale Mountaineer provides high-pressure gathering and compression services for Antero Resources in the northern West…
Mountaineer Midstream Asset Overview 49 miles of high-pressure gas gathering and compression assets located in the rich gas window of the Marcellus Shale Asset Details Map of Mountaineer Assets Assets commissioned in 4Q 2012…
Strategic Position in Growing Williston Basin Williston Basin Overview Map of Williston Basin Currently over 79 rigs operating in the Williston Basin Targeting crude oil production from the Bakken and Three Forks shale formations…
Williston Basin Asset Overviews Crude oil, produced water and associated natural gas gathering from over 850,000 net acres dedicated through 2027 Asset Details Map of Williston Assets(1) Bison Midstream, associated natural gas…
DFW Midstream Strategic Position in Core of Barnett Shale DFWs service area includes the most prolific part of the Barnett Shale with the largest wells Barnett Shale Overview Barnett Shale EUR Isopach DFW system primarily located in…
DFW Midstream Asset Overview Gathering from 76 pad sites in the core of the core of the Barnett Asset Details Map of DFW Midstream 128-mile natural gas gathering system primarily located in southeastern Tarrant County, TX…
DFW Midstream Leveraged to Existing Infrastructure Given urban environment, DFWs customers are drilling multiple Average DFW Pad Site 5 Wells wells from single pad sites Producers trying to minimize surface footprint 2 wells 3 wells…
Grand River Asset Overview Positioned in the core of the Piceance Basin with exposure to the liquids-rich Mesaverde formation as well as the emerging Mancos & Niobrara formations Asset Details Map of Grand River 1,779 mile natural…
Legacy Grand River Actual & Contracted Throughput By System Legacy Grand River MVCs increase at a 5.7% CAGR from 2013 2015 and include annual fee escalators tied to CPI or PPI Mamm Creek Gathering System MVCs in place with Encana,…
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