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JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P.

Markwest Energy Partners, L.P. · Jul 20, 2015 · 22 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. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 1
    MPLX and MarkWest Strategic Combination As Revised July 20, 2015
  2. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 2
    Summary of Supplemental Information Slide 5, 10, 20: Updates distribution growth targets for 2018 and 2019 Combined partnership expects compound annual distribution growth rate of 25% through 2017 and approximately 20% annual…
  3. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 3
    Powerful Strategic Combination Creates a large-cap, diversified MLP with a very attractive distribution growth profile for an extended period of time MPLX affirms 2015 anticipated distribution growth guidance of 29% Combined…
  4. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 4
    Transaction Structure and Terms Combination of MWE and MPLX in a generally tax-free unit-for-unit transaction, plus a one-time Transaction cash payment to MWE unitholders Structure Fixed exchange ratio MWE common unitholders will…
  5. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 5
    Pro Forma Organizational Structure Pro Forma Organizational Structure MWE will operate as a standalone business within MPLX: MPC Existing MWE leadership will become executive officers at 19% LP Public MPLX in roles similar to…
  6. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 6
    MWE Has the Premier Position in Marcellus / Utica Second largest natural gas processor and the fourth largest fractionator of NGLs in the U.S. Extensive long-term producer partnerships with Marcellus & Utica area dedications of 7.7…
  7. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 7
    Growth Driven by Customer Satisfaction MarkWest has received the 1 rating for total customer satisfaction in every EnergyPoint Research survey since its inception in 2006 9
  8. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 8
    Pro forma MPLX Best-in-Class Large Cap MLP Market Capitalization 2015E Adjusted EBITDA2 75 6 5.5 5.4 61 4.3 50 4 Billions Billions Large-Cap 29 26 2.4 MLP 25 21 2 1.7 1.7 17 1.5 14 14 1.25 9 0 0 EPD WPZ ETP PF MPLX…
  9. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 9
    Strategic Geographic Footprint MPC Refineries Light Product Terminals MPC Owned and Part-Owned Third Party Asphalt/Heavy Oil Terminals MPC Owned Third Party Water Supplied Terminals Coastal Inland Pipelines MPC Owned and…
  10. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 10
    Significant Joint Growth Opportunities Leverages the combined assets and collective expertise Gas processing / fractionation Stabilizers, splitters, pipelines, terminals, trucks, barges and refineries Complementary Integration…
  11. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 11
    MarkWests Premier Position Drives 1.5 B of Annual Investment Opportunity Marcellus Utica Area Dedications: 4 million acres Volume Protection: 70% of 2015 capacity contains Area Dedications: 3.7 million acres minimum volume commitments…
  12. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 12
    MarkWests Premier Position Drives Incremental Upside Growth Opportunities Investment Opportunities in Utica & Marcellus: Expansion of dry-gas gathering systems Expansion of Ohio condensate facility Long-haul pipelines, storage, and…
  13. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 13
    Significant Synergistic Opportunities The combination provides Gas Processing (Marcellus and Gas Stabilizer (Ohio Condensate) NGL & Condensate Supply Condensate significant vertical Utica) Gathering from Marcellus / Utica…
  14. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 14
    Access to Robust Inventory of Drop-downs 1.6 B of MLP-Eligible EBITDA at MPC 5,400 miles of additional crude and products pipelines Owns, leases or has an ownership interest in these pipelines Pipelines 0.5% of MPLX Pipe Line Holdings…
  15. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 15
    Combination Benefits All Equity Owners Very attractive premium of 32% based on 7/10/15 closing price of MPLX units; 30% based on MWEs 30-day VWAP1 Combined entity will have peer leading distribution growth Cash consideration…
  16. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 16
    Q&A 18
  17. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 17
    Appendix 19
  18. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 18
    Strategic Highlights Combines a leading natural gas gatherer, processor, and NGL fractionator with a rapidly-growing Significant downstream / logistics company in the crude oil and refined product business Operational Diversification…
  19. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 19
    Proven Track Record of Delivering Results Distribution Since IPO1 4.00 264% distribution growth since IPO (11% CAGR) 3.50 Adjusted EBITDA has grown 160% from 2010 - 2014 3.00 Invested 11.3 B of aggregate capex from 2.50 /…
  20. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 20
    Increased Size, Diversity and Stability MWE Pro Forma MPLX MPLX MarkWest Pro Forma MPLX LP Equity Value (B) 6 1 16 2 21 3 Net Debt (B) 1 4 5 Enterprise Value (B)4 6 1 20 2 26 3 2015E Adjusted 275 925-1,025 1,200-1,300…
  21. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 21
    Overview of the Transaction Transaction Summary Implied MWE Valuation Transaction is a 100% equity for equity exchange from Equity Consideration: MPLX's perspective Exchange Ratio 1.09x MPLX LP Unit Price (as of 7/10/15) 69.05 MPLX…
  22. JULY 2015 INVESTOR PRESENTATION – Markwest Energy Partners, L.P. – slide 22
    Adjusted EBITDA Reconciliations from Net Income Pro Forma MPLX MWE MPLX (MM) 2015E 2015E 2015E Net income 200 147 347 Less: Net income attributable to MPC-retained interest 1 - 1 Net income attributable to MPLX LP 199 147 346 Plus:…

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