TransMontaigne Partners L.P. (NYSE TLP) EnerCom Consulting 2013 Oil & Gas Conference August 14th 2013
Company Overview
Overview of TLPs Business Primary operating regions: Key Partnership Metrics US Gulf Coast; Southeast; Midwest; ( in millions) Houston and Brownsville, Texas; and NYSE: TLP along the Mississippi and Ohio Rivers. 1 Market Cap : 670.9…
Area of Operations 5
Business Highlights Stable, fee-based cash flows from terminaling services agreements. Term contracts with customers. No material direct commodity price risk. Current size results in significant accretion potential from relatively…
Key Customer Relationships U.S. Government 7
Terminal Capacity Active Shell Capacity Geographic Region Number of Terminals Other Key Assets (Barrels) Gulf Coast 8 6,937,000 Midwest 4 1,569,000 Razorback Pipeline Brownsville * 3 2,362,000 Diamondback & Ella-Brownsville…
Growth Projects and Possibilities Projects Possibilities Bostco Phase I (fully subscribed): Drop downs from 50 storage tanks. TransMontaigne Inc. 6.1 million barrels of black oil Ethanol systems in the storage. Southeast.…
Bostco Overview Bostco is currently constructing a new black oil terminal in the Houston Ship Channel with approximately 7.1 million barrels of capacity (Phase I and Phase IA) and a total expected capital investment of approximately…
Houston Ship Channel Refinery Complex In 2011, Texass 26 petroleum refineries had a capacity of over 4.7 million barrels of crude oil per day and accounted for 27 percent of total U.S. refining capacity. 11
Bostco Phases Phase II, with an additional 3 million barrels of black oil and distillate storage, is in the early planning stages and could cost approximately 250 million. Approximate TLP's share Capacity total cost of total…
Results of Operations Three Months Ended (in thousands) June 30, Sept. 30, Dec. 31, Mar. 31, June 30, 2012 2012 2012 2013 2013 Revenue: Terminaling services fees, net 29,322 30,167 30,688 30,725 29,324 Pipeline transportation fees…
Structure of Terminaling Services Agreements Three Months Ended (in thousands) June 30, Sept. 30, Dec. 31, Mar. 31, June 30, 2012 2012 2012 2013 2013 Firm commitments: Terminaling services fees, net: External customers 7,999 8,300…
Duration of Firm Commitments The remaining terms on the terminaling services agreements that generated firm commitments for the three months ended June 30, 2013 were: At June 30, 2013 Less than 1 year remaining 6,349 1 year or more,…
Quarterly Distribution History 0.75 60 0.65 50 0.55 40 0.45 30 (1) 0.35 20 0.25 10 0.15 - Quarterly distribution per unit (left axis) Unit price (right axis) 19
Distribution Coverage Three Months Ended (in thousands) June 30, Sept. 30, Dec. 31, Mar. 31, June 30, 2012 2012 2012 2013 2013 Distributable cash flow 16,527 15,341 10,219 17,834 13,471 Total distributions 10,596 10,596 10,596…
Organizational Structure
Ownership Structure Morgan Stanley Public Unitholders and Affiliates 100% Interest TransMontaigne Inc. and Affiliates 76% 19% Interest Interest 100% Interest (Limited (Limited 2% Interest TransMontaigne GP L.L.C. Partner)…
Business Activities MSCG is the principal commodities trading arm of Morgan Stanley. Its trading Morgan Stanley and risk management activities cover a broad spectrum of the energy industry and Affiliates with extensive resources…
TLP is a Master Limited Partnership (MLP) What is an MLP A publically traded partnership would ordinarily be taxed as a corporation. MLPs are treated as partnerships if 90% or more of their gross income consists of qualifying income.…
MLP Performance Compared to the Dow and the S&P 500 The primary MLP index the Allerian Index (AMZ). The AMZ has significantly outperformed the Dow and the S&P 500 over the past 10 years. 25
TransMontaigne Partners L.P. (NYSE:TLP) Key Considerations Leading presence in five core geographic regions. High Quality, Term contracts with high-quality industry participants. Diversified Assets Focus on fee-based contracts with…
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