SECOND QUARTER 2015 CONFERENCE CALL PRESENTATION August 5, 2015
SECOND QUARTER 2015 HIGHLIGHTS Total volume of over 5.5 Bcf/d for the second quarter 2015, an increase of 2% over the first quarter 2015 and 40% over the second quarter 2014 Reported Distributable Cash Flow (DCF) of 165.9 million and…
STRATEGIC TRANSACTION Announced strategic combination with MPLX LP, expected to close fourth quarter 2015 Creates a large-cap, diversified MLP with compound annual distribution growth rate of 25% through 2017, and approximately 20%…
SIGNIFICANT SYNERGISTIC OPPORTUNITIES The combination Gas Processing Stabilizer provides significant (Marcellus and Gas NGL & Condensate Supply (Ohio Condensate) Utica) Condensa Gathering from Marcellus / Utica Producers te…
MARKWEST HAS THE PREMIER POSITION IN MARCELLUS & UTICA We operate 39 processing and fractionation facilities in the Marcellus & Utica shales and have 13 additional facilities currently under construction We currently process and…
MARCELLUS SEGMENT OVERVIEW Completed three new processing facilities, totaling 600 MMcf/d of incremental capacity Processed Volumes (MMcf/d) 3,500 Five major processing complexes are highly utilized, 45% averaging 90% over the…
UTICA SEGMENT OVERVIEW Processed Volumes (MMcf/d) Completed two new processing facilities, totaling 1000 400 MMcf/d of incremental capacity 900 95% Average utilization of Utica processing complexes was 77% during the second quarter…
MARCELLUS & UTICA FRACTIONATION OVERVIEW Total C2+ fractionated volumes from the Fractionated Volumes (Bbl/d) Marcellus and Utica exceeded 226 MBbl/d for the second quarter 2015, an increase of 5% from the first quarter 2015, and 60%…
CONDENSATE SOLUTIONS ILLUSTRATE STRATEGIC OPPORTUNITIES 23,000 Bbl/d condensate stabilization facility was completed in March 2015 and is currently fully utilized The facility is the largest of its kind in the Utica and connects…
SOUTHWEST SEGMENT OVERVIEW Processed Volumes (MMcf/d) Utilization of Southwest processing complexes averaged 82% during the second quarter 2015 10% 1,200 Announced entry into the Permian with the development of a 200 MMcf/d plant…
PROCESSED VOLUME GROWTH Second largest processor of natural gas and fourth largest fractionator of NGLs in the U.S. 35% 5.5 5.0 4.5 Compound Annual Growth in Billion cubic feet per day (Bcf/d) 4.0 3Q15 through…
FINANCIAL FORECAST 2015 DCF Forecast: 700MM 750MM 2015 EBITDA Forecast: 925MM 975MM Capital Investment Forecast Net Operating Margin Forecast 2015: 1.5B to 1.9B 2015 100% 2015 weighted average 12% 80% hedged price: 90%…
LIQUIDITY SUMMARY MarkWest has over 700 million of liquidity We preserve a strong balance sheet to fund growth We have over 700 million of liquidity to support our capital investment program We maintain flexible financing options…
APPENDIX
MARCELLUS & UTICA: 39 PROJECTS COMPLETE 13 major projects under construction, 5 to be completed in 2015 HOPEDALE FRACTIONATION COMPLEX (MarkWest & MarkWest Utica EMG shared KEYSTONE COMPLEX fractionation capacity) Bluestone I II &…
RECONCILIATION OF DCF & DISTRIBUTION COVERAGE Six Months Ended Year Ended ( in millions) 6/30/2015 12/31/2014 Net (loss) Income (80.9) 160.3 Depreciation, amortization and other non-cash operating expenses 273.4 489.4 Loss on sale…
RECONCILIATION OF ADJUSTED EBITDA LTM Ended Year Ended Year Ended ( in millions) 6/30/2015 12/31/2014 12/31/2013 Net income 50.4 160.3 40.4 Non-cash compensation expense 13.5 10.3 7.8 Unrealized (gain) loss on derivative…
RECONCILIATION OF NET OPERATING MARGIN Six Months Ended Year Ended ( in millions) 6/30/2015 12/31/2014 Income from operations 122.9 377.2 Facility expenses 180.4 343.4 Derivative gain (0.6) (95.3) Revenue deferral adjustment…
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