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Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP

Enterprise Products Partners LP · Aug 11, 2015 · 41 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. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 1
    ENTERPRISE PRODUCTS PARTNERS L.P. GOLDMAN SACHS POWER, UTILITIES, MLP AND PIPELINE CONFERENCE August 11, 2015 Bryan Bulawa Chief Financial Officer ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P.…
  2. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 2
    ENTERPRISE PRODUCTS PARTNERS L.P. (EPD) One of the largest integrated midstream energy companies Integrated system enables EPD to reduce impact of cyclical commodity swings Large supply aggregator and access to domestic and…
  3. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 3
    SIGNIFICANT INSIDER OWNERSHIP / DEEP BENCH Significant insider ownership EPCO and affiliates own 34.4% of L.P. units EPCO & Affiliates Supportive General Partner 100% Facilitated elimination of incentive General…
  4. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 4
    EPD: NATURAL GAS, NGLS, CRUDE OIL, REFINED PRODUCTS AND PETROCHEMICALS Asset Overview Connectivity Pipelines: 49,000 miles of natural gas, NGL, crude oil, refined products and Connected to U.S. major shale basins petrochemical…
  5. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 5
    DIVERSIFIED SOURCES OF CASH FLOW BACKED BY FEEBASED BUSINESS MODEL (1) 5.3 Billion Gross Operating Margin 4 Year Growth Capital Allocation 20142017E For 12 months ended June 30, 2015 12.7 Billion (predominantly feebased) 15%…
  6. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 6
    BUSINESS UPDATE ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  7. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 7
    PURCHASE OF EFS MIDSTREAM LLC Enterprise acquired EFS Midstream LLC (EFS) from Pioneer Natural Resources Midstream Holding LLC (Pioneer) and Reliance Eagleford Midstream LLC (Reliance) for 2.15 billion; closed July 8, 2015 1.15…
  8. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 8
    PURCHASE OF EFS MIDSTREAM LLC ASSETS Complements EPDs Existing Eagle Ford Footprint ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. 9
  9. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 9
    RATIONALE FOR SALE OF OFFSHORE GULF OF MEXICO BUSINESS Sold offshore Gulf of Mexico business for 1.5 billion Maintained ownership until transaction closed July 24, 2015 Offshore business was part of Gulfterra Energy acquisition in…
  10. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 10
    U.S. NATURAL GAS SUPPLY POTENTIAL ASSUMING SUFFICIENT MARKETS (BCF/D) 1 1 ROCKIES OTHER 14 13 21 28 APPALACHIAN MID-CONTINENT 11 10 Base Base Case Case PERMIAN Current 78 Region Current 2020 2025 Gulf Coast (incl…
  11. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 11
    INDICATIVE U.S. CRUDE AND CONDENSATE FORECASTS Based on 36 Month Forward Markets U.S. Crude and Condensate Sensitivities 12 12 April Case Annual Growth, MBPD Average 2014 to 2015 258 7075 11 11 2015 to…
  12. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 12
    U.S. OIL & CONDENSATE SUPPLY POTENTIAL ASSUMING SUFFICIENT MARKETS (MBPD) 3,447 CANADA 4,800 ROCKIES 1,104 1,855 956 2,092 117 122 AK and CA APPALACHIAN MID-CONTINENT 658 603 PERMIAN Current 9,177 Forecast Region…
  13. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 13
    INDICATIVE NGL PRODUCTION FORECASTS Based on 36 Month Forward Markets U.S. NGL Sensitivities 6,000 6,000 5,500 5,500 7075 5,000 5,000 6070 MBPD 4,500 4,500 5070 4,000 4,000 Jan15 High 3,500 3,500 Jan15 Base Apr15…
  14. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 14
    U.S. NGL SUPPLY POTENTIAL ASSUMING SUFFICIENT MARKETS (MBPD) 136 127 ROCKIES OTHER 703 859 693 1,015 APPALACHIAN MID-CONTINENT 448 427 PERMIAN Current 3,922 Potential NGL Components Current 2020 790 Year 2020…
  15. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 15
    U.S. ETHANE SUPPLY / DEMAND OUTLOOK MBPD 3,000 2,500 2,000 1,500 1,000 500 2014 2015 2016 2017 2018 2019 2020+ Production Range Existing Demand Conversions & Expansions New Builds Exports Potential Projects…
  16. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 16
    U.S. LPGA GROWING SURPLUS MBPD Supply Range 3,000 2,500 2,000 1,500 1,000 500 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LPG Supply LPG Demand U.S. LPG Demand Current LPG Exports Surplus Surplus Range…
  17. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 17
    REGIONAL NGL HUBS: USGC VS. EAST COAST NO COMPARISON USGC East Coast SUPPLY Diversity 7 unique basins linked 1 basin for all supply Supply Potential Estimated 4.5 MMBPD by 2020 Estimated 1 MMBPD by 2020 STORAGE Capacity 300 MMBbls…
  18. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 18
    LOW GAS TO CRUDE SPREAD CONTINUING TO DRIVE U.S. NGL ADVANTAGE NYMEX Natural Gas Price as a % of Crude U.S. Ethane Crackers: Global Cost Advantage 45 140% 70 Shale Gas Production Now Totals Asia Naphtha 40 50% of Total Gas…
  19. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 19
    ATEX AND AEGIS ETHANE PIPELINES ATEX Pipeline 1,205mile, 16 and 20 pipeline Initial capacity 125 MBPD, expandable to 265 MBPD; currently moving 70 MBPD Connected to 4 NGL fractionators ATEX C2 Contracted Volumes 15 year shiporpay…
  20. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 20
    POTENTIAL MARCELLUS PROPANE TAKEAWAY PROJECT Only 150 miles separate TE Products and MAPL propane systems Linked systems would allow 4060 MBPD of Marcellus / Utica propane to access Midwest, Conway and Mont Belvieu markets…
  21. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 21
    ETHANE EXPORT FACILITY: MORGANS POINT ON HOUSTON SHIP CHANNEL New ethane export Shipbuilders Response to Increased Ethane Demand facility with a combined Estimated Ethane / Ethylene Vessel Capacity (1) 14 operating rate of 50 12…
  22. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 22
    U.S. BECOMES LARGEST EXPORTER OF PROPANE Propane Exports from EPD Facilities as of June 2015 2015 Propane Exports from EPD Facilities by Destination Region: 45 MMBbls % of Cargoes Loaded % of Destination Market North America 26% 56%…
  23. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 23
    ENTERPRISE LPG PROJECTS: EXPANDING THE PREMIERE U.S. LPG EXPORT FACILITY 16,500 BPH, using two dedicated pipes from Mont Belvieu (9.0 MMBbls/month) Upon completion of the expansion: New 30 pipeline from Mont Belvieu Maximum…
  24. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 24
    EPD HOUSTON SHIP CHANNEL TERMINAL A Recent Addition Houston Ship Channel Terminal Over 20 MMBbls storage with 3.1 MMBbls under construction Room to grow by more than 5 MMBbls on 58 acre Port of Houston lease Ship dock 1A and…
  25. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 25
    EXPANSION OF PERMIAN ASSET FOOTPRINT Existing Assets 2 gas gathering systems: 1,500 miles of pipe 3 gas processing plants: 350 MMcf/d capacity 75 MBPD of NGL fractionation capacity at Hobbs 2.1 MMBbls of NGL cavern storage 950…
  26. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 26
    EAGLE FORD JV PROJECT EXPANSION TO HANDLE CONDENSATE / PROCESSED CONDENSATE EPD and Plains JV will construct a new condensate gathering system 55 miles connecting surrounding counties to Three Rivers Terminal Marshall Expand…
  27. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 27
    MIDLAND TO HOUSTON CRUDE OIL PIPELINE 400mile, 24 pipeline from Oklahoma Cushing Midland to Sealy, Texas Capacity: 450 MBPD Supported by longterm agreements Hobbs Expected inservice: 2Q 2017 Lynch Jal Competitive…
  28. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 28
    ECHO: UNPARALLELED CONNECTIVITY FOR CRUDE OIL AND CONDENSATE Moore Road From Cushing 36/24/24 EPD Houston Ship Channel 24 Galena Park Sealy 30 Baytown 24 24 45 draft XOM VLO H.R. PRSI Shell Beaumont Katy 24 Rancho…
  29. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 29
    FINANCIAL UPDATE ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  30. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 30
    SOLID OPERATING PERFORMANCE 5.5 5.5 Liquids Pipeline Volumes 5.3 Equity NGL Production & Feebased Processing 140 126 4.8 129 5 5.0 5.0 116 4.4 116 4.8 Feebased Processing 120 Equity NGL Production 4.5 101 Million…
  31. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 31
    MARINE TERMINAL / DOCK ACTIVITY Annualized 4Q Oiltanking for 2014 LPG Export Loadings 350 Product Export Loadings (1) 329 300 275 252 300 Processed Condensate 283 250 237 Refined & Petrochemical Products 250 200 208 200…
  32. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 32
    STRONG FINANCIAL RESULTS Gross Operating Margin 4.5 Distributable Cash Flow (DCF) (1) 5.3 4.1 4.1 5.0 4.8 3.8 3.8 4.4 3.9 3.9 3.5 3.9 4.0 3.7 Billions Billions 3.0 2.6 2.5 3.0 2.8 2.0 2.0 1.5 1.0 0.0 0.5 2011…
  33. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 33
    HISTORY OF FINANCIAL DISCIPLINE WHILE EXECUTING GROWTH STRATEGY Total Growth Capex & Debt Leverage Retained 1.4 billion of DCF 8.0 7.8 in 2014; 0.5 billion for first 4.6 4.7x six months of 2015 to 7.0 reinvest in the…
  34. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 34
    STRENGTHENING DEBT PORTFOLIO Extending Maturities Without Increasing Costs 18.4 Billion Notes Issued 96.6% Fixed Rate Debt 15 2009 2015 14.6 14.1 7.5% 13 13.3 Average Maturity Years 10.3% 12.4 Cost of Debt 10.6%…
  35. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 35
    APPENDIX ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  36. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 36
    VISIBILITY TO GROWTH: MAJOR CAPITAL PROJECTS 4.4B InService 2014 / 2Q 2015; 8.3B Under Construction In Service Date 2014 1Q2015 2Q2015 3Q2015 4Q2015 2016/2017 NGL Pipeline & Services Mid-America NGL pipeline expansion Rocky Mountain…
  37. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 37
    ENTERPRISE PDH FACILITY New PDH facility will produce up to 1.65 billion pounds per year of polymer grade propylene or 25 MBPD Consume 35 MBPD of propane 100% of capacity contracted under feebased contracts with investment…
  38. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 38
    THE CHEMICALS INDUSTRY IS MAKING VERY LARGE BETS ON U.S. SHALES American Chemistry Council (ACC) is tracking 225 U.S. chemical projects valued at 137 billion. They estimate that 60% of these new investments are from foreign…
  39. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 39
    GROSS OPERATING MARGIN We evaluate segment performance based on the nonGAAP financial measure of gross operating margin. Gross operating margin (either in total or by individual segment) is an important performance measure of the core…
  40. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 40
    ADJUSTED EBITDA Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our financial statements, such as investors, commercial banks, research analysts and ratings agencies to…
  41. Goldman Sachs MLP and Pipeline Conference – Enterprise Products Partners LP – slide 41
    DISTRIBUTABLE CASH FLOW Distributable cash flow is an important nonGAAP financial measure for our limited partners since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial…

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