Skip to main content Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. Investor Presentation | Shale Experts
Loading...
Pm

Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P.

Inergy Midstream, L.P. · Dec 4, 2012 · 44 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. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 1
    Wells Fargo Securities 11th Annual Pipeline, MLP and Energy Symposium December 4, 2012
  2. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 2
    Company Overview Brooks Sherman President - Inergy 3
  3. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 3
    Investment Highlights Core energy infrastructure across the hydrocarbon chain in prolific Strategically shale production areas and near large demand markets Located Assets Assets positioned to link fundamental energy supply with…
  4. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 4
    Significant Transformation Today Inergy, L.P. (NYSE: NRGY) General partner of NRGM with incentive Retail Propane distribution rights and NRGM IPO Divestiture significant LP As of September 2011 ownership Inergy, L.P. Dec-11…
  5. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 5
    Significant Transformation (cont.) As a result of executing the previously mentioned transformational events, Inergy was able to achieve several objectives that were expected to take multiple years in a period of approximately a year.…
  6. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 6
    What We Do Natural Gas NGLs Crude Oil Expertise Supply Inergy Midstream Demand Prolific and emerging Solutions Refineries shale plays Pet-chems Marcellus Industrial Eagle Ford Bakken Power Utica generation Monterey…
  7. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 7
    Strategically Located Assets An integrated asset and services portfolio positioned to link fundamental energy supply with fundamental energy demand across geography and time Core natural gas infrastructure in Northeast US in the…
  8. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 8
    Stable, Fee-Based Cash Flows Diversity and stability of revenue streams result in consistent cash flow performance across various operating environments Natural gas storage and transportation assets predominately contracted with firm…
  9. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 9
    Visible Growth Disciplined capital investment strategy continues to create cash flow diversity and significant value for investors Top priority is ensuring stability and improving cash flow from current asset base High-return…
  10. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 10
    Strong Financial Profile Inergy and Inergy Midstream are diverse midstream energy companies with a combined enterprise value of 3.7 billion(a) Goal of maintaining financial Inergy, L.P. flexibility to execute growth projects (NYSE:…
  11. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 11
    Asset and Operations Overview 12
  12. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 12
    Northeast Storage and Transportation Platform Northeast assets provide critical midstream infrastructure Northeast storage & transportation hub with access to multiple gas and NGL supply sources and pipeline interconnects into…
  13. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 13
    Storage and Transportation Profit Drivers Strong demand for our services drives long-term contracted revenues Market-based rate structure allow for additional opportunities 100% of Northeast operationally available storage capacity…
  14. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 14
    Gas Storage Facilities Thomas Seneca Tres Stagecoach Steuben Corners Lake Palacios 26.3 Bcf working gas 5.7 Bcf operational 6.2 Bcf working gas 1.5 Bcf working gas 38.4 Bcf working gas capacity working gas capacity capacity capacity…
  15. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 15
    Transportation Asset Overview North-South Pipeline FERC regulated firm transportation and wheeling services between TGP, Millennium and all points in between 325,000 MMcf/d capacity 100% contracted with 5 year terms Phase II may add…
  16. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 16
    NGL Storage & Terminal Overview Bath Facility Watkins Glen Project 1.5 MMBbl of NGL Developing 2.1 MMBbl of underground storage underground NGL storage Located in Steuben County, NY Located in Schuyler County, NY 100% contracted…
  17. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 17
    NGL and Crude Oil Supply and Logistics Tailgate to Burner Tip Solutions Provide assured flow and optimal value for producers and refiners/processors in the rich shale plays such as the Marcellus, Utica, Eagle Ford, Bakken and other…
  18. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 18
    US Salt Operations High Quality Assets Located outside of Watkins Glen, NY on the shores of Seneca Lake Provides significant sustained source of future capacity in energy storage platform 1 Bcf per year natural gas storage…
  19. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 19
    COLT Hub Acquisition Overview These materials are not to be printed, downloaded or 20 distributed. These materials are only available to qualified institutional buyers and non-US persons.
  20. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 20
    Transaction Summary NRGM has executed a definitive agreement to purchase the COLT Hub located in Northwest North Dakota for 425mm, subject to certain performance milestones and customary working capital adjustments Transaction…
  21. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 21
    Strategic Rationale Long-term contracted cash flows adding geographic and product diversification while capitalizing on Inergys logistics expertise Newly constructed crude terminalling system in the heart of the Bakken shale…
  22. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 22
    North American Crude Oil Pipelines No existing or planned pipeline access to PADD V from Bakken 74% of PADD V refinery inputs are imported (a) No significant existing or planned pipeline access to PADD I 96% of PADD I refinery…
  23. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 23
    COLT Hub Facilities Map Integrated COLT Hub Rail lines 24
  24. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 24
    COLT Hub Asset Overview COLT Terminal Overview Dry Fork Terminal Overview Located in Epping, ND Located at the intersection of four major Commenced commercial operation in May 2012 pipelines at the Beaver Lodge/Ramberg pipeline…
  25. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 25
    COLT Terminal (Epping, ND) BNSF RAILWAY 26
  26. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 26
    Financial Overview Mike Campbell SVP & CFO 27
  27. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 27
    Commitment to the Balance Sheet Strong Balance Sheet Fee-based Cash Flow Financial Flexibility Balanced Funding Objectives Focus on balance sheet management and target long-term investment grade credit metrics Proven access to both…
  28. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 28
    Transforming the Business Inergy has repositioned itself as a pure-play midstream services provider FY 2012 Consolidated Adjusted EBITDA Run-rate Adjusted EBITDA Contribution Salt 7% Retail Propane NGL and 43% Crude Supply…
  29. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 29
    Flexible Capital Structure NRGY well-positioned to support growth initiatives Ability to take back NRGM equity to help finance drop- downs and 3rd-party acquisitions Inergy, L.P. 550mm Senior Secured Bank Strong balance sheets…
  30. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 30
    Historical Financial Performance (Excluding Retail Propane) Gross Profit (a) Consolidated gross profit and adj. EBITDA, MM excluding the divested retail propane 300 272 operations, have increased over the last 3 years 222 225…
  31. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 31
    NRGM Capitalization As of September 30, 2012 ( in millions) Historical As adjusted Cash .. - - Revolving general partnership credit facility .. 416.5 132.5 (a) (a) 6% senior unsecured notes due 2020 - 500.0 Total Debt . 416.5…
  32. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 32
    NRGY Capitalization (excl. NRGM debt) ( in millions) As of September 30, 2011 As of September 30, 2012 Cash .. 11.5 - Revolving general partnership credit facility .. 81.2 311.7 Term loan facility .. 300.0 - Senior unsecured…
  33. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 33
    NRGM 2013 Guidance Fiscal Year Ended September 30, ( in Millions) 2013 Net Income (a) 49 Interest Expense (a)(b) 32 (a)(c) Depreciation and amortization 99 Income Taxes (a) - Adjusted EBITDA (a) 180 Maintenance Capital…
  34. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 34
    NRGY Consolidated 2013 Guidance Fiscal Year Ended September 30, ( in Millions) 2013 Net Income (a) 28 Interest Expense (a)(b) 48 (a)(c) Depreciation and amortization 183 Income Taxes (a) 1 Adjusted EBITDA (a) 260 Maintenance…
  35. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 35
    Investment Highlights Core energy infrastructure across the hydrocarbon chain in prolific Strategically shale production areas and near large demand markets Located Assets Assets positioned to link fundamental energy supply with…
  36. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 36
    Q&A 37
  37. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 37
    Appendix 38
  38. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 38
    NRGY Historical Financials 39
  39. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 39
    Historical Financial Overview & Non-GAAP Reconciliations Inergy, L.P. Consolidated Statement of Operations FYE Sept. 30 2010 2011 2012 (in MMs) (audited) (audited) (audited) Statement of Operations Data: (a) Revenues 1,786.0…
  40. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 40
    Historical Financial Overview & Non-GAAP Reconciliations (cont.) Inergy, L.P. Selected Financial Data FYE Sept. 30 2010 2011 2012 (in MMs) (audited) (audited) (audited) EBITDA Reconciliation: Net income (loss) 46.4 (10.6) 565.9…
  41. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 41
    NRGM Historical Financials 42
  42. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 42
    Historical Financial Overview & Non-GAAP Reconciliations Inergy Midstream, L.P. Statement of Operations FYE Sept. 30 (a) (a) 2010 2011 2012 (in MMs) (audited) (audited) (audited) Statement of Operations Data: Revenues 146.9 163.2…
  43. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 43
    Historical Financial Overview & Non-GAAP Reconciliations (cont.) Inergy Midstream, L.P. Selected Financial Data FYE Sept. 30 (a) (a) 2010 2011 2012 (in MMs) (audited) (audited) (audited) EBITDA Reconciliation: Net income 43.2 53.5…
  44. Wells Fargo Securities 11th Annual Pipeline MLP and Energy Symposium – Inergy Midstream, L.P. – slide 44
    45

From the store

Browse maps, data & reports in the Shale Experts store