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Citi MLP Conference – Boardwalk Pipeline Partners, Lp

Boardwalk Pipeline Partners, Lp · Aug 18, 2015 · 33 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. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 1
    October 11, 2013 Boardwalk Annual Customer Meeting Nashville Customer Meeting Presentation for 2015 CitiBoardwalks Response MLP/Midstream to the Infrastructure Conference August 2015 Changing Market Kathy Kirk, Senior Vice…
  2. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 2
    October 11, 2013 Boardwalk Annual Customer Meeting Nashville Customer Meeting Boardwalks Boardwalk Response Company to the Overview Changing Market Kathy Kirk, Senior Vice President Marketing & Origination Boardwalk…
  3. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 3
    Key Investment Highlights Diversified midstream MLP that transports, stores, gathers and processes natural gas and liquids Approximately 90% of annual revenue is from firm contracts that are primarily with investment-grade…
  4. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 4
    Large and Diverse Platform of Infrastructure Assets Boardwalk is a diversified midstream MLP that transports, stores, gathers and processes natural gas and liquids Boardwalk Operational Highlights Pipelines: We own and operate…
  5. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 5
    Organizational Structure BPHC Public Unitholders Loews Corporation Subsidiary 49% L.P. interest* 49% L.P. interest 2% G.P. interest Boardwalk Pipeline Partners, LP NYSE: BWP Boardwalk Pipelines, LP Gulf South Pipeline Texas…
  6. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 6
    Introduction to Boardwalks General Partner Our general partner is a wholly-owned subsidiary of Loews Corporation, which is one of the largest diversified corporations in the United States Principal subsidiaries and percent of…
  7. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 7
    October 11, 2013 Boardwalk Annual Customer Meeting Nashville Customer Meeting Boardwalks Response Boardwalk to the Strategy Changing Market Kathy Kirk, Senior Vice President Marketing & Origination Boardwalk Louisiana…
  8. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 8
    Boardwalk Strategy Leverage and strengthen existing natural gas pipeline transportation and storage assets by attaching to new end-use markets and accessing abundant supply sources Optimize asset base by identifying and implementing…
  9. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 9
    Boardwalk Accomplishments Completed 2.1 billion of growth projects and acquisitions since the Fall of 2011: 1.5 billion in acquisitions + 600 million in organic growth projects Diversified operations by adding: 18 MMBbls of liquids…
  10. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 10
    Projects Completed Since Fall 2011 (2.1 billion) Growth Project/Acquisition Scope Timing Est MM (Capex) Acquisition of Petal Gas Storage Acquired approx. 23 Bcf of working gas capacity and 105 miles of natural gas pipelines Closed…
  11. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 11
    Major Growth Projects Southern Indiana Lateral 75M in capex Capacity: 53,500 MMBtu/d In service: H2-2016 (est)* Northern Supply Access 310M in capex Western Kentucky Lateral Capacity: 384,000 MMBtu/d 80M in capex + 270,000 MMBtu/d…
  12. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 12
    October 11, 2013 Boardwalk Annual Customer Meeting Nashville Customer Meeting Boardwalks FinancialResponse Overviewto the Changing Market Kathy Kirk, Senior Vice President Marketing & Origination Boardwalk Louisiana…
  13. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 13
    Financial Highlights Substantially a long-term, fixed-fee revenue base Significant portion of revenues backed by firm contracts with primarily investment-grade customers Financing strategy: Financial Profile Utilize…
  14. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 14
    Boardwalk Revenue Profile Backed by Firm, Long-term Contracts Majority of revenues are under firm contracts Capacity reservations charges are received monthly regardless of utilization Weighted-average contract life of approximately 5…
  15. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 15
    Financial Information Results for the Six Months Ended June 30, 2015 2015 Total Cap-Ex Forecasted ( in millions) ( in millions) Total Cap-Ex Forecasted = 570 Net Income 118.1 Income taxes 0.3 120: Maintenance Depreciation and…
  16. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 16
    Capitalization Adjustments for December 31, 2015 Financing June 30, ( in millions, except ratio data) 2014 Activities 2015 Issued 350 million of 4.95% notes Debt: in November 2014 and additional Gulf South 5.05% Notes due Feb 2015…
  17. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 17
    Reduced Refinancing Risk for Senior Unsecured Notes 900 Term Loan was paid in full in May 2015 800 2015 Gulf South and Texas Gas notes refinanced to 2024 700 maturity under Boardwalk* 600 500 in millions 400 300…
  18. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 18
    October 11, 2013 Boardwalk Annual Customer Meeting Nashville Customer Meeting Market Fundamentals Boardwalks Response toandthe Boardwalk Growth Projects Changing Market Kathy Kirk, Senior Vice President Marketing &…
  19. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 19
    Well Positioned to Capitalize on Changing Supply Dynamics By 2020, U.S. supply is forecasted to grow by approximately 21 Bcf/d Boardwalk assets are located near shale gas supply sources with significant reserves 35.8 Bcf/d 18.7…
  20. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 20
    Changing Demand Dynamics: LNG Exports Bcf/d LNG Facilities by Location Approved Proposed Potential Texas 3.9 12.4 8.1 Louisiana 5.9 10.2 4.4 Mississippi - 1.5 - Grand Total 9.8 24.1 12.5 We have executed long- term, firm…
  21. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 21
    Changing Demand Dynamics: Industrial Markets INDUSTRIALS We provide approximately 186 industrial facilities with a combination of firm and interruptible natural gas and liquids transportation and storage services Industrials…
  22. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 22
    Forecasted U.S. Coal Retirements Over the Next 15 Years POWER PLANTS We are directly connected to 39 natural-gas-fired power generation facilities in nine states. Year Forecasted megawatts (MWs) 2015 14,883 Our percentage…
  23. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 23
    Basis Spreads to Henry Hub LEGEND DOMINION Average Annual SOUTH POINT Spread (1.24) 2015 (0.21) 2013 0.31 2009 COLUMBIA GULF MAINLINE KOSCI CENTERPOINT EAST (0.06) (0.08) (0.05) (0.06) (0.10) (0.00) 0.06 (0.10) (0.62)…
  24. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 24
    Coastal Bend Header Project to Serve Planned Freeport Liquefaction Export Terminal Legend Coastal Bend Header Project Capex Est.: 720 mm Contracted Capacity: 1.4 Bcf/d with 20-year firm precedent agreements In-Service: 2018…
  25. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 25
    North-to-South Projects: OH-LA and Southern Indiana Lateral Ohio-to-Louisiana Access Project Southern Lebanon Capex Est.: 115 mm Marcellus & Indiana Lateral Utica Supplies Contracted Capacity: 626,000 MMBtu/d with 13-year…
  26. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 26
    Additional North-to-South Projects Northern Supply Access Project Capex Est.: 310 mm Lebanon Contracted Capacity: Marcellus & 384,000 MMBtu/d with 16-year Utica Supplies weighted-average precedent agreements In Service: 2017 (est.)…
  27. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 27
    Western Kentucky Lateral Western Kentucky Lateral Texas Gas Transmission Proposed lateral Marcellus Interconnect & Utica Lebanon Supplies Western Kentucky Lateral Capex Est.: 80 mm Contracted Capacity: 230,000 MMBtu/d with…
  28. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 28
    Project to Serve Power Plant in South Texas Capex Est.: 80mm Contracted Capacity: 185,000 MMBtu/d with a 20-year precedent agreement to serve new combined cycle power plant in South Texas In-Service: H2-16 Project is subject to FERC…
  29. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 29
    Incremental Loads to End-Use Markets Projects and new contracts to provide approximately 570,000 MMBtu/d of natural gas deliveries to power and industrial plants EXECUTED AGREEMENT EXECUTED AGREEMENT Incremental firm load to power…
  30. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 30
    Evangeline Ethylene Pipeline Evangeline Ethylene Pipeline provides ethylene transportation from East TX/West LA to the Mississippi River Corridor Acquired in October 2014 for approximately 295 million Approx. 180 mile, 16 interstate…
  31. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 31
    Boardwalk Louisiana Midstream Growth Projects Ethylene Pipeline Propylene Pipeline Natural Gas Pipeline Brine Pipeline E/P Pipeline BLM Choctaw HubPL Midstream Hubs Provides ethylene, ethane, BLM Sulphur Hub natural gas and…
  32. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 32
    Key Investment Highlights Diversified midstream MLP that transports, stores, gathers and processes natural gas and liquids Approximately 90% of annual revenue is from firm contracts that are primarily with investment-grade…
  33. Citi MLP Conference – Boardwalk Pipeline Partners, Lp – slide 33
    EBITDA and Distributable Cash Flow Reconciliation Non-GAAP Financial Measures Earnings before interest, taxes, depreciation and amortization (EBITDA) is used as a supplemental financial measure by Boardwalks management and by external…

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