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August 2015 Investor Presentation – Keyera Corp.

Keyera Corp. · Aug 19, 2015 · 39 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. August 2015 Investor Presentation – Keyera Corp. – slide 1
    Corporate Profile August 2015
  2. August 2015 Investor Presentation – Keyera Corp. – slide 2
    Who Is Keyera Key service provider to oil and gas producers in western Canada Facilities are well situated to capture decades- long energy resources History of growing cash flow per share Large portion of cash flows are…
  3. August 2015 Investor Presentation – Keyera Corp. – slide 3
    Keyeras Vision To be the North American Leader in Delivering Midstream Energy Solutions How will this be achieved By leveraging our strong market position in the natural gas, natural gas liquids, and oil sands sectors By continuing…
  4. August 2015 Investor Presentation – Keyera Corp. – slide 4
    Excellent Track Record of Financial Performance Per Share (split-adj.) Historical Financial Results Payout Ratio 14% 2.50 100% 90% 2.00 80% 70% CAGR in distributable cash flow 1.50 60% per share2,4 50% 8% 1.00 40% 30%…
  5. August 2015 Investor Presentation – Keyera Corp. – slide 5
    Industry Fundamentals Driving Keyeras Growth Infrastructure Required to Meet Growing Oil and Gas Production 6
  6. August 2015 Investor Presentation – Keyera Corp. – slide 6
    Recently Completed Growth Projects Completed Projects In-Service Date Capital Cost1 (Net, in Millions) Rimbey Turbo Expander & Debottlenecking & Truck Offload Expansion July 2015 285 Josephburg Rail Terminal July 2015 115 Alder Flats…
  7. August 2015 Investor Presentation – Keyera Corp. – slide 7
    Growth Projects Currently Under Development Approved Projects Capital Cost 2015 2016 2017 (Net, in Millions)1 Zeta Creek New Gas Plant Construction 41 Fort Saskatchewan Frac Expansion 176 Strachan Sulphur Sulvaris JV 120 Alder…
  8. August 2015 Investor Presentation – Keyera Corp. – slide 8
    Keyeras Integrated Business Lines Gathering & Processing1 Liquids Business Unit Gas Plants NGL Infrastructure1 Marketing Oil Sands Infrastructure1 Solvent Crude Oil Diluent Bitumen 75% Fee-for-Service2 25% Margin2 1 Revenues…
  9. August 2015 Investor Presentation – Keyera Corp. – slide 9
    Western Canada Sedimentary Basin Canada is home to some of the most economic natural gas plays in North America Significant multi-zone gas potential on the deeper (west) side of Western Canada Sedimentary Basin Spirit River Majority…
  10. August 2015 Investor Presentation – Keyera Corp. – slide 10
    Gathering and Processing Business Unit Well maintained, long-life facilities 2.81 Bcf/d licensed gross capacity 2 new gas plants adding up to 164 MMcf/d licensed gross capacity2 Montney Keyera operates 16 of 17 gas plants and will…
  11. August 2015 Investor Presentation – Keyera Corp. – slide 11
    Montney A World Class Resource Pipeline Legend Growing amount of western Canadian natural gas production Keyera New Keyera coming from the Montney geological horizon Select Third Party Recent Montney study1 estimates marketable…
  12. August 2015 Investor Presentation – Keyera Corp. – slide 12
    Simonette Expanding to Handle Montney Production Wapiti pipeline system construction Pipeline opened a new capture area northwest of plant in the Wapiti area, where producers are drilling liquids-rich Montney zone Two 90-km…
  13. August 2015 Investor Presentation – Keyera Corp. – slide 13
    Duvernay An Emerging Resource Development Duvernay developing in two areas Northern Duvernay and Southern Duvernay Multinationals have acquired significant land positions in both areas High levels of condensate and other NGLs…
  14. August 2015 Investor Presentation – Keyera Corp. – slide 14
    Southern Duvernay Significant Infrastructure Available Keyera well positioned to capture Southern Duvernay volumes: 12 plants in the area with 2.2 Bcf/d gross licensed capacity1 2 new plants adding up to 164 MMcf/d of gross…
  15. August 2015 Investor Presentation – Keyera Corp. – slide 15
    New Pipelines Capturing Growing Gas Production Producers targeting numerous geological zones in west central Alberta Keyera continues to expand plant capture areas through addition of gathering pipelines: Carlos pipeline offload and…
  16. August 2015 Investor Presentation – Keyera Corp. – slide 16
    Enhancing Service Offering at Rimbey Added 400 MMcf/d turbo expander to enhance liquids extraction: Ethane capacity up to 20,000 bbls/d Project underpinned by long-term ethane purchase agreement Net capital cost to Keyera of 255…
  17. August 2015 Investor Presentation – Keyera Corp. – slide 17
    Growing Through Selective Acquisitions Acquisitions completed in 2014: New Plants (under construction): 35% non-operating owner of Alder Flats gas plant 60% operating owner of Zeta Creek gas plant Existing Plants: 85% operating…
  18. August 2015 Investor Presentation – Keyera Corp. – slide 18
    Stable and Growing Gas Plant Throughput Gross Plant Throughput Historical Throughput and the Percentage Change in AECO & WTI % Change in Commodity (MMcf/d) Price since January 2003 350% 1,600 300% 1,400 250% 1,200 200% 1,000…
  19. August 2015 Investor Presentation – Keyera Corp. – slide 19
    LNG Development Will Require Midstream Infrastructure Multi-decade resource potential in early stages of development 22 coastal LNG-related projects under various stages of development1 12 export licenses approved by the NEB2…
  20. August 2015 Investor Presentation – Keyera Corp. – slide 20
    Liquids Business Unit Fractionation: Storage: 102,000 bbls/d of C2+ and C3+ net Currently 11.6 million bbls of gross capacity at 5 locations capacity in 12 underground caverns at Fort Saskatchewan Rail & truck terminals: Iso-octane…
  21. August 2015 Investor Presentation – Keyera Corp. – slide 21
    Keyera Fort Saskatchewan (KFS) Expanding Fractionation Capacity Added 30,000 bbls/d de-ethanizer Fractionates an ethane-rich stream of NGLs (C2+ mix) into spec products Net cost of 179 million1, including pipeline connections and…
  22. August 2015 Investor Presentation – Keyera Corp. – slide 22
    KFS Adding Underground Storage Capacity 13th storage cavern expected in- service 3Q151 14th storage cavern washing underway; expected in-service 2H161 15th storage cavern drilling of well bore completed; washing expected to…
  23. August 2015 Investor Presentation – Keyera Corp. – slide 23
    Oil Sands Production Growth Expected to Continue Bitumen Production Forecast (Historical + Risked) Project Sanctioned and/or Capacity MB/d Company Under Construction (MB/d) Timing Imperial Oil Nabiye 40 2015 Pengrowth Lindbergh…
  24. August 2015 Investor Presentation – Keyera Corp. – slide 24
    Diluent Demand Drives Logistics Services Top 8 Consumers by Ranking of Operated Production Source: Peters & Co. Limited estimates. Continued Growth In Demand For Condensate Infrastructure 25
  25. August 2015 Investor Presentation – Keyera Corp. – slide 25
    Extensive, Flexible Condensate Infrastructure Most connected condensate hub in Western Canada Keyeras Condensate Network 600,000 bbls/d of condensate traded daily on Keyeras system 500,000 bbls/d of firm capacity contracted beyond…
  26. August 2015 Investor Presentation – Keyera Corp. – slide 26
    Enbridge Norlite Pipeline Diluent pipeline from Fort Saskatchewan to Athabasca oil sands region Operated by Enbridge Keyera will be 30% non-operating owner Long-term take-or-pay agreement with owners of Fort Hills project Suncor,…
  27. August 2015 Investor Presentation – Keyera Corp. – slide 27
    South Grand Rapids Pipeline 50/50 joint venture between Keyera and Grand Rapids Pipeline LP (TransCanada PipeLines and Brion Energy) 45-kilometre 20-inch diluent pipeline from Edmonton to Fort Saskatchewan Will provide Keyera with…
  28. August 2015 Investor Presentation – Keyera Corp. – slide 28
    South Cheecham Terminal Diluent, Dilbit and Bitumen by Rail South Cheecham Rail and Truck Terminal completed in 3Q13 Ownership Keyera 50% (operator), Enbridge 50% Terminal capable of receiving diluent and loading dilbit and…
  29. August 2015 Investor Presentation – Keyera Corp. – slide 29
    Alberta Crude Terminal Loading Crude Oil onto Rail 50/50 joint venture with Kinder Morgan, Land Acquired in 2014 operated by Keyera, completed in 3Q14 Connection to Kinder Morgans extensive storage facility provides customers…
  30. August 2015 Investor Presentation – Keyera Corp. – slide 30
    Josephburg Rail Terminal A Propane Solution for Industry Provides customers with new rail infrastructure to handle growing propane supply from liquids-rich production Improves propane egress into North American demand centres…
  31. August 2015 Investor Presentation – Keyera Corp. – slide 31
    Hull, Texas Terminal Access to Mont Belvieu Rail and truck facility in Hull, Texas commissioned in 4Q14 Pipeline connected to Mont Belvieu NGL hub and Beaumont refining centre Handles NGL mix, propane, butane and iso-butane…
  32. August 2015 Investor Presentation – Keyera Corp. – slide 32
    Alberta EnviroFuels (AEF) Iso-octane Manufacturing Iso-octane is a high octane, low vapour pressure gasoline additive AEF is only merchant iso-octane facility in North America Licensed capacity of 13,600 bbls/d Butane is the primary…
  33. August 2015 Investor Presentation – Keyera Corp. – slide 33
    Base Line Terminal A Crude Oil Storage Solution for Industry 50/50 joint venture operated by Kinder Morgan (KM) Base Line Terminal Concept Rendering 12 crude oil storage tanks with 4.8 million bbls of capacity (View Looking North)…
  34. August 2015 Investor Presentation – Keyera Corp. – slide 34
    Marketing Segment Diversified Portfolio of Logistics Services Condensate Keyeras C5 hub creates industry liquidity C5 Consumed in Alberta as diluent for bitumen Demand from the oil sands greatly exceeds Alberta-based supply…
  35. August 2015 Investor Presentation – Keyera Corp. – slide 35
    Value Added By All Three Business Segments Thousands Operating Margin (Rolling LTM) 700 600 500 400 300 200 100 - Gathering & Processing NGL Infrastructure Marketing 1 Operating Margin shown excludes other…
  36. August 2015 Investor Presentation – Keyera Corp. – slide 36
    Conservative Capital Structure 2.45x 16.9% Net Debt to Net Debt1 to Long-Term Debt Maturities3 EBITDA1 Enterprise Value2 300 250 200 CAD MM 150 264 100 109 167 143 125 50 97 60 60 75 46 0 2015 2016 2017 2018…
  37. August 2015 Investor Presentation – Keyera Corp. – slide 37
    Results for the Second Quarter of 2015 (Millions of Canadian dollars, except where noted) 2Q15 2Q14 Change Operating Margin Gathering & Processing 56 64 -9% NGL Infrastructure 55 49 12% Marketing 53 53 1% Other 7 0 1575% Total…
  38. August 2015 Investor Presentation – Keyera Corp. – slide 38
    Trading Metrics KEY Trading Symbol (TSX) 42.98 Common Share Price1 7.3 B Market Capitalization1 8.8 B Enterprise Value1,2 169.7 M Common Shares Outstanding3 726,433 Average Daily Trading Volume4 1.50 Annualized Dividend per…
  39. August 2015 Investor Presentation – Keyera Corp. – slide 39
    Providing Critical Infrastructure for the Oil and Gas Sector in Canada Keyeras growth driven by liquids-rich gas production and oil sands development Western Canadian geology with layered zones provides long-term resource Business…

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