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Williams Analyst Day Presentation – Access Midstream Partners, L.P.

Access Midstream Partners, L.P. · May 14, 2014 · 14 slides

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Slides

  1. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 1
    WILLIAMS INVESTOR AND ANALYST DAY MAY 14, 2014
  2. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 2
    PARTNERSHIP OVERVIEW 3 ? Gathering and processing master limited partnership formed in 2010 ? Leadership position in 9 unconventional basins in U.S. ? ~$12 billion market capitalization with 49% public float ? Global…
  3. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 3
    PARTNERSHIP STRUCTURE Access Midstream Partners GP, LLC Public Common Unit Holders 50% 50% 100% of 2% GP interest + IDRs 4 Global Infrastructure Partners II The Williams Companies, Inc STRATEGIC SPONSORS; STRONG GOVERNANCE…
  4. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 4
    EXPANDING ASSET BASE 5 HIGH QUALITY, SCALABLE ASSET BASE IN HIGH GROWTH UNCONVENTIONAL PLAYS Key Operating Data(1) Total Assets: ~$8.3 billion Dedicated Areas: ~8.3 million acres Miles of Pipe: 6,414 Volume: 3,828 mmcf/d…
  5. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 5
    -100% -50% 0% 50% 100% 150% 200% ACMP AMZ S&P 500 UNIT PERFORMANCE TOTAL ANNUAL RETURN UNIT PRICE AND TOTAL RETURN IPO July ?10 ? Since IPO, ACMP is up +180% ? ACMP delivering top quartile total return with fixed fee, low…
  6. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 6
    WHERE WE?VE BEEN 7 2010 The Year of IPO $4.3 Enterprise Value ($ billions) 2011 The Year of Dropdowns $5.0 2012 The Year of Transition $9.0 2013 The Year of Execution $14.9 2014 The Year of the Customer $15.5 1)…
  7. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 7
    2011A 2012A 2013A 2014E 2015E 2016E $859 $1,025-$1,125 $478 $349 $1,250-$1,350 $1,400-$1,600 OUR GROWTH FOCUS 8 ? Organic growth ? ~$4.3 billion in 2013-2016 ? Substantial processing investment ? Business development growth…
  8. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 8
    COMMERCIAL PRIORITIES MOVING FORWARD ? Organic focus ? Leverage existing footprint ? Leverage core competencies ? Leverage balance sheet ? Organizational capability ? In-house resources ? JV partners ? General Partners ? Track…
  9. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 9
    COMMERCIAL WINS ? UEO Expansion ? Fifteen year term with a fifteen year extension option held by the Upstream JV ? Increase area of dedication by 53% ? Volume cap increases from 600,000 Mcf/d to 1.0 Bcf/d ? UEO to extend High…
  10. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 10
    FINANCIAL STRATEGY ? Maintain stable cash flows with a low risk, fee-based business model ? Deliver top-quartile performance for long-term distribution growth and distribution coverage ? Manage balance sheet to conservative…
  11. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 11
    0.34 0.35 0.36 0.38 0.39 0.41 0.42 0.44 0.45 0.47 0.49 0.54 0.56 0.58 Distribution / Unit FINANCIAL PERFORMANCE $73 $76 $84 $92 $97 $118 $121 $120 $119 $184 $207 $227 $241 $250 Adjusted EBITDA(1) $2.6 $4.3 $5.0 $9.0 $14.9…
  12. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 12
    HIGHLY VISIBLE GROWTH ($ million) 2014 2015 2016 EBITDA 1,025 ? 1,125 1,250 ? 1,350 1,400 ? 1,600 Growth Capital 1,100 ? 1,200 900 ? 1,000 600 ? 800 Maintenance Capital ~130 ~130 ~130 ACMP FINANCIAL OUTLOOK UPDATED WITH 2016…
  13. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 13
    FUNDING STRATEGY ? Maintain strong liquidity ? Opportunistic market timing ? Prudent sizing ? De-leveraging profile ? Target long-term investment grade metrics ? M&A flexibility FUNDING FLEXIBILITY 2014 - 2016 FUNDING…
  14. Williams Analyst Day Presentation – Access Midstream Partners, L.P. – slide 14
    3.0x 3.4x 3.4x 3.7x 3.7x 4.1x 4.2x 4.5x 4.7x 5.0x 5.5x A B C ACMP D E F G H I J 1Q 2014 Debt / EBITDA(1) for G&P MLPs STRONG CREDIT METRICS ACMP will maintain a conservative capital structure ? Committed to maintaining…

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