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RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp

Magellan Midstream Partners Lp · Nov 11, 2014 · 21 slides

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Slides

  1. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 1
    RBC Capital Markets MLP Conference Dallas Nov. 2014 www.magellanlp.com NYSE: MMP
  2. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 2
    Structure = Competitive Advantage Investment grade MLP with no incentive distribution rights Provides MMP a competitive advantage with one of the lowest costs of capital in the MLP space Public 100% LP Magellan Midstream…
  3. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 3
    Refined Products Longest refined products pipeline system, primarily transporting gasoline and diesel fuel, with 9,500 miles, 53 terminals and 42mm barrels of storage Profit driven by throughput volume and tariffs Tariff increase…
  4. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 4
    Marine Storage 5 storage facilities with 27mm barrels of aggregate storage, supported by long-term agreements Profit driven by amount of storage leased Strong demand due to market structure, pricing volatility and connectivity…
  5. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 5
    Crude Oil 1,600 miles of crude oil pipelines, substantially backed by long-term throughput commitments 20mm barrels of total crude oil storage, including 12mm barrels used for leased storage One of the largest storage providers in…
  6. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 6
    Primarily Fee-Based Business Expect Future Fee-Based, Low Risk Activities to Comprise 85% or More of Operating Margin ytd 3Q14 Results* Leased storage Fee-based ancillary 15% services 9% Terminal delivery fees Transportation…
  7. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 7
    Growth in Expansion Capital Spending Over the last 10 years, Magellan has invested 3.7 billion in acquisitions and organic growth projects Expect to spend 1.3 billion from 2014 - 2016 to finish construction projects currently…
  8. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 8
    Significant Future Growth from Crude Oil Projects While refined products assets generate the largest portion of our financial results, Magellans growing crude oil asset profile continues to provide springboard for additional crude…
  9. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 9
    Longhorn Pipeline Current capacity of 275k bpd; averaged 240k bpd during 3Q14 Pipeline fully subscribed under long-term, take-or-pay agreements 10% of capacity reserved for spot shippers 430mm combined capital spending 3x EBITDA…
  10. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 10
    BridgeTex Pipeline Largest organic growth project in Magellans history: 625mm for MMPs share of capital spending 50/50 joint venture with Plains (previously Occidental) 300k bpd pipeline capacity; began pipeline shipments to Houston…
  11. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 11
    Permian a Key Focus Area for Magellan Incremental pipeline capacity (000 bpd) Permian 110 Sunoco West Texas Gulf 2012 2019 150 Sunoco Permian Express I Growth: 200 Sunoco Permian Express II +1,117k bpd 250 Plains Cactus 275…
  12. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 12
    Houston Crude Oil Connectivity Magellans Houston distribution network is the most comprehensive system to deliver crude oil to the Houston Gulf Coast area Access to all domestic inbound crude production Delivery capabilities…
  13. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 13
    Eagle Ford Joint Venture JV with Kinder Morgan to transport condensate from the Eagle Ford shale 195-mile, 100k bpd Double Eagle pipeline Delivers to Magellans Corpus Christi terminal JV currently constructing 10-mile pipeline to…
  14. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 14
    Condensate Splitter With restrictions on crude oil exports, investments in condensate splitters on the Gulf Coast are needed to handle the influx of LPG NGL Market Eagle Ford production Light Naphtha Replacement for Even with…
  15. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 15
    Corpus Christi Condensate Splitter Magellan plans to construct a 50k bpd condensate splitter at our Corpus Christi terminal Fee-based project, fully committed with long-term, take-or-pay agreement with Trafigura 250mm spending: 65%…
  16. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 16
    Little Rock Pipeline Midcontinent refiners do not currently have access to Little Rock via pipeline Our pipeline system extends to Ft. Smith, AR at this point Magellan plans to deliver refined products to the Little Rock market from…
  17. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 17
    2013 Refined Products Pipeline Acquisition Acquired 800 miles of refined petroleum products pipeline for 190mm during second half of 13 July 2013: New Mexico pipeline system 250 miles of pipeline Nov. 2013: Rocky Mountain…
  18. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 18
    Saddlehorn Pipeline Recently-announced Saddlehorn Pipeline to deliver various grades of crude oil from Niobrara shale to Magellans storage facilities in Cushing, OK 600-mile, 20-inch diameter pipeline capable of transporting up to…
  19. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 19
    Distribution Growth Trend Proven history of distribution growth with 50 quarterly increases to date Targeting 20% annual distribution growth for 2014 and 15% for 2015 (per MMP unit) 2.62 0.56 2001 2002 2003 2004 2005 2006…
  20. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 20
    Conservative Financial Profile Committed to maintaining solid investment grade rating Currently, one of the highest-rated MLPs at BBB+ / Baa1 Targeting distribution coverage of at least 1.1x on long-term basis Expect coverage…
  21. RBC CAPITAL MARKETS MLP CONFERENCE – Magellan Midstream Partners Lp – slide 21
    Magellan Summary Proven history of exceptional returns and distribution growth Straight-forward, low risk, stable business model Forecasted record distributable cash flow generation with strong distribution coverage…

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