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Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp

Cone Midstream Partners Lp · Aug 19, 2015 · 28 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 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 1
    CONE Midstream Partners LP Citi 2015 MLP/Midstream Infrastructure Conference August 19-20, 2015
  2. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 2
    Key Investment Considerations Dedicated 516,000 net acres in premier areas of Marcellus Shale Strategically Access to liquids-rich and dry gas areas Advantaged Marcellus Close proximity to processing facilities and long-haul…
  3. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 3
    CNNX Overview
  4. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 4
    CONE Midstream Partners LP - Overview CONE Gathering and the Formation of CNNX In 2011, CONSOL Energy (CNX) and Noble Energy (NBL) (the Sponsors) formed a 50/50 midstream joint venture, CONE Gathering LLC, to service their rapidly…
  5. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 5
    Structured for Significant Organic and Drop-down Growth Potential CONE Midstream Partners LP 75% 5% 5% interest interest interest Organic Growth Drop-down Growth Anchor Systems Growth Systems Additional Systems…
  6. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 6
    CNNX Benefits From its Development Company Structure Provides CNNX with a critical mass of established gathering assets within Anchor Systems Shields CNNX from a substantial portion of the capital requirements, which will…
  7. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 7
    Gathering Systems Overview Gathering System Information(1) Maximum Interconnect Pipeline Capacity Compression System (Miles) (Bbtu/d) (HP) Anchor 132 1,329 61,380 Growth 27 860 8,040 Additional 21 385 Total 180 2,574 69,420…
  8. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 8
    Gathering Agreements Support Stable Fixed Fee Cash Flows Gathering Agreement Highlights 20-year gas gathering agreement 516,000 dedicated acres 0.40/MMBtu dry gas gathering fee General Terms 0.55/MMBtu wet gas gathering fee 1…
  9. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 9
    Strong Sponsorship in Strategic Gas Play
  10. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 10
    CNNX Operations are Located in Premier Area of Marcellus Shale Marcellus Shale: Estimated Ultimate Recovery per Foot Data as of September 2014 11
  11. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 11
    Sponsored by Experienced, Large-Cap E&P Companies Over 6.8 Tcfe of proven reserves at year-end 2014 Owns reserves of 1.4 Bboe and assets over 22 billion at One of the largest producers in the Appalachian basin year-end 2014 30%…
  12. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 12
    Strong Anchor Tenants Developing Premier Marcellus Shale Resource Highlights Marcellus Shale Acreage Position 2,000 Two of the leading E&P companies in the Eastern (Acres in Thousands) United States Sponsors Position Marcellus…
  13. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 13
    Sponsors Hold Strategically Advantaged Position in Marcellus Core Sponsors Hold Approximately 700,000 Net Acres in the Cost-advantaged and Prolific Area of the Marcellus Sponsors 50/50 upstream joint venture in the Marcellus covers…
  14. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 14
    Proximity to Major Interstate Pipelines Key Highlights Region Pipelines Available Pipelines Under Contract Sponsors have secured sufficient Central Pennsy lv ania DTI, EQT, TCO, SE DTI, SE processing and takeaway capacity to…
  15. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 15
    Growth Profile
  16. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 16
    CNNXs Throughput Growth Has Just Begun CNNX Consolidated Throughput Growth 1,200 2015 YoY Growth: 40% - 50% 1,000 Total CONE Gathering 883 Attributable to CNNX 768 800 (Amounts prior to 4Q2014 are proforma) 2015 Forecast…
  17. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 17
    Improved Completion Techniques Enhance Well Recovery and Pipeline Volumes Reduced Cluster Spacing & Shorter Stage Lengths Overview of Sponsors Activity Advanced completion techniques, such as Reduced Cluster Spacing (RCS) and…
  18. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 18
    Stacked Pay Potential Gas Factory Development Stacked Laterals Provide Economies of Scale to Access up to 4 Pays From 1 Pad 19
  19. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 19
    Recent Utica Well Results Have Been Outstanding This past Friday, we began flow back on the Gaut 4IH, a deep dry Utica well located in Westmoreland County, Pennsylvania. The Gaut stands out over and above any other Utica wells drilled…
  20. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 20
    Third-party Acreage Opportunity Wells Permitted & Drilled per County High Concentration of Third-Party Wells in Close Proximity 21
  21. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 21
    CNNX : Engineered for Long-term Growth CONE Midstream Has Ample Business Growth Drivers Even in Lower Commodity Price Environment Co-ownership of Development Companies Provides Opportunities for Drop-downs of Sponsors Retained…
  22. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 22
    Financial Overview
  23. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 23
    Key Financial Statistics (Amounts attributable to CONE Midstream) Daily Throughput (1) Total Capex Bbtu/d Millions 700 564-614 140 600 95-115 120 500 100 400 80 300 60 452 96.9 200 40 76.9 257 66 100 158 20 0 0 2012…
  24. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 24
    Balance Sheet Well Positioned for Growth CNNX Has a Balance Sheet and Liquidity Profile that Facilitates its Growth Strategy Capitalization 1 ( in Millions) June 30, 2015 Cash and Cash Equivalents 0.2 Revolving Credit Facility…
  25. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 25
    Attractive Financial Profile Upstream development plan drives organic growth on existing system Visible Growth Large drop-down inventory from Sponsors retained ownership interest Stable Revenue Long-term (20-year), fixed-fee…
  26. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 26
    Investment Highlights Recap Strategically Advantaged Marcellus Shale Assets Growth Experienced, Through Stable, Large-Cap E&P Fixed-Fee Cash Sponsorship Flows Financial Robust Flexibility and Distribution Strong…
  27. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 27
    Appendix
  28. Citi 2015 MLP and Midstream Infrastructure Conference – Cone Midstream Partners Lp – slide 28
    Non-GAAP Financial Measures EBITDA We define EBITDA as net income before income taxes, net interest expense, depreciation and amortization. EBITDA is used as a supplemental financial measure by management and by external users of our…

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