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CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P.

Markwest Energy Partners, L.P. · Aug 19, 2015 · 22 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 – Markwest Energy Partners, L.P. – slide 1
    CITI 2015 MLP/MIDSTREAM INFRASTRUCTURE CONFERENCE August 19-20, 2015
  2. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 2
    MARKWEST - ONE OF THE LARGEST MIDSTREAM SERVICE PROVIDERS 1.4 Bcf/d Transmission Capacity 2.9 Bcf/d 5.0 Bcf/d 304 MBbl/d 259 MBbl/d Total Gathering Total Processed Total NGL Total Fractionated Volumes Volumes Production…
  3. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 3
    GROWTH DRIVEN BY CUSTOMER SATISFACTION MarkWest has received the 1 rating for total customer satisfaction in every EnergyPoint Research survey since its inception in 2006 5
  4. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 4
    MARKWEST HAS THE PREMIER POSITION IN MARCELLUS & UTICA We operate 39 processing and fractionation facilities in the Marcellus & Utica shales and have 13 additional facilities currently under construction We currently process and…
  5. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 5
    MARCELLUS SEGMENT OVERVIEW 1.0 3.8 Processed Volumes (MMcf/d) Bcf/d Bcf/d 3,500 Gathering capacity Processing capacity 3,000 45% 286 MBbl/d Forecasted Avg. Increase from 3Q15 through 4Q15 Avg. 2,500 C2+ Fractionation…
  6. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 6
    UTICA JOINT VENTURE SEGMENT OVERVIEW Processed Volumes (MMcf/d) 1.0 1.3 1000 Bcf/d Gathering capacity Processing capacity Bcf/d 900 95% Forecasted 800 Avg. Increase from 160 3Q15 through 4Q15 Avg. 23 700 FY2014…
  7. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 7
    EXPANDING DRY GAS GATHERING CAPABILITIES IN THE UTICA MarkWest and the Energy & Minerals New dry gas gathering system Group (EMG) are developing a new, large- under development with EMG scale dry gas gathering system in Jefferson,…
  8. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 8
    OHIO GATHERING: A PREMIER SYSTEM IN THE CORE OF THE UTICA Ohio Gathering is owned by MarkWest Condensate Facility Utica EMG (60%), a joint venture Cadiz Complex between MarkWest & The Energy & Minerals Group, and Summit Investments…
  9. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 9
    CONDENSATE SOLUTIONS ILLUSTRATE STRATEGIC OPPORTUNITIES 23,000 Bbl/d condensate stabilization facility was completed in March 2015 and is currently fully utilized The facility is the largest of its kind in the Utica and connects…
  10. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 10
    MARCELLUS & UTICA: 39 PROJECTS COMPLETE 13 major projects under construction, 5 to be completed in 2015 HOPEDALE FRACTIONATION COMPLEX (MarkWest & MarkWest Utica EMG shared KEYSTONE COMPLEX fractionation capacity) Bluestone I II &…
  11. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 11
    SOUTHWEST SEGMENT OVERVIEW 2.1 1.2 Processed Volumes (MMcf/d) 100% 10% Bcf/d Bcf/d 1,200 Gathering capacity Processing capacity Forecasted 29 1,000 Avg. Increase from FY2014 to FY2015 MBbl/d 3Q15 through 4Q15…
  12. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 12
    ENTERING THE CANA-WOODFORD: TO SUPPORT NEWFIELD EXPLORATION We are expanding our significant Western Oklahoma presence into the Cana-Woodford to support Newfield Explorations development of their STACK acreage Our Western Oklahoma…
  13. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 13
    ENTERING THE PERMIAN: TO SUPPORT CIMAREX & CHEVRON We recently executed definitive agreements with Cimarex and Chevron to support their joint development of the Delaware PERMIAN Basin Eddy HIDALGO COMPLEX 200 MMcf/d 2Q16 BASIN…
  14. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 14
    PROCESSED VOLUME GROWTH Second largest processor of natural gas and fourth largest fractionator of NGLs in the U.S. 35% 5.5 5.0 4.5 Compound Annual Growth in Billion cubic feet per day (Bcf/d) 4.0 3Q15 through…
  15. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 15
    FINANCIAL FORECAST 2015 DCF Forecast: 700MM 750MM 2015 EBITDA Forecast: 925MM 975MM Capital Investment Forecast Net Operating Margin Forecast 2015: 1.5B to 1.9B 2015 100% 2015 weighted average 12% 80% hedged price: 90%…
  16. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 16
    LIQUIDITY SUMMARY MarkWest has over 700 million of liquidity We preserve a strong balance sheet to fund growth We have over 700 million of liquidity to support our capital investment program We maintain flexible financing options…
  17. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 17
    2015 DISTRIBUTABLE CASH FLOW: SENSITIVITY TABLE MarkWest is more sensitive to changes in volumes than changes in commodity prices MarkWest Partnership periodically estimates the effect on DCF resulting from changes in its volume…
  18. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 18
    APPENDIX
  19. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 19
    RECONCILIATION OF DCF & DISTRIBUTION COVERAGE Six Months Ended Year Ended ( in millions) 6/30/2015 12/31/2014 Net (loss) Income (80.9) 160.3 Depreciation, amortization and other non-cash operating expenses 273.4 489.4 Loss on sale…
  20. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 20
    RECONCILIATION OF ADJUSTED EBITDA LTM Ended Year Ended Year Ended ( in millions) 6/30/2015 12/31/2014 12/31/2013 Net income 50.4 160.3 40.4 Non-cash compensation expense 13.5 10.3 7.8 Unrealized (gain) loss on derivative…
  21. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 21
    RECONCILIATION OF NET OPERATING MARGIN Six Months Ended Year Ended ( in millions) 6/30/2015 12/31/2014 Income from operations 122.9 377.2 Facility expenses 180.4 343.4 Derivative gain (0.6) (95.3) Revenue deferral adjustment…
  22. CITI 2015 MLP and Midstream Infrastructure Conference – Markwest Energy Partners, L.P. – slide 22
    1515 ARAPAHOE STREET TOWER 1, SUITE 1600 DENVER, COLORADO 80202 PHONE: 303-925-9200 INVESTOR RELATIONS: 866-858-0482 EMAIL: INVESTORRELATIONSMARKWEST.COM WEBSITE: WWW.MARKWEST.COM

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