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Salient MLP Investor Conference – Enterprise Products Partners LP

Enterprise Products Partners LP · May 21, 2013 · 29 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. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 1
    Enterprise Products Partners L.P. Salient MLP Investor Conference May 21, 2013 Randy Fowler www.enterpriseproducts.com EVP & CFO All rights reserved. Enterprise Products Partners L.P.
  2. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 2
    Key Investment Considerations Largest publicly traded energy partnership with an enterprise value over 70 billion 64th on Fortune 500; 226th on Fortune Global 500 Integrated midstream energy system serving producers and consumers of…
  3. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 3
    EPD Portfolio of Integrated Assets Major Asset Overview 50,000 miles of natural gas, NGL, crude oil, refined 21 NGL & Propylene fractionators products and petrochemical pipelines 6 offshore hub platforms 200 MMBbls of NGL, refined…
  4. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 4
    Leading Business Positions Across Midstream Energy Value Chain Midstream Energy Services Natural Gas Natural Gas Pipelines Storage Pipelines Ethane NGL Exports Propane Natural Gas Butane Pipelines Gas Processing Iso-Butane…
  5. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 5
    Geographic and Business Diversification Provides Multiple Earnings Streams 4.6 Billion Gross Operating Margin 5 Year Growth Capital Allocation 20112015E (1) For 12 months ended March 31, 2013 15 Billion 17% 24% 14% 46% 53% 8%…
  6. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 6
    EPD Accesses Some of the Most Prolific Emerging Shale / Non-Conventional Plays Williston Basin Bakken & Appalachian Basin Three Forks Appalachian Basin Marcellus Utica Jonah Powder River Basin Pinedale Niobrara Michigan Basin…
  7. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 7
    Visibility to Growth: 7.5 Billion in Major Capital Projects Under Construction In Service Date 1Q 2013 2Q 2013 3Q 2013 4Q 2013 2014 2015 NGL Pipeline & Services Eagle Ford Yoakum Gas Processing Facility (Phase III additional 300…
  8. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 8
    Review of Selected Major EPD Growth Projects All rights reserved. Enterprise Products Partners L.P.
  9. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 9
    EPDs Eagle Ford Shale Projects Cumulative Capital Expenditures: 4 Billion with 3.3 Billion Placed In Service To-Date Eagle Ford Crude / 900 Condensate Production 800 600 550 MBPD 300 Eagle Ford Crude / 214 Condensate…
  10. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 10
    Western Expansion Rocky Mountain Expansion (expected in-service 2Q14) 265 miles of 16 pipeline and pump station modification Anchored by 10 year ship-or-pay transportation agreements Increases capacity from 275 to 350 MBPD Project…
  11. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 11
    Appalachia to Texas (ATEX) Express P/L Transport Ethane from Marcellus / Utica Shale All rights reserved. Enterprise Products Partners L.P. 13
  12. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 12
    Appalachia to Texas (ATEX) Express P/L Transport Ethane from Marcellus / Utica Shale 140 Contracted Volumes 120 Aegis Pipeline 100 80 MBPD 270-mile pipeline system, from Mont Belvieu to multiple petchems 60 131 116 in…
  13. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 13
    Seaway Crude Oil Pipeline Repurposing and Expanding Seaway JV (50 / 50 EPD / ENB) reversed flow and expanded capacity to provide Gulf Coast access for Mid-Continent, Bakken and Canadian crude oil Seaway Loop: constructing 512-mile,…
  14. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 14
    Future ECHO Supply Connectivity Multiple Grades of Crude with Access to Numerous Markets Valero Lyondell PRSI Shell Deer Park Beaumont / Port Arthur Galena Park Bertron Speed Exxon Baytown Pasadena Delivery Morgans…
  15. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 15
    San Juan Gathering System Overlays a Promising Mancos Shale Play San Juan Basin producers are in the early stages of evaluating a liquids rich shale play Richest areas seem to be to the south and west EPD gathering and processing…
  16. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 16
    Increased Use of Ethane Reduces U.S. Propylene Supply Ethane demand increasing vs. naphtha due to favorable economics 16 1000 15.2 14.7 U.S. petrochemical industry is retooling to 900 maximize ethane consumption 14 12.8 Shift to…
  17. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 17
    Financial All rights reserved. Enterprise Products Partners L.P.
  18. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 18
    (1) Solid Operating Performance 16 Natural Gas Pipeline Volumes Liquids Pipeline Volumes 4,492 4,500 14.3 14.5 14 13.8 4,300 4,289 12.7 4,205 11.9 12 4,100 TBtu/d 4,024 MBPD Offshore 3,990 10 3,900 Onshore 8…
  19. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 19
    Drives Strong Financial Results 5.0 Gross Operating Margin 4.5 Distributable Cash Flow (DCF) 4.4 4.1 3.8 4.0 3.9 3.5 3.3 2.9 Billions 3.0 Billions 2.5 2.3 2.0 1.6 1.2 1.5 1.0 0.9 0.0 0.5 2009 2010 2011 2012…
  20. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 20
    History of Financial Discipline While Executing Growth Strategy (1) (2) Total Growth Capex & Debt Leverage Funded growth capital 4.5 5.00x 4.2 expenditures through 4.0 3.9 4.75x issuance of debt and 3.6 3.5 equity, retained DCF…
  21. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 21
    History of Financial Discipline Retaining DCF for Financial Flexibility Long-term focus 4,500 Distributable Cash Flow (Retained 4.7B 20091Q2013) Retaining DCF (equity) 4,000 capital similar to C-corps 3,500 1,051 1,031 Moderate…
  22. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 22
    Strengthening Debt Portfolio Extending Maturities Without Increasing Costs 15 8.0% 11.1 Billion Notes Issued 20092013 14.3 10.4% 13 7.0% 12.4 10.4% 11 Cost of Debt 6.1% 11.0 6.0% Year 5.7% 9 5.8% 5.7% 9.2 9.2…
  23. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 23
    Illustration of Indicative Accretion Potential in Millions, except per unit data Assumed Unlevered Returns on Capital 10.0% 12.5% 15.0% 17.5% EPD Major Growth Projects Put Into Service 20122015 10,600 10,600 10,600 10,600 Unlevered…
  24. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 24
    S&P 500 Fun Facts With an enterprise value of 70.9 billion, EPD ranks 49th overall Largest Energy Companies by Enterprise Value Largest Utility Companies by Enterprise Value 1 Exxon Mobil Corporation 404,764 1 Duke Energy Corporation…
  25. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 25
    EPD and AMZ MLP Index Attractive Total Return vs. 9 Other Asset Classes 10-Year 5-Year 3-Year 2006 2007 2008 2009 2010 2011 2012 3M 2013 CAGR 1 CAGR 1 CAGR 1 REIT Commodities IG Bonds MLP Index EPD EPD EPD EPD REIT EPD EPD EPD EPD…
  26. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 26
    Non-GAAP Reconciliations All rights reserved. Enterprise Products Partners L.P.
  27. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 27
    Gross Operating Margin We evaluate segment performance based on the non-GAAP financial measure of gross operating margin. Gross operating margin (either in total or by individual segment) is an important performance measure of the core…
  28. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 28
    Adjusted EBITDA Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our financial statements, such as investors, commercial banks, research analysts and ratings agencies to…
  29. Salient MLP Investor Conference – Enterprise Products Partners LP – slide 29
    Distributable Cash Flow Distributable cash flow is an important non-GAAP financial measure for our limited partners since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial…

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