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BAML Global Energy Conference – Enterprise Products Partners LP

Enterprise Products Partners LP · Nov 22, 2013 · 26 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. BAML Global Energy Conference – Enterprise Products Partners LP – slide 1
    Enterprise Products Partners L.P. Bank of America Merrill Lynch Global Energy Conference November 22, 2013 Randy Fowler www.enterpriseproducts.com EVP and CFO All rights reserved. Enterprise Products Partners L.P.
  2. BAML Global Energy Conference – Enterprise Products Partners LP – slide 2
    Key Investment Considerations One of the largest U.S. publicly traded energy partnerships with an enterprise value of approximately 75 billion 64th on Fortune 500 Integrated midstream energy system serving producers and consumers of…
  3. BAML Global Energy Conference – Enterprise Products Partners LP – slide 3
    EPD Portfolio of Integrated Assets Major Asset Overview 51,000 miles of natural gas, NGL, crude oil, refined 22 NGL & Propylene fractionators products and petrochemical pipelines 6 offshore hub platforms 200 MMBbls of NGL, refined…
  4. BAML Global Energy Conference – Enterprise Products Partners LP – slide 4
    Shale Plays Source Rock Substantial AcreageDecades of Drilling POTENTIAL YEARS OF DRILLING Bakken / Williston 35 years (7,000,000 acres) Utica 80 years (13,000,000 Acres) Mancos / Niobrara Marcellus 100 years 45 years…
  5. BAML Global Energy Conference – Enterprise Products Partners LP – slide 5
    Plentiful Supply Available Below 5 Gas Price Required for 20% Before Income Tax (BFIT) Returns Potential Net Gas Additions Includes (if25 NGL Upgrade any)to 50 Bcf/d by 2025 1 to 4 2 to 3 Bcf/d 1 to 2 Bcf/d 5 to 11 2 to 3 Bcf/d…
  6. BAML Global Energy Conference – Enterprise Products Partners LP – slide 6
    Low Gas to Crude Spread Continuing to Drive U.S. NGL Advantage NYMEX Natural Gas Price as a % of Crude Bcf/d U.S. Ethane Crackers: Global Cost Advantage 180% 30 70 Oct-2005 Current 160% 25 60 U.S. Cents Per Pound 140% 50…
  7. BAML Global Energy Conference – Enterprise Products Partners LP – slide 7
    U.S. NGL Supply Potential Assuming Sufficient Markets ROCKIES 961 1,103 APPALACHIAN MID-CONTINENT 645 PERMIAN 875 5,153 NGL Components Current 2020 Total MBPD 1,440 Ethane* 970 2,425 GULF COAST Propane 838 1,401 129…
  8. BAML Global Energy Conference – Enterprise Products Partners LP – slide 8
    Geographic and Business Diversification Provides Multiple Earnings Streams 4.7 Billion Gross Operating Margin 3 Year Growth Capital Allocation 20132015E (1) For 12 months ended September 30, 2013 10.0 Billion 17% 19% 52% 13%…
  9. BAML Global Energy Conference – Enterprise Products Partners LP – slide 9
    Visibility to Growth: Major Capital Projects 7.5B Under Construction; 2.3B In-Service in 2013 In Service Date 1Q 2013 2Q 2013 3Q 2013 4Q 2013 2014 2015 NGL Pipeline & Services Eagle Ford Yoakum gas processing facility (phase III…
  10. BAML Global Energy Conference – Enterprise Products Partners LP – slide 10
    Major NGL Capital Growth Projects Western Pipeline Expansions Front Range JV: EPD, Anadarko and DCP 435 miles of 16 pipe; DJ basin to Skellytown; connections to Texas Express and MAPL Capacity: 150 MBPD, expandable to 230 MBPD 10…
  11. BAML Global Energy Conference – Enterprise Products Partners LP – slide 11
    Major NGL Capital Growth Projects ATEX and Aegis Ethane Pipelines ATEX Express Pipeline Initial Origins 1,230-mile, 16 and 20 pipeline Initial capacity 125 MBPD, expandable to at least 260 MBPD 15 year ship-or-pay commitments…
  12. BAML Global Energy Conference – Enterprise Products Partners LP – slide 12
    Propane Exports Global Supply / Demand Supply EPD 10 Mos. 2013: 63 MMBbls North Sea / Northwest Europe Decline in North Sea output and ongoing field and terminal maintenance Exports Loaded % of Destination Market programs impact…
  13. BAML Global Energy Conference – Enterprise Products Partners LP – slide 13
    EPDs LPG Export System The World Class Facility Continues to Grow EPD has 655 MBPD of fractionation capacity at Mont Belvieu that can produce low ethane (LE) propane Integrated pipeline system dedicated to propane and butane service…
  14. BAML Global Energy Conference – Enterprise Products Partners LP – slide 14
    Propane Dehydrogenation Unit (PDH) U.S. petrochemical industry is retooling 16 1000 to maximize ethane consumption; shift 15.2 14.7 to ethane by ethylene crackers has 14 900 reduced propylene production by 38% 12.8 800 Enterprise…
  15. BAML Global Energy Conference – Enterprise Products Partners LP – slide 15
    Changing Crude Flow EPDs Assets Are At The Center Of It All Canada Heavy (20122020) Light (20122020) 1.8 MMBPD to 3.1 MMBPD 0.7 MMBPD to 1.5MMBPD 2012 2020 2012 2020 Light Imports 20122020 1.2 MMBPD to 0 MMBPD 2012…
  16. BAML Global Energy Conference – Enterprise Products Partners LP – slide 16
    Major Crude Oil Growth Projects Seaway JV Looping & Laterals 512 mile, 30 parallel pipeline Supported by commitments up to 20 years 45 mile, 36 lateral from Jones Creek to ECHO 96 mile, 30 lateral from ECHO to Beaumont / Port…
  17. BAML Global Energy Conference – Enterprise Products Partners LP – slide 17
    Financial All rights reserved. Enterprise Products Partners L.P.
  18. BAML Global Energy Conference – Enterprise Products Partners LP – slide 18
    (1) Solid Operating Performance 16 Natural Gas Pipeline Volumes 5,000 Liquids Pipeline Volumes 14.3 14.5 4,855 14 13.8 4,800 12.7 11.9 4,600 12 TBtu/d MBPD Offshore 4,400 4,289 10 4,205 4,200 Onshore 8 4,024 3,990…
  19. BAML Global Energy 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 3.5 3.3 2.9 Billions 3.0 2.7 Billions 3.1 2.5 2.3 2.8 2.0 2.6 1.6 2.1 1.5 1.0 0.0 0.5 2009…
  20. BAML Global Energy Conference – Enterprise Products Partners LP – slide 20
    History of Financial Discipline While Executing Growth Strategy (1) (2) Total Growth Capex & Debt Leverage 4.5 4.2 4.50x 4.0 3.9 4.2x 3.6 4.25x 3.5 3.1 Debt / Adjusted EBITDA Total Growth Capex 3.0 3.9x 4.00x 2.5…
  21. BAML Global Energy Conference – Enterprise Products Partners LP – slide 21
    Strengthening Debt Portfolio Extending Maturities Without Increasing Costs 14 8.0% 11.1 Billion Notes Issued 20092013 13.4 10.4% 12 12.4 7.0% 10.4% 11.0 Cost of Debt 6.1% Year 10 6.0% 5.7% 5.8% 5.7% 9.2 9.2…
  22. BAML Global Energy Conference – Enterprise Products Partners LP – slide 22
    EPD and AMZ MLP Index Attractive Total Return vs. 9 Other Asset Classes 15-Year 10-Year 5-Year 3-Year 2006 2007 2008 2009 2010 2011 2012 9M 2013 1 1 1 1 CAGR CAGR CAGR CAGR REIT Commodities IG Bonds MLP Index EPD EPD EPD EPD REIT…
  23. BAML Global Energy Conference – Enterprise Products Partners LP – slide 23
    Non-GAAP Reconciliations All rights reserved. Enterprise Products Partners L.P.
  24. BAML Global Energy Conference – Enterprise Products Partners LP – slide 24
    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…
  25. BAML Global Energy Conference – Enterprise Products Partners LP – slide 25
    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…
  26. BAML Global Energy Conference – Enterprise Products Partners LP – slide 26
    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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