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Citi MLP Conference – Rice Midstream Partners Lp

Rice Midstream Partners Lp · Aug 19, 2015 · 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. Citi MLP Conference – Rice Midstream Partners Lp – slide 1
    Rice Midstream Partners Citi MLP Conference August 19 20, 2015 1
  2. Citi MLP Conference – Rice Midstream Partners Lp – slide 2
    Investment Highlights 144K net acres in the dry gas cores of the Marcellus and Utica with 13+ year inventory in each area Premier E&P Top-tier well results generate single-well returns of approximately 50%(1); PV10 breakevens below 3…
  3. Citi MLP Conference – Rice Midstream Partners Lp – slide 3
    Premier E&P Sponsorship RICE RICE owns 100% of the GP and IDRs and a 50% LP ownership, creating alignment between RMP and RICE Rice Midstream DE 300MM Credit Facility Holdings LLC Rice Midstream IDRs OH Gathering &…
  4. Citi MLP Conference – Rice Midstream Partners Lp – slide 4
    RMP: High Growth MLP in Prolific Appalachian Basin Marcellus Gathering and Compression SYSTEM MAP PA gas gathering system of 4.1 MMDth/d design Legend RMP Gathering Pipeline Beaver capacity RMP Gathering Pipeline to be…
  5. Citi MLP Conference – Rice Midstream Partners Lp – slide 5
    RMP Gathering System Build-out SUMMARY 2011 2012 RMPs midstream system has grown significantly since 2013 As of 12/31/14, constructed 81 miles of gathering pipelines Washington Washington System oversized to accommodate future…
  6. Citi MLP Conference – Rice Midstream Partners Lp – slide 6
    3rd Party Midstream Dedications RMP Overview SYSTEM MAP Legend 3rd party gathering dedications RMP Gathering Pipeline Beaver RMP Gathering Pipeline 21,000 gross acres dedicated Beaver to be Constructed RICE Acreage 2Q 2015…
  7. Citi MLP Conference – Rice Midstream Partners Lp – slide 7
    RMP Second Quarter 2015 Financial Summary Solid second quarter results supported by strong throughput growth, well capitalized balance sheet and ample liquidity Financial Summary Distributions Second quarter average daily throughput of…
  8. Citi MLP Conference – Rice Midstream Partners Lp – slide 8
    RMP Financial Overview CAPITALIZATION AND LIQUIDITY AT 6/30/15 2015 GUIDANCE (1) in millions, except per share data, as of 6/30/15 2015 Capital Budget (in millions) Common Units 29 Subordinated Units 29 Gas Gathering 85 Total Units…
  9. Citi MLP Conference – Rice Midstream Partners Lp – slide 9
    Industry-Leading Throughput Growth 2Q 2015 throughput of 887 MDth/d through RICE and RMP midstream systems (21% 3rd Party), 33% increase from 1Q15 throughput RMP System: 655 MDth/d (15% 3rd Party) RICE OH System: 232 MDth/d (38% 3rd…
  10. Citi MLP Conference – Rice Midstream Partners Lp – slide 10
    Valuable Drop Down Opportunities Overview Overview of Assets Assets include OH gas gathering and PA/OH Legend RICE Ohio Gathering Pipeline water services RICE Ohio Gathering Pipeline to be Constructed Hancock RICE Water Pipeline…
  11. Citi MLP Conference – Rice Midstream Partners Lp – slide 11
    RICE Overview 11
  12. Citi MLP Conference – Rice Midstream Partners Lp – slide 12
    Concentrated, Core Assets COMPANY TOTAL CORE ASSETS Highly concentrated position of 144,000 net acres in the Legend RMP Gathering Pipeline cores of the lowest breakeven gas shale plays in the U.S. RMP Gathering Pipeline to be…
  13. Citi MLP Conference – Rice Midstream Partners Lp – slide 13
    Deep Inventory of High Returning Projects Low breakevens between 2.35-3.05/MMBtu = profitable returns throughout the commodity price cycle Inventory and Returns Summary IRR 200% 175% 171% 168% 150% 124% 125% 121% 132% 100%…
  14. Citi MLP Conference – Rice Midstream Partners Lp – slide 14
    Diverse Market Exposure FT portfolio includes 1.3 MMDth/d (1.2 Bcf/d) of firm capacity to premium North American markets, including recently added 320 MDth/d on TETCOs Access South project with firm path to the Gulf Coast and estimated…
  15. Citi MLP Conference – Rice Midstream Partners Lp – slide 15
    Appalachian Rigs at 6 Year Lows: Rice Remains Strong Appalachia Rig Counts(1): 2007 - 2015 August 2015: 70 Rigs Activity migrated to most economic counties Early 2012 200 Peak of 175 Rigs 180 160 140 August 2015 120 January…
  16. Citi MLP Conference – Rice Midstream Partners Lp – slide 16
    Second Quarter 2015 Financial Summary Solid second quarter results supported by well-capitalized balance sheet and ample liquidity Financial Summary Financial & Operating Statistics 2Q15 net production of 529 MMcfe/d; 20% increase from…
  17. Citi MLP Conference – Rice Midstream Partners Lp – slide 17
    Ample Liquidity and Financial Flexibility RICE is capable of funding 100% of 2015 capital plan with liquidity on-hand Favorable credit metrics & covenants ensure flexibility Cash & Revolver Capacity 6/30/15 MM 1,000 1B liquidity…
  18. Citi MLP Conference – Rice Midstream Partners Lp – slide 18
    RMP Market Snapshot Rice Midstream Partners LP Rice Energy Inc. (NYSE: RMP) (NYSE: RICE) millions, except per share data, as of 07/31/15 millions, except per share data, as of 07/31/15 Common Units 29 Subordinated Units 29…
  19. Citi MLP Conference – Rice Midstream Partners Lp – slide 19
    Appendix 19
  20. Citi MLP Conference – Rice Midstream Partners Lp – slide 20
    Efficient Capital Allocation Drives Strong 2015 Growth 2015E E&P Guidance D&C & Land Capital Expenditures Net Wells Turned to Sales (1) Average Net Daily Production MM Wells MMcfe/d 900 830 50 500 495 43 800 41 680 40 400 700 7…
  21. Citi MLP Conference – Rice Midstream Partners Lp – slide 21
    Midstream System Statistics Marcellus (PA) Utica (OH) Gathering and Compression Statistics Gathering and Compression Statistics YE14 YE15 YE14 YE15 Gathering and Compression Statistics Gas Gathering Pipeline Mileage (miles) 81 111 Gas…
  22. Citi MLP Conference – Rice Midstream Partners Lp – slide 22
    Right of First Offer RICE PA + OH Water Systems PA and OH Water Asset Description OVERVIEW OF ASSETS RICE is expanding two independent fresh water Hancock Beaver distribution systems to service PA and OH Allegheny completions…
  23. Citi MLP Conference – Rice Midstream Partners Lp – slide 23
    Marcellus Single Well Economics Type Well Versus Historical Production (Normalized for 7,000 Lateral) (1) 16.0 Restricted Rate Cumulative Production 14.0 1 year 3.8 Bcf 12.0 2 years 5.6 Bcf 10.0 5 years 8.2 Bcf MMcf/d 8.0 10…
  24. Citi MLP Conference – Rice Midstream Partners Lp – slide 24
    Utica Single Well Economics Utica Dry Type Well Curve 20.0 Cumulative Production Restricted Rate 1 year 5.2 Bcf 15.0 2 years 7.8 Bcf 5 years 11.3 Bcf MMcf/d 10 years 14.2 Bcf 10.0 EUR 20.0 Bcf 5.0 1.0 2.0 3.0 4.0…
  25. Citi MLP Conference – Rice Midstream Partners Lp – slide 25
    Efficient Production Growth Demonstrates Production Potential RICEs peer-leading production growth is driven by a focus on well quality, not quantity RICE reached 750 MMcfe/d of gross operated production with fewer wells than every…
  26. Citi MLP Conference – Rice Midstream Partners Lp – slide 26
    2Q 2015 Adjusted EBITDA Reconciliation Three Months Ended Six Months Ended ( in thousands) June 30, 2015 June 30, 2015 Adjusted EBITDA reconciliation to loss from continuing operations: Net income 12,330 21,400 Interest expense 457…

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