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Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP

Enterprise Products Partners LP · Aug 10, 2012 · 33 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 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 1
    Citi 2012 MLP / Midstream Infrastructure Conference August 2012 www.enterpriseproducts.com All rights reserved. Enterprise Products Partners L.P.
  2. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 2
    Key Investment Considerations Largest publicly traded energy partnership in United States with an enterprise value of approximately 62 billion; 62nd on Fortune 500 Integrated midstream energy system serving producers and consumers of…
  3. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 3
    EPD Portfolio of Integrated Assets Major Asset Overview 50,700 miles of natural gas, NGL, crude oil, refined 20 NGL & Propylene fractionators products and petrochemical pipelines 6 offshore hub platforms 190 MMBbls of NGL, refined…
  4. Citi 2012 MLP and Midstream Infrastructure 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 NGLs Propane Natural Gas Butane Pipelines Gas Processing Iso-Butane Natural NGL…
  5. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 5
    Geographic and Business Diversification Provide Multiple Earnings Streams 4.2 Billion Gross Operating Margin NGL Pipelines & Services (58%) For 12 months ended June 30, 2012 Natural gas processing & related NGL marketing activities…
  6. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 6
    EPD Gas Processing Contract Mix 1Q 2013* (Yoakum: 900 MMcf/d) 84% of contract portfolio is fee-based and percent-of-proceeds Inlet Gas 6.5 Bcf/day 16% 35% 24% Fee Fee+Margin %-of-Proceeds / NGLs 25% Fee Keepwhole *…
  7. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 7
    Visibility to Growth 7.5 Billion Growth Projects Under Construction Investment in new natural gas, NGLs and crude oil infrastructure to support development of shale plays Eagle Ford shale Rockies Permian Basin / Avalon Shale / Bone…
  8. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 8
    Continually Evaluating Emerging Shale / Non-Conventional Plays Williston Basin Appalachian Basin Bakken Appalachian Basin Marcellus Utica Jonah Powder River Basin Pinedale Niobrara Michigan Basin Uinta Basin Antrim Mancos Denver…
  9. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 9
    Major Capital Projects All rights reserved. Enterprise Products Partners L.P.
  10. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 10
    Major Capital Projects Under Construction 7.5 Billion In Service Date 1Q12 2Q12 3Q12 4Q12 2013 20142015 Haynesville Gas Gathering Pipeline SE Stanley & Treating Facility DONE Eagle Ford Mixed NGL Pipeline & Ethane Cavern DONE Eagle…
  11. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 11
    Eagle Ford Shale Projects 600 Eagle Ford Crude / Condensate Production 500 500 400 MBPD 300 214 200 Eagle Ford Crude / Condensate Production 100 3 35 0 2009 2010 2011 2012 Est. All rights reserved. Enterprise Products…
  12. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 12
    Shale Plays Drive Western Pipeline Expansions MAPL Rocky Mountain NGL Pipeline Expansion 218 miles of 16 pipeline loops and 18 pump modifications to increase capacity from 275 MBPD to 340 MBPD 10-year, ship-or-pay agreements…
  13. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 13
    Appalachia to Texas (ATEX) Express P/L Transport Ethane from Marcellus / Utica Shale 200 Volumes 200 185 175 155 150 145 MBPD 100 120 Proposed Ethane Header P/L 50 95 105 65 75 550-mile pipeline system 0 75% would…
  14. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 14
    Seaway Crude Oil Pipeline Relieves Cushing Bottleneck EPD / ENB 50 / 50 JV to reverse flow of Seaway and expand capacity to provide Gulf Coast access to Mid-Continent, Bakken and Canadian shippers Completed pipeline reversal…
  15. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 15
    Propylene Supply / Demand Balances Total Propylene Supply from Ethylene Crackers U.S. propylene demand remains 16 15.2 steady at 33 billion lbs. per year 14.7 12.8 Continued shift to higher margin Billion Pounds 11.8 12 10.8…
  16. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 16
    As a Result EPD announced plans to build one of the worlds largest PDH units along the Texas Gulf Coast Would consume up to 35 MBPD of propane to produce up to 1.65 billion lbs. per year (25 MBPD) of polymer grade propylene Will…
  17. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 17
    NGL Demand Growth by Petrochemical Industry All rights reserved. Enterprise Products Partners L.P.
  18. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 18
    Low Gas to Crude Spread Drives U.S. NGL Advantage Global Indicative Ethylene Cash Costs Indicative U.S. Ethylene Cracker Dollars Per Metric Ton Ethylene Margin Cents Per Pound Profit Margin by Feedstock 1,000 60 50 800 40 600 30…
  19. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 19
    United States Propane Exports 40 35 30 25 MMBbls 20 15 10 5 0 2005 2006 2007 2008 2009 2010 2011 EPD Other United States Source: Waterborne All rights reserved. Enterprise Products Partners L.P. 20
  20. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 20
    Propane Exports / Imports 30 Top 5 Propane Exporters and U.S. Sources of incremental global 25 demand for propane MMBbls / Month 20 Decrease in propane production from 15 Mexico and South America 10 Incremental demand from…
  21. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 21
    Financial All rights reserved. Enterprise Products Partners L.P.
  22. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 22
    (1) Solid Operating Performance 15 Natural Gas Pipeline Volumes 14.3 14.4 Liquids Pipeline 4,200 4,181 Volumes 12.7 4,040 13 3,990 4,000 11.9 4,000 11.0 11 3,800 10.1 TBtu/d 3,704 MBPD Offshore 9 3,600 3,574 7…
  23. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 23
    Drives Strong Financial Results Gross Operating Margin 3.9 Distributable Cash Flow 4.0 4.0 3.7 3.3 3.0 2.9 3.0 2.6 2.5 2.3 Billions Billions 2.0 2.1 2.0 2.0 1.6 1.4 1.0 1.0 1.0 0.0 0.0 2007 2008 2009 2010 2011 6…
  24. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 24
    History of Financial Discipline Retaining DCF for Financial Flexibility 4.0 Distributable Cash Flow Long-term focus 3.7 1.0 Retaining DCF (equity) 3.0 2.5 2.3 capital similar to C-corps Billions 0.1 2.0 1.1 1.6 Moderate…
  25. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 25
    History of Financial Discipline While Executing Growth Strategy (1) (2) Total Growth Capex & Debt Leverage 4.0 3.8 Funded growth 4.6x 3.6 4.7x investments through 3.5 issuance of debt and 4.5x 3.1 4.5x 3.0 2.8 2.9 equity,…
  26. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 26
    Strengthening Debt Portfolio 20 6.6% 18.7 18.2 6.4% 6.4% 17 16.2 16.0 14.7 14.9 6.2% 14 6.1% Cost of Debt 13.3 Years 6.0% 11 11.0 5.8% 5.7% 9.6 5.8% 9.2 5.7% 9.2 8 7.9 5.6% 5.6% 5 5.4% 12/31/2007…
  27. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 27
    EPD Financial Snapshot Unit Price / Yield Debt Capitalization (as of June 30, 2012) EPD LP Unit Price (August 15, 2012) 52.71 Senior Unsecured Debt (Billions) 13.5 Current Annualized Cash Distribution Rate 2.54 Junior Subordinated…
  28. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 28
    EPD and AMZ MLP Index Attractive Total Return vs. Other Asset Classes 10-Year 5-Year 3-Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 6M 2012 1 1 1 CAGR CAGR CAGR Commodities EPD EPD EPD EPD Commodities…
  29. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 29
    Non-GAAP Reconciliations All rights reserved. Enterprise Products Partners L.P.
  30. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 30
    Non-GAAP Financial Measures This presentation utilizes the Non-GAAP financial measures of Gross Operating Margin, Adjusted EBITDA and Distributable Cash Flow. Gross Operating Margin and Adjusted EBITDA have been presented as if EPD were…
  31. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 31
    Non-GAAP Reconciliations Enterprise Products Partners L.P. Gross Operating Margin (Dollars in millions) For the For the Six Last Twelve Months Ended Months Ended For the Year Ended December 31, June 30, June 30, 2007 2008 2009 2010…
  32. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 32
    Non-GAAP Reconciliations Enterprise Products Partners L.P. Adjusted EBITDA (Dollars in millions) For the Six Months Ended For the Year Ended December 31, June 30, 2007 2008 2009 2010 2011 2012 Net income 762.0 1,145.1 1,140.3…
  33. Citi 2012 MLP and Midstream Infrastructure Conference – Enterprise Products Partners LP – slide 33
    Non-GAAP Reconciliations Enterprise Products Partners L.P. Distributable Cash Flow (Dollars in millions) For the Six Months Ended For the Year Ended December 31, June 30, 2007 2008 2009 2010 2011 2012 Net income attributable to…

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