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Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP

Enterprise Products Partners LP · Mar 6, 2014 · 27 slides

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Slides

  1. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 1
    Enterprise Products Partners L.P. Barclays Investment Grade Energy and Pipeline Conference March 6, 2014 Randy Fowler www.enterpriseproducts.com EVP and CFO All rights reserved. Enterprise Products Partners L.P.
  2. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 2
    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…
  3. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 3
    Plentiful Supply of Natural Gas Available Below 5 Potential Net Gas Additions 23 to 45 Bcf/d by 2025 1 to 1 6 Bcf/d Average Well Best 25% of Wells 5 2 to 4 0 to 1 5 to 8 Bcf/d 0 to 1 Bcf/d /MMBtu For 20% BFIT 2 to 3 Bcf/d 1…
  4. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 4
    U.S. NGL Supply Potential Assuming Sufficient Markets (MBPD) 129 OTHER ROCKIES 961 1,103 APPALACHIAN 645 MID-CONTINENT PERMIAN NGL Components Q4/2008 Current 2020 Potential Ethane* 686 1,200 2,425 875 Propane 499 838…
  5. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 5
    Ethane Supply Potential / Demand Could Remain Significantly Oversupplied 450700 MBPD excess before rejection In 2013, assumes 200250 MBPD of rejection Source: EPD Fundamentals All rights reserved. Enterprise Products…
  6. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 6
    NW Europe is One of Several Opportunities for a New Market for U.S. Ethane Potential Ethane Naphtha conversion (MTBV) (NWE) Price per Gallon 0.25 2.50 Grangemouth Ethylene Costs (Dollars per pound) 0.08 0.48 under conversion…
  7. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 7
    LPG Supply Potential / Demand Significant Growth in Supplies MBPD 3,000 2,500 1,200 MBPD Excess 2,000 1,500 1,000 500 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LPG Demand Current LPG Exports Surplus For…
  8. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 8
    Key Credit Highlights EPD is one of the largest U.S. publicly traded energy partnerships with an enterprise value of nearly 80 billion 64th on Fortune 500 Diversified sources of cash flow from over 40 billion in assets with access to…
  9. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 9
    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…
  10. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 10
    Geographic and Business Diversification Provide Multiple Earnings Streams (1) 4.8 Billion Gross Operating Margin 4 Year Growth Capital Allocation 20132016E For 12 months ended December 31, 2013 10.1 Billion 16% 19% 13% 52% 57%…
  11. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 11
    Visibility to Growth: Major Capital Projects 5.5B Under Construction; 4.6B In-Service in 2013 / 1Q14 In Service Date 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 2015/2016 NGL Pipeline & Services Eagle Ford Yoakum gas processing facility…
  12. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 12
    Major NGL Capital Growth Projects Western Pipeline Expansions Front Range Contracted Volumes 120 Front Range 100 JV: 1/3 each EPD, Anadarko and DCP 435 miles of 16 pipe; DJ basin to Skellytown; 80 MBPD connections to Texas…
  13. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 13
    Major NGL Capital Growth Projects ATEX and Aegis Ethane Pipelines Initial Origins ATEX Pipeline 1,230-mile, 16 and 20 pipeline Initial capacity 125 MBPD, expandable to 265 MBPD Connected to MarkWest Houston NGL fractionator; expect…
  14. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 14
    Propane Exports Global Supply / Demand 2013 EPD Propane Exports by Destination Region: 81 MMBbls Supply North Sea / Northwest Europe Decline in North % of Cargoes Loaded % of Destination Market Sea output and ongoing field and…
  15. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 15
    EPDs LPG Export System The World Class Facility Continues to Grow EPD has 670 MBPD of NGL fractionation nameplate capacity at Mont Belvieu that can produce low ethane (LE) propane Integrated pipeline system dedicated to propane and…
  16. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 16
    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…
  17. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 17
    Major Crude Oil Growth Projects Seaway JV Looping & Laterals 512 mile, 30 parallel pipeline Supported by commitments up to 20 years 65 mile, 36 lateral from Jones Creek to ECHO: completed January 2014 96 mile, 30 lateral from ECHO…
  18. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 18
    Financial All rights reserved. Enterprise Products Partners L.P.
  19. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 19
    (1) Solid Operating Performance 16 Natural Gas Pipeline Volumes 5.0 Liquids Pipeline Volumes 5.0 14.3 14.5 14 13.6 12.7 4.5 11.9 4.3 12 4.2 Million BPD TBtu/d Offshore 4.0 4.0 4.0 10 Onshore 3.5 8 6 3.0 2009…
  20. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 20
    Drives Strong Financial Results Gross Operating Margin Distributable Cash Flow (DCF) 5.0 4.8 4.5 4.1 4.4 3.8 3.8 4.5 3.5 4.0 3.9 3.7 Billions Billions 3.5 3.3 2.5 2.3 3.0 2.8 3.0 2.9 1.6 2.2 1.5 2.5 2.0 0.5 2009…
  21. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 21
    History of Financial Discipline While Executing Growth Strategy (1) (2) Total Growth Capex & Debt Leverage 4.5 4.50x 4.2 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…
  22. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 22
    Strengthening Debt Portfolio Extending Maturities Without Increasing Costs 15 13.1 Billion Notes Issued 97% Fixed Rate Debt 20092013(1) 14.4 7.5% 8.8% 13 13.3 8.8% 12.4 Cost of Debt 6.5% Year 11 6.1% 11.0 5.7%…
  23. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 23
    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 2013 1 1 1 1 CAGR CAGR CAGR CAGR REIT Commodities IG Bonds MLP Index EPD EPD EPD EPD REIT Small…
  24. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 24
    Non-GAAP Reconciliations All rights reserved. Enterprise Products Partners L.P.
  25. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 25
    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…
  26. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 26
    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…
  27. Barclays Investment Grade Energy and Pipeline Conference – Enterprise Products Partners LP – slide 27
    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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