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Q3 2015 Conference Call – Markwest Energy Partners, L.P.

Markwest Energy Partners, L.P. · Nov 4, 2015 · 18 slides

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Slides

  1. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 1
    THIRD QUARTER 2015 CONFERENCE CALL PRESENTATION November 4, 2015
  2. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 2
    OPERATIONAL AND FINANCIAL HIGHLIGHTS Received the first place ranking for Total Customer Satisfaction and five other categories in EnergyPoint Researchs 2015 Oil & Gas Midstream Services Customer Survey Total volume of over 5.8 Bcf/d…
  3. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 3
    STRATEGIC TRANSACTION In July, we announced the strategic combination with MPLX LP, which is expected to close in the fourth quarter 2015 Creates a large-cap, diversified MLP with compound annual distribution growth rate of 25%…
  4. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 4
    EXPANDING OUR LEADING MIDSTREAM POSITION ACROSS THE HYDROCARBON VALUE CHAIN Gathering Processing Downstream Infrastructure Strategic Integration Fractionation MarkWest Marathon/MPLX Pro Forma MPLX Extensive long-term partnerships…
  5. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 5
    MARCELLUS SEGMENT OVERVIEW We continue to process over 90% of total rich- gas production in the Marcellus Shale Processed Volumes (MMcf/d) 3,500 Placed into service three new processing plants 20% with 600 MMcf/d of additional…
  6. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 6
    UTICA SEGMENT OVERVIEW Placed into service two new processing plants Processed Volumes (MMcf/d) with 400 MMcf/d of additional capacity since June 1,400 2015, and we expect to significantly increase 45% utilization over the next…
  7. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 7
    UTICA GAS GATHERING: SUPPORTING WET & DRY DEVELOPMENT Gathered Volumes (MMcf/d) MarkWest, through our joint venture partnerships with The Energy & Minerals Group 1,400 (EMG) and Summit, continues to develop comprehensive gas…
  8. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 8
    EXPANDING DRY GAS GATHERING CAPABILITIES IN THE UTICA New dry gas gathering system In May, we began gathering Gulfports under development with EMG dry gas in southern Belmont and northern Monroe counties, and average throughput from…
  9. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 9
    MARCELLUS & UTICA FRACTIONATION OVERVIEW Total C2+ fractionated volumes from the Fractionated Volumes (Bbl/d) Marcellus and Utica reached a new record of 30% 240 MBbl/d for the third quarter 2015, an 350,000 increase of 6% from…
  10. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 10
    SOUTHWEST SEGMENT OVERVIEW Processed Volumes (MMcf/d) In October, we completed an 80 MMcf/d expansion of our Carthage IV plant, increasing total capacity in East Texas to 600 MMcf/d 20% 1,400 We continue to see strong volume growth…
  11. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 11
    LIQUIDITY SUMMARY MarkWest has over 700 million of liquidity We maintain flexible financing options We have over 700 million of liquidity to support our capital investment program As of September 30, 2015 our leverage ratio was 4.6x…
  12. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 12
    FINANCIAL FORECAST 2015 DCF Forecast: 700MM 750MM 2015 EBITDA Forecast: 925MM 975MM 2016 DCF Forecast: 800MM 870MM 2016 EBITDA Forecast: 1.05B 1.15B Capital Investment Forecast Net Operating Margin Forecast 2015: 1.6B 2016: 2016:…
  13. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 13
    DISTRIBUTION GROWTH: HITTING THE MARK 10% 4.00 3.00 Compound Annual Growth in 3.70 Distribution since IPO 3.54 3.38 3.22 2.86 2.00 2.57 2.56 2.51 2.16 1.88 1.62 1.00 1.49 1.24 0.62 - 2002…
  14. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 14
    APPENDIX
  15. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 15
    MARCELLUS & UTICA: 40 PROJECTS COMPLETE 13 major projects under construction, 6 to be completed in 2016 HOPEDALE FRACTIONATION COMPLEX (MarkWest & MarkWest Utica EMG shared KEYSTONE COMPLEX fractionation capacity) Bluestone I II &…
  16. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 16
    RECONCILIATION OF DCF & DISTRIBUTION COVERAGE Nine Months Ended Year Ended ( in millions) 9/30/2015 12/31/2014 Net (loss) Income (31.7) 160.3 Depreciation, amortization and other non-cash operating expenses 418.1 489.4 Loss on…
  17. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 17
    RECONCILIATION OF ADJUSTED EBITDA LTM Ended Year Ended Year Ended ( in millions) 9/30/2015 12/31/2014 12/31/2013 Net income 13.6 160.3 40.4 Non-cash compensation expense 15.6 10.3 7.8 Unrealized (gain) loss on derivative…
  18. Q3 2015 Conference Call – Markwest Energy Partners, L.P. – slide 18
    RECONCILIATION OF NET OPERATING MARGIN Nine Months Ended Year Ended ( in millions) 9/30/2015 12/31/2014 Income from operations 219.8 377.2 Facility expenses 275.4 343.4 Derivative gain (24.6) (95.3) Revenue deferral…

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