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Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp

Cone Midstream Partners Lp · Dec 8, 2015 · 23 slides

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Slides

  1. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 1
    CONE Midstream Partners LP Wells Fargo 14th Annual Energy Symposium December 8, 2015
  2. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 2
    Investor Update
  3. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 3
    CONE Midstream Partners LP Status Update Management has delivered on first year IPO projections Actual results for first four quarters as a public company materially exceeded prospectus estimates for net income, EBITDA, DCF and cash…
  4. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 4
    CONE Midstream Partners LP Actual Performance vs. IPO Projection Actual IPO 1st Year* Forecast* Total Variance Revenue 199.1 187.1 -6.0% Total Expenses 103.3 84.1 -18.6% Operating Income 95.8 103.0 7.5% Interest Expense 2.1 0.3…
  5. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 5
    CNNXs Throughput Growth MMcfe / Day 1,500 1,400 Total 1,300 IPO Forecast 1,200 Wet 1,100 Dry 1,000 900 800 700 600 500 400 300 200 100 0 6
  6. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 6
    North Nineveh Debottlenecking Line looping and new interconnection project located in Washington and Greene Counties System was undersized original design did not accommodate activity growth and gains in productivity of sponsors'…
  7. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 7
    Key Financial Statistics (Amounts attributable to CONE Midstream) Daily Throughput (1) Total Capex Bbtu/d Millions 700 600-630 120-130 140 600 120 500 100 400 80 300 60 452 96.9 200 40 76.9 257 66 100 158 20 0 0…
  8. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 8
    CNNX Overview
  9. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 9
    CONE Midstream Partners LP Brief History & Overview CONE Gathering LLC, a 50/50 midstream joint venture between CONSOL Energy (CNX) and Noble Energy (NBL) (the Sponsors) was formed in 2011 to service their natural gas production in…
  10. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 10
    Structured for Significant Organic and Drop-down Growth Potential CONE Midstream Partners LP 75% 5% 5% interest interest interest Organic Growth Drop-down Growth Anchor Systems Growth Systems Additional Systems…
  11. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 11
    CNNX Benefits From its Development Company Structure Provides CNNX with a critical mass of established gathering assets within Anchor Systems Shields CNNX from a substantial portion of the capital requirements, which will…
  12. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 12
    Gathering Agreements Support Stable Fixed Fee Cash Flows Gathering Agreement Highlights 20-year gas gathering agreement 516,000 dedicated acres 0.40/MMBtu dry gas gathering fee General Terms 0.55/MMBtu wet gas gathering fee 1…
  13. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 13
    Gathering Systems Overview Gathering System Information(1) Maximum Interconnect Pipeline Capacity Compression System (Miles) (Bbtu/d) (HP) Anchor 132 1,329 61,380 Growth 27 860 8,040 Additional 21 385 Total 180 2,574 69,420…
  14. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 14
    Sponsors Hold Strategically Advantaged Position in Marcellus Core Sponsors Hold Approximately 700,000 Net Acres in the Cost-advantaged and Prolific Area of the Marcellus Sponsors 50/50 upstream joint venture in the Marcellus covers…
  15. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 15
    Improved Completion Techniques Enhance Well Recovery and Pipeline Volumes Reduced Cluster Spacing & Shorter Stage Lengths Overview of Sponsors Activity Advanced completion techniques, such as Reduced Cluster Spacing (RCS) and…
  16. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 16
    Stacked Pay Potential Gas Factory Development Stacked Laterals Provide Economies of Scale to Access up to 4 Pays From 1 Pad 17
  17. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 17
    Recent Utica Well Results Have Been Outstanding This past Friday, we began flow back on the Gaut 4IH, a deep dry Utica well located in Westmoreland County, Pennsylvania. The Gaut stands out over and above any other Utica wells drilled…
  18. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 18
    Third-party Acreage Opportunity Wells Permitted & Drilled per County High Concentration of Third-Party Wells in Close Proximity 19
  19. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 19
    CNNX : Engineered for Long-term Growth CONE Midstream Has Ample Business Growth Drivers Even in Lower Commodity Price Environment Co-ownership of Development Companies Provides Opportunities for Drop-downs of Sponsors Retained…
  20. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 20
    Attractive Financial Profile Upstream development plan drives organic growth on existing system Visible Growth Large drop-down inventory from Sponsors retained ownership interest Stable Revenue Long-term (20-year), fixed-fee…
  21. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 21
    Investment Highlights Recap Strategically Advantaged Marcellus Shale Assets Growth Experienced, Through Stable, Large-Cap E&P Fixed-Fee Cash Sponsorship Flows Financial Robust Flexibility and Distribution Strong…
  22. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 22
    Appendix
  23. Wells Fargo 14th Annual Energy Symposium – Cone Midstream Partners Lp – slide 23
    Non-GAAP Financial Measures EBITDA We define EBITDA as net income before income taxes, net interest expense, depreciation and amortization. EBITDA is used as a supplemental financial measure by management and by external users of our…

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