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Wells Fargo Meetings – Energy Transfer

Energy Transfer · Dec 8, 2015 · 28 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. Wells Fargo Meetings – Energy Transfer – slide 1
    ENERGY TRANSFER Wells Fargo Meetings December 7-8th, 2015
  2. Wells Fargo Meetings – Energy Transfer – slide 2
    PRO FORMA ENERGY TRANSFER ORGANIZATIONAL STRUCTURE ENERGY TRANSFER EQUITY L.P. ENERGY TRANSFER CORP (NYSE: ETE) (NYSE: ETC) Positive / Positive / Positive Ba2 / BB / BB 2% LP interest* 58.8% LP Interest 100% 1% LP Interest…
  3. Wells Fargo Meetings – Energy Transfer – slide 3
    ENERGY TRANSFER FAMILY EVOLUTION OVER TIME ETE has announced or executed on nearly 128 billion of midstream opportunities since 2004 2004 2011 2012 2013 2014 2015 Beyond Build Simplify Continue growth 16.0% Build an initial platform…
  4. Wells Fargo Meetings – Energy Transfer – slide 4
    MERGER ENHANCES ENERGY TRANSFERS STRENGTHS WPZ is a major complement to Energy Transfer's existing business and will benefit from its integrated business model Franchise Strengths Opportunities Access to multiple shale plays, storage…
  5. Wells Fargo Meetings – Energy Transfer – slide 5
    MERGER CREATES ONE OF THE LARGEST ENERGY FRANCHISES IN THE U.S.... Natural NGLs Crude Gas Oil 3rd largest MLP Leading Largest G&P MLP Largest transporter 3rd largest NGL 2nd largest planned transporter of non-refining and…
  6. Wells Fargo Meetings – Energy Transfer – slide 6
    UNIQUE GEOGRAPHIC FOOTPRINT TO HELP DRIVE INCREASED ENERGY PRODUCTION ETP Assets SXL Assets WPZ Pipelines Crude Production (Mbpd) WPZ Gas Processing Plants WPZ LPG Fractionators Natural Gas Production (MMcf/d) Alberta SXL Terminals…
  7. Wells Fargo Meetings – Energy Transfer – slide 7
    EXCEPTIONALLY WELL-POSITIONED TO CAPITALIZE ON U.S. ENERGY EXPORTS Alberta Asset base well-positioned to capture the changing supply and demand dynamics for condensates, natural gas, NGLs and LNG Energy Transfer Assets Canada ETP…
  8. Wells Fargo Meetings – Energy Transfer – slide 8
    AND A FULLY INTEGRATED MIDSTREAM / LIQUIDS PLATFORM ACROSS NORTH AMERICA The ability to provide an end-to-end solution for producer liquids will better serve customers and alleviate bottlenecks currently faced by producers Marcus…
  9. Wells Fargo Meetings – Energy Transfer – slide 9
    ORGANIC GROWTH CONTRIBUTES TO ENERGY TRANSFERS STRONG FOOTHOLD IN THE MOST PROLIFIC PRODUCING BASINS ETP Projects SXL Projects 2016 Bakken Crude Pipeline (1)* 2013 Mariner West 2014 Mariner East 1 - Propane Active in 9 of the top…
  10. Wells Fargo Meetings – Energy Transfer – slide 10
    ENERGY TRANSFER PARTNERS OVERVIEW (2) Marketing & Financial Statistics 2016 Net Funding Overview (mm, unless specified) Other Non- ( in millions) 1,000 4,950 Fee Margin Trading Metrics Direct 5% 425 DRIP Commodity 1,750 Unit…
  11. Wells Fargo Meetings – Energy Transfer – slide 11
    SUNOCO LOGISTICS PARTNERS OVERVIEW Marketing & Financial Statistics Map of Operations / SXL Growth Projects (mm, unless specified) Market Related Trading Metrics 10% Unit Price (12/4/2015) 25.78 Units Outstanding 269.9 Current…
  12. Wells Fargo Meetings – Energy Transfer – slide 12
    SUNOCO LP OVERVIEW Marketing & Financial Statistics Rating Agency Views MLP focused on retail and wholesale marketing and distribution of motor The outlook revision reflects our view that the company's enhanced size and scale fuels…
  13. Wells Fargo Meetings – Energy Transfer – slide 13
    ETES PRO FORMA CASH FLOW COMPONENTS WPZ SUN TLNG SXL ETP 0.00 IDR Sub (1) ETP GP / IDR ETP LP ETP GP / IDR SXL Class H TLNG Distributions SUN LP SUN GP / IDR WPZ LP WPZ GP / IDR Total ETE Cash Subsidies…
  14. Wells Fargo Meetings – Energy Transfer – slide 14
    ETE WILL CONTINUE TO BENEFIT FROM SOLID UNDERLYING CASH FLOW GROWTH Distributions Received From Underlying Operating Partnerships(1) ( in millions) (2) (2) (1) 21 264 105 103 36 11 13 48 7 48 48 14 99 1,297 35 316…
  15. Wells Fargo Meetings – Energy Transfer – slide 15
    SIGNIFICANT VALUE UPSIDE FOR ETE UNITHOLDERS Illustrative Effective ETE Price Appreciation OVER 100% POTENTIAL VALUE UPLIFT 8 40 40 40 40.00 17 33 35.00 30.00 25.00 15.29 15.29 20.00 15.00 10.00 5.00…
  16. Wells Fargo Meetings – Energy Transfer – slide 16
    MERGER IMPROVES ETES CREDIT PROFILE Pro Forma Capital Structure Pro Forma Interest Rate Exposure (3) Actual Transaction Pro Forma Floating ( in millions) 9/30/2015 Adjustments 9/30/2015 , 25% ETE Senior Secured Revolving Credit…
  17. Wells Fargo Meetings – Energy Transfer – slide 17
    ETE RATING AGENCY VIEWS ETE's Ba2 Corporate Family Rating (CFR) recognizes the benefits of the massive size and scope of ETE's midstream asset baseNotwithstanding the residual nature of this cash flow, these subsidiary cash flow streams…
  18. Wells Fargo Meetings – Energy Transfer – slide 18
    KEY TAKEAWAYS ETE will derive its cash flow strength from: Three of the largest investment grade diversified MLPs (ETP, SXL and WPZ) as well as a fast growing retail fuel MLP (SUN) Increasing incentive distributions resulting from…
  19. Wells Fargo Meetings – Energy Transfer – slide 19
    ILLUSTRATIVE TRANSACTION TIMELINE 5 months expected timing from announcement to closing 8 12 weeks Subject to SEC review & regulatory approval September 2015 Signed Merger Agreement Filed proxy statement / S-4 WMB Announced…
  20. Wells Fargo Meetings – Energy Transfer – slide 20
    APPENDIX
  21. Wells Fargo Meetings – Energy Transfer – slide 21
    SUBSTANTIAL OPPORTUNITY TO REALIZE SHARED SERVICE COST SAVINGS Value Creation Low execution risk At least 400 million annual cost synergies Run-rate cost synergies achieved by 2017 HR Internal Audit SOX Tax…
  22. Wells Fargo Meetings – Energy Transfer – slide 22
    G&A COMPARISON AND SYNERGY TRACK RECORD WMB / ETE G&A Historical Synergies Track Record ( in millions) WMB ETE ( in millions) 700 250 600 200 500 150 400 300 100 200 50 100 Information Legal Human…
  23. Wells Fargo Meetings – Energy Transfer – slide 23
    ENERGY TRANSFER PARTNERS, L.P. NON-GAAP RECONCILIATIONS 2015 2014 Full Year Q1 Q2 Q3 9/30 YTD Q1 Q2 Q3 9/30 YTD 2014 2013 2012 in millions Net income 268 839 393 1,500 483 547 514 1,544 1,299 746 1,645 Interest expense, net of…
  24. Wells Fargo Meetings – Energy Transfer – slide 24
    SXL NON-GAAP FINANCIAL MEASURES 25
  25. Wells Fargo Meetings – Energy Transfer – slide 25
    SUN RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ( in Thousands) Predecessor Successor Pro Forma Pro Forma Combined Actual Combined Fiscal Year Fiscal Year Fiscal Year Results for the Results for the Ended Ended Ended Twelve…
  26. Wells Fargo Meetings – Energy Transfer – slide 26
    SUNOCO, LLC RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ( in Thousands) Fiscal Year Ended December 31, 2013 2014 Net income (loss) 134,413 36,732 Depreciation, amortization and accretion 48,091 50,547 Income tax expense…
  27. Wells Fargo Meetings – Energy Transfer – slide 27
    SUNOCO R&M RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ( in Thousands) Fiscal Year Ended December 31, 2014 Net income (loss) 82,196 Depreciation, amortization and accretion 73,706 Income tax expense 2 EBITDA 155,902…
  28. Wells Fargo Meetings – Energy Transfer – slide 28
    SUSSER RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA ( in Thousands) Historical (1) Pro Forma Adjustments Pro Forma Memo - EBITDA and DCF reconciliation Susser SUN (2) Adjustments (3) Susser Fiscal Year Ended Fiscal Year Ended Fiscal…

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