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Analyst Meeting – Energy Transfer

Energy Transfer · Nov 17, 2015 · 53 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. Analyst Meeting – Energy Transfer – slide 1
    ENERGY TRANSFER PARTNERS, L.P. Analyst Meeting November 17, 2015
  2. Analyst Meeting – Energy Transfer – slide 2
    AGENDA Partnership Update Commercial Update/ Analyst Day 2015 Growth Initiatives Finance Update Summary/Q&A 3
  3. Analyst Meeting – Energy Transfer – slide 3
    PARTNERSHIP UPDATE
  4. Analyst Meeting – Energy Transfer – slide 4
    ETP ACCOMPLISHMENTS SINCE LAST INVESTOR DAY Completed more than 18 billion in acquisitions, including the merger with Regency and the King Ranch acquisition Recent Continued ramp up of liquids transportation volumes from Eagle Ford…
  5. Analyst Meeting – Energy Transfer – slide 5
    ASSET OVERVIEW- PRE WILLIAMS ACQUISITION Announced Projects Lake Charles LNG Dakota Access Crude Conversion Comanche Trail Trans-Pecos Lone Star Express Rover Revolution System Energy Transfer Asset Overview Mariner East…
  6. Analyst Meeting – Energy Transfer – slide 6
    ASSET OVERVIEW- POST WILLIAMS ACQUISITION Alberta Announced Projects(2) Lake Charles LNG Dakota Access Crude Conversion Comanche Trail Trans-Pecos Lone Star Express Rover Revolution System Mariner East Phase 2 Energy…
  7. Analyst Meeting – Energy Transfer – slide 7
    COMMERCIAL UPDATE / GROWTH INITIATIVES
  8. Analyst Meeting – Energy Transfer – slide 8
    ORGANIC GROWTH CONTRIBUTES TO ETPS STRONG FOOTHOLD IN THE MOST PROLIFIC PRODUCING BASINS 2016 Bakken Crude Pipeline (1)* Active in 9 of the top 10 basins by 2015 Ohio River System Project* active rig count with a rapidly 2016…
  9. Analyst Meeting – Energy Transfer – slide 9
    ETP GROWTH DRIVERS PROVIDE VISIBILITY FOR THE FUTURE Ohio River JV Alamo Plant Lone Star Frac III Orla Plant Delaware Gathering Expansion Under Development Lone Star Express Pipeline Dakota Access & Trunkline Crude…
  10. Analyst Meeting – Energy Transfer – slide 10
    APPROXIMATELY 10B COMMITTED PROJECT BACKLOG TRANSFORMS ETP Track Record of Completing Projects On Time and On Budget Targeting 6-8x EBITDA multiple on capital projects Project Description Project Project Cost(5) ETP Cost Timing (mm)…
  11. Analyst Meeting – Energy Transfer – slide 11
    MIDSTREAM GROWTH INITIATIVES
  12. Analyst Meeting – Energy Transfer – slide 12
    MIDSTREAM ASSETS Midstream Asset Map Midstream Highlights Recent growth: Eagle Ford: Adding new processing plants to increase capacity to over 2.0 Bcf/d West Texas: Recently added over 400 MMcf/d of processing capacity PA North…
  13. Analyst Meeting – Energy Transfer – slide 13
    MIDSTREAM VOLUME GROWTH SUPPORTED BY PREDOMINANTLY FEE-BASED CONTRACTS Midstream Volume Growth 2015 YTD Contract Mix By Volume 12,000 Demand/ Minimum 9,957 Volume Commitments 10,000 64% 7,588 Thousand Mmbtu/d 8,000 POP…
  14. Analyst Meeting – Energy Transfer – slide 14
    EAGLE FORD AND EAGLEBINE FEE-BASED VOLUMES CONTINUE TO RAMP UP Eagle Ford/Eaglebine Details Asset Map Eagle Ford and Eaglebine processing capacity has grown from 200 MMcf/d in 2011 to over 2 Bcf/d in 2015 YTD NGL production has…
  15. Analyst Meeting – Energy Transfer – slide 15
    PERMIAN/DELAWARE EXPANSION Permian/Delaware Details Asset Map YTD NGL production has grown approximately 40% compared to the same period last year Mi Vida processing plant placed in-service July 2015 200 MMcf/d Orla…
  16. Analyst Meeting – Energy Transfer – slide 16
    REVOLUTION SYSTEM PROJECT Project Details Revolution Project Map System is located in Pennsylvanias Marcellus/Upper Devonian Shale rich- gas area Rich-gas, complete solution system Currently 20 miles of 16 in-service Build…
  17. Analyst Meeting – Energy Transfer – slide 17
    OHIO RIVER SYSTEM PROJECT Utica Ohio River Joint Venture creates a first-mover advantage and will be a key take-away option for Utica lean gas Commercial Highlights Ohio River System Map 75% ETP, 25% Traverse Midstream Partners…
  18. Analyst Meeting – Energy Transfer – slide 18
    NORTHEAST PENNSYLVANIA GATHERING PROJECTS Lycoming Expansion- Proctor Heirs Northeast Pennsylvania Projects Map 17 miles, 24, 535 MMcf/d ETP Northeast PA Systems compressor station; wellhead gathering Expected in-service December…
  19. Analyst Meeting – Energy Transfer – slide 19
    SYNERGIES AT WORK AS ETP INCREASES ITS PRESENCE IN THE NORTHEAST 20
  20. Analyst Meeting – Energy Transfer – slide 20
    MIDCONTINENT ASSET FOOTPRINT 21
  21. Analyst Meeting – Energy Transfer – slide 21
    INTERSTATE NATURAL GAS GROWTH INITIATIVES
  22. Analyst Meeting – Energy Transfer – slide 22
    ETP IS WELL-POSITIONED TO CAPITALIZE ON CHANGING MARKET DYNAMICS 3 1, 2 1 SCOOP Permian Supply Growth 1 Demand Growth: 3 1. Power 2. Industrial Traditional Flow 3. Exports 3 Emerging Flow 23
  23. Analyst Meeting – Energy Transfer – slide 23
    INTERSTATE PIPELINE ASSETS Interstate Asset Map Interstate Highlights Our interstate pipelines provide: Stability Approximately 95% of revenue is derived from fixed reservation fees Rover Diversity Trunkline Access to multiple…
  24. Analyst Meeting – Energy Transfer – slide 24
    MARCELLUS/UTICA ROVER PIPELINE Rover Pipeline Counterparty Credit Profile Rover Project Map 15-year contracts 20-year contracts (75% of total) (25% of total) 8% 8% 33% 51% 49% 33% 18% Baa3 (stable) Ba1 (stable) Ba3…
  25. Analyst Meeting – Energy Transfer – slide 25
    ROVER PROJECT Rover Pipe arriving at the Port of Cleveland 26
  26. Analyst Meeting – Energy Transfer – slide 26
    LIQUIDS TRANSPORTATION & SERVICES GROWTH INITIATIVES - LONE STAR/ETP NGL
  27. Analyst Meeting – Energy Transfer – slide 27
    Lone Star NGL Asset Overview NGL TRANSPORTATION AND SERVICES NGL Storage Fractionation and Processing ETP Pipeline Transportation 53 million barrels NGL storage Two 100,000 Bpd fractionators at Mont 2,000+ miles of NGL Pipelines…
  28. Analyst Meeting – Energy Transfer – slide 28
    INTEGRATED MODEL DRIVES VALUE CREATION: END TO END SOLUTIONS Approved Lone Star Express Pipeline 24 (375 Mbpd) and Lone Star 30 (495 Mbpd) West Texas Pipeline 12 (140 Mbpd) Godley Red Bluff Freedom/Liberty (75 Mbpd) Keystone…
  29. Analyst Meeting – Energy Transfer – slide 29
    DYNAMIC TRANSFORMATION OF THE LONE STAR NGL BUSINESS Gateway Pipeline Frac II Approved Projects for 2016 700 miles of 16 100 Mbpd fractionator Lone Star Express 24 pipeline In-Service May 2016 210 Mbpd capacity Frac III Lone Star…
  30. Analyst Meeting – Energy Transfer – slide 30
    MONT BELVIEU COMPLEX Frac I 100 Mbpd Potential site for Dec 12 Fracs V, VI & VII Frac IV 120 Mbpd Q416 Frac II 100 Mbpd Oct 13 Frac III 100 Mbpd Dec 15 De-C2 100 Mbpd Nov 14 31
  31. Analyst Meeting – Energy Transfer – slide 31
    LIQUIDS TRANSPORTATION & SERVICES GROWTH INITIATIVES CRUDE PROJECTS
  32. Analyst Meeting – Energy Transfer – slide 32
    GROWTH PROJECTS OVERVIEW: BAKKEN Dakota Access Pipeline will connect Bakken production to Patoka Hub, IL with interconnection to ETCO (Trunkline conversion) to reach Nederland and the Gulf Coast Supported by long-term, fee-based…
  33. Analyst Meeting – Energy Transfer – slide 33
    BAYOU BRIDGE PIPELINE PROJECT Project Details Bayou Bridge Pipeline Map Closed initial open season earlier this year Expansion open season currently running Crude oil transportation joint venture between P66 (40%), SXL (30%…
  34. Analyst Meeting – Energy Transfer – slide 34
    INTRASTATE NATURAL GAS GROWTH INITIATIVES
  35. Analyst Meeting – Energy Transfer – slide 35
    Interstate Pipeline INTRASTATE PIPELINEAssets ASSETS Intrastate Asset Map Intrastate Highlights ETPs Intrastate assets will benefit from residue gas production and the emergence of Mexico, Petchem and LNG markets along the Gulf…
  36. Analyst Meeting – Energy Transfer – slide 36
    INTRASTATE PIPELINE ASSETS 37
  37. Analyst Meeting – Energy Transfer – slide 37
    MEXICO PROJECTS IN-SERVICE Edinburg Extension Edinburg Extension and Nueces Crossover Map 24 miles of 24 intrastate pipeline expansion connecting HPL to Mexico ETP ownership of 1.5 miles of pipeline and meter station across the…
  38. Analyst Meeting – Energy Transfer – slide 38
    MEXICO (CFE) PROJECTS UNDER CONSTRUCTION Waha Header System 6 Bcf/d Header System Will connect to: Trans-Pecos & Comanche Trail Pipelines ETPs vast interstate and Comanche Trail Pipeline intrastate pipeline network Multiple…
  39. Analyst Meeting – Energy Transfer – slide 39
    NEW GULF COAST MARKET OPPORTUNITIES Along the Gulf Coast of Louisiana and Texas, the expected market growth over the next five to seven years is projected to be approximately 14 to 20 Bcf/d of Natural Gas and 300,000 to 800,000 bpd of…
  40. Analyst Meeting – Energy Transfer – slide 40
    FINANCE UPDATE
  41. Analyst Meeting – Energy Transfer – slide 41
    2016 OBJECTIVES: THE LEAD UP TO ETPS NEXT CHAPTER OF TRANSFORMATION Complete the 2015/2016 capital program on time and on budget Capex Fund in a manner that maintains the economic integrity and preserves the value of 1.5b+ Program new…
  42. Analyst Meeting – Energy Transfer – slide 42
    WE ARE DELIVERING ON THE INVESTMENTS MADE OVER THE PAST SEVERAL YEARS Adjusted EBITDA ( millions) Distribution / LP Unit Interstate 1.10 Intrastate 6,000 Midstream 5,882 Liquids Trans. & Svcs. 5,710 316 1.055 Retail Marketing…
  43. Analyst Meeting – Energy Transfer – slide 43
    WE ARE FOCUSED ON REDUCING VOLATILITY THROUGH FEE-BASED CONTRACTS & MANAGING COMMODITY EXPOSURE Primary Revenue Mix % Fee-Based Demand fees consisting of fixed fees for the reservation of an agreed Intrastate amount of throughput…
  44. Analyst Meeting – Energy Transfer – slide 44
    OUR BUSINESS IS PRIMARILY FEE-BASED WITH LIMITED COMMODITY PRICE EXPOSURE DUE TO COMMERCIAL CONTRACTING STRATEGY 2016 Average Commodity Price Sensitivity* Fee-Based Business Mix Other Non-Fee Margin, Impact of 5% Average Direct…
  45. Analyst Meeting – Energy Transfer – slide 45
    60-DAY UNSECURED CREDIT EXPOSURE IS SIGNIFICANTLY WEIGHTED TOWARD INVESTMENT GRADE COUNTERPARTIES Top 20 Counterparties by Unsecured Exposure Unsecured Exposure by Rating Unsecured % of Total Exposure Unsecured Rank Internal Credit…
  46. Analyst Meeting – Energy Transfer – slide 46
    PROVEN FINANCIAL DISCIPLINE ETP Credit Quality vs. MLP Complex Debt Debtto to Adjusted EBITDA Adj. EBITDA ETP Credit Quality vs. MLP Complex 5.5 ETPs strong credit rating 18 sets it apart 5.0 4.62x 4.59x 4.47x 4.49x 4.5…
  47. Analyst Meeting – Energy Transfer – slide 47
    OUR LONG-TERM REFINANCING OBLIGATIONS ARE MANAGEABLE millions ETP Debt Maturity ETP Debt Profile, Maturity Profile, Excluding ETE, Excluding ETE, SXL,SXL and SUN and SUN 3,000 2,500 2,000 1,500 2,750…
  48. Analyst Meeting – Energy Transfer – slide 48
    MINIMAL EXPOSURE TO INTEREST RATE ENVIRONMENT Debt by Interest Rate Type Swapped to Floating, 6.4% Fixed, 91.0% Other, 9.0% Floating, 2.6% Total = 21.8 billion, excluding revolver Note: Includes ETP,…
  49. Analyst Meeting – Energy Transfer – slide 49
    PROJECT BACKLOG EXPECTED TO SUPPORT ADDITIONAL GROWTH Liquids Transportation & Intrastate Midstream Interstate Storage 210 million capex1 2,450 million capex1 2,500 million capex1 4,900 million capex1 Trans-Pecos Alamo Plant…
  50. Analyst Meeting – Energy Transfer – slide 50
    ETP HAS ADDITIONAL LEVERS TO DRIVE INCREMENTAL VALUE AND PROVIDE ALTERNATIVE FUNDING OPTIONS 33% interest in Philadelphia Energy Solutions LLC, which owns GP/IDRs of PES Logistics Partners, L.P. 40% interest in Lake Charles LNG…
  51. Analyst Meeting – Energy Transfer – slide 51
    2016 ORGANIC GROWTH CAPITAL PROGRAM Growth Capital Business Segment 2016 Capital Funding Strategy ( in millions) 6,000 Liquids Transportation & Services 2,750 1,000 4,950 5,000 Midstream 1,750 1,750 4,000 Interstate…
  52. Analyst Meeting – Energy Transfer – slide 52
    APPENDIX
  53. Analyst Meeting – Energy Transfer – slide 53
    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…

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