CONFIDENTIAL UBS MLP One-on-One Conference January 12 13, 2016
Summit Midstream Partners, LP Overview Growth-oriented midstream MLP focused on natural gas, crude oil and produced water gathering General Overview Distribution Per LP Unit / Unit Ticker SMLP 0.600 Exchange NYSE 0.550 (1)…
SMLP Investment Considerations & Operating Statistics SMLP Investment Considerations 97%+ of revenue is fee-based Fee-Based 3.75 Tcfe of remaining MVCs through 2026 provide downside protection Contract Portfolio Provide for stable…
SMLP Asset Map Scale & Geographic Diversity Across Four Basins Constructed Under Construction 6
Differentiated Contract Portfolio with Significant MVC Underpinning SMLP Contract Portfolio Overview Primarily long-term and fee-based contracts for natural gas, NGL, crude oil and produced water gathering Avg. MVCs Through 2019 = 77%…
SMLP Established Track Record of Growth Over 1.0 billion of drop downs from Summit Investments and 3rd Party M&A since 2012 has driven cash flow and distribution growth SMLP M&A Since 2012 Adjusted EBITDA Growth(1) 500 250 460 12A…
SMLPs Current & Projected Business Profile Drop down strategy will continue to further diversify SMLP geographically while enhancing its core focus on fee-based revenue Revenue Composition 2012 at IPO 2015E 2019E(1) Variable…
SMLP Drop Down Visibility
Utica Drop Downs To Drive Future SMLP Growth Summit Investments provides SMLP with long-term, visible growth from future drop downs Summit Investments Overview Summit Investments Asset Footprint Tioga Midstream & Top-Tier Assets in…
SMLP Drop Down Visibility Substantial Drop Down Inventory to Drive Long-Term SMLP Growth Drop Down Runway Drop Down EBITDA / MLP EBITDA(1,2) Relative to its current size, SMLP 3.7 x maintains one of the largest backlogs of GP assets…
Demonstrated Track Record of Sponsor Support Summit Investments has a proven track record of supporting SMLP through unit purchases, competitive drop down multiples, and re-investment of sale proceeds Purchased 150 305 million…
Summit Utica & Ohio Gathering Expanding Utica Footprint Summit Investments is building a dominant gathering footprint in the southern core of the Utica Shale the highest return shale play in the United States(1) Overview Asset…
Summit Utica & Ohio Gathering Expanding Utica Footprint Significant Growth in Utica Activity Supports Increased Throughput and Cash Flows Utica Growth Area Marcellus & Utica Heat Map by IP90 (Mcfepd/1,000 Lateral) The best well results…
Tioga / Blacktail / Hereford Sizable Rockies Footprint Williston Assets DJ Assets Tioga Midstream Niobrara G&P Crude oil, produced water, and associated natural gas Commissioned in September 2013 and subsequently expanded gathering…
SMLP Asset Overview
Marcellus Shale High-pressure gas gathering and compression assets located in the rich gas window of the Marcellus Shale Asset Summary Map of Mountaineer Assets Asset Mountaineer Midstream Reportable Segment Marcellus Shale 3Q 2015…
Williston Basin Crude oil, produced water, and associated natural gas gathering in the Bakken Shale Asset Summary Map of Williston Assets Reportable Segments Williston Basin - Gas; Williston Basin - Liquids Polar & Divide Revenue…
Barnett Shale Natural gas gathering in the core of the core of the Barnett Asset Summary Map of DFW Midstream Asset DFW Midstream Reportable Segment Barnett Shale 3Q 2015 Throughput 325 MMcf/d Throughput Capacity 480 MMcf/d Basin…
Piceance Basin Positioned in the core of the Piceance Basin with exposure to the liquids-rich Mesaverde formation as well as the emerging Mancos & Niobrara formations Asset Summary Map of Grand River Asset Grand River Reportable…
SMLP Financial Overview
Conservative Financial Strategy Strong balance sheet and liquidity enables SMLP to execute its growth strategy Targeting long-term leverage ratio of 3.5x 4.0x Actual (s in 000s) Sep-15 396 million of borrowing availability at…
SMLP 2015 Financial Guidance Guidance Range Actual(1) Actual(1) Actual(1) FY 2015 Year Year Year Ended Ended Ended ( in millions) 2012 2013 2014 Low High Adjusted EBITDA 105.9 165.3 204.9 210.0 (2) LP Distribution Growth(3,4)…
SMLP Non-GAAP Reconciliations
SMLP Non-GAAP Reconciliations Nine Months Ended September 30, Year Ended December 31, (s in 000s) 2015 2014 2014 2013 2012 2011 2010 (1) Net Income 33,659 19,384 (14,734) 52,837 42,997 37,951 8,172 Add: Interest expense 36,333…
SMLP Financial Performance Nine Months Ended September 30, Variance (s in 000s) 2015 2014 % Distributable Cash Flow: (1) EBITDA 142,731 113,251 29,480 26.0% Add: Unit-based compensation 5,039 3,754 1,285 34.2% (2) Adjustments…
SMLP Segment Adjusted EBITDA Nine Months Ended September 30, (s in 000s) 2015 2014 Segment Adjusted EBITDA Marcellus Shale 18,492 11,676 Williston Basin - Gas 15,174 14,597 Williston Basin - Liquids 17,262 5,977 Barnett Shale…
Appendix Additional Information
Mountaineer Midstream Strategic Position in Core of Marcellus Shale Marcellus Shale Overview Map of Marcellus Shale Mountaineer provides high-pressure gathering and compression services for Antero Resources in the northern West…
Mountaineer Midstream Asset Overview 49 miles of high-pressure gas gathering and compression assets located in the rich gas window of the Marcellus Shale Asset Details Map of Mountaineer Assets Assets commissioned in 4Q 2012…
Williston Basin - Growing Strategic Position Williston Basin Overview Map of Williston Basin Currently 64 rigs operating in the Williston Basin Targeting crude oil production from the Bakken and Three Forks shale formations Polar &…
Williston Basin Asset Overviews Crude oil, produced water and associated natural gas gathering from over 850,000 net acres dedicated through 2027 Asset Details Map of Williston Assets(1) Bison Midstream, associated natural gas…
DFW Midstream Strategic Position in Core of Barnett Shale DFWs service area includes the most prolific part of the Barnett Shale with the largest wells Barnett Shale Overview Barnett Shale EUR Isopach DFW system primarily located in…
DFW Midstream Asset Overview Gathering from 76 pad sites in the core of the core of the Barnett Asset Details Map of DFW Midstream 130-mile natural gas gathering system primarily located in southeastern Tarrant County, TX…
DFW Midstream Leveraged to Existing Infrastructure Given urban environment, DFWs customers are drilling multiple Average DFW Pad Site 5 Wells wells from single pad sites Producers trying to minimize surface footprint 2 wells 3 wells…
Grand River Asset Overview Positioned in the core of the Piceance Basin with exposure to the liquids-rich Mesaverde formation as well as the emerging Mancos & Niobrara formations Asset Details Map of Grand River 1,776 mile natural…
Legacy Grand River Actual & Contracted Throughput By System Legacy Grand River MVCs increase at a 5.7% CAGR from 2013 2015 and include annual fee escalators tied to CPI or PPI Mamm Creek Gathering System MVCs in place with Encana,…
Equity Research Coverage / Contact Information Summit Midstream Partners, LP (SMLP) Equity Research Coverage Bank of America Merrill Lynch Barclays Capital Capital One Securities Citigroup Global Markets Deutsche Bank Securities…
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