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Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp

Boardwalk Pipeline Partners, Lp · Feb 29, 2016 · 32 slides

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Slides

  1. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 1
    October 11, 2013 Boardwalk Annual Customer Meeting Nashville Customer Meeting Presentation for Morgan Stanley MLP/Diversified Natural Gas, Boardwalks Response to the Utilities & Clean Tech Conference Changing Market March 2016…
  2. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 2
    October 11, 2013 Boardwalk Annual Customer Meeting Nashville Customer Meeting Boardwalks Boardwalk Response Company to the Overview Changing Market Kathy Kirk, Senior Vice President Marketing & Origination Pineville…
  3. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 3
    Large and Diverse Platform of Infrastructure Assets Boardwalk is a diversified midstream MLP that transports, stores, gathers and processes natural gas and liquids Boardwalk Operational Highlights Pipelines: We own and operate…
  4. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 4
    Organizational Structure BPHC Public Unitholders Loews Corporation Subsidiary 49% L.P. interest* 49% L.P. interest 2% G.P. interest Boardwalk Pipeline Partners, LP NYSE: BWP Boardwalk Pipelines, LP Texas Gas Gulf Crossing…
  5. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 5
    Introduction to Boardwalks General Partner Our general partner is a wholly-owned subsidiary of Loews Corporation, which is one of the largest diversified corporations in the United States Principal subsidiaries and percent of…
  6. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 6
    Boardwalk Strategy Further Leverage and Optimize diversify Strengthen Asset Base within the Existing midstream Assets Continue to identify energy sector and implement new uses for assets, Continue to expand into Continue to…
  7. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 7
    Strategy Execution and Recent Events Date Event December 2011 through Completed 2.1 billion of acquisitions and growth January 2015 projects, on time and on budget, including the acquisition of the Evangeline Ethylene Pipeline…
  8. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 8
    Completed 2.1 billion of Projects and Acquisitions . . . Growth Scope Strategy Timing Capex Project/Acquisition (MM) Acquisition of Petal Acquired approx. 23 Bcf of working gas capacity and 105 miles of natural gas pipelines Leverage…
  9. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 9
    . . . And Announced 1.6 Billion of Growth Projects Southern Indiana Lateral 75M in capex Capacity: 53,500 MMBtu/d In service: Q3-2016 (est) Leverage Existing Assets Western Kentucky Lateral Northern Supply Access 80M in capex…
  10. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 10
    Gulf South Rate Case Settlement Highlights Uncontested settlement agreement approved by FERC Letter Order on December 18, 2015 (1) Settlement rates implemented November 1, 2015, on interim basis, and will become final on effective…
  11. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 11
    October 11, 2013 Boardwalk Annual Customer Meeting Nashville Customer Meeting Boardwalks FinancialResponse Overviewto the Changing Market Kathy Kirk, Senior Vice President Marketing & Origination Pineville Compressor Station…
  12. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 12
    Financial Highlights Substantially a long-term, fixed-fee revenue base Significant portion of revenues backed by firm contracts with primarily investment-grade customers Financial Profile Financing decisions demonstrate commitment…
  13. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 13
    Boardwalk Revenue Profile Backed by Firm, Long-term Contracts Majority of revenues are under firm contracts Capacity reservation charges are received monthly regardless of utilization Weighted-average contract life of approximately 5…
  14. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 14
    Revenue Estimates: Capacity Reservation and Min. Bill Charges Estimated Revenues from Capacity Reservation and Minimum Bill Charges under Committed Firm Transportation Agreements as of December 31, 2015 1,100 1,030 Projected 1,010…
  15. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 15
    Capitalization Adjustments for December 31, 2015 Financing December 31, Issued 350 million of 4.95% notes ( in millions, except ratio data) 2014 Activities 2015 in November 2014 and additional Debt: Gulf South 5.05% Notes due…
  16. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 16
    Reduced Refinancing Risk for Senior Unsecured Notes 900 Term Loan was paid in full in May 2015 800 2015 Gulf South and Texas Gas notes refinanced to 2024 700 maturity under Boardwalk* 600 500 in millions 400 300…
  17. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 17
    October 11, 2013 Boardwalk Annual Customer Meeting Nashville Customer Meeting Market Fundamentals Boardwalks Response toandthe Boardwalk Growth Projects Changing Market Kathy Kirk, Senior Vice President Marketing &…
  18. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 18
    Well Positioned to Capitalize on Changing Supply Dynamics By 2020, U.S. supply is forecasted to grow by approximately 23 Bcf/d Boardwalk assets are located near shale gas supply sources with significant reserves 39.6 Bcf/d 18.9…
  19. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 19
    Changing Demand Dynamics: LNG Exports Bcf/d LNG Facilities Approved Proposed Proposed by Location (Under Construction/Not (Pending Application) (Pre-filing) Under Construction) Texas 3.9 2.4 8.6 Louisiana 8.1 3.9 6.0 Mississippi -…
  20. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 20
    Changing Demand Dynamics: Industrial Markets INDUSTRIALS We provide approximately 188 industrial facilities with a combination of firm and interruptible natural gas and liquids transportation and storage services Industrials…
  21. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 21
    Forecasted U.S. Coal Retirements Over the Next 15 Years POWER PLANTS We are directly connected to 42 natural-gas-fired power generation facilities in eight states. Year Forecasted megawatts (MWs) 2015 14,883 Since 2010, our…
  22. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 22
    Changing Flow Patterns Impacting Basis Spreads to Henry Hub LEGEND DOMINION Average Annual SOUTH POINT Spread (0.82) 2016 (1.14) 2015 (0.21) 2013 0.31 2009 COLUMBIA GULF MAINLINE KOSCI CENTERPOINT EAST (0.07) (0.03) (0.06)…
  23. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 23
    Gulf Coast Ethylene Supply and Demand Forecasts Legend Ethane Crackers Under Construction Ethane Crackers Announced Evangeline Ethylene Pipeline BLM Operating Hubs 8 Net Ethylene Capacity 6 Texas 4 Baton Rouge 2 Lake…
  24. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 24
    Coastal Bend Header Project to Serve Planned Freeport Liquefaction Export Terminal Legend Coastal Bend Header Project Capex Est.: 720 mm Contracted Capacity: 1.4 Bcf/d with 20-year firm precedent agreements In-Service: 2018…
  25. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 25
    North-to-South Projects: OH-LA and Southern Indiana Lateral Ohio-to-Louisiana Access Project Southern Lebanon Capex Est.: 115 mm Marcellus & Indiana Lateral Utica Supplies Contracted Capacity: 626,000 MMBtu/d with 13- year…
  26. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 26
    Additional North-to-South Projects Northern Supply Access Project Capex Est.: 310 mm Capacity: 384,000 MMBtu/d Lebanon Marcellus & 284,000 MMBtu/d contracted Utica Supplies 100,000 MMBtu/d available* In Service: H1-2017 (est.)…
  27. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 27
    Western Kentucky Lateral Western Kentucky Lateral Texas Gas Transmission Proposed lateral Marcellus Interconnect & Utica Lebanon Supplies Western Kentucky Lateral Capex Est.: 80 mm Contracted Capacity: 230,000 MMBtu/d with…
  28. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 28
    Project to Serve Power Plant in South Texas Capex Est.: 80mm Contracted Capacity: 185,000 MMBtu/d with a 20- year precedent agreement to serve new combined-cycle power plant in South Texas In-Service: Q3-2016 (est.) 29
  29. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 29
    Incremental Loads to End-Use Markets Projects and new contracts to provide approximately 570,000 MMBtu/d of natural gas deliveries to power and industrial plants EXECUTED AGREEMENT EXECUTED AGREEMENT Incremental firm load to power…
  30. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 30
    Boardwalk Louisiana Midstream Growth Projects BLM Choctaw Hub Provides ethylene, ethane, natural gas and BLM Sulphur Hub brine transportation and Provides ethylene, ethane storage services and propane transportation Evangeline…
  31. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 31
    Key Investment Highlights Diversified midstream MLP that transports, stores, gathers and processes natural gas and liquids Approximately 90% of annual revenue is from fixed-fee, take-or-pay contracts with primarily investment-grade…
  32. Morgan Stanley MLP Conference – Boardwalk Pipeline Partners, Lp – slide 32
    October 11, 2013 Boardwalk Annual Customer Meeting Nashville Customer Meeting Presentation for Morgan Stanley MLP/Diversified Natural Gas, Boardwalks Response to the Utilities & Clean Tech Conference Changing Market March 2016…

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