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Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P.

Midcoast Energy Partners, L.P. · May 2, 2016 · 12 slides

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Slides

  1. Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P. – slide 1
    Supplemental Slides First Quarter 2016 Earnings Presentation May 2, 2016
  2. Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P. – slide 2
    First Quarter Earnings (Adjusted) Quarter ended March 31, 2016 2015 Change Segmented operating income (loss): - Gathering, Processing and Transportation(1) (1.0) 6.9 (7.9) - Logistics and Marketing(1) 2.1 0.2 1.9 - Corporate…
  3. Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P. – slide 3
    Distribution Coverage Q1 2016 Net loss attributable to general and limited partner ownership in MEP (20.2) Option premium amortization 0.6 Noncash derivatives fair value losses 14.0 Adjusted net loss (1) (5.6) Depreciation and…
  4. Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P. – slide 4
    Segment Operating Income (Loss) (Adjusted) The foregoing presentation represents adjusted operating income (loss) at the Midcoast Operating level. Quarter Ended March 31, March 31, Gathering, Processing and Transportation 2016…
  5. Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P. – slide 5
    Book Capitalization 3/31/2016 12/31/2015 Long-term debt 838.3 888.2 Partners' capital(1) 3,979.2 4,033.2 Total Capitalization 4,817.5 4,921.4 Total Debt / Total Capitalization 17% 18% 3/31/2016 12/31/2015 Amounts outstanding…
  6. Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P. – slide 6
    Volume History Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2014 2014 2014 2014 2015 2015 2015 2015 2016 Natural Gas Business - Volumes ('000 MMbtu/d) East Texas 971 1,029 1,063 1,056 1,007 968 966 915 948 Anadarko 824 819 806 858 831 794 760 707…
  7. Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P. – slide 7
    Estimated Commodity Positions (April December 2016) 2016 Estimated Commodity Positions (1) Hedged Cash Physical Hedge Hedged Weighted Avg Flows (2) % Volume Hedge Price MM Natural Gas (24,550) MMbtu/d 0% 0 0.00 /MMbtu 0.0 C2…
  8. Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P. – slide 8
    First Quarter Earnings (GAAP) Quarter ended March 31, Segmented and corporate operating income (loss): 2016 2015 Change - Gathering, Processing and Transportation (27.3) (7.6) (19.7) - Logistics and Marketing 0.1 (19.0) 19.1 -…
  9. Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P. – slide 9
    Adjusted Earnings The foregoing presentation makes reference to adjusted net income in order to exclude the effect of non-cash unrealized derivative fair value losses and gains and other items that are not indicative of our core…
  10. Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P. – slide 10
    Adjusted Segment Operating Income (Loss) The foregoing presentation represents adjusted operating income (loss) at the Midcoast Operating level. The foregoing presentation makes reference to adjusted operating income (loss), which…
  11. Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P. – slide 11
    Adjusted Gross Margin The foregoing presentation makes reference to gross margin for the Gathering, Processing and Transportation segment, which combines certain GAAP measures as shown below. Gathering, Processing and…
  12. Q1 2016 Earnings Presentation Supplemental Slides – Midcoast Energy Partners, L.P. – slide 12
    MEP Adjusted EBITDA The foregoing presentation makes reference to adjusted EBITDA which is used as a supplemental financial measurement to assess liquidity and the ability to generate cash sufficient to pay interest costs and make…

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