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Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp

Summit Midstream Partners, Lp · Mar 2, 2016 · 31 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. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 1
    CONFIDENTIAL Barclays Select Series: MLP Corporate Access Day March 2, 2016
  2. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 2
    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 Current…
  3. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 3
    Pro Forma Summit Organizational Structure(1) (2) 100% Summit Midstream Partners, LLC (Summit Investments)(3) 100% Summit Midstream Partners Holdings, LLC (SMP Holdings) 2.0% GP Interest / IDRs 44.0% LP Interest 5.3MM…
  4. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 4
    2016 Drop Down Overview
  5. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 5
    Transformational Deal With Highly Accretive Deferred Payment Structure On February 25, 2016, SMLP announced the estimated 1.2 billion drop down of all operating assets from Summit Investments Transforms SMLP into a larger, more…
  6. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 6
    Pro Forma SMLP Assets SMLP adds high-growth Utica Shale operations to its diversified portfolio of assets 1 Ohio Gathering Premier natural gas gathering system spanning across the condensate, wet gas and dry gas windows in the core…
  7. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 7
    2016 Drop Down Transaction Details Transaction expected to be immediately accretive to DCF per unit; significantly enhances distribution coverage At closing, SMLP will make an initial cash payment of 360 million to Summit Investments…
  8. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 8
    No Need for SMLP to Access Capital Markets for the Foreseeable Future Pro Forma Capital Expenditures 1,200 Majority of capex and associated development risk already incurred 900 by Summit Investments s in millions Estimate 150…
  9. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 9
    2016 Drop Down Transaction Highlights Transaction further diversifies SMLPs geographic footprint, customer mix and commodity exposure while enhancing its operating scale, growth and credit profile Utica assets represent over 80% to 90%…
  10. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 10
    SMLP Pro Forma Financial Guidance(1) SMLP will take a measured approach with regard to DPU growth in 2016. In the near-term, SMLP intends to focus on building distribution coverage and strengthening its balance sheet Guidance Range…
  11. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 11
    2016 Drop Down Asset Overview
  12. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 12
    Utica Shale Operations Focus Areas Map of Operations Ohio Gathering Ohio Gathering is developing a premier gathering system in the southern core of the highly prospective Utica Shale Serves producers in Harrison, Guernsey, Belmont,…
  13. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 13
    Williston Basin Operations Focus Areas Map of Operations(1) Tioga Midstream In 2Q 2014, Tioga Midstream executed a long-term, fee-based agreement with Hess Corp. to develop crude oil, produced water and associated natural gas…
  14. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 14
    DJ Basin Operations Focus Areas Map of Operations The Niobrara and the Codell are two of the primary formations of the DJ Basin in southern Wyoming and northern Colorado Niobrara G&P was commissioned in 3Q 2013 and is underpinned by…
  15. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 15
    SMLP Overview
  16. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 16
    SMLP Investment Considerations & Operating Statistics SMLP Investment Considerations 98% of revenue is fee-based Fee-Based 3.65 Tcfe of remaining MVCs through 2026 provide downside protection Contract Portfolio Provide for stable…
  17. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 17
    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 2020 = 73%…
  18. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 18
    SMLPs Current & Projected Business Profile 2016 Drop Down continues to further diversify SMLP geographically while enhancing its core focus on fee-based revenue Revenue Composition 2012 at IPO 2015 2019E Pro Forma for 2016 Drop…
  19. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 19
    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 As announced on Substantial…
  20. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 20
    SMLP Asset Overview
  21. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 21
    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 4Q 2015…
  22. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 22
    Williston Basin Crude oil, produced water, and associated natural gas gathering in the Bakken Shale Asset Summary Map of Williston Assets Assets Bison Midstream, Polar & Divide Polar & Divide Reportable Segment Williston Stampede…
  23. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 23
    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 4Q 2015 Throughput 325 MMcf/d Throughput Capacity 480 MMcf/d Basin…
  24. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 24
    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…
  25. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 25
    SMLP Financial Overview
  26. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 26
    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) Dec-15 356 million of borrowing availability at…
  27. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 27
    SMLP Financial Profile Volume Gathered Capital Expenditures(1) MMcf/d Mbbl/d MM 1,600 60 240 221 50 200 183 1,200 154 40 160 118 800 30 120 78 77 20 80 400 10 40 0 0 0 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014…
  28. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 28
    SMLP Non-GAAP Reconciliations
  29. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 29
    SMLP Non-GAAP Reconciliations Year Ended December 31, (s in 000s) 2015 2014 2013 2012 2011 (1) Net Income (186,809) (14,734) 52,837 42,997 37,951 Add: Interest expense 48,616 40,159 19,173 12,766 3,054 Income tax expense /…
  30. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 30
    SMLP Financial Performance Twelve Months Ended December 31, Variance (s in 000s) 2015 2014 % Distributable Cash Flow: EBITDA(1) (41,896) 114,345 (156,241) (136.6% ) Add: Unit-based compensation 6,259 5,036 1,223 24.3% (2)…
  31. Barclarys Select Series: MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 31
    SMLP Segment Adjusted EBITDA Year Ended December 31, (s in 000s) 2015 2014 Segment Adjusted EBITDA Marcellus Shale 23,214 15,940 Williston Basin 47,010 31,551 Barnett Shale 59,526 60,528 Piceance Basin 104,467 107,953 Total…

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