MLPA 2016 Annual Investor Conference June 2016 Boardwalk Pineville Pineville Compressor Louisiana Midstream: Compressor Station Station Sulphur Hub 1
Key Investment Highlights Diversified midstream MLP Products: Natural gas and liquids involved primarily in Geographic footprint well situated to serve growing supply transportation and storage and demand Approximately 90% of annual…
Assets Well Situated to Serve Growing Areas of Supply and Demand Boardwalk is a diversified midstream MLP that primarily transports and stores natural gas and liquids Boardwalk 2015 Operational Highlights Natural Gas Liquids…
Boardwalks GP: Loews Corporation Subsidiary Our general partner is a wholly-owned subsidiary of Loews Corporation, a large diversified public company with four key operating subsidiaries in insurance, energy, and luxury lodging…
Strategy Boardwalk Pineville Pineville Compressor Louisiana Midstream: Compressor Station Station Sulphur Hub 88
Boardwalk Strategy Identify Leverage and Optimize Strategic Strengthen Asset Base Growth Existing Opportunities Assets Continue to identify and implement optimal Explore acquisitions and uses for assets, other opportunities that…
1.6 Billion of Growth Projects Recently Completed or Underway Southern Indiana Lateral 75 million in capex Capacity: 53,500 MMBtu/d In service: Q3-2016 (est) Ohio to Louisiana Access 115 million in capex Northern Supply Access…
Market Fundamentals Boardwalk Pineville Pineville Compressor Louisiana Midstream: Compressor Station Station Sulphur Hub 11 11
Assets Well Situated to Serve Growing Areas of Supply U.S. Natural Gas Production is Forecasted to Grow 32% over the Next Five Years Our pipelines are well situated to transport natural gas from a variety of supply basins to end-use…
Assets Well Situated to Serve Growing Areas of Demand U.S. Natural Gas DEMAND and EXPORTS are Forecasted to Grow 26% over the Next 5 Years Our pipelines are well situated to transport natural gas from a variety of supply basins to…
Changing Flow Patterns Impacting Basis Spreads to Henry Hub DOMINION LEGEND SOUTH POINT Average Annual Spread (0.80) (1.14) 2016 (0.21) 2015 0.31 COLUMBIA GULF 2013 CENTERPOINT MAINLINE 2009 EAST (0.08) KOSCI (0.06) (0.12)…
Financial Highlights Boardwalk Pineville Pineville Compressor Louisiana Midstream: Compressor Station Station Sulphur Hub 15 15
Financial Highlights Substantially a long-term, fixed-fee revenue base Significant portion of revenues backed by firm, ship-or-pay contracts with primarily investment-grade customers Internally generated cash flow, in excess of…
Capitalization Adjustments Pro Forma Adjustments for for Adjustments for As adjusted December 31, 2015 Financing December 31, Q1-16 Financing March 31, Recent Financing March 31, ( in millions, except ratio data) 2014 Activities 2015…
Debt Maturity Schedule 900 Boardwalk notes maturing in 1.5 billion November 2016 and revolving 800 credit February 2017 to be paid off from proceeds of 550 facility(2) million of Boardwalk 10-year expires in 700 notes issued in…
Boardwalk Revenue Profile Backed by Firm, Long-term Contracts Majority of revenues are under firm contracts Capacity reservation charges, representing approximately 80% of our revenue base, are received monthly regardless of…
Contracted Firm Transportation Revenues Contracted Annual Revenues from Capacity Reservation and Minimum Bill Charges under Committed Firm Transportation Agreements as of December 31, 2015 1,100 1,030 Contracted 1,010 1,000…
Appendix Boardwalk Pineville Pineville Compressor Louisiana Midstream: Compressor Station Station Sulphur Hub 22 22
Boardwalks Growth Projects Ohio to Louisiana Access (115 million capex) Provides long-term firm natural gas transportation primarily from the Marcellus and Utica production areas to markets in Louisiana Project allows us to make a…
Boardwalks Growth Projects Project to serve a Power Plant Project in South Texas (80 million capex) Project consists of new receipt and delivery laterals, additional compression facilities and modification of our existing facilities…
Boardwalks Growth Projects Construction of Sasols ethane Sulphur Storage and Pipeline Expansion (145 million capex) cracker Project to provide ethane and ethylene transportation and storage services to Sasols ethane cracker under…
Incremental Loads to End-Use Markets Recent contracts to provide approximately 490,000 MMBtu/d of natural gas deliveries to power and industrial plants with minimal capital requirements IN SERVICE EXECUTED AGREEMENT Incremental firm…
Key Investment Highlights Diversified midstream MLP Products: Natural gas and liquids involved primarily in Geographic footprint well situated to serve growing supply transportation and storage and demand Approximately 90% of annual…
EBITDA Reconciliation Non-GAAP Financial Measures Earnings before interest, taxes, depreciation and amortization (EBITDA) is used as a supplemental financial measure by Boardwalks management and by external users of Boardwalks financial…
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