PennTex Midstream Partners, LP Timeline PennTex was founded by NGP and management in January 2014 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15…
Asset Overview Asset Summary North Louisiana Area of Exclusivity with MRD Processing Assets 400 MMcf/d of processing capacity: Lincoln Parish plant: 200 MMcf/d cryogenic nameplate capacity, completed May 2015 Mt. Olive…
PTXP Q1 2016 Financial Overview Capitalization Operating Results (MM) Three Months Ended Common units (MM) 20.0 (MM, except per unit data) March 31, 2016 Subordinated units (MM) 20.0 Adjusted EBITDA (1) 15.1 Total units outstanding…
Yield and Coverage: Peer Comparison PTXP trades at an attractive 8% current yield(1) with higher expected 2016 exit distribution coverage than peers at comparable yields 14.0% 1.6x 12.0% 1.5x 11.0% 1.4x 1.4x 1.4x 9.9%…
Coverage and Leverage: Peer Comparison PTXP is increasing distribution coverage while decreasing leverage: Increased distribution coverage to 1.2x in Q1 2016 from 1.0x in Q4 2015 (for distributions declared in the quarter) Decreased…
Appendix 9
Adjusted EBITDA Reconciliation Three Months Ended ( in thousands) March 31, 2016 Net income 3,517 Add: Interest expense, net 1,813 Depreciation and amortization expense 3,346 Changes in deferred revenue 4,116 Equity-based…
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