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Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P.

Midcoast Energy Partners, L.P. · Jul 28, 2016 · 23 slides

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  1. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 1
    Second Quarter 2016 Earnings Presentation July 28, 2016
  2. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 2
    Overview Solid Second Quarter Financial Performance Financial results benefited by sustainable cost reductions and asset optimization Divestiture of non-core trucking assets underway Hedging and credit risk management programs…
  3. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 3
    Financial Results Financial Summary (1) Volumes Anadarko East Texas North Texas Midcoast Operating, LP (MOLP) 2Q 2016 2Q 2015 2,000 274 262 (mmbtu/d in thousands) Adjusted EBITDA, inclusive of other 239 51.5 59.6 216 203…
  4. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 4
    Capital Expenditures Forecast 2016 Capital Expenditures Unutilized Commitments Under Credit Agreement millions Midcoast Operating, L.P. 2016e ( millions) 400 Compression Capital 5 300 Well Connect Expansion Capital 20 Expansion…
  5. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 5
    Strategically Positioned Asset Base Midcoast assets well situated to capture demand growth Well positioned to benefit from Anadarko strengthening demand fundamentals for natural gas and NGLs. Scale and location of Midcoast asset…
  6. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 6
    Strategic Priorities for the Business Actions executed to strengthen underlying business Focus on core Gathering & Processing business Add new supply and optimize assets Manage costs relative to current operating levels Execute…
  7. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 7
  8. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 8
    Supplemental Slides Second Quarter 2016 Earnings Presentation July 28, 2016
  9. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 9
    Second Quarter Earnings (GAAP) Quarter ended June 30, Segment Operating Income (Loss): 2016 2015 Change - Gathering, Processing and Transportation (42.6) (228.1) 185.5 - Logistics and Marketing (17.5) (29.3) 11.8 - Corporate…
  10. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 10
    Second Quarter Earnings (Adjusted) Quarter ended June 30, 2016 2015 Change Segment operating income (loss): - Gathering, Processing and Transportation(1) (1.9) 4.3 (6.2) - Logistics and Marketing(1) (1.8) (1.7) (0.1) -…
  11. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 11
    Distribution Coverage Q1 2016 Q2 2016 YTD 2016 Net loss attributable to general and limited partner ownership in MEP (20.2) (36.8) (57.0) Option premium amortization 0.6 - 0.6 Noncash derivatives fair value losses 14.0 23.6 37.6…
  12. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 12
    Segment Operating Income (Loss) (Adjusted) The foregoing presentation represents adjusted operating income (loss) at the Midcoast Operating level. Quarter Ended June 30, June 30, Gathering, Processing and Transportation 2016 2015…
  13. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 13
    Book Capitalization 6/30/2016 12/31/2015 Long-term debt 873.4 888.2 Partners' capital(1) 3,885.6 4,033.2 Total Capitalization 4,759.0 4,921.4 Total Debt / Total Capitalization 18% 18% 6/30/2016 12/31/2015 Amounts outstanding…
  14. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 14
    Volume History Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2014 2014 2014 2015 2015 2015 2015 2016 2016 Natural Gas Business - Volumes ('000 MMbtu/d) East Texas 1,029 1,063 1,056 1,007 968 966 915 948 931 Anadarko 819 806 858 831 794 760 707 652…
  15. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 15
    Estimated Commodity Positions (July December 2016) 2016 Estimated Commodity Positions (1) Hedged Cash Physical Hedge Hedged Weighted Avg Flows (2) % Volume Hedge Price MM Natural Gas (24,940) MMbtu/d 0% 0 0.00 /MMbtu 0.0 C2…
  16. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 16
    Non-GAAP Reconciliations Non-GAAP measures no longer include make-up rights and option premium amortization adjustments. These changes will be made on a prospective basis and are not material for historical periods presented. 17 m…
  17. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 17
    Adjusted Earnings The foregoing presentation makes reference to adjusted net income (loss) in order to exclude the effect of non-cash unrealized derivative fair value losses and gains and other items that we believe are not…
  18. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 18
    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…
  19. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 19
    Adjusted Gross Margin The foregoing presentation makes reference to gross margin for the Gathering, Processing and Transportation segment, which is reconciled to the nearest comparable GAAP measure as show below. Gathering,…
  20. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 20
    MEP Adjusted EBITDA The foregoing presentation makes reference to adjusted EBITDA which is used as a supplemental financial measurement to assess performance. A reconciliation of net income (loss) to adjusted EBITDA is provided…
  21. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 21
    MOLP Adjusted EBITDA, inclusive of other cash items The foregoing presentation makes reference to MOLP adjusted EBITDA, inclusive of other cash items, representing total cash flow generated by Midcoast Operating, L.P. (MOLP), which…
  22. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 22
    Distributable Cash Flow The foregoing presentation makes reference to distributable cash flow, which is used as a supplemental financial measurement to assess liquidity and the ability to generate cash sufficient to make cash…
  23. Q2 2016 Earnings Presentation – Midcoast Energy Partners, L.P. – slide 23
    MEP Adjusted EBITDA to DCF A reconciliation of MEP adjusted EBITDA to distributable cash flow is provided below. Midcoast Partners Three months ended Six months ended Distributable Cash Flow June 30, June 30, (unaudited; dollars…

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