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Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp

Boardwalk Pipeline Partners, Lp · Aug 31, 2016 · 26 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. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 1
    Citi MLP/Midstream Infrastructure Conference August 2016 Boardwalk Pineville Compressor Louisiana Midstream: Station Sulphur Hub 1
  2. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 2
    Company Overview Boardwalk Pineville Compressor Louisiana Midstream: Station Sulphur Hub 33
  3. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 3
    Key Investment Highlights Diversified midstream MLP involved primarily Products: Natural gas and liquids in transportation and Geographic footprint well situated to serve growing supply and demand storage Approximately 90% of annual…
  4. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 4
    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…
  5. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 5
    Organizational Structure BPHC Public Unitholders Loews Corporation Subsidiary 49% L.P. interest* 49% L.P. interest 2% G.P. interest Boardwalk Pipeline Partners, LP NYSE: BWP Boardwalk Pipelines, LP Texas Gas Gulf Crossing…
  6. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 6
    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…
  7. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 7
    Strategy Boardwalk Pineville Compressor Louisiana Midstream: Station Sulphur Hub 88
  8. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 8
    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…
  9. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 9
    Growth Projects Recently Completed: approx. 190 million Southern Indiana Lateral 75 million in capex Capacity: 53,500 MMBtu/d In service: June 2016 Ohio to Louisiana Access 115 million in capex Capacity: 626,000 MMBtu/d In…
  10. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 10
    Growth Projects Underway: approx. 1.4 billion Northern Supply Access 230 million in capex Capacity: 284,000 MMBtu/d Western Kentucky Lateral In service: H1-2017 (est) 80 million in capex Capacity: 230,000 MMBtu/d In service:…
  11. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 11
    Market Fundamentals Boardwalk Pineville Compressor Louisiana Midstream: Station Sulphur Hub 12 12
  12. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 12
    Assets Well Situated to Serve Growing Areas of Supply U.S. Natural Gas Production is Forecasted to Grow 23% over the Next Five Years Our pipelines are well situated to transport natural gas from a variety of supply basins to end-use…
  13. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 13
    Assets Well Situated to Serve Growing Areas of Demand U.S. Natural Gas Demand and Exports are Forecasted to Grow 17% over the Next 5 Years Our pipelines are well situated to transport natural gas from a variety of supply basins to…
  14. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 14
    Changing Flow Patterns Impacting Basis Spreads to Henry Hub DOMINION LEGEND SOUTH POINT Average Annual Spread (1.30) (1.14) 2016 (0.21) 2015 0.31 COLUMBIA GULF 2013 CENTERPOINT MAINLINE 2009 EAST (0.09) KOSCI (0.06) (0.13)…
  15. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 15
    Assets Well Situated to Serve Growing Areas of Demand Ethylene Our Boardwalk Louisiana Midstream and Evangeline assets are well situated to provide ethylene transportation and storage services to accommodate forecasted supply and…
  16. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 16
    Choctaw Hub Through our Boardwalk Louisiana Midstream, LLC subsidiary, we provide liquids storage and pipeline transportation and brine supply services through our two, strategically-located hubs in South Louisiana: one in the…
  17. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 17
    Sulphur Hub Through our Boardwalk Louisiana Midstream, LLC subsidiary, we provide liquids storage and pipeline transportation and brine supply services through our two, strategically-located hubs in South Louisiana: one in the…
  18. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 18
    Overview of Evangeline Through Evangeline Pipeline, we provide transportation services of ethylene produced along the Texas Gulf Coast to petrochemical customers primarily in the Mississippi River Corridor that are connected to our…
  19. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 19
    Financial Highlights Boardwalk Pineville Compressor Louisiana Midstream: Station Sulphur Hub 20 20
  20. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 20
    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…
  21. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 21
    Capitalization Debt to EBITDA(2) (at quarter end) Adjustments for 6.5 December 31, 2016 Financing June 30, ( in millions, except ratio data) 2015 Activities 2016 6.0 Debt: 5.3x Boardwalk 5.875% Notes due Nov 2016 250 - 250 5.5…
  22. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 22
    Debt Maturity Schedule 900 Boardwalk Pipelines notes maturing in November 2016 and Revolving credit facility 800 February 2017 to be paid off from expires in May 2021(2) proceeds of 550 million of 700 Boardwalk Pipelines 10-year…
  23. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 23
    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…
  24. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 24
    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…
  25. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 25
    Key Investment Highlights Diversified midstream MLP involved primarily Products: Natural gas and liquids in transportation and Geographic footprint well situated to serve growing supply and demand storage Approximately 90% of annual…
  26. Citi MLP Midstream Infrastructure – Boardwalk Pipeline Partners, Lp – slide 26
    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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