RMP Adjusted EBITDA and DCF Reconciliation Three Months Ended Twelve Months Ended Twelve Months Ended ( in thousands) December 31, 2016 December 31, 2016 December 31, 2015 Reconciliation of Net Income to Adjusted EBITDA and DCF: Net…
RMH Adjusted EBITDA Reconciliation Twelve Months Ended ( in thousands) December 31, 2016 Reconciliation of Operating Income to Adjusted EBITDA: Operating Income 13,609 Incentive unit expense 2,335 Acquisition expense 484…
RICE Adjusted EBITDAX Reconciliation Twelve Months Ended Twelve Months Ended Twelve Months Ended Three Months Ended ( in thousands) December 31, 2014 December 31, 2015 December 31, 2016 December 31, 2016 Adjusted EBITDAX reconciliation…
RMP Strategy Invest in the Core Provide Excellent Customer Service Maintain a Strong, Conservative Balance Sheet Leverage Sponsor for Growth Visibility Drive Excellence through Innovation and Stewardship Top-Tier Distribution…
Rice Midstream Partners Overview Ticker Symbol NYSE: RMP Headquarters Canonsburg, PA Founded 2014 Rice Midstream IPO date December 2014 Holdings LLC Market cap 2.5B Enterprise value 2.7B GP Holdings RMP GP OH Gathering and (IDRs…
Integrated Business Drives Low-Risk, Economic Growth RICE MIDSTREAM PARTNERS Leading midstream company in the Appalachian basin One of the largest core dry gas dedications: 215,000 acres from top-tier producers 3 rigs drilling on…
RMP: Core System and Execution Drives High Growth PA OH Significant RMP EBITDA Growth(1) (MM) WV 193 Water 43 215,000 acres dedicated in core Gathering of dry gas & Marcellus Compression 150 158 Primary customers:…
2016 Results and 2017 Guidance 11 www.ricemidstream.com
RMP: A Track Record of Doing What We Say Well Do 2015 2016(2) Throughput 647 983 3% Beat (MDth/d) Guidance RMP Capex 170 104 23% (MM) Adjusted EBITDA(1) 64 158 9% (MM) DCF(1) (MM) 57 143 10% Coverage Ratio(1) 1.22x 1.70x…
Fourth Quarter 2016 RMP Highlights 1,203 Execution Drove Rapid Organic Growth Average throughput of 1,203 MDth/d with 24% third party Average compression volumes of 825 MDth/d, an 11% increase over 3Q16 4Q16 throughput (MDth/d)…
2017 Guidance: Core Investments, High Growth and Low Leverage Budget (MM) Liquidity (MM) RMP - 315MM Budget(1) 750 Projected Cash 90 185-200MM EBITDA(2) (25% YoY growth) Flow and Cash RMP beginning trunkline buildout in 315…
2017 Detailed RMP Guidance RMP Guidance 2017 Capi tal Budget ( i n mi l l i ons) Gas Gathering and Compression 255 Water Services 060 Total RMP 315 Est. Maintenance Capital ( in millions) 18 G&A ( in millions) 25 - 30 Adj usted…
RMP Overview 16 www.ricemidstream.com
Premier Appalachian MLP Peer 1 Peer 2 Peer 3 Peer 4 20%+ 2017E Distribution Growth 1.35x 2017E DCF…
RMP 3rd Party Dedications from Top Operators in the Basin Dth/d High quality 3rd party operators with active Significant 3rd party growth from top-tier development programs and healthy returns 400,000 producers EQT is primary 3rd…
Water Business Complementary to Core Gathering & Compression Business 1. Source freshwater 3. Provide freshwater 4. Recycle produced from rivers and other 2. Pump freshwater services to pads for water onsite and/or local sources in…
RMH - Ohio Gathering: Attractive Drop Down Potential Legend RICE Acreage Significant RMH EBITDA(1) Growth (MM) Belmont OH Gathering (2) Pipeline 100 Strike Force JV AMI GPOR Dedicated to RICE RICE Acreage Dedicated to 3rd…
Unparalleled Midstream Growth RICE has positioned itself as the premier Appalachian core dry gas midstream player 4Q 2016 throughput of 2,108 MDth/d through RMH and RMP midstream systems RMP System: 1,203 MDth/d (24% 3rd Party) RMH…
Building Track Record of Strong Growth and Execution ADJUSTED EBITDA(1) (MM) THROUGHPUT (MDTH/D) WATER VOLUMES (MMGAL) 20% Annual 193 40% Annual 1,348 Estimating 1,375 Growth Growth MMGal in 2017 158 1,375 983 1,253 647 777 64…
RMP Well Positioned for Continued Strong Growth Core Midstream Footprint and Prolific Organic Growth 215,000 acres dedicated from some of the most active operators in SW Appalachia Well positioned to deliver expected 20% distribution…
RICE Overview 24 www.ricemidstream.com
100% Core E&P Portfolio in Appalachia with Consistent, Attractive Returns Net Locations and IRRs (1)(2) PENNSYLVANIA 1,200 1,102 90% 1,000 92% 861 85% OHIO 800 72% 60% 600 Utica 400 30% 63,000 net acres 19% 194…
Proven, Repeatable Well Design Drives Industry-Leading Results RICEs industry-leading well results are evident in 1-4 year cumulative production per well 100% of RICEs expected future Appalachian activity is focused within its…
Track Record of Low-Cost Growth MARCELLUS D&C COSTS (/FT.)(1) UTICA D&C COSTS (/FT.)(1) 2,590 1,270 1,220 1,715 800 875 1,205 1,235 2014 2015 2016 2017E 2014 2015 2016 2017E NET WELLS TURNED TO SALES AND LATERAL LENGTHS(2)…
Highly Visible Production Table is set for projected RICE production growth to 2 Bcfe/d and peer-leading cash flow per share growth 60% volume hedged through 2019E production providing downside protection VISIBLE GROWTH PROTECTED BY…
Significant Cost Structure Improvements and Still Declining Lowest cost structure in the peer group with expected improvement from increased scale RICE CONSOLIDATED OPERATING COSTS (/MCFE) 2017E COST STRUCTURE VS. PEERS (/MCFE) Cost…
Healthy Balance Sheet Protected by Strong Hedge Book LOW LEVERAGE(1) HEDGE SUMMARY Strong balance sheet across enterprise 90% of 2017E production hedged at 3.24/MMBtu NYMEX Expect to exit 2017 at 2.0x consolidated leverage vs peer 93%…
RMP Investment Highlights Top-tier gas gathering and compression assets + water services assets in Appalachian core Strategically Located 100% core acreage dedications consisting of 215,000 Marcellus acres in PA Midstream Assets…
Appendix 32 www.ricemidstream.com
RMP and RICE Market Snapshot Rice Midstream Partners LP Rice Energy Inc. (NYSE: RMP) (NYSE: RICE) ( millions, except per unit data) ( millions, except per share data) Common Units 73 Employee Ownership 18% Subordinated Units 29…
RICE and RMP Organizational Structure EIG Managed Funds 1.45B E&P Borrowing Base 100% Series B Preferred Equity (375MM invested) Rice Midstream DE 300MM Credit Facility + Rice E&P Holdings LLC 100MM Accordion Feature 8.25%…
Fourth Quarter 2016 RMP Financial Summary Solid fourth quarter results supported by strong throughput growth, well capitalized balance sheet and ample liquidity FINANCIAL SUMMARY DISTRIBUTIONS Fourth quarter average daily throughput of…
Integrated Water Services Business Providing fresh water to support Marcellus and Utica WATER SERVICES AGREEMENTS OVERVIEW completion operations Assumptions Pennsylvania Ohio Fresh Water Usage (MMGal/well)(1) 13 19 Access to 36…
2017 Detailed RICE Guidance E&P Guidance RMH Guidance(1) Net Wells Spud Online Net Production (MMcfe/d) 2017 Capi tal Budget ( i n mi l l i ons) Operated Marcellus 75 55 Appalachia 1,205 - 1,265 Gas Gathering and Compression 315 Operated…
RMH - GP Holdings: Rapid Cash Flow Growth RMH owns 26% of RMP LP units outstanding and 91.75% of IDRs RMPs expected 20% distribution growth drives a 5x / 50% CAGR in GP Holdings cash flow in 5 years One of the only E&P companies in the…
Significant Unrealized Midstream Value Embedded Within RICE ( in millions) IDRs Estimated Distributions (Avg '17-'19)(1) 27 Multiple 25.0x 35.0x Esti mated Di stri bu ti ons (Avg '17-'19) 675 - 950 LP Uni ts Estimated…
Attractive Single Well Economics RICE continues to drive down D&C and operating costs to maximize returns Inventory currently generates 95% returns at strip; HHUB PV-10 breakevens of 1.75 HHUB(1) DRY GAS SINGLE WELL ECONOMICS…
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