Skip to main content MLP Investor Conference May 2017 – Nustar Energy L.P. Investor Presentation | Shale Experts
Loading...
Pm

MLP Investor Conference May 2017 – Nustar Energy L.P.

Nustar Energy L.P. · Jun 1, 2017 · 33 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. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 1
    2017 MLPA Master Limited Partnership Investor Conference MAY 31 June 1, 2017
  2. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 2
    NuStar Overview
  3. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 3
    Two Publicly Traded Companies Other William E. Greehey Public Unitholders 9.0 million NSH Units 33.9 million NSH Units 21.0% Membership Interest 79.0% Membership Interest IPO Date: 4/16/2001 G.P. Interest in NS Common Unit…
  4. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 4
    Large and Diverse Geographic Footprint with Assets in Key Locations Pt. Tupper, Nova Scotia 7.8MM bbls Linden, NJ 4.6MM bbls St. James, LA 9.9MM bbls Navigator Acquisition (Midland Basin) Crude Oil Gathering,…
  5. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 5
    Focus Has Been on De-Risking the Business and Restoring Coverage
  6. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 6
    De-Risking the Business and Restoring Coverage For the last 3 years, we have been focused on... De-Risking Our Refocusing On Restoring Our Strengthening Business Our Core Distribution Our Balance Pipeline and Coverage Sheet…
  7. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 7
    Successfully De-Risked the Partnership - Exited the Majority of our Margin-Based Businesses Percentage of Annual Segment EBITDA1 2011 2014 2016 4% *17% 50% 51% 34% 45% 49% 49% Pipeline Storage Refined Product Pipelines…
  8. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 8
    Pipeline Segment Committed and Diversified Pipeline Receipts by Commodity Committed1 Pipeline Revenues TTM as of 3/31/17 (3/31/17 annual forecast) Other 10% Take or Pay 99% committed Contractual - through take or pay Crude 29%…
  9. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 9
    Storage Segment Effectively Full Storage Lease Utilization Storage Lease Renewals (as of 3/31/2017) (% as of 3/31/2017) 45% 36% 19% 96% of Leasable Storage Effectively Full < 1 Year 1 to 3 Years 3 Years 10
  10. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 10
    Base Business EBITDA Consistent Performance in Various Market Conditions Historical Pipeline and Storage Segment EBITDA1 ( in millions) Oil Price Crash 690 671 610 Great Recession 554 355 338 498 477 323 455 432 211 277…
  11. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 11
    Coverage Restored in the Midst of Low Crude Oil Price Environment Coverage Ratio1 (Trailing Twelve Months) vs Price of Crude (October 2013 March 2017) 1.3 110 100 1.2 90 1.12x 1.12x 1.12x 1.11x 1.1 1.08x 1.08x 1.07x 1.07x 80…
  12. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 12
    Acquisition Overview Navigator Acquisition Overview
  13. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 13
    Navigator Acquisition Overview On May 4th, NuStar acquired 100% of the membership interests in Navigator Energy Services, LLC from First Reserve Energy Infrastructure Fund for 1.475 billion in cash Navigator owns and operates a…
  14. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 14
    Acquisition Overview (continued) Significant growth prospects through volume ramp from existing producers, bolt-on acquisitions and larger takeaway capacity opportunities Diversified, high-quality producer portfolio with…
  15. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 15
    Navigator Highlights Navigator system located in 5 of the 6 most active counties in the Midland Basin Core of the Midland is one of the most economic, resilient and fastest growing basins in the U.S. Core of the Permian, in aggregate,…
  16. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 16
    Navigator is in the Most Active Areas of the Midland Permian Basin has Rigs by Top U.S. Play Rigs by Permian Rigs by Midland 362 rigs operating, Sub-Basin Counties representing 40% of all U.S. onshore rig Permian 362 Midland 37…
  17. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 17
    Navigator is an Integrated Crude System 18
  18. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 18
    Navigator Acquisition Financing The Navigator purchase price was funded by a combination of equity and debt offerings, which is consistent with NuStar's targeted credit profile NuStar GP Holdings IDR Waiver To demonstrate its…
  19. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 19
    Navigator Acquisition Financing (continued) Perpetual Preferred Offering On April 28, we issued 15.4 million Series B perpetual preferred units for gross proceeds of 385 million (including exercise of overallotment option) Fixed…
  20. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 20
    Navigator Financial Projections Expect assets to contribute 40 to 60 million of EBITDA1 in 2017 Partially offset by 10 to 20 million of transaction related costs associated with closing the acquisition See slide 30 for further…
  21. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 21
    Return to Growth
  22. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 22
    Expect 400 to 440 Million of Internal Growth Spending in 2017 (Dollars in Millions) 2,000 Navigator Acquisition 1,500 2012 to 2017 Average Internal Growth Martin Spend 310 Million per Year Terminal Acquisition 1,475 TexStar…
  23. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 23
    Base Business Projects and Growth Opportunities Included in 2017 Guidance Purchased for 1.475 billion Navigator Growth capital spending projected to be 250 million over the next five years Expansion 100 million of spend to occur in…
  24. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 24
    Growth Projects Currently Evaluating 1.0 to 1.5 Billion Expansion of our Permian operations Crude Oil Expansion of our South Texas Crude Oil Pipeline System Pipeline Solution to link the two systems and provide optionality to Corpus…
  25. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 25
    Q&A
  26. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 26
    Appendix
  27. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 27
    No Debt Maturities until 2018 ( in Millions) 1,250 Sub Notes 1,000 Callable in 2018, but GO Zone Financing final maturity in 2043 Senior Unsecured Notes 753 750 Revolver 403 500 810 250 550 450 350 365 300 250 0…
  28. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 28
    Capital Structure after Navigator Acquisition ( in Millions) As of March 31, 2017 Actual As Adjusted (Unaudited) 1.5 billion Credit Facility 775 810 NuStar Logistics Notes (4.75%) 250 250 NuStar Logistics Notes (4.80%) 450 450…
  29. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 29
    2017 Guidance Summary G&A Reliability Capital Strategic Capital ( in Millions) Annual EBITDA1 Expenses Spending Spending Previous Guidance 600 - 650 100 - 110 35 - 55 380 - 420 Impact of Navigator Acquisition 40 - 60 90 - 110…
  30. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 30
    Reconciliation of Non-GAAP Financial Information (continued) The following is a reconciliation of operating income to EBITDA for the pipeline segment (in thousands of dollars): Year Ended December 31, 2008 2009 2010 2011 2012 2013…
  31. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 31
    Reconciliation of Non-GAAP Financial Information (continued) The following are the non-GAAP reconciliations of income from continuing operations to EBITDA from continuing operations and for the calculation of EBITDA for each of our…
  32. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 32
    Reconciliation of Non-GAAP Financial Information (continued) The following is a reconciliation of income from continuing operations to EBITDA from continuing operations and DCF from continuing operations (in thousands of dollars, except…
  33. MLP Investor Conference May 2017 – Nustar Energy L.P. – slide 33
    Reconciliation of Non-GAAP Financial Information (continued) The following are reconciliations of projected net income to projected EBITDA (in thousands of dollars): Year Ended December 31, 2017 Current Guidance Previous Guidance…

From the store

Browse maps, data & reports in the Shale Experts store