Williams, Williams Partners and Access Midstream Partners Third Quarter 2014 Earnings October 30, 2014
Presentation overview WPZ 3Q results in line with our expectations: Lower results vs. normal, expanded operations due to Geismar outage (lost opportunity of 200MM) Seasonally higher maintenance capital, as expected Strong 3Q for…
WPZ 3Q DCF impacted by Geismar downtime; 3Q ACMP DCF shows strong 42% growth WMB expects 521 million in MLP cash distributions WPZ 3Q vs. prior year WMB 3Q vs. prior year Distributable Cash Flow 367 million Adjusted Segment Profit +…
ACMP: continued record volumes and strong financial performance 3Q results vs. prior year 3Q operational highlights Adjusted EBITDA of 319 Over 6 Bcf/d gross volume record September 2014 million, up 40% CHK/SWN transaction strengthens…
WPZ: Large-scale, value-creating projects ready to contribute; many more to come Near-Term Growth Drivers Recent Milestones Expecting nearly Geismar restart 1 billion of annual - All construction complete cash flows coming - Startup…
*WMB projects expected to be Nearly 30 Billion in WPZ/ACMP dropped down to WPZ in late 2014 committed plus potential capital projects 2014-19 to early 2015 TARGET IN-SERVICE DATES FOR VISIBLE GROWTH PROJECTS 2014 2015 2016 2017…
Transcos proposed Appalachian Connector project creates direct access to major Transco system markets Oak Grove Clarington Fort Beeler Natrium River Road Transcos Proposed Appalachian Connector Strong response to Project…
ACMP/WPZ merger will create leading, large-cap natural gas MLP Expected 2015 adjusted EBITDA of approximately 5 billion Expected Expect 3.65 per unit distribution from merged MLP in 2015, up 50% and 30%, respectively, from Benefits…
Significant valuation re-rating opportunity still ahead 2014-2016 DISTRIBUTION CAGR Current Yield 10.0% Median large-cap, diversified coverage ratio is 1.1x Merged MLP expected to be at or above 1.1x through 2017 8.0% WPZ Implied…
Williams well positioned to participate in once-in-a-generation industry supercycle WMB now one of the largest publicly traded GP holding companies with control of both WPZ and ACMP ACMP/WPZ merger will create leading natural gas MLP…
Forward Looking Statements and Non-GAAP Reconciliations
Important information In connection with the proposed merger of ACMP and WPZ, ACMP will file with the SEC a Registration Statement on Form S-4 that will include a consent statement of WPZ that will also constitute a prospectus of ACMP.…
WMB Non-GAAP Reconciliations WMB non-GAAP reconciliation schedule 2013 2014 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year Income (loss) from continuing…
WMB Non-GAAP Reconciliations WMB schedule of expected adjustments (dollars in millions) Segment Profit Adjustments: 2014 2015 Williams Partners (WPZ) Loss related to compressor station fire 6 - Impairment of certain equipment…
WPZ Non-GAAP Reconciliations Reconciliation of non-GAAP distributable cash flow to GAAP net income 2013 2014 (Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year Williams…
WPZ Non-GAAP Reconciliations Adjusted segment profit reconciliation and adjusted segment profit + DD&A 2013 2014 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year Segment profit (loss):…
WPZ Non-GAAP Reconciliations Adjusted segment profit reconciliation and adjusted segment profit + DD&A contd 2013 2014 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year Adjusted segment profit…
WPZ Non-GAAP Reconciliations Segment profit guidance reported to adjusted Dollars in millions 2014 Guidance 2015 Guidance 2016 Guidance Low Midpoint High Low Midpoint High Low Midpoint High Reported segment profit: Northeast G&P…
WPZ Non-GAAP Reconciliations WPZ adjusted segment profit + DD&A Dollars in millions 2014 Guidance 2015 Guidance 2016 Guidance Low Midpoint High Low Midpoint High Low Midpoint High Adjusted segment profit: Northeast G&P 195 355…
WPZ Non-GAAP Reconciliations Distributable cash flow (DCF) and DCF per common unit Dollars in millions 2013 2014 Guidance 2015 Guidance 2016 Guidance Actual Low Midpoint High Low Midpoint High Low Midpoint High Net Income (After…
Net Income After Tax Reconciliation to 2015 Adjusted EBITDA Williams Access Partners Midstream Combined* Low High Low High Low High Net income after tax attributable to partnership 1,755 2,105 470 645 Net interest expense 645 665 225…
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