J.P. Morgan Midwest Energy Infrastructure/MLP 1x1 Forum Chicago, IL September 21, 2017
ORGANIZATIONAL OVERVIEW Buckeye owns and operates a diversified network of integrated assets providing midstream logistic solutions, which generate stable and consistent cash flows Domestic Pipelines & Terminals LTM Adjusted EBITDA(1)…
SYSTEM MAP Chicago Complex NY Harbor Geographically Diversified Four key Buckeye Hubs plus Gulf Coast Caribbean 50% interest in VTTI B.V.s global footprint Copyright 2017 Buckeye Partners, L.P. 4
TRANSFORMATION SINCE 2010 Significant Geographic Diversification From Global Marine Terminals Segment Provides Acquisitions Significant Diversification in Adjusted EBITDA(1) o Acquired over 75 domestic and international terminals with…
DIVERSIFICATION DRIVES STABILITY 0% 3% Diversified portfolio generates stable, fee-based cash flows; 98% of our June 30 YTD Adjusted EBITDA was fee-based PRODUCT DIVERSIFICATION 2010 Refined(1) 2017(3) Crude Oil/Condensate…
VTTI B.V. OVERVIEW Acquisition Overview Buyout of MLP Public Unitholders o Buckeye acquired 50% of the equity interest in VTTI B.V. o In September 2017, VTTI B.V. acquired all of the publicly (VTTI) from Vitol for 1.15 billion held…
VTTI ASSET FOOTPRINT Significant terminal capacity located at three key global energy hubs Amsterdam, Netherlands Rotterdam, Terminal Location & Capacity Summary Netherlands Gross Antwerp, Belgium Ownership Capacity Region /…
RECENT DEVELOPMENTS AND QUARTERLY HIGHLIGHTS Buckeye reported last twelve months distribution coverage of 1.03x(1) Domestic Pipelines & Terminals Quarterly Adjusted EBITDA Growth(2) oContributions from growth capital investments…
LOOKING FORWARD Expect to maintain quarterly distribution Expected equity needs through mid-2018 have growth of 0.0125 per quarter through 2017 been satisfied through use of ATM program Buckeye has limited commodity exposure 2017…
GROWTH CAPITAL PROJECTS DEVELOPMENT OF SOUTH TEXAS GATEWAY DISTRIBUTION CAPABILITIES o Preparing for open season in connection with construction of a 600-mile long-haul pipeline with origination points in Wink, Midland and Crane,…
GROWTH CAPITAL PROJECTS SOUTH TEXAS GATEWAY STRATEGIC RATIONALE oPermian Basin is one of the most prolific oil producing areas in the world oTakeaway capacity from this basin is expected to be Buckeyes South Texas Gateway logistics…
GROWTH CAPITAL PROJECTS MICHIGAN/OHIO EXPANSION Michigan/Ohio Expansion Phase One Complete Michigan/Ohio Expansion Benefits oRamping up service and expect the full earnings oMidwest refineries have been steadily increasing…
GROWTH CAPITAL PROJECTS DOMESTIC PIPELINES & TERMINALS GLOBAL MARINE TERMINALS oExpansion of Jacksonville, FL terminal to increase New York Harbor throughput capacity and provide ethanol by rail capabilities oFurther enhance…
INVESTMENT SUMMARY Diverse portfolio of assets built through acquisitions and internal investment that deliver stable financial results despite volatile and depressed commodity price environment oPredominantly fee-based cash flows…
FINANCIAL OVERVIEW
FINANCIAL PERFORMANCE Adjusted EBITDA (in millions)(1)(2) Cash Distribution Coverage Ratio(1)(2)(3) Cash Distributions per Unit Declared(2) Debt to Adjusted EBITDA Ratio(2) (1) 2013 and 2014 amounts represent Adjusted EBITDA…
NON-GAAP RECONCILIATIONS
NON-GAAP FINANCIAL MEASURES Adjusted EBITDA and distributable cash flow are measures not defined by accounting principles generally accepted in the United States of America (GAAP). We define Adjusted EBITDA as earnings before interest…
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