2017 Bank of America Merrill Lynch Leveraged Finance Conference November 29 30, 2017 Boca Raton, Florida
AMERICAN MIDSTREAM OVERVIEW American Midstream Partners, LP Asset Overview ( millions except unit) Enterprise Value1 2,093 Owns or has an ownership interest in Distribution Coverage 1.0x approximately 4,100 miles of interstate and…
CORPORATE STRATEGY AND TRANSFORMATION Reallocate capital in core areas to drive cash flow predictability De-lever balance sheet and create equity value via reinvestment in strategically accretive transactions Focus on greater asset…
AMIDS REPOSITIONING UNDERWAY: PROVEN TRACK RECORD OF SUCCESS Completed approximately 1.8 billion of growth transactions at accretive valuations Goal Complete Opportunity / Action Result Southcross Combination Announced Create 3…
AMID PRO-FORMA SEGMENT OVERVIEW Simplified, integrated and fee-based midstream value chain Simplified business position to maximize accretive opportunities in core areas Reducing segments from Six to Four creating greater clarity and…
SOUTHCROSS ACQUISITION HIGHLIGHTS Financial Transaction forms a 3 billion partnership Pro forma partnership expected to generate annualized 2018 Adjusted EBITDA in excess of 300 million Immediately accretive to AMID DCF per unit -…
AMERICAN MIDSTREAM PRO FORMA ASSETS Strong asset footprint in leading basins 8
SUBSTANTIAL OPTIONALITY TO CONNECT SUPPLY WITH DEMAND Integrated midstream platform facilitates movement of natural gas, crude oil and NGLs to high-growth demand markets along the Gulf Coast Link key sources of supply (Permian, Eagle…
9 STRATEGIC ASSET PORTFOLIO
EASTERN GULF OF MEXICO MIDSTREAM PLATFORM AMIDs integrated offshore midstream platform provides Deepwater producers flow assurance and onshore market optionality Assets cover over 10,0000 square miles Ability to interconnect with…
DEEPWATER PRODUCER ACTIVITY 1 12 (1) Based on current production models, Wood Mackenzie and BOEM data
DELTA HOUSE OVERVIEW Fee-based, semi-submersible floating production system and associated oil and gas export pipelines located in the highly prolific Mississippi Canyon region (MC254) of the deepwater Gulf of Mexico Operated by…
NATURAL GAS TRANSMISSION OVERVIEW FERC-regulated interstate and unregulated 2017 Capital Projects intrastate natural gas pipelines with 2.5 Bcf/d capacity Demand-based assets, 100% fixed-fee revenue with investment-grade…
ONSHORE G&P OVERVIEW Business Overview Assets located in some of the most prolific producing basins including the Permian, East Texas, Eagle Ford and Bakken Over 1,565 miles of high- and low-pressure natural gas and crude oil…
RESURGENCE OF RIG ACTIVITY THROUGHOUT AMIDS FOOTPRINT Rig count has increased over 175% in all three of Eagle Ford AMIDs key operating basins in the previous twelve months Continuing to see substantial improvement in well efficiency…
1 FINANCIAL STRENGTH
CONSERVATIVE FINANCIAL PROFILE (IN MILLIONS, EXCEPT DISTRIBUTION FIGURES) Target long-term leverage of 3.5x 4x with Adjusted EBITDA1 300-400 million of liquidity, pro-forma for Southcross 205 Target 1.1-1.3x average…
ACCRETIVE TRANSACTIONS WITH CREDIT DELEVERAGING Seven highly accretive transactions while meaningful improving the balance sheet Clear path to materially higher 2018 Adjusted EBITDA and distributable cash flow Continued Execution…
FLEXIBLE CAPITAL STRUCTURE WITH SIGNIFICANT ASSET COVERAGE Significant asset coverage on senior unsecured notes Current valuation implies AMID has a flexible and efficient capital structure that provides substantial equity cushion…
AMID notes are attractively valued relative to peers ( in Millions) Market 2017E 2017E Current 1 Issuer Capitalization EBITDA Leverage Amount Coupon Rating Maturity Price YTW STW American Midstream Partners, LP 1,024 198 4.6x 300…
EV/EBITDA1 Yield2 Mean: 8.8X Mean: 11.4% Price / DCF3 Distribution Coverage4 Mean: 6.9X Mean: 1.2X Note: Peer group includes BKEP, CEQP, DKL, GEL, MMLP, NGL, PBFX, SMLP and TLP (1) Bloomberg consensus EBITDA estimate FY…
CLICK TO EDIT MASTER TITLE STYLE APPENDIX: NON-GAAP FINANCIAL MEASURES 23
ADJUSTED EBITDA RECONCILIATION 24
AMERICAN MIDSTREAM ASSET APPENDIX
NATURAL GAS TRANSPORTATION Midla/MLGT AlaTenn/Bamagas/Trigas Magnolia Location Louisiana and Mississippi North Alabama South Alabama Product Natural gas Natural gas Natural gas Capacity 518 MMcf/d 710 MMcf/d 120 MMcf/d 432 miles…
NATURAL GAS TRANSMISSION MARKET OVERVIEW LOUISIANA: 326,000 Dth/d Firm Transportation Natural Gas Transmission Firm Markets o MLGT: Unregulated intrastate system North LA: Entergy North Louisiana (Power), Angus Chemical (Industrial)…
GAS GATHERING AND PROCESSING ASSETS East Texas Permian Gulf Coast Eagle Ford Product Gas, NGLs, Condensate Gas, NGLs, Condensate Gas, NGLs, Condensate Gas 70 MMcf/d gas processing, 40 MMcf/d gas processing, 25 MMcf/d gas processing,…
TERMINALS ASSET OVERVIEW AMID Quarterly Terminal Utilization JPEP Quarterly Terminal Storage Throughput Harvey Westwego Brunswick Caddo Mills North Little Rock Cushing Harvey, LA Westwgo, LA Brunswick, GA Caddo Mills, TX Location…
NATURAL GAS TRANSPORTATION & ORGANIC GROWTH PROJECTS High Point Midla/MLGT AlaTenn/Bamagas/Trigas Magnolia Onshore and Offshore Southeast Location Louisiana and Mississippi North Alabama South Alabama Louisiana Product Natural Gas…
GULF OF MEXICO JOINT VENTURES AND INVESTMENTS Interest Pipeline Design Interest Overview System Product Held (miles) Capacity Delta House Delta 35.7% - - - Floating production system located in the Mississippi Canyon region in…
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