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2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp

American Midstream Partners Lp · Dec 6, 2017 · 30 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. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 1
    2017 Wells Fargo Pipeline, MLP and Utility Symposium December 6 7, 2017 New York, New York
  2. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 2
    AMERICAN MIDSTREAM OVERVIEW American Midstream Partners, LP Asset Overview ( millions except unit) 1 Enterprise Value 2,005 Owns or has an ownership interest in Distribution Coverage 1.0x approximately 4,100 miles of interstate and…
  3. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 3
    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…
  4. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 4
    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…
  5. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 5
    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…
  6. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 6
    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 -…
  7. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 7
    AMERICAN MIDSTREAM PRO FORMA ASSETS Strong asset footprint in leading basins 8
  8. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 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. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 9
    9 STRATEGIC ASSET PORTFOLIO
  10. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 10
    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…
  11. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 11
    DEEPWATER PRODUCER ACTIVITY 1 12 (1) Based on current production models, Wood Mackenzie and BOEM data
  12. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 12
    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…
  13. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 13
    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…
  14. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 14
    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…
  15. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 15
    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…
  16. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 16
    1 FINANCIAL STRENGTH
  17. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 17
    CONSERVATIVE FINANCIAL PROFILE 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 distribution coverage in 2017 and 2018 Potential…
  18. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 18
    ACCRETIVE TRANSACTIONS OFFER MATERIAL EQUITY UPSIDE Seven highly accretive transactions, redeploying approximately 450 million of capital Higher 2018 Adjusted EBITDA and distributable cash flow Continued Execution Continued financial…
  19. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 19
    EQUITY YIELD - CREDIT SPREAD IMPLIES MEANINGFUL UPSIDE AMID equity yield 8.5% note credit spread show meaningful equity upside versus historical and MLP comparatives AMID equity yield 8.5% note credit spread is approximately 675 bps…
  20. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 20
    EV/EBITDA1 Equity 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…
  21. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 21
    CLICK TO EDIT MASTER TITLE STYLE APPENDIX: NON-GAAP FINANCIAL MEASURES 22
  22. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 22
    ADJUSTED EBITDA RECONCILIATION 23
  23. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 23
    AMERICAN MIDSTREAM ASSET APPENDIX
  24. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 24
    TRACK RECORD OF TACTICAL GROWTH AT ATTRACTIVE MULTIPLES High Point System MPOG Delta House GoM Assets JP Energy Drop-down of Acquisition of Drop-down Acquisition of Merger completed creating over 2 High Point 66.7% interest in of…
  25. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 25
    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…
  26. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 26
    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)…
  27. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 27
    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,…
  28. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 28
    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…
  29. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 29
    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…
  30. 2017 Wells Fargo Pipeline MLP and Utility Symposium – American Midstream Partners Lp – slide 30
    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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