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Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp

Boardwalk Pipeline Partners, Lp · Dec 12, 2017 · 34 slides

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Slides

  1. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 1
    Wells Fargo Pipeline, MLP and Utility Symposium December 2017 Photo of Wilson Compressor Station, part of the Coastal Bend Header Project
  2. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 2
    Boardwalk Overview Photo of bi-directional facilities in Lebanon, Ohio
  3. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 3
    Boardwalk Strategy Leverage Identify and Strengthen Optimize Strategic Growth Existing Assets Asset Base Opportunities Identify and implement Explore acquisitions and Attach new end-use markets other opportunities that optimal uses…
  4. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 4
    Key Investment Highlights Provides transportation and storage of natural gas and liquids Geographic footprint that offers customers access to multiple key supply sources and demand markets MIDSTREAM MLP Led by a management team…
  5. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 5
    Boardwalk Asset Map Boardwalk is a midstream MLP that primarily transports and stores natural gas and liquids Boardwalk 2016 Operational Highlights Natural Gas Liquids Utica & Marcellus Pipelines (miles) 13,930 435 Shales Throughput…
  6. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 6
    Boardwalks GP: Loews Corporation Subsidiary Our general partner is a wholly-owned subsidiary of Loews Corporation, a large diversified public company with five key operating subsidiaries in insurance, energy, luxury lodging and…
  7. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 7
    Project Portfolio Photo of bi-directional facilities in Lebanon, Ohio
  8. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 8
    Growth Projects Underway: 1.2 Billion Total Capital These projects will add more than 1.7 Bcf/d of natural gas transportation services, as well as ethylene transportation services End-Use Market Project Description In-Service Date…
  9. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 9
    Gulf Coast Growth Strategy Demand growth in the Gulf Coast, coupled with growing supply from the Permian, Midcontinent and Northeast, continue to change gas flows and create opportunities for Boardwalks transportation and storage…
  10. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 10
    Several Growth Projects Placed Into Service Since June 2016 Executed on time and within budget These projects provide nearly 1.4 Bcf/d of natural gas transportation services Project Driver Project Description In-Service Date…
  11. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 11
    Market Fundamentals Photo of bi-directional facilities in Lebanon, Ohio
  12. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 12
    Recontracting of Expansion Projects Placed Into Service 2008 to 2010 Project(s) Primary Shale Play(s) Gulf Crossing Pipeline Barnett and Caney/Woodford Shale Utica & Marcellus East Texas to Mississippi Expansion and Southeast…
  13. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 13
    SWN Contract Restructuring on Fayetteville and Greenville Laterals Changing market fundamentals in the Fayetteville shale play have prompted a restructuring of related contracts with Southwestern Energy, the largest shipper on Texas…
  14. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 14
    SWN Contract Restructuring Revenue Impact New structure provides longer term revenue generation by adding ten years of firm transportation contracts on both laterals and future revenue upside from production volume commitment…
  15. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 15
    Gulf Crossing Recontracting Contracted Capacity of Gulf Crossing Gulf Crossing Throughput Average Maximum Daily Quantity 1.8 1.8 1.6 1.6 1.4 1.4 Throughput (in Bcf/d) 1.2 1.2 MDQ (in Bcf/d) 1.0 1.0 0.8 0.8 0.6 0.6…
  16. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 16
    Key Supply Basins: Production and Rig Counts Marcellus/Utica Fayetteville Production(a) Rig Count(b) Production(a) Rig Count(b) 50 140 3 12 Texas Gas 10 Texas Gas 120 Number of Rigs 40 Number of Rigs 100 2 8 30…
  17. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 17
    Market Supports Proposed Permian to Katy Pipeline Project Rig Count for Permian Basin Houston Ship Channel Area Growth Forecast Source: Baker Hughes North America Rotary Rig Count as of October 20, 2017 Sources: Boardwalk, ICF, Wood…
  18. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 18
    Map of Proposed Permian to Katy (P2K) Pipeline Joint development project with Sempra Description: Pipeline would connect abundant natural gas supplies from the Permian Basin to large, diversified and growing markets on the Texas…
  19. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 19
    Changing Flow Patterns Impacting Basis Spreads to Henry Hub LEGEND DOMINION SOUTH POINT Average Annual Spread (0.52) (0.99) 0.02 2017 0.31 2016 2012 2009 COLUMBIA GULF MAINLINE CENTERPOINT EAST (0.14) (0.22) (0.08)…
  20. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 20
    Demand Forecast: LNG Exports Total Gulf Coast LNG Export Capacity Bcf/d Approved(a) Proposed(a) LNG Facilities (a) (Under & Not Proposed(a) Existing (Pending by Location Under (Pre-filing) Application) Construction) Texas - 6.4…
  21. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 21
    U.S. Demand Forecast: Power Plants POWER PLANTS We are directly connected to 47 natural-gas-fired power generation facilities. We have executed approx. 2.5 Bcf/d of firm transportation agreements with power generation customers over…
  22. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 22
    Demand Forecast: Industrials INDUSTRIALS We provide approximately 190 industrial Forecasted U.S. Industrial Demand Growth facilities with a combination of firm and From 2016 interruptible natural gas and liquids 5.0 4.3…
  23. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 23
    Boardwalk Louisiana Midstream and Evangeline Our Boardwalk Louisiana Midstream and Evangeline assets are well situated to provide ethylene transportation and storage services to accommodate forecasted supply and demand Legend Ethane…
  24. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 24
    Financial Highlights Photo of bi-directional facilities in Lebanon, Ohio
  25. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 25
    Financial Highlights Substantially a long-term, fixed-fee revenue base, backed by contracts with primarily investment-grade customers Internally-generated cash flow, in excess of distributions, used to improve balance sheet and fund…
  26. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 26
    Revenue Profile Capacity reservation charges, representing approximately 82% of our revenue base, are received monthly, regardless of utilization Revenue Profile for Last Twelve Months Ended Contracted Annual Revenues from Capacity…
  27. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 27
    Liquidity Position Boardwalk enhanced liquidity position by financing ahead to reduce re-financing risk in the near term Debt Maturity Schedule (as of September 30, 2017) Distribution coverage ratio for the last twelve Debt…
  28. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 28
    Leverage Overview Long-Term Debt, net of Cash (at Quarter End) 3,700 We invested over 1.1 billion in 3,650 growth capital between 3,600 January 1, 2015 and ( millions) 3,550 3,500 September 30, 2017 3,450 3,400…
  29. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 29
    Key Investment Highlights Provides transportation and storage of natural gas and liquids Geographic footprint that offers customers access to multiple key supply sources and demand markets MIDSTREAM MLP Led by a management team…
  30. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 30
    Appendix Photo of bi-directional facilities in Lebanon, Ohio
  31. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 31
    Boardwalk Organizational Structure BPHC Public Unitholders Loews Corporation Subsidiary 49% L.P. interest* 49% L.P. interest 2% G.P. interest Boardwalk Pipeline Partners, LP NYSE: BWP Boardwalk Pipelines, LP Texas Gas Gulf…
  32. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 32
    Capitalization Adjustments for December 31, 2017 Financing September 30, ( in millions, except ratio data) 2016 Activities 2017 Debt: Boardwalk 5.50% Notes due Feb 2017 300 (300) - Gulf South 6.30% Notes due Aug 2017 275 (275) -…
  33. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 33
    EBITDA Reconciliation Non-GAAP Financial Measures Earnings before interest, taxes, depreciation and amortization (EBITDA) is used as a supplemental financial measure by Boardwalks management and by external users of Boardwalks…
  34. Wells Fargo Pipeline MLP and Utility Symposium – Boardwalk Pipeline Partners, Lp – slide 34
    Wells Fargo Pipeline, MLP and Utility Symposium December 2017 Photo of Wilson Compressor Station, part of the Coastal Bend Header Project

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