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Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp

Genesis Energy Lp · Dec 12, 2017 · 48 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. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 1
    Wells Fargo Pipeline, MLP and Utility Symposium December 2017
  2. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 2
    Genesis Energy, L.P. Partnership Overview Investment Highlights Master Limited Partnership (NYSE: GEL) Integrated asset portfolio creates opportunity across the crude oil production, refining and L.P. market capitalization of 2.8…
  3. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 3
    Genesis Business Proposition Integrated asset & services portfolio creates opportunities with producers, refineries and chemicals consumers Asset / Services Integration Crude Oil Refined Products Onshore / Offshore Trucks Crude…
  4. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 4
    Genesis Operational Footprint Offshore Pipeline Transportation Sodium Minerals & Sulfur Services Onshore Facilities & Transportation Marine Transportation 330 million (45%) 233 million (32%) 107 million (15%) 56 million (8%) Own…
  5. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 5
    Limited Commodity Price Exposure General Commodity Business Segment Mitigant Exposure Offshore Pipeline No Direct Exposure Tariff-based, fee income (except for PLA volumes) Transportation Sulfur Services Sulfur Services NaHS…
  6. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 6
    Capital Reallocation & Financial Guidance To achieve the best unit value to unitholders over the long term, Genesis has made the strategic decision to reallocate capital by resetting its quarterly distribution rate to 0.50 per common…
  7. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 7
    Additional Developments Divestitures In October, completed planned non-strategic asset divestitures for total proceeds of 76 million with implied EBITDA multiple in excess of 30 times Offshore Pipeline Transportation Multiple near…
  8. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 8
    Sodium Minerals (Alkali) Acquisition
  9. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 9
    Sodium Minerals Transaction Overview Genesis has completed the acquisition of all of Tronox Alkali Corporation, a subsidiary of Tronox LTD for 1.325 billion cash on September 1, 2017 Alkali is the largest and lowest cost producer of…
  10. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 10
    Sodium Minerals Overview Alkali is today the largest global producer of natural soda ash 4 million tons of annual natural soda ash production Reserve life of over 100 years(a) Located in worlds largest trona deposit,…
  11. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 11
    Segment Overviews
  12. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 12
    Offshore Pipeline Transportation Positioned to provide deepwater producers maximum optionality with access to both Texas & Louisiana markets Potential for meaningful volume growth with increased development drilling in dedicated,…
  13. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 13
    Deepwater Gulf of Mexico Activity Deepwater Gulf of Mexico Oil Production Gulf of Mexico production to increase despite decline in oil price 2016 Deepwater Production by Operator(c) EIA projects Gulf of Mexico production will average…
  14. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 14
    Deepwater Gulf of Mexico Producer Forecasts Lucius(a) SEKCO, Poseidon Petronius Ram Powell Horn Mountain Delta House Lobster Front Runner Baldpate Heidelberg(a) Allegheny CHOPS, Poseidon Constitution Marco Polo…
  15. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 15
    Deepwater Gulf of Mexico Growth Prospects Petronius Ram Powell Horn Mountain Delta House Tortuga Fort Sumter Kaikias Troubadour Lobster Vito Katmai Front Runner Baldpate Samurai WarriorWildling Constellation K2 Caicos…
  16. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 16
    Sodium Minerals & Sulfur Services Sodium Minerals Alkali is today the largest global producer of natural soda ash 4 million tons of annual natural soda ash production Reserve life of over 100 years(a) Diverse range of industries and…
  17. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 17
    Soda Ash Production Facilities Westvaco ELDM Mono I & II Sesqui Granger Mono I: 1972 Year Built 1996 1953 Built: 1976 Mono II: 1976 Feed Solution Dry Ore Dry Ore Solution Products Light Ash, Dense Ash, Dense Ash Dense Ash…
  18. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 18
    Alkali Cost Advantage Alkali is a global low cost soda ash producer Average cost of natural soda ash is approximately 50-60% of the cost per short ton of synthetic soda ash Synthetic soda ash consumes substantially more energy and…
  19. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 19
    Soda Ash Market Glass Manufacturing Core component in glass manufacturing by lowering melting temperature of silica/sand, improving workability Container glass: beverage bottles, food and cosmetics containers, laboratory glassware…
  20. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 20
    Alkali Consistent Performance Market leading position with highly consistent cash flow profile and significant barriers to entry Exposure to sector with growing demand through the acquisition of a long life asset without natural…
  21. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 21
    Sulfur Services Process Overview Sour Gas Processing units inside Nat Gas the fence at 10 refineries H2S NaHS Unit Gas Processing Produce NaHS through proprietary Nat Gas process utilizing large amounts of Refiners Caustic Soda…
  22. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 22
    Onshore Facilities & Transportation Stable cash flows through pipeline tariffs combined with future volume growth Refiners are the shipper of 80% of total crude oil moved through our onshore pipelines Integrated Terminals Onshore…
  23. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 23
    Onshore Facilities & Transportation Crude oil services and logistics, refined products services and logistics and rail services Utilizing multiple integrated facilities with access to pipelines, rail, barges and trucks 4.1 mmbbl…
  24. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 24
    Marine Transportation Inland Offshore American Phoenix Total Fleet Capacity 2.1 mmbbl 0.9 mmbbl 0.3 mmbbl Capacity Range 23,000-39,000 bbl 65,000-136,000 bbl 330,000 bbl Push/Tug Boats 33 9 - Barges 77 9 - Product Tankers -…
  25. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 25
    Business Objectives and Recent Developments
  26. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 26
    Business Objectives Identify and exploit profit opportunities across an increasingly integrated asset footprint Continue to optimize existing asset base and create synergies Evaluate internal and 3rd party growth opportunities…
  27. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 27
    Exxon Mobil Baton Rouge Infrastructure Project Integrated Crude Logistics / Baton Rouge Terminal Project Overview Genesis entered into definitive agreements with ExxonMobil (XOM) in which Genesis Port Hudson Truck Station improved…
  28. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 28
    Canadian Heavy Crude Material Imbalance Currently, insufficient heavy crude pipeline takeaway Heavy Crude Supply Versus Takeaway Capacity(a) infrastructure to support forecasted supply growth in Western Canada Multiple export…
  29. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 29
    Houston Area Pipeline & Terminal Infrastructure Genesis has completed the expansion of its Houston area logistics services to include new terminal and pipeline Project Overview infrastructure capable of receiving various Gulf of…
  30. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 30
    Powder River Basin Midstream Solution Powder River Basin Pipeline Project Overview Integrated midstream solution offering shippers multiple downstream markets including: Pipeline delivery options in Guernsey, WY including regional…
  31. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 31
    Financial Summary
  32. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 32
    Financial Objectives Targeting minimum quarterly distribution increase of no less than 0.01 per unit over the previous quarter distribution through 2022 Target cash coverage(a)(b) of 1.40x-1.60x over the subsequent twenty quarters…
  33. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 33
    Strong Balance Sheet and Credit Profile ( in 000s) Material Projects & Reported LTM Acquisitions Pro Forma LTM 9/30/2017 EBITDA Adjustment 9/30/2017 Senior Secured(a) 1,324,106 1,324,106 Senior Unsecured 2,358,049 2,358,049…
  34. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 34
    Appendix I Deepwater Gulf of Mexico Activity Update
  35. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 35
    Resiliency of Gulf of Mexico October 18, 2017 Operational Review November 1, 2017 Third Quarter 2017 Conference Call The Wildling-2 well was spud on 15 April 2017 and drilling was completed on You can expect we will continue to direct…
  36. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 36
    Known Deepwater Discoveries Not Yet Developed Rydberg TortugaFort Sumter Troubadour Kaikias Vito Katmai Samurai Constellation Winter Calpurnia Warrior Anchor North Platte Shenandoah Yucatan Yeti Guadalupe Coronado…
  37. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 37
    Atlantis Field Development Field Overview BP operated field Field Development: Discovery announced in 1998; first production in 2007 Semisubmersible in 7,000 feet of water with 200,000 bpd of production capacity Initial…
  38. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 38
    Constitution Field Development Caesar Tonga Forecasted Production(d) Anadarko operated development Includes production from the Constitution, Ticonderoga and Caesar/Tonga fields. Potential for additional connection to Constellation…
  39. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 39
    Lucius Field Development Map Anadarko operated development Includes production from the Lucius field. Potential for additional connection to the Phobos field Field Development: Discovery announced in 2009; first production in…
  40. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 40
    Mad Dog Field Development Field Overview BP operated development Field Development: Discovery announced in 1998; first production in 2005 Truss spar in 4,500 feet of water with 80,000 bpd of production capacity Future…
  41. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 41
    Marco Polo Field Development Map Anadarko operated development Includes production from the Marco Polo, K2 and Genghis Khan fields. Potential for additional connection to the Warrior field Field Development: Discovery announced…
  42. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 42
    Shenzi Field Development Field Overview BHP operated field Includes production from the Shenzi field. Potential for additional connection to the Caicos and Wildling fields Field Development: Discovery announced in 2002; first…
  43. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 43
    Deepwater Gulf of Mexico References / Sources Information regarding Anadarko operated connected fields and prospects http://investors.anadarko.com/operations-report Additional information regarding Anadarko operated connected fields…
  44. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 44
    Appendix II Additional Financial Information
  45. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 45
    Pro Forma Segment Margin Reconciliation ( in 000s) Pro Forma LTM 3 months Ended September 30, 9/30/2017 2017 2016 2016 2015 Segment Margin Excluding Depreciation and Amortization: Offshore Pipeline Transportation 330,691 78,228 86,557…
  46. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 46
    Available Cash Before Reserves ( in 000s) Pro Forma LTM 3 months Ended September 30, 9/30/2017 2017 2016 2016 2015 Net income 89,253 6,312 32,101 113,249 422,528 Depreciation, depletion, amortization and accretion 246,285 66,436 57,103…
  47. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 47
    Pro Forma EBITDA Reconciliation ( in 000s) Pro Forma LTM 3 months Ended September 30, 9/30/2017 2017 2016 2016 2015 Net Income 89,253 6,312 32,101 113,249 422,528 Depreciation, depletion, amortization and accretion 246,285 66,436 57,103…
  48. Wells Fargo Pipeline MLP and Utility Symposium – Genesis Energy Lp – slide 48
    Adjusted Debt Reconciliation ( in 000s) Pro Forma LTM Long-term debt 9/30/2017 2016 2015 Senior secured credit facility 1,372,500 1,278,200 1,115,000 Senior Unsecured Notes 2,358,049 1,813,169 1,807,054 Adjustment for short-term…

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