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Barclays MLP Corporate Access Days – American Midstream Partners Lp

American Midstream Partners Lp · Feb 27, 2018 · 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. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 1
    Barclays MLP Corporate Access Days February 27, 2018 New York, New York
  2. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 2
    AMERICAN MIDSTREAM OVERVIEW American Midstream Partners, LP Asset Overview ( millions) Enterprise Value 1 2,210 Owns or has an ownership interest in approximately Distribution Coverage 1.0x 5,100 miles of onshore and offshore…
  3. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 3
    CREATE A MORE FOCUSED AND SIMPLIFIED AMERICAN MIDSTREAM 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…
  4. Barclays MLP Corporate Access Days – 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. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 5
    SIMPLIFIED, INTEGRATED AND FEE-BASED MIDSTREAM VALUE CHAIN Simplified business position to maximize Simplified, accretive integrated opportunities and fee-based in core areas midstream value chain Reducing segments from Six to…
  6. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 6
    SOUTHCROSS ACQUISITION HIGHLIGHTS Transaction forms a 3 billion partnership Transforming Pro forma partnership expected to generate annualized 2018 Adjusted EBITDA in excess of 300 million Close transaction with 300Financial to 400…
  7. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 7
    AMERICAN MIDSTREAM AMERICAN MIDSTREAM PRO FORMA ASSETS PRO FORMA ASSETS Strong asset footprint in leading basins 8
  8. Barclays MLP Corporate Access Days – 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,…
  9. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 9
    STRATEGIC ASSET PORTFOLIO
  10. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 10
    DEEPWATER GULF OF MEXICO DWARFS ONSHORE RESOURCE POTENTIAL Alaminos Canyon1 Mississippi Canyon1 Development EUR (MBoe) Net Pay (ft) Total Well Depth (ft) Development EUR (MBoe) Net Pay (ft) Total Well Depth (ft) Perdido Complex…
  11. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 11
    DEEPWATER GULF OF MEXICO 20X LARGER WELLS Shallow decline curves supports predictable and sustainable cash flows Deepwater Gulf of Mexico Mississippi Canyon1 Onshore Horizontal Midland Basin2 Type curve on AMID Mississippi Canyon…
  12. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 12
    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…
  13. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 13
    DEEPWATER PRODUCER ACTIVITY Current Development & Activity Eastern GOM Deepwater Platforms/Pipelines Deepwater Activity on AMID Assets Deepwater activity (gas dedicated to AMID assets) AMID Pipelines Gas, Oil, NGLs (to AMID assets)…
  14. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 14
    DELTA HOUSE OVERVIEW Operating at peak capacity and underpinned by some of the leading Gulf of Mexico producers Fee-based, semi-submersible floating production system and associated oil and gas export pipelines located in the…
  15. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 15
    NATURAL GAS TRANSMISSION OVERVIEW FERC-regulated interstate and unregulated intrastate natural gas pipelines with 3.0 Bcf/d capacity Demand-based assets, 100% fixed-fee revenue with investment-grade counterparties Long-term…
  16. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 16
    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…
  17. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 17
    RESURGENCE OF ACTIVITY THROUGHOUT AMIDS FOOTPRINT Eagle Ford Permian Anchor Producer with strong Eagle Ford footprint Top Customer has over 2,900 drilling locations recently announced accretive transaction 90% of inventory economic…
  18. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 18
    FINANCIAL STRENGTH
  19. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 19
    CONSERVATIVE FINANCIAL PROFILE Target long-term leverage of 3.5x 4x with 300-400 million of Adjusted EBITDA1 liquidity, pro-forma for Southcross 250 Target 1.1-1.3x average distribution coverage in 2017 and 2018 33% CAGR Potential…
  20. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 20
    ACCRETIVE TRANSACTIONS OFFER MATERIAL EQUITY UPSIDE Seven highly accretive transactions, redeploying approximately 450 million of capital Capital re-allocation should reflect in meaningful Higher 2018 Adjusted EBITDA and Continued…
  21. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 21
    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 635…
  22. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 22
    EV/EBITDA1 Equity Yield2 Mean: 9.2X Mean: 11.3% Price / DCF3 Distribution Coverage4 Mean: 7.5X Mean: 1.2X Note: Peer group includes BKEP, CEQP, DKL, GEL, MMLP, NGL, PBFX, SMLP and TLP 1.) Bloomberg consensus EBITDA…
  23. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 23
    APPENDIX: NON-GAAP FINANCIAL MEASURES
  24. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 24
    ADJUSTED EBITDA RECONCILIATION ( in thousands) Nine Months Ended Year Ended December 31, September 30, 2017 2016 2016 2015 2014 Reconciliation of Net income (loss) attributable to the Partnership to Adjusted EBITDA: Net Income…
  25. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 25
    AMERICAN MIDSTREAM ASSET APPENDIX
  26. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 26
    TRACK RECORD OF TACTICAL GROWTH AT ATTRACTIVE MULTIPLES High Point System MPOG Delta House GoM Assets JP Energy Drop-down of High Acquisition of Drop-down of Acquisition of Merger completed creating over 2 billion Point System…
  27. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 27
    NATURAL GAS TRANSMISSION MARKET OVERVIEW LOUISIANA: 321,000 Dth/d Firm Transportation MLGT: Unregulated intrastate system Natural Gas Transmission Firm Markets North LA: Entergy North Louisiana (Power), Angus Chemical (Industrial)…
  28. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 28
    GAS GATHERING AND PROCESSING ASSETS East Texas Permian Gulf Coast Eagle Ford Texas - Gregg, Rusk and Texas - Martin, Andrews, Dawson Chatom, Alabama; Bazor, Texas - Lavaca County Location Smith Counties and Gains Counties…
  29. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 29
    TERMINALS ASSET OVERVIEW Marine and Specialty Chemical Refined Products and Crude Oil 6,000 95% 96% 96% 100% 80 94% 95% 87% 89% 88% 84% 261 67 88% 5,000 641 61 59 59 60 60 80% 60 56 56 54 56 4,000 Utilization (%) 60%…
  30. Barclays MLP Corporate Access Days – American Midstream Partners Lp – slide 30
    GULF OF MEXICO JOINT VENTURES AND INVESTMENTS System Interest Pipeline Product Design Interest Overview Held (miles) Capacity Delta House 35.7% - - - Delta House Destin 66.7% 255 Natural Gas 1.2 Bcf/d Floating production system…

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