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Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp

Boardwalk Pipeline Partners, Lp · Feb 26, 2018 · 33 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 Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 1
    Barclays Select Series: MLP Corporate Access Days February 2018 Photo of Wilson Compressor Station, part of the Coastal Bend Header Project
  2. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 2
    Boardwalk Overview Photo of Wilson Compressor Station, part of the Coastal Bend Header Project
  3. Barclays Select Series MLP Corporate Access Day – 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. Barclays Select Series MLP Corporate Access Day – 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. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 5
    Boardwalk Asset Map Boardwalk is a midstream MLP that primarily transports and stores natural gas and liquids Boardwalk 2017 Operational Highlights Natural Gas Liquids Utica & Marcellus Pipelines (miles) 13,880 455 Shales Throughput…
  6. Barclays Select Series MLP Corporate Access Day – 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. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 7
    Project Portfolio Photo of Wilson Compressor Station, part of the Coastal Bend Header Project
  8. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 8
    Growth Projects Underway: 1.3 Billion Total Capital Projects will add more than 1.9 Bcf/d of natural gas transportation services, as well as ethylene transportation services In-service dates from February 2018 through 2020 End-Use…
  9. Barclays Select Series MLP Corporate Access Day – 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. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 10
    Market Fundamentals Photo of Photo of Wilson Compressor bi-directional Station, part of thefacilities Coastal in Lebanon, Bend Header Ohio Project
  11. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 11
    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…
  12. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 12
    SWN Contract Restructuring on Fayetteville and Greenville Laterals Changing market fundamentals in the Fayetteville shale play prompted a restructuring of related contracts with Southwestern Energy, the largest shipper on Texas Gas…
  13. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 13
    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…
  14. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 14
    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…
  15. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 15
    Key Supply Basins: Production and Rig Counts Marcellus/Utica Fayetteville Texas Gas Texas Gas Bcf/d SCOOP/STACK/Cana Woodford Eagle Ford Intrastate/Gulf South Gulf Crossing Boardwalk Texas Bcf/d Barnett Haynesville…
  16. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 16
    Market Supports Proposed Permian to Katy Pipeline Project Houston Ship Channel Area Growth Forecast Sources: Boardwalk, ICF, Wood Mackenzie* 7 6 5 4 Bcf/d 3 2 1 Production Outlook for Permian Basin Source: Wood…
  17. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 17
    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…
  18. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 18
    Changing Flow Patterns Impacting Basis Spreads to Henry Hub DOMINION SOUTH LEGEND POINT (0.69) Average Annual Spread (0.85) 0.02 0.31 2018 2017 2012 COLUMBIA GULF 2009 MAINLINE CENTERPOINT EAST (0.15) (0.25) (0.10) (0.19)…
  19. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 19
    Demand Forecast: LNG Exports Total Gulf Coast LNG Export Capacity (Bcf/d) Approved(a) Proposed(a) LNG Facilities by Proposed(a) Existing(a) (Under & Not Under (Pending Location (Pre-filing) Construction) Application) Texas - 6.4…
  20. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 20
    U.S. Demand Forecast: Power Plants POWER PLANTS We are directly connected to 47 natural-gas-fired power generation facilities. We have executed approx. 2.3 Bcf/d of firm transportation agreements with power generation customers over…
  21. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 21
    Demand Forecast: Industrials INDUSTRIALS We provide approximately 188 industrial facilities with a combination of firm and interruptible natural gas and liquids Forecasted Industrial Demand Growth(b) From 2017 (Bcf/d)…
  22. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 22
    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…
  23. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 23
    Financial Highlights Photo of bi-directional facilities in Lebanon, Ohio Photo of Wilson Compressor Station, part of the Coastal Bend Header Project
  24. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 24
    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…
  25. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 25
    Revenue Profile Capacity reservation charges, representing approximately 83% of our revenue base, are received monthly, regardless of utilization Revenue Profile for Last Twelve Months Ended Contracted Annual Revenues from Capacity…
  26. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 26
    Liquidity Position Boardwalk enhanced liquidity position by financing ahead to reduce re-financing risk in the near term Debt Maturity Schedule (as of December 31, 2017) Distribution coverage ratio for the last twelve Debt expiring…
  27. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 27
    Leverage Overview Long-Term Debt, net of Cash (at Quarter End) 3,700 We invested nearly 1.3 billion in 3,650 3,600 growth capital between January 1, 2015 and ( millions) 3,550 3,500 December 31, 2017 3,450 3,400…
  28. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 28
    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…
  29. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 29
    Appendix Photo of Wilson Compressor Station, part of the Coastal Bend Header Project
  30. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 30
    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…
  31. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 31
    Capitalization Adjustments for December 31, 2017 Financing December 31, ( 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) -…
  32. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 32
    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…
  33. Barclays Select Series MLP Corporate Access Day – Boardwalk Pipeline Partners, Lp – slide 33
    Barclays Select Series: MLP Corporate Access Days February 2018 Photo of Wilson Compressor Station, part of the Coastal Bend Header Project

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