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UBS Midstream MLP and Utilities Conference – Energy Transfer LP

Energy Transfer LP · Jan 15, 2019 · 45 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. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 1
    ENERGY TRANSFER 2019 UBS Midstream, MLP & Utilities Conference January 15, 2019
  2. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 2
    ET HIGHLIGHTS
  3. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 3
    ET KEY INVESTMENT HIGHLIGHTS Growth From Organic Well Positioned Assets Solid Financials Investments Fully integrated platform Completing multi-year Stable cash flow profile spanning entire midstream capex program with minimal…
  4. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 4
    WHATS NEW Consistent Growth Recent Developments With Strong Financial/Operational Performance Successful debt refinancing transaction (Jan. 2019) Adj. EBITDA1 10 Mariner East 2 pipeline placed in service (Dec. 2018) Announced…
  5. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 5
    ET ORGANIZATIONAL STRUCTURE ENERGY TRANSFER LP (formerly Energy Transfer Equity, L.P.) (NYSE: ET) Non-economic GP Interest 100% LP interest Energy Transfer Operating, L.P.* (formerly Energy Transfer Partners, L.P.)…
  6. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 6
    SIGNIFICANT GEOGRAPHIC FOOTPRINT ACROSS THE FAMILY Recently In-service & Asset Overview Announced Growth Projects Marcus Hook Lake Charles LNG Bayou Bridge Energy Transfer Assets Eagle Point Dakota Access Pipeline Rover…
  7. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 7
    A TRULY UNIQUE FRANCHISE Natural NGLs Crude Gas Oil Gather 12.8 million Fractionate One of the largest Transport 22 Transport 4.3 More than 7.9 billion mmbtu/d of gas & 567,000 bbls/d of planned LNG million mmbtu/d of…
  8. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 8
    COMPELLING VALUE PROPOSITION 14 EV / 2019 EBITDA 13 12 EV/2019 EBITDA 11 10 9 8 7 ET KMI PAA WMB EPD MMP OKE AMZ 9 Source: Bernstein Research, December 2018
  9. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 9
    DIVERSIFIED EARNINGS MIX WITH PRIMARILY FEE-BASED BUSINESS Segment1 Contract Structure Strength Q3 2018 Segment Margin by Segment1 Interstate Fees based on Connected to all major U.S. Transport & reserved capacity, supply basins and…
  10. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 10
    EXPOSURE TO MAJOR PRODUCING REGIONS Energy Transfer is one of the most geographically diverse midstream companies with leading positions in the majority of the active basins in the U. S 15 Number of regions with either…
  11. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 11
    FULLY INTEGRATED PLATFORM SPANNING THE ENTIRE MIDSTREAM VALUE CHAIN Involvement in Major Midstream Themes Across the Best Basins and Logistics Hubs Franchise Strengths Opportunities Access to multiple shale plays, storage…
  12. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 12
    FULLY INTEGRATED SERVICES BY REGION ET Services By Region Midstream Natural Gas Liquids Crude Interstate Intrastate Bakken Marcellus/Utica MidCon/Panhandle North Texas Permian Basin Ark-La-Tex Eagle Ford/SE…
  13. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 13
    ET ASSETS ALIGNED WITH MAJOR U.S. DRILLING REGIONS ET Rig Count Vs. Total US Rig Count ET Rig Count Vs. Lower 48 US Rig Count Rigs: 58 Rigs: 31 Rigs: 121 ET Rig Count by Region Total US Rig Count Rigs: 13 Rigs:…
  14. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 14
    FULLY INTEGRATED MIDSTREAM/LIQUIDS PLATFORM ACROSS NORTH AMERICA The ability to integrate an end-to-end liquids solution will better serve customers and alleviate bottlenecks currently faced by producers Marcus Hook: The future Mont…
  15. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 15
    GROWING UNIQUE EXPORT CAPABILITIES Nederland Terminal 1,200 acre site on USGC 1.5 million bbls/d crude export capacity; 200 thousand bbls propane/butane export capacity 28 million bbls crude storage capacity; 1.2 million bbls…
  16. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 16
    GROWTH FROM ORGANIC INVESTMENTS
  17. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 17
    ORGANIC GROWTH ENHANCES THE COMBINED ENTITYS STRONG FOOTHOLD IN THE MOST PROLIFIC PRODUCING BASINS 2017 Bakken Crude Pipeline (1) 2013 Mariner West 2014 Mariner East 1 - Propane Active in 9 of the top 10 basins by active 2015…
  18. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 18
    ET PROJECTS PROVIDE VISIBILITY FOR FUTURE EBITDA GROWTH Bakken Arrowhead PE3 Rebel II Processing Plant Ramping Up Old Ocean Pipeline Red Bluff Express Pipeline ET has a significant number of growth Lone Star Frac V…
  19. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 19
    FORESEE SIGNIFICANT EBITDA GROWTH IN 2019 FROM COMPLETION OF PROJECT BACKLOG PROJECT SCOPE IN-SERVICE TIMING NGL & Refined Products Lone Star Frac V Additional 120 Mbpd fractionator at Mont Belvieu complex In Service July 2018 Lone…
  20. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 20
    CRUDE OIL SEGMENT BAKKEN PIPELINE PROJECT Project Details Dakota Access Pipeline connects Bakken production to Patoka Hub, IL, with interconnection to Energy Transfer Crude Oil Pipeline (Trunkline conversion) to reach 1,172 miles…
  21. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 21
    CRUDE OIL SEGMENT PERMIAN EXPRESS PROJECTS Permian Crude Projects Permian Express 3 Expected to provide Midland & Delaware Basin producers new crude oil takeaway capacity (utilizing existing pipelines) from this rapidly growing…
  22. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 22
    CRUDE OIL SEGMENT PERMIAN GULF COAST PIPELINE Permian Gulf Coast Pipeline Permian Gulf Coast Pipeline JV Announced joint venture with Magellan Midstream, MPLX and Delek US Holdings to construct crude pipeline to transport crude oil…
  23. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 23
    CRUDE OIL SEGMENT BAYOU BRIDGE PIPELINE Project Details Bayou Bridge Pipeline Map Joint venture between Phillips 66 Partners (40%) and ET (60%, operator) 30 Nederland to Lake Charles segment went into service in April 2016 24…
  24. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 24
    NGL & REFINED PRODUCTS SEGMENT MARINER EAST SYSTEM A comprehensive Marcellus Shale solution reaching local, regional and international markets Transports Natural Gas Liquids from OH / Western PA to the Marcus Hook Industrial Complex…
  25. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 25
    NGL & REFINED PRODUCTS SEGMENT NORTHEAST GROWTH OUTLOOK 1.5 MMBPD 0.9 MMBPD Growth in rich gas drives Appalachian NGLs production Note: Outlook is based on full C2 recovery and WTI price forecast of 55/Bbl by 2020,…
  26. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 26
    NGL & REFINED PRODUCTS SEGMENT FAVORABLE NETBACKS WITH MARINER EAST Producer C3+ netbacks (via Marcus Hook) are expected to be significantly higher than other domestic outlets * Note: Assumes annual escalation of terminal fees…
  27. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 27
    MIDSTREAM SEGMENT PERMIAN BASIN INFRASTRUCTURE BUILDOUT ET is nearing capacity in both the Delaware and Midland Basins due to continued producer demand and strong growth outlook in the Permian As a result of this demand, ET has…
  28. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 28
    MIDSTREAM SEGMENT REVOLUTION SYSTEM Project Details Revolution Project Map System is located in Pennsylvanias Marcellus/Upper Devonian Shale rich-gas area Rich-gas, complete solution system Currently 20 miles of 16 in-service…
  29. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 29
    INTERSTATE SEGMENT MARCELLUS/UTICA ROVER PIPELINE Project Details Rover Project Map Sourcing natural gas from the Marcellus and Utica shales Connectivity to numerous markets in the U.S. and Canada Midwest: Panhandle Eastern and…
  30. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 30
    ETE ETP MERGER
  31. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 31
    TRANSACTION OVERVIEW On October 18, 2018, ETP unitholders voted to adopt the merger agreement, providing for the merger of ETP with ETE for 27 billion in ETE common units Based on the results, over 98% of the units that voted, voted…
  32. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 32
    STRATEGIC RATIONALE SIMPLIFIES Transaction simplified Energy Transfers corporate structure OWNERSHIP Further aligns economic interests within the Energy Transfer family STRUCTURE Responsive to investor sentiment regarding…
  33. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 33
    ENHANCED PRO FORMA BALANCE SHEET AND LIQUIDITY POSITION CONSERVATIVE AND FLEXIBLE FINANCIAL POLICY DEBT EXCHANGE OVERVIEW Expect to maintain ET distribution per unit at current level Meaningfully higher retained cash flow to drive…
  34. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 34
    KEY TAKEAWAYS Diversified business model, together with the geographic diversity of our assets, continues to Business allow our businesses to demonstrate resiliency. The underlying fundamentals of our business Diversity are strong…
  35. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 35
    APPENDIX
  36. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 36
    CRUDE OIL SEGMENT Crude Oil Pipelines Crude Oil Acquisition & Marketing 9,360 miles of crude oil trunk and gathering lines located in the Southwest and Crude truck fleet of approximately 370 trucks Midwest United States Purchase…
  37. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 37
    CRUDE OIL SEGMENT PERMIAN EXPRESS PARTNERS Permian Express Partners Joint Venture Details Strategic joint venture with ExxonMobil (ET owns 88% and is the operator) Combines key crude oil pipeline network of both companies and…
  38. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 38
    NGL & REFINED PRODUCTS SEGMENT NGL Storage Fractionation NGL Pipeline Transportation TET Mont Belvieu Storage Hub 50 million 5 Mont Belvieu fractionators (540+ Mbpd) 4,300 miles of NGL Pipelines throughout Texas and barrels NGL…
  39. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 39
    MIDSTREAM ASSETS Midstream Asset Map Midstream Highlights Volume growth in key regions: Q3 2018 gathered volumes reached a record 12.8 million mmbtu/d, and NGLs produced were 583,000 bbls/d, both up substantially over Q3 2017…
  40. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 40
    INTERSTATE PIPELINE ASSETS Interstate Asset Map Interstate Highlights Our interstate pipelines provide: Stability Approximately 95% of revenue is derived from fixed reservation fees Diversity Rover Access to multiple shale plays,…
  41. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 41
    INTRASTATE PIPELINE ASSETS Intrastate Asset Map Intrastate Highlights Continue to expect volumes to Mexico to grow, particularly with the startup of Trans-Pecos and Comanche Trail in Q1 2017, which will result in increased demand…
  42. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 42
    INTRASTATE SEGMENT MEXICO (CFE) Waha Header System 6 Bcf/d Header System Will connect to: Trans-Pecos & Comanche Trail Pipelines ETs vast interstate and Comanche Trail Pipeline intrastate pipeline network Multiple 3rd party…
  43. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 43
    ET NON-GAAP FINANCIAL MEASURES 44
  44. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 44
    ET NON-GAAP FINANCIAL MEASURES Energy Transfer LP Reconciliation of Adjusted EBITDA 2015 2016 2017 YTD 9/30/18 Net income 1,061 - 2,366 2,513 (Income) loss from discontinued operations (38) 462 177 265 Interest expense, net 1,622…
  45. UBS Midstream MLP and Utilities Conference – Energy Transfer LP – slide 45
    ETO NON-GAAP FINANCIAL MEASURES Segment Margin is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that…

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