Skip to main content Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp Investor Presentation | Shale Experts
Loading...
Pm

Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp

EQT Midstream Partners Lp · Mar 25, 2019 · 32 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. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 1
    Scotia Howard Weil Annual Energy Conference Investor Presentation March 2019
  2. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 2
    Strategic Highlights 2
  3. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 3
    Key Investment Highlights Premier asset footprint in the Appalachian Basin Leading footprint in lowest cost natural Gathering dedication includes 265K acres in core PA Marcellus and 176K acres in core OH Utica* gas basin in the…
  4. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 4
    Equitrans Midstream Corporation E-Train Basics E-Train cash flows generated solely from ownership of EQM Operating assets held at EQM E-Train is a corporation NYSE: ETRN Investors will receive a 1099 Near zero cash taxes anticipated…
  5. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 5
    Compelling Investment Opportunity Unmatched financial and operating characteristics S&P 500 + ETRN 506 Dividend Growth 8% 2019E-2021E 133 2018 Consolidated Net Debt / EBITDA 4.0x 108 2018 ROCE 10%* 79 2018 Operating…
  6. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 6
    Strategic Focus Continued progress towards building a top-tier midstream company E-Train Initiatives Simplified midstream IDR structure (completed February 2019) Project execution Mountain Valley Pipeline (MVP), Hammerhead and MVP…
  7. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 7
    Strategic Bolt-on Acquisition Eureka Midstream & Hornet Midstream assets integrate with EQMs core Marcellus and Utica footprint Expanding supply hub creates significant commercial opportunities Increased scale reduces unit…
  8. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 8
    Eureka and Hornet Midstream Transaction Overview Acquisition funding is secured Acquisition Summary Financing Summary EQM to acquire from a fund managed by Morgan Stanley Agreement in place for EQM to issue 1.2 B of Convertible…
  9. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 9
    Near Term Growth Driven by Firm Projects Backlog includes 3.5 B of investments in projects backed by firm commitments Expected EQM Estimated Estimated Annual Firm Project In-Service Date Capital (MM) Project EBITDA (MM)*** MM…
  10. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 10
    Potential Firm Project Upsides 1 MVP Expansion 500 MMcf/d incremental capacity achieved through compression expansion 2 Hammerhead 200 MMcf/d available capacity 3 MVP Southgate 400 MMcf/d incremental capacity achieved through…
  11. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 11
    Asset Overviews 11
  12. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 12
    Gathering Assets* Integrated asset footprint across core Marcellus & Utica development areas OH Utica Gathering 180 miles of high pressure pipeline 65,000 HP compression 5-year Minimum Volume PA Marcellus Gathering Commitment from…
  13. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 13
    Acquisition Gathering Assets Building scale in the Appalachian Basin Eureka Midstream 190-mile header system in core dry Utica / wet Marcellus Gathering mix: 67% dry and 33% wet Average gathered volume of 1.6 Bcf/d* MVCs at 0.65…
  14. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 14
    Transmission and Storage Assets System aggregates supply and exports to Strategically Located Assets the interstate pipeline system 4.4 Bcf per day current capacity 950-mile FERC-regulated interstate pipeline 18 storage pools with…
  15. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 15
    Connecting A-Basin Supply to Markets Equitrans Transmission System offers optionality to diverse set of markets Market Takeaway Pipelines Northeast TETCO, TCO, DTI, TGP, NFG Midwest REX, ET Rover Gathering 7.0 Bcf per day* Gulf…
  16. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 16
    Water Assets Complementary service with significant growth potential Provides full service sourcing and hauling for drilling and completion activities Approximately 160 miles of fresh water pipelines* Fresh water access via major…
  17. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 17
    Mountain Valley Pipeline Long-haul pipeline will be main takeaway artery out of A-basin Delivering supply to the growing natural gas demand Strategic 50+ year pipeline asset market in southeast U.S. 300-mile, 42 diameter FERC-regulated…
  18. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 18
    Hammerhead Gathering Pipeline Outlet for southwestern PA development to access southeast U.S. demand market (via MVP) Natural gas gathering header pipeline 64-mile pipeline Aggregate gas from several gathering systems 1.6 Bcf per…
  19. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 19
    MVP Southgate Project driven by demand pull from the tailgate of MVP 70-mile extension into North Carolina Project backed by 300 MMcf per day firm capacity commitment from PSNC Energy Pipe has expansion capabilities which could provide…
  20. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 20
    Gathering System Optimization and Integration Near-term project to improve long-term capital efficiency EQM acquired Rice Midstream Partners (RMP) in July 2018 Geographic fit between EQM / RMP assets provides opportunity to integrate…
  21. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 21
    Financial Overview 21
  22. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 22
    Financial Summary Strong balance sheet EQM Financial Policy 6% annual distribution growth target Ample liquidity Current project backlog expected to be funded with retained cash flow and debt capacity Stable cash flow Largest…
  23. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 23
    Stable Cash Flow Profile Underpinning sustainable EBITDA growth 54% of revenue from firm reservation charges (take or pay) 2.4 Bcf per day firm gathering reservation commitments Minimum volume commitment in Utica shale play in…
  24. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 24
    Operating Metrics 45% reduction in gathering O&M expense unit rate Significant track record of operating in Gathering O&M Expense Unit Rate the Appalachian Basin 0.10 0.09 Gathering O&M expense unit rate 0.08 reduction driven by…
  25. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 25
    Funding Growth at EQM 3.0 B EQM revolving credit facility Agency EQM Rating Outlook 3.4x current EQM net debt/run rate annual adjusted EBITDA* S&P BBB- Negative 3.5x 4.0x long-term net debt/adjusted EBITDA target at EQM Moodys Ba1…
  26. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 26
    Key Investment Highlights Premier asset footprint in the Appalachian Basin Leading footprint in lowest cost natural Gathering dedication includes 265K acres in core PA Marcellus and 176K acres in core OH Utica* gas basin in the…
  27. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 27
    Appendix 31
  28. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 28
    ESG Standards & Practices E-Train is Committed to Ethical, Responsible and Sustainable Business Practices Governance Community Outreach 71% independent BOD Support and engage with the communities Committees ensure best practices and…
  29. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 29
    Natural Gas Benefits the Economy and Environment Economy Environment The U.S. is the worlds top natural gas producing country, Natural gas is the cleanest burning hydrocarbon surpassing Russia Has become a backbone of electric…
  30. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 30
    Org Chart 117.2 MM common units 7 MM Class B units 60% LP ownership Non-economic GP Convertible Public Preferred 83.2 MM common units 24.6 MM Series A Convertible 40% LP ownership Preferred Units Note that sale of…
  31. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 31
    EQM Adjusted EBITDA EQM Adjusted EBITDA * ( in thousands) Year Ended December 31, 2018 Net income attributable to EQM 668,002 Add: Net interest expense 122,094 Depreciation 171,914 Amortization of intangible assets 41,547…
  32. Scotia Howard Weil Annual Energy Conference – EQT Midstream Partners Lp – slide 32

From the store

Browse maps, data & reports in the Shale Experts store