Summit Midstream Partners, LP MLP & Energy Infrastructure Conference May 14 - 16, 2019
SMLP Overview
SMLP Overview Summit Midstream Partners, LP (NYSE: SMLP) is a growth-oriented independent natural gas, crude oil and produced water gathering and processing company with diversified operations across seven resource plays in the…
Diversified Operating Footprint SMLPs diversified operations, services and customers provide cash flow stability. SMLP intends to allocate its growth capital to its Core Focus Areas where there are significant opportunities to support…
Investment Considerations
SMLP Investment Considerations Financial Profile Focused on Attractive Relative Valuation(1) Returns-Driven Accretive Growth SMLP is trading at a discount to its G&P peers Strong balance sheet with 1Q 2019 leverage of EV / EBITDA…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Attractive Relative Valuation SMLP represents an attractive relative value based on its EV / 2019E EBITDA compared to its peers SMLP vs. Peers…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Strong Balance Sheet Enables Execution of Growth Strategy Balance Sheet Provides the Foundation 816 million of availability under 1.25 billion…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Growth Capital Projects Allocating capital to high risk-adjusted returning projects in our Core Focus Areas Williston Wells DJ Site Location of…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Double E Project Update Industry solution connecting New Mexico natural gas production to market liquidity in Waha, Texas Project Overview Double E…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Strategic Focus on Four Key Growth Basins Core Focus Areas Map 2016 Adj. EBITDA by Segment 46% Core Focus Areas x2 2019E Adj. EBITDA by…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Utica Shale Diversified operating footprint spanning all three windows of the premier gas basin in North America Area Strategy & Key Themes Utica…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Williston Basin Geographically expansive platform providing multiple service offerings to top producers in the play Area Strategy & Key Themes…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas DJ Basin Competitively advantaged gathering and processing position in the northern DJ Basin Area Strategy & Key Themes DJ Basin Map Commissioning…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Permian Basin High-growth platform serving largest acreage holder in prolific northern Delaware Basin Area Strategy & Key Themes Permian Basin Map…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Legacy Areas Low Decline Legacy Areas Have High MVC Underpinnings and Provide Reliable Free Cash Flows Legacy Areas Map Legacy Areas MVCs 1,124…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Piceance Basin Area Strategy & Key Themes Piceance Basin Map Positioned in the core of the Piceance Basin with exposure to the liquids-rich Mesaverde…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Barnett Shale Area Strategy & Key Themes Barnett Shale Map System fully developed with minimal capex requirements A Continuous improvement in the…
Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Marcellus Shale Area Strategy & Key Themes Marcellus Shale Map SMLPs Marcellus assets provide a critical high-pressure inlet to the Sherwood…
Key Takeaways 2019 guidance supported by visible near-term growth and current levels of drilling 1 and completion activity 2 Compelling and attractive valuation relative to G&P peers Financial flexibility with 2019…
Appendix
Downside Protection Through Long-Term Contracts with MVCs Utica Williston DJ Permian Piceance Barnett Marcellus Wtd. Avg. / Core Focus Areas Legacy Areas Shale Basin Basin Basin Basin Shale Shale Total (4) Acreage Dedications (net…
Reportable Segment Adjusted EBITDA Three Months ended March 31, (s in 000s) 2019 2018 (1) Reportable segment adjusted EBITDA : Utica Shale 6,193 8,715 (2) Ohio Gathering 9,210 10,477 Williston Basin 18,734 15,970 DJ Basin 2,673…
Reconciliation of Net Income or Loss to adj. EBITDA and DCF Three Months Ended March 31, Year Ended December 31, (s in 000s) 2019 2018 2018 2017 2016 Net income / (loss) (36,914) (3,845) 42,351 86,050 (38,187) Add: Interest expense…
Reconciliation of Net Cash Provided by Operating Activities to adj. EBITDA and DCF Three Months Ended March 31, Variance (s in 000s) 2019 2018 % Distributable Cash Flow: Net Cash provided by operating activities 52,711 51,210 1,501 3%…
Adjustments Related to MVC Shortfall Payments(1) Three Months Ended March 31, 2019 MVC Gathering Adjustments to MVC Net Impact to (s in 000s) Billings Revenue Shortfall Payments Adjusted EBITDA Net change in deferred revenue related…
Research Coverage / Contact Information & Org. Structure Equity Research Coverage Organizational Structure Barclays Capital Capital One Securities, Inc. Citigroup Global Markets 100% Credit Suisse Summit Midstream Partners, LLC…
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