CONE Midstream Partners LP Roadshow Presentation September 2014
Offering Summary Issuer CONE Midstream Partners LP (NYSE: CNNX) Sponsors CONSOL Energy Inc. (NYSE: CNX), Noble Energy, Inc. (NYSE: NBL) Common Units Offered [ ] units ([ ] unit over-allotment option) Total Units [ ] units; [ ]…
Presenters Bios Name Title at CNNX Title at Sponsor Background SVP, Corporate Chairman & Vice President, Southern Region of Noble Energys North America Division John T. Lewis Development CEO Director, Assets Development and…
Key Investment Highlights Combined market capitalization of over 30 billion and executive management Experienced, Large-Cap with an average of over 28 years of experience in the energy sector E&P Sponsorship Over 690,000…
Sponsor and CNNX Overview
Sponsor Overview 9 billion market capitalization 25 billion market capitalization Over 5.7 Tcfe of proven reserves at year-end 2013 (44% Owns reserves of 1.4 Bboe and assets over 19 billion at increase over 2012 total) year-end…
Strong Anchor Tenants Developing Premier Marcellus Resource Highlights 2014E Capex Budget Two of the leading E&P companies in the Eastern United States Marcellus acreage is the most important asset in CONSOLs CONSOL Noble Energy…
CONE Midstream Partners LP (CNNX) Overview CONE and CNNX Formation In 2011, CNX and NBL formed a 50/50 midstream joint venture, CONE Gathering LLC (CONE), to service their rapidly growing production in the Marcellus Shale CNNX…
Platform With Significant Organic and Drop-down Growth Potential CONE Midstream Partners LP 75% 5% 5% interest interest interest Organic Growth Drop-down Growth Anchor Systems Growth Systems Additional Systems Established…
CNNX Benefits From its DevCo Structure Provides CNNX with a critical mass Shields CNNX from a substantial Creates visible organic and drop- of established gathering assets within portion of the capital requirements, down distribution…
Upstream Joint Development and Growth Opportunities
Advantaged Position in Marcellus Core Sponsors Hold Over 690,000 Net Acres in the Cost-advantaged and Prolific Area of the Marcellus Sponsors formed 50/50 upstream joint venture in the Marcellus in September 2011 with an area of…
Marcellus Shale Advantaged Economics Low Breakeven Provides Attractive Returns in Most Commodity Environments Gas Shale Play Breakeven Prices (/MMBtu) 6.00 Acreage by Window Marcellus SWPA (Dry) 9% 5.00 CPA South (Dry)…
CNNXs Throughput Growth Has Just Begun CNNX Consolidated Throughput Growth NTM Forecast 1,248 1,250 1,114 Anchor Systems 1,000 940 900 Growth Systems Additional Systems 712 750 BBtu/d 552 490 500 453 370 277 233…
Leading Firm Transportation Capacity Position Highlights Sponsors CNNX-Related Firm Transportation Approximately 1.0 Bcf/d1 of 1.8 long-term firm transportation with four major pipelines, including Columbia, Texas Eastern and…
CNNX is Positioned for Long-term Growth Distribution / Unit [] Visible Organic Project Backlog Sponsors currently have over 8,000 potential drilling locations in the Marcellus Shale Sponsors intend to connect and commence…
Estimated Cash Available for Distribution T welv e Months Ending ( in Millions) Septem ber 30, 2015 EBIT DA Attributable to CONE Midstream Partners LP 67 .4 Less: Cash Interest Ex pense (1 .8) Maintenance Capital Ex…
Balance Sheet Well Positioned for Growth CNNX Will Have a Balance Sheet and Liquidity Profile that Facilitates its Growth Strategy Capitalization 1 Sources ( in Millions) ( in Millions) As of June 30, 2014 Historical Pro Forma2…
Financial Strategy and Highlights Upstream development plan drives strong organic growth on existing system Visible Growth Profile Large drop-down inventory from Sponsors retained ownership interest Stable Revenue Long-term…
Investment Highlights Recap Experienced, Large-Cap E&P Sponsorship Strategically Growth Advantaged Through Stable, Marcellus Fixed-Fee Cash Assets Flows Financial Robust Flexibility and Distribution Strong Capital…
Appendix
Gathering Systems Overview Located in core development areas of the Southern Marcellus 2,349 Bbtu/d tap capacity 160 miles of pipelines 62,040 of compression horsepower [add detailed system bullets] Note: System…
Non-GAAP Financial Measures ( in Millions) CNNX Predecessor CNNX Pro Forma 1 2/31 /201 2 1 2/31 /201 3 1 2/31 /201 3 Net Income 1 9.9 28.1 22.9 Interest Ex pense - - - Income Tax Ex pense - - - Depreciation and Amortization Ex…
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