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Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp

Summit Midstream Partners, Lp · Aug 14, 2019 · 27 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. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 1
    Summit Midstream Partners, LP Citi 1:1 Midstream / Energy Infrastructure Conference August 14 - 15, 2019
  2. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 2
    SMLP Overview
  3. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 3
    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…
  4. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 4
    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…
  5. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 5
    Investment Considerations
  6. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 6
    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 668 million of liquidity EV /…
  7. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 7
    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…
  8. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 8
    Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Strong Balance Sheet Enables Execution of Growth Strategy Balance Sheet Provides the Foundation 668 million of availability under 1.25 billion…
  9. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 9
    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…
  10. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 10
    Attractive Valuation Returns-Driven Accretive Growth Core Focus Areas Legacy Areas Double E Pipeline Industry solution connecting New Mexico natural gas production to market liquidity in Waha, Texas Project Overview Double E Project…
  11. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 11
    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 2019E Adj. EBITDA by…
  12. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 12
    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…
  13. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 13
    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…
  14. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 14
    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 Recently…
  15. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 15
    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…
  16. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 16
    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 1,060…
  17. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 17
    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…
  18. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 18
    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…
  19. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 19
    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…
  20. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 20
    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…
  21. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 21
    Appendix
  22. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 22
    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…
  23. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 23
    Reportable Segment Adjusted EBITDA Three Months ended June 30, Six Months ended June 30, (s in 000s) 2019 2018 2019 2018 (1) Reportable segment adjusted EBITDA : Utica Shale 6,640 9,223 12,833 17,938 (2) Ohio Gathering 9,939 8,935…
  24. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 24
    Reconciliation of Net Income or Loss to adj. EBITDA and DCF Six Months Ended June 30, Year Ended December 31, (s in 000s) 2019 2018 2018 2017 2016 Net income / (loss) (32,105) (53,758) 42,351 86,050 (38,187) Add: Interest expense…
  25. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 25
    Reconciliation of Net Cash Provided by Operating Activities to adj. EBITDA and DCF Six Months Ended March 31, (s in 000s) 2019 2018 Distributable Cash Flow: Net Cash provided by operating activities 96,246 110,049 Add: Interest…
  26. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 26
    Adjustments Related to MVC Shortfall Payments(1) Three Months Ended June 30, 2019 MVC Gathering Adjustments to MVC Net Impact to (s in 000s) Billings Revenue Shortfall Payments Adjusted EBITDA Net change in deferred revenue related to…
  27. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 27
    Research Coverage / Contact Information & Org. Structure Equity Research Coverage Organizational Structure Barclays Capital Capital One Securities, Inc. 100% Credit Suisse Summit Midstream Partners, LLC RBC Capital Markets 7.2%…

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