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Infrastructure Conference – Sunoco Logistics Partners L.P.

Sunoco Logistics Partners L.P. · Aug 21, 2014 · 39 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. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 1
    Sunoco Logistics Partners L.P. NYSE Citi MLP / Midstream Mid t SXL Infrastructure Conference August 20-21, 2014
  2. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 2
    Sunoco Logistics Assets 3
  3. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 3
    Sunoco Logistics and Energy Transfer Assets 4
  4. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 4
    Energy Transfer Family of Companies ENERGY TRANSFER EQUITY, L.P. (NYSE: ETE) LP Interest Interest, GP Interest, Interest IDRs, IDRs Class H Units* Units LP Interest, GP Interest, IDRs ENERGY TRANSFER PARTNERS, L.P. REGENCY…
  5. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 5
    Recent Highlights g Record Quarterly Performance: 0 280MM Adjusted EBITDA and 223MM Distributable Cash Flow in 2Q g Second Quarter Distribution: 0 9th consecutive quarter over quarter increase of at least 5% 37th consecutive increase…
  6. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 6
    9 Consecutive Quarters of at Least 5% Distribution Growth g Guidance 5% quarter over quarter increases in 2014 Note: Values adjusted for the two-for-one split completed on June 12, 2014 7
  7. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 7
    Distribution History Average Annual Distribution (per LP unit) LP/GP Split (%) 2.00 g 9 consecutive ti quarter t over quarter distribution increases 1.50 50/50 of at least 5% 1.46 g 37 consecutive 1.06 1.00 quarterly…
  8. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 8
    EBITDA by Segment (MM) 2009 2010 2011 2012 2013 Crude Oil Pipeline System 147 156 207 275 349 Crude Oil Acquisition and Marketing 46 39 148 239 233 T Terminal i lFFacilities iliti 105 127 149 225 233 Refined Products Pipeline System 74…
  9. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 9
    Adjusted EBITDA: Ratable and Market Related Maximize asset base by 1,000 871 taking advantage of 900 810 market opportunities 800 700 MM) sted EBITDA (M 600 573 Distributions based on 500 399 ratable cash 400 372…
  10. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 10
    Major Organic Projects g 11 Successful Open Seasons: 03 West Texas Crude expansion projects (crude oil) 0Permian Express 1 (crude oil) 0Permian Express 2 (crude oil) 0Eaglebine Express (crude oil) 0Granite Wash Extension (crude oil)…
  11. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 11
    Scheduled Project Start-up 12
  12. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 12
    Organic Capital 2,500 2 000 2,000 Investment ((MM) 1,500 , 1,000 500 0 2009 2010 2011 2012 2013 2014P Organic Capital 13
  13. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 13
    Acquisitions 600 500 nvestment (MM) 400 300 200 In 100 0 2009 2010 2011 2012 2013 2014* Acquisition Capital *SXL does not comment on future acquisitions *Includes the acquisition of an additional 3.9% interest…
  14. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 14
    Original 110 MB/D West Texas Expansion Crude Oil g West Texas Crude Expansion: 0 Strong demand for takeaway capacity out of the Permian Basin 0 Existing crude pipeline 0 Multiple destinations 0 3 Successful Open Seasons Houston…
  15. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 15
    Permian Express Crude Oil Additional West TX Crude Expansion: 0 Continued strong demand for t k takeaway capacity it outt off the th Permian Basin 0 PE 1: Successful Open Season Wichita Falls to Nederland Existing pipeline…
  16. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 16
    Eaglebine Express Crude Oil g 60MB/D of takeaway capacity from the Eaglebine Eaglebine Express E l bi / W Eaglebine Woodbine dbi C Crude d tto N Nederland d l d and Woodbine shale at Hearne to Nederland g Existing MagTex…
  17. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 17
    Granite Wash Extension Crude Oil g 70MB/D of takeaway capacity from the Granite Wash Shale to Ringgold 0 Ability to ultimately connect to multiple SXL and 3rd party pipelines 0 Provides access to multiple markets g 200 miles of…
  18. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 18
    Longview & Louisiana Extension Crude Oil g 100MB/D of additional takeaway capacity from the Permian Basin at Midland 0 Provides access to multiple markets in Texas & Louisiana 0 Combination of proprietary and 3rd party…
  19. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 19
    Allegheny Access Refined Products g Midwest p products to Eastern Ohio Allegheny Access and Western Pennsylvania: Ohio Products to Pittsburgh 0 Strong demand to move Midwest refined products east Refinery expansions Refinery…
  20. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 20
    Mariner West and East Natural Gas Liquids Mariner West Mariner East 1 Ethane from Houston to Sarnia E/P from Houston to Marcus Hook Mariner East 2 NGLs from Shales to Marcus Hook 21
  21. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 21
    Mariner West and East Details g Comprehensive Marcellus Shale Pipeline Solution 0Strong demand for NGL takeaway capacity out of the Marcellus 0Successful Open Seasons for both Mariner West and Mariner East 1 0Actively developing…
  22. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 22
    Marcus Hook Natural Gas Liquids g Acquired from Sunoco, Inc. 60MM g Continued commitment to growth in natural gas liquids g Foundation of Mariner East g Located near the Marcellus and Utica shales, the site offers many features: 0…
  23. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 23
    Mariner South Natural Gas Liquids g Export NGLs from Gulf Coast: 0 Joint project between SXL and Mariner South Lone Star (ETP/RGP) NGLs from Mont Belvieu to Nederland 0 Project originates at Lone Stars fractionation facility in…
  24. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 24
    Summary g Geographically diverse asset base and strong business fundamentals g Commitment to Investment Grade credit rating g Flexible capital structure to support growth and distribution coverage g Experienced management team g…
  25. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 25
    Appendix
  26. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 26
    SXL Non-GAAP Financial Measures Twelve Months Ended December 31, (MM) 2009 2010 2011 2012 2013 Net Income 250 348 322 531 474 Interest expense, net 45 73 89 79 77 D Depreciation i ti and d amortization ti ti expense 48 64 86 139…
  27. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 27
    Historical Financial Results (MM) 2009 2010 2011 2012 2013 Crude Oil Pipelines 147 156 207 275 349 Crude Oil Acquisition & Marketing 46 39 148 239 233 Terminal Facilities 105 127 149 225 233 Refined Products Pipelines 74 77 69 71 56…
  28. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 28
    Joint Venture Ownership Consolidated JV's: West Texas Gulf Mid-Valley Inland SXL 60.3% SXL 91.0% SXL 83.8% Chevron 28.3% Chevron 9.0% Citgo 16.2% Citgo 11.4% Equity Interest JV's: E l Explorer* * Westt Shore W Sh W l i **…
  29. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 29
    Capitalization (MM) As of 6/30/14 Debt Senior Notes, net 2,975 fixed Unamortized fair value adjustments, net(1) 108 1.5 B SXL Revolver (matures November 2018)(2) 250 floating 35 MM WTG Revolver (matures April 2015) 35 floating…
  30. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 30
    Debt Maturity Schedule at 6/30/2014 (MM) 750 700 675 600 525 450 375 350 350 300 300 300 300 250 250 225 175 150 75 6 13% 6.13% 5 50% 5.50% 4 65% 4.65% 3 45% 3.45% 4 25% 4.25% 6 85% 6.85% 6 10% 6.10% 4 95%…
  31. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 31
    1.5 Billion Revolving Credit Facility (MM) Facility Facility 100MM Lenders Allocation 40.5MM Lenders Allocation (1) 100.0 Bank of Nova Scotia 40.5 Citibank Barclays Bank 100.0 BNP Paribas 40.5 Bank of Tokyo-Mitsubishi UFJ 100.0…
  32. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 32
    Crude Oil Pipeline System g 40% of total EBITDA for the year ended December 31, 2013 g Approximately 4 4,900 900 miles of crude oil trunk lines located in the Southwest and Midwest U.S. 0Approximately 500 miles of gathering lines g…
  33. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 33
    Crude Oil Acquisition and Marketing g 27% of total EBITDA for the year ended December 31, 2013 g Crude truck fleet of approximately 300 trucks g Purchase crude oil at the wellhead from producers and in bulk from aggregators at major…
  34. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 34
    Terminal Facilities g 27% of total EBITDA for the year ended December 31, 2013 g Nederland, TX Crude Oil Terminal - One of the largest onshore crude facilities in U.S. 022 million barrel capacity currently g Eagle Point, NJ Crude Oil and…
  35. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 35
    Refined Products Pipeline System J 6% of total EBITDA for the year ended December 31, 2013 J Refined products pipeline system (approximately 2 2,500 500 miles) miles), located in the Northeast, Midwest and Southwest U.S. J Equity…
  36. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 36
    Acquisition History (1.5B Since IPO) November 2002 g Joint-venture interests in 3 refined product pipelines from Unocal, for 54MM 0Wolverine (31.5%), West Shore (9.2%), and Yellowstone (14.0%) November 2002 g 43.8% joint-venture…
  37. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 37
    Acquisition History (1.5B Since IPO), Continued September 2009 g Oklahoma crude oil pipeline from Excel Pipeline LLC and Romulus, MI refined products terminal facility from R.K.A. Petroleum LLC for an aggregate 50MM Julyy 2010 g Butane…
  38. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 38
    SXL Key Financial and Operating Statistics 2010 2011 2012 2013 2014 Total Total 1st 2nd 3rd 4th Total 1st 2nd 3rd 4th Total 1st 2nd Total Financial highlights (in millions) Sales and other operating revenue Crude Oil Pipelines 221…
  39. Infrastructure Conference – Sunoco Logistics Partners L.P. – slide 39
    SXL Key Financial and Operating Statistics 2010 2011 2012 2013 2014 Total Total 1st 2nd 3rd 4th Total 1st 2nd 3rd 4th Total 1st 2nd Total Reconciliation of Segment Operating Income to Net Income Attributable to Sunoco Logistics…

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