Skip to main content2020 Citi One on One Midstream Energy Infrastructure Virtual Conference – Summit Midstream Partners, Lp Investor Presentation | Shale Experts
Summit Midstream Partners, LP 2020 Citi One-on-One Midstream / Energy Infrastructure Virtual Conference August 12, 2020
SMLP Overview
SMLP Overview Summit Midstream Partners, LP (NYSE: SMLP) is a value-driven independent natural gas, crude oil and produced water gathering and processing company with diversified operations across seven resource plays in the continental…
2020 Highlights 2Q 2020 Financial Results 64.6 million of adjusted EBITDA and 42.7 million of DCF Volume throughput of 1,391 MMcf/d for operated assets, an 8.6% Q-o-Q increase driven by 416 MMcf/d of Utica Shale volumes 1.8 million…
Diversified Operating Footprint SMLPs diversified operations, services and customers provide cash flow stability. SMLP has substantial opportunities for growth in each of its Core Focus Areas, but intends to allocate growth capital in…
Investment Considerations
SMLP Investment Considerations Enhanced Organizational and Commitment to Deleveraging & Governance Structure Enhancing Financial Flexibility SMLPs 100% ownership of the GP provides full Repurchased 137.9 million face value of unsecured…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Valuation Diversified Asset Portfolio Organizational Structure Post GP Buy-in Transaction organizational structure better aligns stakeholders by providing…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Valuation Diversified Asset Portfolio Committed to Further Strengthening the Balance Sheet Recent Actions SMLP Pro Forma Capitalization Full repayment of…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Valuation Diversified Asset Portfolio Attractive Relative Valuation SMLP represents an attractive relative value compared to peers SMLP vs. Peers…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Valuation Diversified Asset Portfolio Strategic Focus on Four Key Growth Basins Core Focus Areas Map 2016 Adj. EBITDA by Segment(1) 46% Core Focus…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Valuation Diversified Asset Portfolio Utica Shale Diversified operating footprint spanning all three windows of the Utica Shale Area Strategy & Key Themes…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Valuation Diversified Asset Portfolio Williston Basin Geographically expansive platform providing multiple service offerings to top producers in the play…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Valuation Diversified Asset Portfolio DJ Basin Competitively advantaged gathering and processing position in the northern DJ Basin Area Strategy & Key…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Valuation Diversified Asset Portfolio Permian Basin High-growth platform serving largest acreage holder in prolific northern Delaware Basin Area Strategy &…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Core Focus Valuation Areas Diversified Asset Portfolio Double E Pipeline Industry solution connecting New Mexico natural gas production to market liquidity…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Valuation Diversified Asset Portfolio Legacy Areas Low Decline Legacy Areas Have High MVC Underpinnings and Provide Reliable Free Cash Flows Legacy Areas…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Valuation Diversified Asset Portfolio Piceance Basin Area Strategy & Key Themes Piceance Basin Map Gathering system scale provides significant operating…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Valuation Diversified Asset Portfolio Barnett Shale Area Strategy & Key Themes Barnett Shale Map System fully developed with minimal capex requirements A…
Enhanced Organizational Structure Prioritizing the Balance Sheet Attractive Valuation Diversified Asset Portfolio Marcellus Shale Area Strategy & Key Themes Marcellus Shale Map SMLPs Marcellus assets provide a critical high-pressure…
Key Takeaways New organizational and governance structure with fully aligned LP and GP and majority independent board 1 that is focused on generating value for common unitholders 2 Created over 2.00 of value per outstanding common…
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…
GP Buy-in Transaction Overview On May 28, 2020, SMLP closed the acquisition of Summit Midstream Partners, LLC (Summit Investments) from Energy Capital Partners II, LLC (ECP) for 35 million in cash plus warrants covering up to 10 million…
Reportable Segment Adjusted EBITDA (1) We define segment adjusted EBITDA as total revenues less total costs and expenses, plus (i) other income excluding interest income, (ii) our proportional adjusted EBITDA for equity method…
Reconciliation of Net Income or Loss to adj. EBITDA and DCF (1) Includes the amortization expense associated with our favorable gas gathering contracts as reported in other revenues. (2) Reflects our proportionate share of Ohio…
Reconciliation of Net Cash Provided by Operating Activities to adj. EBITDA and DCF (1) Reflects our proportionate share of Ohio Gathering adjusted EBITDA, subject to a one-month lag. (2) Adjustments related to MVC shortfall payments…
Adjustments Related to MVC Shortfall Payments(1) (1) Adjustments related to MVC shortfall payments account for (i) the net increases or decreases in deferred revenue for MVC shortfall payments and (ii) our inclusion of expected annual…
Research Coverage / Contact Information & Org. Structure Equity Research Coverage Organizational Structure Public Barclays Capital RBC Capital Markets 55.9MM common units Summit Midstream Partners, LP Truist Securities (NYSE:…
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