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Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P.

Sunoco Logistics Partners L.P. · Mar 5, 2014 · 41 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. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 1
    Sunoco Logistics Partners L.P. NYSE Morgan Stanley SXL Midstream MLP Corporate Access Day March 4-5, 2014
  2. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 2
    Sunoco Logistics Assets 3
  3. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 3
    Sunoco Logistics and Energy Transfer Assets 4
  4. Midstream MLP Corporate Access Day – 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. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 5
    Recent Highlights g Distributions: 0 5th consecutive 5% quarter over quarter increase 7th consecutive quarter over quarter increase of at least 5% 35th consecutive increase overall Guidance 5% quarter over quarter increases in 2014…
  6. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 6
    Recent Highlights g Four Successful Open Seasons in 2013 (11 total since 2011): 0Mariner South 0Eaglebine Express 0Granite Wash Extension 0Permian Express 2 g Capital: 02013 organic g capital p of 965 million 02014 organic…
  7. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 7
    7 Consecutive Quarters of at Least 5% Distribution Growth 2.90 2.70 2.65 2.52 alized 2.50 2.40 Distribution Per Unit Annua 2.29 2.30 2.18 2.10 2.07 1.88 1.90 1.71 1.70 1.50 May 2012 Aug 2012 Nov 2012…
  8. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 8
    Distribution History Average Annual Paid Distribution (per LP unit) LP/GP Split (%) 3.00 g Seven consecutive S ti quarter over quarter 2.65 50/50 distribution increases 2.50 of at least 5% 2.11 2.00 g 35 consecutive…
  9. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 9
    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…
  10. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 10
    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…
  11. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 11
    Major Organic Projects g 11 Successful Open Seasons: 03 West Texas Crude expansion projects (crude oil) 0Permian Permian Express 1 (crude oil) 0Permian Express 2 (crude oil) 0Eaglebine Express (crude oil) 0Granite Wash Extension…
  12. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 12
    Scheduled Project Start-up Note: Nederland Access start-up dependent upon Pegasus 13
  13. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 13
    Organic Capital 1,500 At Least 1.3B 1,200 MM) nvestment (M 900 600 In 300 0 2009 2010 2011 2012 2013 2014P Organic Capital 14
  14. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 14
    Acquisition Capital 600 500 400 M) Investment (MM 300 200 100 0 2009 2010 2011 2012 2013 Acquisition Capital Note: SXL does not comment on future acquisitions 15
  15. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 15
    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…
  16. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 16
    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…
  17. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 17
    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…
  18. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 18
    Granite Wash Extension Crude Oil g Approximately 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…
  19. Midstream MLP Corporate Access Day – 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. Midstream MLP Corporate Access Day – 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. Midstream MLP Corporate Access Day – 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 0Open Season Launched for…
  22. Midstream MLP Corporate Access Day – 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 1 & 2 g Located near the Marcellus and Utica shales, the site offers many…
  23. Midstream MLP Corporate Access Day – 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. Midstream MLP Corporate Access Day – 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. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 25
    Appendix
  26. Midstream MLP Corporate Access Day – 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. Midstream MLP Corporate Access Day – 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. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 28
    Joint Venture Ownership Consolidated Affiliates (JVs): Inland Mid-Valley West Texas Gulf SXL 83.8% SXL 91.0% SXL 60.3% Citgo 16 2% 16.2% Chevron 9 0% 9.0% Chevron 28 3% 28.3% Citgo 11.4% Unconsolidated Affiliates (JVs):…
  29. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 29
    Capitalization (MM) A off 12/31/13 As Debt Senior Notes, net 2,148 fixed Unamortized fair value adjustments, net(1) 120 1.5 B SXL Revolver (matures November 2018)(2) 200 floating 35 MM WTG Revolver (matures April 2015) 35…
  30. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 30
    Debt Maturity Schedule at 12/31/2013 (MM) 400 350 350 350 300 300 300 250 250 250 200 175 * 175 150 100 50 8.75% 6.13% 5.50% 4.65% 3.45% 6.85% 6.10% 4.95% 0 '13 '14 '15 '16 - '20 '21 '22 '23 - '40 '41 '42 '43 Note: Excludes…
  31. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 31
    Debt to Adjusted EBITDA 3.5x 3.0x 2.5x 2.0x 1.5x 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 Note: Adjusted EBITDA reflects last twelve months for the period ended. Total Debt at 12/31/12 and 12/31/13 does…
  32. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 32
    Debt to Adjusted EBITDA December 31, (MM) 2009 2010 2011 2012 2013 Debt to Adjusted EBITDA Ratio Total Debt 868 1,229 1,698 1,732 2,503 Less: Unamortized FV adjustments, net(1) - - - 143 120 868 1 229 1,229 1 698 1,698 1 589…
  33. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 33
    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…
  34. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 34
    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…
  35. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 35
    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…
  36. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 36
    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…
  37. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 37
    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…
  38. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 38
    Acquisition History (1.4B 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 43.8%…
  39. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 39
    Acquisition History (1.4B Since IPO), Continued November 2008 g Texas refined products pipeline system and terminal facilities from ExxonMobil for 186MM September 2009 g Oklahoma crude oil pipeline from Excel Pipeline LLC and Romulus,…
  40. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 40
    SXL Key Financial and Operating Statistics Sunoco Logistics Partners L.P. Key Financial and Operating Statistics UNAUDITED 2009 2010 2011 2011 2012 2012 2013 2013 Total Total 1st 2nd 3rd 4th(1) Total 1st(2) 2nd(3) 3rd 4th Total 1st…
  41. Midstream MLP Corporate Access Day – Sunoco Logistics Partners L.P. – slide 41
    SXL Key Financial and Operating Statistics Sunoco Logistics Partners L.P. Key Financial and Operating Statistics UNAUDITED 2009 2010 2011 2011 2012 2012 2013 2013 Total Total 1st 2nd 3rd 4th(1) Total 1st(2) 2nd(3) 3rd 4th Total 1st…

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