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Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P.

Access Midstream Partners, L.P. · Jul 1, 2014 · 35 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. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 1
    ACCESS MIDSTREAM PARTNERS INVESTOR PRESENTATION JULY 2014
  2. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 2
    PARTNERSHIP OVERVIEW Gathering and processing master limited partnership formed in 2010 Leadership position in 9 unconventional basins in U.S. 12 billion market capitalization with 49% public float Williams owns 100% of the GP…
  3. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 3
    BEST IN CLASS MLP Best in class midstream business model Industry leading organic growth platform Key investment highlights include: Low Risk Business Model Industry Leading Growth Conservative Financial Strategy Experienced…
  4. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 4
    ACMP INVESTMENT HIGHLIGHTS Low Risk Business Model Fixed fee revenue model with no direct commodity price exposure Contractual structure creates cash flow stability and visibility Industry Leading Growth 4.3B of CAPEX in 2013 -…
  5. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 5
    BUSINESS MODEL COMPARISON BUSINESS MODEL PROVIDES PROTECTED AND VISIBLE DISTRIBUTIONS Typical Long Haul Risk Factors ACMP Typical G&P MLPs Pipeline MLPs Minimal exposure Commodity Price (fixed fee) Indirect Direct & Indirect…
  6. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 6
    LEADING CONTRACT STRUCTURE STRUCTURE CREATES CASH FLOW STABILITY ACROSS ALL BASINS Barnett Eagle Ford Haynesville Marcellus Mid-Continent Niobrara Utica Direct Commodity 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100%…
  7. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 7
    LOW RISK BUSINESS MODEL Considerations Mitigants MVC and long-term acreage dedications Volume & Capital Rate redetermination, cost of service and fee tiers Conservative maintenance capital Arms-length, 10-20 year contracts at…
  8. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 8
    EXPANDING ASSET BASE HIGH QUALITY, SCALABLE ASSET BASE IN HIGH GROWTH UNCONVENTIONAL PLAYS Key Operating Data(1) Total Assets: 8.3 billion Dedicated Areas: 8.3 million acres Miles of Pipe: 6,414 Volume: 3,828 mmcf/d…
  9. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 9
    ACMP IS THE LARGEST G&P MLP LARGEST G&P MLP AS MEASURED BY DAILY THROUGHPUT OF GATHERING ASSETS 1Q 2014 Average Daily Throughput of Gathering Assets(1) Mmcfe/d 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 ACMP RGP DPM NGLS…
  10. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 10
    OUR GROWTH FOCUS Organic growth Growth CAPEX in millions 4.3 billion in 2013-2016 1,468 Substantial processing 1,100-1,200 investment 900-1,000 600-800 Business development growth 660 345 New producer opportunities 2011A…
  11. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 11
    COST OF SERVICE GROWTH 15 - 20 year fee calculated based on mid-teens return on invested capital Long-term EBITDA growth part of contractual model Fee recalculated annually for actual experience and revised forecast Cost of Service…
  12. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 12
    ACCESS COMPRESSION ACQUISITION SUMMARY ACMP acquired CHKs compression units servicing ACMPs gathering systems in the Marcellus and Utica regions for a purchase price of 160 million Compression portfolio includes 100 units with a…
  13. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 13
    ASSET OVERVIEW
  14. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 14
    BARNETT OVERVIEW LONG-TERM CONTRACT WITH MINIMUM VOLUME PROTECTION AND SIGNIFICANT GROWTH POTENTIAL Asset Summary Resource Dry Gas Gathering, Compression, PARKER Services TARRANT DALLAS Treating Gas Gathering Systems 27 Miles of…
  15. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 15
    EAGLE FORD OVERVIEW KEY FOOTPRINT IN LEADING LIQUIDS RICH BASIN Asset Summary Resource Associated Gas (Oil), Wet Gas Gathering, Compression, Services Treating Gas Gathering Systems 12 Miles of Pipeline 871 Gas Gathered 267…
  16. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 16
    HAYNESVILLE OVERVIEW LONG-TERM CONTRACT WITH ESCALATING ANNUAL MINIMUM VOLUME PROTECTION AND SIGNIFICANT GROWTH POTENTIAL Asset Summary Resource Dry Gas Services Gathering, Compression, Treating Gas Gathering Systems 7 Miles of…
  17. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 17
    MARCELLUS OVERVIEW STRATEGICALLY POSITIONED IN LEADING SHALE BASIN Asset Summary Resource Dry and Wet Gas Services Gathering, Compression Gas Gathering Systems 10 Miles of Pipeline 844 Gas Gathered (net) 1,205 mmcf/d Gas…
  18. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 18
    MID-CONTINENT OVERVIEW LONG-TERM LIQUIDS RICH GATHERING DEDICATIONS WITH RATE REDETERMINATION CONTRACT STRUCTURE Asset Summary Associated Gas (Oil), Dry and Resource Wet Gas Gathering, Compression, Services Treating, Processing…
  19. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 19
    NIOBRARA OVERVIEW LIQUIDS-RICH GATHERING & PROCESSING DEDICATION WITH COST OF SERVICE CONTRACT STRUCTURE Asset Summary Resource Associated Gas (Oil), Wet Gas Services Gathering, Compression, Processing Gas Gathering Systems 1 Miles…
  20. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 20
    UTICA GATHERING SYSTEM OVERVIEW LEADING ASSET POSITION WITH A VERTICALLY INTEGRATED SYSTEM ABLE TO SERVE PRODUCERS FROM THE WELLHEAD THROUGH FRACTIONATION Asset Summary Cardinal Gas Services Utica Gas Services (UGS) Asset (CGS)…
  21. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 21
    UTICA EAST OHIO PROCESSING OVERVIEW PROCESSING DEDICATION IN WET GAS WINDOW Project Summary Current Status In-Service with additional capacity under construction Processing 1,100 mmcf/d (5 plants x 220 mmcf/d) Fractionation 135,000…
  22. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 22
    FINANCIAL OVERVIEW
  23. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 23
    FINANCIAL STRATEGY CONSERVATIVE FINANCIAL STRATEGY CONSISTENT WITH LOW RISK BUSINESS MODEL Maintain stable cash flows with a low risk, fee-based business model Consistently delivering EBITDA performance at or above estimates No direct…
  24. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 24
    FINANCIAL PERFORMANCE FINANCIAL PERFORMANCE HIGHLIGHTS STRENGTH OF ACMP MODEL Adjusted EBITDA(1) Enterprise Value in millions in billions 14.9 15.5 241 250 227 207 184 9.0 118 121 120 119 97 5.0 84 92 4.3 73 76 2.6 IPO…
  25. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 25
    HIGHLY VISIBLE GROWTH ACMP FINANCIAL OUTLOOK UPDATED WITH 2016 ( million) 2014 2015 2016 EBITDA 1,025 1,125 1,250 1,350 1,400 1,600 Growth Capital 1,100 1,200 900 1,000 600 800 Maintenance 130 130 130 Capital Capable of…
  26. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 26
    PARTNERSHIP STRUCTURE STRATEGIC SPONSOR; STRONG GOVERNANCE The Williams Companies, Inc 49.1% 100% Limited Partner Access Midstream Interest Partners GP, LLC Public Common Unit Holders 100% of 2% GP interest 48.9% + IDRs…
  27. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 27
    OUR COMMITMENT TO SAFETY & ENVIRONMENTAL EXCELLENCE Every day, across every part of our business, Access is committed to safety and environmental excellence Every day, we commit to: Excellence Safety Environment Community Focus…
  28. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 28
    CORPORATE INFORMATION ACMP Headquarters 525 Central Park Dr. Oklahoma City, OK 73105 (877) 413-1023 Web site: www.accessmidstream.com Contact: Dave Shiels Chief Financial Officer dave.shielsaccessmidstream.com (405) 727-1740
  29. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 29
    PARTNERSHIP HISTORY 2010 2011 2012 2013 2014 EBITDA: 294mm 350mm 478mm 859mm 1.0 - 1.1bn CAPEX: 216mm 419mm 735mm 1.6bn 1.2 - 1.3bn EV: 4bn 5bn 9bn 15bn IPO: July 2010 February 2011 January 2012 December 2012 March 2013 February 2014…
  30. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 30
    ANADARKO OVERVIEW LIQUIDS RICH GATHERING DEDICATION WITH RATE REDETERMINATION CONTRACT STRUCTURE Asset Summary Resource Associated Gas (Oil), Dry and Wet Gas Services Gathering, Compression, Treating Gas Gathering Systems 48 Miles…
  31. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 31
    MISSISSIPPI LIME OVERVIEW LIQUIDS RICH GATHERING DEDICATION WITH RATE REDETERMINATION CONTRACT STRUCTURE Asset Summary Resource Associated Gas (Oil), Dry and Wet Gas Services Gathering, Compression, Treating Gas Gathering Systems…
  32. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 32
    PERMIAN OVERVIEW LIQUIDS-RICH GATHERING & PROCESSING DEDICATION WITH COST OF SERVICE CONTRACT STRUCTURE Asset Summary Asset Operated Non-Operated Associated Gas (Oil), Dry Associated Gas (Oil), Dry and Wet Resource and Wet Gas Gas…
  33. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 33
    FINANCIAL STATEMENTS Three Months Ended March 31, 2014 2013 (1) Revenues ........................................................................................ 277,078 236,959 Operating Expenses Operating expenses…
  34. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 34
    FINANCIAL STATEMENTS As of As of March 31, December 31, 2014 2013 Assets Total current assets ............................................................................. 298,325 257,931 Property, plant and equipment Gathering…
  35. Access Midstream Partners Investors Presentation – Access Midstream Partners, L.P. – slide 35
    FINANCIAL STATEMENTS Three Months Ended March 31, 2014 2013 Cash flows from operating activities Net income ........................................................................................ 65,529 60,696 Adjustments to…

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