RBC Capital Markets 2013 MLP Conference November 21, 2013 RIGHT PLATFORM. RIGHT OPPORTUNITIES. RIGHT PEOPLE. 1
Investor Notices Additional Information and Where to Find It This presentation contains information about the proposed merger involving a Devon entity and a Crosstex entity. In connection with the proposed merger with Devon, New Public…
The Crosstex and Devon Midstream Combination RIGHT PLATFORM. RIGHT OPPORTUNITIES. RIGHT PEOPLE. 4
A Stronger Company Immediate and meaningful value accretion for both Devon and Crosstex equity holders Increased scale and diversification Devon upstream sponsorship Enhanced financial strength Improved cash flow stability…
Transaction Overview Devon Energy Corporation Devon forms and contributes (NYSE: DVN) substantially all of its U.S. based midstream assets to Devon Form Holdings Holdings. Devon contributes 100 million in Devon Midstream cash and…
Crosstex / Devon Combination: Strategically Located Assets PA Gas Gathering and Transportation OH 6,500 miles of gathering and MARCELLU S transmission lines CANA-WOODFORD OK Gas Processing UTICA 13 plants with 3.3 Bcf/d of…
Improved Cash Flow Stability: High Quality & Diversified Revenue Stream Upstream Producers Devon will be largest customer ( 50% of combined 2014e adjusted EBITDA) Diversified industry customer base Growth projects focused on…
Enhanced Financial Strength Devon to contribute assets without debt Initial MLP pro forma leverage is 2.1x(1) 2013e Adjusted EBITDA (MLP & new GP…
Cajun-Sibon Expansion Project Highlights: 139-mile pipeline from NGL supply hub in South Texas to Crosstexs NGL fractionation assets in South Louisiana Supported by long-term sales agreements with Dow Hydrocarbons and Williams…
Key Growth Area: Permian Basin Great Platform in Prolific Shale Play Bearkat Highlights: Processing Plant 140MM investment for gas gathering and processing plant Fractionator 60 MMcf/d processing plant 30-mi. high pressure gathering…
Key Growth Area: Ohio River Valley A First Mover in the Utica & Marcellus Ohio River Valley Crude Pipeline Ohio Pennsylvania Crude & Brine Truck Stations Killbuck Brine Disposal Wells X Black Run Rail Terminal Black Run Bells…
Enhanced Growth Outlook: 2014e Financial Outlook * 2014e adjusted EBITDA* (pre-synergies) Pro Forma 2014e 700 MM combined Outlook * 500 MM at the MLP Combined Adjusted EBITDA 700 MM Synergies contribute to distributable cash MLP…
Questions RIGHT PLATFORM. RIGHT OPPORTUNITIES. RIGHT PEOPLE. 14