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global energy conference – Jefferies Group, Inc.

Jefferies Group, Inc. · Nov 12, 2014 · 18 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. global energy conference – Jefferies Group, Inc. – slide 1
    Jefferies 2014 Global Energy Conference Don Chappel, Chief Financial Officer November 12, 2014
  2. global energy conference – Jefferies Group, Inc. – slide 2
    Diverse, Large-Scale Strategic Positions Delivering Value Today, Ongoing Growth Marcellus-Utica Zoom-in View 2 Jefferies Global Energy Conference 11/12/14 2014 The Williams Companies, Inc. All rights reserved.
  3. global energy conference – Jefferies Group, Inc. – slide 3
    Williams Value Chain Adds Significant Growth Foothold with ACMP Acquisition Opportunities to extend services ACMP adds 20% U.S. Dry-Gas Volumes Touch Our Systems depth Market Hub Transmission Pipelines and Storage in key…
  4. global energy conference – Jefferies Group, Inc. – slide 4
    We Are Well Positioned to Benefit from Supply Growth NATURAL GAS U.S. SUPPLY GROWTH (Bcf/d) Direct CAGR CAGR Ownership 3% 3% 120 09-13 14-30 +17% +58% 100 Northeast +9.5 +39.8 Bcf/d Bcf/d Rockies 80 San Juan Gulf of Mexico…
  5. global energy conference – Jefferies Group, Inc. – slide 5
    Demand Shows Up in Response to Supply, Price; 105 Bcf/d on Conservative 2% CAGR U.S. GAS DEMAND (Bcf/d) CAGR CAGR 2.5% 2% 120 09-13 14-30 +14% +47% 100 Other +8.5 +33.5 Bcf/d Transport Bcf/d LNG Exports 80 Power 60 40…
  6. global energy conference – Jefferies Group, Inc. – slide 6
    Competitive Advantages Delivering Large-Scale Projects, Long-Term Value Creation WEST ATLANTIC-GULF Increased fee-based revenues Transco: Nations largest to 80% of gross margins and fastest-growing pipeline Extensive network of…
  7. global energy conference – Jefferies Group, Inc. – slide 7
    WPZ: Large-scale, value-creating projects ready to contribute; many more to come Near-Term Growth Drivers Recent Milestones Expecting nearly Geismar restart 1 billion of annual - All construction complete cash flows coming - Startup…
  8. global energy conference – Jefferies Group, Inc. – slide 8
    Delivering Large-Scale Infrastructure to the Marcellus & Utica Marcellus (wholly owned or operated) MARCELLUS & UTICA SHALE OVERVIEW Susquehanna Supply Hub (SSH) 2015* 3 Bcf/d takeaway capacity Laurel Mountain Midstream (LMM) 2015*…
  9. global energy conference – Jefferies Group, Inc. – slide 9
    Transco: Nations Largest, Fastest Growing Interstate Pipeline System Garden State NE Connector/ Expansion Rockaway Lateral CAPITAL INVESTED PLACED INTO SERVICE (B) Leidy Atlantic 4.8 Southeast Sunrise 2017 Constitution CPV…
  10. global energy conference – Jefferies Group, Inc. – slide 10
    Gas Pipeline Assets: Unprecedented Growth with Fully Contracted Projects CAPITAL INVESTMENT PLACED INTO SERVICE (MM) MMdt/d 4,000 18 16.5 2011-2014 3,500 16 13 major 3,000 projects 14 contracted 2,500 10.8 2,000 12 1,500 2014+…
  11. global energy conference – Jefferies Group, Inc. – slide 11
    Transcos proposed Appalachian Connector project creates direct access to major Transco system markets Oak Grove Clarington Fort Beeler Natrium River Road Transcos Proposed Appalachian Connector Strong response to Project…
  12. global energy conference – Jefferies Group, Inc. – slide 12
    ACMP/WPZ merger will create leading, large-cap natural gas MLP Expected 2015 adjusted EBITDA of approximately 5 billion Expected Expect 3.65 per unit distribution from merged MLP in 2015, up 50% and 30%, respectively, from Benefits…
  13. global energy conference – Jefferies Group, Inc. – slide 13
    Significant valuation re-rating opportunity still ahead 2014-2016 DISTRIBUTION CAGR Current Yield 10.0% Median large-cap, diversified coverage ratio is 1.1x Merged MLP expected to be at or above 1.1x through 2017 8.0% WPZ Implied…
  14. global energy conference – Jefferies Group, Inc. – slide 14
    *WMB projects expected to be Nearly 30 Billion in WPZ/ACMP dropped down to WPZ in late 2014 committed plus potential capital projects 2014-19 to early 2015 TARGET IN-SERVICE DATES FOR VISIBLE GROWTH PROJECTS 2014 2015 2016 2017…
  15. global energy conference – Jefferies Group, Inc. – slide 15
    Williams well positioned to participate in once-in-a-generation industry supercycle WMB now one of the largest publicly traded GP holding companies with control of both WPZ and ACMP ACMP/WPZ merger will create leading natural gas MLP…
  16. global energy conference – Jefferies Group, Inc. – slide 16
    Forward Looking Statements and Non-GAAP Reconciliations
  17. global energy conference – Jefferies Group, Inc. – slide 17
    Important information In connection with the proposed merger of ACMP and WPZ, ACMP will file with the SEC a Registration Statement on Form S-4 that will include a consent statement of WPZ that will also constitute a prospectus of ACMP.…
  18. global energy conference – Jefferies Group, Inc. – slide 18
    Net Income After Tax Reconciliation to 2015 Adjusted EBITDA Williams Access Partners Midstream Combined* Low High Low High Low High Net income after tax attributable to partnership 1,755 2,105 470 645 Net interest expense 645 665 225…

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