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Wells Fargo Energy Symposium – Transmontaigne Partners L.P.

Transmontaigne Partners L.P. · Dec 10, 2014 · 23 slides

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Slides

  1. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 1
    TransMontaigne Partners L.P. (NYSE TLP) Wells Fargo Energy Symposium December 9th and 10th, 2014
  2. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 2
    Overview of TLPs Business Primary operating regions: Key Partnership Metrics US Gulf Coast; Southeast; Midwest; ( in millions) Houston and Brownsville, Texas; and NYSE: TLP along the Mississippi and Ohio Rivers. Market Cap1 : 570.0…
  3. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 3
    Area of Operations 4
  4. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 4
    Business Highlights Stable, fee-based cash flows from terminaling services agreements. Term contracts with customers. No material direct commodity price risk. Current size results in significant accretion potential from relatively…
  5. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 5
    Key Customer Relationships U.S. Government 6
  6. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 6
    Terminal Capacity 32,000,000 Active Shell Capacity (Barrels) 30,622,000 30,622,000 30,000,000 28,000,000 26,000,000 24,000,000 23,668,000 22,354,000 22,000,000 21,760,000 20,000,000 2010 2011 2012 2013 Q3…
  7. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 7
    Re-contracting / Customer Diversification TLP has made significant progress in diversifying its customer base in the short time since the completion of Morgan Stanleys sale of the general partner on July 1, 2014. Morgan Stanley…
  8. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 8
    Bostco Overview Bostco is a newly constructed black oil terminal in the Houston Ship Channel with approximately 7.1 million barrels of capacity (Phase I and Phase II) with a total capital investment of approximately 535 million.…
  9. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 9
    Houston Ship Channel Refinery Complex Texass 26 petroleum refineries have a capacity of over 4.7 million barrels of crude oil per day and account for approximately 27 percent of total U.S. refining capacity. This capacity…
  10. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 10
    Other Growth Opportunities Bostco Phase III expansion. Collins/Purvis expansion projects. Butane blending at multiple locations. Available capacity at Florida and River terminals. Future projects with Frontera JV. 11
  11. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 11
    Recent Developments Effective July 1st, Morgan Stanley completed its sale of TransMontaigne Inc. to NGL Energy Partners LP (NGL), which resulted in a change in control of our general partner. NGL acquired Morgan Stanleys and…
  12. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 12
    Recent Developments (Continued) Effective November 19th, we contracted our bunker capacity at Cape Canaveral to a third party. Capacity had previously been unutilized since Morgan Stanley left the space on June 1st. Effective…
  13. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 13
    Recent Developments (Continued) Bostco Phases I and Il are complete. In the third quarter we received 2.9 million in distributions for Bostcos 2nd quarter operations and expect continued increases in distributions in 2015. 14
  14. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 14
    Consistent Performance Historical EBITDA Historical Leverage ( in millions) 75 72 71 69 69 2010 2011 2012 2013 TTM Q3 '14 Distributable Cash Flow Capital Expenditures ( in millions) ( in millions) 67 122 58 61…
  15. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 15
    Insulation from Commodity Price Volatility 16
  16. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 16
    Results of Operations Three Months Ended (in thousands) Sept. 30, Dec. 31, Mar. 31, June 30, Sept. 31, 2013 2013 2014 2014 2014 Revenue: Terminaling services fees, net 28,682 29,854 28,719 28,396 27,338 Pipeline transportation fees…
  17. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 17
    Structure of Terminaling Services Agreements Three Months Ended (in thousands) Sept. 30, Dec. 31, Mar. 31, June 30, Sept 30, 2013 2013 2014 2014 2014 Firm commitments: Terminaling services fees, net: External customers 7,142 8,117…
  18. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 18
    Duration of Firm Commitments The remaining terms on the terminaling services agreements that generated firm commitments for the quarter ended September 30, 2014 were: Duration of Committed Contracts as of September 30, 2014 19
  19. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 19
    Quarterly Distribution History (1) 20
  20. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 20
    Distribution Coverage Three Months Ended (in thousands) Sept. 30, Dec. 31, Mar. 31, June 30, Sept. 30, 2013 2013 2014 2014 2014 Distributable cash flow 13,500 15,770 16,583 18,540 15,725 Total distributions 12,140 12,140 12,463…
  21. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 21
    Ownership Structure Public Unitholders NGL Energy Partners LP 100% Interest TransMontaigne Inc. and Affiliates 79% 16% Interest Interest 100% Interest (Limited (Limited 2% Interest TransMontaigne GP L.L.C. Partner) Partner)…
  22. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 22
    Business Activities NGL is a Delaware limited partnership that owns and operates a vertically NGL Energy Partners LP integrated energy business with five primary businesses: water solutions, crude oil logistics, NGL logistics, refined…
  23. Wells Fargo Energy Symposium – Transmontaigne Partners L.P. – slide 23
    Key Considerations Leading presence in six core geographic regions. High Quality, Term contracts with high-quality industry participants. Diversified Assets Focus on fee-based contracts with commitments. Limited direct commodity…

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