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2015 Guidance Presentation – Midcoast Energy Partners, L.P.

Midcoast Energy Partners, L.P. · Dec 5, 2014 · 18 slides

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Slides

  1. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 1
    2015 Guidance Presentation December 5, 2014
  2. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 2
    Key Messages Tangible actions increase distributable cash 50 million annual cost reduction Sponsor support is strong Drop-down strategy intact Increasing volumes Completed wells in inventory New producer ownership increases…
  3. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 3
    Accelerating Scope & Pace of Change Bottom-line enhancement initiatives 2014e O&A Costs (1) 405 MM 50 million of annual cost reductions at New Assets In Service +12 Midcoast Operating Insurance & Taxes +6 Cost structure to be…
  4. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 4
    Strategic Priorities Strengthen underlying business Recontract and capture new business that enhances cash flow certainty Continue focused cost management measures Secure and execute on organic growth opportunities Continue to…
  5. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 5
    Visible Volume Growth in 2015 Line of Sight Growth Natural Gas Volume Trend Anadarko East Texas North Texas NGL Production Updated drilling outlooks from 3,000 100,000 producers 90,000 (mmbtu/d in thousands) 2,500 2,380…
  6. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 6
    Regional Outlook Gathering, Processing & Transportation Highlights Rigs on dedicated acreage = 15 * East Texas Beckville plant on target for 1Q 2015 in-service NGL production volumes expected to increase Eaglebine activity…
  7. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 7
    Texas Express A Growing Base of Secure Cash Flow Texas Express NGL System Shipper committed and spot volumes ramping up; committed volumes step- up to 147,000 Bpd in July 2015 Underpinned by fee-based demand revenue System is…
  8. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 8
    Sponsor Support Opportunities EEP incentivized to invest alongside MEP Jointly fund on and off footprint growth EEP evaluating other forms of support Execute drop-down that enhances accretion at MEP Enhance MEP Cost of Equity…
  9. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 9
    Growth Outlook 100% Natural Gas business 48.4% 61% ownership 51.6% 39% IPO July 1, 2014 2017e Drop-down program is strategic to EEP Position for 2H 2015 drop-down Secure growth opportunities Cost management measures…
  10. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 10
    2015 Financial Outlook Financial Outlook Operating Assumptions Midcoast Operating, L.P. 2014e 2015e Midcoast Operating, L.P. 2014e 2015e ( millions) ( millions) Operating & Administrative Adjusted EBITDA 186 220 - 245 405 380…
  11. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 11
    Strengthening Business Performance 2015 Earnings and Cash Flow Outlook ( millions) 290.0 280 inclusive of other cash items (1) 270.0 MOLP Adjusted EBITDA, 250.0 255 230.0 220 210.0 190.0 170.0 150.0 1Q15e…
  12. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 12
    Capital Forecast & Funding Outlook 2015 Capital Expenditures(1) Growing Financial Strength: Beckville Gas Processing Plant 15 Coverage expected to strengthen Well Connect Expansion Capital 55 Compression Capital 50 Expansion…
  13. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 13
    Securing Cash Flow Certainty Risk Profile Shifting: Contract Mix (1) Demand and fee-based margin positioned to Keepwhole Demand- Based 8% increase in 2015 11% POP Strengthening cash flow certainty 21% Fee-Based Disciplined…
  14. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 14
    2015 Commodity Gross Margin Largely Secured 2015 Estimated Commodity Positions & Hedged Cash Flows (1) Estimated Commodity Positions Hedged Physical Hedge Hedged Weighted Avg Cash Flows % Volume Hedge Price MM Natural Gas (9,711)…
  15. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 15
    Key Takeaways Accelerating pace and increasing scope of change Executed cost reduction measures bolster distributable cash flow Adding to demand-based business Sponsor support remains strong Drop-down strategy intact Aggressively…
  16. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 16
  17. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 17
    2015 Guidance Presentation Supplemental Slides December 5, 2014
  18. 2015 Guidance Presentation – Midcoast Energy Partners, L.P. – slide 18
    Adjusted EBITDA and MOLP Adjusted EBITDA, inclusive of other cash items The foregoing presentation makes reference to adjusted EBITDA which is used as a supplemental financial measurement to assess liquidity and the ability to generate…

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