Skip to main content Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp Investor Presentation | Shale Experts
Loading...
Pm

Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp

Summit Midstream Partners, Lp · Aug 21, 2014 · 37 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. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 1
    CONFIDENTIAL Citi MLP / Midstream Infrastructure Conference August 20-21, 2014
  2. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 2
    Summit Midstream Partners, LP Overview General Overview Distribution Per LP Unit (in thousands, except per unit information) / Unit Ticker SMLP 0.550 Exchange NYSE 0.500 Current SMLP Price Per Unit (1) 50.61 0.450 Total Units…
  3. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 3
    SMLP Overview Growth-oriented midstream MLP focused on natural gas gathering, treating & processing Investment Considerations Current SMLP Operating Footprint 90%+ of revenue is fee-based Fee-Based Contract 4.0 Tcf of remaining MVCs…
  4. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 4
    Summit Enterprise Organizational Structure 100.0% Summit Midstream Partners, LLC (Summit Investments) 100% 60% Summit Midstream Partners Holdings, LLC 40% 100% Polar Oil & Water Gathering (SMP Holdings) Divide Oil & Water…
  5. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 5
    Summit Enterprise Operating Assets(1) (1) Summit Investments Bakken System is pro forma for full build out. SMLP Assets Summit Investments Assets 6
  6. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 6
    Summit Enterprise Basin Exposure The Summit enterprise has exposure to four of the most active shale plays in the U.S. IRR by Shale Play Top 10 Basins By Rig Count Basin 2011 2012 2013 2Q 2014 Permian 404 386 419 477 Eagle Ford 205…
  7. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 7
    Summit Enterprise Growth Projects 2014E Executing on more than 1 billion of midstream investment in 2014 ( in millions) 2014E Asset Growth Capex Scope Primarily related to the Zinnia Loop, which will increase system capacity from…
  8. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 8
    Summit Investments Development Strategy STRATEGY CAPITAL GROWTH Operating cash flow Use Summit Investments SMLP distributions as development vehicle to Sponsor equity mitigate development & Bank facilities Top Tier Distribution…
  9. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 9
    Drop Downs To Drive Top Tier Growth SMLPs relationship with Summit Investments provides it with long-term, visible growth ( in millions) Expected Total System Total Investment Operating Area Status Mileage(1) System Capacity(1)…
  10. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 10
    Ohio Gathering JV Overview
  11. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 11
    Ohio Gathering JV Overview Summit Investments owns a 40% interest in Ohio Gathering & Ohio Condensate - a joint venture with MarkWest Utica EMG in Utica Shale Asset Overview Summit Investments owns a 40% interest in Utica Shale…
  12. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 12
    Strategically Located in the Southern Core of the Utica Shale The Utica Shale is the highest return shale play in the United States(1) Current Ohio Gathering Customers 183,500 net acres in Utica Hess: 1 well Currently running 7 rigs…
  13. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 13
    SMLP Asset Overview
  14. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 14
    Differentiated Contract Portfolio with Significant MVC Underpinning Contract Portfolio Overview Primarily long-term, fee-based contracts for natural gas Avg. MVCs Through 2018 = 88% of 2Q 2014 Throughput gathering, treating and…
  15. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 15
    Current & Projected Business Profile SMLPs drop down strategy is expected to further diversify SMLP while enhancing its core focus on fee-based revenue Revenue Composition 2014E 2018E(1) Variable Variable 6% 3% Fee- Fee-…
  16. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 16
    Mountaineer Midstream High-pressure gas gathering and compression assets located in the rich gas window of the Marcellus Shale Play Asset Summary Map of Mountaineer Assets Asset Mountaineer Midstream 2Q 2014 Throughput 366 MMcf/d…
  17. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 17
    Bison Midstream Associated natural gas gathering (1,425+ Btu gas) from over 676,480 net acres serving producers in the Bakken Shale Play in North Dakota Asset Summary Map of Bison Assets Asset Bison Midstream Expansion of West CS and…
  18. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 18
    DFW Midstream Natural gas gathering in the core of the core of the Barnett Asset Summary Map of DFW Midstream Asset DFW Midstream 2Q 2014 Throughput 350 MMcf/d Throughput Capacity 450 MMcf/d Basin Served Ft. Worth Underlying Formation…
  19. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 19
    Grand River Positioned in the core of the Piceance Basin with exposure to the liquids-rich Mesaverde formation as well as the emerging Mancos & Niobrara formations Asset Summary Map of Grand River Asset Grand River 2Q 2014 Throughput…
  20. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 20
    SMLP Financial Overview
  21. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 21
    Conservative Financial Strategy Strong balance sheet and liquidity enables SMLP to execute its growth strategy Targeting long-term leverage ratio of 3.0x 4.0x Actual (s in 000s) Jun-14 3.9x leverage at June 30, 2014 Cash and Cash…
  22. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 22
    SMLP Financial Profile Volume Gathered Capital Expenditures(1) MMcf/d MM 1,500 1,356 200 1,138 154 1,200 1,075 160 952 109 900 120 78 77 600 431 80 63 50 300 136 40 0 0 2010 2011 2012 2013 Six Mos. Six Mos. 2010 2011 2012…
  23. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 23
    SMLP 2014 Financial Guidance Guidance Range Actual Actual FY 2014(3) Year Ended Year Ended ( in millions) 2012 2013 Low High Adjusted EBITDA 105.9 164.8 190.0 210.0 LP Distribution Growth(1,2) n/a 20.0% 15.0% 20.0% Growth…
  24. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 24
    SMLP Non-GAAP Reconciliations
  25. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 25
    SMLP Non-GAAP Reconciliations Six Months Ended June 30, Year Ended December 31, (s in 000s) 2014 2013 2013 2012 2011 2010 (1) Net Income 10,409 22,630 53,304 42,997 37,951 8,172 Add: Interest expense 17,947 4,903 19,173 12,766…
  26. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 26
    SMLP SMLP Financial Performance Six Months Ended June 30, Variance (s in 000s) 2014 2013 % Distributable Cash Flow: EBITDA(1) 69,555 59,177 10,378 17.5% Add: Unit-based compensation 2,424 1,402 1,022 72.9% (2) Adjustments related to…
  27. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 27
    Appendix Additional Information
  28. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 28
    Mountaineer Midstream Strategic Position in Core of Marcellus Shale Marcellus Shale Overview Map of Marcellus Shale Mountaineer provides high-pressure gathering and compression services for Antero Resources in the northern West…
  29. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 29
    Mountaineer Midstream Asset Overview 40 miles of high-pressure gas gathering and compression assets located in the rich gas window of the Marcellus Shale Play Asset Details Map of Mountaineer Assets Assets commissioned in 4Q 2012…
  30. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 30
    Bison Midstream Strategic Position in Growing Bakken Shale Play Bakken Shale Play Overview Map of Bakken Shale Renville Bottineau Rolette Currently over 185 rigs operating in the Williston Daniels Sheridan Divide Burke Towner…
  31. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 31
    Bison Midstream Asset Overview Gathering 1,425+ Btu gas from over 676,480 net acres dedicated through 2027 Asset Details Map of Bison Assets Associated natural gas gathering system located in Mountrail and Burke counties in North…
  32. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 32
    DFW Midstream Strategic Position in Core of Barnett Shale DFWs service area includes the most prolific part of the Barnett Shale with the largest wells Barnett Shale Overview Barnett Shale EUR Isopach DFW system primarily located in…
  33. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 33
    DFW Midstream Asset Overview Gathering from 71 pad sites in the core of the core of the Barnett Asset Details Map of DFW Midstream 124-mile natural gas gathering system primarily located in southeastern Tarrant County, TX…
  34. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 34
    DFW Midstream Leveraged to Existing Infrastructure Given urban environment, DFWs customers are drilling multiple Average DFW Pad Site 5 Wells wells from single pad sites Producers trying to minimize surface footprint 2 wells 3 wells…
  35. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 35
    Grand River Asset Overview Positioned in the core of the Piceance Basin with exposure to the liquids-rich Mesaverde formation as well as the emerging Mancos & Niobrara formations Asset Details Map of Grand River 1,780 mile natural…
  36. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 36
    Legacy Grand River Actual & Contracted Throughput By System Grand River MVCs increase at a 5.7% CAGR from 2013 2015 and include annual fee escalators tied to CPI or PPI Mamm Creek Gathering System MVCs in place with Encana, WPX,…
  37. Citi MLP Midstream Infrastructure Conference – Summit Midstream Partners, Lp – slide 37
    Significant Exposure to Emerging Mancos / Niobrara Shale Gathering Footprint in Rifle / DeBeque Region of Piceance Basin WPX Announcement Encana Mamm 6-11H (J12A) Encana Mamm In January 2013, Encana Orchard 12.0 MMcf/d IP 35-2HM…

From the store

Browse maps, data & reports in the Shale Experts store