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RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P.

Sunoco Logistics Partners L.P. · Nov 20, 2014 · 40 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. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 1
    Sunoco Logistics Partners L.P. RBC Capital Markets NYSE 2014 MLP Conference SXL November 19-20, 2014
  2. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 2
    Sunoco Logistics Assets 3
  3. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 3
    Sunoco Logistics and Energy Transfer Assets 4
  4. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 4
    Energy Transfer Family of Companies ENERGY TRANSFER EQUITY, L.P. (NYSE: ETE) LP Interest, GP Interest, IDRs, Class H Units(1) LP Interest, GP Interest, IDRs ENERGY TRANSFER LP Interest, GP Interest, IDRs REGENCY ENERGY PARTNERS,…
  5. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 5
    Recent Highlights 3Q14 Results: EBITDA 246MM 2nd biggest quarter ever 10th consecutive 5% quarter-over-quarter distribution increase 2 Additional Successful Open Seasons: Mariner East 2 Permian Longview & Louisiana Extension…
  6. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 6
    10 Consecutive Quarters of 5% Distribution Growth Guidance 5% quarter over quarter increases in 2014 Note: Values adjusted for the two-for-one unit split completed on June 12, 2014 7
  7. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 7
    Distribution History Average Annual Distribution (per LP unit) LP/GP Split (%) 2.00 10 consecutive quarter over quarter distribution increases 1.50 1.53 50/50 of 5% 38 consecutive 1.06 1.00 quarterly distribution…
  8. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 8
    EBITDA by Segment (MM) 2010 2011 2012 2013 LTM* Crude Oil Pipeline System 156 207 275 349 394 Crude Oil Acquisition and Marketing 39 148 239 233 164 Terminal Facilities 127 149 225 233 306 Products Pipeline System 77 69 71 56 80…
  9. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 9
    Adjusted EBITDA: Ratable and Market Related 1,200 Maximize asset base by 1,000 taking advantage of 871 944 Adjusted EBITDA (MM) market opportunities 800 810 600 573 Distributions based on 399 400 ratable cash 200…
  10. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 10
    Major Organic Projects 13 Successful Open Seasons: 3 West Texas Crude expansion projects (crude oil) Permian Express 1 (crude oil) Permian Express 2 (crude oil) Eaglebine Express (crude oil) Granite Wash Extension (crude oil)…
  11. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 11
    Scheduled Project Start-up 12
  12. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 12
    Organic Expansion Capital 2,500 2,000 Investment (MM) 1,500 1,000 500 0 2009 2010 2011 2012 2013 2014P 2015P Organic Expansion Capital 13
  13. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 13
    Acquisitions 600 500 Investment (MM) 400 300 200 100 0 2009 2010 2011 2012 2013 2014* Acquisition Capital *SXL does not comment on future acquisitions *Includes the acquisition of an additional 3.9% interest in…
  14. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 14
    Original 110 MB/D West Texas Expansion Crude Oil West Texas Crude Expansion: Strong demand for takeaway capacity out of the Permian Basin Existing crude pipeline Multiple destinations 3 Successful Open Seasons Houston Access 40…
  15. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 15
    Permian Express Crude Oil Additional West TX Crude Expansion: Continued strong demand for takeaway capacity out of the Permian Basin PE 1: Successful Open Season Wichita Falls to Nederland Existing pipeline Permian Express 1…
  16. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 16
    Eaglebine Express Crude Oil 60MB/D of takeaway capacity from the Eaglebine Eaglebine Express Eaglebine / Woodbine Crude to Nederland and Woodbine shale at 4Q 2014 Hearne to Nederland Existing MagTex pipeline MagTex acquired in…
  17. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 17
    Granite Wash Extension Crude Oil 70MB/D of takeaway capacity from the Granite Wash Shale to Ringgold Ability to ultimately connect to multiple SXL and 3rd party pipelines Provides access to multiple markets 200 miles of new…
  18. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 18
    Longview & Louisiana Extension Crude Oil 100MB/D of additional takeaway capacity from the Permian Basin at Midland Provides access to multiple markets in Texas & Louisiana Combination of proprietary and 3rd party pipelines…
  19. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 19
    Delaware Basin Extension Crude Oil 100MB/D of takeaway capacity from the Delaware Basin area Multiple origin points in New Mexico and West Texas 125 miles of new pipeline providing delivery into Midland, TX Expected to be…
  20. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 20
    Allegheny Access Refined Products Midwest products to Eastern Ohio Allegheny Access and Western Pennsylvania: Ohio Products to Pittsburgh 4Q 2014* Strong demand to move Midwest refined products east Refinery expansions Refinery…
  21. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 21
    Mariner West and East Natural Gas Liquids Mariner West Mariner East 1 Ethane from Houston to Sarnia E/P from Houston to Marcus Hook 4Q 2013 4Q 2014* Mariner East 2 NGLs from Shales to Marcus Hook 4Q 2016* *Expected…
  22. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 22
    Mariner West and East Details Comprehensive Marcellus Shale Pipeline Solution Strong demand for NGL takeaway capacity out of the Marcellus Successful Open Seasons for Mariner West and both Mariner East 1 & 2 Marcus Hook Industrial…
  23. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 23
    Marcus Hook Natural Gas Liquids Acquired from Sunoco, Inc. 60MM Continued commitment to growth in natural gas liquids Foundation of Mariner East Located near the Marcellus and Utica shales, the site offers many features: Five…
  24. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 24
    Mariner South Natural Gas Liquids Export NGLs from Gulf Coast: Joint project between SXL and Mariner South Lone Star (ETP/RGP) NGLs from Mont Belvieu to Nederland End of 2014* Project originates at Lone Stars fractionation…
  25. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 25
    Summary Geographically diverse asset base and strong business fundamentals Commitment to Investment Grade credit rating Flexible capital structure to support growth and distribution coverage Experienced management team…
  26. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 26
    Appendix
  27. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 27
    SXL Non-GAAP Financial Measures Twelve Months Ended December 31, 2010 2011 2012 2013 LTM* (MM) Net Income 348 322 531 474 530 Interest expense, net 73 89 79 77 70 Depreciation and amortization expense 64 86 139 265 289 Impairment…
  28. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 28
    Historical Financial Results (MM) 2010 2011 2012 2013 LTM* Crude Oil Pipelines 156 207 275 349 394 Crude Oil Acquisition & Marketing 39 148 239 233 164 Terminal Facilities 127 149 225 233 306 Refined Products Pipelines 77 69 71 56…
  29. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 29
    Joint Venture Ownership Consolidated JV's: West Texas Gulf Mid-Valley Inland SXL 60.3% SXL 91.0% SXL 83.8% Chevron 28.3% Chevron 9.0% Citgo 16.2% Citgo 11.4% Equity Interest JV's: Explorer* West Shore Wolverine** Yellowstone…
  30. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 30
    Capitalization (MM) As of 9/30/14 Debt Senior Notes, net 2,975 fixed Unamortized fair value adjustments, net(1) 105 1.5 B SXL Revolver (matures November 2018)(2) 525 floating 35 MM WTG Revolver (matures April 2015) 35 floating…
  31. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 31
    Debt Maturity Schedule at 9/30/2014 (MM) 750 700 675 600 525 450 375 350 350 300 300 300 300 250 250 225 175 150 75 6.13% 5.50% 4.65% 3.45% 4.25% 6.85% 6.10% 4.95% 5.30% 0 '16 - '20 '21 '22 '23 '24 - '40 '41 '42 '43…
  32. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 32
    1.5 Billion Revolving Credit Facility (MM) Facility Facility 100MM Lenders Allocation 40.5MM Lenders Allocation (1) 100.0 Bank of Nova Scotia 40.5 Citibank Barclays Bank 100.0 BNP Paribas 40.5 Bank of Tokyo-Mitsubishi UFJ 100.0…
  33. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 33
    Crude Oil Pipeline System 42% of total EBITDA for the twelve months ended September 30, 2014 Approximately 5,300 miles of crude oil trunk lines located in the Southwest and Midwest U.S. Approximately 500 miles of gathering lines…
  34. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 34
    Crude Oil Acquisition and Marketing 17% of total EBITDA for the twelve months ended September 30, 2014 Crude truck fleet of over 300 trucks Purchase crude oil at the wellhead from producers and in bulk from aggregators at major…
  35. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 35
    Terminal Facilities 32% of total EBITDA for the twelve months ended September 30, 2014 Nederland, TX Crude Oil Terminal - One of the largest onshore crude facilities in U.S. 22 million barrel capacity currently Eagle Point, NJ Crude…
  36. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 36
    Refined Products Pipeline System 9% of total EBITDA for the twelve months ended September 30, 2014 Refined products pipeline system (approximately 2,300 miles), located in the Northeast, Midwest and Southwest U.S. Equity interest…
  37. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 37
    Acquisition History (1.5B Since IPO) November 2002 Joint-venture interests in 3 refined product pipelines from Unocal, for 54MM Wolverine (31.5%), West Shore (9.2%), and Yellowstone (14.0%) November 2002 43.8% joint-venture interest…
  38. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 38
    Acquisition History (1.5B Since IPO), Continued September 2009 Oklahoma crude oil pipeline from Excel Pipeline LLC and Romulus, MI refined products terminal facility from R.K.A. Petroleum LLC for an aggregate 50MM July 2010 Butane…
  39. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 39
    SXL Key Financial and Operating Statistics 2010 2011 2012 2013 2014 Total Total 1st 2nd 3rd 4th Total 1st 2nd 3rd 4th Total 1st 2nd 3rd Total Financial highlights (in millions) Sales and other operating revenue Crude Oil…
  40. RBC CAPITAL MARKETS MLP CONFERENCE – Sunoco Logistics Partners L.P. – slide 40
    SXL Key Financial and Operating Statistics 2010 2011 2012 2013 2014 Total Total 1st 2nd 3rd 4th Total 1st 2nd 3rd 4th Total 1st 2nd 3rd Total Reconciliation of Segment Operating Income to Net Income Attributable to Sunoco Logistics…

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