ACCESS MIDSTREAM PARTNERS INVESTOR PRESENTATION MARCH 2014
PARTNERSHIP OVERVIEW Gathering and processing master limited partnership formed in 2010 Leadership position in 9 unconventional basins in U.S. 12 billion market capitalization with 49% public float Global Infrastructure Partners…
BEST IN CLASS MLP Best in class midstream business model Industry leading organic growth platform Key investment highlights include: Low Risk Business Model Industry Leading Growth Conservative Financial Strategy Experienced…
ACMP INVESTMENT HIGHLIGHTS Low Risk Business Model Fixed fee revenue model with no direct commodity price exposure Contractual structure creates cash flow stability and visibility Industry Leading Growth 3.5B of CAPEX in 2013 -…
BUSINESS MODEL COMPARISON BUSINESS MODEL PROVIDES PROTECTED AND VISIBLE DISTRIBUTIONS Typical Long Haul Risk Factors ACMP Typical G&P MLPs Pipeline MLPs Minimal exposure Commodity Price (fixed fee) Indirect Direct & Indirect…
LEADING CONTRACT STRUCTURE STRUCTURE CREATES CASH FLOW STABILITY ACROSS ALL BASINS Barnett Eagle Ford Haynesville Marcellus Mid-Continent Niobrara Utica Direct Commodity 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100%…
LOW RISK BUSINESS MODEL Considerations Mitigants MVC and long-term acreage dedications Volume & Capital Rate redetermination, cost of service and fee tiers Conservative maintenance capital Arms-length, 10-20 year contracts at…
EXPANDING ASSET BASE HIGH QUALITY, SCALABLE ASSET BASE IN HIGH GROWTH UNCONVENTIONAL PLAYS Key Operating Data(1) Total Assets: 7.9 billion Dedicated Areas: 8.3 million acres Miles of Pipe: 6,336 Volume: 3,787 mmcf/d…
ACMP IS THE LARGEST G&P MLP LARGEST G&P MLP AS MEASURED BY DAILY THROUGHPUT OF GATHERING ASSETS 4Q 2013 Average Daily Throughput of Gathering Assets(1) Mmcfe/d 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 ACMP DPM RGP NGLS WES…
LEADING GROWTH PLATFORM Contractual growth Organic Growth CAPEX Escalating minimum volume in millions commitments 1,468 1,100-1,200 Long-term, cost of service fee 800-900 structures 660 Annual fee escalations 345 Organic…
COST OF SERVICE GROWTH 15 - 20 year fee calculated based on mid-teens return on invested capital Long-term EBITDA growth part of contractual model Fee recalculated annually for actual experience and revised forecast Cost of Service…
ACCESS COMPRESSION ACQUISITION SUMMARY ACMP has entered into an agreement to acquire CHKs compression units servicing ACMPs gathering systems in the Marcellus and Utica regions for a purchase price of 160 million. Compression portfolio…
STRONG SPONSORSHIP SPONSORS BRING COMBINATION OF OPERATIONAL AND FINANCIAL EXPERTISE AND RESOURCES Williams provides an established history of managing, developing and completing large scale organic projects within the midstream sector…
WORLD-CLASS MANAGEMENT TEAM Name / Title Current / Prior Experience Yrs Experience ACMP Management Team J. Mike Stice President and COO Chesapeake Midstream Development, LLC 30 Chief Executive Officer Various senior management roles…
ASSET OVERVIEW
BARNETT OVERVIEW LONG-TERM CONTRACT WITH MINIMUM VOLUME PROTECTION AND SIGNIFICANT GROWTH POTENTIAL Asset Summary Resource Dry Gas Gathering, Compression, PARKER Services TARRANT DALLAS Treating Gas Gathering Systems 27 Miles of…
EAGLE FORD OVERVIEW KEY FOOTPRINT IN LEADING LIQUIDS RICH BASIN Asset Summary Resource Associated Gas (Oil), Wet Gas Gathering, Compression, Services Treating Gas Gathering Systems 12 Miles of Pipeline 870 Gas Gathered 271…
HAYNESVILLE OVERVIEW LONG-TERM CONTRACT WITH ESCALATING ANNUAL MINIMUM VOLUME PROTECTION AND SIGNIFICANT GROWTH POTENTIAL Asset Summary Resource Dry Gas Services Gathering, Compression, Treating Gas Gathering Systems 7 Miles of…
MARCELLUS OVERVIEW STRATEGICALLY POSITIONED IN LEADING SHALE BASIN Asset Summary Resource Dry and Wet Gas Services Gathering, Compression Gas Gathering Systems 10 Miles of Pipeline 823 Gas Gathered (net) 1,150 mmcf/d Gas…
MID-CONTINENT OVERVIEW LONG-TERM LIQUIDS RICH GATHERING DEDICATIONS WITH RATE REDETERMINATION CONTRACT STRUCTURE Asset Summary Associated Gas (Oil), Dry and Resource Wet Gas Gathering, Compression, Services Treating, Processing…
NIOBRARA OVERVIEW LIQUIDS-RICH GATHERING & PROCESSING DEDICATION WITH COST OF SERVICE CONTRACT STRUCTURE Asset Summary Resource Associated Gas (Oil), Wet Gas Services Gathering, Compression, Processing Gas Gathering Systems 1 Miles…
UTICA GATHERING SYSTEM OVERVIEW LEADING ASSET POSITION WITH A VERTICALLY INTEGRATED SYSTEM ABLE TO SERVE PRODUCERS FROM THE WELLHEAD THROUGH FRACTIONATION Asset Summary Cardinal Gas Services Utica Gas Services (UGS) Asset (CGS)…
UTICA EAST OHIO PROCESSING OVERVIEW PROCESSING DEDICATION IN WET GAS WINDOW Project Summary Current Status Under Construction Processing 800 mmcf/d (4 plants x 200 mmcf/d) Fractionation 135,000 Bbl/d (C2+) NGL Storage 870,000 Bbls…
FINANCIAL OVERVIEW
FINANCIAL STRATEGY CONSERVATIVE FINANCIAL STRATEGY CONSISTENT WITH LOW RISK BUSINESS MODEL Maintain stable cash flows with a low risk, fee-based business model Consistently delivering EBITDA performance at or above estimates No direct…
FINANCIAL PERFORMANCE FINANCIAL PERFORMANCE HIGHLIGHTS STRENGTH OF ACMP MODEL Adjusted EBITDA(1) Enterprise Value in millions in billions 14.9 241 227 207 184 9.0 118121120119 84 92 97 4.3 5.0 73 76 2.6 4Q'10 1Q'11 2Q'11…
HIGHLY VISIBLE GROWTH ACMP FINANCIAL OUTLOOK ( million) 2013(1) 2014 2015 EBITDA 859 1,000 1,100 1,200 1,300 Growth Capital 1,468 1,100 1,200 800 - 900 Maintenance 110 130 130 Capital Capable of delivering sustained 15%…
PARTNERSHIP STRUCTURE STRATEGIC SPONSORS; STRONG GOVERNANCE Global Infrastructure The Williams Partners II Companies, Inc 26.7% 22.6% Limited 50% 50% Limited Partner Partner Interest Interest Access Midstream Partners GP, LLC…
OUR COMMITMENT TO SAFETY & ENVIRONMENTAL EXCELLENCE Every day, across every part of our business, Access is committed to safety and environmental excellence Every day, we commit to: Excellence Safety Environment Community Focus…
CORPORATE INFORMATION ACMP Headquarters 525 Central Park Dr. Oklahoma City, OK 73105 (877) 413-1023 Web site: www.accessmidstream.com Contact: Dave Shiels Chief Financial Officer dave.shielsaccessmidstream.com (405) 727-1740
PARTNERSHIP HISTORY 2010 2011 2012 2013 EBITDA: 294mm 350mm 478mm 859mm CAPEX: 216mm 419mm 735mm 1.6bn Enterprise Value: 4bn 5bn 9bn 15bn IPO: July 2010 February 2011 January 2012 December 2012 March 2013 513mm CHKM is added to the…
ANADARKO OVERVIEW LIQUIDS RICH GATHERING DEDICATION WITH RATE REDETERMINATION CONTRACT STRUCTURE Asset Summary Resource Associated Gas (Oil), Dry and Wet Gas Services Gathering, Compression, Treating Gas Gathering Systems 48 Miles…
MISSISSIPPI LIME OVERVIEW LIQUIDS RICH GATHERING DEDICATION WITH RATE REDETERMINATION CONTRACT STRUCTURE Asset Summary Resource Associated Gas (Oil), Dry and Wet Gas Services Gathering, Compression, Treating Gas Gathering Systems…
PERMIAN OVERVIEW LIQUIDS RICH GATHERING DEDICATION WITH RATE REDETERMINATION CONTRACT STRUCTURE Asset Summary Asset Operated Non-Operated Associated Gas (Oil), Dry Associated Gas (Oil), Dry and Wet Resource and Wet Gas Gas…
FINANCIAL STATEMENTS As of As of December 31, December 31, 2013 2012 Assets Total current assets ............................................................................. 257,931 219,766 Property, plant and equipment Gathering…
FINANCIAL STATEMENTS Twelve Months Ended December 31, 2013 2012 Cash flows from operating activities Net income ........................................................................................ 341,149 178,387 Adjustments to…
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