Atlas Pipeline Partners, L.P. NAPTP Conference May 21-22, 2014 Ponte Vedra Beach, FL
APL Summary 3
Atlas Pipeline Partners, L.P. (NYSE: APL) Midstream gathering & processing MLP Units currently yielding approximately 7.7%* with 15 processing plants, approximately to unitholders based on annualized recent 1.6 Bcf/d of gross…
APL Asset Overview 1 West TX System 3 SouthOK System Geographic Area: Permian Basin Geographic Area: Woodford Shale/Ardmore/ Arkoma/SCOOP Processing Capacity: 455 mmcfd Processing Capacity: 500 mmcfd(1) Processing Plants: 4…
Exposure to Oily/NGL Basins provide Economic Incentive to Drill In each of the 4 major plays APL operates in, producers are attracted not only by natural gas, but by accompanying crude oil/condensate/NGLs Returns look attractive even…
APL Operating Areas have Significant Producer Plans Mississippi Lime Permian Basin Woodford/SCOOP Eagle Ford There are multiple areas in the Well be increasing our wells. SCOOP production continues We continue to make play that weve…
APL Management Executing Calculated, Prudent Growth In the past three years, APL has gone from 7 processing plants in operation to 15 through M&A and organic expansions Three additional plants are expected in 2014 which will raise…
Atlas Pipeline has Experience Expanding Organically 60 MMCFD V-60 Plant (SouthOK) April 2012 200 MMCFD Waynoka II Plant (WestOK) September 2012 120 MMCFD Stonewall Plant (SouthOK) May 2014 200 MMCFD Driver Plant (WestTX) April…
Strategic Focus & Business Initiatives Targeting high rates of return on organic growth capital (fee contracts 15%+, commodity exposed contracts 20%+) Capital Utilize credit profile and liquidity to fund highly accretive projects at…
Texas Operations 11
Texas Production Increases Midstream Demand Texas produced more oil in 2013 than it had in decades and could Texas Daily Oil Production 1981 - 2013 3,200 be poised to surpass those totals again in 2014 as the number of 2,800 wells…
WestTX Update Overview WestTX System Key Producers Geographical Area: Permian Basin In Area Miles of Pipeline: Approx. 3,600 Current Processing Capacity: 455,000 Mcfd Number of Rigs Running: 68 Average Processed Volume (mcf/d)…
SouthTX Update Overview SouthTX System Map Geographical Area: Eagle Ford Shale Miles of Pipeline: Approx. 500 Processing Capacity: 200,000 Mcfd Joint Venture Partner*: TexStar Cash Flow Mix / Avg. Processed Volume (mcf/d) 200,000…
Oklahoma Operations 15
Atlas Pipeline Has an Enviable Footprint in Key Oklahoma Producing Counties More than one-third of all gas produced in Oklahoma Natural Gas Production: 2012 Oklahoma has come from the top three APL Oklahoma G&P Operations producing…
WestOK Update Overview WestOK System Geographical Area: Anadarko Basin / Mississippi Lime Key Producers In Area Miles of Pipeline: Approx. 5,700 Processing Capacity: 458,000 Mcfd Number of Rigs Running: 23 Average Processed…
SouthOK Update (Velma & Arkoma) SouthOK Overview SouthOK System Geographical Area: Woodford Shale/Arkoma/SCOOP Miles of Pipeline: Approx. 1,300 Processing Capacity: 500,000 Mcfd (gross)1 Number of Rigs Running: 20 SouthOK Average…
Other Assets 19
Other Assets Overview Gas Treating Overview Gas Treating map Formed by Cardinal in 4Q 2009, acquired by APL in December 2012 Rental of gas treating and processing facilities to third parties Granite Wash Provides in-roads to…
Financial & Investment Overview 21
Financial Objectives Rising fixed fee cash flows and elongation of hedge book into later periods reduce cash flow volatility Managements goal to returning total leverage to 4.25x or better by year- end 2014; ATM equity program will…
APL Fixed-Fees Up Considerably in Recent Years Pre-Elk City & LMM Sale (3Q 2010)* Current 1Q 2014 Contract Mix* Expected YE 2014 Contract Mix* Keep-Whole: 1% Fixed Keep- Fee Keep- Whole 17% Whole Fixed 11% Fixed 32% Fee Fee Percent…
Summary Quarterly Performance Comparison 1st Quarter Update ( in millions except as noted) 1Q 2014 4Q 2013 % Variance Throughput Volume (Mcfd) Stronger quarterly results as compared to 4Q 2013 as winter SouthOK 399,700 404,521…
1Q 2014 Results show momentum is building after winter Financial results for 1Q 2014 Realized NGL price vs. Run-Rate Distributable Cash Flow/Unit quarter stronger versus previous 1.40 3.40 DCF quarter 1.27 3.12 DCF 3.20 1.17…
Atlas Pipeline has made Progress with Credit Profile of Partnership APL has been upgraded multiple times by the Current Ratings / Recent Upgrades rating agencies as it transformed the balance sheet over the last three years B+…
Gross Margin Coverage for Remaining 2014 is 71% including Hedges and Fee Business Unhedged 3% Keep-Whole Hedged 11% 8% 84% of run-rate Gross Margin is under Fee-Based arrangement or Hedged to Limit Commodity Price Exposure…
Commodity Exposure Well Protected for Remaining 2014; Growing for 2015 Executing on Risk Total Risk Management Margin Coverage(1) Management Strategy, 80% Average for including targeting up to 71% 72% remaining 70% 2013: 71% 80% of…
What Builds a Strong Midstream Master Limited Partnership Characteristics Diversify operationally & geographically APL through M&A now in 4 areas including Eagle Ford Leverage customer relationships into new areas APL has opportunities…
Key Investment Highlights Gathering & Processing MLP with diversified assets in Oklahoma, Texas and Kansas Diversified Robust growth of drilling programs in attractive NGL-rich areas in Partnerships footprint asset base Significant…
Appendix 31
Atlas Organizational Structure 100% 100% Atlas Pipeline Atlas Resource Public Public Partners GP, LLC Partners GP, LLC 6.1% LP ** (1) 37% LP 2.0% GP & 5.8MM units 24.7MM units 2.0% GP & 100% IDRs 100% IDRs 93.9% LP ** 63%…
Hedging Program Update Natural Gas Liquids & Condensate Hedges Natural Gas Liquids & Condensate Hedges Swap Contracts - NGLs Option Contracts - NGLs Rolling 36-Month Strategy Using Product Production Period Purchased/Sold Commodity…
Reconciliation to Non-GAAP Measures Reconciliation to Non-GAAP Measures Three Months Ended LTM 31-Mar-14 31-Dec-13 30-Sep-13 30-Jun-13 31-Dec-13 Reconciliation of net income (loss) to other non-GAAP measures: Net income (loss) 7,049…
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