Jefferies 2014 Global Energy Conference Don Chappel, Chief Financial Officer November 12, 2014
Diverse, Large-Scale Strategic Positions Delivering Value Today, Ongoing Growth Marcellus-Utica Zoom-in View 2 Jefferies Global Energy Conference 11/12/14 2014 The Williams Companies, Inc. All rights reserved.
Williams Value Chain Adds Significant Growth Foothold with ACMP Acquisition Opportunities to extend services ACMP adds 20% U.S. Dry-Gas Volumes Touch Our Systems depth Market Hub Transmission Pipelines and Storage in key…
We Are Well Positioned to Benefit from Supply Growth NATURAL GAS U.S. SUPPLY GROWTH (Bcf/d) Direct CAGR CAGR Ownership 3% 3% 120 09-13 14-30 +17% +58% 100 Northeast +9.5 +39.8 Bcf/d Bcf/d Rockies 80 San Juan Gulf of Mexico…
Demand Shows Up in Response to Supply, Price; 105 Bcf/d on Conservative 2% CAGR U.S. GAS DEMAND (Bcf/d) CAGR CAGR 2.5% 2% 120 09-13 14-30 +14% +47% 100 Other +8.5 +33.5 Bcf/d Transport Bcf/d LNG Exports 80 Power 60 40…
Competitive Advantages Delivering Large-Scale Projects, Long-Term Value Creation WEST ATLANTIC-GULF Increased fee-based revenues Transco: Nations largest to 80% of gross margins and fastest-growing pipeline Extensive network of…
WPZ: Large-scale, value-creating projects ready to contribute; many more to come Near-Term Growth Drivers Recent Milestones Expecting nearly Geismar restart 1 billion of annual - All construction complete cash flows coming - Startup…
Transco: Nations Largest, Fastest Growing Interstate Pipeline System Garden State NE Connector/ Expansion Rockaway Lateral CAPITAL INVESTED PLACED INTO SERVICE (B) Leidy Atlantic 4.8 Southeast Sunrise 2017 Constitution CPV…
Gas Pipeline Assets: Unprecedented Growth with Fully Contracted Projects CAPITAL INVESTMENT PLACED INTO SERVICE (MM) MMdt/d 4,000 18 16.5 2011-2014 3,500 16 13 major 3,000 projects 14 contracted 2,500 10.8 2,000 12 1,500 2014+…
Transcos proposed Appalachian Connector project creates direct access to major Transco system markets Oak Grove Clarington Fort Beeler Natrium River Road Transcos Proposed Appalachian Connector Strong response to Project…
ACMP/WPZ merger will create leading, large-cap natural gas MLP Expected 2015 adjusted EBITDA of approximately 5 billion Expected Expect 3.65 per unit distribution from merged MLP in 2015, up 50% and 30%, respectively, from Benefits…
Significant valuation re-rating opportunity still ahead 2014-2016 DISTRIBUTION CAGR Current Yield 10.0% Median large-cap, diversified coverage ratio is 1.1x Merged MLP expected to be at or above 1.1x through 2017 8.0% WPZ Implied…
*WMB projects expected to be Nearly 30 Billion in WPZ/ACMP dropped down to WPZ in late 2014 committed plus potential capital projects 2014-19 to early 2015 TARGET IN-SERVICE DATES FOR VISIBLE GROWTH PROJECTS 2014 2015 2016 2017…
Williams well positioned to participate in once-in-a-generation industry supercycle WMB now one of the largest publicly traded GP holding companies with control of both WPZ and ACMP ACMP/WPZ merger will create leading natural gas MLP…
Forward Looking Statements and Non-GAAP Reconciliations
Important information In connection with the proposed merger of ACMP and WPZ, ACMP will file with the SEC a Registration Statement on Form S-4 that will include a consent statement of WPZ that will also constitute a prospectus of ACMP.…
Net Income After Tax Reconciliation to 2015 Adjusted EBITDA Williams Access Partners Midstream Combined* Low High Low High Low High Net income after tax attributable to partnership 1,755 2,105 470 645 Net interest expense 645 665 225…
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