ACCESS MIDSTREAM PARTNERS INVESTOR PRESENTATION OCTOBER 2014
PARTNERSHIP OVERVIEW Gathering and processing master limited partnership formed in 2010 Leadership position in 9 unconventional basins in U.S. 13 billion market capitalization with 49% public float Williams owns 100% of the GP…
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 4.3B 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: 8.8 billion Dedicated Areas: 8.3 million acres Miles of Pipe: 6,773 Volume: 4,133 mmcf/d…
OUR GROWTH FOCUS Organic growth Growth CAPEX in millions 4.3 billion in 2013-2016 1,468 Substantial processing 1,100-1,200 investment 900-1,000 600-800 Business development growth 660 345 New producer opportunities 2011A…
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…
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 26 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 919 Gas Gathered 348…
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 968 Gas Gathered (net) 1,193 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 In-Service with additional capacity under construction Processing 1,100 mmcf/d (5 plants x 220 mmcf/d) Fractionation 135,000…
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 319 16.9 17.3 14.9 15.5 275 241 250 227 207 184 9.0 118 121 120 119 84 92 97 4.3 5.0…
HIGHLY VISIBLE GROWTH ACMP FINANCIAL OUTLOOK UPDATED WITH 2016 ( million) 2014 2015 2016 EBITDA 1,025 1,125 1,250 1,350 1,400 1,600 Growth Capital 1,100 1,200 900 1,000 600 800 Maintenance 130 130 130 Capital Capable of…
PARTNERSHIP STRUCTURE STRATEGIC SPONSOR; STRONG GOVERNANCE The Williams Companies, Inc 48.9% 100% Limited Partner Access Midstream Interest Partners GP, LLC Public Common Unit Holders 100% of 2% GP interest 49.1% + IDRs…
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: John Porter InvestorRelationswilliams.com (918) 573-0797
PARTNERSHIP HISTORY 2010 2011 2012 2013 2014 EBITDA: 294mm 350mm 478mm 859mm 1.0 - 1.1bn CAPEX: 216mm 419mm 735mm 1.6bn 1.2 - 1.3bn EV: 4bn 5bn 9bn 15bn IPO: July 2010 February 2011 January 2012 December 2012 March 2013 February 2014…
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 46 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 & PROCESSING DEDICATION WITH COST OF SERVICE 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 (1) Excludes revenue from equity investments of 255.7 million and 173.0 million for the nine months ended September 30, 2014 and 2013, respectively that is included in Income from unconsolidated affiliates. (2)…
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