Atlas Pipeline Partners, L.P. Morgan Stanley MLP Conference March 4-5, 2014 New York City
APL Summary 3
Atlas Pipeline Partners, L.P. (NYSE: APL) Midstream gathering & processing MLP Units currently yielding approximately 8.0% with 14 processing plants, approximately to unitholders based on annualized recent 1.5 Bcf/d of processing…
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…
APL Asset Overview 1 West OK System 4 SouthOK System Geographic Area: Anadarko Basin/Mississippi Lime Geographic Area: Woodford Shale/Ardmore/ Processing Capacity: 458 mmcfd Arkoma/SCOOP Processing Plants: 4 1 Processing Capacity:…
APL Management Executing Calculated, Prudent Growth In the past three years, APL has gone from 6 processing plants in operation to 14 through M&A & organic expansion Three additional plants are expected in 2014 which will raise…
Atlas Pipeline has Experience Expanding Organically 60 MMCFD V-60 Plant (Velma) April 2012 200 MMCFD Waynoka II Plant (WestOK) September 2012 (2Q 2014) (2Q 2014) (4Q 2014) 200 MMCFD Driver Plant (WestTX) April 2013 Stonewall…
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 10
Texas Production Increases Midstream Demand Atlas Pipeline has significant operations in both the Permian Texas Daily Oil Production 1981 - 2013 3,200 Basin in West Texas and the Eagle Ford Shale in South 2,800 Texas 2,400…
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: 64 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…
West Texas LPG NGL Pipeline Overview West Texas LPG Geographical Area: Permian Basin, Barnett Shale Miles of Pipeline: Approx. 2,200 Transportation Capacity: 240,000 bbls/day Delivery to: Mont Belvieu Driver Plant Average Volume…
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: 28 Average Processed…
SouthOK Update (Velma & Arkoma) SouthOK Overview SouthOK System Geographical Area: Woodford Shale/Arkoma/SCOOP Miles of Pipeline: Approx. 1,300 Processing Capacity: 380,000 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 Q4 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 4Q 2013 Contract Mix* Expected YE 2014 Contract Mix* Keep-Whole: 1% Fixed Keep- Fee Keep- Whole 17% Whole Fixed 13% Fixed 32% Fee Fee Percent…
Summary Quarterly Performance Comparison 4th Quarter Update ( in millions except as noted) Throughput Volume (Mcfd) 4Q 2013 3Q 2013 % Variance Velma (SouthOK) 160,926 157,330 2.3% Overall activity remains strong in operational…
4Q 2013 Results include Increased Fees & Weather Impact Financial results for 4Q 2013 Realized NGL price vs. Run-Rate Distributable Cash Flow/Unit quarter include record fee 1.40 3.40 business of almost 50 million DCF 3.12 3.20…
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 2014 is 83% including Hedges and Fee Business Unhedged 1% Keep-Whole Hedged 5% 4% 83% of run-rate Gross Margin is under Fee-Based arrangement or Hedged to Limit Commodity Price Exposure Fee-Based 35%…
Commodity Exposure Well Protected for 2014; Growing for 2015-16 Executing on Risk Total Risk Management Margin Coverage(1) Management Strategy, 80% Average for including targeting up to 76% remaining 69% 69% 68% 2013: 71% 80% of…
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 30
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%…
Reconciliation to Non-GAAP Measures Reconciliation to Non-GAAP Measures Three Months Ended LTM 31-Dec-13 30-Sep-13 30-Jun-13 31-Mar-13 31-Dec-13 Reconciliation of net income (loss) to other non-GAAP measures: Net income (loss) (48,672)…
Hedging Program Update Rolling 36-Month Strategy Using Product Natural Gas Hedges Natural Gas Liquids & Condensate Hedges Swap Contracts - Natural Gas Swap Contracts - NGLs Specific Options / Swaps Production Period Purchased/Sold…
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