CONFIDENTIAL Wells Fargo 2014 Pipeline & MLP Energy Symposium December 9 10, 2014
Summit Midstream Partners, LP Overview General Overview Distribution Per LP Unit (in thousands, except per unit information) / Unit Ticker SMLP 0.550 Exchange NYSE 0.500 (1) Current SMLP Price Per Unit 41.70 (1) 0.450 Total…
SMLP Overview Growth-oriented midstream MLP focused on natural gas gathering, treating & processing Investment Considerations Current SMLP Operating Footprint 90%+ of revenue is fee-based Fee-Based 3.9 Tcf of remaining MVCs through…
Summit Enterprise Operating Assets(1) (1) Summit Investments Bakken Systems is pro forma for full build out. SMLP Assets Summit Investments Assets 6
Summit Enterprise Basin Exposure The Summit enterprise has exposure to four of the most active shale plays in the U.S. IRR by Shale Play Top 10 Basins By Rig Count Basin 2011 2012 2013 3Q 2014 Permian 404 386 419 488 Eagle Ford 205…
Summit Enterprise Growth Projects 2014E & 2015E Executing on more than 1 billion of midstream investment in 2014 ( in millions) 2014E 2015E Growth Growth Asset Capex Capex Scope Mountaineer 30 0 2014: Zinnia Loop Project 2014: 20…
Summit Investments Development Strategy STRATEGY CAPITAL GROWTH Operating cash flow Use Summit Investments SMLP distributions as development vehicle to Sponsor equity mitigate development & Bank facilities Top Tier Distribution…
Drop Downs To Drive Top Tier Growth SMLPs relationship with Summit Investments provides it with long-term, visible growth ( in millions) Expected Total System Total Investment Operating Area Status Mileage(1) System Capacity(1)…
Ohio Gathering JV Overview
Ohio Gathering JV Overview Summit Investments owns a 40% interest in Ohio Gathering & Ohio Condensate - a joint venture with MarkWest Utica EMG in Utica Shale Asset Overview Summit Investments owns a 40% interest in Utica Shale…
Strategically Located in the Southern Core of the Utica Shale The Utica Shale is the highest return shale play in the United States(1) Current Ohio Gathering Customers 200,000 net acres in Utica Hess: 1 well Currently running 8 rigs…
SMLP Asset Overview
Differentiated Contract Portfolio with Significant MVC Underpinning Contract Portfolio Overview Primarily long-term, fee-based contracts for natural gas Avg. MVCs Through 2018 = 84% of 3Q 2014 Throughput gathering, treating and…
Current & Projected Business Profile SMLPs drop down strategy is expected to further diversify SMLP while enhancing its core focus on fee-based revenue Revenue Composition 2012 at IPO 2015E 2018E(1) Variable Variable Variable 3%…
SMLP Limited Exposure to Crude Oil Prices SMLP gathered approximately 1.5 Bcf/d of natural gas in 3Q 2014 More than 90% of SMLPs cash flow is generated from fee-based activities SMLP has 1.2 Bcf/d of minimum volume commitments (MVCs)…
Mountaineer Midstream High-pressure gas gathering and compression assets located in the rich gas window of the Marcellus Shale Play Asset Summary Map of Mountaineer Assets Asset Mountaineer Midstream 3Q 2014 Throughput 416 MMcf/d…
Bison Midstream Associated natural gas gathering (1,425+ Btu gas) from over 676,480 net acres serving producers in the Bakken Shale Play in North Dakota Asset Summary Map of Bison Assets Asset Bison Midstream Expansion of West CS 3Q…
DFW Midstream Natural gas gathering in the core of the core of the Barnett Asset Summary Map of DFW Midstream Asset DFW Midstream 3Q 2014 Throughput 361 MMcf/d Throughput Capacity 480 MMcf/d Basin Served Ft. Worth Underlying Formation…
Grand River Positioned in the core of the Piceance Basin with exposure to the liquids-rich Mesaverde formation as well as the emerging Mancos & Niobrara formations Asset Summary Map of Grand River Asset Grand River 3Q 2014 Throughput…
SMLP Financial Overview
Conservative Financial Strategy Strong balance sheet and liquidity enables SMLP to execute its growth strategy Targeting long-term leverage ratio of 3.0x 4.0x Actual (s in 000s) Sep-14 4.2x leverage at September 30, 2014 Cash and…
SMLP 2014 & 2015 Financial Guidance Guidance Range Guidance Range Actual Actual FY 2014(3) FY 2015(3) Year Year Ended Ended ( in millions) 2012 2013 Low High Low High Adjusted EBITDA 105.9 164.8 195.0 200.0 215.0 230.0 Mid-teens…
SMLP Non-GAAP Reconciliations
SMLP Non-GAAP Reconciliations Nine Months Ended September 30, Year Ended December 31, (s in 000s) 2014 2013 2013 2012 2011 2010 (1) Net Income 16,522 32,310 53,304 42,997 37,951 8,172 Add: Interest expense 28,504 11,840 19,173…
SMLP SMLP Financial Performance Nine Months Ended June 30, Variance (s in 000s) 2014 2013 % Distributable Cash Flow: EBITDA(1) 107,529 94,721 12,808 13.5% Add: Unit-based compensation 3,499 2,354 1,145 48.6% (2) Adjustments…
Appendix Additional Information
Mountaineer Midstream Strategic Position in Core of Marcellus Shale Marcellus Shale Overview Map of Marcellus Shale Mountaineer provides high-pressure gathering and compression services for Antero Resources in the northern West…
Mountaineer Midstream Asset Overview 49 miles of high-pressure gas gathering and compression assets located in the rich gas window of the Marcellus Shale Play Asset Details Map of Mountaineer Assets Assets commissioned in 4Q 2012…
Bison Midstream Strategic Position in Growing Bakken Shale Play Bakken Shale Play Overview Map of Bakken Shale Renville Bottineau Rolette Currently over 187 rigs operating in the Williston Daniels Sheridan Divide Burke Towner…
Bison Midstream Asset Overview Gathering 1,425+ Btu gas from over 676,480 net acres dedicated through 2027 Asset Details Map of Bison Assets Associated natural gas gathering system located in Mountrail and Burke counties in North…
DFW Midstream Strategic Position in Core of Barnett Shale DFWs service area includes the most prolific part of the Barnett Shale with the largest wells Barnett Shale Overview Barnett Shale EUR Isopach DFW system primarily located in…
DFW Midstream Asset Overview Gathering from 74 pad sites in the core of the core of the Barnett Asset Details Map of DFW Midstream 128-mile natural gas gathering system primarily located in southeastern Tarrant County, TX…
DFW Midstream Leveraged to Existing Infrastructure Given urban environment, DFWs customers are drilling multiple Average DFW Pad Site 5 Wells wells from single pad sites Producers trying to minimize surface footprint 2 wells 3 wells…
Grand River Asset Overview Positioned in the core of the Piceance Basin with exposure to the liquids-rich Mesaverde formation as well as the emerging Mancos & Niobrara formations Asset Details Map of Grand River 1,779 mile natural…
Legacy Grand River Actual & Contracted Throughput By System Grand River MVCs increase at a 5.7% CAGR from 2013 2015 and include annual fee escalators tied to CPI or PPI Mamm Creek Gathering System MVCs in place with Encana, WPX,…
Significant Exposure to Emerging Mancos / Niobrara Shale Gathering Footprint in Rifle / DeBeque Region of Piceance Basin WPX Announcement Encana Mamm 6-11H (J12A) Encana Mamm In January 2013, Encana Orchard 12.0 MMcf/d IP 35-2HM…
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