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Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P.

Markwest Energy Partners, L.P. · Feb 27, 2014 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 1
    FOURTH QUARTER 2013 CONFERENCE CALL PRESENTATION FEBRUARY 27, 2014
  2. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 2
    Non-GAAP Measures Distributable Cash Flow, Adjusted EBITDA, and Net Operating Margin are not measures of performance calculated in accordance with GAAP, and should not be considered separately from or as a substitute for net income,…
  3. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 3
    Fourth Quarter 2013: Financial Summary Record total volume for fourth quarter and full year 2013 Total system volume of 3.2 Bcf/d for fourth quarter, an increase of 8% from the prior quarter. Total volume increased over 30% for full…
  4. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 4
    Fourth Quarter 2013: Operational Summary 19 major projects under development, which will increase our total processing capacity in the region to nearly 5 billion cubic feet per day and total fractionation capacity to over 400,000…
  5. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 5
    Southwest Segment Overview Southwest continued to deliver strong Gulf Coast SEOK WOK East Texas financial results in Granite Wash, 1,200 Haynesville Shale, Woodford Shale and 20% Gulf Coast Forecasted 1,000 Increase from Total…
  6. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 6
    Marcellus Segment Overview MarkWest continues to achieve record Processed Volumes (MMcf/d) volumes and operating income at five 2,500 major complexes 75% Continue to execute growth strategy and Forecasted announced one new major…
  7. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 7
    Marcellus Segment Overview Processed Volumes (MMcf/d) Five complexes in Marcellus with over 2.2 1,600 Bcf/d of total processing capacity 1,400 Added 600 MMcf/d of processing capacity during the quarter new 200 MMcf/d 1,200 plants…
  8. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 8
    MarkWests Marcellus Producers KEYSTONE COMPLEX MAJORSVILLE COMPLEX Butler Beaver Allegheny HOUSTON COMPLEX Brooke Ohio Washington MOBLEY COMPLEX Marshall Greene Wetzel Tyler MWE Gathering Area SHERWOOD COMPLEX…
  9. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 9
    MarkWest Utica EMGs Producers CADIZ & SENECA COMPLEXES Harrison Guernsey Belmont Noble Monroe MWE Gathering Area MWE Utica Counties MWE Plants MWE NGL Pipelines MWE Purity Ethane Pipeline MWE NGL/Purity Ethane…
  10. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 10
    Utica Segment Overview Processed Volumes (MMcf/d) MarkWest Utica EMG continues to 1,000 develop its full-service leading position in Ohio 530% Forecasted Total volumes increased by 27% 800 Increase from compared to prior…
  11. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 11
    Utica Condensate Solutions MarkWest and EMG will construct a Hopedale condensate stabilization facility 23,000 Bbl/d with associated logistics and storage terminal capabilities in Condensate Harrison County, Ohio Stabilization…
  12. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 12
    Hopedale Fractionation Complex In January 2014, MarkWest began operations of its third world-class fractionation and marketing complex in the Northeast The Hopedale fractionator is located in Harrison County, Ohio and has…
  13. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 13
    Marcellus & Utica: Full-Service Capabilities Lake Erie Michigan Keystone Pennsylvania Condensate JV Hopedale Houston Cadiz Ohio Majorsville MWE Complexes MWE Gathering Systems Seneca Rich-Gas Areas ATEX Express…
  14. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 14
    Total Volume Growth Base case total volumes are forecasted to increase over 50% from 2013 5,000 62% 52% 4,000 42% Total Volumes (MMcf/d) 3,000 2,000 1,000 0 2009 2010 2011 2012 2013 2014F 15
  15. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 15
    Marcellus & Utica: 23 Major Projects Complete Crawford 19 Major projects under construction KEYSTONE COMPLEX Venango Bluestone ITrumbull & Sarsen I 90 MMcf/d Complete Mercer Bluestone II 120 MMcf/d 2Q14 HOPEDALE FRACTIONATOR…
  16. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 16
    Liquidity MarkWest has 1 billion of liquidity MarkWest preserves a strong balance sheet to fund growth As of today, we have 1 billion of liquidity to support our capital investment program As of December 31, 2013, our total Debt…
  17. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 17
    Increasing Fee-Based Income 2014 fee-based net operating margin is forecasted to exceed 70% 75% Over 70% Net Operating Margin (%) 50% Increase of 3x since 61% 2008 53% 25% 39% 38% 38% 25% 0%…
  18. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 18
    Distributable Cash Flow: Sensitivity Table MarkWest is more sensitive to changes in volumes than changes in commodity prices MarkWest estimates the effect on DCF resulting from changes in volume forecast and NGL prices The…
  19. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 19
    Distributable Cash Flow: Forecast 2014 DCF Forecast of 600 to 690 million 700 43% 33% Distributable Cash Flow ( in millions) 600 24% 500 DCF of 483.4 million 400 300 200 100 0 2009 2010 2011 2012 2013…
  20. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 20
    2014 Capital Forecast 2014 Capital Forecast of 1.8 to 2.3 billion Growth Capex Growth Capex as % of PP&E 2,500 35% Utica 26% 30% 2,000 25% 1,500 20% 15% 1,000 10% Southwest Marcellus 500 5% 7% 67% - 0% 2009…
  21. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 21
    APPENDIX
  22. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 22
    Reconciliation of DCF and Distribution Coverage Year Ended Year Ended ( in millions) 12/31/2012 12/31/2013 Net Income 217.0 40.4 Depreciation, amortization, impairment, and other non-cash operating 237.6 365.7 expenses Loss…
  23. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 23
    Reconciliation of Adjusted EBITDA Year Ended Year Ended Year Ended ( in millions) 12/31/2011 12/31/2012 12/31/2013 Net income 104.8 217.0 40.4 Non-cash compensation expense 3.4 8.2 7.8 Non-cash derivative activity (0.3) (102.1)…
  24. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 24
    Reconciliation of Net Operating Margin Year Ended Year Ended ( in millions) 12/31/2012 12/31/2013 Income from operations 378.3 245.9 Facility expense 206.9 291.1 Derivative activity (69.1) 25.8 Revenue deferral adjustment…
  25. Q4 2013 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 25
    1515 Arapahoe Street Tower 1, Suite 1600 Denver, Colorado 80202 Phone: 303-925-9200 Investor Relations: 866-858-0482 Email: investorrelationsmarkwest.com Website: www.markwest.com

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