Third Quarter 2014 Earnings Presentation October 30, 2014
Introduction Business Update Recovery has been slower than expected Full-year 2014 earnings and distributable cash flow will be below guidance range Accelerating pace and increasing scope of change Management is confident in…
Capital Forecast & Available Liquidity 2014 Capital Expenditures(1) Beckville Plant Construction Beckville Gas Processing Plant 105 Well Connect Expansion Capital 20 Texas Express NGL System 25 Expansion Capital 65 Maintenance…
GP&T Segment Hedging Outlook for 2015 Hedging Policy Hedging targets: 70% hedged in year 1; 50% hedged in year 2 Requires Midcoast Operating to hedge on a rolling quarterly basis Direct product hedging is predominantly used Commodity…
2014 Headwinds and Tailwinds Headwinds - Slower than anticipated system volume Improving Outlook ramp up - Lost customer volume replacement Seasonal Logistics & Marketing slower than expected uplift expected in 4Q - Commodity price…
Strategic Priorities & Overview Strengthen underlying business Recontract and capture new business that enhances cash flow certainty Continue focused cost management measures Secure and execute on organic growth opportunities…
Asset & Fundamentals Update Gathering, Processing & Transportation Highlights East Texas Rigs on dedicated acreage = 15 Beckville plant completion on target (1Q 2015 in-service) Eaglebine activity encouraging 54 active rigs ** North…
East Texas Growth Platform Beckville Gas Processing Plant to enable Midcoast to capture additional rich gas production from developing Cotton Valley formation. Targeted in-service in 1Q 2015 Elevates gpm content of East Texas system…
Key Takeaways Announced second consecutive quarterly distribution increase (+ 8% YTD) Confidence in long-term business plan supports distribution growth Strengthening underlying business fundamentals Accelerating pace and increasing…
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