CONFIDENTIAL U.S. Capital Advisors Midstream Corporate Access Day January 28, 2014
Summit Midstream Partners, LP (SMLP) Overview SMLP General Overview Distribution Per LP Unit (in thousands, except per unit information) / Unit Ticker SMLP 0.550 Exchange NYSE 0.480 0.500 0.460 Current SMLP Price Per Unit (1) 38.19…
SMLP Overview Growth-oriented midstream MLP primarily focused on natural gas gathering Investment Considerations Current SMLP Operating Footprint 94% of revenue is fee-based Fee-Based 3.7 Tcf of remaining MVCs through 2026 Contract…
Summit Family Organizational Structure 93.5% 6.5% Summit Midstream Partners, LLC (Summit Investments) Option to 100% Acquire 40% Summit Midstream Partners Holdings, LLC Ohio Gathering Company 100% 100% Ohio Condensate…
SMLP Assets Fee-Based & Diversified Bison Midstream System Bakken Shale (Crude Oil Area) Burke Grand River Gathering System Garfield Mountrail Mountaineer Midstream System Marcellus / Utica Shale Mesa (Rich Gas Area)…
Summit Family Operating Assets Further Scale & Diversification Polar/Divide Oil & Water Bison Midstream System Mountaineer Midstream Gathering System System Burke Bakken Shale Divide (Crude Oil Area) Harrison Niobrara Gas…
Summit Family Basin Exposure The Summit Family 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 Permian 404 386 407 Eagle Ford 205 222 200 74%…
Summit Investments Development Strategy STRATEGY CAPITAL GROWTH Use Summit Investments Operating cash flow as Development Vehicle to SMLP distributions Mitigate Development & Sponsor equity Cash Flow Timing Risks Bank facilities Top…
Diversified & Visible Inventory of Drop Down Assets at Summit Investments Summit Investments has acquired, and expects to further develop and optimize the operations of over 2 billion of midstream assets over the next 3 to 5 years,…
Ohio Gathering Acquisition Overview
Recently Announced Acquisition of Interests in Ohio Gathering Summit Investments to Acquire Equity Interest in Utica Shale Gathering System in Southeastern Ohio from Blackhawk Midstream Transaction Summary Pro Forma(1) Ownership…
Ohio Gathering Asset Overview Transaction provides ownership in premier gathering system in the Utica Shale Asset Summary Map of Ohio Gathering & Delivery Points Ohio Gathering is developing a premier gathering system in the Hopedale…
SMLP Asset Overview
SMLP Differentiated Contract Portfolio with Significant MVC Underpinning Contract Portfolio Overview (1) Long-term, fee-based contracts for natural gas gathering and 2014 MVCs compression services 3Q 2013 Volumes in Excess of 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 2013 Throughput 135 Mcf/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 3Q 2013 Throughput 17…
DFW Midstream Natural gas gathering in the core of the core of the Barnett Asset Summary Map of DFW Midstream Asset DFW Midstream Two new Beacon pads 3Q 2013 Throughput 381 Mcf/d connected in Throughput Capacity 450 Mcf/d 1Q 2014…
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 Gathering 3Q 2013…
SMLP Financial Overview
SMLP 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 (s in 000s) September 30, 2013 December 31, 2012 3.9x leverage at…
SMLP 2014 Financial Guidance Guidance Range Actual Actual FY 2014 Year Ended Nine Mos. ( in millions) 2012 Ended 9/30/13 Low High Adjusted EBITDA 103.3 106.5 170.0 180.0 LP Distribution Growth(1,2) n/a 15.0% 10.0% 12.0%…
SMLP Non-GAAP Reconciliations
SMLP Non-GAAP Reconciliations Nine Months Ended September 30, Year Ended December 31, (s in 000s) 2013 2012 2012 2011 2010 Net Income 27,291 24,112 41,726 37,951 8,172 Add: Interest expense 11,840 10,999 12,766 3,054 0 Income tax…
SMLP SMLP Financial Performance YTD Through 9/30/13 Nine Months Ended September 30, Variance (s in 000s) 2013 2012 % Distributable Cash Flow: EBITDA(1) 83,647 61,714 21,933 35.5% Add: Unit-based compensation 1,987 1,793 194 10.8%…
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 41 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 179 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 69 pad sites in the core of the core of the Barnett Asset Details Map of DFW Midstream 119-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 301 mile natural gas…
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, Bill…
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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