NAPTP 2014 MLP Annual Investor Conference May 2014 Rodrigue Compressor Station 1
Boardwalk Summary Strategic and Transport, store, gather and process natural gas and natural gas Diversified liquids (NGLs) Midstream MLP Assets well positioned to serve growing markets and access key producing areas Majority of…
Boardwalk Strategy Strengthen existing natural gas pipeline transportation and storage assets by attaching new customer loads, especially end- Organic Growth use markets, to our facilities Projects & Further diversify within the…
Boardwalk Pipeline Partners: Asset Overview Texas Gas Transmission Boardwalk Louisiana Midstream Hubs Texas Gas storage facilities Boardwalk Storage Company Gulf South Pipeline South Texas Gathering Systems Gulf South storage facilities…
Management Team with Extensive Industry Experience Stan Horton, President, CEO and Director 3 years w/BWP 35+ years industry experience Jamie Buskill, SVP, Chief Financial & John Haynes, SVP, Chief Commercial Officer…
Introduction to Boardwalks General Partner: Loews Loews Corporation is one of the largest diversified corporations in the United States. Principal subsidiaries and percent of ownership: 100% 100% 90% 53%(1) 51% Financial…
Market Fundamentals 9
Key Shale Gas Supplies Near our Footprint Boardwalk assets located near shale gas supply sources with significant reserves 10 Bcf/d 3 Bcf/d 1 Bcf/d 6 Bcf/d 5 Bcf/d Legend Current Key Boardwalk receipt locations 3…
2020 Forecasted Growth in Shale Gas Supply Overall Supply Forecasted to Grow Marcellus and Utica increase substantially Shale gas supplies near footprint not forecasted to decline 19 Bcf/d U.S. Natural Gas Production by Source…
Deliveries to Interconnects Currently Comprise Majority of Revenues Deliveries to pipeline interconnects comprise 60% of revenues Power Generators Other End-Users 4% 1% 5% Storage 12% Pipeline Interconnects LDCs 60% 18%…
Deliveries to LDCs Comprise Second Largest Category of Current Revenues LOCAL DISTRIBUTION COMPANIES We serve approximately 180 LDCs (through deliveries to more than 300 LDC locations) across our pipeline system Power Other…
Opportunities to Attach to New Customer Loads: LNG Exports FERC Approved LNG Export Facilities Not Under Construction FERC Approved LNG Export Facilities Under Construction FERC Proposed LNG Export Facilities Potential LNG Export…
Opportunities to Attach to New Customer Loads: Industrial Markets INDUSTRIALS We provide to approximately 195 Industrial Facilities with a combination of firm and interruptible natural gas and NGLs transportation and storage…
Opportunities to Attach to New Customer Loads: Power Plants POWER PLANTS We are directly connected to 40 natural-gas-fired power generations facilities in 10 states. Natural Gas-fired Generation in the Electric Power Sector by NERC…
Opportunities to Attach to New Customer Loads: NGL Services We provide transportation and storage services for natural gas and NGLs, fractionation services for NGLs, and brine supply services for producers and consumers of…
Growth Projects 18
Projects to Attach to New End-Use Markets 107,000 Dth/d for power plant in Kentucky: expected in-service Q4-2014 125,000 Dth/d for power plant in North Texas Phase 1: in-service Dec. 2013 Phase 2: expected in-service Q2-14…
Ohio to Louisiana Access Project Lebanon Marcellus & Utica Supplies Received binding commitments for approximately 625,000 Dth/d Total Capex: 115mm to serve end-use markets, such as LNG exports and power generators, which…
Second Open Season Concluded April 22, 2014 Southern Indiana Market Lebanon Marcellus & Lateral Utica Supplies We are pleased with results of second open season Binding Open Season: Executed firm precedent agreements subject to…
Additional Pipeline Capacity Hardinsburg Considering All Options for Pipeline Capacity Withdrawing current abandonment filing with FERC in June (filing was needed to convert from dry gas to liquids service for Bluegrass) The…
Other Midstream Projects We are engaged in discussions with customers looking to build large-scale ethane crackers in Louisiana, reinforcing our bullish point of view on demand for liquids services in Louisiana. We recently executed…
Projects Announced Since Fall of 2011 (2.1 Billion) Growth Project/Acquisition Scope Timing Est MM (Capex) Acquisition of Petal Gas Storage Acquired approx. 23 Bcf of working gas capacity and 105 miles of natural gas pipelines Closed…
Capitalization as of March 31, 2014 December 31, March 31, ( in millions) 2013 Adjustments 2014 DEBT Boardwalk Pipelines (BB+/Baa2/BBB-) Debt Rating 5.875% Notes Due 2016 250.0 250.0 5.50% Notes Due 2017 300.0 300.0 5.20% Notes…
Adjusted EBITDA and Distributable Cash Flow Reconciliation Non-GAAP Financial Measures Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) is used as a supplemental financial measure by Boardwalks…
Appendix 30
Basis Spreads COLUMBIA GAS LEGEND APPALACHIA Average Annual Spread (0.26) 2015 (0.00) 2013 0.19 2009 0.23 2006 CENTERPOINT EAST (0.08) (0.05) (0.15) (0.16) (0.00) (0.06) (0.10) 0.01 0.06 TRANSCO (0.62) 0.06 STATION 85…
Basin Breakeven Prices ( per MMBtu) Liquid rich plays offer best economic return BWP directly or indirectly connected to most of the plays shown NYMEX Breakeven Price ( per MMBtu) for 10% ATAX RoR Source: Credit Suisse, The…
NYMEX Seasonal Strip Spreads 5.00 4.00 3.00 2.00 1.00 0.00 (1.00) (2.00) (3.00) Summer/Winter Spreads Summer/Summer Spreads Source: Platts Gas Daily; NYMEX as of 5/15/14 33
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