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MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp

Boardwalk Pipeline Partners, Lp · Aug 1, 2014 · 35 slides

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Slides

  1. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 1
    2014 Citi 1x1 MLP/Midstream Infrastructure Conference August 2014 Southeast Market Expansion 1
  2. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 2
    Boardwalk Summary Strategic and Transport, store, gather and process natural gas and natural gas liquids (NGLs) Diversified Assets well positioned to serve growing markets and access key producing Midstream MLP areas Majority of…
  3. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 3
    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…
  4. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 4
    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…
  5. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 5
    Organizational Structure BPHC Loews Corporation Public Unitholders Subsidiary 51% L.P. interest* 47% L.P. interest 2% G.P. interest Boardwalk Pipeline Partners, LP NYSE: BWP Boardwalk Pipelines, LP Texas Gas Gulf Crossing…
  6. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 6
    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…
  7. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 7
    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% 90% 51% 53%(1) Financial strength…
  8. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 8
    Market Fundamentals Southeast Market Expansion 9
  9. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 9
    Basis Spreads LEGEND DOMINION Average Annual SOUTH POINT Spread (1.21) 2015 (0.21) 2013 0.31 2009 0.30 2006 KOSCI CENTERPOINT EAST (0.12) (0.10) (0.05) (0.06) (0.13) (0.00) 0.06 (0.10) 0.01 0.06 (0.62) TRANSCO (0.73)…
  10. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 10
    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 5 Bcf/d 5 Bcf/d Legend Current key Boardwalk receipt locations 3…
  11. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 11
    2020 Forecasted Shale Gas Supply Overall Supply Forecasted to Grow Marcellus and Utica production forecasted to increase substantially Production in shale gas supplies near Boardwalk footprint forecasted to remain relatively stable…
  12. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 12
    Numerous LDCs Near our Pipelines LOCAL DISTRIBUTION COMPANIES We serve approximately 180 LDCs (through deliveries to more than 300 LDC locations) across our pipeline system Legend Local distribution company locations 13
  13. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 13
    Opportunities to Attach to New Customer Loads: LNG Exports FERC Approved or Potential U.S. LNG Export Facilities U.S. Exports of LNG (trillion cubic feet) FERC Approved LNG Facilities (capacity): Sabine Pass = 2.8 Bcf/d…
  14. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 14
    Opportunities to Attach to New Customer Loads: Industrial Markets INDUSTRIALS We provide approximately 195 industrial facilities with a combination of firm and interruptible natural gas and NGLs transportation and storage services…
  15. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 15
    Opportunities to Attach to New Customer Loads: Power Plants POWER PLANTS We are directly connected to 40 natural-gas-fired power generation facilities in 10 states. Natural Gas-fired Generation in the Electric Power Sector by NERC…
  16. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 16
    Opportunities to Attach to New Customer Loads: NGL Services We provide transportation and storage services for natural gas and NGLs, fractionation services NGL Consumption in Louisiana for NGLs, and brine supply services for 800…
  17. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 17
    Commercial Activities Southeast Market Expansion 18
  18. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 18
    Southeast Market Expansion Southeast Market Expansion Project: 300mm capex Project is under construction with expected in-service date of Q4-2014 This project is fully contracted with 10-year firm transportation agreements for…
  19. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 19
    Western Kentucky Market Lateral Open Season Closed July 28 Western Kentucky Market Lateral Texas Gas Transmission Proposed lateral Marcellus Interconnect & Utica Lebanon Supplies Western Kentucky Market Lateral Completed…
  20. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 20
    Projects to Attach to Additional End-Use Markets Projects to provide approximately 390,000 MMBtu/d of natural gas deliveries to power and industrial plants NEW AGREEMENT Connection to power plant in Indiana Executed 5-year firm and…
  21. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 21
    Ohio to Louisiana Access Project Lebanon Marcellus & Utica Supplies Received commitments for approximately 625,000 MMBtu/d Total Capex: 115mm to serve end-use markets, such as LNG exports and power generators, which are…
  22. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 22
    Northern Supply Access Project Two Open Seasons Open Season 1: Northern Supply Access Project and Southern Southern Indiana Market Lateral - closed Indiana Market April 22 Lateral Lebanon Utilizes approximately 130,000 Marcellus &…
  23. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 23
    Flag City Processing Plant Flag City Processing Plant has been in service for approximately 1 year and we have seen utilization Flag City increase as the Eagle Ford Processing Plant shale play continues to ramp up…
  24. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 24
    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…
  25. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 25
    Projects Announced Since Fall of 2011 (2.4 Billion) Growth Project/Acquisition Scope Timing Est MM (Capex) Acquisition of Petal Gas Acquired approx. 23 Bcf of working gas capacity and 105 miles of natural gas pipelines Closed Dec.…
  26. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 26
    Projects Announced Since Fall of 2011 (2.4 Billion) Growth Project/Acquisition Scope Timing Est MM (Capex) Northern Supply Access Successful open season closed in April to utilize approximately 130,000 MMBtu/d of Northern Supply…
  27. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 27
    Financial Overview Southeast Market Expansion 28
  28. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 28
    Revenue Profile Backed by Firm, Long-term Contracts 1,400 1,239 1,185 1,206 1,200 1,143 8% 1,117 6% 7% 4% 7% 11% 12% 13% 1,000 14% 909 15% Revenue ( MM) 11% 785 800 12% 15% 600 22% 83% 81% 79% 82% 78% 400 74%…
  29. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 29
    Financial Comparison 700 600 Distributable Cash Flow ( MM) 500 559 497 468 400 405 408 304 286 300 323 200 100 0 2008 2009 2010 2011 2012 2013 Six Months Six Months Ended Ended June 30, 2013 June 30, 2014 900…
  30. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 30
    Capitalization as of June 30, 2014 December 31, June 30, ( 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 Due…
  31. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 31
    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…
  32. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 32
    Appendix Southeast Market Expansion 33
  33. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 33
    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…
  34. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 34
    NYMEX Seasonal Strip Spreads 4.50 3.50 2.50 1.50 0.50 (0.50) (1.50) (2.50) Summer/Winter Spreads Summer/Summer Spreads Source: Velocity Suite, NYMEX and Clearport Futures as of 8/11/14 35
  35. MLP Midstream Infrastructure Conference – Boardwalk Pipeline Partners, Lp – slide 35
    2014 Citi 1x1 MLP/Midstream Infrastructure Conference August 2014 Southeast Market Expansion 36

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