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US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP

Enterprise Products Partners LP · Jan 27, 2015 · 36 slides

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Slides

  1. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 1
    ENTERPRISE PRODUCTS PARTNERS L.P. U.S. CAPITAL ADVISORS MIDSTREAM CORPORATE ACCESS DAY January 27, 2015 Randy Fowler EVP and CFO ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  2. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 2
    ENTERPRISE PRODUCTS PARTNERS L.P. EPD is one of the largest publicly traded midstream energy partnerships with a firm value of 85 billion* One of the largest integrated midstream energy systems Diversified sources of cash flow…
  3. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 3
    EPD TODAY: NATURAL GAS, NGLS, CRUDE OIL, REFINED PRODUCTS AND PETROCHEMICALS Asset Overview Connectivity Pipelines: 52,000 miles of natural gas, NGL, crude oil, refined Connected to U.S. major shale basins products and…
  4. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 4
    GEOGRAPHIC AND BUSINESS DIVERSIFICATION PROVIDE MULTIPLE EARNINGS STREAMS (1) 5.2 Billion Gross Operating Margin 4 Year Growth Capital Allocation 20132016E For 12 months ended September 30, 2014 12.5 Billion (predominantly…
  5. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 5
    VISIBILITY TO GROWTH: 20B PROJECTS Recently Completed / Under Construction Organic Growth Capital Projects Projects completed since 2011: 13.0 Billion 4.5 6.0B Under 13.0B Completed Construction Pipelines: 4,200 miles of natural…
  6. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 6
    FUNDAMENTALS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  7. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 7
    WTI PRICE COMING OFFFALLING 120 Summer 2014: Energy economists including IEA and Oct and Nov OPEC begin to 2014 KSA 110 publish surplus monthly price discounts signal crude forecasts market Oct 10: Libya retention…
  8. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 8
    REGIONAL PRICE ASSUMPTIONS: CURRENT Distance to Market and Grade Matters WCS: 30 (net backs to oil sands are lower) Bakken: 36 NYMEX WTI: 45 WTS: 42 50% of U.S. Refining Capacity is inside this oval Eagle Ford: 42…
  9. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 9
    REGIONAL PRICES: CURRENT VS. 2018 Where Do Forward Prices Support Drilling WCS: 30/50 (net backs to oil sands are lower) Bakken: 36/56 (net backs to oil sands are lower) NYMEX WTI: 45/65 WTS: 42/62 50% of U.S.…
  10. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 10
    EPD OBSERVATIONS ON OIL PRICES Cut Existing Production: OPEC could not agree on production cuts at November 2014 meeting, with strongest members signaling no appetite to cut Slow Supply Growth: lower prices impact both OPEC, Russian…
  11. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 11
    INDICATIVE BREAKEVEN FOR KEY OIL AND CONDENSATE PLAYS Average and HighGrade Wells with NGL Upgrade 90 80 70 Drilling Impacted 60 NYMEX /Bbl 50 40 30 HighGrade Well Average Well 20 10 Note: assumes 20%…
  12. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 12
    INDICATIVE CRUDE PRODUCTION FORECASTS Assumes 65 WTI Crude Production Sensitivity CAGR 12,500 6.4% 12,000 5.4% 11,500 11,000 10,500 3.4% MBPD Increase: 2014 to 2015 10,000 12.8% 11.6% 9.4% 9,500 9,000 8,500 Prior…
  13. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 13
    INDICATIVE NGL PRODUCTION FORECASTS Assumes 65 WTI NGL Production Sensitivity 6,000 CAGR 5,500 8.4% 7.1% 5,000 5.6% MBPD 4,500 Increase: 2014 to 2015 14.0% 12.5% 10.5% 4,000 3,500 Prior to Price Collapse Adjusted…
  14. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 14
    PROJECTS OVERVIEW ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  15. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 15
    MAJOR NGL CAPITAL GROWTH PROJECTS ATEX and Aegis Ethane Pipelines ATEX Pipeline Initial Origins 1,265mile, 16 and 20 pipeline Initial capacity 125 MBPD, expandable to 265 MBPD Connected to 4 NGL fractionators 15 year shiporpay…
  16. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 16
    EPD PDH FACILITY UPDATE Propylene production from ethylene crackers decreased by 5.4 billion lbs. or 37% since 2010 due to the decline in cracking naphtha Capacity to produce up to 1.65 billion pounds per year of polymer grade…
  17. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 17
    EXPORT CAPACITY: LINKING U.S. SUPPLIES TO GLOBAL DEMAND OTI EPD Mont OTI Belvieu Ship Barge Under Product Docks Docks Construction Morgans Point OILT Beaumont Multi 2 2 2 EPD Beaumont Refined 1 0 1 OILT Houston Multi 6 2…
  18. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 18
    U.S. BECOMES LARGEST EXPORTER OF PROPANE Propane Exports by Destination in 2014 2014 Propane Exports (from EPD Facility) by Destination Region: 83 MMBbls % of Cargoes Loaded % of Destination Market North America 24% 44% South…
  19. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 19
    EPD BOOKING CARGOES / BUILDING CAPACITY 2,000 LPG Cargoes Scheduled Through 2024 Historical & Contracted Future LPG Loadings vs. Capacity 16 14 12 10 MMBbls/month 8 6 Existing Capacity: 7.5 MMBbls/mo 4 Expansion 1Q…
  20. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 20
    NEW MARKETS DEVELOP FOR U.S. ETHANE Market Potential EPD Ethane Export Facility at Morgans Point, TX Ethylene cracker feedstock displacing Supported by longterm contracts current crude oil derivative feedstocks or Combined operating…
  21. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 21
    SEAWAY CRUDE OIL PIPELINE EXPANSION PROJECTS COMPLETED Cushing Seaway Loop: 512 mile, 30 parallel pipeline along existing legacy pipeline O k l a h o m a Initial volumes delivered to Jones Creek A r k a n December 2014 Loop more…
  22. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 22
    EPD & SEAWAYS GULF COAST CRUDE SYSTEM Access to 8 MMBPD Refining and Water From Cushing Galena Park Sealy Baytown XOM VLO H.R. PRSI Shell Beaumont / Port Arthur Katy 24 Rancho Bertron 24 Motiva VLO TOT XOM Speed Junction…
  23. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 23
    EAGLE FORD JV PROJECT EXPANSION TO HANDLE PROCESSED CONDENSATE EPD and Plains JV will construct a new condensate gathering system 55 miles connecting surrounding counties to Three Rivers Terminal Marshall Expand mainline between…
  24. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 24
    FINANCIAL ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  25. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 25
    SOLID OPERATING PERFORMANCE 5.3 5.2 Liquids Pipeline Volumes Equity NGL Production & Feebased Processing 5.0 140 5 121 126 125 4.8 116 Feebased Processing 120 Equity NGL Production 4.6 4.9 4.5 101 Million BPD 100…
  26. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 26
    DRIVES STRONG FINANCIAL RESULTS Gross Operating Margin 4.5 Distributable Cash Flow (DCF) (1) 5.0 4.8 4.1 4.4 3.8 3.8 3.9 3.9 4.0 3.5 3.3 3.7 3.0 Billions Billions 3.0 2.5 3.0 2.9 2.3 2.8 2.0 2.2 1.5 1.0 0.0 0.5…
  27. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 27
    HISTORY OF FINANCIAL DISCIPLINE WHILE EXECUTING GROWTH STRATEGY (1) (2) Total Growth Capex & Debt Leverage 4.5 4.6x 4.2 3.9 4.7x 4.0 3.6 3.5 4.5x 3.1 3.1 Debt / Adjusted EBITDA 3.0 2.9 4.3x 4.2x Billions 2.5 4.1x…
  28. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 28
    STRENGTHENING DEBT PORTFOLIO Extending Maturities Without Increasing Costs 15.9 Billion Notes Issued 98.9% Fixed Rate Debt 2009 10/2/2014 15 14.7 7.5% 13 13.3 7.3% Average Maturity Years 12.3% 12.4 Cost of Debt…
  29. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 29
    EPD TOTAL RETURN Compared to 9 Other Asset Classes 15-Year 10-Year 5-Year 3-Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 1 1 1 1 CAGR CAGR CAGR CAGR REIT Commodities IG Bonds MLP Index EPD EPD EPD EPD REIT Small Cap Equity…
  30. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 30
    APPENDIX ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  31. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 31
    VISIBILITY TO GROWTH: MAJOR CAPITAL PROJECTS 6.4B InService 20132014; 6.0B Under Construction In Service Date 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 2015 2016 NGL Pipeline & Services Eagle Ford Yoakum gas processing facility (phase III…
  32. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 32
    NONGAAP RECONCILIATIONS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  33. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 33
    GROSS OPERATING MARGIN We evaluate segment performance based on the nonGAAP financial measure of gross operating margin. Gross operating margin (either in total or by individual segment) is an important performance measure of the core…
  34. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 34
    ADJUSTED EBITDA Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our financial statements, such as investors, commercial banks, research analysts and ratings agencies to…
  35. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 35
    DISTRIBUTABLE CASH FLOW Distributable cash flow is an important nonGAAP financial measure for our limited partners since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial…
  36. US Capital Advisors Midstream Corporate Access Day – Enterprise Products Partners LP – slide 36
    CONTACT INFORMATION Randy Burkhalter Vice President, Investor Relations (713) 3816812 rburkhaltereprod.com Jackie Richert Manager, Investor Relations (713) 3813920 jmricherteprod.com ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS…

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