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Second Quater Update – Atlas Pipeline Partners Lp

Atlas Pipeline Partners Lp · Aug 1, 2014 · 27 slides

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Slides

  1. Second Quater Update – Atlas Pipeline Partners Lp – slide 1
    Atlas Pipeline Partners, L.P. Second Quarter Update August 2014
  2. Second Quater Update – Atlas Pipeline Partners Lp – slide 2
    APL Summary 3
  3. Second Quater Update – Atlas Pipeline Partners Lp – slide 3
    Atlas Pipeline Partners, L.P. (NYSE: APL) Midstream gathering & processing MLP Units currently yielding approximately 7.3%* with 16 processing plants, approximately to unitholders based on annualized recent 1.8 Bcf/d of gross…
  4. Second Quater Update – Atlas Pipeline Partners Lp – slide 4
    APL Asset Overview 1 West TX System 3 SouthOK System Geographic Area: Permian Basin Geographic Area: Woodford Shale/Ardmore/ Arkoma/SCOOP Processing Capacity: 455 mmcfd Processing Capacity: 500 mmcfd(1) Processing Plants: 4…
  5. Second Quater Update – Atlas Pipeline Partners Lp – slide 5
    APL Management Executing Calculated, Prudent Growth In the past four years, APL has gone from 5 processing plants in its footprint to 16 through M&A and organic expansions A third plant (Silver Oak II) is expected in 3Q 2014 which…
  6. Second Quater Update – Atlas Pipeline Partners Lp – slide 6
    APL Operating Areas have Significant Producer Plans Mississippi Lime Permian Basin Woodford/SCOOP Eagle Ford There are multiple areas in the Well be increasing our wells. SCOOP production continues We continue to make play that weve…
  7. Second Quater Update – Atlas Pipeline Partners Lp – slide 7
    APL 2014 Plan is on Track Expecting 2nd Half Growth Financially Expected Total Leverage (x times) March 2014 - APL amended its credit facility to provide higher 4.9x 4.9 covenant limits on total leverage to add near term flexibility…
  8. Second Quater Update – Atlas Pipeline Partners Lp – slide 8
    Summary Quarterly Performance Comparison 2nd Quarter Update ( in millions except as noted) 2Q 2014 1Q 2014 % Variance Stronger quarterly results as compared to 1Q 2014 as winter Throughput Volume (Mcfd) SouthOK 433,294 399,700 8.4%…
  9. Second Quater Update – Atlas Pipeline Partners Lp – slide 9
    Strategic Focus & Business Initiatives Targeting high rates of return on organic growth capital (fee contracts 15%+, commodity exposed contracts 20%+) Capital Utilize credit profile and liquidity to fund highly accretive projects at…
  10. Second Quater Update – Atlas Pipeline Partners Lp – slide 10
    What Builds a Strong Midstream Master Limited Partnership Characteristics Diversify operationally & geographically APL through M&A now in 4 areas including Eagle Ford Leverage customer relationships into new areas APL has opportunities…
  11. Second Quater Update – Atlas Pipeline Partners Lp – slide 11
    Operational Update 12
  12. Second Quater Update – Atlas Pipeline Partners Lp – slide 12
    Texas Production Increases Midstream Demand Texas produced more oil in 2013 than it had in decades and could Texas Daily Oil Production 1981 - 2013 3,200 be poised to surpass those totals again in 2014 as the number of 2,800 wells…
  13. Second Quater Update – Atlas Pipeline Partners Lp – slide 13
    WestTX Update Overview WestTX System Key Producers Geographical Area: Permian Basin In Area Miles of Pipeline: Approx. 3,600 Current Processing Capacity: 455,000 Mcfd Number of Rigs Running: 74 Average Processed Volume (mcf/d)…
  14. Second Quater Update – Atlas Pipeline Partners Lp – slide 14
    SouthTX Update Overview SouthTX System Map Geographical Area: Eagle Ford Shale Miles of Pipeline: Approx. 500 Processing Capacity: 400,000 Mcfd Joint Venture Partner*: TexStar/Southcross Average Processed Volume (mcf/d) 200,000…
  15. Second Quater Update – Atlas Pipeline Partners Lp – slide 15
    Atlas Pipeline Has an Enviable Footprint in Key Oklahoma Producing Counties More than one-third of all gas produced in Oklahoma Natural Gas Production: 2012 Oklahoma has come from the top three APL Oklahoma G&P Operations producing…
  16. Second Quater Update – Atlas Pipeline Partners Lp – slide 16
    WestOK Update Overview WestOK System Geographical Area: Anadarko Basin / Mississippi Lime Key Producers In Area Miles of Pipeline: Approx. 5,700 Processing Capacity: 458,000 Mcfd (nameplate) Number of Rigs Running: 28 Average…
  17. Second Quater Update – Atlas Pipeline Partners Lp – slide 17
    SouthOK Update (Velma & Arkoma) SouthOK Overview SouthOK System Geographical Area: Woodford Shale/Arkoma/SCOOP Miles of Pipeline: Approx. 1,300 Processing Capacity: 500,000 Mcfd (gross)1 Number of Rigs Running: 20 SouthOK Average…
  18. Second Quater Update – Atlas Pipeline Partners Lp – slide 18
    Financial Overview 19
  19. Second Quater Update – Atlas Pipeline Partners Lp – slide 19
    Financial Objectives Rising fixed fee cash flows and elongation of hedge book into later periods reduce cash flow volatility Managements goal to returning bank total leverage to approximately 4x by year-end 2014; ATM equity program…
  20. Second Quater Update – Atlas Pipeline Partners Lp – slide 20
    Atlas Pipeline has made Progress with Credit Profile of Partnership Credit facility expanded in May 2012 to 600 Current Ratings / Recent Upgrades million (excluding 200 mm accordion feature) to fund capital program and increase…
  21. Second Quater Update – Atlas Pipeline Partners Lp – slide 21
    APL Fixed-Fees Up Considerably in Recent Years Pre-Elk City & LMM Sale (3Q 2010)* Current 2Q 2014 Contract Mix* Expected YE 2014 Contract Mix* Keep-Whole: 1% Fixed Keep- Fee Keep- Whole 17% Whole Fixed 17% Fixed 32% Fee Fee Percent…
  22. Second Quater Update – Atlas Pipeline Partners Lp – slide 22
    APL Distributable Cash Flow less Dependent on NGL Pricing Financial results for 2Q 2014 Realized NGL price vs. Run-Rate Distributable Cash Flow/Unit quarter stronger versus previous 1.40 3.40 DCF DCF quarter 3.12 DCF 3.12 3.20…
  23. Second Quater Update – Atlas Pipeline Partners Lp – slide 23
    Commodity Exposure Well Protected for Remaining 2014; Growing for 2015 Executing on Risk Total Risk Management Margin Coverage(1) Management Strategy, 80% Average for including targeting up to remaining 69% 67% 2014: 68% 80% of…
  24. Second Quater Update – Atlas Pipeline Partners Lp – slide 24
    Appendix 25
  25. Second Quater Update – Atlas Pipeline Partners Lp – slide 25
    Reconciliation to Non-GAAP Measures Reconciliation to Non-GAAP Measures Three Months Ended LTM LTM 30-Jun-14 31-Mar-14 31-Dec-13 30-Sep-13 30-Jun-13 31-Dec-13 Reconciliation of net income (loss) to other non-GAAP measures: Net…
  26. Second Quater Update – Atlas Pipeline Partners Lp – slide 26
    Hedging Program Update Natural Gas Hedges Swap Contracts - Natural Gas Production Period Purchased/Sold Commodity MMBTUs Avg Fixed Price 3Q14 Sold Natural Gas 5,050,000 4.06 4Q14 Sold Natural Gas 5,350,000 4.15 Natural Gas Liquids…
  27. Second Quater Update – Atlas Pipeline Partners Lp – slide 27
    Atlas Organizational Structure 100% 100% Atlas Pipeline Atlas Resource Public Public Partners GP, LLC Partners GP, LLC 6.1% LP ** (1) 28% LP 2.0% GP & 5.8MM units 24.7MM units 2.0% GP & 100% IDRs 100% IDRs 93.9% LP ** 72%…

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