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2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp

Summit Midstream Partners, Lp · Mar 3, 2015 · 38 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 1
    CONFIDENTIAL 2015 Barclays Capital MLP Corporate Access Day March 3, 2015
  2. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 2
    Summit Midstream Partners, LP Overview General Overview Distribution Per LP Unit (in thousands, except per unit information) / Unit Ticker SMLP 0.600 Exchange NYSE 0.550 Current SMLP Price Per Unit (1) 36.07 0.500 Total Units…
  3. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 3
    Summit Enterprise Organizational Structure 100% Summit Midstream Partners, LLC (Summit Investments) 100% Polar Oil & Water Gathering 60% Summit Midstream Partners Holdings, LLC 40% 100% Divide Oil & Water Gathering (SMP…
  4. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 4
    SMLP Overview Growth-oriented midstream MLP focused on natural gas gathering, treating & processing Investment Considerations Current SMLP Operating Footprint 90%+ of revenue is fee-based Fee-Based 3.8 Tcf of remaining MVCs through…
  5. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 5
    Differentiated Contract Portfolio with Significant MVC Underpinning Contract Portfolio Overview Primarily long-term and fee-based contracts for natural Avg. MVCs Through 2018 = 84% of 4Q 2014 Throughput gas gathering, treating and…
  6. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 6
    Summit Investments Asset Overview Approximately 2.3 billion of expected total investment at Summit Investments, primarily focused in the Utica & Williston Investment Considerations Current Summit Investments Footprint Premier…
  7. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 7
    Summit Enterprise Basin Exposure The Summit enterprise 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 2014 Permian 404 386 419 480 Eagle Ford 205…
  8. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 8
    Drop Downs Drive Substantial Growth SMLPs relationship with Summit Investments provides it with long-term, visible growth ( in millions) Total Expected Total System System Investment Investment in Investment Investment Operating Area…
  9. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 9
    Summit Investments Overview
  10. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 10
    Summit Utica Overview Expanding Utica Footprint Asset Summary Map of Summit Utica In 4Q 2014, Summit Investments entered into an agreement with XTO Energy Inc. (XTO) to construct a natural gas gathering system in the dry gas window…
  11. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 11
    Ohio Gathering JV Overview Summit Investments owns a 40% interest in Ohio Gathering & Ohio Condensate - a joint venture with MarkWest Utica EMG in the Utica Shale Asset Overview Summit Investments owns a 40% interest in Utica Shale…
  12. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 12
    Strategically Located in the Southern Core of the Utica Shale The Utica Shale is the highest return shale play in the United States(1) Current Ohio Gathering Customers Gathering From Core of Utica Shale 200,000 net acres in Utica…
  13. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 13
    Williston Overview Polar & Divide / Tioga Midstream Polar, Divide and Tioga provide fee-based crude oil, water and associated natural gas gathering services to major producers operating in the Williston Asset Summary Map of Polar &…
  14. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 14
    Niobrara G&P Asset Overview Over 90 miles of pipeline gathering and compression assets located near the emerging Codell Play in the DJ Niobrara Shale Asset Summary Map of Niobrara G&P Summit Investments acquired the Niobrara Gathering…
  15. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 15
    SMLP Asset Overview
  16. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 16
    Current & Projected Business Profile SMLPs drop down strategy is expected to further diversify SMLP while enhancing its core focus on fee-based revenue Revenue Composition 2012 at IPO 2015E 2018E(1) Variable Variable Variable 3%…
  17. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 17
    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 Reportable Segment Marcellus…
  18. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 18
    Bison Midstream Associated natural gas gathering (1,425+ Btu gas) from over 676,480 net acres serving producers in the Williston Basin in North Dakota Asset Summary Map of Bison Assets Asset Bison Midstream Expansion of West CS…
  19. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 19
    DFW Midstream Natural gas gathering in the core of the core of the Barnett Asset Summary Map of DFW Midstream Asset DFW Midstream Reportable Segment Barnett Shale 4Q 2014 Throughput 372 MMcf/d Throughput Capacity 480 MMcf/d Basin…
  20. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 20
    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 Reportable Segment…
  21. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 21
    SMLP Financial Overview
  22. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 22
    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 Actual (s in 000s) Dec-14 3.9x leverage at December 31, 2014 Cash and…
  23. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 23
    SMLP Historical Growth Profile Volume Gathered Capital Expenditures(1) MMcf/d MM 1,418 1,500 200 1,138 154 1,200 160 128 952 109 900 120 78 77 600 431 80 300 136 40 0 0 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014…
  24. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 24
    SMLP 2014 Segment Adjusted EBITDA Three Months Ended December 31, Year Ended December 31, (s in 000s) 2014 2013 2014 2013 Segment Adjusted EBITDA Marcellus Shale 4,264 3,332 15,940 6,333 Williston Basin 5,822 4,501 20,422 16,865…
  25. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 25
    SMLP 2015 Financial Guidance Guidance Range Actual Actual Actual FY 2015(3) Year Year Year Ended Ended Ended ( in millions) 2012 2013 2014 Low High Adjusted EBITDA 105.9 164.8 193.8 195.0 210.0 LP Distribution Growth(1,2) n/a…
  26. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 26
    SMLP Non-GAAP Reconciliations
  27. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 27
    SMLP Non-GAAP Reconciliations Year Ended December 31, (s in 000s) 2014 2013 2012 2011 2010 (1) Net Income (21,164) 53,304 42,997 37,951 8,172 Add: Interest expense 40,159 19,173 12,766 3,054 0 Income tax expense 631 729 682…
  28. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 28
    SMLP Financial Performance Twelve Months Ended December 31, Variance (s in 000s) 2014 2013 % Distributable Cash Flow: (1) EBITDA 103,556 144,195 (40,639) (28.2% ) Add: Unit-based compensation 4,696 3,506 1,190 33.9% (2)…
  29. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 29
    Appendix Additional Information
  30. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 30
    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…
  31. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 31
    Mountaineer Midstream Asset Overview 49 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…
  32. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 32
    Bison Midstream Strategic Position in Growing Williston Basin Williston Basin Overview Map of Williston Basin Currently over 127 rigs operating in the Williston Basin Targeting crude oil production from the Bakken and Three Forks…
  33. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 33
    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…
  34. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 34
    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…
  35. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 35
    DFW Midstream Asset Overview Gathering from 75 pad sites in the core of the core of the Barnett Asset Details Map of DFW Midstream 128-mile natural gas gathering system primarily located in southeastern Tarrant County, TX…
  36. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 36
    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…
  37. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 37
    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 1,780 mile natural…
  38. 2015 Barclays Capital MLP Corporate Access Day – Summit Midstream Partners, Lp – slide 38
    Legacy Grand River Actual & Contracted Throughput By System Legacy 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,…

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