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Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P.

Markwest Energy Partners, L.P. · Feb 25, 2015 · 20 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. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 1
    FOURTH QUARTER 2014 CONFERENCE CALL PRESENTATION February 25, 2015
  2. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 2
    NON-GAAP MEASURES Distributable Cash Flow (DCF), Adjusted EBITDA are non-GAAP Financial Measures, and should not be considered separately from or as a substitute for net income, income from operations, or cash flow as reflected in our…
  3. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 3
    FOURTH QUARTER 2014 HIGHLIGHTS Record fourth quarter and full-year 2014 volumes: Total system volume of 5.0 Bcf/d for fourth quarter: 10% increase over the prior quarter; and 47% increase when comparing full-year 2013 to 2014 Record…
  4. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 4
    SOUTHWEST SEGMENT OVERVIEW Commenced operations of fourth plant in Processed Volumes (MMcf/d) East Texas during December 2014 1,200 Announced Panola NGL Pipeline JV in East Texas with Enterprise and others 1,000 12%…
  5. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 5
    MARCELLUS SEGMENT OVERVIEW Processed Volumes (MMcf/d) Marcellus segment continues to achieve record operating income and volume growth Keystone Houston Majorsville Mobley Sherwood 3,000 Processed volumes increased 15% compared to…
  6. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 6
    M A R K W E S T M A R C E L L U S O P E R AT I O N S 27 facilities completed: 15 facilities under construction HOPEDALE FRACTIONATION COMPLEX KEYSTONE COMPLEX Butler (MarkWest & MarkWest Utica EMG shared Bluestone I II & Sarsen I 210…
  7. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 7
    UTICA SEGMENT OVERVIEW Processed Volumes (MMcf/d) MarkWest Utica EMG continues to establish the leading midstream system in the Utica Shale 800 100% Forecasted Avg. Processed volumes increased 42% compared to last quarter and…
  8. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 8
    M A R K W E S T U T I C A O P E R AT I O N S 9 facilities completed: 4 facilities under construction HOPEDALE FRACTIONATION COMPLEX OHIO (MarkWest & MarkWest Utica EMG shared Carroll fractionation capacity) C3+ Fractionation I &…
  9. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 9
    M A R C E L L U S & U T I C A F R A C T I O N AT I O N O V E R V I E W Fractionated Volumes (Bbl/d) Total C2+ fractionated volumes were a record 204 MBbl/d for the fourth quarter 2014, an increase of 258% from the prior year quarter…
  10. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 10
    M A R C E L L U S & U T I C A O P E R AT I O N S 34 Facilities Completed Market Share of Processing Capacity Currently Operational 4.1Bcf/d 4.1 Processing Capacity Bcf/d 349 MBbl/d C2+ Fractionation Capacity MarkWest OPERATES…
  11. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 11
    M A R K W E S T S T O TA L P R O C E S S E D V O L U M E F O R E C A S T 6.0 For 2015, total processed volumes are 5.0 forecasted to exceed 5 Bcf/d Processed Volumes (Bcf/d) 4.0 3.0 2.0 1.0 0.0 2011 2012…
  12. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 12
    FEE-BASED MARGIN GROWTH 2015 Forecast Net Operating Margin by Increasing Fee-Based Margin to nearly Contract Type 90% for the Full-Year 2015 90% Increase of 250% 80% Fee-Based 70% since 2008 89% 60% 50% 40%…
  13. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 13
    CAPITAL INVESTMENT FORECAST Previous Forecast 1.8-2.3 billion Reduced mid-point of 2015 CapEx Current Forecast forecast by 350 million 2,000 1.5-1.9 billion 8% Continuously optimizing capital to match producers revised drilling…
  14. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 14
    DCF & ADJUSTED EBITDA FORECAST 2015 DCF Forecast of 700MM to 800MM & Adjusted EBITDA Forecast of 925MM to 1,025MM 1,200 1,000 DCF & Adjusted EBITDA ( in millions) 925 1,025 874 800 700 800 706 600 606 528…
  15. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 15
    FINANCIAL SUMMARY MarkWest has over 900 million of liquidity MarkWest preserves a strong balance sheet to fund growth We have over 900 million of liquidity to support our capital investment program MarkWest maintains flexible…
  16. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 16
    APPENDIX
  17. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 17
    R E C O N C I L I AT I O N O F D C F & D I S T R I B U T I O N C O V E R A G E Year Ended Year Ended ( in millions) 12/31/2014 12/31/2013 Net Income 160.3 40.4 Depreciation, amortization and other non-cash operating expenses 489.4…
  18. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 18
    R E C O N C I L I AT I O N O F A D J U S T E D E B I T D A Year Ended Year Ended Year Ended ( in millions) 12/31/2014 12/31/2013 12/31/2012 Net income 160.3 40.4 217.0 Non-cash compensation expense 10.3 7.8 8.2 Unrealized (gain)…
  19. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 19
    R E C O N C I L I AT I O N O F N E T O P E R AT I N G M A R G I N Year Ended Year Ended ( in millions) 12/31/2014 12/31/2013 Income from operations 377.2 245.9 Facility expenses 343.4 291.1 Derivative (gain) loss (95.3) 25.8…
  20. Q4 2014 CONFERENCE CALL – Markwest Energy Partners, L.P. – slide 20
    1515 Arapahoe Street Tower 1, Suite 1600 Denver, Colorado 80202 PHONE: 303-925-9200 I N V E S T O R R E L AT I O N S : 866-858-0482 E M AI L : investorrelationsmarkwest.com W EBSITE: www.markwest.com

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