ENERGY TRANSFER EQUITY, L.P. Credit Suisse 20th Annual Energy Summit February 25, 2015 Jamie Welch Group CFO
ENERGY TRANSFER GROUP ENERGY TRANSFER EQUITY, L.P. (NYSE: ETE) Ba2 / BB / BB (Stable) 22.7% LP Interest, 0.7% GP Interest, & 90% GP / IDRs 0.0% LP Interest, IDRs (Class H Units)(2) 1.1% GP Interest, & IDRs(2) 29.2% LP…
SIGNIFICANT FINANCIAL SCALE AND DIVERSIFICATION ACROSS THE GROUP Enterprise value of approximately 100 billion Indexed unit price performance since January 1, 2013 ETE ETP SXL RGP SUN ETE: 179% SUN: 105% SXL: 85% ETP:…
ETES PERFORMANCE DRIVEN BY STRONG FUNDAMENTALS OF ITS OPERATING SUBSIDIARIES ETE unit price performance since January 1st, 2013 70.00 63.39 / 179% 60.00 50.00 40.00 30.00 20.00 Jan-13 May-13 Sep-13 Jan-14 Jun-14…
BUSINESS OVERVIEW ETE, a pure-play GP that receives cash flow from LP interests, GP interests and IDRs in ETP and RGP as well as 90%(1) of the economics from GP interests and IDRs in SXL, and its ownership of Lake Charles LNG. ETP:…
A TRULY UNIQUE FRANCHISE Natural NGLs Crude Gas Oil 3rd largest G&P 2nd largest 3rd largest MLP 4th largest NGL 2nd largest planned Leading non-refining player and transporter of transporter of business LNG Export gasoline…
SIGNIFICANT GEOGRAPHIC FOOTPRINT ACROSS ENERGY TRANSFER GROUP Combined Sunoco Retail Platform Company Operated ETP Assets SXL Assets , Dealer / Distributor Operated Crude Production (Mbpd) Natural Gas Production (MMcf/d) ,…
EXPOSURE TO MANY OF THE MOST PROFITABLE SHALE PLAYS IN THE U.S. Internal Rate of Return (IRR%) NYMEX Breakeven Price (/MMbtu 15% ATAX IRR)(2) Utica - Wet Gas Mississippian Horizontal - West Marcellus Shale - SW Liquids Rich Woodford…
EXCEPTIONALLY WELL POSITIONED TO CAPITALIZE ON U.S. ENERGY EXPORTS Asset base well-positioned to capture the changing supply and demand dynamics for condensates, natural gas, NGLs and LNG Canada Europe NGLs LNG Natural…
TRANSFORMATION AND CONTINUED GROWTH ETP Adjusted Propane Midstream Interstate Crude / Refined products Retail Liquids Trans. & Svcs. Intrastate Other EBITDA by Operating 10% 7% 13% Segment 18% 12% ( in millions) 14% 2009 23% 2014 53%…
RECENT TRANSACTION: SXL GP / IDR BAKKEN EXCHANGE Transfer structure TRANSACTION OVERVIEW ETE will acquire for 3.75 billion an additional 40% interest in the economics of SXLs GP/IDR cash flows (bringing its total economic interest…
ETP REGENCY MERGER: KEY HIGHLIGHTS ETP has executed a definitive agreement to merge with Regency in an all unit transaction 0.4066 ETP common units per Regency LP unit plus an additional 0.32 per Regency LP unit in the form of an…
ETP REGENCY MERGER: STRATEGIC CONSIDERATIONS LEADING POSITIONS Strong positions in Permian, Eagle Ford, Marcellus and Utica basins IN THE MOST Active in 9 of the top 10 basins by active rig count (1) ATTRACTIVE Top 3 regions by oil…
ETP REGENCY MERGER: KEY TAKEAWAYS The merger of ETP and Regency creates benefits for ETE Immediate increase in overall cash flow and long-term cash flow growth Improved pro forma credit profile ETE will be stronger and better…
ETP BENEFITS FROM DIVERSIFICATION OF REGENCY MERGER WHILE MAINTAINING ATTRACTIVE FEE BASED PROFILE 2014 Adjusted EBITDA by Segment (1) Pro Forma Contract Natural Services Other resources Other Midstream 3% 7% 4% 6%…
A BALANCE OF ORGANIC DEVELOPMENT AND ACQUISITIONS HAVE DRIVEN AND WILL CONTINUE TO DRIVE GROWTH ACROSS THE GROUP SXL RGP ETP 1.20 17 Current board approved growth projects of approximately 20 billion
ETE WILL CONTINUE TO BENEFIT FROM STRONG CASH FLOW GROWTH Distributions received from underlying operating partnerships ( in millions) Lake Charles LNG Class H SXL 195 GP + IDRs RGP 260 LP RGP GP + IDRs ETP 195 LP ETP 35 219…
ILLUSTRATIVE ETE CASH FLOW SNAPSHOT Pro forma SXL / Bakken transfer and ETP Regency merger ( in millions) 2015E ETP interests (1) LP 98 Based on LP GP + IDR 1,318 distribution of 4.18 / Distributions from ETP interests 1,416…
KEY INVESTMENT HIGHLIGHTS Diversified Revenue Stream Unique Level of Insider Ownership Continued Preserve Financial Flexibility + Cost of Capital Strong Performance Well Positioned for 2015 and Beyond Well…
APPENDIX
PRO FORMA ETE CREDIT PROFILE No maturities in the next 4 years Weighted average interest rate is 4.6% Pro Forma Capital Structure Pro Forma Maturity Profile ( millions) ( in millions) 12/31/14 PF Senior Notes Cash 2 New Term…
ENERGY TRANSFER PARTNERS, L.P. NON-GAAP RECONCILIATIONS Twelve Months Ended December 31, (MM) 2009 2010 2011 2012 2013 2014 4Q14 Net income 791 617 697 1,648 768 1,553 34 Interest expense, net of interest capitalized 395 412 474 665…
ENERGY TRANSFER EQUITY, L.P. NON-GAAP RECONCILIATIONS (MM) Twelve Months Ended December 31, 2010 2011 2012 2013 2014 4Q14 (1) ETP GP distributions 396 441 459 522 525 145 ETP LP distributions 191 180 180 268 119 31 ETP distributions…
SUNOCO LOGISTICS PARTNERS L.P. NON-GAAP RECONCILIATIONS Twelve Months Ended December 31, (MM) 2009 2010 2011 2012 2013 2014 4Q14 Net Income 250 348 322 531 474 300 (125) Interest expense, net 45 73 89 79 77 67 16 Depreciation and…
REGENCY ENERGY PARTNERS LP NON-GAAP RECONCILIATIONS Years Ended December 31, 2014 2013 2012 ( in millions) Net Cash Flows Provided by Operating Activities 719 436 324 Add (deduct): Depreciation, depletion and amortization, including…
SUN NON-GAAP PRO FORMA RECONCILIATION Three Months Three Months Twelve Months Twelve Months Ended December Ended December Ended December Ended December 31, 2013 31, 2014 31, 2013 31, 2014 Net income 9,523 30,893 37,027 57,786…
Loading...
