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Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp

Magellan Midstream Partners Lp · Mar 3, 2015 · 19 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. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 1
    Wells Fargo MLP Corporate Access Days 2014 Energy HostedSymposium by Barclays and New Morgan York City Stanley Dec. 2014 New York City March 2015 1
  2. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 2
    Structure = Competitive Advantage Investment grade MLP with no incentive distribution rights Provides MMP a competitive advantage with one of the lowest costs of capital in the MLP space Public 100% LP Magellan Midstream…
  3. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 3
    Refined Products Longest refined products pipeline system, primarily transporting gasoline and diesel fuel, with 9,500 miles, 53 terminals and 42mm barrels of storage Profit driven by throughput volume and tariffs Tariff increase…
  4. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 4
    Marine Storage 5 storage facilities with 26mm barrels of aggregate storage, supported by long-term agreements Profit driven by amount of storage leased Strong demand due to market structure, pricing volatility and connectivity…
  5. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 5
    Crude Oil 1,600 miles of crude oil pipelines, substantially backed by long-term throughput commitments 21mm barrels of total crude oil storage, including 12mm barrels used for leased storage One of the largest storage providers in…
  6. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 6
    Primarily Fee-Based Business Expect Future Fee-Based, Low Risk Activities to Comprise 85% or More of Operating Margin 2014 Results* Leased storage Fee-based ancillary 15% services 9% Terminal delivery fees Transportation 4%…
  7. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 7
    Growth in Expansion Capital Spending Over the last 10 years, Magellan has invested 3.8 billion in organic growth projects and acquisitions Expect to spend 750mm in 2015 - 2016 to finish construction projects currently underway…
  8. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 8
    Significant Future Growth from Crude Oil Projects While refined products assets generate the largest portion of our financial results, Magellans growing crude oil asset profile continues to provide springboard for additional crude…
  9. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 9
    Longhorn Pipeline Current capacity of 275k bpd; averaged 230k bpd during 2014 Pipeline fully subscribed under long-term, take-or-pay agreements 10% of capacity reserved for spot shippers 430mm combined capital spending 3x EBITDA…
  10. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 10
    BridgeTex Pipeline 50/50 joint venture with Plains (previously Occidental) 300k bpd capacity; averaged nearly 200k bpd since pipeline start-up in late Sept. 14 80% of pipeline capacity committed under long-term, take-or-pay…
  11. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 11
    Houston Crude Oil Connectivity Magellans Houston distribution network is the most comprehensive system to deliver crude oil to the Houston Gulf Coast area Access to all domestic inbound crude production Delivery capabilities…
  12. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 12
    Eagle Ford Joint Venture JV with Kinder Morgan to transport condensate from the Eagle Ford shale 200-mile, 100k bpd Double Eagle pipeline Delivers to Magellans Corpus Christi terminal JV recently connected Double Eagle to Kinders…
  13. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 13
    Corpus Christi Condensate Splitter Magellan plans to construct a 50k bpd condensate splitter at our Corpus Christi terminal Fee-based project, fully committed with long-term, take-or-pay agreement with Trafigura 250mm spending: 65%…
  14. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 14
    Condensate Splitter With restrictions on crude oil exports, investments in condensate splitters on the Gulf Coast are LPG needed to handle the influx of NGL Market Eagle Ford production Light Naphtha Replacement for Natural…
  15. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 15
    Saddlehorn Pipeline 50/50 joint venture with Plains to deliver various grades of crude oil from Niobrara play to storage facilities in Cushing, OK owned by Magellan and Plains 550-mile, 20-inch diameter pipeline capable of…
  16. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 16
    Little Rock Pipeline Midcontinent refiners do not currently have access to Little Rock via pipeline Our pipeline system extends to Ft. Smith, AR at this point Magellan plans to deliver refined products to the Little Rock market from…
  17. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 17
    Distribution Growth Trend Proven history of distribution growth with 51 quarterly increases to date Targeting 15% annual distribution growth for 2015 and at least 10% for 2016 (per MMP unit) 3.01 2.62 0.56 2001 2002…
  18. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 18
    Conservative Financial Profile Committed to maintaining solid investment grade rating Currently, one of the highest-rated MLPs at BBB+ / Baa1 Targeting distribution coverage of at least 1.1x on long-term basis DCF guidance of…
  19. Barclays MLP Corporate Access Day – Magellan Midstream Partners Lp – slide 19
    Magellan Summary Proven history of exceptional returns and distribution growth Straight-forward, low risk, stable business model Forecasted strong distributable cash flow generation with solid distribution coverage Conservative,…

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