2017 Bank of America Merrill Lynch Leveraged Finance Conference
November 29 – 30, 2017Boca Raton, Florida
CAUTIONARY STATEMENT
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This presentation includes forward-looking statements. These statements relate to, among other things, projections of operational volumetrics and improvements, growth projects, cash flows and capital expenditures. We have used the words "anticipate,” "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," "potential," and similar terms and phrases to identify forward-looking statements in this presentation. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Our operations and future growth involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or impliedby the forward-looking statements depending on a variety of factors, which are described in greater detail in our filings with the SEC. Construction of projects described in this presentation is subject to risks beyond our control including cost overruns and delays resulting from numerous factors. In addition, we face risks associated with the integration of acquired businesses, decreased liquidity, increased interest and other expenses, assumption of potential liabilities, diversion of management’s attention, and other risks associated with acquisitions and growth. Please see our Risk Factor disclosures included in our Annual Report on Form 10-K for the year ended December 31, 2016 filed on March 28, 2017 and on Form 10-Q for the quarter ended September 30, 2017 filed on November 09, 2017. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. This presentation shall not constitute an offer to sell, or a solicitation of an offer to buy, any securities. This presentation speaks only as of the date on the cover page. We undertake no obligation to update any information contained herein or to publicly release the results of any revisions to any forward-looking statements that may be made to reflect events or circumstances that occur, or that we become aware of, after the date of this presentation.is presentation includes forward-looking statements. These statements relate to, among other things, projections ofoperational "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should,"
American Midstream Partners, LP($ millions except unit)
Asset Overview
Yield and Spread Analysis
AMERICAN MIDSTREAM OVERVIEW
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Owns or has an ownership interest in approximately 4,100 miles of interstate and intrastate pipelines
Assets Strategically located in:- Gulf of Mexico
- Permian Basin
- South Texas
- Southeastern US
- East Texas
35.7% equity interest in Delta House FPS with nameplate capacity of 100 MBbl/d oil and 240 MMcf/d gas processing capacity
Six terminal sites with approximately 6.7 MMBbls of storage capacity
11 natural gas and crude oil gathering systems 8 processing plants, 4 fractionation facilities A fleet of approximately 97 transportation
trucks
(1) as of 11/9/2017(2) Common and Preferred Units as of September 30, 2017
Enterprise Value1 2,093$ Distribution Coverage 1.0xEquity Yield¹ 12.5%8.5% 2021 Senior Unsecured Note Yield1 6.9%Total Compliance Indebtedness 1,027$ Compliance Leverage 4.6xTotal Outstanding Units2 72.0
CORPORATE STRATEGY AND TRANSFORMATION
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Create a more focused and simplified American Midstream
Simplify Business
Reducing business segments from six to fourSold non-core propane business for $170 millionSelling terminal business, anticipated proceeds of approximately $400-$500 million
Drive Growth
Redeployed capital to higher growth assets with greater cash flow stabilityOver $1.8 billion of growth transactions at ~7x multipleSouthcross acquisition creates an integrated growth platform in growing demand hub
De-LeverageTransactions were balance sheet accretive, minimize need for external capital and reducing leverageTargeting long term leverage of 3.5x – 4.0x
Reallocate capital in core areas to drive cash flow predictability De-lever balance sheet and create equity value via reinvestment in strategically accretive
transactions Focus on greater asset scale and density in core areas that will drive long-term growth
AMID has announced seven transformative transactions and successfully redeployed ~$450 million of capital since mid 2017
AMID’S REPOSITIONING UNDERWAY: PROVEN TRACK RECORD OF SUCCESS
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Completed approximately $1.8 billion of growth transactions at accretive valuationsGoal Complete Result
Southcross Combination Announced Create $3 billion company
JP Energy Merger Merged Created $2 billion company
Gulf Coast: Destin, Okeanos, TriStates, Wilprise Acquired Creates Gulf "Super System"
Gulf of Mexico: Panther Acquired Crude oil integration
Texas / Gulf Coast: Lavaca system Acquired Texas / Gulf Coast asset density
Gulf of Mexico: Viosca Knoll pipeline Acquired "Super System" bolt-on
Gulf of Mexico: Delta House drop-downs Acquired Significant GoM growth opportunity
Gulf Coast: Pipeline JV with Targa Formed Repurpose underutilized asset
Southeast US: Trans-Union pipeline Acquired Expanding Southeast US footprint
Other Gulf of Mexico Roll-ups / bolt-ons In Process Consolidate high quality positions
Propane segment divestiture Sold High-grade / redeploy capital
Terminals and other non-core divestitures In Process High-grade / redeploy capital
Opportunity / Action
Divest Non-Core Assets at Attractive Valuations
Focus on Core Gulf Coast, Southeast US and GoM Value Chain
Expand Scale
AMID PRO-FORMA SEGMENT OVERVIEW
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Transportation Natural gas end users
NGL endusers
NGL & residuemarketing
FractionationY-GradeGathering and compression
Well-head Source gas treating
Gas processing
Captures full midstream value chain of gathering, treating, processing, fractionation, transportation and marketing
Pro Forma Gross
Margin (1)
Natural Gas, NGL & Crude Pipelines (miles) 8,427
Natural Gas Treating & Processing Capacity (Bcf/d) 1.0
Fractionation Capacity (MBbls/d) 112
Compression Horsepower (HP) ~213,050
Above-Ground Storage (MMBbls) 6.7
(1)As of September 30, 2017
Simplified business position to maximize accretive opportunities in core areas Reducing segments from Six to Four creating greater clarity and cash flow predictability
Simplified, integrated and fee-based midstream value chain
SOUTHCROSS ACQUISITION HIGHLIGHTS
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Transaction forms a $3 billion partnership Pro forma partnership expected to generate annualized 2018 Adjusted EBITDA in excess of $300 million Immediately accretive to AMID DCF per unit
- Low single-digit accretion in 2018 and 2019, approaching double digits in 2020 Strong pro forma distribution coverage of 1.1x -1.3x Initial trailing leverage near 4.5x with path to 3.5x within 18 months Near-term asset sales at attractive multiples minimize need for external capital Close transaction with $300 to 400 million of liquidity to support continued growth
Financial
Operational
Southcross combination creates a synergistic Gulf Coast footprint Accelerates the transformation of AMID, gaining meaningful scale in core areas Expands AMID’s onshore gathering, processing and transmission services Creates asset density along the Gulf Coast with substantial value-creating opportunities that
neither company could achieve on a stand-alone basis
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AMERICAN MIDSTREAM PRO FORMA ASSETS
Strong asset footprint in leading basins
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Integrated midstream platform facilitates movement of natural gas, crude oil and NGLs to high-growth demand markets along the Gulf Coast
SUBSTANTIAL OPTIONALITY TO CONNECT SUPPLY WITH DEMAND
Link key sources of supply (Permian, Eagle Ford, Gulf of Mexico) to South TX fractionation complex and Corpus Christi demand hub
Unmatched access to Corpus Christi ship channel and industrial complex
Exports to Mexico from additional demand pull
“Steel on steel” connectivity in AL & MS transmission market that connects supply with South East demand pull
Plan to connect every Southcross asset with a corresponding AMID asset
Ten year demand growth, 2017-2027(1)
Natural GasNGLs(1) Source: IHS
30%
35%
25%
75%
40%
STRATEGIC ASSET PORTFOLIO
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EASTERN GULF OF MEXICO MIDSTREAM PLATFORM AMID’s integrated offshore midstream platform
provides Deepwater producers flow assurance and onshore market optionality − Assets cover over 10,0000 square miles− Ability to interconnect with AMID systems located in the
shallow water and Gulf Coast regions − Deepwater assets have a strong focus in the Mississippi
Canyon area
Mississippi Canyon production on AMID assets− 52% of all gas production− 25% of all oil production− 65% of all NGL’s (98% post Cayenne startup 1/1/18)
Why Mississippi Canyon?− Most prolific development areas in the GOM− Holds 31% of GOM reserves− Accounts for 30% of current GOM production
GOM Reserves (BOEM)
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Projected Offshore Volumes1 (MMbtu/d)
32% Growth
(1) Source BOEM
DEEPWATER PRODUCER ACTIVITY
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1
(1) Based on current production models, Wood Mackenzie and BOEM data
DELTA HOUSE OVERVIEW
Operating at peak capacity and underpinned by some of the leading Gulf of Mexico producers13
Historical Volume (Gross)
Fee-based, semi-submersible floating production system and associated oil and gas export pipelines located in the highly prolific Mississippi Canyon region (MC254) of the deepwater Gulf of Mexico− Operated by LLOG, one of the leading producers in the
Gulf of Mexico− AMID owns a 35.7% interest− Upgraded to nameplate capacity: 100 MBbl/d oil and 240
MMcf/d gas in May 2017
Commenced operations in April 2015− 12th tie-back completed in May 2017− Three to seven future tiebacks planned for the
development, which will keep Delta House operating at peak capacity for the foreseeable future
− Delta House FPS can accommodate 18 risers (up to nine fields with dual flowlines)
Supported by long-term, volumetric-tiered, fee-based tariffs with ship-or-pay components and life-of-lease dedications with investment grade, well positioned counterparties
Directly connected to the Destin Pipeline, providing AMID additional fee-based revenue streams
Nameplate capacity (gas): 240 MMcf/d
Nameplate capacity (oil): 100 MBbl/d
NATURAL GAS TRANSMISSION OVERVIEW
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FERC-regulated interstate and unregulated intrastate natural gas pipelines with 2.5 Bcf/d capacity
Demand-based assets, 100% fixed-fee revenue with investment-grade counterparties
Long-term firm transportation agreements with weighted-average remaining life of 3 years
2017 Capital Projects− Midla: Natchez Line Replacement
− MLGT: Angus Chemical Supply Line
− AlaTenn / SNG Connection
37%
18%22%
23%
Natural Gas Transmission Revenue by Customer/Demand Type ($MM)
Utility
IndustrialPower
Marketers
Balanced Contract Portfolio
2017 Capital Projects
429 449 449 449
375 375 375 375
326 335 335 335
0
200
400
600
800
1,000
1,200
2017 2018 2019 2020
Louisiana Mississippi Alabama
Firm Contracted Volumes (MMbtu/d) 1
(1) Based on current production models and Wood Mackenzie data
ONSHORE G&P OVERVIEW
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Top Onshore G&P Customers
G&P NGL Supply Liquid Sales
Business Overview Assets located in some of the most prolific producing basins
including the Permian, East Texas, Eagle Ford and Bakken Over 1,565 miles of high- and low-pressure natural gas and
crude oil gathering systems 8 processing plants with ~325 MMcf/d of capacity 4 fractionation facilities with 17 MBbl/d of capacity Fleet of 97 crude oil transportation trucks Significant acreage dedications in the Permian, Eagle Ford
and Bakken Connectivity to production fields, processing and fractionation
facilities and end-users via pipelines, truck and rail
Diversified customer base across the value chain
RESURGENCE OF RIG ACTIVITY THROUGHOUT AMID’S FOOTPRINT
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Eagle Ford Rig count has increased over 175% in all three of AMID’s key operating basins in the previous twelve months
Continuing to see substantial improvement in well efficiency and production per rig
Significant producers are extending laterals and increasing type curves
New producers entering the space adding to takeaway and processing demand
PermianEast Texas
Source: BakerHughes Rig Count 11/10/2017
Twelve Month Growth: 181% Twelve Month Growth: 177%
Twelve Month Growth: 191%
FINANCIAL STRENGTH
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CONSERVATIVE FINANCIAL PROFILE (IN MILLIONS, EXCEPT DISTRIBUTION FIGURES)
Target long-term leverage of 3.5x – 4x with $300-$400 million of liquidity, pro-forma for Southcross
Target ~1.1-1.3x average distribution coverage in 2017 and 2018
Potential monetization of additional non-core assets (Terminals Business)
Continue to finance near-term growth opportunities through internally funded capital
Proactively term-out bank debt to retain liquidity and reduce senior secured indebtedness
Utilize equity capital to support growth objectives
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Adjusted EBITDA1
2017 Guidance2
Low HighAdjusted EBITDA $190 $205 Growth Capital 65 85 Maintenance Capital 12 16 Distribution Coverage 1.1x 1.2x
205
(1) Adjusted EBITDA is a non-GAAP measure; see slide 24 for a reconciliation to its comparable GAAP measure(2) Guidance as of 8/10/2017
ACCRETIVE TRANSACTIONS WITH CREDIT DELEVERAGING
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AMID Pro-Forma Leverage
(1) Source: 9/30/2017 10-Q; peer group includes BKEP, CEQP, DKL, GEL, MMLP, NGL, PBFX, SMLP and TLP
Continued Execution
Seven highly accretive transactions while meaningful improving the balance sheet
Clear path to materially higher 2018 Adjusted EBITDA and distributable cash flow
Continued financial discipline and cash flow quality demonstrated by twenty-five consecutive quarterly distributions
Reducing Leverage Balance sheet accretive transactions that reduced leverage to 4.6x from 4.8x Long-term target leverage of 3.5x – 4.0x Clear path to reducing leverage below peer mean
Peer Leverage Comparison1
Mean: 4.1X
FLEXIBLE CAPITAL STRUCTURE WITH SIGNIFICANT ASSET COVERAGE
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(1) As of 11/27/2017(2) Asset value based on mid-range of 2017 EBITDA guidance and 2018 consensus trading multiple based on the average of all consensus estimates publicly available from Bloomberg
as of 11/27/207. Any consensus estimates by analysts do not represent the opinions or predictions of AMID or its management. The consensus figures are provided for information purposes only and should not be relied upon in making an investment decision.
(3) Common and preferred equity value as of 9/30/2017, adjusted for redemption of series D convertible preferred units on 10/2/2017
Significant asset coverage on senior unsecured notes
Current valuation implies AMID has a flexible and efficient capital structure that provides substantial equity cushion and asset value to unsecured note holders
Capital Allocation1Asset Coverage1($ millions)
Market Implied Asset Value:2 2,038$
Senior Secured Revolver (792) Non-Recourse Asset level debt (91)
Total Secured Debt (883)
Residual Asset Coverage 1,155$
Senior Unsecured Notes (300)
Unsecured Note Asset Value 855$
Senior Unsecured Asset Coverage 2.8x
AMID notes are attractively valued relative to peers
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($ in Millions) Market 2017E 2017E CurrentIssuer Capitalization 1 EBITDA Leverage Amount Coupon Rating Maturity Price YTW STW
American Midstream Partners, LP $1,024 $198 4.6x $300 8.500% Caa1/B+ 12/15/21 105.000 6.660% 479
Midstream Issuers
Blue Racer Midstream, LLC Private Private Private $850 6.125% B3/B 11/15/22 103.750 4.530% 289
Crestwood Midstream Partners LP $2,324 $389 3.9x $500 5.750% B1/BB- 4/1/25 103.625 4.968% 288
Summit Midstream Holdings, LLC $1,800 $294 4.2x $500 5.750% B1/BB- 4/15/25 100.500 5.640% 353
PBF Logistics LP $934 $154 3.7x $525 6.875% B2/B+ 5/15/23 103.250 5.820% 391
Genesis Energy, L.P. $3,337 $715 5.0x $550 6.500% B1/BB- 10/1/25 102.750 5.930% 378
Global Partners LP $608 $227 4.5x $300 7.000% B2/B+ 6/15/23 102.000 6.360% 444
Martin Midstream Partners L.P. $543 $153 5.3x $374 7.250% B3/B- 2/15/21 101.000 6.370% 472
Delek Logistics Partners, LP $916 $116 3.4x $250 6.750% B3/B 5/15/25 101.500 6.420% 433
NGL Energy Partners LP $1,787 $464 4.6x $500 6.125% B2/B+ 3/1/25 97.250 6.610% 436
SemGroup Corporation $1,839 $395 5.2x $300 7.250% B3/B+ 3/15/26 102.000 6.790% 469
Average: 101.763 5.944% 395
Source: Public filings, Wells Fargo Securities, Advantage Data, Capital IQ, Bloomberg, FactSet1 Grossed up for implied GP/IDR value; includes book value of preferred equity2 Pro Forma for August 2017 acquisition of Tronox Limited's Alkali business3 SEMG pro forma for June 2017 acquisition of HFOTCO; leverage per Company Credit Agreement definition4 2017E Leverage calculation excludes borrowings on the working capital facility
3
4
2
22
Price / DCF3
Note: Peer group includes BKEP, CEQP, DKL, GEL, MMLP, NGL, PBFX, SMLP and TLP(1) Bloomberg consensus EBITDA estimate FY 2018 (2) As of 11/27/207(3) Bloomberg DCF FY 2018 estimate(4) YTD quarterly average distribution coverage ratio
Yield2
Mean: 6.9X
EV/EBITDA1
Distribution Coverage4
Mean: 11.4%Mean: 8.8X
Mean: 1.2X
CLICK TO EDIT MASTER TITLE STYLE
APPENDIX: NON-GAAP FINANCIAL MEASURES
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ADJUSTED EBITDA RECONCILIATION
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25
This presentation includes forecasted and historical non-GAAP financial measures, including “Adjusted EBITDA” and “Distributable Cash Flow.” The tables included in this presentation include reconciliations of these forecasted and historical non-GAAP financial measures to the nearest comparable GAAP financial measures.
Adjusted EBITDA is a performance measure that is a non-GAAP financial measure. It has important limitations as an analytical tool because it excludes some, but not all, items that affect the most directly comparable GAAP financial measure. Management compensates for the limitations of this non-GAAP measure as an analytical tool by reviewing the comparable GAAP measure, understanding the differences between the measures and incorporating these data points into management’s decision-making process.
You should not consider Adjusted EBITDA in isolation or as a substitute for, or more meaningful than analysis of, our results as reported under GAAP. Adjusted EBITDA may be defined differently by other companies in our industry. Our definition of this non-GAAP financial measure may not be comparable to similarly titled measure of other companies, thereby diminishing its utility.
Adjusted EBITDA is a supplemental non-GAAP financial measure used by our management and external users of our financial statements, such as investors, commercial banks, research analysts and others, to assess: the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate cash flow to make cash distributions to our unitholders and our General Partner; our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or capital structure; and the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.
We define Adjusted EBITDA as net income (loss) attributable to the Partnership, plus interest expense, income tax expense, depreciation, amortization and accretion expense attributable to the Partnership, debt issuance costs paid during the period, distributions from investments in unconsolidated affiliates, transaction expenses primarily associated with our JPE Merger, Delta House acquisition, certain non-cash charges such as non-cash equity compensation expense, unrealized (gains) losses on derivatives and selected charges that are unusual, less construction and operating management agreement income, other post-employment benefits plan net periodic benefit, earnings in unconsolidated affiliates, gains (losses) on the sale of assets, net, and selected gains that are unusual. The GAAP measure most directly comparable to our performance measure Adjusted EBITDA is net income (loss) attributable to the Partnership.
In this presentation, we present projected Adjusted EBITDA guidance for 2017. We are unable to project net income (loss) attributable to the Partnership to provide the related reconciliations of projected Adjusted EBITDA to the most comparable financial measure calculated in accordance with GAAP, because the impact of changes in distributions from unconsolidated affiliates, operating assets and liabilities, the volume and timing of payments received and utilized from our customers are out of our control and cannot be reasonably predicted. We provide a range for the forecast of Adjusted EBITDA to allow for the variability in gain (loss) on sale of assets, timing of cash receipts and disbursements, customer utilization of our assets, interest expense and the impact on the related reconciling items, many of which interplay with each other. Therefore, the reconciliation of Adjusted EBITDA to projected net income (loss) attributable to the Partnership is not available without unreasonable effort.”
DCF is a significant performance metric used by us and by external users of the Partnership’s financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay the Partnership’s unitholders. Using this metric, management and external users of the Partnership’s financial statements can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. DCF is also an important financial measure for the Partnership’s unitholders since it serves as an indicator of the Partnership’s success in providing a cash return on investment. Specifically, this financial measure may indicate to investors whether we are generating cash flow at a level that can sustain or support an increase in the Partnership’s quarterly distribution rates. DCF is also a quantitative standard used throughout the investment community with respect to publicly traded partnerships and limited liability companies because the value of a unit of such an entity is generally determined by the unit’s yield (which in turn is based on the amount of cash distributions the entity pays to a unitholder). DCF will not reflect changes in working capital balances.
We define DCF as Adjusted EBITDA, less interest expense, normalized maintenance capital expenditures, and distributions related to the Series A, Series C, and Series D convertible preferred units. The GAAP financial measure most comparable to DCF is Net income (loss) attributable to the Partnership.
AMERICAN MIDSTREAMASSET APPENDIX
NATURAL GAS TRANSPORTATION
27
Interconnects
Leverage existing interconnects with Texas Eastern, Tennessee Gas, Columbia Gas, and Transco to supply cheaper North East natural gas supply to other large long-haul pipelines serving Southeast markets
AlaTenn interconnects will increase overall firm transportation agreements by 35%
Repurpose Assets
Midla-Natchez Lateral – FERC approved retirement and replacement of 12”, 50-mile Midla pipeline underpinned by multiple long-term firm transportation agreements
High Point – Filed FERC application to repurpose an underutilized gas pipeline and convert to NGL service
Midla/MLGT AlaTenn/Bamagas/Trigas Magnolia
Location Louisiana and Mississippi North Alabama South Alabama
Product Natural gas Natural gas Natural gas
Capacity 518 MMcf/d 710 MMcf/d 120 MMcf/d
Facilities432 miles of FERC-regulated interstate
and intrastate pipelines that serve various power plants, local distribution
companies and industrial end-users
383 miles of FERC-regulated interstate and intrastate pipelines that serve various
power plants, local distribution companies and industrial end-users
116 miles of intrastate pipelines that provides FERC jurisdictional interstate
service, transports gas from central Alabama to SE markets
Key Customers
Exonn, Etergy, Atmos, Georgia Pacific, Sequent
Huntsville, Athens, NAGD, Ascend Chemical, BP, TVA, Calpine, LS Power
Tenaska, Interconn, Spotlight, PGP, Infinite, Rainbow, Saga Petroleum
NATURAL GAS TRANSMISSION MARKET OVERVIEW
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LOUISIANA: 326,000 Dth/d Firm Transportation
o MLGT: Unregulated intrastate system
− North LA: Entergy North Louisiana (Power), Angus Chemical (Industrial)
− Baton Rouge: Entergy Baton Rouge (Utility), Exxon Baton Rouge (Industrial), Georgia Pacific (Industrial)
o MIDLA: FERC regulated
− Natchez Line: Placed in-service 2Q 2017 backed by 15-yr take-or pay agreements (Atmos, LMGA, BASF)
ALABAMA: 429,000 Dth/d Firm Transportation
o AlaTenn: FERC Regulated
− Supply connects with TGP, TETCO, CGT
− 50 delivery points provide direct service to industrial, power, and utility end-users
o Bamagas/Trigas: Unregulated intrastate systems
− Two power plants (Calpine, Capital Power)
− Industrials: Ascend, Bunge, Linde
o Magnolia: Unregulated intrastate system
− On-system CBM production, delivery to Transco
MISSISSIPPI: 375,000 Dth/d Firm Transportation
o Destin Onshore: FERC Regulated
− Connectivity to TGP, SNG, Transco, MEP, Gulf South, FGT, Gulfstream
− Throughput driven by industrial, power, and utility demand in Florida, Alabama, and Mississippi
Natural Gas Transmission – Firm Markets
GAS GATHERING AND PROCESSING ASSETS
29
Longview Longview Rail Chatom
East Texas Permian Gulf Coast Eagle FordProduct Gas, NGLs, Condensate Gas, NGLs, Condensate Gas, NGLs, Condensate Gas
Capacity 70 MMcf/d gas processing,10 MBbl/d NGL factionation
40 MMcf/d gas processing,8 MBbl/d NGL processing
25 MMcf/d gas processing, 2 MBbl/d NGL fractionation
220 MMcf/d
Location Gregg, Rusk, Smith Counties, TXMartin, Andrews, Dawson, Gaines
Counties, TX
Chatom, ALBazor, MS
South LA and MSLavaca County, TX
Facilities710 mile low & high pressure
gathering system, gas well & oil processing, depropanizer
50 mile gathering system, 5,000 HP compression, off-spec NGL
processing, pipeline connectivity, H2S treating
100 mile gathering system, sour gas processing, depropanizer and
debutanizer, 90 MBbl/d NGL pipeline, 191-mile FERC-regulated NGL
pipelines
200 mile gathering system, 30,00 HP compression
Key Customers XTO, Linn, Targa, Eastman AJAX, Energy Transfer Venture, Enterprise Penn Virginia, Devon
Acreage Dedication
-- 30,000 acres -- 70,000 acres
TERMINALS ASSET OVERVIEW
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AMID Quarterly Terminal Utilization JPEP Quarterly Terminal Storage Throughput
Harvey Westwego Brunswick Caddo Mills North Little Rock Cushing
Location Harvey, LA(Port of New Orleans)
Westwgo, LA(Port of New Orleans)
Brunswick, GA(Port of Brunswick)
Caddo Mills, TX(Dallas/Ft. Worth Area)
North Little Rock, AR Cushing, OK
Product Petroleum/Chemical Chemical/Agricultural Chemical/Agricultural Refined Products Refined Products Crude Oil
Current Capacity 1,110 Mbbls 1,045 MBbls 221 MBbls 770 MBbls 550 MBbls 3,000 MBbls
Facilities 33 above-ground storage tanks
48 above-ground storage tanks
5 above-ground storage tanks
10 above-ground storage tanks
11 above-ground storage tanks
5 above-ground storage tanks
Transportation Modes Truck, railcar, water vessel Truck, railcar, water vessel Truck, railcar, water vessel Truck and pipeline Truck, railcar, pipeline Pipeline
Key CustomersCommodity brokers, refiners and chemical
manufacturers
Commodity brokers, refiners and chemical
manufacturers
Commodity brokers, refiners and chemical
manufacturers
Retail fuel distributors, refiners and marketers
Retail fuel distributors, refiners and marketers Crude marketer and trader
NATURAL GAS TRANSPORTATION & ORGANIC GROWTH PROJECTS
31
Interconnects
Leverage existing interconnects with Texas Eastern, Tennessee Gas, Columbia Gas, and Transco to supply cheaper North East natural gas supply to other large long-haul pipelines serving Southeast markets
AlaTenn interconnects will increase overall firm transportation agreements by 35%
Repurpose Assets
Midla-Natchez Lateral – FERC approved retirement and replacement of 12”, 50-mile Midla pipeline underpinned by multiple long-term firm transportation agreements
High Point – filed FERC application to repurpose an underutilized gas pipeline and convert to NGL service
Note: Chart excludes the Chalmette System, a 39-mile intrastate pipeline with 125 MMcf/d of capacity
High Point Midla/MLGT AlaTenn/Bamagas/Trigas Magnolia
Location Onshore and Offshore Southeast Louisiana
Louisiana and Mississippi North Alabama South Alabama
Product Natural Gas Natural gas Natural gas Natural gas
Capacity 1,120 MMcf/d 518 MMcf/d 710 MMcf/d 120 MMcf/d
Facilities
574 miles of FERC-regulated interstate pipelines and non-
jurisdictional gathering pipelines that primarily serve Gulf of Mexico
producers
432 miles of FERC-regulated interstate and intrastate pipelines that serve various power plants, local distribution companies and
industrial end-users
383 miles of FERC-regulated interstate and intrastate pipelines that serve various power plants, local distribution companies and
industrial end-users
116 miles of intrastate pipelines that provides FERC jurisdictional interstate service, transports gas
from central Alabama to SE markets
Key Customers
BP, Cox, Fieldwood, Noble, Shell, Stone, W&T
Exonn, Etergy, Atmos, Georgia Pacific, Sequent
Huntsville, Athens, NAGD, Ascend Chemical, BP, TVA,
Calpine, LS Power
Tenaska, Interconn, Spotlight, PGP, Infinite, Rainbow, Saga
Petroleum
GULF OF MEXICO JOINT VENTURES AND INVESTMENTS
32
Interest OverviewDelta House
Floating production system located in the Mississippi Canyon region in deepwater Gulf of Mexico; operated by LLOG exploration
10 wells online with life-of-lease dedication for production handling and a fixed fee-based structure on oil and gas export pipelines
Nameplate capacity of 100,000 Bbl/d oil and 240 MMcf/d of gas FERC-regulated gas pipeline
120-mile offshore portion moves gas from producing platforms, including Delta House to MP260 and continuing to Pascagoula processing plant
135-mile onshore portion transports gas to multiple pipelines and storage facilities in Mississippi
Okeanos Gas gathering system that connects multiple producer platforms to
MP260 Tri-States and Wilprise
FERC-regulated NGL pipelines Tri-States receives gas from three plants and terminates at Kenner
Junction, feeding one fractionation facility and two NGL pipelines Tri-States connects to Wilprise pipeline at Kenner Junction and
terminates in Sorrento, LouisianaOther
AMID to operate ~110 miles of natural gas and saltwater pipelines, including Henry Gas Gathering System
System Interest Held
Pipeline (miles) Product Design
CapacityDelta House 35.7% - - -
Destin 66.7% 255 Natural Gas 1.2 Bcf/dOkeanos 66.7% 100 Natural Gas 1.0 Bcf/dWilprise 25.3% 30 Liquids 60,000 Bbls/dTri-States 16.7% 161 Liquids 80,000 Bbls/d
Other 60.0% 200 Natural Gas / Saltwater n/a
Main Pass Oil Gathering
66.7% 98 Oil 160,000 Bbls/d