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0000950129-07-002513.txt : 200705140000950129-07-002513.hdr.sgml : 2007051420070514155018ACCESSION NUMBER:0000950129-07-002513CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:71CONFORMED PERIOD OF REPORT:20070510ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20070514DATE AS OF CHANGE:20070514

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:Copano Energy, L.L.C.CENTRAL INDEX KEY:0001297067STANDARD INDUSTRIAL CLASSIFICATION:NATURAL GAS TRANSMISSION [4922]IRS NUMBER:270065678STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-32329FILM NUMBER:07846290

BUSINESS ADDRESS:STREET 1:2727 ALLEN PARKWAY, SUITE 1200CITY:HOUSTONSTATE:TXZIP:77019BUSINESS PHONE:713-621-9547

MAIL ADDRESS:STREET 1:2727 ALLEN PARKWAY, SUITE 1200CITY:HOUSTONSTATE:TXZIP:77019

FORMER COMPANY:FORMER CONFORMED NAME:Copano Energy Holdings, L.L.C.DATE OF NAME CHANGE:20040713

8-K1h46721e8vk.htmFORM 8-K - CURRENT REPORT

e8vk

Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May10, 2007

COPANO ENERGY, L.L.C.

(Exact name of registrant as specified in its charter)

Delaware
(State or Other Jurisdiction of
Incorporation or Organization)

001-32329
(Commission File Number)

51-0411678
(I.R.S. Employer
Identification No.)

2727 Allen Parkway, Suite1200
Houston, Texas
(Address of Principal Executive Offices)

77019
(Zip Code)

Registrants Telephone Number, including Area Code: (713)621-9547

Not Applicable.
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions (see General InstructionA.2. below):

o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))

TABLE OF CONTENTS

Item7.01 RegulationFD DisclosureItem9.01. Financial Statements and ExhibitsSIGNATURESExhibitIndexPress ReleasePresentation Materials - A.G. Edwards' Yield ConferencePresentation Materials - Bear Stearns Sixteenth Annual Conference

Table of Contents

Item7.01 RegulationFD Disclosure.

On May10, 2007, Copano Energy, L.L.C. (the Company) issued a press release announcing thatJohn Eckel, its Chairman and Chief Executive Officer will speak at A.G. Edwards Yield Conferenceto be held in New York City on May15, 2007. The Companys presentation at the conference will bewebcast live on May15, 2007, at 4:30 p.m. Eastern Daylight Time. The press release and thepresentation materials are attached to this Current Report on Form 8-K as Exhibits 99.1 and 99.2,respectively, and are incorporated into this Item7.01 by reference.

Mr.Eckel will also speak at the Bear Stearns Sixteenth Annual Global Credit Conference to beheld in New York City on May15, 2007 at 9:00 a.m. Eastern Daylight Time. The presentationmaterials are attached to this Current Report on Form 8-K as Exhibit99.3 and are incorporated intothis Item7.01 by reference.

Item9.01. Financial Statements and Exhibits.

(a)Financial statements of businesses acquired.

Not applicable.

(b)Pro forma financial information.

Not applicable.

(c)Shellcompany transactions.

Not applicable.

(d)Exhibits.

Exhibit No. Description

99.1

Copano Energy, L.L.C. press release dated May10, 2007

99.2

Copano Energy, L.L.C. presentation materials A.G. Edwards Yield Conference

99.3

Copano Energy, L.L.C. presentation materials Bear Stearns Sixteenth Annual Global Credit Conference

2

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly causedthis report to be signed on its behalf by the undersigned hereunto duly authorized.

COPANO ENERGY, L.L.C.

Date: May14, 2007

By:
Name:

/s/ CARL A. LUNA

Carl A. Luna

Title:

Vice President, Finance

3

Table of Contents

ExhibitIndex

Exhibit No. Description

99.1

Copano Energy, L.L.C. press release dated May10, 2007

99.2

Copano Energy, L.L.C. presentation materials A.G. Edwards Yield Conference

99.3

Copano Energy, L.L.C. presentation materials Bear Stearns Sixteenth AnnualGlobal Credit Conference

EX-99.12h46721exv99w1.htmPRESS RELEASE

exv99w1

Exhibit99.1

CopanoEnergy, L.L.C.

News Release

Contacts:

Matt Assiff, SVP & CFO
Copano Energy, L.L.C.
713-621-9547

Jack Lascar / jlascar@drg-e.com
Anne Vincent/ avincent@drg-e.com
DRG&E / 713-529-6600

COPANO ENERGY TO PRESENT AT
A.G. EDWARDS YIELD CONFERENCE

HOUSTON, May10, 2007 Copano Energy, L.L.C. (NASDAQ: CPNO) announced today that John Eckel,its Chairman and Chief Executive Officer, will speak at A.G. Edwards Yield Conference to be heldin New York City on May15, 2007.

Copano Energys presentation will be webcast live that day at 4:30 p.m. Eastern Daylight Timeand is expected to last approximately 20 minutes. To listen to a live audio webcast and view theaccompanying presentation materials, visit the Companys websiteat www.copanoenergy.com underInvestor Relations Event Calendar. A replay will be archived on the website shortly after thepresentation concludes.

Houston-based Copano Energy, L.L.C. is a midstream natural gas company with natural gasgathering, intrastate pipeline and natural gas processing assets in Oklahoma and Texas.

# # #

EX-99.23h46721exv99w2.htmPRESENTATION MATERIALS - A.G. EDWARDS' YIELD CONFERENCE

exv99w2

Exhibit 99.2

Copano Energy

NASDAQ: CPNO

A.G. Edwards' Yield Conference

New York

May 15, 2007

Forward-Looking Statements

Statements made by representatives of Copano Energy, L.L.C. (the "Company") during thispresentation may constitute "forward-looking statements" as defined by the Securities andExchange Commission. All statements, other than statements of historical facts, made byrepresentatives of the Company during this presentation that address activities, events ordevelopments that the Company expects, believes or anticipates will or may occur in the futureare forward-looking statements. These forward-looking statements are based on certainassumptions made by the Company based on management's experience and perception ofhistorical trends, current conditions, expected future developments and other factors it believesare appropriate in the circumstances.

Any forward-looking statements made by representatives of the Company during thispresentation are subject to a number of assumptions, risks and uncertainties, many of which arebeyond the Company's control. If one or more of these risks or uncertainties materialize, or ifunderlying assumptions prove incorrect, then the Company's actual results may differ materiallyfrom those implied or expressed by the forward-looking statements. These risks include aninability to obtain new sources of natural gas supplies, the loss of key producers that supplynatural gas to the Company, key customers reducing the volume of natural gas and natural gasliquids they purchase from the Company, a decline in the price and market demand for naturalgas and natural gas liquids, the incurrence of significant costs and liabilities in the future resultingfrom the Company's failure to comply with new or existing environmental regulations or anaccidental release of hazardous substances into the environment and other factors detailed in theCompany's Securities and Exchange Commission filings.

The Company undertakes no obligation to publicly update any forward-looking statements,whether as a result of new information or future events.

Introduction to Copano Energy, L.L.C.

Growth-oriented midstream energy company founded in 1992

Built through acquisitions - over 40 acquisitions plus extensiveconstruction and integration projects

Significant pipeline growth - from 23 miles to over 5,500 activemiles

Five processing plants (a) - over 850 MMcf/d of combinedprocessing capacity

Prominent producer services franchise in two active producing regions

Texas Gulf Coast - South Texas

Mid-Continent - Central and Eastern Oklahoma and Northern FortWorth Basin in Texas

(a) includes majority interest in Southern Dome, LLC

Overview

Strong producer and customer focus

Highly competitive and flexible services

Provides midstream services to over 850,000MMBtu/day of natural gas

Financial Profile - LTM 3/31/07:

Revenue: $857.3 million

Total Segment Gross Margin (a): $189.9 million

EBITDA (a): $130.1 million

Current Equity Value: $1.8 billion (b)

Current Enterprise Value: $2.1 billion (b)

OK

TX

Texas Gulf Coast

Mid-Continent

(a) Total Segment Gross Margin and EBITDA are non-GAAP financial measures. Fordefinitions and reconciliations to comparable GAAP measures, see Appendix.

(b) Equity value as of May 9, 2007

Copano's LLC Structure Characteristic Typical MLP Copano Energy C-Corp Non-Taxable Entity Yes Yes No Tax Shield on Distributions Yes Yes No Tax Reporting Schedule K-1 Schedule K-1 Form 1099 General Partner Yes No No Incentive Distribution Rights Yes; up to 50% No No Voting Rights No Yes Yes

LLC Benefits

No entity-level taxation

No general partner splits ("incentive distribution rights")

Reduces cost of equity

Greater ease of equity issuance

Greater appeal to institutional investors

Stronger governance

Truly independent board

Elected by unitholders

Copano has outperformed both the Alerian MLP Index (AMZ) and theS&P 500 since its IPO

+313%

+48%

+30%

Relative Unit Price Performance (a)

Source: Bloomberg

(a) As of May 9, 2007

Total Return Performance (a)

Copano has also outperformed both the Alerian MLP Total ReturnIndex (AMZX) and the S&P 500 in terms of total return since its IPO

+358%

+30%

+68%

Source: Bloomberg

(a) As of May 9, 2007. Assumes distributions reinvested.

Distribution Growth (1)

(1) All pre-1Q 2007 distributions are restated to account for the impact of Copano's 3/30/07 two-for-one unit split.

(2) Actual $0.10 distribution per unit was for the partial quarterly period from the IPO closing on November 15, 2004 through December 31,2004.

(2)

On April 18, 2007, Copano announced its ninth consecutive increasein quarterly distributions

Comparative Distribution Yield

CPNO's yield is between that of traditional MLPs and Public GPs

Source: Lehman Brothers MLP Weekly for the week ended May 4, 2007

(a) MLP Average includes: APL, BWP, BPL, XTEX, DPM, DEP, EROC, EEP, ETP, EPD, HLND, KMP, MMP, MWE, MMLP, NGLS, NS, OKS, PAA, RGNC, SXL, TCLP, TPP, WPZ

(b) GP Average includes: AHGP, AHD, BGH, XTXI, ETE, EPE, HPGP, NRGP, MGG, MWP, NSH, PVG

(a)

(b)

CPNO Distributions vs. MLP with IDR's (1)

Note: Assumes generic MLP splits with 10%, 25% & 50% increases in distributable cash flow to LP units resulting in incremental 13%, 23% and 48% increases in the percentage oftotal distributable cash flow applicable to the GP.

Copano's Q1 2007 distribution is approximately 22% higher as an LLC than if it were a traditional MLPwith IDRs

(1) Source RBC Capital Markets

General Partner Incentive Distribution Loads (1)

Note: Market data as of 5/9/07

1 Source RBC Capital Markets

Business Strategy

Pursue growth from our existingassets

Pursue complementaryacquisitions and organicexpansion opportunities

Reduce sensitivity of our cashflows to commodity pricefluctuations

Exploit the operating flexibility ofour assets

Expand our geographic scope intonew regions where our growthstrategy can be applied

Mid-Continent Operations (Pre-Cimmarron)

One of the largest independent networks ofnatural gas pipelines in Central and EasternOklahoma

Approximately 3,400 miles of natural gasgathering pipelines

16,900 square mile region

Long-term agreements with remaining termsranging up to approximately 13 years

26 drilling rigs currently active in area ofoperations

Hunton de-watering play and coal bed methaneprovide growth visibility

4 processing plants (includes majority-ownedSouthern Dome)

Current inlet capacity of 155 MMcf/d

LTM 3/31/07 Segment Gross Margin (a):

$96.6 million

(a) Total Segment Gross Margin is a non-GAAP financial measure. For a definition andreconciliation to a comparable GAAP measure, see Appendix.

Cimmarron Acquisition

On May 1, 2007, Copano closed its acquisition of Cimmarron Gathering, L.P. for $95million ($41 million in cash and $54 million in Copano units issued to the sellers)

1.6 million units will automatically convert to common units in 25% installments on the six-month, 12-month, 18-month and 24-month anniversaries of the closing date

Large bolt-on for Mid-Continent Operations segment

Approximately 3,820 miles of pipelines in central and eastern Oklahoma and in northTexas

Approximately 430 miles active for natural gas gathering

Approximately 50 miles active for crude oil gathering

Significant acreage dedication with active drilling rigs

Further extends access to rich gas plays (i.e. Woodford Shale and Barnett Shale)

Attractive contract mix

Accretion:

2007: Modestly accretive to distributable cash flow

2008: Anticipated 5 - 10% accretive to distributable cash flow

Post Acquisition Mid-Continent Operations Map

Tri-County System

70% undivided interest (Operator)

80 miles of active gathering pipelines including 30 miles currently under construction

Gathers rich casinghead gas from the Barnett Shale

Current system throughput ~15 MMBtu/day

Fixed fee-based contracts with marketing upside

Five rigs running

45,000 acres dedicated

Significant growth potential

Cimmarron Oklahoma Assets

100% owned

350 miles of active gathering lines, including 140 mile Tomahawk line (8 and 10 inchpipe)

Gathers rich low pressure gas primarily from the Sooner/Golden Trend and theWoodford Shale

Tomahawk line provides the following:

Will bring processable Woodford Shale gas to Stroud area for processing

Connects Mid-Continent Twin Rivers processable rich gas to Stroud area

Significant opportunities

Current Central Oklahoma System throughput ~4 MMBtu/day

Percentage of proceeds contracts and fixed fee contracts (Tomahawk line)

Can be connected to Stroud area processing

~88,000 acres dedicated

Texas Gulf Coast Pipelines

One of the largest independentnetworks of natural gas pipelines inthe Texas Gulf Coast region

Over 1,600 miles of natural gasgathering and intrastatetransmission pipelines (includesmajority-owned Webb/Duval)

Strong drilling activity particularly onCentral Gulf Coast and MestenaGrande systems

Decline rates generally moderatecompared to Offshore Gulf of Mexico

LTM 3/31/07 Segment Gross Margin(a):

$41.5 million

TX

(a) Total Segment Gross Margin is a non-GAAP financial measure. For adefinition and reconciliation to a comparable GAAP measure, see Appendix.

Texas Gulf Coast Processing

Houston Central Processing Plantstraddles KMTP's Laredo-to-Katy pipeline

2nd largest processing plant in Texas GulfCoast region; 3rd largest in Texas

Total inlet capacity of 700 MMcf/d

Highly efficient conditioning capabilityavoids processing margin losses byreducing:

NGLs extracted by 93%

Fuel consumption by 80%

Sheridan NGL Pipeline: 104 miles

Brenham NGL Pipeline (a): 46 miles

LTM 3/31/07 Segment Gross Margin (b):

$53.5 million

(a) Leased from Kinder Morgan.

(b) Total Segment Gross Margin is a non-GAAP financial measure. For adefinition and reconciliation to a comparable GAAP measure, see Appendix.

Producer Relationships

Note: Partial list for Texas Gulf Coast and Mid-Continent

Mestena Operating, Ltd.

Highly-Rated Service Provider

In the 2006 Natural Gas Midstream Services Survey conductedby EnergyPoint Research, Houston, among all respondentsCopano rated:

#2 Overall - all service categories and geographic regions

#1 Onshore Gas Gathering - all geographic regions

#1 Texas Intrastate - all service categories

#1 Reliability, Capacity and Condition of Field Assets (a)

#1 Health, Safety and Environmental Practices (a)

#1 Administrative, Scheduling and Accounting Personnel (a)

Among primary decision makers, Copano rated #1 overall andin most categories

(a) All service categories and geographic regions

Organic Growth & Bolt-on Capital Spending

Committed organic growth and bolt-on capital spending in excess of $80million completed or initiated in 2006 (exclusive of Cimmarron)

Hunton play gathering and compression expansion (Mid-Continent)ongoing

Expansion of Paden Plant and addition of Nitrogen Rejection Unitestimated completion Q2 and Q1 2008, respectively (Mid-Continent)

Southern Dome greenfield facilities completed Q2 2006 (Mid-Continent)

Bolt-on acquisitions in South Texas (Texas Gulf Coast) include:

Williams Field Services South Texas Assets completed Q3 2006

Normanna Lateral completed Q3 2006

Driscoll Lateral completed Q1 2007

Houston Central CO2 treating capacity expansion completed Q4 2006(Texas Gulf Coast)

Hedging Program and Risk Management

On-going long-term risk management strategy adopted in 2005 to reducecommodity price risk exposure

Current portfolio of hedging contracts includes:

Call spread options on natural gas through 2011 to hedge a portionof the net operational short natural gas position when we operateour Houston Central Plant in a processing mode

Puts on natural gas through 2009

Puts and swaps for ethane, propane, iso-butane and normal butanethrough 2011

Puts on WTI crude oil through 2011 to hedge natural gasoline andcondensate

Financial Structure

Strong capitalization at March 31, 2007

Total Debt to Enterprise Value of 13% (a)

Total Debt to LTM EBITDA of 2.1x

Broad institutional unitholder and noteholder base

Strong capital support for acquisitions

Moody's ratings:

B1 Corporate Family Rating

B2 Senior Notes Rating

Positive outlook

S&P ratings:

BB- Corporate Credit Rating

B+ Senior Notes Rating

Positive outlook

(a) Equity value as of May 9, 2007.

Financial Policy

Maintain sustainable distributions with targeted distributioncoverage greater than MLP peers

Target total leverage: below 4.0x

Use free cash flow to reduce leverage on quarterly basis

Demonstrated ability and willingness to raise additional equity

Follow-on equity offering closed in December 2006

Finance accretive acquisitions with balanced combination of long-term debt and equity

Experienced Management Team and Board of Directors

17 senior managers average 24 years of experience in theindustry

Ownership by ALL employees including LTIP participation

Management and employees beneficially own approximately 11%of outstanding units (a)

Six of the seven Board members are independent

(a) Excludes 307,500 restricted common units and 1,232,202 options to acquire common units, of which 216,944 are exercisableas of April 5, 2007. Restricted common units and options represent approximately 3.6% of current outstanding units.

(c)

$35.1

$55.0

$101.6

$143.5

(c)

52.1% CAGR (2002 - 2006)

$188.1

Total Segment Gross Margin (a)

(a) Total Segment Gross Margin is a non-GAAP financial measure. For a definition and reconciliation to a comparable GAAPmeasure, see Appendix.

(b) Pro Forma for the acquisition of ScissorTail Energy, LLC

(c) Includes $0.4, $1.4 and $(1.6) million of Corporate Segment gross margin for the periods ending 12/31/05, 12/31/06 and LTM3/31/07 respectively.

$189.9

Combined EBITDA (a)

(a) EBITDA is a non-GAAP financial measure. For a definition and reconciliation to a comparable GAAP measure, see Appendix.

(b) Pro Forma for the acquisition of ScissorTail Energy, LLC

(c) Texas Gulf Coast results for 12/31/05, 12/31/06 and LTM 3/31/07 periods include all corporate G&A expenses.

$14.3

$26.4

$64.7

$97.5

(c)

(c)

73.6% CAGR (2002 - 2006)

$130.0

$130.1

Key Investment Merits

Assets are strategically located in active natural gas supply areas andare easily scalable

Our contracts and asset mix provide operating flexibility to mitigateprocessing margin risk

We provide an integrated and comprehensive package of midstreamservices

We have knowledgeable and experienced employees with significantownership interests in us

Our LLC structure is tax-advantaged, reduces the cost of equity capital,and allows unitholders to elect directors

We have a flexible financial structure and have a proven track record ofgrowth

Appendix

Reconciliation of Non-GAAP Financial Measures

Gross Margin

We define our total segment gross margin as our segment revenue less cost of sales. Cost of sales includes the following costs andexpenses: cost of natural gas and NGLs purchased by us from third parties, cost of natural gas and NGLs purchased by us from affiliates,costs we pay third parties to transport our volumes and costs we pay our affiliates to transport our volumes. We view total segment grossmargin as an important performance measure of the core profitability of our operations. This measure is a key component of our internalfinancial reporting and is used by our senior management in deciding how to allocate capital resources among business segments. Webelieve that investors benefit from having access to the same financial measures that our management uses. The GAAP measure mostdirectly comparable to total segment gross margin is operating income.

The following table presents a reconciliation of the non-GAAP financial measure of total segment gross margin (which consists of the sumof individual segment gross margins) to operating income on a historical basis:

Reconciliation of Non-GAAP Financial Measures

EBITDA

We define EBITDA as net income (loss) plus interest expense, provision for income taxes and depreciation and amortization expense. EBITDAis used as a supplemental financial measure by our management and by 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 sufficient to pay interest costs and support our indebtedness;

our operating performance and return on capital as compared to those of other companies in the midstream energy sector, withoutregard to financing or capital structure; and

the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities.

EBITDA is also a financial measurement that, with certain negotiated adjustments, is reported to our lenders and is used to compute ourfinancial covenants. EBITDA should not be considered an alternative to net income, operating income, cash flows from operating activities orany other measure of financial performance presented in accordance with GAAP. Our EBITDA may not be comparable to EBITDA or similarlytitled measures of other entities, as other entities may not calculate EBITDA in the same manner as we do.

The following table presents a reconciliation of the non-GAAP financial measure of EBITDA to the GAAP financial measure of net income (loss):

Copano Energy

EX-99.34h46721exv99w3.htmPRESENTATION MATERIALS - BEAR STEARNS SIXTEENTH ANNUAL CONFERENCE

exv99w3

Exhibit 99.3

Copano Energy

NASDAQ: CPNO

Bear Stearns Sixteenth Annual Global Credit Conference

New York

May 15, 2007

Forward-Looking Statements

Statements made by representatives of Copano Energy, L.L.C. (the "Company") during thispresentation may constitute "forward-looking statements" as defined by the Securities andExchange Commission. All statements, other than statements of historical facts, made byrepresentatives of the Company during this presentation that address activities, events ordevelopments that the Company expects, believes or anticipates will or may occur in the futureare forward-looking statements. These forward-looking statements are based on certainassumptions made by the Company based on management's experience and perception ofhistorical trends, current conditions, expected future developments and other factors it believesare appropriate in the circumstances.

Any forward-looking statements made by representatives of the Company during thispresentation are subject to a number of assumptions, risks and uncertainties, many of which arebeyond the Company's control. If one or more of these risks or uncertainties materialize, or ifunderlying assumptions prove incorrect, then the Company's actual results may differ materiallyfrom those implied or expressed by the forward-looking statements. These risks include aninability to obtain new sources of natural gas supplies, the loss of key producers that supplynatural gas to the Company, key customers reducing the volume of natural gas and natural gasliquids they purchase from the Company, a decline in the price and market demand for naturalgas and natural gas liquids, the incurrence of significant costs and liabilities in the future resultingfrom the Company's failure to comply with new or existing environmental regulations or anaccidental release of hazardous substances into the environment and other factors detailed in theCompany's Securities and Exchange Commission filings.

The Company undertakes no obligation to publicly update any forward-looking statements,whether as a result of new information or future events.

Introduction to Copano Energy, L.L.C.

Growth-oriented midstream energy company founded in 1992

Built through acquisitions - over 40 acquisitions plus extensiveconstruction and integration projects

Significant pipeline growth - from 23 miles to over 5,500 activemiles

Five processing plants (a) - over 850 MMcf/d of combinedprocessing capacity

Prominent producer services franchise in two active producing regions

Texas Gulf Coast - South Texas

Mid-Continent - Central and Eastern Oklahoma and Northern FortWorth Basin in Texas

(a) includes majority interest in Southern Dome, LLC

Overview

Strong producer and customer focus

Highly competitive and flexible services

Provides midstream services to over 850,000MMBtu/day of natural gas

Financial Profile - LTM 3/31/07:

Revenue: $857.3 million

Total Segment Gross Margin (a): $189.9 million

EBITDA (a): $130.1 million

Current Equity Value: $1.8 billion (b)

Current Enterprise Value: $2.1 billion (b)

OK

TX

Texas Gulf Coast

Mid-Continent

(a) Total Segment Gross Margin and EBITDA are non-GAAP financial measures. Fordefinitions and reconciliations to comparable GAAP measures, see Appendix.

(b) Equity value as of May 9, 2007

Copano's LLC Structure Characteristic Typical MLP Copano Energy C-Corp Non-Taxable Entity Yes Yes No Tax Shield on Distributions Yes Yes No Tax Reporting Schedule K-1 Schedule K-1 Form 1099 General Partner Yes No No Incentive Distribution Rights Yes; up to 50% No No Voting Rights No Yes Yes

LLC Benefits

No entity-level taxation

No general partner splits ("incentive distribution rights")

Reduces cost of equity

Greater ease of equity issuance

Greater appeal to institutional investors

Stronger governance

Truly independent board

Elected by unitholders

Copano has outperformed both the Alerian MLP Index (AMZ) and theS&P 500 since its IPO

+313%

+48%

+30%

Relative Unit Price Performance (a)

Source: Bloomberg

(a) As of May 9, 2007

Total Return Performance (a)

Copano has also outperformed both the Alerian MLP Total ReturnIndex (AMZX) and the S&P 500 in terms of total return since its IPO

+358%

+30%

+68%

Source: Bloomberg

(a) As of May 9, 2007. Assumes distributions reinvested.

Distribution Growth (1)

(1) All pre-1Q 2007 distributions are restated to account for the impact of Copano's 3/30/07 two-for-one unit split.

(2) Actual $0.10 distribution per unit was for the partial quarterly period from the IPO closing on November 15, 2004 through December 31,2004.

(2)

On April 18, 2007, Copano announced its ninth consecutive increasein quarterly distributions

CPNO Distributions vs. MLP with IDR's (1)

Note: Assumes generic MLP splits with 10%, 25% & 50% increases in distributable cash flow to LP units resulting in incremental 13%, 23% and 48% increases in the percentage oftotal distributable cash flow applicable to the GP.

Copano's Q1 2007 distribution is approximately 22% higher as an LLC than if it were a traditional MLPwith IDRs

(1) Source RBC Capital Markets

General Partner Incentive Distribution Loads (1)

Note: Market data as of 5/9/07

1 Source RBC Capital Markets

Business Strategy

Pursue growth from our existingassets

Pursue complementaryacquisitions and organicexpansion opportunities

Reduce sensitivity of our cashflows to commodity pricefluctuations

Exploit the operating flexibility ofour assets

Expand our geographic scope intonew regions where our growthstrategy can be applied

Mid-Continent Operations (Pre-Cimmarron)

One of the largest independent networks ofnatural gas pipelines in Central and EasternOklahoma

Approximately 3,400 miles of natural gasgathering pipelines

16,900 square mile region

Long-term agreements with remaining termsranging up to approximately 13 years

26 drilling rigs currently active in area ofoperations

Hunton de-watering play and coal bed methaneprovide growth visibility

4 processing plants (includes majority-ownedSouthern Dome)

Current inlet capacity of 155 MMcf/d

LTM 3/31/07 Segment Gross Margin (a):

$96.6 million

(a) Total Segment Gross Margin is a non-GAAP financial measure. For a definition andreconciliation to a comparable GAAP measure, see Appendix.

Cimmarron Acquisition

On May 1, 2007, Copano closed its acquisition of Cimmarron Gathering, L.P. for $95million ($41 million in cash and $54 million in Copano units issued to the sellers)

1.6 million units will automatically convert to common units in 25% installments on the six-month, 12-month, 18-month and 24-month anniversaries of the closing date

Large bolt-on for Mid-Continent Operations segment

Approximately 3,820 miles of pipelines in central and eastern Oklahoma and in northTexas

Approximately 430 miles active for natural gas gathering

Approximately 50 miles active for crude oil gathering

Significant acreage dedication with active drilling rigs

Further extends access to rich gas plays (i.e. Woodford Shale and Barnett Shale)

Attractive contract mix

Accretion:

2007: Modestly accretive to distributable cash flow

2008: Anticipated 5 - 10% accretive to distributable cash flow

Post Acquisition Mid-Continent Operations Map

Tri-County System

70% undivided interest (Operator)

80 miles of active gathering pipelines including 30 miles currently under construction

Gathers rich casinghead gas from the Barnett Shale

Current system throughput ~15 MMBtu/day

Fixed fee-based contracts with marketing upside

Five rigs running

45,000 acres dedicated

Significant growth potential

Cimmarron Oklahoma Assets

100% owned

350 miles of active gathering lines, including 140 mile Tomahawk line (8 and 10 inchpipe)

Gathers rich low pressure gas primarily from the Sooner/Golden Trend and theWoodford Shale

Tomahawk line provides the following:

Will bring processable Woodford Shale gas to Stroud area for processing

Connects Mid-Continent Twin Rivers processable rich gas to Stroud area

Significant opportunities

Current Central Oklahoma System throughput ~4 MMBtu/day

Percentage of proceeds contracts and fixed fee contracts (Tomahawk line)

Can be connected to Stroud area processing

~88,000 acres dedicated

Texas Gulf Coast Pipelines

One of the largest independentnetworks of natural gas pipelines inthe Texas Gulf Coast region

Over 1,600 miles of natural gasgathering and intrastatetransmission pipelines (includesmajority-owned Webb/Duval)

Strong drilling activity particularly onCentral Gulf Coast and MestenaGrande systems

Decline rates generally moderatecompared to Offshore Gulf of Mexico

LTM 3/31/07 Segment Gross Margin(a):

$41.5 million

TX

(a) Total Segment Gross Margin is a non-GAAP financial measure. For adefinition and reconciliation to a comparable GAAP measure, see Appendix.

Texas Gulf Coast Processing

Houston Central Processing Plantstraddles KMTP's Laredo-to-Katy pipeline

2nd largest processing plant in Texas GulfCoast region; 3rd largest in Texas

Total inlet capacity of 700 MMcf/d

Highly efficient conditioning capabilityavoids processing margin losses byreducing:

NGLs extracted by 93%

Fuel consumption by 80%

Sheridan NGL Pipeline: 104 miles

Brenham NGL Pipeline (a): 46 miles

LTM 3/31/07 Segment Gross Margin (b):

$53.5 million

(a) Leased from Kinder Morgan.

(b) Total Segment Gross Margin is a non-GAAP financial measure. For adefinition and reconciliation to a comparable GAAP measure, see Appendix.

Producer Relationships

Note: Partial list for Texas Gulf Coast and Mid-Continent

Mestena Operating, Ltd.

Highly-Rated Service Provider

In the 2006 Natural Gas Midstream Services Survey conductedby EnergyPoint Research, Houston, among all respondentsCopano rated:

#2 Overall - all service categories and geographic regions

#1 Onshore Gas Gathering - all geographic regions

#1 Texas Intrastate - all service categories

#1 Reliability, Capacity and Condition of Field Assets (a)

#1 Health, Safety and Environmental Practices (a)

#1 Administrative, Scheduling and Accounting Personnel (a)

Among primary decision makers, Copano rated #1 overall andin most categories

(a) All service categories and geographic regions

Organic Growth & Bolt-on Capital Spending

Committed organic growth and bolt-on capital spending in excess of $80million completed or initiated in 2006 (exclusive of Cimmarron)

Hunton play gathering and compression expansion (Mid-Continent)ongoing

Expansion of Paden Plant and addition of Nitrogen Rejection Unitestimated completion Q2 and Q1 2008, respectively (Mid-Continent)

Southern Dome greenfield facilities completed Q2 2006 (Mid-Continent)

Bolt-on acquisitions in South Texas (Texas Gulf Coast) include:

Williams Field Services South Texas Assets completed Q3 2006

Normanna Lateral completed Q3 2006

Driscoll Lateral completed Q1 2007

Houston Central CO2 treating capacity expansion completed Q4 2006(Texas Gulf Coast)

Hedging Program and Risk Management

On-going long-term risk management strategy adopted in 2005 to reducecommodity price risk exposure

Current portfolio of hedging contracts includes:

Call spread options on natural gas through 2011 to hedge a portionof the net operational short natural gas position when we operateour Houston Central Plant in a processing mode

Puts on natural gas through 2009

Puts and swaps for ethane, propane, iso-butane and normal butanethrough 2011

Puts on WTI crude oil through 2011 to hedge natural gasoline andcondensate

Financial Structure

Strong capitalization at March 31, 2007

Total Debt to Enterprise Value of 13% (a)

Total Debt to LTM EBITDA of 2.1x

Broad institutional unitholder and noteholder base

Strong capital support for acquisitions

Moody's ratings:

B1 Corporate Family Rating

B2 Senior Notes Rating

Positive outlook

S&P ratings:

BB- Corporate Credit Rating

B+ Senior Notes Rating

Positive outlook

(a) Equity value as of May 9, 2007.

Financial Policy

Maintain sustainable distributions with targeted distributioncoverage greater than MLP peers

Target total leverage: below 4.0x

Use free cash flow to reduce leverage on quarterly basis

Demonstrated ability and willingness to raise additional equity

Follow-on equity offering closed in December 2006

Finance accretive acquisitions with balanced combination of long-term debt and equity

Experienced Management Team and Board of Directors

17 senior managers average 24 years of experience in theindustry

Ownership by ALL employees including LTIP participation

Management and employees beneficially own approximately 11%of outstanding units (a)

Six of the seven Board members are independent

(a) Excludes 307,500 restricted common units and 1,232,202 options to acquire common units, of which 216,944 are exercisableas of April 5, 2007. Restricted common units and options represent approximately 3.6% of current outstanding units.

(c)

$35.1

$55.0

$101.6

$143.5

(c)

52.1% CAGR (2002 - 2006)

$188.1

Total Segment Gross Margin (a)

(a) Total Segment Gross Margin is a non-GAAP financial measure. For a definition and reconciliation to a comparable GAAPmeasure, see Appendix.

(b) Pro Forma for the acquisition of ScissorTail Energy, LLC

(c) Includes $0.4, $1.4 and $(1.6) million of Corporate Segment gross margin for the periods ending 12/31/05, 12/31/06 and LTM3/31/07 respectively.

$189.9

Combined EBITDA (a)

(a) EBITDA is a non-GAAP financial measure. For a definition and reconciliation to a comparable GAAP measure, see Appendix.

(b) Pro Forma for the acquisition of ScissorTail Energy, LLC

(c) Texas Gulf Coast results for 12/31/05, 12/31/06 and LTM 3/31/07 periods include all corporate G&A expenses.

$14.3

$26.4

$64.7

$97.5

(c)

(c)

73.6% CAGR (2002 - 2006)

$130.0

$130.1

Compelling Credit Story

Stable cash flow

Strategic position in major natural gas supply areas

Strong producer relationships with long-term contracts

Low working capital and capex needs

Reduced exposure to commodity price volatility

Favorable business and contract mix

Ongoing hedging program in place

Growing volumes will increase cash flow

Experienced management team with meaningful economicincentives

Proven track record of value creation

Creditor-friendly LLC structure

Higher distribution coverage ratio relative to peers

Appendix

Reconciliation of Non-GAAP Financial Measures

Gross Margin

We define our total segment gross margin as our segment revenue less cost of sales. Cost of sales includes the following costs andexpenses: cost of natural gas and NGLs purchased by us from third parties, cost of natural gas and NGLs purchased by us from affiliates,costs we pay third parties to transport our volumes and costs we pay our affiliates to transport our volumes. We view total segment grossmargin as an important performance measure of the core profitability of our operations. This measure is a key component of our internalfinancial reporting and is used by our senior management in deciding how to allocate capital resources among business segments. Webelieve that investors benefit from having access to the same financial measures that our management uses. The GAAP measure mostdirectly comparable to total segment gross margin is operating income.

The following table presents a reconciliation of the non-GAAP financial measure of total segment gross margin (which consists of the sumof individual segment gross margins) to operating income on a historical basis:

Reconciliation of Non-GAAP Financial Measures

EBITDA

We define EBITDA as net income (loss) plus interest expense, provision for income taxes and depreciation and amortization expense. EBITDAis used as a supplemental financial measure by our management and by 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 sufficient to pay interest costs and support our indebtedness;

our operating performance and return on capital as compared to those of other companies in the midstream energy sector, withoutregard to financing or capital structure; and

the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities.

EBITDA is also a financial measurement that, with certain negotiated adjustments, is reported to our lenders and is used to compute ourfinancial covenants. EBITDA should not be considered an alternative to net income, operating income, cash flows from operating activities orany other measure of financial performance presented in accordance with GAAP. Our EBITDA may not be comparable to EBITDA or similarlytitled measures of other entities, as other entities may not calculate EBITDA in the same manner as we do.

The following table presents a reconciliation of the non-GAAP financial measure of EBITDA to the GAAP financial measure of net income (loss):

Copano Energy

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