Enable Midstream Partners, Midstream Partners, LP ... regarding Enable Midstream Partners’ (“Enableâ€‌) strategy, ... • 19,500 Bbl/d crude oil

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  • Enable Midstream Partners, LP

    NAPTP 2015 MLP Investor Conference

    May 20, 2015

  • Forward-looking Statements

    This presentation and the oral statements made in connection herewith may contain forward-looking statements within the

    meaning of the securities laws. All statements, other than statements of historical fact, regarding Enable Midstream Partners

    (Enable) strategy, future operations, financial position, estimated revenues, projected costs, prospects, plans and objectives of

    management are forward-looking statements. These statements often include the words could, believe, anticipate, intend,

    estimate, expect, project, forecast and similar expressions and are intended to identify forward-looking statements, although

    not all forward-looking statements contain such identifying words. These forward-looking statements are based on Enables current

    expectations and assumptions about future events and are based on currently available information as to the outcome and timing of

    future events. Enable assumes no obligation to and does not intend to update any forward-looking statements included

    herein. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements

    described under the heading Risk Factors included in our SEC filings. Enable cautions you that these forward-looking statements

    are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond its control,

    incident to the ownership, operation and development of natural gas and crude oil infrastructure assets. These risks include, but

    are not limited to, contract renewal risk, commodity price risk, environmental risks, operating risks, regulatory changes and the other

    risks described under Risk Factors in our SEC filings. Should one or more of these risks or uncertainties occur, or should

    underlying assumptions prove incorrect, Enables actual results and plans could differ materially from those expressed in any

    forward-looking statements.


  • Enable Highlights

    High-Quality Assets

    High degree of interconnectivity between assets and end markets and consumers

    Assets are located in four of the most prominent natural gas and crude oil producing basins in the country

    Strong Customer Relationships

    Long-term relationships with large-cap producers and utilities, many of whom are investment grade

    Significant and repeat business in highly competitive areas

    Solid Financial Position

    Favorable contract structure with significant fee-based and demand-fee margin

    Investment grade ratings and lower leverage than many peers

    Significant Growth Opportunities

    Up to $1.18 billion of expansion capital opportunities anticipated in 20151

    Producer activity in Enables growth areas is driving opportunities across the midstream value chain


    1. As of Enables first quarter 2015 earnings release on May 6, 2015

  • Interconnected, Diverse and Strategically Located


    Diverse Set of Interconnected Assets in Ten States

    Note: Operational data as of or for the year ended December 31, 2014, except for interstate and intrastate transportation pipeline mileage and Anadarko processing plants and processing capacity, which are as of March 31, 2015.

    Enable provides operating reach and scale with complementary capabilities managing gas gathering

    and processing services, intrastate and interstate transmission and storage for customers in the

    Mid-Continent region and crude oil gathering services in the Bakken

    Interstate MRT

    1,663 miles

    1.9 Bcf/d capacity

    32.0 Bcf storage capacity

    G&P: Arkoma

    2,893 miles

    139,620 Horsepower

    0.77 Tbtu/d gathering volumes

    1 processing plant

    60 MMcf/d processing capacity

    4.4 Mbbl/d NGLs produced

    1.4 mm gross acres of


    G&P: Ark-La-Tex

    1,673 miles

    154,540 Horsepower

    1.19 Tbtu/d gathering volumes

    2 processing plants

    545 MMcf/d processing capacity

    14,500 bbl/d fractionation capacity

    10.8 Mbbl/d NGLs produced

    0.7 mm gross acres of dedication

    Intrastate EOIT

    2,241 miles

    1.9 Bcf/d peak throughput

    24.0 Bcf storage capacity

    G&P: Anadarko

    7,345 miles

    558,636 Horsepower

    1.38 Tbtu/d gathering volumes

    10 processing plants

    1.645 Bcf/d processing capacity

    51.6 Mbbl/d NGLs produced

    4.3 mm gross acres of dedication

    Interstate EGT

    5,952 miles

    6.6 Bcf/d capacity

    31.5 Bcf storage capacity

    G&P: Williston

    19,500 Bbl/d crude oil

    gathering system now fully


    Additional 30,000 Bbl/d crude

    gathering system currently

    under construction

    Interstate SESH

    Own 49.90% interest

    286 miles

    1.0 Bcf/d capacity

  • Enable Ownership Structure


    18.3% LP

    ownership Enable Midstream Partners, LP



    and Storage

    Gathering and


    50% Management Interest /

    60% Economic Interest 50% Management Interest /

    40% Economic Interest

    Incentive Distribution

    Rights Public

    Unitholders 26.3% LP ownership 55.4% LP ownership

    Enable GP, LLC

    Sponsors CenterPoint Energy and OGE Energy have a substantial ownership interest in Enable

    that represents a significant portion of their respective assets, supporting continued sponsor focus

    going forward

  • Large and Diverse Customer Base


    High Quality Customers

    Enables revenues are strengthened by a diverse, high-quality customer base, many of whom are

    investment grade

    (Investment Grade)

    (Investment Grade)

    (Investment Grade) (Investment Grade)

    (Investment Grade)

    (Investment Grade)

    (Investment Grade) (Investment Grade)

    QEP Resources, Inc.QEP Resources, Inc.

    (Investment Grade)

    (Investment Grade)

    Many of our customers rely on us for multiple midstream services across both G&P and T&S

    Loyal customer base through exemplary customer service and reliable project execution

  • Commodity Exposure Enable targets fee-based contracts on a firm basis, when possible

    Some gathering and processing contracts have provisions to protect against low

    commodity price environments and volume decreases

    Commodity sensitivities for second quarter 2015 through fourth quarter 2015, including the

    impact of hedges:

    A 10% increase or decrease in the price of natural gas from forecasted levels would result in an increase or decrease

    of approximately $6 million in gross margin

    A 10% increase or decrease in the price of NGLs and condensate from forecasted levels would result in an increase

    or decrease of approximately $1 million in gross margin

    Note: As of Enables earnings release on May 6, 2015 1. Percentages in pie charts based on Gross Margin contribution 2. Excludes basis not matched with NYMEX and natural gas shrink associated with ethane spread positions 3. Enable hedges condensate exposure with crude

    Q2 2015 Q4 2015 Fee-Based Margin Profile1


    ~94% fee-

    based or


    Q2 2015 Q4 2015 Commodity Hedging Summary

    Commodity Q2 Q4 2015

    Natural Gas2

    Exposure Hedged (%) 66%

    Average Hedge Price ($/MMBtu) $3.23


    Exposure Hedged (%) 79%

    Average Hedge Price ($/Bbl) $59.16


    Exposure Hedged (%) 81%

    Average Hedge Price ($/gal) $0.58





    Firm/MVC Fee-based Other Fee-based

    Commodity-based Hedged Commodity-based Unhedged

  • Appendix Gathering and Processing Segment


  • Anadarko Basin


    Anadarko super-header system

    connects eight processing facilities,

    allowing Enable to optimize natural gas

    processing economics and improve

    system utilization and reliability

    Producers remain active in the Anadarko

    Basin, particularly in the SCOOP, Cana

    Woodford and Granite Wash plays

    Anadarko volume growth is driving

    infrastructure investments

    200 MMcf/d Bradley Plant started

    full operations in the first quarter of


    Additional 200 MMcf/d SCOOP-

    area plant in Grady County

    scheduled for a first quarter 2016


    SCOOP-area compression totals

    130,000 horsepower

    Recently acquired a natural gas

    gathering system for $80 million in the

    high-returning Cleveland Sands play

    System Map System Highlights

    7,345 miles

    558,636 Horsepower

    1.38 TBtu/d gathering volumes

    10 processing plants

    1.645 Bcf/d processing capacity

    51.6 MBbl/d NGLs produced

    4.3 mm gross acres of dedication

    Note: Operational data as of or for the year ended December 31, 2014, except for processing data, which is as of March 31, 2015

  • $19


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    $5 $3 $3




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