MIDSTREAM
ACCESS MIDSTREAM PARTNERS
INVESTOR PRESENTATION
JULY 2013
FORWARD-LOOKING STATEMENTS
Certain statements and information in this presentation may constitute forward-looking statemen...
• legislative or regulatory changes, including changes in environmental regulations, environmental risks, regulations by F...
PARTNERSHIP OVERVIEW
 Provides midstream gathering and processing services in leading unconventional
plays including the ...
4
BEST IN CLASS MLP
Best in Class
Midstream Business Model
Industry Leading Organic
Growth Platform
Key Investment
Highlig...
5
ACMP INVESTMENT HIGHLIGHTS
Low Risk
Business Model
 Fixed fee revenue model with no direct commodity price exposure
 C...
6
BUSINESS MODEL COMPARISON
Comparative Assessment
Risk Factors ACMP
Typical Long Haul
Pipeline MLPs
Typical G&P MLPs
Comm...
7
LEADING CONTRACT STRUCTURE
STRUCTURE CREATES CASH FLOW STABILITY ACROSS ALL BASINS
Barnett Marcellus Mid-Continent Hayne...
8
LOW RISK BUSINESS MODEL
Considerations Mitigants
Volume &
Capital
 MVC and long-term acreage dedications
 Rate redeter...
9
EXPANDING ASSET BASE
 High quality, scalable asset base
 High growth unconventional plays
Key Operating Data(1) ACMP A...
ACMP IS THE LARGEST G&P MLP
1Q 2013 Average Daily Throughput of Gathering Assets(1)
Mmcfe/d
4,000
3,500
3,000
2,500
2,000
...
11
LEADING GROWTH PLATFORM
 Contractual growth Organic Growth CAPEX
• Escalating MVC and EBITDA
Commitment
• Fee redeterm...
RECENT TRANSACTION OVERVIEW
ACMP Acquisition of
CHK Midstream
Assets (CMD)
WMB Strategic
Investment in ACMP
 ACMP acquire...
13
creased Diversification  Enhanced exposure to oil/liquids focused drilling and entry into gas processing
segment of th...
14
WORLD-CLASS SPONSORSHIP
 Global Infrastructure Partners
(“GIP”) is a leading global
infrastructure investor
 Proven r...
15
WORLD-CLASS MANAGEMENT TEAM
Name / Title Current / Prior Experience Yrs Experience
ACMP Management Team
J. Mike Stice ...
ASSET OVERVIEW
17
Asset Summary
Resource Dry Gas
Services Gathering, Compression,
Treating
Gas Gathering Systems 34
Miles of Pipeline 854...
18
Asset Summary
Resource Associated Gas (Oil), Wet Gas
Services Gathering, Compression,
Treating
Gas Gathering Systems 13...
19
Asset Summary
Resource
Services
Gas Gathering Systems
Miles of Pipeline
Gas Gathered
Gas Compression (horsepower)
Dedic...
20
Asset Summary
Resource
Services
Gas Gathering Systems
Miles of Pipeline
Gas Gathered (net)
Gas Compression (horsepower)...
21
Asset Summary
Resource Associated Gas (Oil), Dry and
Wet Gas
Services Gathering, Compression,
Treating
Gas Gathering Sy...
22
Asset Summary
Resource Associated Gas (Oil), Wet Gas
Services Gathering, Compression, Processing
Gas Gathering Systems ...
23
Asset Summary
Asset
Resource
Services
Gas Gathering Systems
Miles of Pipeline
Gas Gathered
Gas Compression
(horsepower)...
24
Project Summary
Current Status
Processing Plants
Fractionation
NGL Storage
Processing Spine Pipeline
NGL Pipeline
Resid...
FINANCIAL OVERVIEW
26
FINANCIAL POLICIES
CONSISTENT, CONSERVATIVE FINANCIAL STRATEGY
ACMP Commentary
Maintain
Stable
Cash Flows
 Capitalize ...
27
FINANCIAL PERFORMANCE
FINANCIAL PERFORMANCE HIGHLIGHTS STRENGTH OF ACMP MODEL
Adjusted EBITDA(1)
$ in millions $ in bil...
28
HIGHLY VISIBLE GROWTH
ACMP FINANCIAL OUTLOOK UPDATED WITH 2015
2013 - 2015 ACMP Financial Outlook
($ million) 2013 2014...
Continent
PARTNERSHIP STRUCTURE
STRATEGIC GENERAL PARTNERS; STRONG GOVERNANCE
Global Infrastructure
Partners II
The Willia...
30
OUR COMMITMENT TO SAFETY &
ENVIRONMENTAL EXCELLENCE
 Every day, across every part of our business, Access is committed...
CORPORATE INFORMATION
ACMP Headquarters
525 Central Park Dr.
Oklahoma City, OK 73105
(877) 413-1023
Web site: www.accessmi...
Common units ............................................................................... 98,421 79,276
Subordinated un...
FINANCIAL STATEMENTS
As of
March 31,
2013
As of
December 31,
2012
Assets
Total current assets................................
Depreciation and amortization ..................................................... 66,650 38,438
Income from unconsolidat...
Access Midstream Partners Investor Presentation - July 2013
Upcoming SlideShare
Loading in …5
×

Access Midstream Partners Investor Presentation - July 2013

948 views

Published on

Headquartered in Oklahoma City, Access Midstream Partners is one of the largest midstream gathering companies in the U.S. with a diverse mix of gathering pipelines and facilities in the most attractive producing regions in North America.

Access Midstream has established a large-scale position in all of the key unconventional basins in the U.S. and has broad exposure to gathering opportunities in liquids-rich regions with extended access to the processing and fractionation segments of the midstream value chain. Access's diverse portfolio of assets are strategically located in 12 states that encompass the prolific Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales, and Mid-Continent areas.

Access Midstream's gathering systems are comprised of more than 6,000 miles of active gathering and transmission lines and treating facilities that provide services to approximately 7,900 wells. Our assets gather approximately 3.5 billion cubic feet (Bcf) of natural gas per day, which we believe ranks us as the largest gathering and processing master limited partnership in the U.S.​

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
948
On SlideShare
0
From Embeds
0
Number of Embeds
9
Actions
Shares
0
Downloads
18
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Access Midstream Partners Investor Presentation - July 2013

  1. 1. MIDSTREAM ACCESS MIDSTREAM PARTNERS INVESTOR PRESENTATION JULY 2013
  2. 2. FORWARD-LOOKING STATEMENTS Certain statements and information in this presentation may constitute forward-looking statements. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” foresee,” “should,” “would,” “could,” or similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below: • dependence on Chesapeake Energy Corporation, Total E&P USA, Inc., Mitsui & Co., Anadarko Petroleum Corporation and Statoil for a majority of our revenues; • the impact on our growth strategy and ability to increase cash distributions if producers do not increase the volume of natural gas they provide to our gathering systems; • oil and natural gas realized prices; • the termination of our gas gathering agreements; • our potential inability to maintain existing distribution amounts or pay the minimum quarterly distribution to our unitholders; • the limitations that Chesapeake’s and our own level of indebtedness may have on our financial flexibility; • our ability to obtain new sources of natural gas, which is dependent on factors largely beyond our control; • the availability of capital resources to fund capital expenditures and other contractual obligations, and our ability to access those resources through the debt or equity capital markets; • competitive conditions; • the unavailability of third-party pipelines interconnected to our gathering systems or the potential that the volumes we gather do not meet the quality requirement of such pipelines; • new asset construction may not result in revenue increases and will be subject to regulatory, environmental, political, legal and economic risks; • our exposure to direct commodity price risk may increase in the future; • our ability to maintain and/or obtain rights to operate our assets on land owned by third parties; • hazards and operational risks that may not be fully covered by insurance; • our dependence on Chesapeake for substantially all of our compression capacity; • our lack of industry diversification; and
  3. 3. • legislative or regulatory changes, including changes in environmental regulations, environmental risks, regulations by FERC and liability under federal and state environmental laws and regulations. Other factors that could cause our actual results to differ from our projected results are described in our 2011 Form 10-K and our other SEC filings. Individuals are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. 2
  4. 4. PARTNERSHIP OVERVIEW  Provides midstream gathering and processing services in leading unconventional plays including the Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica Shales and Mid-Continent region  As of December 2012, Global Infrastructure Partners and Williams each own 50% of the GP  Customers include Chesapeake, Total, Statoil, Anadarko Petroleum, Mitsui, Shell and other producers  The Partnership went public in July 2010 with a ~$513 million IPO; current public float is ~36% of outstanding units
  5. 5. 4 BEST IN CLASS MLP Best in Class Midstream Business Model Industry Leading Organic Growth Platform Key Investment Highlights  Protected Distributions  Strategically Located Assets  Substantial Growth Potential  Operational Excellence  World-Class Sponsorship  Experienced Management Team
  6. 6. 5 ACMP INVESTMENT HIGHLIGHTS Low Risk Business Model  Fixed fee revenue model with no direct commodity price exposure  Contractual structure creates cash flow stability and visibility Industry Leading Growth  ~$3.5B of CAPEX in 2013 - 2015 generating contractual mid-teens return  Enhanced strategic emphasis on third party opportunities Conservative Financial Strategy  Maintain strong liquidity and a conservative balance sheet  Target investment grade financial metrics to optimize cost of capital Experienced Management Team  Same team that has delivered industry leading performance since IPO  Dedicated and experienced with a proven midstream track record Stable Ownership Structure  GIP provides strong M&A and financial capabilities  Williams brings expertise across the midstream value chain
  7. 7. 6 BUSINESS MODEL COMPARISON Comparative Assessment Risk Factors ACMP Typical Long Haul Pipeline MLPs Typical G&P MLPs Commodity Price Minimal exposure (fixed fee) Indirect Direct & Indirect Re-Contracting Long-term acreage dedication Medium term Short term Volume Contractual protections ‘Firm’ transport revenues None Inflation Contractual protections Depreciated rate base None Capital Contractual protections Rate review None Cost Contractual protections Cost of service Varies Overall Business Model Best in Class Low Risk Moderate Risk Business Model Provides Protected and Visible Distributions
  8. 8. 7 LEADING CONTRACT STRUCTURE STRUCTURE CREATES CASH FLOW STABILITY ACROSS ALL BASINS Barnett Marcellus Mid-Continent Haynesville Eagle Ford Utica Niobrara Direct Commodity Price Exposure Contract Structure Re-Contracting Volume Protection Inflation Protection Capital Protection 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee Annual Fee Cost of Service Cost of Service and MVC and Fee EBITDA Annual Fee Redetermination / Cost of Service and (gathering) Cost of Service Redetermination Commitment Redetermination Fixed Fee with MVC Fee Tiers / Fixed Fee and Fee Tiers (processing) 20 Year Acreage 15 Year Acreage 20 Year Acreage 10-20 Year 20 Year Acreage 15-20 Year 20 Year Acreage Dedication Dedication Dedication Acreage Dedication Dedication Acreage Dedication Dedication 10 Year MVC Two Year EBITDA Annual Fee and Fee Commitment Annual Fee Redetermination / Two Year Fee Tiers Cost of Service Cost of Service Redetermination in and Cost of Service Redetermination 5 Year MVC and and Cost of Service (gathering only) 2012 and 2014 Fee Tiers Cost of Service 2.0% Fee Cost of Service 2.5% Fee 2.5% Fee Cost of Service (gathering) / 1.5% Cost of Service Escalation Escalation Escalation Fee Escalation (processing) Fee Annual Fee Annual Fee Cost of Service Redetermination in Cost of Service Redetermination Redetermination Cost of Service (gathering only) Cost of Service 2012 and 2014 (Springridge only)
  9. 9. 8 LOW RISK BUSINESS MODEL Considerations Mitigants Volume & Capital  MVC and long-term acreage dedications  Rate redetermination, cost of service and fee tiers  Conservative maintenance capital Re-Contracting  Arms-length, 10-20 year contracts at market rates  Critical infrastructure providing access to market  Dedicated acreage Commodity & Basin  100% fixed fee revenues  Commitment to maintain contract structure / business model as business grows  Concentrated in low cost basins Counterparty  Gathering and processing services located in the core of leading U.S. basins  Producer required to transfer ACMP contracts in the event of an upstream property sale  All gathering fees are based on market, mid-teen return economics
  10. 10. 9 EXPANDING ASSET BASE  High quality, scalable asset base  High growth unconventional plays Key Operating Data(1) ACMP Assets Total Assets: ~$6.9 billion Dedicated Areas: ~8.7 million acres Miles of Pipe: 6,101 Volume: 3,550 mmcf/d Direct Employees: 1,279 1) Data as of quarter ended March 31, 2013. Volume is net to Partnership.
  11. 11. ACMP IS THE LARGEST G&P MLP 1Q 2013 Average Daily Throughput of Gathering Assets(1) Mmcfe/d 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 ACMP DPM NGLS MWE WES RGP XTEX APL CMLP (1) Data for 3 months ending 3/31/13 from quarterly filings. 10
  12. 12. 11 LEADING GROWTH PLATFORM  Contractual growth Organic Growth CAPEX • Escalating MVC and EBITDA Commitment • Fee redeterminations, cost of service and fee tiers • Annual fee escalations  Organic growth CAPEX • $345 million in 2011 $ in millions $345 $660 $1,600-$1,700 $1,000-$1,100 $800-$900 • $660 million in 2012 • $1.6-$1.7 billion in 2013 • $1.0-$1.1 billion in 2014 • $800-900 million in 2015  Business development growth • New producer opportunities • Bolt-on M&A focus 2011A 2012A 2013E 2014E 2015E Organic EBITDA Growth $ in millions $1,200-$1,300 $1,000-$1,100 $800-$850 $478 $349 2011A 2012 2013E 2014E 2015E
  13. 13. RECENT TRANSACTION OVERVIEW ACMP Acquisition of CHK Midstream Assets (CMD) WMB Strategic Investment in ACMP  ACMP acquires a substantial majority of Chesapeake Energy’s remaining midstream assets (“CMD”) for $2.16 billion  Unique opportunity to accelerate ACMP’s drop down story  Partnership establishes a significant footprint in leading unconventional basins  Enhances strategic scale and diversity  The Williams Companies, Inc. (“WMB”) partners with GIP, enhancing sponsorship of ACMP  WMB acquires 50% of ACMP GP and ~23% of LP Units; an endorsement of ACMP’s strategic platform and potential  Leading midstream operational and development capabilities complement ACMP’s already strong position Substantial GIP and WMB Equity Investment  Sponsors invest $700 million in new long-term equity in support of the transaction  Equity structured with PIK and subordinated features to support near-term build out of gathering and processing platform  Demonstrates investment to ACMP’s long term success 12
  14. 14. 13 creased Diversification  Enhanced exposure to oil/liquids focused drilling and entry into gas processing segment of the value chain Low Risk  Low-risk gathering and processing contracts with appropriate downside protection that provide stable cash flow profile Contract Structure  No direct commodity exposure in all basins with contractual features supporting cash flow generation TRANSACTION HIGHLIGHTS EXPANDS SCALE AND DIVERSITY WITH STRATEGIC SPONSOR SUPPORT Expanding Footprint and Scale  Creates the largest gathering and processing MLP measured by volume  Addition of CMD midstream assets positions ACMP among largest midstream MLPs  Adds significant acreage dedications in key unconventional basins In Predictable Cash Flow Growth  Contractual features deliver predictable, growing cash flows  Near-term contractual downside protection provides near-term revenue risk mitigation High Quality Organic Growth Platform  Leading long-term organic growth project pipeline  Substantial growth capex expected to be deployed in the next five years, earning a contractual mid-teens return Strong Sponsorship from GIP / WMB  Significant incremental equity investment from strong sponsors in GIP and WMB  Williams adds vast expertise across the midstream value chain for natural gas and NGLs with its significant strategic investment and endorsement of ACMP
  15. 15. 14 WORLD-CLASS SPONSORSHIP  Global Infrastructure Partners (“GIP”) is a leading global infrastructure investor  Proven reputation as an infrastructure industry leader  Deep energy sector expertise combined with industrial best practice operational management  Energy investments include Access Midstream Partners, Ruby Pipeline, Transitgas Pipeline, Terra-Gen Power and Channelview Cogeneration  GIP manages in excess of $15 billion within its two funds  Williams provides an established history of managing, developing and completing large scale organic projects within the midstream sector  Williams’ management team adds further operational and development experience  Potential to expand services to new customer base  Ability to take advantage of shared services  Benefit from best practices from industry leader
  16. 16. 15 WORLD-CLASS MANAGEMENT TEAM Name / Title Current / Prior Experience Yrs Experience ACMP Management Team J. Mike Stice  President and COO – Chesapeake Midstream Development, LLC 30 Chief Executive Officer  Various senior management roles – ConocoPhillips Robert S. Purgason  COO – Crosstex Energy Services, LP 35 Chief Operating Officer  Various senior management roles – The Williams Companies David C. Shiels  CFO – GE Security Americas 25 Chief Financial Officer  Various finance and operations roles – Conoco, Inc. Board of Directors David A. Daberko Chairman, Independent Director  Retired Chairman and CEO – National City Corp 35 Alan S. Armstrong  President and CEO – Williams 25 William B. Berry Independent Director  Retired EVP of ConocoPhillips 35 William J. Brilliant  Principal – Global Infrastructure Partners 15 Donald R. Chappel  SVP and CFO – Williams 35 Domenic J. Dell’Osso, Jr.  EVP and CFO – Chesapeake Energy 15 Philip L. Frederickson  Retired EVP of Planning, Strategy and Corporate Affairs – 35 Independent Director ConocoPhillips Matthew C. Harris  Founding Partner – Global Infrastructure Partners 25 Suedeen G. Kelly  Co-Chair – Akin Gump Strauss Hauer & Feld, LLP 30 Independent Director  Former FERC Commissioner (2003 – 2009) Robert S. Purgason  COO – Access Midstream Partners 35 James E. Scheel  SVP – Williams 25 J. Mike Stice  CEO – Access Midstream Partners 30 William A. Woodburn  Founding Partner – Global Infrastructure Partners 35
  17. 17. ASSET OVERVIEW
  18. 18. 17 Asset Summary Resource Dry Gas Services Gathering, Compression, Treating Gas Gathering Systems 34 Miles of Pipeline 854 Gas Gathered 1,066 mmcf/d Gas Compression (horsepower) 153,115 Dedicated Area 930,987 acres Contract Structure MVC and Fee Redetermination BARNETT OVERVIEW MATURE ASSET WITH 10-YEAR MVC PROTECTION Barnett Shale Assets
  19. 19. 18 Asset Summary Resource Associated Gas (Oil), Wet Gas Services Gathering, Compression, Treating Gas Gathering Systems 13 Miles of Pipeline 687 Gas Gathered 228 mmcf/d Gas Compression (horsepower) 58,667 Dedicated Area 1,382,000 acres Contract Structure Cost of Service, Fee Tiers in 2013, 2014 EAGLE FORD OVERVIEW KEY ASSETS IN LEADING LIQUIDS RICH BASIN Eagle Ford Shale Assets
  20. 20. 19 Asset Summary Resource Services Gas Gathering Systems Miles of Pipeline Gas Gathered Gas Compression (horsepower) Dedicated Area Contract Structure Dry Gas Gathering, Compression, Treating 17 581 770 mmcf/d 20,195 546,739 acres Fixed fee with MVC, fee redetermination and fee tiers HAYNESVILLE OVERVIEW MATURE ASSET WITH CONTRACTUAL PROTECTIONS Haynesville Shale Assets
  21. 21. 20 Asset Summary Resource Services Gas Gathering Systems Miles of Pipeline Gas Gathered (net) Gas Compression (horsepower) Dedicated Area Contract Structure Ownership Accounting Treatment Dry and Wet Gas Gathering, Compression 50 1,204 863 mmcf/d 94,975 1,739,640 acres Cost of Service and EBITDA Commitment ~ 48% ACMP owned and operated Equity Investment MARCELLUS OVERVIEW STRATEGICALLY POSITIONED IN LEADING SHALE BASIN Marcellus Shale Assets
  22. 22. 21 Asset Summary Resource Associated Gas (Oil), Dry and Wet Gas Services Gathering, Compression, Treating Gas Gathering Systems 178 Miles of Pipeline 2,603 Gas Gathered 559 mmcf/d Gas Compression (horsepower) 107,356 Dedicated Area 1,964,245 acres Contract Structure Annual Fee Redetermination MID-CONTINENT OVERVIEW LIQUIDS RICH GATHERING DEDICATION WITH RATE REDETERMINATION CONTRACT STRUCTURE Mid-Continent Assets
  23. 23. 22 Asset Summary Resource Associated Gas (Oil), Wet Gas Services Gathering, Compression, Processing Gas Gathering Systems 3 Miles of Pipeline 100 Gas Gathered 19 mmcf/d Gas Compression (horsepower) 9,455 Dedicated Area 311,000 acres Contract Structure Cost of Service Ownership 50% ACMP owned and operated Accounting Treatment Consolidated NIOBRARA OVERVIEW LIQUIDS-RICH GATHERING & PROCESSING DEDICATION WITH COST OF SERVICE CONTRACT STRUCTURE Niobrara Shale Assets
  24. 24. 23 Asset Summary Asset Resource Services Gas Gathering Systems Miles of Pipeline Gas Gathered Gas Compression (horsepower) Dedicated Area Contract Structure Ownership Accounting Treatment Cardinal Gas Services Utica Gas Services (“UGS”) (“CGS”) Associated Gas (Oil), Wet Dry Gas Gas Gathering, Compression, Gathering, Compression, Dehydration Dehydration 3 4 67 5 47 mmcf/d 7 mmcf/d 11,555 0 1,453,000 acres 393,000 acres Cost of Service Cost of Service ACMP – 66%, Operator 100% ACMP owned and TOTAL – 25% operated EnerVest – 9% Consolidated N/A UTICA GATHERING SYSTEM OVERVIEW WET GAS, DRY GAS AND NGL SERVICES Utica Shale Assets
  25. 25. 24 Project Summary Current Status Processing Plants Fractionation NGL Storage Processing Spine Pipeline NGL Pipeline Residue Gas Delivery Points NGL Delivery Points Contract Structure Ownership Accounting Treatment Under Construction 4 (200 mmcf/d each) 135,000 Bbl/d (C2+) 870,000 Bbls Propane – 450,000 Bbls Butane – 300,000 Bbls Natural Gasoline – 120,000 Bbls 24” processing spine pipeline 12” NGL pipeline 2 2 Fixed Fee with capex protection ACMP – 49% Momentum – 30% EnerVest – 21% Equity Investment UTICA EAST OHIO PROCESSING OVERVIEW PROCESSING DEDICATION IN WET GAS WINDOW Utica Shale Assets
  26. 26. FINANCIAL OVERVIEW
  27. 27. 26 FINANCIAL POLICIES CONSISTENT, CONSERVATIVE FINANCIAL STRATEGY ACMP Commentary Maintain Stable Cash Flows  Capitalize on the value of key contractual commitments  Continue to seek long-term, fee-based revenues  Preserve revenue model with no direct commodity exposure Capitalize on Financial Flexibility  Strong sponsorship in both GIP and WMB  Maintain conservative and flexible capital structure with ample liquidity and target investment grade metrics  Use strong balance sheet to pursue broad range of growth opportunities Deliver Consistent Performance  Right business model for consistent, predictable cash flow generation  Strong portfolio of assets with growing EBITDA profile  Attractive distribution coverage; excess cash flow reduces equity need
  28. 28. 27 FINANCIAL PERFORMANCE FINANCIAL PERFORMANCE HIGHLIGHTS STRENGTH OF ACMP MODEL Adjusted EBITDA(1) $ in millions $ in billions $184 $118 $121 $120 $119 Enterprise Value $9.0 $10.6 $73 $76 $84 $92 $97 $2.6 $5.0 $4.3 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 IPO July 2010 2010 2011 2012 1Q 2013 Distribution / Unit Distribution Coverage Ratio $ / unit basis $0.350$0.3625$0.375 $0.390 $0.3375 $0.405 $0.420 $0.435 $0.450$0.4675 1.15x 1.23x 1.23x 1.40x 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2010 2011 2012 1Q 2013 (1) Includes quarterly allocation of MVC payments in 2010, 2011 and 2013.
  29. 29. 28 HIGHLY VISIBLE GROWTH ACMP FINANCIAL OUTLOOK UPDATED WITH 2015 2013 - 2015 ACMP Financial Outlook ($ million) 2013 2014 2015 EBITDA 800 – 850 1,000 – 1,100 1,200 – 1,300 Growth Capital 1,600 – 1,700 1,000 – 1,100 800 - 900 Maintenance Capital ~110 ~110 ~110 Capable of delivering sustained ~15% annual distribution growth
  30. 30. Continent PARTNERSHIP STRUCTURE STRATEGIC GENERAL PARTNERS; STRONG GOVERNANCE Global Infrastructure Partners II The Williams Companies, Inc 39.4% Limited Partner Interest 50% 50% 22.8% Limited Partner Interest Access Midstream Partners GP, LLC Public Common Unit Holders 100% of 2% GP interest + IDRs Access Midstream Partners, LP (NYSE:ACMP) 35.8% Limited Partner Interest Barnett Eagle Ford Haynesville Marcellus Mid- Niobrara Utica 29
  31. 31. 30 OUR COMMITMENT TO SAFETY & ENVIRONMENTAL EXCELLENCE  Every day, across every part of our business, Access is committed to safety and environmental excellence  Every day, we commit to: • Excellence • Safety • Environment • Community Focus • Continuous Improvement  Through: • Continuous Training • Screening Contractors • Implementing Safety Programs • Stewardship Projects • Minimizing our Environmental Footprint
  32. 32. CORPORATE INFORMATION ACMP Headquarters 525 Central Park Dr. Oklahoma City, OK 73105 (877) 413-1023 Web site: www.accessmidstream.com Contact: Dave Shiels Chief Financial Officer dave.shiels@accessmidstream.com (405) 727-1740
  33. 33. Common units ............................................................................... 98,421 79,276 Subordinated units ........................................................................ 69,076 69,076 FINANCIAL STATEMENTS Three Months Ended March 31, 2013 2012 Revenues(1) ........................................................................................ $ 236,959 $ 154,674 Operating Expenses Operating expenses ............................................................................ 82,763 48,682 Depreciation and amortization expense .............................................. 66,650 38,438 General and administrative expense ................................................... 23,734 11,478 Other operating (income) expense ...................................................... 91 (45) Total operating expenses............................................................ 173,238 98,553 Operating income ................................................................................ 63,721 56,121 Other income (expense) Income from unconsolidated affiliates ................................................ 25,008 12,987 Interest expense.................................................................................. (27,062) (15,958) Other income....................................................................................... 269 55 Income before income tax expense..................................................... 61,936 53,205 Income tax expense ............................................................................ 1,240 839 Net income.................................................................................. 60,696 52,366 Net income attributable to noncontrolling interests ..................... 1,158 — Net income attributable to Access Midstream Partners, L.P....... $ 59,538 $ 52,366 Limited partner interest in net income Net income attributable to Access Midstream Partners, L.P................ 59,538 52,366 Less general partner interest in net income......................................... (4,792) (1,429) Limited partner interest in net income ................................................. 54,746 50,937 Net income per limited partner unit – basic and diluted Common units ............................................................................... 0.14 0.34 Subordinated units ........................................................................ 0.29 0.34 Weighted average limited partner units outstanding used for net income per unit calculation – basic and diluted (in thousands) (1) Excludes revenue from equity investments of $47.1 million and $29.3 million for the three months ended March 31, 2013 and 2012, respectively that is included in Income from Unconsolidated Affiliates. 32
  34. 34. FINANCIAL STATEMENTS As of March 31, 2013 As of December 31, 2012 Assets Total current assets............................................................................. $ 179,945 $ 219,766 Property, plant and equipment Gathering systems............................................................................ 5,365,728 5,125,746 Other fixed assets............................................................................. 109,824 96,916 Less: Accumulated depreciation....................................................... (650,849) (590,614) Total property, plant and equipment, net ................................. 4,824,703 4,632,048 Investment in unconsolidated affiliates............................................. 1,443,033 1,297,811 Intangible customer relationships, net .............................................. 349,339 355,217 Deferred loan costs, net ................................................................... 54,394 56,258 Total assets.............................................................................. $ 6,851,414 $ 6,561,100 Liabilities and Partners’ Capital Total current liabilities.......................................................................... $ 274,541 $ 259,261 Long-term liabilities Long-term debt ................................................................................. 2,777,000 2,500,000 Other liabilities.................................................................................. 5,501 5,333 Total long-term liabilities .......................................................... 2,782,501 2,505,333 Total partners’ capital .......................................................................... 3,794,372 3,796,506 Total liabilities and partners’ capital ......................................... $ 6,851,414 $ 6,561,100 33
  35. 35. Depreciation and amortization ..................................................... 66,650 38,438 Income from unconsolidated affiliates.......................................... (25,008) (12,987) Other non-cash items .................................................................. 4,135 1,932 Changes in assets and liabilities Increase in accounts receivable............................................. (29,774) (33,058) Increase in other assets......................................................... (4,054) (1,694) Decrease in accounts payable............................................... (11,743) (7,832) Increase in accrued liabilities ................................................. 19,228 30,050 Net cash provided by operating activities............................ 80,130 67,215 FINANCIAL STATEMENTS Cash flows from operating activities Three Months Ended March 31, 2013 2012 Net income ........................................................................................ $ 60,696 $ 52,366 Adjustments to reconcile net income to net cash provided by operating activities: Cash flows from investing activities Additions to property, plant and equipment....................................... (270,954) (80,593) Investments in unconsolidated affiliates ............................................ (86,981) (45,276) Proceeds from sale of assets ............................................................ 1,307 421 Net cash used in investing activities.................................... (356,628) (125,448) Cash flows from financing activities Proceeds from long-term borrowings................................................. 715,900 245,600 Payments on long-term borrowings................................................... (438,900) (870,500) Issuance of senior notes.................................................................... — 750,000 Distribution to unitholders.................................................................. (84,073) (58,932) Proceeds from noncontrolling interests ............................................. Debt issuance costs .......................................................................... 18,980 — — (13,653) Other adjustments............................................................................. (91) 5,721 Net cash provided by (used in) financing activities.............. 211,816 58,236 Net increase (decrease) in cash and cash equivalents ...................................................................... (64,682) 3 Cash and cash equivalents Beginning of period ........................................................................... 64,994 22 End of period..................................................................................... $ 312 $ 25 34

×