Crestwood Midstream Partners LP is an energy company that owns and operates natural gas gathering and processing assets across multiple shale plays in the United States. It has established a large field services platform through acquisitions of assets in major unconventional plays with long-term contracts from top shale producers. Crestwood is focused on bolt-on acquisitions and greenfield development opportunities to further diversify and grow its cash flows.
Pacific Coal aims to become Colombia's leading independent coal producer by expanding its existing producing assets and securing infrastructure capacity. The company's strategy involves increasing production through 100% ownership of its assets, pursuing vertical integration opportunities including upgraded coke production and asphaltite processing, and marketing its thermal coal and value-added products. Pacific Coal has a strong capital structure as a publicly listed company with no debt, cash reserves, and institutional investor support to fund its capital expenditures through 2012 as it works to increase production and reserves.
NiSource Inc. is the parent company of utilities that distribute natural gas. In 2005, the company made progress on its four-point plan for growth despite challenges. Key accomplishments included expanding its pipeline and storage network through projects like the Hardy Storage Project, pursuing regulatory and commercial initiatives, improving financial management, and reducing expenses. However, the company recognizes it still faces issues like high gas prices reducing customer usage that could impact growth plans and ongoing losses at its Whiting Clean Energy division that require resolution. The CEO pledges to keep communicating with shareholders about decisions on addressing these remaining challenges.
This document summarizes Pacific Coal's strategy to become Colombia's leading independent coal producer through vertical integration and development of existing assets. Pacific Coal aims to increase production, reserves, and efficiencies at its La Caypa, Cerro Largo, and La Tigra mines. It also has interests in a coal washing plant and plans to develop pyrolysis and coking facilities to further process coal. Pacific Coal is fully funded to expand through 2011-2012 with over $200 million budgeted for exploration, development, acquisitions, infrastructure, and equipment. The company believes this strategy will leverage rising interest in Colombian coal and provide commercial flexibility.
Terex provides a presentation containing forward-looking statements about its business and financial performance. It warns that actual results could differ materially from expectations due to risks including economic conditions, competition, regulations, and access to capital. Terex aims to delight customers, attract top talent, and be the most profitable and responsive company in its industry. It has a diversified portfolio of equipment businesses and geographic presence.
PennVirginiaCorp Investors Presentation May 2011PennVirginiaCorp
Penn Virginia Corporation is investing more capital in oil and natural gas liquids plays. It plans to spend $320-370 million on capital expenditures in 2011, with 77% directed towards oil and liquids-rich projects. The company maintains a diversified portfolio of assets concentrated in several core operating regions, including the Eagle Ford shale, where it is continuing to build its acreage position and drill its multi-year inventory of locations. Penn Virginia aims to generate value through a track record of growth, high-quality operating assets, and a focus on rate-of-return based capital allocation decisions.
Clarus' presentation on "Inside the Strategies" at the PensionSource Fund Man...PensionSource
Clarus Investment Solutions provides four risk-graduated portfolio strategies for use in defined contribution pension plans. The strategies range from Cautious to Active, with different allocations to equities, bonds, property, commodities and absolute return funds. The portfolios are designed to offer lower volatility than a standard managed fund while maintaining reasonable returns. Clarus monitors the portfolios continuously and rebalances them periodically to maintain the desired risk levels and diversification. The strategies have outperformed the ILAC Consensus benchmark since 2009 with lower volatility, demonstrating the benefits of diversification.
public serviceenterprise group investor factsheet 08finance20
Public Service Enterprise Group (PSEG) is one of the largest electric companies in the US operating through three principal subsidiaries: PSEG Power is a major electric generation supplier in the Northeast and Mid-Atlantic markets; PSE&G is a regulated utility engaged in electricity and gas transmission and distribution in New Jersey; and PSEG Energy Holdings focuses on electric industry operating segments and energy industry investments. PSEG is well positioned to benefit from investments in critical infrastructure as policymakers focus on reducing environmental impacts. PSEG has paid dividends every year since 1907, maintaining one of the longest records of dividend payments among public companies.
The presentation provides an overview of UGI Corporation as a balanced growth and income investment. UGI has a diversified portfolio of businesses including propane, gas and electric utilities, and energy marketing. It has a proven strategy of achieving 6-10% EPS growth and 4% dividend growth through operational excellence, investment, and acquisition integration. UGI generates over $100 million annually for reinvestment, has provided uninterrupted dividends for 128 years, and increased dividends for 25 consecutive years. It is pursuing accelerated growth through organic investments and acquisitions across its businesses.
Pacific Coal aims to become Colombia's leading independent coal producer by expanding its existing producing assets and securing infrastructure capacity. The company's strategy involves increasing production through 100% ownership of its assets, pursuing vertical integration opportunities including upgraded coke production and asphaltite processing, and marketing its thermal coal and value-added products. Pacific Coal has a strong capital structure as a publicly listed company with no debt, cash reserves, and institutional investor support to fund its capital expenditures through 2012 as it works to increase production and reserves.
NiSource Inc. is the parent company of utilities that distribute natural gas. In 2005, the company made progress on its four-point plan for growth despite challenges. Key accomplishments included expanding its pipeline and storage network through projects like the Hardy Storage Project, pursuing regulatory and commercial initiatives, improving financial management, and reducing expenses. However, the company recognizes it still faces issues like high gas prices reducing customer usage that could impact growth plans and ongoing losses at its Whiting Clean Energy division that require resolution. The CEO pledges to keep communicating with shareholders about decisions on addressing these remaining challenges.
This document summarizes Pacific Coal's strategy to become Colombia's leading independent coal producer through vertical integration and development of existing assets. Pacific Coal aims to increase production, reserves, and efficiencies at its La Caypa, Cerro Largo, and La Tigra mines. It also has interests in a coal washing plant and plans to develop pyrolysis and coking facilities to further process coal. Pacific Coal is fully funded to expand through 2011-2012 with over $200 million budgeted for exploration, development, acquisitions, infrastructure, and equipment. The company believes this strategy will leverage rising interest in Colombian coal and provide commercial flexibility.
Terex provides a presentation containing forward-looking statements about its business and financial performance. It warns that actual results could differ materially from expectations due to risks including economic conditions, competition, regulations, and access to capital. Terex aims to delight customers, attract top talent, and be the most profitable and responsive company in its industry. It has a diversified portfolio of equipment businesses and geographic presence.
PennVirginiaCorp Investors Presentation May 2011PennVirginiaCorp
Penn Virginia Corporation is investing more capital in oil and natural gas liquids plays. It plans to spend $320-370 million on capital expenditures in 2011, with 77% directed towards oil and liquids-rich projects. The company maintains a diversified portfolio of assets concentrated in several core operating regions, including the Eagle Ford shale, where it is continuing to build its acreage position and drill its multi-year inventory of locations. Penn Virginia aims to generate value through a track record of growth, high-quality operating assets, and a focus on rate-of-return based capital allocation decisions.
Clarus' presentation on "Inside the Strategies" at the PensionSource Fund Man...PensionSource
Clarus Investment Solutions provides four risk-graduated portfolio strategies for use in defined contribution pension plans. The strategies range from Cautious to Active, with different allocations to equities, bonds, property, commodities and absolute return funds. The portfolios are designed to offer lower volatility than a standard managed fund while maintaining reasonable returns. Clarus monitors the portfolios continuously and rebalances them periodically to maintain the desired risk levels and diversification. The strategies have outperformed the ILAC Consensus benchmark since 2009 with lower volatility, demonstrating the benefits of diversification.
public serviceenterprise group investor factsheet 08finance20
Public Service Enterprise Group (PSEG) is one of the largest electric companies in the US operating through three principal subsidiaries: PSEG Power is a major electric generation supplier in the Northeast and Mid-Atlantic markets; PSE&G is a regulated utility engaged in electricity and gas transmission and distribution in New Jersey; and PSEG Energy Holdings focuses on electric industry operating segments and energy industry investments. PSEG is well positioned to benefit from investments in critical infrastructure as policymakers focus on reducing environmental impacts. PSEG has paid dividends every year since 1907, maintaining one of the longest records of dividend payments among public companies.
The presentation provides an overview of UGI Corporation as a balanced growth and income investment. UGI has a diversified portfolio of businesses including propane, gas and electric utilities, and energy marketing. It has a proven strategy of achieving 6-10% EPS growth and 4% dividend growth through operational excellence, investment, and acquisition integration. UGI generates over $100 million annually for reinvestment, has provided uninterrupted dividends for 128 years, and increased dividends for 25 consecutive years. It is pursuing accelerated growth through organic investments and acquisitions across its businesses.
John Gibson, CEO of ONEOK and ONEOK Partners, presented at the 18th Annual Wachovia Equity Conference in Nantucket, Massachusetts on June 24, 2008. The presentation outlined ONEOK's vision to become a premier energy company through diversified assets including natural gas distribution, energy services, and growth projects at ONEOK Partners. Key growth strategies included generating consistent growth and sustainable earnings through improving profitability, strategic acquisitions, and executing $1.6 billion in internal growth projects at ONEOK Partners through 2009.
TXU Power has a structurally advantaged portfolio in ERCOT with 62 TWh of generation, including cost-advantaged lignite and nuclear assets. ERCOT fundamentals are strong with average implied heat rates of 18-21 MMBtu/MWh and robust wholesale power prices of $50-75/MWh. Low coal prices of $2.1-3.8/MMBtu further enhance the economics of TXU Power's generation assets.
The annual report summarizes Lockheed Martin's financial and operational performance in 1997. Some key highlights include:
- Net sales reached a record $28.1 billion, up from $26.9 billion in 1996.
- Net earnings were $1.3 billion. Excluding non-recurring items, earnings per share grew 11% over 1996.
- The company achieved significant cost reductions ahead of schedule, and improved competitiveness as evidenced by a record high win rate on competitive bids.
- $1.6 billion in cash was generated in 1997 through free cash flow and divestitures. Cash was used to reduce debt and enhance shareholder value.
- Goals for 1998 include continued cash generation, and
Public Service Enterprise Group (PSEG) provides a summary of its business segments and financial outlook. PSEG Power operates electric generation assets of 13,300 MW across diverse fuel sources. PSE&G operates New Jersey's electric and gas transmission and distribution networks. PSEG Holdings focuses on managing its existing lease portfolio and investment opportunities. PSEG anticipates $1.04-$1.14 billion in operating earnings from Power in 2008, $350-$370 million from PSE&G, and $45-$60 million from Holdings. PSEG will direct cash flows from its business segments towards growth opportunities, with a focus on improving reliability and meeting regulatory requirements.
This document provides an overview of Public Service Enterprise Group (PSEG) and its subsidiaries PSEG Power and PSE&G. It discusses PSEG's assets, earnings guidance, capital spending plans, and positioning in the energy industry. PSEG Power has a diverse fleet of generating assets located in attractive markets in the Northeast. Strong cash flow from Power will provide PSEG with $2.5 billion in discretionary cash through 2011 to support investments, shareholder dividends, and debt payments. Power's assets are well positioned for carbon regulation and its declining capital expenditures will result in substantial discretionary cash flows.
This document is the 1998 annual report letter to shareholders from Cummins Engine Company. It discusses Cummins' focus on creating value for customers and shareholders. In 1998, Cummins saw record sales of $6.3 billion but fell short of earnings targets due to special charges. The letter outlines Cummins' financial objectives of 9% earnings before interest and taxes in strong markets and at least 3% in recessions. It also discusses actions Cummins is taking to improve profitability through restructuring, reducing costs, and improving gross margin and cash flow to increase shareholder value over the long term.
Merrill Lynch Global Power & Gas Leaders Presentationfinance14
The document is a presentation by Exelon Corporation to investors at the Merrill Lynch Power & Gas Leaders Conference on September 25, 2007. It summarizes Exelon's strategic direction of protecting current value while growing long-term value through operational excellence, supporting competitive markets, and evaluating new growth opportunities. It highlights Exelon's strong financial performance with 12% annual operating EPS growth since 2000, and expectations for continued growth through 2011 driven by its generation business and ComEd's regulatory recovery plan. The presentation also reviews Exelon's financial policies and balance sheet capacity, positioning it well for future opportunities.
This document provides a summary of MeadWestvaco's strategy and priorities presented at the J.P. Morgan Basics & Industrials Conference on June 12, 2007. The strategy focuses on delivering above-cost-of-capital returns through growing packaging earnings, maximizing value from forestlands, and maintaining leading market positions. Actions to improve returns include divesting non-core businesses, reorganizing packaging, and acquiring Calmar. Near-term priorities are continuing price and productivity improvements, generating earnings growth in packaging, and leveraging Calmar's platform. The land management strategy aims to generate strong sustainable cash flows through evaluating land value and considering structural options.
Thomas F. Farrell II, Chairman, President and CEO of Dominion, discusses how the company has repositioned itself by selling its natural gas and oil exploration assets and focusing on its regulated energy businesses. This has lowered Dominion's risk profile while retaining prospects for strong earnings growth. Key points discussed include increasing the dividend by 11% and adopting a policy to raise the dividend payout ratio to 55% of operating earnings by 2010. Farrell also outlines Dominion's plans to invest $11.8 billion over 3 years to meet rising energy demand in its service areas through efficiency programs, investments in transmission infrastructure, and adding over 4,000 MW of new generation including a possible new nuclear reactor.
C. John Wilder, CEO of TXU, presented at the Deutsche Bank Annual Electric Power Conference on June 15, 2005. He outlined TXU's strategy of becoming an industrial energy company focused on delivering top quartile financial performance through operational excellence, market leadership, and a risk/return mindset. Wilder also discussed TXU's goals of achieving balanced financial performance through earnings power, returns, and financial flexibility. Finally, he provided an outlook for 2005-2006 that anticipated earnings growth while acknowledging uncertainty from natural gas prices and customer demand.
Crestwood Midstream Partners LP presented its investor presentation for October 2012. The presentation contained forward-looking statements regarding future events and results that are subject to risks and uncertainties. It provided an overview of Crestwood, including its experienced management team, $2 billion enterprise value, 95% fixed-fee portfolio of midstream assets across major shale plays, and growth strategy through acquisitions and drop-downs. Recent acquisitions, including in the rich gas areas of the Barnett Shale and Marcellus Shale joint venture, were highlighted as growth drivers for 2012-2013.
Media webcast presentation Royal Dutch Shell second quarter and half year res...Shell plc
Presentation slides of the media webcast Peter Voser, Chief Executive Officer of Royal Dutch Shell, hosted of the 2011 second quarter results on Thursday July 28, 2011 at 09:00 BST (10:00 CEST / 04:00 EDT)
Analyst webcast presentation Royal Dutch Shell second quarter and half year r...Shell plc
Royal Dutch Shell reported strong second quarter 2011 results, with CCS earnings of $6.6 billion, a 52% increase compared to the second quarter of 2010. Oil and gas production volumes were 3.0 million boe/d, a 2% increase excluding disposals. Several major projects started up in the quarter, including Qatargas 4 and Pearl GTL Train 1. The company also launched over 400 kboe/d of new projects between 2010 and the first half of 2011 and continued progress on asset sales totaling $4.4 billion year-to-date.
This presentation provides an overview of the company's key investment highlights:
1) It has a diversified portfolio of coal reserves and midstream assets, including over 800 million tons of high-quality coal reserves and a 4,263 mile pipeline network.
2) The company recently simplified its capital structure to enhance growth potential by merging with another company and eliminating incentive distribution rights.
3) Its coal royalty business provides stable cash flows through long-term leases with experienced operators and natural hedging between producers and end users.
4) The midstream segment has excellent organic growth opportunities in the Marcellus Shale through its fee-based business model and existing infrastructure.
Atlas Energy, L.P. presented at the EnerCom Oil & Gas Conference on August 15, 2012. The presentation outlined Atlas's unique business model as the general partner of Atlas Resource Partners and Atlas Pipeline Partners, allowing it to benefit from the growth of both subsidiaries without additional capital investment. It also summarized the pro forma organizational structure and highlighted Atlas Resource Partners' opportunity in key plays and its ability to drive distribution growth through acquisitions. Atlas aims to balance maintaining a low risk profile with enhancing value through its business model and creating multiple growth opportunities.
The document summarizes a GMAC Fixed Income Investor Presentation from April 2006. A consortium led by Cerberus Capital will acquire a 51% controlling stake in GMAC from GM. Cerberus will invest $500 million in preferred stock and help arrange $25 billion in credit facilities to improve GMAC's liquidity and credit ratings. The transaction aims to strengthen GMAC's capital base, reduce its credit exposure to GM, and allow it to expand as an independent finance company. GM will retain a 49% stake and certain lease assets, and sign long-term services agreements to preserve its relationship with GMAC.
CME Group reported solid first quarter 2009 financial results, with total revenues of $647 million, total operating expenses of $252 million, and net income of $213 million. The company achieved a pre-tax operating margin of 61% and diluted earnings per share of $3.20.
Vulcan's strategy is based on its strength in aggregates, which are essential materials and valuable assets.
The company has a leading position in aggregates due to its favorable geographic footprint in high-growth markets, the largest proven and probable reserve base, and operational expertise that provides attractive unit profitability.
Vulcan is strategically positioning its business to maximize future earnings growth by leveraging its strong market position, leading reserve levels, and focus on profitable growth and effective land management.
Nal 2012 investor day and guidance presentationNALenergy
NAL Energy Corporation held its Investor Day on January 11, 2012 in Calgary, Alberta. The company outlined its strategic focus on growing cash flows and liquids volumes through development drilling and appraisal of new oil resource plays. NAL provided guidance for 2012 of average production between 28,000 to 29,000 boe/d, a capital budget of $200 million, and operating costs between $11.50 to $12.00 per boe. The company's financial strategy focuses on maintaining flexibility through its capital structure and hedging program to fund its development plan and sustain dividend payments.
The document is an agenda for a BB&T commercial and industrial conference on March 29, 2012. The agenda includes an overview and highlights of Penn Virginia Resource Partners' natural gas midstream business, coal and natural resource management business, and financial overview. It also allocates time for questions.
1) Mike Waites, President and CEO of Finning International Inc., presented at the CIBC Whistler Institutional Investor Conference on January 19, 2012.
2) Finning is well positioned for growth as the exclusive Caterpillar dealer in resource-rich territories with unmatched product support capabilities.
3) Waites discussed Finning's strategic priorities to become CAT's best global partner, including operational excellence, sales and solutions growth, and safety. He also outlined expectations to meet financial commitments around revenue growth, improved operating leverage, and investing to maintain competitive advantage.
1) Mike Waites, President and CEO of Finning International Inc., presented at an investor presentation on March 21, 2012.
2) Finning is the world's largest Caterpillar dealer, operating in Canada, South America, and the UK/Ireland with over 13,500 employees.
3) The presentation provided an overview of Finning's business segments, markets, financial results, and growth strategy to become Caterpillar's best global partner by 2015 through operational excellence, leadership, and acquisitions.
John Gibson, CEO of ONEOK and ONEOK Partners, presented at the 18th Annual Wachovia Equity Conference in Nantucket, Massachusetts on June 24, 2008. The presentation outlined ONEOK's vision to become a premier energy company through diversified assets including natural gas distribution, energy services, and growth projects at ONEOK Partners. Key growth strategies included generating consistent growth and sustainable earnings through improving profitability, strategic acquisitions, and executing $1.6 billion in internal growth projects at ONEOK Partners through 2009.
TXU Power has a structurally advantaged portfolio in ERCOT with 62 TWh of generation, including cost-advantaged lignite and nuclear assets. ERCOT fundamentals are strong with average implied heat rates of 18-21 MMBtu/MWh and robust wholesale power prices of $50-75/MWh. Low coal prices of $2.1-3.8/MMBtu further enhance the economics of TXU Power's generation assets.
The annual report summarizes Lockheed Martin's financial and operational performance in 1997. Some key highlights include:
- Net sales reached a record $28.1 billion, up from $26.9 billion in 1996.
- Net earnings were $1.3 billion. Excluding non-recurring items, earnings per share grew 11% over 1996.
- The company achieved significant cost reductions ahead of schedule, and improved competitiveness as evidenced by a record high win rate on competitive bids.
- $1.6 billion in cash was generated in 1997 through free cash flow and divestitures. Cash was used to reduce debt and enhance shareholder value.
- Goals for 1998 include continued cash generation, and
Public Service Enterprise Group (PSEG) provides a summary of its business segments and financial outlook. PSEG Power operates electric generation assets of 13,300 MW across diverse fuel sources. PSE&G operates New Jersey's electric and gas transmission and distribution networks. PSEG Holdings focuses on managing its existing lease portfolio and investment opportunities. PSEG anticipates $1.04-$1.14 billion in operating earnings from Power in 2008, $350-$370 million from PSE&G, and $45-$60 million from Holdings. PSEG will direct cash flows from its business segments towards growth opportunities, with a focus on improving reliability and meeting regulatory requirements.
This document provides an overview of Public Service Enterprise Group (PSEG) and its subsidiaries PSEG Power and PSE&G. It discusses PSEG's assets, earnings guidance, capital spending plans, and positioning in the energy industry. PSEG Power has a diverse fleet of generating assets located in attractive markets in the Northeast. Strong cash flow from Power will provide PSEG with $2.5 billion in discretionary cash through 2011 to support investments, shareholder dividends, and debt payments. Power's assets are well positioned for carbon regulation and its declining capital expenditures will result in substantial discretionary cash flows.
This document is the 1998 annual report letter to shareholders from Cummins Engine Company. It discusses Cummins' focus on creating value for customers and shareholders. In 1998, Cummins saw record sales of $6.3 billion but fell short of earnings targets due to special charges. The letter outlines Cummins' financial objectives of 9% earnings before interest and taxes in strong markets and at least 3% in recessions. It also discusses actions Cummins is taking to improve profitability through restructuring, reducing costs, and improving gross margin and cash flow to increase shareholder value over the long term.
Merrill Lynch Global Power & Gas Leaders Presentationfinance14
The document is a presentation by Exelon Corporation to investors at the Merrill Lynch Power & Gas Leaders Conference on September 25, 2007. It summarizes Exelon's strategic direction of protecting current value while growing long-term value through operational excellence, supporting competitive markets, and evaluating new growth opportunities. It highlights Exelon's strong financial performance with 12% annual operating EPS growth since 2000, and expectations for continued growth through 2011 driven by its generation business and ComEd's regulatory recovery plan. The presentation also reviews Exelon's financial policies and balance sheet capacity, positioning it well for future opportunities.
This document provides a summary of MeadWestvaco's strategy and priorities presented at the J.P. Morgan Basics & Industrials Conference on June 12, 2007. The strategy focuses on delivering above-cost-of-capital returns through growing packaging earnings, maximizing value from forestlands, and maintaining leading market positions. Actions to improve returns include divesting non-core businesses, reorganizing packaging, and acquiring Calmar. Near-term priorities are continuing price and productivity improvements, generating earnings growth in packaging, and leveraging Calmar's platform. The land management strategy aims to generate strong sustainable cash flows through evaluating land value and considering structural options.
Thomas F. Farrell II, Chairman, President and CEO of Dominion, discusses how the company has repositioned itself by selling its natural gas and oil exploration assets and focusing on its regulated energy businesses. This has lowered Dominion's risk profile while retaining prospects for strong earnings growth. Key points discussed include increasing the dividend by 11% and adopting a policy to raise the dividend payout ratio to 55% of operating earnings by 2010. Farrell also outlines Dominion's plans to invest $11.8 billion over 3 years to meet rising energy demand in its service areas through efficiency programs, investments in transmission infrastructure, and adding over 4,000 MW of new generation including a possible new nuclear reactor.
C. John Wilder, CEO of TXU, presented at the Deutsche Bank Annual Electric Power Conference on June 15, 2005. He outlined TXU's strategy of becoming an industrial energy company focused on delivering top quartile financial performance through operational excellence, market leadership, and a risk/return mindset. Wilder also discussed TXU's goals of achieving balanced financial performance through earnings power, returns, and financial flexibility. Finally, he provided an outlook for 2005-2006 that anticipated earnings growth while acknowledging uncertainty from natural gas prices and customer demand.
Crestwood Midstream Partners LP presented its investor presentation for October 2012. The presentation contained forward-looking statements regarding future events and results that are subject to risks and uncertainties. It provided an overview of Crestwood, including its experienced management team, $2 billion enterprise value, 95% fixed-fee portfolio of midstream assets across major shale plays, and growth strategy through acquisitions and drop-downs. Recent acquisitions, including in the rich gas areas of the Barnett Shale and Marcellus Shale joint venture, were highlighted as growth drivers for 2012-2013.
Media webcast presentation Royal Dutch Shell second quarter and half year res...Shell plc
Presentation slides of the media webcast Peter Voser, Chief Executive Officer of Royal Dutch Shell, hosted of the 2011 second quarter results on Thursday July 28, 2011 at 09:00 BST (10:00 CEST / 04:00 EDT)
Analyst webcast presentation Royal Dutch Shell second quarter and half year r...Shell plc
Royal Dutch Shell reported strong second quarter 2011 results, with CCS earnings of $6.6 billion, a 52% increase compared to the second quarter of 2010. Oil and gas production volumes were 3.0 million boe/d, a 2% increase excluding disposals. Several major projects started up in the quarter, including Qatargas 4 and Pearl GTL Train 1. The company also launched over 400 kboe/d of new projects between 2010 and the first half of 2011 and continued progress on asset sales totaling $4.4 billion year-to-date.
This presentation provides an overview of the company's key investment highlights:
1) It has a diversified portfolio of coal reserves and midstream assets, including over 800 million tons of high-quality coal reserves and a 4,263 mile pipeline network.
2) The company recently simplified its capital structure to enhance growth potential by merging with another company and eliminating incentive distribution rights.
3) Its coal royalty business provides stable cash flows through long-term leases with experienced operators and natural hedging between producers and end users.
4) The midstream segment has excellent organic growth opportunities in the Marcellus Shale through its fee-based business model and existing infrastructure.
Atlas Energy, L.P. presented at the EnerCom Oil & Gas Conference on August 15, 2012. The presentation outlined Atlas's unique business model as the general partner of Atlas Resource Partners and Atlas Pipeline Partners, allowing it to benefit from the growth of both subsidiaries without additional capital investment. It also summarized the pro forma organizational structure and highlighted Atlas Resource Partners' opportunity in key plays and its ability to drive distribution growth through acquisitions. Atlas aims to balance maintaining a low risk profile with enhancing value through its business model and creating multiple growth opportunities.
The document summarizes a GMAC Fixed Income Investor Presentation from April 2006. A consortium led by Cerberus Capital will acquire a 51% controlling stake in GMAC from GM. Cerberus will invest $500 million in preferred stock and help arrange $25 billion in credit facilities to improve GMAC's liquidity and credit ratings. The transaction aims to strengthen GMAC's capital base, reduce its credit exposure to GM, and allow it to expand as an independent finance company. GM will retain a 49% stake and certain lease assets, and sign long-term services agreements to preserve its relationship with GMAC.
CME Group reported solid first quarter 2009 financial results, with total revenues of $647 million, total operating expenses of $252 million, and net income of $213 million. The company achieved a pre-tax operating margin of 61% and diluted earnings per share of $3.20.
Vulcan's strategy is based on its strength in aggregates, which are essential materials and valuable assets.
The company has a leading position in aggregates due to its favorable geographic footprint in high-growth markets, the largest proven and probable reserve base, and operational expertise that provides attractive unit profitability.
Vulcan is strategically positioning its business to maximize future earnings growth by leveraging its strong market position, leading reserve levels, and focus on profitable growth and effective land management.
Nal 2012 investor day and guidance presentationNALenergy
NAL Energy Corporation held its Investor Day on January 11, 2012 in Calgary, Alberta. The company outlined its strategic focus on growing cash flows and liquids volumes through development drilling and appraisal of new oil resource plays. NAL provided guidance for 2012 of average production between 28,000 to 29,000 boe/d, a capital budget of $200 million, and operating costs between $11.50 to $12.00 per boe. The company's financial strategy focuses on maintaining flexibility through its capital structure and hedging program to fund its development plan and sustain dividend payments.
The document is an agenda for a BB&T commercial and industrial conference on March 29, 2012. The agenda includes an overview and highlights of Penn Virginia Resource Partners' natural gas midstream business, coal and natural resource management business, and financial overview. It also allocates time for questions.
1) Mike Waites, President and CEO of Finning International Inc., presented at the CIBC Whistler Institutional Investor Conference on January 19, 2012.
2) Finning is well positioned for growth as the exclusive Caterpillar dealer in resource-rich territories with unmatched product support capabilities.
3) Waites discussed Finning's strategic priorities to become CAT's best global partner, including operational excellence, sales and solutions growth, and safety. He also outlined expectations to meet financial commitments around revenue growth, improved operating leverage, and investing to maintain competitive advantage.
1) Mike Waites, President and CEO of Finning International Inc., presented at an investor presentation on March 21, 2012.
2) Finning is the world's largest Caterpillar dealer, operating in Canada, South America, and the UK/Ireland with over 13,500 employees.
3) The presentation provided an overview of Finning's business segments, markets, financial results, and growth strategy to become Caterpillar's best global partner by 2015 through operational excellence, leadership, and acquisitions.
This document summarizes Finning International's presentation at an investor conference. Finning is the world's largest Caterpillar dealer, generating most of its revenue from equipment sales, product support, parts, and rentals. It expects continued strong demand for product support due to aging equipment fleets. While cautious on equipment sales, Finning aims to grow through expanding product offerings and market share. Financial priorities include improving margins, maintaining a high return on equity, and strengthening its balance sheet.
Advanced Emissions Solutions presented at the Rodman & Renshaw 19th Annual Global Investment Conference on September 11, 2017. The presentation highlighted the company's refined coal and emissions control businesses. It noted that the refined coal business is expected to deliver $50-60 million in annual cash flows through 2021. It also stated the goal of growing emissions control revenues to $20-40 million annually over the next 1-2 years. Additionally, the presentation discussed the company's priorities in 2017, which include obtaining new tax equity investors for refined coal and growing the emissions control business.
This document provides a preliminary summary of GMAC's fourth quarter and full-year 2008 results. Key highlights include:
- GMAC reported a Q4 2008 consolidated net income of $7.5 billion, primarily driven by an $11.4 billion gain on debt exchanges. Excluding this gain, GMAC had a net loss of $3.96 billion for the quarter.
- GMAC's auto finance segment reported a Q4 net loss of $1.3 billion, driven by weak credit conditions and falling used vehicle prices.
- GMAC ended Q4 2008 with $15.2 billion in cash and cash equivalents.
- Actions taken by GMAC in 2008 included restruct
This document provides an overview of Public Service Enterprise Group (PSEG) and its subsidiaries PSEG Power and PSE&G. It discusses PSEG's assets, earnings guidance, capital spending plans, and positioning in the energy industry. PSEG Power has a diverse fleet of generating assets located in attractive markets in the Northeast. Strong cash flow from Power will provide PSEG with $2.5 billion in discretionary cash through 2011 to support investments, shareholder dividends, and debt payments. Power's assets are well positioned for carbon-constrained environments.
el paso D7A9D355-197F-480A-8FF4-86834B0DD876_EP_4Q_2008_Earnings_FINAL(Color...finance49
El Paso Corporation provides natural gas and related energy products. In 2008, it accomplished several key projects including placing 7 pipeline projects in service. However, it faces challenges from low commodity prices and uncertain capital markets. Key priorities are constructing its pipeline backlog on time and budget, and focusing exploration and production investments to preserve opportunities and maximize returns. El Paso increased its liquidity position and reduced borrowing costs through several financing transactions. It has excellent hedges for 2009 natural gas production and established initial hedges for 2010. Guidance for 2009 assumes $2.7-3.1 billion in capital spending and targets EPS of $0.85-1.05, EBIT of $2.0-2.3 billion,
el paso D7A9D355-197F-480A-8FF4-86834B0DD876_EP_4Q_2008_Earnings_FINAL(Color...finance49
El Paso Corporation provides natural gas and related energy products. In 2008, it accomplished several key projects including placing 7 pipeline projects in service. However, it faces challenges from low commodity prices and uncertain capital markets. Key priorities are constructing its pipeline backlog on time and budget, and focusing exploration and production investments to preserve opportunities and maximize returns. El Paso increased its liquidity position and reduced borrowing costs through several financing transactions. It has excellent hedges for 2009 natural gas production and established initial hedges for 2010. Guidance for 2009 assumes $2.7-3.1 billion in capital spending and targets EPS of $0.85-1.05, EBIT of $2.0-2.3 billion,
NorthStar Realty Finance is a commercial real estate finance company with $6.8 billion of assets under management across three business lines: commercial real estate lending, real estate securities investment/management, and net leased corporate/healthcare properties. The company has a seasoned management team with extensive experience and a focus on credit risk management. Key highlights include a strong liquidity position, minimal near-term debt maturities, and consistent dividend payments since going public. NorthStar's priorities are liquidity/capital retention, intensive credit monitoring, capital raising through alternative sources, and opportunistic investments.
NorthStar Realty Finance is a commercial real estate finance company with three primary business lines: commercial real estate lending, real estate securities investment and management, and net leased corporate and healthcare properties. It has $6.8 billion of commercial real estate loans, securities, and properties under management. NorthStar focuses on senior loans, direct origination, and long-term capital raising. It has a seasoned management team with extensive experience and a strong credit track record through economic cycles. NorthStar prioritizes liquidity management, capital retention, and intensive credit risk management during the difficult market environment.
Presentation Clayton Valley, NevadaFrom Drilling to PEA in under 2 YearsCompany Spotlight
The document summarizes Cypress Development Corp's Clayton Valley lithium project in Nevada. Key points include:
- A Preliminary Economic Assessment shows promising economics including a 32.7% IRR and $1.45 billion NPV.
- Measured and indicated resources total 8.9 million tonnes LCE with additional inferred resources.
- The project has the potential for low-cost production due to favorable geology and metallurgy.
- Upcoming catalysts in 2019 include a metallurgical study and prefeasibility study to further de-risk the project.
Aben Resources has made a new high-grade gold discovery at its flagship Forrest Kerr project in BC's Golden Triangle region. The region is known for major gold deposits and saw $100 million in exploration spending in 2017. Recent improvements have made the Forrest Kerr project more accessible via new roads. Aben's technical team has reinterpreted historical data and identified additional exploration targets. The project covers over 23,000 hectares of prospective geology along the Forrest Kerr fault zone that is similar to other major deposits in the Golden Triangle.
Aben Resources has discovered high-grade gold zones at its Forrest Kerr project in British Columbia's Golden Triangle. The first hole of the 2018 drill program intersected four separate high-grade gold zones within 190 metres, including 331.0 g/t Au over 1.0 metre. Aben plans to expand drilling at the Boundary North Zone and test other gold anomalies identified through soil sampling. The company also holds the Justin project in Yukon and Chico project in Saskatchewan near recent discoveries.
Cypress Development Corp. owns lithium claims in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. A preliminary economic assessment found the project could have a 32.7% IRR and $1.45 billion NPV. The project would extract lithium from claystone using leaching and have average annual production of 24,042 tonnes of lithium carbonate over 40 years. Capital costs are estimated at $482 million to build a 15,000 tonne per day operation.
The document discusses Aben Resources Ltd., a gold exploration company with projects in British Columbia's Golden Triangle region and other areas of Western Canada. It provides an overview of Aben's management team and directors, flagship Forrest Kerr project, recent drilling results showing new high-grade gold discoveries, and its strategy to advance exploration through 2018. The document also briefly outlines Aben's other projects including the Chico gold project in Saskatchewan and Justin gold project in Yukon.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters thick. A maiden resource estimate calculated 3.287 million tonnes of lithium carbonate equivalent in the indicated category and 2.916 million tonnes LCE in inferred. Metallurgical tests show the claystone is acid leachable and able to recover over 80% of the lithium. Cypress plans additional drilling, engineering studies, and permitting to advance the project towards production.
- Aben Resources has three highly prospective gold projects in Western Canada including its flagship Forrest Kerr Project in BC's Golden Triangle region, which had recent drilling success expanding the Boundary North Zone.
- Management has over 100 years of combined experience in Western Canada and a proven track record of success.
- The projects have significant historic work identifying high-grade gold and robust discovery potential remains.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters. A maiden resource estimate classified over 1.3 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is leachable with over 80% lithium recovery. Cypress aims to advance the project with engineering studies and further drilling to define resources with the goal of becoming a domestic lithium producer for the growing battery market.
The document provides forward-looking statements and discusses risks associated with such statements. It notes that some statements may be deemed forward-looking and lists factors that could cause actual results to differ from forward-looking statements. The document also identifies the qualified person for the technical information as Cornell McDowell and provides Aben's trading symbols and recent share information.
The document provides an overview of Aben Resources Ltd., a mineral exploration company with gold projects in Western Canada. It summarizes Aben's three key projects - Forrest Kerr in BC's Golden Triangle region with recent drill results discovering the Boundary Zone, Chico in Saskatchewan near producing mines, and Justin in Yukon's White Gold district. It outlines the management team's expertise and provides company details like shares outstanding and trading symbols.
- Cypress Development Corp owns the Clayton Valley lithium project in Nevada located near Albemarle's Silver Peak lithium brine operation.
- Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes drilled.
- Metallurgical tests show the claystone is acid leachable with over 80% lithium extraction possible.
- Cypress aims to define a resource estimate in 2018 and advance the project with feasibility studies to develop a lithium operation.
The document discusses forward-looking statements and provides disclaimers about them. It introduces the qualified person for the technical information presented. It also lists Aben's trading symbols and recent share information including price and market capitalization.
1) Cypress Development Corp owns the Clayton Valley lithium project located next to Albemarle's Silver Peak mine in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging over 900 ppm Li to a depth of over 100 meters.
2) A maiden resource estimate classified over 1.5 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is acid leachable to extract over 80% of the lithium.
3) The project is located in a strategic location to supply the growing lithium-ion battery market in the US, with lithium demand accelerating due to the increased production of electric vehicles globally.
TerraX Minerals is a Canadian mineral exploration company focused on exploring and developing its 100% owned 772 square km Yellowknife City Gold project located adjacent to the city of Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts and has had multiple high-grade gold discoveries. TerraX has a strong management team with experience discovering and developing gold deposits and low exploration costs due to the project's excellent infrastructure and year-round access near Yellowknife.
This document discusses forward-looking statements and provides information about Aben Resources Ltd., including its stock symbols, shares outstanding, recent share price, market capitalization, and three gold exploration projects in Western Canada. It summarizes the management team's experience and the company's investment highlights. Specifically, it owns the Forrest Kerr gold project in British Columbia's Golden Triangle region, which saw successful drilling results in 2017 that led to a new discovery called the North Boundary zone.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, process engineering, and a preliminary economic assessment in 2018 to advance the project. The company sees potential for the project given growing lithium demand from electric vehicles and batteries.
TerraX Minerals is a Canadian mineral exploration company focused on exploring its 100% owned 772 square km Yellowknife City Gold project located near Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts with known deposits and past producers. TerraX has made multiple high-grade gold discoveries on the property and identified several high-priority targets for further exploration and drilling. The company has a strong management team with experience discovering and developing deposits in the region.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada that have the potential to be a significant lithium resource. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical testing shows the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to further define the resource potential.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to evaluate the project's potential.
Cypress Development Corp is exploring for lithium resources in Clayton Valley, Nevada. Recent drilling has encountered lithium-bearing claystone up to 112 meters below surface, with grades averaging over 800 ppm lithium. Metallurgical testing indicates 80% of the lithium can be extracted using a weak sulfuric acid solution. Cypress plans additional drilling in 2018 and expects to publish a initial lithium resource estimate in Q1 2018 to advance the project towards a preliminary economic assessment. The project is located near existing lithium production and infrastructure to be a potential new supply of lithium for the growing battery market.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
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Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
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13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
2. Forward Looking Statements
This presentation contains forward-looking statements and projections, made in reliance on the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, regarding future events, occurrences, circumstances, activities, performance,
outcomes and results of Crestwood Midstream Partners LP (“Crestwood” or “CMLP”). Although these statements reflect the
current views, assumptions and expectations of Crestwood’s management, the matters addressed herein are subject to
numerous risks and uncertainties, which could cause actual activities, performance, outcomes and results to differ materially
from those indicated. However, a variety of factors could cause actual results to materially differ from Crestwood’s current
expectations in financial condition, results of operations and cash flows including, without limitation, changes in general
economic conditions; fluctuations in natural gas prices; the extent and success of drilling efforts, as well as the extent and quality
of natural gas volumes produced within proximity of our assets; failure or delays by our customers in achieving expected
production in their natural gas projects; competitive conditions in our industry; actions or inactions taken or non-performance by
third parties, including suppliers, contractors, operators, processors, transporters and customers; our ability to consummate
acquisitions, successfully integrate acquired businesses, and realize any cost savings and other synergies from any acquisition;
fluctuations in the value of certain of our assets and liabilities; changes in the availability and cost of capital; operating hazards,
natural disasters, weather-related delays, casualty losses and other matters beyond our control; timely receipt of necessary
government approvals and permits, our ability to control the costs of construction, including costs of materials, labor and rights-
of-way and other factors that may impact our ability to complete projects within budget and on schedule; the effects of existing
and future laws and governmental regulations, including environmental and climate change requirements; the effects of existing
and future litigation; and risks related to our substantial indebtedness; and other factors disclosed in Crestwood’s filings with the
Securities and Exchange Commission. The forward-looking statements included in this presentation are made only as of the
date of this presentation, and we undertake no obligation to update any of these forward-looking statements to reflect new
information, future events or circumstances except to the extent required by applicable law.
2
3. Key Investment Considerations
First Reserve and Crestwood Management own 100% of the
General Partner and 41% of the outstanding LP units
Strong GP/LP
Raised ~$1.7 billion and invested ~$1.6 billion over past 18
Alignment months to create Crestwood’s operating platform
Of Interest Distribution growth of 19% since the acquisition of Quicksilver
Gas Services (1)
6 acquisitions in leading unconventional plays (Marcellus,
Granite Wash, Barnett, Avalon, Fayetteville, Haynesville)
Established
Long term contracts with top-tier shale producers (Antero, BHP
Field Services Billiton, BP, Chesapeake, Devon, Exxon Mobil, Quicksilver)
Platform 95% fixed-fee portfolio – stable cash flows
Field services acquisitions established CMLP’s initial platform
Now focused on bolt-on acquisitions with operating synergies
Evolving Will evaluate value chain acquisitions to diversify cash flows
Growth Strategy Building experienced business development team to generate
greenfield infrastructure investment opportunities that offer
better return potential than acquisitions at current valuations
(1) 4th quarter 2010 through 2nd quarter 2012
3
4. Strong GP/LP Alignment of Interest
Public and Crestwood Holdings LLC
Class C
Unit holders First Reserve and
Management
Continued Equity Support from Our
General Partner
58% LP 42% LP/GP
First Reserve and Management have
65% invested $600MM+ in equity capital to
Interest support CMLP growth
Phase I: M&A Drop-Downs
Crestwood Midstream Continued equity support from First
Partners LP 35%
CMM
Reserve for early stage, high-growth
Interest acquisitions
(NYSE: CMLP) Marcellus
Shale CMM, our Marcellus Shale joint venture,
Enterprise Value: $2.1 Bn provides model
Phase II: Greenfield Development
New greenfield development team
aggressively chasing opportunities
Projects financed outside CMLP with
Barnett Fayetteville Granite Haynesville Avalon
equity capital from First Reserve and
Shale Shale Wash Shale Shale
other private investors
Barnett Drop-Down to CMLP once in-service
Shale Rich Dry and generating cash flow
4
5. Established Field Services Platform
100,000+ acres; Marcellus
15 year contracts; Shale
13,000+ acres; 10-20% developed
growing
rich-gas play
Fayetteville
Granite Wash Shale
127,000+ acres;
Avalon 20 year contracts;
Shale Barnett 7-year minimum
Shale Haynesville volume contract
Shale
55,000 acres;
emerging
liquids-rich area 140,000+ acres;
10-20 year
20,000 acres;
Key Operating Statistics (1)
contracts; 55%
5-10 year contracts;
developed Miles of Pipeline 830
HBP phase
Processing Plants 5
Compression HP (000’s) 226
Gathering Volume (MMcf/d) 945
Processing Volume (MMcf/d) 235
(1) As of 8/15/12 Pro Forma for the pending Devon Acquisition
5
6. Evolving Growth Strategy
M&A strategy focused exclusively on high-growth midstream assets at the wellhead faces
near-term challenges
Competitive landscape and abundant access to capital continues to support “blow-
out” asset valuations
More competitive economics across the value chain and from bolt-on transactions
where built-in synergies provide competitive advantage
Producer demand for required infrastructure creating significant greenfield opportunity
Drilling activity focused on unconventional crude oil and rich gas plays -- significant
demand for infrastructure to transport associated natural gas and NGLs
$200+ billion in potential midstream infrastructure required to support the anticipated
upstream development of unconventional assets over the next 2-3 decades
Talented managers currently in the market
Primarily the result of the Kinder Morgan / El Paso transaction
Abundance of private capital currently targeting midstream infrastructure
The opportunity for investment created by the scale of the expected future
infrastructure build-out has captured the attention of the financial community
Significant private capital seeking qualified teams to provide creative financing
solutions
6
7. Disciplined Approach to M&A
Competitive landscape and abundant access to capital continues to support “blow-out”
asset valuations
Sellers of assets continue to utilize large auction processes to drive increased
competition resulting in higher valuations (10x – 11x EBITDA now on the cheap side!)
Volatility in natural gas, NGL and even crude oil prices exploits near-term challenges in
midstream M&A strategy at the wellhead
While long-term growth prospects and economics remain intact, producers are
rationally allocating capital today to the highest return plays
M&A will always be a key component of CMLP’s growth strategy; however, current
market conditions require a disciplined approach to evaluating new opportunities
M&A strategy shifting away from…
Wellhead gathering where growth prospects are solely dependent on producer activity
M&A strategy shifting towards…
Bolt-on acquisitions around existing assets where synergies drive meaningful accretion
Diversification throughout the value chain and across commodities
7
8. Investing in the Value Chain
Enhance Crestwood’s customer service offerings with integrated solutions from
wellhead to end market
Diversify Crestwood's operating platform functionally throughout the value chain
Improve Crestwood’s long-term cash flow growth profile
Broaden Crestwood’s opportunity set
Intrastate Intrastate &
Gas Gathering CO2
& Interstate Gas Storage Interstate
Pipelines Treating
Pipelines Pipelines
Residue
Gas
Ethane
Propane
NGL
Gas Gathering Gas Mixed NGL NGL Iso-Butane Storage & NGL
Rich Gas Pipelines Processing Pipelines Fractionation Butane Pipelines
Nat Gasoline
Where We Are Where We Are Going
Barges &
Trucks, Barges
Crude Oil Crude Oil Refined
& Crude Oil Storage
Storage Refining Products
Pipelines
Pipelines
8
9. Positioning for Greenfield Growth
$200+ billion in potential midstream infrastructure required to support the
anticipated upstream development of unconventional assets over the
Significant next 2-3 decades
Greenfield Growth Currently evaluating $1.0+ billion in greenfield opportunities in
Opportunities developing plays (Utica, Marcellus, Niobrara and Avalon / Permian)
Heath Deneke, former VP Project Development and Engineering at
El Paso, joins CMLP as SVP and Chief Commercial Officer bringing
Building a significant technical and commercial expertise to lead the
World-Class development efforts
Team Development team will leverage the CMLP platform, including industry
relationships and existing asset footprint, to aggressively pursue new
opportunities
Abundant pool of private capital (private equity, infrastructure funds,
asset managers and sovereign wealth) chasing the midstream
infrastructure opportunity
Financing the Continued support from First Reserve, coupled with increasing appetite
Growth Strategy from new private capital sources, provides ability to pursue and finance
early stage greenfield build-out at the general partner level
Strategy to build significant backlog of future growth at CMLP through
the drop-down strategy
9
10. Recent Acquisition - Marcellus Shale
Crestwood Midstream Marcellus (CMM)
acquired Antero Resources’ Marcellus Shale
gathering systems on March 26, 2012
Purchase price: ~$377MM
CMM Ownership: Crestwood Holdings
65% - CMLP 35% with quarterly
distributions
Growth Capital: $200MM revolver at
CMM level to fund growth capital needs
Operations: CMLP assumed operations
from Antero in June 2012
Long Term Strategy: CMM is an appropriate
ownership vehicle during the development
Rich Gas Area Dry Gas Area
phase of the Marcellus assets
Provides visible CMLP growth through
planned drop downs from CMM
Legend
Area of Dedication (AOD) Planned Pipeline (2013 –
2016)
Planned MWE Sherwood Plant
Existing and Planned Third
Pipeline in Service at YE 2012 Party Pipeline
10
11. Marcellus Transaction Merits
Very reasonable purchase price of ~11X 2012E EBITDA
Acquired early phase gathering and compression assets with significant long term
growth potential based on producer plans, minimum volume commitments, current
drilling economics and downstream infrastructure build-out
Assets located in core fairway of the Marcellus Shale with rich gas exposure
High BTU value provides processing upgrade which enhances drilling
economics
127,000 acre Area of Dedication (AOD) de-risked through substantial production
history and future development potential
63 wells producing ~ 200 MMcf/d at acquisition close
Over 800 Antero well locations and 300+ third party well locations in AOD
20 year 100% fixed fee contract structure with annual escalator
7 year Minimum Throughput Volume Guarantee by Antero ensures minimum
quarterly cash flow to CMM and distributions to CMLP
7 year ROFO on Antero gathering systems on additional rich gas acreage located
due west in Doddridge County, WV
11
12. Marcellus Development Update
400,000
Antero CMM Volumes System volumes averaged 257
350,000 MMcf/d for 2Q 2012 with 11 new
300,000 wells and one new production area
250,000 connected
Mcfd
200,000
150,000 Antero currently running 9 rigs on the
100,000 Antero acreage & AOD
50,000
0 ~286 MMcf/d currently flowing
through CMM systems (1)
Minimum Annual Volume ~ 40 additional wells expected to be
connected in 2H 2012
Antero CMM Wells 1st 90 Days
10,000 Expected FYE exit rate 380 MMcf/d
(average 300 MMcf/d for 2012)
8,000
AOD well IP’s running ~ 20% better
Mcfd
6,000 than acquisition forecast
4,000 Markwest Sherwood plant on track
for 3Q 2012 in-service date
2,000
30 60 90 (1) As of 8/15/12
Acquisition Type Curve
12
13. Marcellus Operations Update
Opened Charleston, West Virginia
(Commercial office) and Clarksburg
WV (Operations office) in 2Q 2012
Fully staffed Marcellus team
Completing first new compression
station installation in 4Q 2012
Currently building first full scale
gathering system extension project
Target in-service Nov 2012
CMM building new Greenbrier
compression station
Target in-service 2Q 2013
Revised CMM 2H 2012 capex of
$20MM ($50MM original est.) due to
increased pad drilling versus HBP
drilling
13
14. Pending Acquisition – Barnett Rich
Located in southwestern rich gas portion of
the Barnett Shale
$90MM pending acquisition of Devon Energy’s
Corvette Plant
West Johnson County gathering and
processing assets Devon Plant
HSR approval 8/13/2012
Expected to close by 9/1/2012
Acquiring 74 miles of gathering system and a
100 MMcf/d gas processing plant
Cowtown Plant
Constructed in 2006-08
System capacity of 100 MMcf/d
Current volumes of ~95 MMcf/d
~230 Devon wells connected
Signed 20-year fixed fee contract with Devon
20,500 acreage dedication
Annual fee escalator Legend
Processing Plants Devon Gathering System
CMLP Cowtown
Gathering System
14
15. Barnett Rich Transaction Merits
~5%-8% accretive transaction to CMLP in 2H 2012 and 2013
Ensures solid coverage of Class C unit conversion from PIK to cash pay in
2Q 2013
Acquisition of high quality rich gas midstream assets from Devon, a leading
North American unconventional resource play developer
Should lead to additional acquisition and greenfield development
opportunities with Devon
Allows for the integration of the Devon gathering system with Crestwood’s
Cowtown gathering system
Optimize excess processing capacity at CMLP’s Cowtown and Corvette
plants
Reduced wellhead pressures on Devon system provides 3-5% volume uplift
Increased NGL recoveries at CMLP plants enhances Devon’s sales value
and future development activity
After integration, provides CMLP with an additional 100 MMcf/d 2008 vintage
cryogenic processing plant to redeploy in new rich gas development areas
Offers competitive advantage to CMLP as new 100 MMcf/d plants cost
$18-20MM and take over 1 year to manufacture
15
16. Barnett Rich Development Plan
Devon is one of the largest Barnett Shale
producers by production volume
2Q 2012 ~ 1.3 Bcf/d
10 rigs running at June 30, 2012
Devon’s current West Johnson County
rich gas volumes are ~95 MMcf/d
30 Devon wells connected YTD
17 Devon wells remaining for 2012 2
2 2
4 4
CMLP inherits 6 well connect projects
3
w/ total capex of ~$1.5MM in 2H 2012
Expect 10-20 wells to be drilled on
current acreage in 2013
3
16
17. Barnett Rich Integration Plan
System Integration Strategy: Combine the
Cowtown and Devon gathering systems to
enable processing of Devon volumes at CMLP’s
Cowtown and Corvette processing plants
Approximately $7MM capital cost to connect
(includes new NGL and gas interconnects)
Avoids paying Quicksilver lateral fee on
current Devon offload volumes
Plant Optimization Strategy: Current CMLP plant
capacity of 325 MMcf/d vs current Cowtown
volumes of 140-150 MMcf/d
Current CMLP capacity utilization of ~40%
Excess capacity of 175 – 185 MMcf/d vs
current Devon volumes of 95 MMcf/d
Improve capacity utilization to ~80%
Increase in plant and system compression
efficiency
Lower operating costs per MCF than Devon
plant on a standalone basis
17
18. Granite Wash Development Update
Acquired the Indian Creek gathering system
and processing plant in Roberts County,
Texas from Frontier Gas Services in April
2011
32 miles mid/low pressure gathering
system; 36 MMcf/d cryogenic
processing plant
Long term fixed fee/POP contracts
with acreage dedications from
Chesapeake, Linn and Great Plains
Le Norman Operating (FRC portfolio
company) acquired Great Plains acreage To MAPL
and formed JV with Noble in May 2012
Le Norman commenced Granite Wash
development program on Great Plains
acreage and will then move to Noble
acreage Existing Frontier Pipeline Existing Frontier Liquids Line Indian Creek Dedication Area
Chesapeake Low Pressure Line CDP Great Plains Acreage
1st Le Norman Granite Wash completion on
Plains Low Pressure Line Producing Gas Well
Indian Creek Plant Site
Linn Low Pressure Line Permitted Gas Well
Indian Creek North Station
Great Plains acreage currently flowing ~ 4.5 Pitco Low Pressure Line
MMcf/d + 1,000 Bpd of oil
18
19. Granite Wash Development Update
Current Le Norman Phase 1 drilling
plan calls for 13 wells over next 18
months
37 total well locations on Phase 1 Phase 1
acreage over next 5 years
Currently negotiating 5,000 acre
Indian
addition to original Great Plains Phase 2 Creek Plant
acreage dedication
$3MM CMLP capital project to
receive higher volumes from Le
Norman Phase 1 delivery points Current
Potential 37,000 acreage expansion
(Phase 2) in the coming months based
on 2H 2012 and 2013 drilling results
Long term volume forecasts (Phase 1
and Phase 2) may exceed current
Indian Creek plant capacity of 38
MMcf/d
19
20. Barnett Shale 2Q Update
Total Barnett Shale 2Q 2012 gathering volumes
were 401 MMcf/d vs 450 MMcf/d in 2Q 2011 and
447 MMcf/d in 1Q 2012
Alliance
Lower than expected volumes due to delayed
new well completions, extended shut-in of
Lake
current volumes due to fracking operations,
Arlington
modest economic shut-ins and natural decline
12 new wells connected to Alliance system late
2Q 2012 added 50 MMcf/d IP rate Cowtown
Current 3Q 2012 volumes averaging ~ 430
MMcf/d (1)
Total Barnett Shale 2Q 2012 processing volumes
were 130 MMcf/d ~ flat over the last 3 quarters
Barnett Shale Asset Overview
Current 3Q volumes averaging 143 MMcf/d
including ~ 35 MMcf/d third party volumes (1) 420 miles of pipeline
850 MMcf/d gathering capacity
Quicksilver added 10 new wells in 1H 2012
with additional 8-10 wells expected in 2H 2012 325 MMcf/d processing
capacity
Devon West Johnson County volumes will add
160,000 HP compression
~ 95 MMcf/d net of offloads after closing
950 wells connected
(1) As of 8/15/12
20
21. Barnett Quicksilver Update
Quicksilver currently accounts for ~35% of total CMLP/CMM gathering volumes and
~40% of total CMLP/CMM revenues (1)
Quicksilver expects to scale back Barnett development plans in 2H 2012
15 wells connected 1H 2012; 8-10 wells to be connected in 2H 2012
24 drilled but uncompleted wells remaining at year-end 2012
Quicksilver is actively pursuing improvement in capital flexibility
Amended credit agreement provides $440MM of availability; lower interest coverage
requirement through 2014
S&P revised its outlook of KWK’s credit rating (B-) to stable from negative in August
2012 reflecting improved assessment of liquidity
Quicksilver Production Partners - Barnett Shale MLP cleared by the SEC in 2Q –
waiting on improved market conditions to proceed; analysts believe it is likely a 2013
event
Currently considering other Barnett related monetization strategies (i.e. development
JV, asset sale or combination with MLP)
Long term Quicksilver / Barnett Shale outlook
Barnett Rich Gas (Cowtown area) remains the best economic play in the Quicksilver
portfolio with an estimated value at the wellhead of $6.02 Mcf (2)
Barnett Shale still holds 4 TCF (proved and potential) resource base; 55% developed
per KWK forecast (2)
(1) Based on preliminary Crestwood July 2012 gathering and revenue estimates and pro forma for the pending Devon acquisition
(2) Per Quicksilver Resources July 2012 Investor Presentation
21
22. Fayetteville Shale 2Q Update
Gathering volumes 78 MMcf/d vs 81 MMcf/d in 2Q
2011 and 83 MMcf/d in 1Q 2012
15 wells connected YTD; 13 additional wells
expected in 2H 2012 Wilson Creek
6 new wells connected to Twin Groves system
late 2Q 2012 added 12 – 17 MMcf/d IP rate
Current 3Q volumes averaging ~ 86 MMcf/d Twin Woolly
Rose
Bud
with recent highs of 93 MMcf/d (1) Prairie
Creek
Groves Hollow
BHP has 1 rig running in CMLP AOD with 2
rigs running in overall Fayetteville Shale play
On August 3, 2012 BHP announced a $2.84 billion
impairment charge on carrying value of its
Fayetteville Shale assets Fayetteville Shale Asset Overview
“The Fayetteville charge reflects the decline in 160 miles of pipeline
US domestic gas prices and the company’s 510 MMcf/d gathering capacity
decision to adjust its development plans to
165 MMcf/d treating capacity
more liquids rich fields. We believe our dry
gas assets are well positioned for the future 28,000 HP compression
given their competitive position on the industry 150 wells connected
cost curve” BHP CEO Marius Klopper
(1) As of 8/15/12
22
23. Other Gathering Systems 2Q Update
Haynesville – Crestwood continues to
Sabine System benefit from a firm transportation
agreement with Wildcat Gathering which
supports CMLP’s expected volumes
through mid 2013. Producers on CMLP’s
Sabine gathering system continue to
55 miles of pipeline implement restricted choke production
100 MMcf/d gathering capacity practices which curtails volumes but
74 MMcf/d treating capacity
100 wells connected
enhances the long term reserve to
production potential of dedicated wells.
Las Animas Avalon – Avalon Shale development has
Systems
been slow to develop on our Las Animas
gathering systems. Further development of
CMLP’s adjacent Poker Lake rich gas
gathering and processing project has been
delayed by Chesapeake’s Permian Basin
asset sales process expected to be
47 miles of pipeline
50 MMcf/d gathering capacity completed before FYE 2012.
60 wells connected
23
24. Key Financial Metrics as of 2Q 2012
Six Months Ended June 30,
2012 2011 % Increase
Operating Statistics:
Gathering (Bcf) (1) 114.9 90.3 + 27%
Processing (Bcf) 26.5 25.5 + 4%
Revenues ($MMs) $101.9 $87.9 + 16%
Adjusted EBITDA ($MMs) $56.9 $50.4 + 13%
Distributions per Unit $1.00 $0.90 + 11%
Leverage Metrics(2):
Total Debt ($MMs) $550.5 $437.5
Debt to Capitalization 46% 48%
Debt to Pro Forma LTM EBITDA 4.1x 4.3x
Borrowing Capacity ($MMs) $165.5 $185.1
(1)
Includes 35% proportionate ownership of Crestwood Marcellus Midstream LLC gathering volumes.
(2)
As defined in CMLP's credit agreement. Debt includes capital lease obligations, $8.0 million deferred purchase of Tristate acquisition that will be paid Q4 2012,
$90 million for the pending Devon Acquisition, offset by $116.9 million of equity proceeds received in Q3 2012. Latest twelve months EBITDA is pro forma for the
Tristate Acquisition and the pending Devon Acquisition.
24
25. Revised 2012 Financial Guidance
$160
$135
$140 $130
$120
$125 $125
$100
$ Millions
$80
$65
$60
$43
$55
$40
$38
$20
$-
Original Revised Original Revised
(1) (1)
Net Income Net Income Adjusted EBITDA Adjusted EBITDA
Low Range High Range
(1) Original guidance provided in February 28, 2012 earnings release
25
26. Factors Effecting Revised 2012 Guidance
Lower than expected 2Q 2012 gathering volumes on the
Alliance, Lake Arlington, Sabine, Prairie Creek and Woolly
Hollow dry gas systems
Higher than expected DD&A and Interest expense
Revised 2H 2012 producer drilling plans on dry gas systems
based on lower than expected natural gas prices for the
remainder of 2012
Offset by:
Increasing contribution from CMM in 3Q and 4Q 2012
Completion of pending Devon acquisition by 9/1/12
Recent new well production results and 2H 2012
development plans on the Indian Creek gathering system
26
27. Growth Drivers to Improved 2013 Performance
Based on Current Crestwood 5-Year Plan Forecast
Gathering Volumes MMcf/d
Total Crestwood
Volumes 21%
Total Rich Gas
Volumes
49%
Marcellus Joint
Venture 65%
Rich Gas Systems
(100% Owned)
26%
Dry Gas Systems 10%
0 200 400 600 800 1,000 1,200
2012 2013
27
28. Current Crestwood 5-Year Plan Supports Solid
Distribution Growth from Base Business
Factors which could improve
distribution growth and
strengthen coverage
Improved natural gas
prices leading to
increased drilling on dry
gas systems
Contributions from bolt-on
or value chain acquisitions
Contributions from new
greenfield infrastructure
projects
Faster drop downs from
2011 2012 2013 2014 2015 Crestwood Holdings
related to CMM
Annual Distributions
Crestwood maintains its 10% historical distribution growth target
28
29. Key Investment Considerations
Experienced management team and strong general partner
Solid field services operating platform
New strategy to emphasize bolt-on and value chain
acquisitions
Building competitive business development team to take
advantage of historic midstream infrastructure opportunities
Access to multiple sources of growth capital
Ample CMLP current liquidity to execute new acquisition and greenfield
project strategies
Focused on creating long term value through consistent
distribution growth
Remain committed to 10% annual distribution growth target
29
30. Non-GAAP Financial Measures
The following slides of this presentation provide reconciliations of the non-GAAP financial measures adjusted EBITDA and
adjusted distributable cash flow to their most directly comparable financial measures calculated and presented in
accordance with generally accepted accounting principles in the United States of America ("GAAP"). Our non-GAAP
financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or
any other GAAP measure of liquidity or financial performance.
We define adjusted EBITDA as net income from continuing operations adjusted for interest expense, income taxes,
depreciation, amortization and accretion expense and certain non-recurring expenses, including but not limited to items such
as transaction related expenses and gains/losses on the exchange of property, plant and equipment. Adjusted EBITDA is
commonly used as a supplemental financial measure by senior management and by external users of our financial
statements, such as investors, research analysts and rating agencies, to assess the financial performance of our assets
without regard to financing methods, capital structures or historical cost basis. We define adjusted distributable cash flow as
net income from continuing operations adjusted for: (i) the addition of depreciation, amortization and accretion expense; (ii)
the addition of income taxes; (iii) the addition of non-cash interest expense; (iv) the subtraction of maintenance capital
expenditures and (v) certain non-recurring expenses, including but not limited to items such as transaction related expenses
and gains/losses on the exchange of property, plant and equipment. The GAAP measure most directly comparable to
adjusted distributable cash flow is net income from continuing operations.
30
31. Non-GAAP Reconciliations
Six Months Ended
Year Ended December 31, June 30,
2008 2009 2010 2011 2011 2012
($ in thousands)
Total revenues $ 76,084 $ 95,881 $ 113,590 $ 205,820 $ 87,915 $ 101,935
Product purchases - - - (38,787) (12,528) (16,414)
Operations and maintenance expense (19,395) (21,968) (25,702) (36,303) (15,592) (18,598)
General and administrative expense (6,407) (9,676) (17,657) (24,153) (12,430) (13,674)
Earnings from unconsolidated affiliate - - - - - 441
Gain from exchange of property, plant and equipment - - - 1,106 - -
Other income 11 1 - - - -
EBITDA 50,293 64,238 70,231 107,683 47,365 53,690
Add: Non-recurring expenses - - 6,318 2,279 3,037 1,778
Less: Equity earnings from unconsolidated affiliates - - - - - (441)
Add: Adjusted earnings from unconsolidated affiliates - - - - - 1,876
Adjusted EBITDA 50,293 64,238 76,549 109,962 50,402 56,903
Less:
Depreciation and accretion expense 13,131 20,829 22,359 33,812 14,386 21,484
Interest expense 8,437 8,519 13,550 27,617 12,825 15,843
Income tax provision (benefit) 253 399 (550) 1,251 551 578
Non-recurring items impacting net income - - 6,318 2,279 3,037 3,213
Net income from continuing operations $ 28,472 $ 34,491 $ 34,872 $ 45,003 $ 19,603 $ 15,785
Net income from continuing operations $ 28,472 $ 34,491 $ 34,872 $ 45,003 $ 19,603 $ 15,785
Depreciation and accretion expense 13,131 20,829 22,359 33,812 14,386 21,484
Income tax provision (benefit) 253 399 (550) 1,251 551 578
Amortization of deferred financing fees 6,096 3,836 4,961 3,473 1,610 2,325
Non-cash equity compensation 1,017 1,705 5,522 916 565 994
Maintenance capital expenditures (1,890) (10,000) (6,600) (1,409) (705) (1,593)
Distributable cash flow 47,079 51,260 60,564 83,046 36,010 39,573
Add: Non-recurring expenses - - 2,737 4,779 5,537 1,778
Less: Equity earnings from unconsolidated affiliates - - - - - (441)
Add: Adjusted DCF from unconsolidated affiliates - - - - - 1,750
Adjusted distributable cash flow $ 47,079 $ 51,260 $ 63,301 $ 87,825 $ 41,547 $ 42,660
Distributions declared for respective period 33,736 39,428 52,423 70,453 31,621 45,787
Distribution coverage 1.40x 1.30x 1.21x 1.25x 1.31x 0.93x
31
32. Non-GAAP Reconciliation: 2012 Forecast
Reconciliation of Net Income to Adjusted EBITDA
(in millions)
Net income $38 to $43
Add: Depreciation, amortization and accretion expense $45
Add: Interest expense $35
Add: Income tax provision $1
EBITDA $119 to $124
Add: Non-recurring expenses (1) $2
Deduct: Equity earnings from Crestwood Marcellus Midstream ("CMM") ($3)
Add: 35% of CMM's Adjusted EBITDA $7
Adjusted EBITDA $125 to $130
(1)
Includes approximately $2 million of non-recurring expenses primarily related to due diligence activities
of a potential acquisition that is not expected to be completed.
32