John Hopper, Vice President and Treasurer of Merrill Lynch, presented at the Leveraged Finance Conference on November 14, 2006. The presentation focused on El Paso Corporation's strong financial results in the third quarter of 2006, significant progress on legacy issues, continued debt reduction, growth in the pipeline business, drilling success in exploration and production, and risk management strategies. El Paso aims to provide natural gas and related energy products in a safe, efficient, and dependable manner.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
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This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
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5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
1. John Hopper
Vice President and Treasurer
Merrill Lynch
Leveraged Finance Conference
November 14, 2006
the place to work
the neighbor to have
the company to own
2. Cautionary Statement Regarding
Forward-looking Statements
This presentation includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The company has made every reasonable effort to ensure that the information and
assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of
factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in
this presentation, including, without limitation, changes in unaudited and/or unreviewed financial information; our ability to
implement and achieve our objectives in the 2006 plan, including achieving our debt-reduction, earnings and cash flow targets; the
effects of any changes in accounting rules and guidance; our ability to meet production volume targets in our Exploration and
Production segment despite delays in resuming production shut-in due to hurricanes Rita and Katrina; uncertainties and potential
consequences associated with the outcome of governmental investigations, including, without limitation, those related to the
reserve revisions and natural gas hedge transactions; the outcome of litigation, including class actions related to reserve revisions
and restatements; our ability to comply with the covenants in our various financing documents; our ability to obtain necessary
governmental approvals for proposed pipeline projects and our ability to successfully construct and operate such projects; the
risks associated with recontracting of transportation commitments by our pipelines; regulatory uncertainties associated with
pipeline rate cases; actions by the credit rating agencies; our ability to successfully exit the energy trading business; our ability to
close our announced asset sales on a timely basis; changes in commodity prices for oil, natural gas, and power and relevant basis
spreads; inability to realize anticipated synergies and cost savings associated with restructurings and divestitures on a timely
basis; general economic and weather conditions in geographic regions or markets served by the company and its affiliates, or
where operations of the company and its affiliates are located; the uncertainties associated with governmental regulation; political
and currency risks associated with international operations of the company and its affiliates; competition; and other factors
described in the company’s (and its affiliates’) Securities and Exchange Commission filings. While the company makes these
statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will
be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company
assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking
statements made by the company, whether as a result of new information, future events, or otherwise.
Non-GAAP Financial Measures
This presentation includes certain Non-GAAP financial measures as defined in the SEC’s Regulation G. More information on these
Non-GAAP financial measures, including EBIT, net debt, and total liquidity, and the required reconciliations under Regulation G, are
set forth in the appendix hereto.
2
3. Our Purpose
El Paso Corporation provides
natural gas and related energy
products in a safe, efficient, and
dependable manner
3
4. Strong Results Continue
■ 3Q 2006—Third consecutive profitable quarter
■ Pipelines continue to deliver
• Outstanding financial results
• Continued progress on expansions
• Continued progress on rate cases
■ E&P has solid quarter
• New leadership on board
• Volumes up
• New deep shelf discovery
■ Continued progress on legacy issues
4
5. Significant Progress on Legacy Items
First Six Months 2006 July To-Date
■ Shareholder litigation ■ Exit domestic power
■ Macaé, Araucaria disputes ■ Downsize gas trading book
■ Power book sale ■ Completed sale of ICE shares
■ SEC & DOJ investigations ■ Closed $61 MM of international
power sales
More issues now behind us
5
6. Continued Strong Cash Flow
Nine Months Ended
September 30,
($ Millions) 2006 2005
$ (113)
Net income (loss) from continuing operations $ 663
903
Non-cash adjustments 983
790
Subtotal 1,646
(1,177)
Working capital changes and other 356
(387)
Cash flow from continuing operations 2,002
(11)
Discontinued operations 10
$ (398)
Cash flow from operations $2,012
$1,260
Capital expenditures $1,639
$1,023
Acquisitions, net of cash acquired $ –
$ 85
Dividends paid $ 108
6
7. Improved Balance Sheet
($ Millions) September 30, 2006 December 31, 2005
Total financing obligations $15,179 $18,009
Macaé project debt* $ – $ 225
Total book capitalization $19,950 $21,654
Cash $ 759 $ 2,132
Net debt $14,420 $16,102
7.9%
Weighted average cost of debt 8.1%
$ 2,303
Total liquidity $ 1,651
$3.1 billion reduction in gross debt through September 30, 2006
*Macaé project debt is included in liabilities for discontinued operations and was subsequently
retired in April 2006
7
8. Liquidity Needs Have Changed
■ Simplified business model
Revolver
requires less liquidity Capacity
High
• Roll-off of legacy
production hedges
Available
Cash
• Exit from non-core
Volatility
businesses Total: $2.3 billion
As of 12/31/05
■ EP will hold lower cash
balances Total: $1.7 billion
As of 9/30/06
■ Liquidity needs will be Low
largely met through Complexity
Low High
revolver capacity
8
9. 2006 Finance Accomplishments
■ May
• $500 MM equity offering
■ May
• S&P upgrades Sr. Unsecured credit rating 1 notch—positive outlook
• Moody’s upgrades Sr. Unsecured credit rating 2 notches—positive outlook
■ July
• New credit facility in place with improved terms and lower costs
■ October
• Completed exit of domestic power business
$3.1 billion gross debt reduction through September 30, 2006
9
10. Leading Natural Gas Pipelines
Great Lakes Gas
► 26% total U.S. Transmission (50%)
Wyoming
interstate pipeline
Interstate
mileage
Colorado
Cheyenne
Interstate Gas
► 1/3 of daily U.S. Plains Pipeline
throughput
Tennessee
Mojave
Gas Pipeline
Pipeline
► Best market ANR
Pipeline
connectivity Southern
Natural Gas
► Best supply access
El Paso
Elba Island
► Leading pipeline Natural Gas
LNG
integrity program
Mexico
Ventures
Florida Gas
Transmission (50%)
10
11. Strong Financial Performance
$ Millions
Pipeline EBIT Through September 30
$1,118
$993
■ 13% increase 2005 to 2006
■ Results driven by higher
rates and expansions
■ Expansion projects to
provide further growth
2005 2006
11
12. Outlook for Continued Growth is Excellent
Growth project portfolio approximately $3 Billion
TGP Essex-
TGP NE ConneXion Middlesex
New England $38 MM
$103 MM November 2007
ANR Wisconsin 2006 November 2007
ANR STEP 82 MMcf/d
$47 MM 136 MMcf/d
$95 MM
WIC Kanda Lateral November 2006
2007/08
$141 MM 168 MMcf/d
27 Bcf/412 MMcf/d
January 2008
Up to 410 MMcf/d
TGP NE ConneXion
Cheyenne Plains NY/NJ
Expansion $26 MM
CP Yuma Lateral
CIG High Plains Project
$26 MM November 2006
$23 MM
$145 MM
April 2008 42 MMcf/d
December 2006
December 2008/July 2009
90 MMcf/d 49 MMcf/d
965 MMcf/d
CIG Raton Expansion
EPNG
$12 MM SNG Elba Expansion
Arizona Storage
November 2007 III & Elba Express
$118 MM
29 MMcf/d $930 MM
June 2010
2010–2012
3.5 Bcf/350 MMcf/d
SNG New Home
TGP Carthage 8.4 Bcf/900 MMcfd
Storage
Expansion
Mexico JV—LPG $145 MM
$34 MM SNG Cypress Phase I / II
Reynosa
EPNG Sonora Lateral 3Q 2010
May 2009 $244 MM/$19 MM
$53 MM (50%)
$152 MM 7 Bcf/700 Mcf/d
100 MMcf/d May 2007/Mid-2008
July 2007
April 2011
220 MMcf/d/116 MMcf/d
30,000 Bbl/d
1,000 MMcf/d
TGP/ANR
Eugene Island 371
FGT Phase VII—Part I and II
Mexico JV— Sonora $41 MM
$63 MM/$0 MM
$406 MM (33%) January 2007
May 2007/ May 2008
2010/2011 200 MMcf/d
60 MMcf/d/20 MMcf/d
1,000–1,250 MMcf/d
TGP
SNG Cypress
LA Deepwater Link
Phase III
$55 MM
FERC Certificated/ Under Construction $61 MM
January 2007
May 2010
850 MMcf/d
Signed PA’s Future Projects 164 MMcf/d
12
13. E&P Accomplishments
■ Continued sequential production growth
■ Continued drilling success
■ GOM hurricane recovery complete
■ New deep shelf discovery
■ Price risk management for 2007
13
14. South Texas Acquisition
■ Complements existing operations
■ Re-entry into Lobo trend
■ 27,000 gross acres (23,000 net) Speaks
■ 84 Bcf estimated proved reserves Dry Hollow/Big Holler
■ 19 MMcfe/d current production
Lobo
Acquisition
Bob West
Monte Christo
Jeffress
EPPC leases
14
16. Third Consecutive Quarter of
Production Growth
MMcfe/d
810
785
765 23
22
32
189
165
133
183
187*
195
415
405 411
1Q 2006 2Q 2006 3Q 2006
Onshore TGC GOM/SLA International
Averaged approximately 830 MMcfe/d in October
Note: Includes proportionate share of Four Star equity volumes
*Sold properties in South Texas in 2Q producing 5 MMcfe/d
16
17. 2007 Natural Gas Hedge Program
■ Supports significant portion of 2007 production
■ Current positions
• 55 Bcf of collars—$8 MMBtu floor, $16.89/MMBtu ceiling
• 89 Bcf floors at $7.50/MMBtu
• 66 Bcf fixed price swaps at $7.53/MMBtu
■ Expands previous 2007 positions
■ No margin requirements
Summary:
■ 210 Bcf average floor price $7.64/MMBtu
■ 121 Bcf capped at $11.80/MMBtu
■ Remainder of 2007 production—Market price
17
18. EP Value Proposition
■ High visibility growth
■ Low-beta business Pipelines
■ Emerging growth
■ Low commodity risk 60% E&P
■ Significant commodity upside
40% ■ 2007 hedge program
mitigates downside
■ Acquisition opportunities
Visible Growth + High-Impact Growth Opportunities +
Limited Commodity Downside + Improved Balance Sheet =
Great Outlook
18
20. Disclosure of Non-GAAP
Financial Measures
The SEC’s Regulation G applies to any public disclosure or release of material information that includes a non-GAAP financial measure.
In the event of such a disclosure or release, Regulation G requires (i) the presentation of the most directly comparable financial measure
calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure
presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. The required
presentations and reconciliations are provided herein. Additional detail regarding non-GAAP financial measures can be reviewed in our
full operating statistics posted at www.elpaso.com in the Investors section.
El Paso uses the non-GAAP financial measure “earnings before interest expense and income taxes” or “EBIT” to assess the operating
results and effectiveness of the company and its business segments. The company defines EBIT as net income (loss) adjusted for (i)
items that do not impact its income (loss) from continuing operations, such as extraordinary items, discontinued operations, and the
impact of accounting changes; (ii) income taxes; (iii) interest and debt expense; and (iv) distributions on preferred interests of
consolidated subsidiaries. The company excludes interest and debt expense and distributions on preferred interests of consolidated
subsidiaries so that investors may evaluate the company’s operating results without regard to its financing methods or capital
structure. El Paso’s business operations consist of both consolidated businesses as well as substantial investments in unconsolidated
affiliates. As a result, the company believes that EBIT, which includes the results of both these consolidated and unconsolidated
operations, is useful to its investors because it allows them to evaluate more effectively the performance of all of El Paso’s businesses
and investments. Net Debt is defined as El Paso's total Financing Obligations as disclosed on the company's consolidated balance
sheet net of cash and cash equivalents. Net Debt is an important measure of the company's total leverage. Investor’s should be aware
that some of El Paso’s cash is restricted and not available for debt repayment. Per Unit Total Cash Expenses equal total operating
expenses less DD&A and other non-cash charges divided by total consolidated production. Total Liquidity is defined as cash that is
easily available for general corporate purposes and available capacity under El Paso's $1.25 billion credit agreement, El Paso’s $500 MM
letter of credit facility and El Paso Exploration and Production Company’s $500 MM credit agreement. Total Liquidity demonstrates the
company’s ability to meet current obligations and commitments.
El Paso believes that the non-GAAP financial measures described above are also useful to investors because these measurements are
used by many companies in the industry as a measurement of operating and financial performance and are commonly employed by
financial analysts and others to evaluate the operating and financial performance of the company and its business segments and to
compare the operating and financial performance of the company and its business segments with the performance of other companies
within the industry.
These non-GAAP financial measures may not be comparable to similarly titled measurements used by other companies and should not
be used as a substitute for net income, earnings per share or other GAAP measurements.
20
23. Non-GAAP Reconciliation: Net Debt
$ Billions
September 30, December 31,
2006 2005
Total debt $15.2 $18.0
Macaé project debt – 0.2
Total cash and cash equivalents (0.8) (2.1)
Outstanding net debt $14.4 $16.1
23
24. Non-GAAP Reconciliation:
Total Liquidity
$ Millions
September 30, December 31,
2006 2005
Readily available cash $ 614 $ 1,975
Available capacity under credit facilities 1,037 328
Total liquidity $1,651 $ 2,303
24
25. Production-Related Derivative Schedule
2006 2007 2008 2009–2012
Notional Average Average Notional Average Notional Average Notional Average
Natural Gas Volume Hedge Cash Volume Hedge Volume Hedge Volume Hedge
(Bcf) Price Price (Bcf) Price (Bcf) Price (Bcf) Price
Designated—EPEP
Fixed Price—Legacy 1 20.9 $6.30 $3.93 4.6 $3.28 4.6 $3.42 16.0 $3.74
Fixed Price 0.5 $5.28 $5.28 0.8 $5.23
Fixed Price 60.2 $7.90
Ceiling 54.8 $16.89
Floor 54.8 $8.00
Economic—EPM
Fixed Price 6.3 $8.11 $8.11
Ceiling 15.0 $9.50 $9.50 18.0 $10.00 16.8 $8.75
Floor 30.0 $7.00 $7.00 89.4 $7.50 18.0 $6.00 16.8 $6.00
Avg Ceiling 42.7 $7.68 $6.52 120.4 $11.80 22.6 $8.66 32.8 $6.31
Avg Floor 57.7 $6.85 $5.99 209.8 $7.64 22.6 $5.47 32.8 $4.90
2006 2007 2008
Notional Average Average Notional Average Notional Average
Crude Oil Volume Hedge Cash Volume Hedge Volume Hedge
(MMBbls) Price Price (MMBbls) Price (MMBbls) Price
Economic—EPEP
Fixed Price 0.09 $35.15 $35.15 0.19 $35.15
Economic - EPM
Fixed Price 0.26 $58.81 $58.81
Ceiling 1.01 $60.38 0.93 $57.03
Floor 1.01 $55.00 0.93 $55.00
See El Paso’s Form 10-Q filed 11/06/06 for additional information on the company’s derivative activity
*Hedge price and cash price are identical for 2007–2012
Note: 2006 data is as of September 30, 2006 (contract months October–December)
2007 positions are as of November 6, 2006 (updated for transactions announced 11/9/06)
25
26. John Hopper
Vice President and Treasurer
Merrill Lynch
Leveraged Finance Conference
November 14, 2006
the place to work
the neighbor to have
the company to own