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.
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.
ONEOK and ONEOK Partners to Present at Houston Energy Financial finance20
This document provides an agenda and overview for the Houston Energy Financial Forum on November 18, 2008. The presentation discusses ONEOK, Inc. and ONEOK Partners, L.P. as premier energy companies with diversified assets across the natural gas value chain. Key points include ONEOK Partners' $2 billion growth plan through internal projects between 2008-2009 focused on natural gas gathering and processing and natural gas liquids infrastructure in the Rockies. The presentation also highlights ONEOK's strategy of creating value through vertical integration and growth at ONEOK Partners, which benefits ONEOK through increasing distributions.
ONEOK to Present at Bank of America Conference finance20
John Gibson, CEO of ONEOK, Inc., gave a presentation at the Bank of America Conference in Key Biscayne, Florida on November 14, 2008. The presentation outlined ONEOK's vision as a premier energy company, its diversified assets across the natural gas value chain, and its financial highlights. ONEOK is executing a strategy of rebundling services across the value chain through vertical integration and growth projects at its midstream subsidiary, ONEOK Partners.
NiSource Inc. is a regulated energy company that aims to be the premier company in the industry. In 2007, NiSource made progress on its strategic plan through regulatory approvals, infrastructure projects, and resolving legacy issues. Key accomplishments included rate cases, pipeline expansion projects, restructuring business agreements, and maintaining investment grade credit ratings. NiSource views 2008 as pivotal for executing infrastructure projects, achieving regulatory initiatives like rate cases, and advancing its gas transmission and storage growth strategy including an MLP.
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.
El Paso Corporation provides natural gas and related energy products in North America. It operates 42,000 miles of interstate pipelines and has 2.8 trillion cubic feet of proven natural gas reserves. The company has $8 billion in committed pipeline expansion projects through 2013 to support 10%+ annual EBIT growth. El Paso also plans 8-12% annual production growth through 2010 by developing unconventional gas resources and international exploration.
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.
Public Service Enterprise Group held an energy and utilities conference in Miami Beach, Florida on May 29, 2008. The presentation included forward-looking statements about PSEG's performance, which may differ from actual results. It also noted factors that could impact PSEG's operating results such as energy industry and regulatory changes. PSEG Power represents the largest subsidiary and has a diverse portfolio of electric generation assets well-positioned to meet capacity and environmental requirements.
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.
ONEOK and ONEOK Partners to Present at Houston Energy Financial finance20
This document provides an agenda and overview for the Houston Energy Financial Forum on November 18, 2008. The presentation discusses ONEOK, Inc. and ONEOK Partners, L.P. as premier energy companies with diversified assets across the natural gas value chain. Key points include ONEOK Partners' $2 billion growth plan through internal projects between 2008-2009 focused on natural gas gathering and processing and natural gas liquids infrastructure in the Rockies. The presentation also highlights ONEOK's strategy of creating value through vertical integration and growth at ONEOK Partners, which benefits ONEOK through increasing distributions.
ONEOK to Present at Bank of America Conference finance20
John Gibson, CEO of ONEOK, Inc., gave a presentation at the Bank of America Conference in Key Biscayne, Florida on November 14, 2008. The presentation outlined ONEOK's vision as a premier energy company, its diversified assets across the natural gas value chain, and its financial highlights. ONEOK is executing a strategy of rebundling services across the value chain through vertical integration and growth projects at its midstream subsidiary, ONEOK Partners.
NiSource Inc. is a regulated energy company that aims to be the premier company in the industry. In 2007, NiSource made progress on its strategic plan through regulatory approvals, infrastructure projects, and resolving legacy issues. Key accomplishments included rate cases, pipeline expansion projects, restructuring business agreements, and maintaining investment grade credit ratings. NiSource views 2008 as pivotal for executing infrastructure projects, achieving regulatory initiatives like rate cases, and advancing its gas transmission and storage growth strategy including an MLP.
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.
El Paso Corporation provides natural gas and related energy products in North America. It operates 42,000 miles of interstate pipelines and has 2.8 trillion cubic feet of proven natural gas reserves. The company has $8 billion in committed pipeline expansion projects through 2013 to support 10%+ annual EBIT growth. El Paso also plans 8-12% annual production growth through 2010 by developing unconventional gas resources and international exploration.
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.
Public Service Enterprise Group held an energy and utilities conference in Miami Beach, Florida on May 29, 2008. The presentation included forward-looking statements about PSEG's performance, which may differ from actual results. It also noted factors that could impact PSEG's operating results such as energy industry and regulatory changes. PSEG Power represents the largest subsidiary and has a diverse portfolio of electric generation assets well-positioned to meet capacity and environmental requirements.
This document provides an overview of AES Corporation and discusses its business strategy. It notes that AES operates in 29 countries with over 28,000 employees and has a diverse portfolio including power generation, renewables, and climate solutions businesses. The document also contains forward-looking statements and discusses AES's track record of growth in key financial metrics like adjusted earnings per share and operating cash flow. It states that AES's strategy is aligned with market trends like growing global electricity demand and favorable renewable energy policies.
- Atmos Energy Corporation reported fiscal year 2008 earnings of $180.3 million, or $2.00 per share, compared to $168.5 million, or $1.92 per share in fiscal year 2007.
- Regulated operations contributed $134.1 million or $1.49 per share in 2008, up from $107.9 million or $1.23 per share in 2007.
- Nonregulated operations contributed $46.2 million or $0.51 per share in 2008, down from $60.6 million or $0.69 per share in 2007, due to a less volatile natural gas market.
- The company affirmed its fiscal year 2009 earnings guidance of $2
oneok ONEOK to Present at Lehman CEO Conferencefinance20
This document provides an overview and agenda for John Gibson's presentation at the Lehman Brothers CEO Energy/Power Conference on September 3, 2008 in New York City. The presentation agenda includes discussing ONEOK's vision, diversified assets including its distribution, energy services, and ONEOK Partners business segments, and key investment considerations. ONEOK Partners is highlighted as the primary growth engine, with $2 billion in internal growth projects underway from 2007 to 2009 that are expected to generate significant fee-based cash flow and EBITDA.
The document provides an overview of Exelon Corporation's operating performance and financial projections for 2007 and 2008. Some key points:
- Exelon is projecting 2007 operating earnings between $2.8-2.9 billion and EPS of $4.15-4.30. For 2008, projections are $2.6-2.9 billion in operating earnings and $4.00-4.40 in EPS.
- Exelon has over $44 billion in assets and $13 billion in total debt. The credit rating for senior unsecured debt is BBB.
- Exelon's business segments include Illinois Utility, Pennsylvania Utility, and Exelon Generation power markets. Financial projections are provided for
This annual report summarizes Sempra Energy's financial performance in 2004. Some key points:
- Sempra Energy posted record earnings of $895 million in 2004, a 38% increase over 2003. Earnings per share increased 26% to $3.83.
- The company made progress executing its growth strategy, including agreements for its first LNG terminal in North America and permits for additional terminals.
- California utilities SDG&E and SoCalGas received approval for rate plans ensuring reasonable returns through 2007.
- Trading, power generation and international businesses performed strongly, contributing to earnings growth.
Linn Jp Morgan Hy Conference Final Website 3 3 2010Monster12
LINN Energy held a conference on March 3, 2010 to discuss its business operations and strategy. The company aims to acquire, develop and maximize cash flow from long-life oil and natural gas assets. It has a large, diversified reserve base of 1.8 trillion cubic feet equivalent and focuses on acquiring mature properties that can provide stable production and repeatable drilling opportunities. While acquisition costs have risen, LINN believes acquisition margins remain attractive due to current natural gas prices based on five-year forward strip prices exceeding typical costs.
energy future holindings 2008_EEI_Deck_FINALbfinance29
This presentation provides an overview of Energy Future Holdings Corporation and its subsidiaries. EFH has three distinct business segments: Oncor Electric Delivery, Texas Competitive Electric Holdings, and Luminant. Oncor is the largest transmission and distribution utility in Texas. TCEH includes TXU Energy, the largest retail electricity provider in Texas, and Luminant, the second largest power generator in the state. The presentation discusses key initiatives and value drivers for each business, including large capital expenditure programs. It also reviews the debt structure of EFH and liquidity position of the holding company.
KBR is a leading global engineering, construction, and services company that supports the energy, petrochemicals, government services, and civil infrastructure sectors. It has a proud history dating back to 1901 and has achieved many industry "firsts", including building the world's first offshore oil platform. KBR traces its roots to strong research and development capabilities. It offers integrated solutions across the energy and chemicals value chain from engineering to procurement to construction. Major recent contracts include projects in gas to liquids and ammonia production.
El Paso Corporation is focused on growing its pipeline and E&P businesses in a sustainable manner over the long term. The company has a large committed growth backlog for its pipeline segment of nearly $4 billion. In its E&P segment, El Paso expects 8-12% production growth from 2007-2010 through development of its multi-year drilling inventory. Overall, El Paso aims to deliver meaningful and sustainable long-term growth through its pipeline and E&P operations.
The document is Teekay LNG Partners' Q2 2012 earnings presentation. It summarizes that in Q2 2012, Teekay generated distributable cash flow of $56.8 million, up 51% from $37.6 million in Q2 2011, due to contributions from six acquired LNG carriers. It also signed a new three-year time charter for one of its vessels at a rate 20% above the current charter. Looking forward, large increases in LNG supply from Australia and other regions from 2015 onward are expected to drive demand for additional LNG shipping capacity.
- Teekay LNG Partners generated distributable cash flow of $56.8 million in Q2-12, up 51% from $37.6 million in Q2-11, due to contributions from six acquired LNG carriers and fleet integration.
- The company declared a quarterly cash distribution of $0.675 per unit and entered a new three-year time charter for the Magellan Spirit commencing in September 2013 at a rate 20% above the current charter rate.
- Australia is expected to add around 80 million tonnes per annum of new LNG supply by 2020, requiring around 170 additional LNG carriers, as new supply comes online from various regions between 2015-2020.
public serviceenterprise group Morgan Stanley FINALfinance20
Public Service Enterprise Group held a presentation at the 15th Annual Global Electricity and Energy Conference on April 2, 2008. The presentation discussed PSEG's focus on operational excellence, participation in regulatory and market discussions, and growth opportunities with manageable risk. PSEG forecasts earnings growth of 8-9% annually through 2011, driven by stable revenues from its electric generation, transmission, and distribution businesses and the deployment of over $3 billion in discretionary cash through 2011.
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.
El Consejo de Derechos Humanos y el Proyecto de Plan MRC han propuesto un compromiso para proteger, mejorar y aumentar el hábitat de especies raras, amenazadas o en peligro de extinción, mantener y mejorar la biodiversidad de nuestras tierras, y alcanzar la seguridad jurídica para la gestión de especies en peligro de extinción. Este compromiso requiere que todos cuidemos las especies raras en peligro de extinción y contribuyamos a mantener las especies amenazadas.
The document discusses key details about World War 2, including that the United States, Great Britain and Russia fought against Germany, Italy and Japan. It notes Adolf Hitler was the leader of Germany and German politics under Hitler were called Nazism. Additionally, it states Franklin D. Roosevelt was the president of the United States during World War 2.
World War II was a global war that lasted from 1939 to 1945. It involved most nations of the world forming two opposing military alliances: the Allies and the Axis powers. The war began with Germany's invasion of Poland and ended with the surrender of Nazi Germany and Japan after the United States dropped atomic bombs on Hiroshima and Nagasaki. Over 70 million people were killed during the war, making it the deadliest conflict in human history. Key turning points included Germany's defeat on the Eastern Front by the Soviet Union and the Allied invasion of Normandy leading to the collapse of the Axis powers.
The Civil War began as a dispute between northern free states and southern slave states over the right to retain slavery, with the Confederacy attacking Fort Sumter and more states succeeding in response. While General Lee won many early battles, the Union prevailed at Gettysburg in 1863 and finally accepted Lee's surrender in 1865, after Lincoln had declared emancipation as a key war aim.
Classroom technology tools can enhance learning. Clickers are devices that allow students to electronically respond to questions to gauge comprehension. Mimio is an interactive whiteboard system that enables teachers to display materials and for students to interact with content on a board. These technologies provide new ways for teachers to engage students and assess understanding in real time.
jOpenSpace.cz 2015: Quo vadis, ministerium?David Ondřich
Mikroslužby jako nikoli nový koncept, ale stará známá UNIXová pravidla v novém hávu. Výhody a nevýhody software navrženého podle vertikál. Papoušek (c) Pavel Lahoda.
This seminar discusses key concepts for understanding Japan's international relations, including structure, agency, and norms. Structure refers to the international system of states, institutions, and actors. Agency comprises domestic policymakers and political factors. Norms include bilateralism, Asianism, and anti-militarism, which are embedded internationally and domestically. The seminar questions examine the relevance of these concepts and ask for examples of how structure, agency, and norms influence both proactive and reactive foreign policies. Characterizing Japan as "normal," "reactive," or "immobilist" has advantages and disadvantages, and conceptual tools help explain Japan's shifting approach over time.
This document provides an overview of AES Corporation and discusses its business strategy. It notes that AES operates in 29 countries with over 28,000 employees and has a diverse portfolio including power generation, renewables, and climate solutions businesses. The document also contains forward-looking statements and discusses AES's track record of growth in key financial metrics like adjusted earnings per share and operating cash flow. It states that AES's strategy is aligned with market trends like growing global electricity demand and favorable renewable energy policies.
- Atmos Energy Corporation reported fiscal year 2008 earnings of $180.3 million, or $2.00 per share, compared to $168.5 million, or $1.92 per share in fiscal year 2007.
- Regulated operations contributed $134.1 million or $1.49 per share in 2008, up from $107.9 million or $1.23 per share in 2007.
- Nonregulated operations contributed $46.2 million or $0.51 per share in 2008, down from $60.6 million or $0.69 per share in 2007, due to a less volatile natural gas market.
- The company affirmed its fiscal year 2009 earnings guidance of $2
oneok ONEOK to Present at Lehman CEO Conferencefinance20
This document provides an overview and agenda for John Gibson's presentation at the Lehman Brothers CEO Energy/Power Conference on September 3, 2008 in New York City. The presentation agenda includes discussing ONEOK's vision, diversified assets including its distribution, energy services, and ONEOK Partners business segments, and key investment considerations. ONEOK Partners is highlighted as the primary growth engine, with $2 billion in internal growth projects underway from 2007 to 2009 that are expected to generate significant fee-based cash flow and EBITDA.
The document provides an overview of Exelon Corporation's operating performance and financial projections for 2007 and 2008. Some key points:
- Exelon is projecting 2007 operating earnings between $2.8-2.9 billion and EPS of $4.15-4.30. For 2008, projections are $2.6-2.9 billion in operating earnings and $4.00-4.40 in EPS.
- Exelon has over $44 billion in assets and $13 billion in total debt. The credit rating for senior unsecured debt is BBB.
- Exelon's business segments include Illinois Utility, Pennsylvania Utility, and Exelon Generation power markets. Financial projections are provided for
This annual report summarizes Sempra Energy's financial performance in 2004. Some key points:
- Sempra Energy posted record earnings of $895 million in 2004, a 38% increase over 2003. Earnings per share increased 26% to $3.83.
- The company made progress executing its growth strategy, including agreements for its first LNG terminal in North America and permits for additional terminals.
- California utilities SDG&E and SoCalGas received approval for rate plans ensuring reasonable returns through 2007.
- Trading, power generation and international businesses performed strongly, contributing to earnings growth.
Linn Jp Morgan Hy Conference Final Website 3 3 2010Monster12
LINN Energy held a conference on March 3, 2010 to discuss its business operations and strategy. The company aims to acquire, develop and maximize cash flow from long-life oil and natural gas assets. It has a large, diversified reserve base of 1.8 trillion cubic feet equivalent and focuses on acquiring mature properties that can provide stable production and repeatable drilling opportunities. While acquisition costs have risen, LINN believes acquisition margins remain attractive due to current natural gas prices based on five-year forward strip prices exceeding typical costs.
energy future holindings 2008_EEI_Deck_FINALbfinance29
This presentation provides an overview of Energy Future Holdings Corporation and its subsidiaries. EFH has three distinct business segments: Oncor Electric Delivery, Texas Competitive Electric Holdings, and Luminant. Oncor is the largest transmission and distribution utility in Texas. TCEH includes TXU Energy, the largest retail electricity provider in Texas, and Luminant, the second largest power generator in the state. The presentation discusses key initiatives and value drivers for each business, including large capital expenditure programs. It also reviews the debt structure of EFH and liquidity position of the holding company.
KBR is a leading global engineering, construction, and services company that supports the energy, petrochemicals, government services, and civil infrastructure sectors. It has a proud history dating back to 1901 and has achieved many industry "firsts", including building the world's first offshore oil platform. KBR traces its roots to strong research and development capabilities. It offers integrated solutions across the energy and chemicals value chain from engineering to procurement to construction. Major recent contracts include projects in gas to liquids and ammonia production.
El Paso Corporation is focused on growing its pipeline and E&P businesses in a sustainable manner over the long term. The company has a large committed growth backlog for its pipeline segment of nearly $4 billion. In its E&P segment, El Paso expects 8-12% production growth from 2007-2010 through development of its multi-year drilling inventory. Overall, El Paso aims to deliver meaningful and sustainable long-term growth through its pipeline and E&P operations.
The document is Teekay LNG Partners' Q2 2012 earnings presentation. It summarizes that in Q2 2012, Teekay generated distributable cash flow of $56.8 million, up 51% from $37.6 million in Q2 2011, due to contributions from six acquired LNG carriers. It also signed a new three-year time charter for one of its vessels at a rate 20% above the current charter. Looking forward, large increases in LNG supply from Australia and other regions from 2015 onward are expected to drive demand for additional LNG shipping capacity.
- Teekay LNG Partners generated distributable cash flow of $56.8 million in Q2-12, up 51% from $37.6 million in Q2-11, due to contributions from six acquired LNG carriers and fleet integration.
- The company declared a quarterly cash distribution of $0.675 per unit and entered a new three-year time charter for the Magellan Spirit commencing in September 2013 at a rate 20% above the current charter rate.
- Australia is expected to add around 80 million tonnes per annum of new LNG supply by 2020, requiring around 170 additional LNG carriers, as new supply comes online from various regions between 2015-2020.
public serviceenterprise group Morgan Stanley FINALfinance20
Public Service Enterprise Group held a presentation at the 15th Annual Global Electricity and Energy Conference on April 2, 2008. The presentation discussed PSEG's focus on operational excellence, participation in regulatory and market discussions, and growth opportunities with manageable risk. PSEG forecasts earnings growth of 8-9% annually through 2011, driven by stable revenues from its electric generation, transmission, and distribution businesses and the deployment of over $3 billion in discretionary cash through 2011.
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.
El Consejo de Derechos Humanos y el Proyecto de Plan MRC han propuesto un compromiso para proteger, mejorar y aumentar el hábitat de especies raras, amenazadas o en peligro de extinción, mantener y mejorar la biodiversidad de nuestras tierras, y alcanzar la seguridad jurídica para la gestión de especies en peligro de extinción. Este compromiso requiere que todos cuidemos las especies raras en peligro de extinción y contribuyamos a mantener las especies amenazadas.
The document discusses key details about World War 2, including that the United States, Great Britain and Russia fought against Germany, Italy and Japan. It notes Adolf Hitler was the leader of Germany and German politics under Hitler were called Nazism. Additionally, it states Franklin D. Roosevelt was the president of the United States during World War 2.
World War II was a global war that lasted from 1939 to 1945. It involved most nations of the world forming two opposing military alliances: the Allies and the Axis powers. The war began with Germany's invasion of Poland and ended with the surrender of Nazi Germany and Japan after the United States dropped atomic bombs on Hiroshima and Nagasaki. Over 70 million people were killed during the war, making it the deadliest conflict in human history. Key turning points included Germany's defeat on the Eastern Front by the Soviet Union and the Allied invasion of Normandy leading to the collapse of the Axis powers.
The Civil War began as a dispute between northern free states and southern slave states over the right to retain slavery, with the Confederacy attacking Fort Sumter and more states succeeding in response. While General Lee won many early battles, the Union prevailed at Gettysburg in 1863 and finally accepted Lee's surrender in 1865, after Lincoln had declared emancipation as a key war aim.
Classroom technology tools can enhance learning. Clickers are devices that allow students to electronically respond to questions to gauge comprehension. Mimio is an interactive whiteboard system that enables teachers to display materials and for students to interact with content on a board. These technologies provide new ways for teachers to engage students and assess understanding in real time.
jOpenSpace.cz 2015: Quo vadis, ministerium?David Ondřich
Mikroslužby jako nikoli nový koncept, ale stará známá UNIXová pravidla v novém hávu. Výhody a nevýhody software navrženého podle vertikál. Papoušek (c) Pavel Lahoda.
This seminar discusses key concepts for understanding Japan's international relations, including structure, agency, and norms. Structure refers to the international system of states, institutions, and actors. Agency comprises domestic policymakers and political factors. Norms include bilateralism, Asianism, and anti-militarism, which are embedded internationally and domestically. The seminar questions examine the relevance of these concepts and ask for examples of how structure, agency, and norms influence both proactive and reactive foreign policies. Characterizing Japan as "normal," "reactive," or "immobilist" has advantages and disadvantages, and conceptual tools help explain Japan's shifting approach over time.
After World War I, Japan pursued increasingly expansionist policies in Asia driven by a need for natural resources, extreme nationalism, and perceived insults from Western powers. In 1931, Japan invaded Manchuria and in 1937 launched a full-scale invasion of China, taking the capital of Nanking. During the Nanking invasion, Japanese soldiers committed horrific atrocities against Chinese civilians. By this time, the military had largely taken control of the Japanese government and was led by General Hideki Tojo, though Emperor Hirohito remained a figurehead. Seeking more resources, Japan next began expanding into Southeast Asia.
1) Early Japanese society merged indigenous kinship systems with adopted Chinese bureaucratic models, blending family and formal hierarchies.
2) The rise of feudalism established a stratified society led by samurai. Cultural exchange continued as Buddhism influenced diverse expressions.
3) Modernization dismantled feudalism but brief democracy gave way to militaristic authoritarianism until defeat in WWII. The postwar period saw a rooted democracy and mixed economy balancing group orientation and individualism.
Range Resources Corporation is at an inflection point, with 2012 expected to see a significant increase in organic growth rate of 30-35% compared to its historical rate of 10% or less. The company has improved its capital efficiency through higher quality and lower cost wells, with drill bit reserve replacement over 800% and finding and development costs under $1/mcfe in 2011. Range has a large inventory of unproved resource potential across its areas that could support double-digit per share growth in production and reserves for years to come.
Pembina Pipeline Corporation is a midstream energy company that operates pipelines for the transportation of crude oil, natural gas liquids, and natural gas. It has a highly integrated network of pipelines and gas processing facilities located in Western Canada and North Dakota. Pembina also provides storage and marketing services for its customers. The company has a solid track record of growth through expanding its existing assets and developing new infrastructure projects to meet growing demand.
The document summarizes a presentation given by Joseph P. O'Leary and Steven P. Eschbach at a Mid-Cap Utility Conference on March 25, 2008. It discusses Integrys Energy Group's goals of delivering long-term shareholder value and earnings growth. It provides an overview of Integrys' regulated utility businesses, the progress of integrating Peoples Energy, capital investment programs, and financial outlook. Guidance is given for 6-8% annual EPS growth and a projected 2008 EPS range of $3.33-$3.78.
The document discusses forward-looking statements and risk factors regarding LinnCo and LINN Energy. It states that any predictions in the presentation are based on management's experience and perceptions, but are subject to uncertainties and may not reflect actual future results. It also notes that market data in the presentation is as of September 28, 2012. The document then provides an overview of LINN Energy, stating that it is the 8th largest public MLP and has a large, diversified reserve base and development opportunities across its core operating areas in the United States.
el paso 05_22%20Yardley_MLP%20Investor%20Confr_FINAL(Web)finance49
El Paso Pipeline Partners owns and operates natural gas transmission pipelines well-positioned to transport growing gas production from supply basins like the Rockies. The company benefits from long-term contracts that provide stable cash flows. El Paso Corporation is a strong sponsor committed to the partnership's organic growth and potential drop down acquisitions.
El Paso Pipeline Partners owns and operates three major interstate natural gas pipelines: Wyoming Interstate Company, Colorado Interstate Gas, and Southern Natural Gas. The company generates stable cash flow from long-term capacity reservation contracts averaging over 8 years. El Paso Pipeline Partners has several organic expansion projects underway and is well positioned to pursue additional growth opportunities through sponsor drop downs and third party acquisitions. The company maintains a strong financial position to support its current expansion program.
Integrys Energy Group has maintained a strong dividend track record despite volatile market conditions. The company's stock investment plan allows shareholders, employees, and the public to purchase stock with no brokerage fees or commissions. Participants can choose to reinvest all, some, or none of their dividends and can make optional cash payments up to $100,000 per year to purchase additional shares.
- PetroMagdalena Energy is building on past success by focusing on organic cash flow opportunities in its portfolio in Colombia through activities like enhancing netbacks, reducing costs, and increasing efficiency.
- The company plans to increase development activity in 2012 in the Llanos Basin following exploration success there.
- The 2012 work program is estimated between $70-80 million, with 65% directed towards light oil exploration and development in key areas like Cubiro and Arrendajo. This includes 10 development wells and 3 exploration wells for the rest of the year.
energy future holindings 040108ConfCallDeck_FINALfinance29
The document is a transcript from an investor call held by EFH Corp. on April 1, 2008. It includes:
1) A safe harbor statement noting forward-looking statements are subject to risks and uncertainties outlined in SEC filings.
2) Regulation G statement that any non-GAAP measures discussed will be reconciled to GAAP measures in the appendix.
3) An agenda for the call including presentations on strategy/operations highlights and financial overview from the CEO and CFO, followed by Q&A.
energy future holindings 040108_Conf_Call_Deck_FINALfinance29
The document summarizes an investor call for EFH Corp that discusses the company's financial performance in 2007 and operational highlights. It notes that EFH Corp's adjusted EBITDA declined 13% from 2006 to 2007 primarily due to changes at its TCEH business unit. Luminant met operational targets in 2007 including record lignite and nuclear power production. TXU Energy grew its residential customer count for the first time since 2001 and improved customer satisfaction. Both Luminant and TXU Energy committed to sustainability and renewable energy goals as part of the company's strategic objectives.
energy future holindings 040108_Conf_Call_Deck_FINALfinance29
The document is a transcript from an investor call held by EFH Corp. on April 1, 2008. It includes:
1) A safe harbor statement noting discussions of risks and uncertainties that could cause actual results to differ from projections.
2) Information on EFH Corp.'s adjusted EBITDA for 2006-2007, which dropped 13% due to factors including price discounts, increased fuel costs, and lower customer volumes.
3) Details on operational highlights and commitments from Luminant, TXU Energy, and Oncor regarding goals like emissions reductions, customer assistance programs, and capital investment.
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.
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.
This document provides an overview of Longwei Petroleum, a petroleum distributor and wholesaler in China. It discusses Longwei's operations, including its storage facilities and licenses. Longwei has seen significant revenue growth in recent years through serving industrial and consumer customers in Shanxi Province. The company sees continued opportunities for growth through expanding its existing customer base and acquiring additional storage locations.
This document summarizes a presentation given by Steven P. Eschbach, Vice President of Investor Relations for Midwest Utilities Seminar. The presentation provides an overview of Integrys Energy Group, a leading Midwest energy company serving over 2 million customers. Key points included Integrys' goals of long-term shareholder value and earnings growth, its diverse regulated utility businesses across six states, ongoing capital investment including the Weston 4 power plant project, and guidance for 2008 financial performance.
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EMA 2009 - 2012 & Beyond: Operating in a Carbon Constrained Environment -...fijigeorge
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This document provides an overview and forward-looking statements from a presentation by Natural Resource Partners LP (NRP) at the 2012 Global Energy Conference in Houston, TX. It outlines NRP's business model of owning and leasing mineral properties and collecting royalties. It notes various risks that could impact NRP's business prospects and performance. The document then provides details on NRP's diversified portfolio of coal, oil and gas, and aggregate reserves across the United States and its lessee base. It highlights growth opportunities for NRP in coal production, infrastructure investments, and developing its oil and gas and aggregates businesses.
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
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2. Forward Looking Statements
This presentation includes "forward-looking statements” within the meaning of federal
securities laws. All statements, other than statements of historical facts, included in this
presentation that address activities, events or developments that the Partnership expects,
believes or anticipates will or may occur in the future are forward-looking statements.
These forward-looking statements rely on a number of assumptions concerning future events
and are subject to a number of uncertainties, factors and risks, many of which are outside
the Partnership's ability to control or predict, which could cause results to differ materially
from those expected by management. Such risks and uncertainties include, but are not
limited to, regulatory, economic and market conditions, the timing and success of business
development efforts and other uncertainties. Additional information concerning these and
other factors can be found in our press releases and public periodic filings with the
Securities and Exchange Commission, including our Annual Report on Form 10-K for the year
ended December 31, 2010 and most recently filed Quarterly Reports on Form 10-Q.
Readers should not place undue reliance on forward-looking statements, which reflect
management’s views only as of the date hereof. We undertake no obligation to revise or
update any forward-looking statements, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise.
NAPTP Conference 5/26/2011 2
4. Key Investment Highlights
Diversified Portfolio of Coal Reserves and Midstream Assets
Simplified Capital Structure to Enhance Growth Potential
Stable and Predictable Coal Royalty Business
Midstream Business with Excellent Organic Growth Opportunities
Stable Cash Flows and Distribution Coverage
Strong, Simple Balance Sheet with Ample Liquidity
Well Positioned to Capitalize on Partnership Momentum & Industry Trends
NAPTP Conference 5/26/2011 4
5. Simplified Partnership Structure
PVR / PVG merger: Public
Simplified structure Unitholders
71.0 Million
– Non-economic GP interest Common Units
Elimination of incentive 100% LP interest 100%
distribution rights LLC interest
– No “high splits”
Penn
Penn Virginia
Reduced cost of capital Resource Partners, L.P.
Virginia
Resource
(NYSE: PVR)
Reduced corporate costs GP, LLC
Enhanced investor and market Non-economic
profile GP interest
PVR Finco LLC
– Increased float and trading
liquidity
Improved governance
– Unitholders gain right to elect PVR Coal
PVR
Midstream
Operations
all directors Operations
NAPTP Conference 5/26/2011 5
6. Business Segments
Coal & Natural Resource Management Natural Gas Midstream
~ 61% of 2010 EBITDA (1) ~ 39% of 2010 EBITDA (1)
Coal royalty business, not coal mining Traditional gathering and processing business
Managed coal properties since 1882 Assets are located in attractive natural gas basins
with long-lived reserves
Controls approximately 800 MM tons of high quality
coal reserves (23 year R/P ratio) (2) – 4,263 miles of pipelines
Long-term leases with experienced operators – 6 processing facilities
Ancillary businesses include coal services, timber – 400 MMcfd of capacity
and gas royalties
Average throughput volume 355 MMcfd in 2010
Cash flows naturally hedged with multi-year
contracts between producers and end users Attractive fee-based organic growth opportunities in
Marcellus Shale
2010 EBITDA (1): $201.8 million 2011 EBITDA (1) Guidance: $230 -240 million
(1) EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation of EBITDA to net income and cash flow from operations.
(2) Does not include approximately 102 million tons of coal reserves and resources acquired from Begley Properties in January 2011
NAPTP Conference 5/26/2011 6
7. Strategically Located Assets
Natural Gas Midstream Coal & Natural Resource Management
Gathering systems located in major gas basins Coal reserves located in major supply basins
Oklahoma and Texas reserves include plays in Access to major coal hauling railroads and
Granite Wash and liquids-rich production inland waterways
Significant fee-based growth potential from Close proximity to power generation facilities
Marcellus Shale
Marcellus
Powder River Basin
Northern &
Central
San Juan Basin
Appalachia
Illinois Basin
Texas & Oklahoma
NAPTP Conference 5/26/2011 7
8. Coal Royalty Business: Stable Cash Flow
Coal Royalty vs. Coal Operator Historical Coal Prices vs. Coal Royalty Revenue
Quarterly Coal Royalty Revenue
Coal royalty – not a coal mining operation $140 Central Appalachia $45
Illinois Basin $40
$120
Quarterly Revenue ($Millions)
Characteristic Coal Royalty Coal Operator
Spot Coal Prices ($/Ton)
$35
$100
$30
Operating Margins High Variable
$80 $25
Cash Flow Stability High Variable $60 $20
$15
Reinvestment $40
Medium High $10
Requirements
$20 $5
Social Costs (e.g.
Low High
benefits, black lung) $0 $0
Reclamation Exposure Low High
Majority of our royalty payments (~80%) are based on the higher of a percentage of the gross sales
price or a fixed price per ton
Contracts with our lessees are long-term, with an average life of 10 – 15 years
Substantially all leases require minimum payments even if no mining activities are ongoing
No direct exposure to mine operating costs and risks or reclamation costs
Our lessees generally sell their coal to end users under long-term fixed-price contracts
NAPTP Conference 5/26/2011 8
9. Midstream Business: Managed Growth
Management focused on continued reduction of Volumes by Contract
commodity price risk by:
– Pursuing system expansions backed by fee-
based contracts Fee-
Based Fee-
Based
– Converting a portion of the existing keep- 14% Percent of
22%
Proceeds Percent of
whole contracts to fee-based or POP Keep- Proceeds
34%
Keep- Whole 62%
Whole
– Acquiring fee-based businesses 52%
16%
Hedging remaining commodity-sensitive volumes
– Target 50% - 60% for two years out Midstream Throughput Volume
Significant organic fee-based growth potential 500
400
– Primarily in Marcellus Shale
Volume - MMcfd
300
Many gas purchase / keep-whole contracts
contain a processing fee floor 200
100
0
2006 2007 2008 2009 2010 2011 Q1
NAPTP Conference 5/26/2011 9
10. Conservatively Financed, Low-Risk Growth
Historical growth fueled by relatively strong margins, organic growth opportunities and acquisitions
– Recent organic growth largely in midstream
– Recent acquisition growth primarily coal and natural resource assets
Completed acquisitions in excess of $1.1 billion since IPO in 2001(2)
– No single acquisition > $200 million
Coal reserves have increased by 63% since 2001; Annual production volume has increased by 125%
Midstream throughput volumes have more than doubled since 2006
Raised approximately $360 million of equity since IPO in 2001
EBITDA(1) Growth with Conservative Leverage
(1) EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation of EBITDA to net income and cash flow from operations.
(2) Includes approximately $97 million for Middle Fork coal properties acquired in January 2011
NAPTP Conference 5/26/2011 10
12. Coal: Attractive Industry Fundamentals
EIA(1) forecasts that coal: U.S. Energy Supply Composition By Primary Source
Usage will continue to increase for next 25
years
Will continue to be the dominant fuel for
electric power generation in the U.S.
Will retain its cost advantage as the
cheapest energy source
U.S. Electrical Generation By Fuel Type Energy Prices (2)
(1) Annual Energy Outlook 2011 (March 2011), Energy Information Administration (EIA) (2) Prices paid for energy by Electric Generation Sector as reported by EIA
NAPTP Conference 5/26/2011 12
13. Coal & Natural Resource Management
Proven /
2010 Lease R/P
Probable
Region Production Ratio
Reserves
(MM tons) (years)
(MM tons)
Northern
4.0 29.7 7.4
Appalachia
Central
18.2 583.5 32.1
Appalachia
(1)
Illinois Basin 4.2 161.2 38.4
San Juan
8.1 29.3 3.6
Basin
Total (1) 34.5 803.7 23.3
(1) Does not include approximately 102 million tons of Middle Fork coal reserves
and resources in Central Appalachia Region acquired January 25, 2011
NAPTP Conference 5/26/2011 13
14. (1)
Coal – Operations
Royalties by Region – 2010 Reserves by Region – 2010 Reserves by Type – 2010
Changes in Coal Reserves: 2002 – 2010 Coal Production
(1) Statistics as of 12/31/2010 and do not include approximately 102 million tons of coal reserves and resources acquired from Begley Properties in January 2011
NAPTP Conference 5/26/2011 14
15. Primary Coal Basins
Central Appalachia (72% of Reserves) (1) Illinois Basin (20% of Reserves)
Consists of a combination of surface and Comprised of properties in southern Illinois and
underground mines located in KY, VA and WV western Kentucky
Coal is higher quality, lower sulfur Acquired 169 MM tons of reserves in the Illinois
Proximity to East Coast ports make these mines an Basin beginning in 2005
ideal source of exports The installation of scrubbers by Eastern and
Acquired ~102 million additional tons of coal Midwestern utilities has increased demand for the
reserves and resources from Begley Properties in high sulfur coal in the Illinois Basin
January 2011
(1) 2010 statistics do not include Begley assets acquired in January 2011
NAPTP Conference 5/26/2011 15
16. Primary Coal Basins
Northern Appalachia (4% of Reserves) San Juan Basin (4% of Reserves)
Northern Appalachia holdings consist of the Our Lee Ranch property is located in the San Juan
Federal and Upshur properties Basin of northwestern New Mexico and contains
only surface coal mines
Reserves are 100% owned and 98% have been
leased to operators
Acquired 10 million tons of Pittsburgh seam
reserves in July 2010
NAPTP Conference 5/26/2011 16
17. Services, Timber & Oil & Gas Royalties
Services Timber Oil & Gas Royalties
~ 5% of Coal & NRM Revenue (1) ~ 4% of Coal & NRM Revenue (1) ~ 2% of Coal & NRM Revenue (1)
Fees charged to lessees for Approximately 243,000 acres Approximately 6.3 Bcfe of
use of coal preparation and of forestland in Kentucky, proved oil and gas reserves in
loading facilities Virginia and West Virginia eastern Kentucky and
southwestern Virginia
Fee-based revenues Premium quality hardwood
primarily used for furniture
Predictable cash flows
(1) 2010 Coal & Natural Resource Management segment revenue
NAPTP Conference 5/26/2011 17
18. ENERGY.
Natural Gas
STRENGTH.
Midstream
OPPORTUNITY.
18
19. Natural Gas Midstream Overview
Gathering Processing 2010
System Pipeline Capacity Volume
Thunder Creek
(Miles) (MMcfd) (MMcfd)
Marcellus
Panhandle 1,817 260 222
Marcellus 3 N/A 10
Crescent 1,705 40 22
Arkoma 78 N/A 11
North
Crescent 136 N/A 16
Texas
Panhandle
Crossroads 8 80 67
Hamlin Arkoma
Hamlin 517 20 8
North Texas Crossroads Thunder
535 N/A 373
Creek (25% JV)
Total (1) 4,263 400 355
(1) Totals do not include Thunder Creek. Pipeline miles and volume totals may not foot due to individual system rounding.
NAPTP Conference 5/26/2011 19
20. Well Positioned Asset Base
Our assets are well positioned to benefit from increasing activity in emerging resource plays:
– Marcellus Shale
– Granite Wash
Attractive processing economics are expected to persist
Oil-to-Natural Gas Price Ratio Lower 48 State On-Shore Gas Production
25
Conventional Shale Gas
Coalbed M ethane Oil Associated
25
Trillion Cubic Feet
20
20
Ratio $/Bbl / $MMBtu
15
15
10 10
Shale gas drives future
5 5 production growth
0
0
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
Sources: Energy Information Agency, Baker Hughes, Bloomberg
NAPTP Conference 5/26/2011 20
21. Panhandle Systems
Overview & Statistics
Gathering systems in the Anadarko Basin of Texas
and Oklahoma
1,817 miles of pipeline
Comprised of a number of major gathering
systems and 30 compressor stations
3 Processing Plants with 260 MMcfd of total inlet
capacity
– Beaver: 100 MMcfd
– Spearman: 100 MMcfd (Expanded 7/09)
– Sweetwater: 60 MMcfd (Acquired 7/09)
Approximately 200 producers pursuant to
>300 contracts
Positioned to capitalize on the development of
the Granite Wash
SWEETWATER PLANT
NAPTP Conference 5/26/2011 21
22. Marcellus Systems Overview
PVR provides gathering, compression & related services
100% fee-based:
– Firm reservation charges provide a floor on returns
– Additional volumetric fees based upon actual deliveries
2010 Capital Expenditure: $49.5 Million
Anticipated 2011 Capital: $120 Million
NAPTP Conference 5/26/2011 22
23. Marcellus Systems
Lycoming System Wyoming System
First large-diameter gathering system in north-central PA Marcellus Began service June 2010
fairway
3 miles of 12-inch pipeline in service (as of
30-inch pipeline 12/31/2010)
850 MMcfd capacity Currently constructing system extension to
1st phase began service 2/16/2011 service additional local producers
Range Resources is anchor customer pursuant to AMI dedicating 75,000
acres
Phase II of system expected in service Q3/Q4 2011
Completed or Under
Future Expansion
Construction
Phase III
Phase I
Phase II
NAPTP Conference 5/26/2011 23
24. Natural Gas Midstream – Other Systems
Crossroads Crescent Hamlin
Located in the southeast portion of Gathering system in Oklahoma’s Gathering system stretching over eight
Harrison County, Texas Sooner Trend West Central Texas counties
Anchored by a long-term commitment Consists of 1,705 miles of pipeline and Consists of 517 miles of pipeline and 8
under a fee-based arrangement 14 related compressor stations related compressor stations
80 MMcfd of inlet capacity Processing plant Hamlin processing plant located in
Centered around 5 major producers – NGL recovery unit Fisher County, Texas
– 40 MMcfd capacity – 20 MMcfd capacity
Positioned for growth from Haynesville
Shale Wells are generally low-volume and
long-lived with large NGL quantities
North Texas Arkoma Thunder Creek Gas Services
Gas gathering and transportation Consists of three separate stand-alone Located in Wyoming’s Powder River
assets in the Barnett Shale play in the gathering systems in southeastern Basin
Fort Worth Basin Oklahoma’s Arkoma Basin 25% JV interest
– 136 miles of gathering pipeline – Two systems are 100% owned, – Devon Energy owns the other 75%
– Approximately 240,000 dedicated third system is 49% owned interest
acres – Average 2009 throughput volume 100% fee-based
100% fee-based revenues of 11 MMcfd
Average 2010 throughput volume of
373 MMcfd
NAPTP Conference 5/26/2011 24
26. Strong Financial Position
Strong, simple balance sheet
– Bank debt, senior notes and common units
– No debt maturity until 2015
– Expect to maintain or improve BB-/Ba3 corporate ratings
Well structured bank credit facility
– $1.0 billion revolving credit facility
– 19 banks with no bank holding more than 8.2% of total
– Available liquidity on revolver in excess of $480 million (1)
Maintain conservative and flexible capital structure
– Fund organic growth and acquisitions with cash and balanced
mix of debt and equity
– Target a long-term Debt/EBITDA of 3.5x
(1) Based on outstandings as of 3/31/2011
NAPTP Conference 5/26/2011 26
27. Financial Overview
Prudently managed balance sheet,
Annual EBITDA (1)
cash flows and distributions
Target distribution coverage of $250
1.05x after deducting replacement $200
capital
$ Millions
$150
Future debt and equity financings $100
for acquisitions and internal growth $50
will target long-term net debt / $0
EBITDA ratio of ≤ 3.5x 2006 2007 2008 2009 2010
Distributable Cash Flow(2) vs. Distributions Debt / EBITDA (1)
$160 DCF 4.0x
$140 Distributions
$120 3.0x
$ Millions
$100
$80 2.0x
$60
$40 1.0x
$20
$0 0.0x
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
(1) Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation of Adjusted EBITDA to Operating Income.
(2) Distributable Cash Flow is a non-GAAP financial measure. See Appendix for a reconciliation of Distributable Cash Flow to Net Income.
NAPTP Conference 5/26/2011 27
28. Conservative Capitalization
Balance Sheet as of March 31, 2011
Revolving Credit Facility $ 515.0
8.25% Senior Notes due 2018 300.0
Total Debt $ 815.0
Partners' Capital 405.7
Total Capitalization $ 1,220.7
EBITDA - LTM (1) 216.5
Debt / EBITDA 3.8 x
Debt / Capitalization 67%
Revolver Capacity (2) $ 1,000.0
Revolver Availability (3) $ 483.4
(1) EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation of EBITDA to operating income and cash flows from operations
(2) On April 19, 2011 PVR amended its credit facility and increased capacity to $1.0 billion
(3) Revolver availability includes adjustment for $1.6 million in letters of credit and reflects April 2011 capacity increase.
Conservative Pro Forma Leverage with Strong Liquidity Profile
NAPTP Conference 5/26/2011 28
29. Key Investment Highlights
Diversified Portfolio of Coal Reserves and Midstream Assets
Simplified Capital Structure to Enhance Growth Potential
Stable and Predictable Coal Royalty Business
Midstream Business with Excellent Organic Growth Opportunities
Stable Cash Flows and Distribution Coverage
Strong, Simple Balance Sheet with Ample Liquidity
Well Positioned to Capitalize on Partnership Momentum & Industry Trends
NAPTP Conference 5/26/2011 29
31. Derivative Hedging Strategy
PVR is long NGLs and short natural gas
Active hedge strategy to mitigate commodity price risk
– Exposed to “frac spread” risk through wellhead purchase contract and to direct commodity
price risk through percent-of-proceeds contacts
Current and future hedges (1)
– 2011 hedges are 55% of current price-sensitive volumes
– 2012 hedges are 32% of current price-sensitive volumes
– Target hedging 50-60% of price sensitive exposure out 2 years
Sensitivity to commodity price changes is expected to decrease as a result of increasing fixed-
fee volumes from the Marcellus Shale, Thunder Creek and Crossroads
Hedging parameters established by Board of Directors
Hedging execution overseen directly by executive management
(1) Base upon hedging positions and volumes as of 3/31/2011
NAPTP Conference 5/26/2011 31
32. Distributable Cash Flow Reconciliation
PVR - Historical Distributable Cash Flow Summary
Guidance Range Year Ended December 31,
($ millions) 2011 2010 2009 2008 2007 2006
Net Income $ 75.0 $ 85.0 $ 68.5 $ 65.2 $ 104.5 $ 56.6 $ 73.9
DD&A 84.0 88.0 75.9 70.2 58.2 41.5 37.5
Impairments - - - 1.5 31.8 - -
Total derivative losses (gains) 26.0 30.0 23.6 22.7 (11.4) 50.2 13.2
Cash settlements of derivatives (11.0) (16.0) (10.1) 3.0 (38.5) (17.8) (19.4)
Equity earnings from JV's, net of distributions 7.0 8.0 3.3 (2.5) (0.2) (0.3) 1.3
Other - - - - - - 4.6
Maintenance CAPEX (14.0) (18.0) (15.3) (8.4) (14.5) (9.8) (9.5)
(1)
Distributable Cash Flow As Reported 167.0 177.0 145.8 151.7 129.9 120.5 101.6
Replacement Capital (27.0) (27.0)
Distributable Cash Flow 140.0 150.0
(1) Distributable cash flow represents net income plus depreciation, depletion and amortization expenses, plus impairments, plus (minus) derivative losses (gains) included in other
income, plus (minus) cash received (paid) for derivative settlements, minus equity earnings in joint ventures, plus cash distributions from joint ventures, minus maintenance capital
expenditures. Distributable cash flow is a significant liquidity metric which is an indicator of our ability to generate cash flows at a level that can sustain or support an increase in
quarterly cash distributions paid to our partners. Distributable cash flow is also the quantitative standard used by investors and professional research analysts in the valuation,
comparison, rating and investment recommendations of publicly traded partnerships. Distributable cash flow is presented because we believe it is a useful adjunct to net cash
provided by operating activities under GAAP. Distributable cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to
cash flows from operating, investing or financing activities, as an indicator of cash flows, as a measure of liquidity or as an alternative to net income.
Note: Totals may not foot due to rounding
NAPTP Conference 5/26/2011 32
33. Reconciliation of EBITDA
PVR - Historical EBITDA Summary
Guidance Range Year Ended December 31,
($ Millions) 2011 2010 2009 2008 2007
Reconciliation of GAAP "Operating
Income" to Non-GAAP "EBITDA"
Operating Income 146.0 152.0 125.9 108.3 115.2 117.7
Depreciation, depletion & amortization 84.0 88.0 75.9 70.2 58.2 41.5
Impairments - - - 1.5 31.8 -
(1)
EBITDA 230.0 240.0 201.8 180.0 205.2 159.2
(1) EBITDA, or earnings before interest, tax and depreciation, depletion and amortization ("DD&A) represents operating income plus DD&A, plus impairments. We
believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of
companies in the coal and natural gas midstream industries. We use this information for comparative purposes within the industry. EBITDA is not a measure of
financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income.
NAPTP Conference 5/26/2011 33