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James C. YardleyPresident & Chief Executive Officer
El Paso Pipeline GP Company, L.L.C.IPAA MLP Conference
January 17, 2008
2
Forward Looking Statements
This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. El Paso Pipeline Partners and El Paso Corporation have 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, the ability to obtain necessary governmental approvals for proposed pipeline projects and to successfully construct and operate such projects; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; the risks associated with recontracting of transportation commitments; regulatory uncertainties associated with pipeline rate cases; actions taken by third-party operators, processors and transporters; conditions in geographic regions or markets served by WIC, El Paso Pipeline Partners and their affiliates or where their operations and affiliates are located; the effects of existing and future laws and governmental regulations; competitive conditions in our industry; changes in the availability and cost of capital; and other factors described in El Paso Pipeline Partners’and El Paso Corporation’s (and their affiliates’) Securities and Exchange Commission filings. While these statements and projections are made in good faith, El Paso Pipeline Partners, El Paso Corporation and their respective management teams cannot guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. El Paso Pipeline Partners and El Paso Corporation assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made, whether as a result of new information, future events, or otherwise.
3
Overview of El Paso Corporation
• Purpose
• Culture
• Assets
• MLP Formation
4
Defining Purpose
El Paso Corporation provides natural gas and related energy
products in a safe, efficient, and dependable manner
5
the place to workthe neighbor to havethe company to own
Focus on Culture
6
Overview of El Paso Corporation
• 2.6 Tcfe YE ’06 proved reserves• Top 10 independent domestic gas
producer• 5 years of project inventory• Portfolio upgrade underway
• $1.2 billion of 2006 EBIT• 43,000 miles of interstate pipeline with
unmatched connectivity• More than $2 billion of organic projects
with firm customer commitment
El PasoNatural Gas
MojavePipeline
ColoradoInterstate Gas
WyomingInterstate
CheyennePlains Pipeline
TennesseeGas Pipeline
SouthernNatural Gas
Florida GasTransmission (50%)
Elba IslandLNG
Premier Pipeline Franchise Top 10 independent E&P
Gulf LNG (50%)2011
7
MLP Formation Rationale
A strong performing MLP currency provides El Paso with a strategic vehicle to grow its business
Highlight Franchise
Value
OptimizeCapital
Structure
Enhance Competitive
Position
8
El Paso Pipeline Partners, L.P.
9
El Paso Pipeline Partners L.P.Successful IPO November 15, 2007
$20.00
$21.00
$22.00
$23.00
$24.00
$25.00
Nov-07 Dec-07 Jan-08
• 28.75 MM units sold to public at $20/unit
• El Paso retained 64.8% LP units+ 2% GP interest and incentive distribution rights
• Unit value up 18% since IPO
1/16/08: $23.54’08 Est. Distribution: $1.15Yield: 4.9%
10
Investment Highlights• El Paso is the premier U.S. natural gas pipeline franchise• Alignment of interests (67% ownership + IDRs)• Strategic growth vehicle for El Paso
• Strategically located high quality assets• $1.1 billion of contracted growth projects ($336 MM to the MLP)• Growth through potential acquisitions - third party, drop down or both
• 90%+ revenue from capacity reservation charges• Average contract life of approximately 6 years
ExperiencedManagement
• Unparalleled experience in the pipeline industry• Includes some of El Paso’s most senior officers with an average of
over 26 years of energy industry experience
Financial Flexibility • Strong and flexible financial position
Strong Sponsorship
Growth Vehicle
Stable CashFlow
11
Overview of El Paso Pipeline Partners• Primary focus is natural gas transmission
and storage assets• Three FERC regulated interstate pipelines:
– 100% of WIC: 700 miles, 2.3 Bcf/d– 10% of CIG: 4,000 miles, 3.0 Bcf/d– 10% of SNG: 7,600 miles, 3.7 Bcf/d
• Demand based revenues from high quality customers with strong credit profiles
• Several organic expansions underway
Diverse, Growing Supply Regions High Connectivity to Growing Markets
WICCIG SNG
12
MLP OpportunitiesC
ash
Flow
Sta
bilit
y
Asset LifeLow High
InterstatePipelines
• Price stability • Long-term firm
demand contracts• Stable asset base
Majority of alternative MLP’s
Low
Hig
h
13
Stable Cash Flow
$100 MM of 2008 estimated cash flow available for distribution
Capacity Reservation ChargesVariable ChargesInterruptible Contracts
WIC CIG SNG2006 Revenue Composition (1)
97.8%1.8%0.4%
92.3%6.0%1.7%
89.0%7.0%4.0%
Weighted Average Contract Life (years)
6.8 6.1 5.8
Capacity Reservation ChargesResult in Stable Cash Flows
(1) Excludes liquids and fuel retention revenues.
14
Best Positioned Assets-2.0
-1.2-1.0
-0.53.4
0.4
1.3
4.0
5.4
1.2
0.6
1.5
0.7
2.9
-0.4
Source: EEA/ICF International July 2007 Base Case
4.7
2.8
1.4
CanadaDeclining
exports to the USA
RockiesIncreasing supplies
leaving region
LNGExpanding current
facilities, Gulf Coast additions
0.8(1) Elba Island Facility not owned by El Paso Pipeline Partners.
(1)
Major Flow Changes 2006–2016 (Bcf/d)
Eastern Demand Growth
Especially Southeast
15
B
DouglasCompressor
Station
WamsutterCompressor
Station
Medicine BowLateral
Leased Capacity onCIG’s Powder River Line
Cheyenne Hub
Opal Hub KandaInterconnect
Northwest PipelineInterconnect
AnadarkoChapita Plant
GREATER GREEN RIVERBASIN
WIND RIVERBASIN
POWDER RIVERBASIN
Wyoming
DJ BASINColoradoUtah
PICEANCEBASIN
UINTA BASIN
Piceance Lateral
ContractedCapacity
Echo Springs Lateral
Wyoming Interstate Company
WIC Kanda Lateral & Compression — $164 MM • 400 MMcf/d from Uinta Basin • Fully contracted• In-service January 2008
Medicine Bow Expansion — $32 MM• Adds 330 MMcf/d capacity from
Powder River Basin• Fully contracted• In-service July 2008
$395 MM of growth cap ex with approximately $120 MM to be spent (1)
(1) As of November 15, 2007
• Low cost Rockies takeaway pipeline
• Stable growing cash flow
• Organic growth with superior returns
Piceance Basin Expansion $62 MM• 219 MMcf/d• Fully contracted• Initial in-service 4Q’08
16
WYOMING
COLORADO
UTAH
NEBRASKA
KANSAS
OKLAHOMA
TEXAS
BeaverCompressor
Station
Opal Hub
Cheyenne Hub
Legend
High Plains
CIG
Major hubs
CIG Storage Fields
POWDER RIVERBASIN
DENVER-JULESBURGBASIN
ANADARKOBASIN
UINTABASIN
WIND RIVERBASIN
PICEANCEBASIN
GREATER GREENRIVER BASIN
RATONBASIN
OVERTHRUSTBASIN
Colorado Interstate GasHigh Plains Pipeline — $196 MM (100%)• Fully contracted• 164 miles of 24" and 30" pipeline • 900 MMcf/d overall capacity• In-service October 2008
Totem Gas Storage — $120 MM (100%)• Fully contracted• 7 Bcf of capacity• Interconnect with High Plains Pipeline• In-service July 2009
Raton Basin — $13 MM (100%)• 30 MMcf/d; 11 miles of looped
pipeline; compression • Fully contracted• In-service September 2007
$171 MM of growth cap ex; $128 MM to be spent; $13 MM net to EPB(2)
(1) 100% to JV of which CIG will be responsible for 50%(2) As of November 15, 2007
• Leading Rockies interstate system
• Access to growing Rockies Basins
• Directly serves Denver/Front Range markets
17
Albany
AtlantaBirmingham
ColumbusJackson
Jacksonville
Macon
Montgomery Savannah
Tallahassee
Augusta
Chattanooga
Huntsville
Columbia
BearCreek
Muldon
ElbaIsland (1)
SouthernNatural Gasan El Paso Company
Southern Natural Gas
Oct 201034996Phase IIJun 200813674Phase I
In-Service
Capacity(MMcf/d)
Cap Ex($ MM)SESH
Jan 201116182Phase III
May 200811419Phase IIMay 2007215255Phase I
In-Service
Capacity(MMcf/d)
Cap Ex($ MM)Cypress
(1) Not owned by El Paso Pipeline Partners(2) As of November 15, 2007
Apr 2012122Phase III
Jun 2011122$286Phase IIOct 2010122Phase I
In-Service
Capacity(MMcf/d)
Cap Ex($ MM)SSIII
$833 MM of growth cap ex; $526 MM to be spent; $53 MM net to EPB(2)
• Franchise system in growing Southeast
• Excellent connectivity
• Growing supply sources
18
Contracted Organic Growth is Highly Visible$ Millions
$33433
$376112
$385191
100% ShareNet to EPB
Cypress IIISESHSSIII
Cypress (II&III)SESHSSIII
Cypress ISESH
SNG
High PlainsTotem Storage
High PlainsTotem Storage
Raton
CIG
Kanda LateralMedicine Bow
Piceance Basin
Kanda LateralMedicine Bow
WIC
2010 & Beyond2008–20092007
19
Committed To Growth
• Three sources of future growth– Organic– Drop downs from El Paso– Third-party acquisition
• Most pipeline assets suitable for MLP
• $2.4 billion NOL (post IPO)
• Review on ongoing basis
• Proceeds available for reinvestment, share buy backs, debt reduction
20
The MLP to Own
Diverse, Growing Supply Regions High Connectivity to Growing Markets
WICCIG SNG
Strong sponsorshipStable cash flowGrowth vehicleExperienced managementFinancial flexibility
James C. YardleyPresident & Chief Executive Officer
El Paso Pipeline GP Company, L.L.C.
IPAA MLP ConferenceJanuary 17, 2008
22
Appendix
23
Strong Sponsorship
28,437,786 EPB Common Units27,727,411 EPB Subordinated Units
GP interest and incentive distribution rights
Wyoming Interstate Company
“WIC”
Colorado Interstate Gas Company
“CIG”
33.2% LP
100%10%
Public Unitholders28,750,000 EPBCommon Units
64.8% LP2.0% GP
10%
Other
E&P
Pipelines
90% 90%
Southern Natural Gas Company
“SNG”
24
Strong Financial Flexibility
Undrawn revolver capacity of $325 million(1) ;revolver capacity expandable by $500 million
$ Millions
Cash
Note payable to affiliateRevolving borrowingsCapital lease obligations
Total debtPartners’ capital
Total capitalization
Credit StatisticsDebt/capitalizationDebt/2008E adjusted EBITDA
$ 1
225–8
233544
$ 777
30%1.7x
$ 1
–425
8433346
$ 779
56%3.1x
Pro Forma As Adjusted9/30/07
(1) Based on balance at IPO close (11/21/07)
25
Minimum Cash Flow for Distributions
2006 PF LTM PF9/30/07
2008E
$100 (1) $108 (1)
$13817% CAGR
Adjusted EBITDA($ Millions)
($ in millions)
(1) Twelve months ended December 31, 2006 and September 30, 2007 are net of $4 MM of incremental G&A expenses associated with being a public company.
$84
26301220
(14)(20)
$138
(5)(29)(2)(2)
$100
$1.15
$3367
$100
Net Income
Add:Depreciation and amortizationInterest and debt expense, netEstimated cash distributions from CIGEstimated cash distributions from SNG
Less:Equity in earnings from CIGEquity in earnings from SNG
Adjusted EBITDA
Less:Cash reserveCash interest expense, netMaintenance capital expendituresOther income, net
Minimum estimated cash available for distribution
Minimum annual distribution per unit
Annual distributions to:Public common unitholdersEl PasoTotal distributions to unitholders and GP
Twelve Months Ending 12/31/08
Provides 1.05x Coverage Ratio
26
Experienced Senior Management
31Independent Director NomineeArthur Reichstetter
25DirectorPresident, Chief Executive Officer & Director
Doug Foshee
37Chairman of the BoardChairman of the BoardRonald Kuehn, Jr.
28SVPSVP, CCO & Director of Southern Natural Gas
Norman Holmes
SVP
SVP, CFO and Controller
Director, President and CEO
Director
President, Western Pipeline Group
SVP,CFO & Controller of the Pipeline Group; SVP, CAO & Controller (EP)
Chairman, El Paso Pipeline Group
EVP & CFO
29Jim Yardley
28Jim Cleary
26J.R. Sult
21Mark Leland
YearsExperienceMLP Title El Paso Title Name