july 2013 acmp investor presentation
TRANSCRIPT
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MIDSTREAM
ACCESS MIDSTREAM PARTNERSINVESTOR PRESENTATION
JULY2013
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FORWARD-LOOKING STATEMENTSCertain statements and information in this presentation may constitute forward-looking statements. The words believe,expect,anticipate,plan,intend, foresee,should,would,could, or similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are basedon current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements arereasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for futurerevenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our forward-lookingstatements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to di ffer materially from our historicalexperience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, butare not limited to, those summarized below:
dependence on Chesapeake Energy Corporation, Total E&P USA, Inc., Mitsui & Co., Anadarko Petroleum Corporation and Statoil for a majority of our revenues;
the impact on our growth strategy and ability to increase cash distributions if producers do not increase the volume of natural gas they provide to our gathering systems;
oil and natural gas realized prices;
the termination of our gas gathering agreements;
our potential inability to maintain existing distribution amounts or pay the minimum quarterly distribution to our unitholders;
the limitations that Chesapeakes and our own level of indebtedness may have on our financial flexibility;
our ability to obtain new sources of natural gas, which is dependent on factors largely beyond our control;
the availability of capital resources to fund capital expenditures and other contractual obligations, and our ability to access those resources through the debt or equitycapital markets;
competitive conditions;
the unavailability of third-party pipelines interconnected to our gathering systems or the potential that the volumes we gather do not meet the quality requirement of such
pipelines;
new asset construction may not result in revenue increases and will be subject to regulatory, environmental, political, legal and economic risks;
our exposure to direct commodity price risk may increase in the future;
our ability to maintain and/or obtain rights to operate our assets on land owned by third parties;
hazards and operational risks that may not be fully covered by insurance;
our dependence on Chesapeake for substantially all of our compression capacity;
our lack of industry diversification; and
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legislative or regulatory changes, including changes in environmental regulations, environmental risks, regulations by FERC and liability under federal and state
environmental laws and regulations.
Other factors that could cause our actual results to differ from our projected results are described in our 2011 Form 10-K and our other SEC filings. Individuals are cautioned not toplace undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statementsafter the date they are made, whether as a result of new information, future events or otherwise.
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PARTNERSHIP OVERVIEW
Provides midstream gathering and processing services in leading unconventionalplays including the Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara andUtica Shales and Mid-Continent region
As of December 2012, Global Infrastructure Partners and Williams each own 50%of the GP
Customers include Chesapeake, Total, Statoil, Anadarko Petroleum, Mitsui,Shell and other producers
The Partnership went public in July 2010 with a ~$513 million IPO; currentpublic float is ~36% of outstanding units
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BEST IN CLASS MLP
Best in ClassMidstream Business Model
Industry Leading OrganicGrowth Platform
Key Investment
Highlights
Protected Distributions Strategically Located Assets Substantial Growth Potential Operational Excellence World-Class Sponsorship Experienced Management Team
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ACMP INVESTMENT HIGHLIGHTS
Low Risk
Business Model
Fixed fee revenue model with no direct commodity price exposure Contractual structure creates cash flow stability and visibility
Industry LeadingGrowth
~$3.5B of CAPEX in 2013 - 2015 generating contractual mid-teens return Enhanced strategic emphasis on third party opportunities
ConservativeFinancial Strategy
Maintain strong liquidity and a conservative balance sheet Target investment grade financial metrics to optimize cost of capital
Experienced
Management
Team
Same team that has delivered industry leading performance since IPO Dedicated and experienced with a proven midstream track record
Stable OwnershipStructure
GIP provides strong M&A and financial capabilities Williams brings expertise across the midstream value chain
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BUSINESS MODEL COMPARISON
Comparative Assessment
Risk Factors ACMP Typical Long HaulPipeline MLPs Typical G&P MLPs
Commodity Price Minimal exposure(fixed fee) Indirect Direct & Indirect
Re-Contracting Long-term acreage dedication Medium term Short termVolume Contractual protections Firm transport revenues NoneInflation Contractual protections Depreciated rate base NoneCapital Contractual protections Rate review NoneCost Contractual protections Cost of service VariesOverall Business Model Best in Class Low Risk Moderate Risk
Business Model Provides Protected and Visible Distributions
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LEADING CONTRACT STRUCTURESTRUCTURE CREATES CASH FLOW STABILITY ACROSS ALL BASINS
Barnett Marcellus Mid-Continent Haynesville Eagle Ford Utica NiobraraDirect
Commodity
Price Exposure
Contract
Structure
Re-Contracting
Volume
Protection
Inflation
Protection
Capital
Protection
100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed FeeAnnual Fee Cost of Service
Cost of Service andMVC and Fee
EBITDA
Annual Fee Redetermination / Cost of Service and (gathering)
Cost of ServiceRedeterminationCommitment
Redetermination Fixed Fee with MVC Fee Tiers / Fixed Feeand Fee Tiers (processing)
20 Year Acreage 15 Year Acreage 20 Year Acreage 10-20 Year 20 Year Acreage 15-20 Year 20 Year Acreage
Dedication Dedication Dedication Acreage Dedication Dedication Acreage Dedication Dedication10 Year MVC
Two Year EBITDAAnnual Fee
and FeeCommitment
Annual Fee Redetermination / Two Year Fee Tiers Cost of ServiceCost of Service
Redetermination inand Cost of Service
Redetermination 5 Year MVC and and Cost of Service (gathering only)2012 and 2014 Fee Tiers
Cost of Service
2.0% FeeCost of Service
2.5% Fee 2.5% FeeCost of Service
(gathering) / 1.5%Cost of Service
Escalation Escalation Escalation Fee Escalation
(processing)Fee
Annual FeeAnnual Fee
Cost of ServiceRedetermination in Cost of Service
RedeterminationRedetermination Cost of Service
(gathering only)Cost of Service
2012 and 2014 (Springridge only)
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LOW RISK BUSINESS MODEL
Considerations Mitigants
Volume &
Capital
MVC and long-term acreage dedicationsRate redetermination, cost of service and fee tiersConservative maintenance capital
Re-Contracting
Arms-length, 10-20 year contracts at market ratesCritical infrastructure providing access to marketDedicated acreage
Commodity &
Basin
100% fixed fee revenuesCommitment to maintain contract structure / business model as business growsConcentrated in low cost basins
Counterparty
Gathering and processing services located in the core of leading U.S. basinsProducer required to transfer ACMP contracts in the event of an upstream property saleAll gathering fees are based on market, mid-teen return economics
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EXPANDING ASSET BASE
High quality, scalable asset base High growth unconventional plays
Key Operating Data(1)ACMP Assets
Total Assets: ~$6.9 billion
Dedicated Areas: ~8.7 million acresMiles of Pipe: 6,101Volume: 3,550 mmcf/d
Direct Employees: 1,279
1) Data as of quarter ended March 31, 2013. Volume is net to Partnership.
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ACMP IS THE LARGEST G&P MLP
1Q 2013 Average Daily Throughput ofGathering Assets
Mmcfe/d
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0ACMP DPM NGLS MWE WES RGP XTEX APL CMLP
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LEADING GROWTH PLATFORM
Contractual growth Organic Growth CAPEX Escalating MVC and EBITDA
Commitment
Fee redeterminations, cost ofservice and fee tiers
Annual fee escalations
Organic growth CAPEX $345 million in 2011
$ inmillions
$345
$660
$1,600-$1,700
$1,000-$1,100
$800-$900
$660 million in 2012
$1.6-$1.7 billion in 2013
$1.0-$1.1 billion in 2014
$800-900 million in 2015
Business development growth New producer opportunities
Bolt-on M&A focus
2011A 2012A 2013E 2014E 2015E
Organic EBITDA Growth
$ inmillions$1,200-$1,300
$1,000-$1,100
$800-$850
$478
$349
2011A 2012 2013E 2014E 2015E
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RECENT TRANSACTION OVERVIEW
ACMP Acquisition of
CHK Midstream
Assets (CMD)
WMB Strategic
Investment in ACMP
ACMP acquires a substantial majority of ChesapeakeEnergys remaining midstream assets (CMD) for $2.16
billion
Unique opportunity to accelerate ACMPs drop down story Partnership establishes a significant footprint in leading unconventional basins Enhances strategic scale and diversity
The Williams Companies, Inc. (WMB) partners with GIP,enhancing sponsorship of ACMP WMB acquires 50% of ACMP GP and ~23% of LP Units; an endorsement of ACMPs
strategic platform and potential
Leading midstream operational and development capabilities complement ACMPsalready strong position
Substantial GIP and
WMB Equity
Investment
Sponsors invest $700 million in new long-term equity insupport of the transaction Equity structured with PIK and subordinated features to support near-term build out
of gathering and processing platform
Demonstrates investment to ACMPs long term success12
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reased Diversification Enhanced exposure to oil/liquids focused drilling and entry into gas processingsegment of the value chain
Low Risk Low-risk gathering and processing contracts with appropriate downside protection thatprovide stable cash flow profileContract Structure No direct commodity exposure in all basins with contractual features supporting cash
flow generation
TRANSACTION HIGHLIGHTS
EXPANDS SCALE AND DIVERSITY WITH STRATEGIC SPONSOR SUPPORT
Expanding
Footprint and Scale
Creates the largest gathering and processing MLP measured by volume Addition of CMD midstream assets positions ACMP among largest midstream MLPs
Adds significant acreage dedications in key unconventional basinsIn
Predictable
Cash Flow Growth
Contractual features deliver predictable, growing cash flows Near-term contractual downside protection provides near-term revenue risk mitigation
High Quality
Organic Growth Platform
Leading long-term organic growth project pipeline Substantial growth capex expected to be deployed in the next five years, earning a
contractual mid-teens return
Strong Sponsorship
from GIP / WMB
Significant incremental equity investment from strong sponsors in GIP and WMB Williams adds vast expertise across the midstream value chain for natural gas and
NGLs with its significant strategic investment and endorsement of ACMP
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WORLD-CLASS SPONSORSHIP
Global Infrastructure Partners(GIP) is a leading globalinfrastructure investor
Proven reputation as aninfrastructure industry leader Deep energy sector expertise
combined with industrial bestpractice operational management
Energy investmentsinclude AccessMidstream Partners, Ruby Pipeline,Transitgas Pipeline, Terra-GenPower and ChannelviewCogeneration
GIP manages in excess of $15billion within its two funds
Williams provides an establishedhistory of managing,developing and completing large
scale organic projects within themidstream sector
Williams management team addsfurther operational anddevelopment experience
Potential to expand services to newcustomer base
Ability to take advantage of sharedservices
Benefit from best practices fromindustry leader
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WORLD-CLASS MANAGEMENT TEAMName / Title Current / Prior Experience Yrs Experience
ACMP Management TeamJ. Mike Stice President and COO Chesapeake Midstream Development, LLC
30Chief Executive Officer Various senior management roles ConocoPhillipsRobert S. Purgason COO Crosstex Energy Services, LP
35Chief Operating Officer Various senior management roles The Williams CompaniesDavid C. Shiels CFO GE Security Americas
25Chief Financial Officer Various finance and operations roles Conoco, Inc.
Board ofDirectorsDavid A. DaberkoChairman, Independent Director
Retired Chairman and CEO National City Corp 35Alan S. Armstrong President and CEO Williams 25William B. Berry
Independent Director Retired EVP of ConocoPhillips 35
William J. Brilliant Principal Global Infrastructure Partners 15Donald R. Chappel SVP and CFO Williams 35Domenic J. DellOsso, Jr. EVP and CFO Chesapeake Energy 15Philip L. Frederickson Retired EVP of Planning, Strategy and Corporate Affairs 35Independent Director ConocoPhillipsMatthew C. Harris Founding Partner Global Infrastructure Partners 25Suedeen G. Kelly Co-Chair Akin Gump Strauss Hauer & Feld, LLP
30Independent Director Former FERC Commissioner (2003 2009)Robert S. Purgason COO Access Midstream Partners 35James E. Scheel SVP Williams 25J. Mike Stice CEO Access Midstream Partners 30William A. Woodburn Founding Partner Global Infrastructure Partners 35
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ASSET OVERVIEW
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Asset SummaryResource Dry GasServices Gathering, Compression,
TreatingGas Gathering Systems 34Miles of Pipeline 854Gas Gathered 1,066 mmcf/dGas Compression (horsepower) 153,115Dedicated Area 930,987 acresContract Structure MVC and Fee Redetermination
BARNETT OVERVIEW
MATURE ASSET WITH 10-YEAR MVC PROTECTION
Barnett Shale Assets
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Asset SummaryResource Associated Gas (Oil), Wet GasServices Gathering, Compression,
TreatingGas Gathering Systems 13Miles of Pipeline 687Gas Gathered 228 mmcf/dGas Compression (horsepower) 58,667Dedicated Area 1,382,000 acresContract Structure Cost ofService,
Fee Tiers in 2013, 2014
EAGLE FORD OVERVIEW
KEY ASSETS IN LEADING LIQUIDS RICH BASIN
Eagle Ford Shale Assets
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Asset SummaryResource
Services
Gas Gathering Systems
Miles of Pipeline
Gas Gathered
Gas Compression (horsepower)
Dedicated Area
Contract Structure
Dry GasGathering, Compression, Treating
17581
770 mmcf/d20,195
546,739 acresFixed fee with MVC, fee
redetermination and fee tiers
HAYNESVILLE OVERVIEW
MATURE ASSET WITH CONTRACTUAL PROTECTIONS
Haynesville Shale Assets
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Asset SummaryResource
Services
Gas Gathering Systems
Miles of Pipeline
Gas Gathered (net)
Gas Compression (horsepower)
Dedicated Area
Contract Structure
Ownership
Accounting Treatment
Dry and Wet GasGathering, Compression
501,204
863 mmcf/d94,975
1,739,640 acresCost of Service and EBITDA
Commitment~ 48% ACMP owned and operated
Equity Investment
MARCELLUS OVERVIEW
STRATEGICALLY POSITIONED IN LEADING SHALE BASIN
Marcellus ShaleAssets
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Asset SummaryResource Associated Gas (Oil), Dry and
Wet GasServices Gathering, Compression,
TreatingGas Gathering Systems 178Miles of Pipeline 2,603Gas Gathered 559 mmcf/dGas Compression (horsepower) 107,356Dedicated Area 1,964,245 acresContract Structure Annual Fee Redetermination
MID-CONTINENT OVERVIEWLIQUIDS RICH GATHERING DEDICATION WITH RATE REDETERMINATION
CONTRACT STRUCTURE
Mid-Continent Assets
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Asset SummaryResource Associated Gas (Oil), Wet GasServices Gathering, Compression, ProcessingGas Gathering Systems 3Miles of Pipeline 100Gas Gathered 19 mmcf/dGas Compression
(horsepower) 9,455Dedicated Area 311,000 acresContract Structure Cost ofServiceOwnership 50% ACMP owned and operatedAccounting Treatment Consolidated
NIOBRARA OVERVIEWLIQUIDS-RICH GATHERING & PROCESSING DEDICATION WITH COST OF
SERVICE CONTRACT STRUCTURENiobrara Shale Assets
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Asset SummaryAsset
Resource
Services
Gas Gathering Systems
Miles of Pipeline
Gas Gathered
Gas Compression
(horsepower)
Dedicated Area
Contract Structure
Ownership
Accounting Treatment
Cardinal Gas Services Utica Gas Services (UGS)
(CGS)Associated Gas (Oil), Wet Dry Gas
GasGathering, Compression, Gathering, Compression,
Dehydration Dehydration3 4
67 5
47 mmcf/d 7 mmcf/d11,555 0
1,453,000 acres 393,000 acresCost of Service Cost of Service
ACMP 66%, Operator 100% ACMP owned and
TOTAL 25% operatedEnerVest 9%Consolidated N/A
UTICA GATHERING SYSTEM OVERVIEW
WET GAS, DRY GAS AND NGL SERVICES
Utica Shale Assets
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Project SummaryCurrent Status
Processing Plants
Fractionation
NGL Storage
Processing Spine Pipeline
NGL Pipeline
Residue Gas Delivery
Points
NGL Delivery Points
Contract Structure
Ownership
Accounting Treatment
Under Construction4 (200 mmcf/d each)135,000 Bbl/d (C2+)
870,000 Bbls Propane
450,000 Bbls Butane
300,000 BblsNatural Gasoline 120,000 Bbls
24 processing spine pipeline12 NGL pipeline
22
Fixed Fee with capex protection
ACMP 49%
Momentum 30%
EnerVest 21%Equity Investment
UTICA EAST OHIO PROCESSINGOVERVIEW
PROCESSING DEDICATION IN WET GAS WINDOW
Utica Shale Assets
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FINANCIAL OVERVIEW
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FINANCIAL POLICIESCONSISTENT, CONSERVATIVE FINANCIAL STRATEGY
ACMP Commentary
Maintain
Stable
Cash Flows
Capitalize on the value of key contractual commitments Continue to seek long-term, fee-based revenues Preserve revenue model with no direct commodity exposure
Capitalize on
Financial
Flexibility
Strong sponsorship in both GIP and WMB Maintain conservative and flexible capital structure with ample liquidity and target
investment grade metrics
Use strong balance sheet to pursue broad range of growth opportunities
Deliver
Consistent
Performance
Right business model for consistent, predictable cash flow generation Strong portfolio of assets with growing EBITDA profile Attractive distribution coverage; excess cash flow reduces equity need
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FINANCIAL PERFORMANCEFINANCIAL PERFORMANCE HIGHLIGHTS STRENGTH OF ACMP MODEL
Adjusted EBITDA(1)$ in millions $ in billions
$184
$118 $121 $120 $119
Enterprise Value
$9.0
$10.6
$73 $76$84
$92 $97
$2.6
$5.0$4.3
4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 IPO July 2010 2010 2011 2012 1Q 2013
Distribution / Unit Distribution Coverage Ratio$ / unit basis
$0.350$0.3625$0.375 $0.390
$0.3375
$0.405 $0.420 $0.435
$0.450$0.4675
1.15x
1.23x 1.23x
1.40x
4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2010 2011 2012 1Q 2013
(1) Includes quarterly allocation of MVC payments in 2010, 2011 and 2013.
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HIGHLY VISIBLE GROWTH
ACMP FINANCIAL OUTLOOK UPDATED WITH 2015
2013 - 2015 ACMP Financial Outlook
($ million) 2013 2014 2015
EBITDA 800 850 1,000 1,100 1,200 1,300Growth Capital 1,600 1,700 1,000 1,100 800 - 900Maintenance
Capital ~110 ~110 ~110
Capable of delivering sustained ~15% annual distribution growth
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Continent
PARTNERSHIP STRUCTURESTRATEGIC GENERAL PARTNERS; STRONG GOVERNANCE
Global Infrastructure
Partners IIThe Williams
Companies, Inc
39.4%
Limited
Partner
Interest
50% 50%22.8%
Limited
Partner
InterestAccess Midstream
Partners GP, LLC Public CommonUnit Holders
100% of2% GP interest
+ IDRs
Access Midstream Partners, LP
(NYSE:ACMP)
35.8%
Limited
Partner
Interest
Barnett Eagle Ford Haynesville MarcellusMid-
Niobrara Utica
29
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OUR COMMITMENT TO SAFETY &ENVIRONMENTAL EXCELLENCE
Every day, across every part of our business, Access is committed tosafety and environmental excellence Every day, we commit to:
Excellence
Safety
Environment Community Focus
Continuous Improvement
Through: Continuous Training
Screening Contractors Implementing Safety Programs
Stewardship Projects
Minimizing our Environmental Footprint
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CORPORATE INFORMATIONACMP Headquarters525 Central Park Dr.Oklahoma City, OK 73105(877) 413-1023Web site:www.accessmidstream.com
Contact:Dave ShielsChief Financial [email protected](405) 727-1740
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Common units ............................................................................... 98,421 79,276Subordinated units ........................................................................ 69,076 69,076
FINANCIAL STATEMENTSThree Months Ended
March 31,
2013 2012Revenues(1) ........................................................................................ $ 236,959 $ 154,674Operating ExpensesOperating expenses ............................................................................ 82,763 48,682Depreciation and amortization expense .............................................. 66,650 38,438General and administrative expense ................................................... 23,734 11,478Other operating (income) expense ...................................................... 91 (45)
Total operating expenses............................................................ 173,238 98,553Operating income ................................................................................ 63,721 56,121Other income (expense)Income from unconsolidated affiliates ................................................ 25,008 12,987Interest expense .................................................................................. (27,062) (15,958)Other income ............................................................................... ........ 269 55Income before income tax expense..................................................... 61,936 53,205Income tax expense ............................................................................ 1,240 839
Net income.................................................................................. 60,696 52,366Net income attributable to noncontrolling interests ..................... 1,158 Net income attributable to Access Midstream Partners, L.P. ...... $ 59,538 $ 52,366
Limited partner interest in net incomeNet income attributable to Access Midstream Partners, L.P................ 59,538 52,366Less general partner interest in net income......................................... (4,792) (1,429)Limited partner interest in net income ................................................. 54,746 50,937Net income per limited partner unit basic and diluted
Common units ............................................................................... 0.14 0.34Subordinated units ........................................................................ 0.29 0.34
Weighted average limited partner units outstanding used for netincome per unit calculation basic and diluted (in thousands)
(1) Excludes revenue from equity investments of $47.1 million and $29.3 million for the three months ended March 31, 2013 and 2012, respectively that is included in Incomefrom Unconsolidated Affiliates.
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FINANCIAL STATEMENTS
As of
March 31,2013
As of
December 31,2012
AssetsTotal current assets ............................................................................. $ 179,945 $ 219,766Property, plant and equipment
Gathering systems............................................................................ 5,365,728 5,125,746Other fixed assets............................................................................. 109,824 96,916Less: Accumulated depreciation ....................................................... (650,849) (590,614)
Total property, plant and equipment, net ................................. 4,824,703 4,632,048Investment in unconsolidated affiliates ............................................. 1,443,033 1,297,811Intangible customer relationships, net .............................................. 349,339 355,217Deferred loan costs, net ................................................................... 54,394 56,258
Total assets.............................................................................. $ 6,851,414 $ 6,561,100Liabilities and Partners CapitalTotal current liabilities.......................................................................... $ 274,541 $ 259,261Long-term liabilities
Long-term debt ................................................................................. 2,777,000 2,500,000Other liabilities .................................................................................. 5,501 5,333
Total long-term liabilities ..........................................................
2,782,501
2,505,333
Total partners capital .......................................................................... 3,794,372 3,796,506Total liabilities and partners capital ......................................... $ 6,851,414 $ 6,561,100
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Depreciation and amortization ..................................................... 66,650 38,438Income from unconsolidated affiliates.......................................... (25,008) (12,987)Other non-cash items .................................................................. 4,135 1,932Changes in assets and liabilities
Increase in accounts receivable ............................................. (29,774) (33,058)Increase in other assets ......................................................... (4,054) (1,694)Decrease in accounts payable ............................................... (11,743) (7,832)Increase in accrued liabilities ................................................. 19,228 30,050
Net cash provided by operating activities ............................ 80,130 67,215
FINANCIAL STATEMENTS
Cash flows from operating activities
Three Months EndedMarch 31,
2013 2012
Net income ........................................................................................ $ 60,696 $ 52,366Adjustments to reconcile net income to net cash provided
by operating activities:
Cash flows from investing activitiesAdditions to property, plant and equipment ....................................... (270,954) (80,593)Investments in unconsolidated affiliates ............................................ (86,981) (45,276)Proceeds from sale of assets ............................................................ 1,307 421
Net cash used in investing activities.................................... (356,628) (125,448)Cash flows from financing activitiesProceeds from long-term borrowings................................................. 715,900 245,600Payments on long-term borrowings ................................................... (438,900) (870,500)Issuance of senior notes.................................................................... 750,000Distribution to unitholders .................................................................. (84,073) (58,932)Proceeds from noncontrolling interests .............................................Debt issuance costs .......................................................................... 18,980 (13,653)Other adjustments ............................................................................. (91) 5,721
Net cash provided by (used in) financing activities.............. 211,816 58,236Net increase (decrease) in cash and cash
equivalents ...................................................................... (64,682) 3Cash and cash equivalentsBeginning of period ........................................................................... 64,994 22
End of period $ 312 $ 25