BP Midstream Partners LP — FY2020 Earnings Presentation
18 slides from BP Midstream Partners LP's earnings presentation, 2021
Slide 1: bp midstream partners fourth quarter and full year 2020 results
bp midstream partners bp midstream partners fourth quarter and full year 2020 results
Slide 2: Geoff Carr, VP Investor Relations
bp midstream partners Geoff Carr vp investor relations
Slide 3: Cautionary statement
Cautionary statement bp midstream partners FORWARD-LOOKING STATEMENTS This presentation includes various “forward looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical
Slide 4: Rip Zinsmeister, Chief Executive Officer
bp midstream partners Rip Zinsmeister chief executive officer
Slide 5: A year in review
A year in review bp midstream partners distribution distribution increased growth coverage cash2 Focused on safe operations ratio Maintained financial strength; delivered Cash at end of period3 financial stability ($ million) $127 Negotiated five-year term loan facility with bp $99 New three-year MV
Slide 6: Craig Coburn, Chief Financial Officer
bp midstream partners Craig Coburn chief financial officer
Slide 7: Fourth quarter 2020 operational results
Fourth quarter 2020 operational results bp midstream partners Quarterly pipeline gross throughput2 Thousands, boed BP2 River rouge Diamondback Mars Ursa offshore onshore gross gross Caesar Cleopatra Proteus Endymion throughput1 throughput1 Offshore Fewer weather impacts in Gulf of Mexico Production
Slide 8: Financial results ($ million)
Financial results1 ($ million) bp midstream partners 4Q19 3Q20 4Q20 2019 2020 Revenue 35.1 33.7 33.0 128.5 128.9 Costs and expenses 10.8 10.1 11.3 43.0 43.5 Operating income 24.3 23.6 21.7 85.5 85.4 Income from equity method investments 33.4 27.6 25.1 116.7 110.8 Interest expense, net 3.8 1.5 1.1 15
Slide 9: Jack Collins, CFO designate
bp midstream partners Jack Collins CFO designate
Slide 10: 2021 Guidance
2021 Guidance bp midstream partners Full year 2021 guidance 1Q21 guidance3 Strong, investment grade sponsor Higher gross throughput Adjusted EBITDA Broadly consistent − Supported by higher offshore with 20201 volumes Conservative financial framework Lower Adjusted EBITDA − Lower throughput on BP2 an
Slide 11: bp midstream partners
bp midstream partners
Slide 12: Q&A
Q&A bp midstream partners Rip Zinsmeister Craig Coburn Jack Collins Geoff Carr chief executive officer chief financial officer CFO designate vp investor relations bp midstream partners investor relations: (832) 664-6996 or email bpmpir@bp.com
Slide 13: Supplementary information
bp bp midstream midstream partners partners Supplementary information
Slide 14: Reconciliation of Adjusted EBITDA and CAFD to Net Income
Reconciliation of Adjusted EBITDA and CAFD to Net bp midstream partners Income1 ($ million) 4Q19 3Q20 4Q20 2019 2020 Net income 53.9 49.7 45.7 187.1 188.3 Add: Depreciation 0.6 0.7 0.5 2.6 2.5 Interest expense, net 3.8 1.5 1.1 15.1 7.9 Cash distributions received from equity method investments2 36.6
Slide 15: Reconciliation of Adjusted EBITDA and CAFD to Net Income (continued)
Reconciliation of Adjusted EBITDA and CAFD to Net bp midstream partners Income1 Continues from previous slide ($ million) 4Q19 3Q20 4Q20 2019 2020 Adjusted EBITDA attributable to the Partnership 54.2 46.5 47.2 196.3 188.9 Add: Net adjustments from volume deficiency agreements 2.8 (2.1) 3.7 - - Maint
Slide 16: Reconciliation of Adjusted EBITDA and CAFD to Net Cash Provided by Operating Activities
Reconciliation of Adjusted EBITDA and CAFD to Net bp midstream partners Cash Provided by Operating Activities1 ($ million) 4Q19 3Q20 4Q20 2019 2020 Net cash provided by operating activities 47.0 48.8 42.1 189.3 190.4 Add: Interest expense, net 3.8 1.5 1.1 15.1 7.9 Distributions in excess of earnings
Slide 17: Reconciliation of Adjusted EBITDA and CAFD to Net Cash from Operating Activities (continued)
Reconciliation of Adjusted EBITDA and CAFD to Net bp midstream partners Cash Provided by Operating Activities1 Continues from previous slide ($ million) 4Q19 3Q20 4Q20 2019 2020 Adjusted EBITDA attributable to the Partnership 54.2 46.5 47.2 196.3 188.9 Add: Net adjustments from volume deficiency agr
Slide 18: Gross Debt to annualized Adjusted EBITDA attributable to the Partnership
Gross Debt to annualized Adjusted EBITDA bp midstream partners attributable to the Partnership1 ($ million) 4Q19 3Q20 4Q20 Gross debt 468.0 468.0 468.0 Annualized Adjusted EBITDA attributable to the Partnership2 216.8 186.0 188.8 Gross Debt to annualized Adjusted EBITDA attributable to the partnersh