BP Midstream Partners LP — Q2 2020 Earnings Presentation
18 slides from BP Midstream Partners LP's earnings presentation, Aug 6, 2020
Slide 1: bp midstream partners 2Q 2020 financial results
bp bpmidstream midstream partners partners bp midstream partners focused on safety 2Q 2020 financial results August 6, 2020 delivering financial stability bp midstream partners 2Q 2020 results 1
Slide 2: Brian Sullivan
Brian Sullivan Vice president, investor relations bp midstream partners 2Q 2020 results 2
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
Rip Zinsmeister Chief executive officer bp midstream partners 2Q 2020 results 4
Slide 5: Agenda
bp midstream partners Focused on safety | delivering financial stability Results Operational results Agenda Financial results 2020 guidance Q&A bp midstream partners 2Q 2020 results 5
Slide 6: Focused on safety | delivering financial stability
Focused on safety | delivering financial stability bp midstream partners COVID-19 response 2020 guidance MVC arrangements Monitoring and adapting Unchanged Progressing with sponsor bp midstream partners 2Q 2020 results 6
Slide 7: Craig Coburn
Craig Coburn Chief financial officer bp midstream partners 2Q 2020 results 7
Slide 8: Operational results
Operational results bp midstream partners Quarterly pipeline gross throughput1 Thousands, boed BP2 River rouge Diamondback Mars Ursa Caesar Cleopatra Proteus Endymion 2,000 1,689 1,729 1,562 1,500 1,000 500 0 2Q 19 1Q 20 2Q 20 1) Cleopatra gas volumes are converted to mboed by dividing mmscfd by 5.8
Slide 9: Financial results ($ million)
Financial results1 ($ million) bp midstream partners 2Q19 1Q20 2Q20 Revenue 28.6 30.7 31.5 Costs and expenses 11.5 11.1 11.0 Operating income 17.1 19.6 20.5 Income from equity method investments 28.8 31.3 26.8 Interest expense, net 3.8 3.4 1.9 Net income 42.1 47.5 45.4 Less: Net income attributable
Slide 10: 2020 Guidance
2020 Guidance bp midstream partners Full year 2020 guidance 3Q20 guidance2 Factors impacting guidance Guidance is unchanged Higher gross throughput Reflected in guidance − Higher throughput on River Rouge − Reduced FLA revenues Adjusted EBITDA $190-200m − Higher offshore volumes − Lower onshore asse
Slide 11: Rip Zinsmeister
Rip Zinsmeister Chief executive officer bp midstream partners 2Q 2020 results 11
Slide 12: Q&A
Q&A bp midstream partners Craig Coburn Rip Zinsmeister Brian Sullivan Chief financial officer Chief executive officer Vice president, investor relations bp midstream partners 2Q 2020 results 12
Slide 13: Supplementary information
bp midstream partners Supplementary information bp midstream partners 2Q 2020 results 13
Slide 14: Reconciliation of Adjusted EBITDA and CAFD to Net Income
Reconciliation of Adjusted EBITDA and CAFD to Net Income1 bp midstream partners ($ million) 2Q19 1Q20 2Q20 Net income 42.1 47.5 45.4 Add: Depreciation 0.7 0.7 0.6 Interest expense, net 3.8 3.4 1.9 Cash distributions received from equity method investments2 33.8 34.2 31.8 Less: Income from equity met
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) 2Q19 1Q20 2Q20 Adjusted EBITDA attributable to the Partnership 45.6 47.8 47.4 Add: Net adjustments from volume deficiency agreements 1.0 0.1 (1.7) Maintenance capital recovery2 -
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) 2Q19 1Q20 2Q20 Net cash provided by operating activities 50.3 48.9 50.6 Add: Interest expense, net 3.8 3.4 1.9 Distributions in excess of earnings from equity method investments
Slide 17: Reconciliation of Adjusted EBITDA and CAFD to Net Cash Provided by Operating Activities (continued)
Reconciliation of Adjusted EBITDA and CAFD to Net bp midstream partners Cash Provided by Operating Activities1 Continues from previous slide ($ million) 2Q19 1Q20 2Q20 Adjusted EBITDA attributable to the Partnership 45.6 47.8 47.4 Add: Net adjustments from volume deficiency agreements 1.0 0.1 (1.7)
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) 2Q19 1Q20 2Q20 Gross debt 468.0 468.0 468.0 Annualized Adjusted EBITDA attributable to the Partnership2 182.4 191.2 189.6 Gross Debt to annualized Adjusted EBITDA attributable to the partnersh
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