Ferrellgas Partners, L.P. · OTC:FGPR
Ferrellgas Partners, L.P — 2015 RBC MLP Conference
24 slides from Ferrellgas Partners, L.P's conference presentation, November 2015
Slide 1: 2015 RBC MLP Conference
2015 RBC MLP CONFERENCE November 2015
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS The following information contains, or may be deemed to contain, forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The f
Slide 3: Introduction
INTRODUCTION
Slide 4: Ferrellgas Partners: Transformed Energy Logistics MLP
FERRELLGAS PARTNERS: TRANSFORMED ENERGY LOGISTICS MLP Propane Midstream • A leading national • Second largest retail • Integrated midstream logistics provider operating in the following provider of wholesale marketer of propane in segments: propane with extensive the U.S. and a leading Services Comm
Slide 5: Transition Success Story: Midstream Offers Transformational Growth
TRANSITION SUCCESS STORY: MIDSTREAM OFFERS TRANSFORMATIONAL GROWTH • Propane offers a stable base Adjusted EBITDA Growth Over Time business (1) $410.0 • Bridger acquisition contributes towards achieving FGP’s goal $288.1 $300.2 of growing the midstream $272.2 operating segment to approximately one t
Slide 6: Expanded Blue-Chip Customer Base
EXPANDED BLUE-CHIP CUSTOMER BASE Midstream Customers Wholesale Propane Customers 6
Slide 7: National Energy Logistics Footprint
NATIONAL ENERGY LOGISTICS FOOTPRINT States with Bridger Operations Major U.S. Shale Plays Retail Distribution Locations Tank Exchange Distributors 7
Slide 8: FGP Value Proposition
FGP VALUE PROPOSITION 20% JPEP 16% NGL SMLP ARCX 12% SPH LQA Yield OKS WPZ ETP PAA FGP GLP BKEP WPT EEP APU 8% PBFX BPL TCP HEP GEL EPD SEP 4% 0% 0% 4% 8% 12% 16% 20% 2015E - 2016E Research Distribution Growth Expectations Potential for FGP unit price appreciation as growth is realized (1) FactSet e
Slide 9: Propane Update
PROPANE UPDATE
Slide 10: A Trusted Provider of Propane for America
A TRUSTED PROVIDER OF PROPANE FOR AMERICA Fleet of over 1,450 bulk delivery trucks Fleet of 147 transport tractors and significant common carrier relationships Over 46,000 tank exchange selling locations and ~20 million annual transactions Own ~50 MM gallons of propane storage capacity at our distri
Slide 11: Nationwide Propane Footprint
NATIONWIDE PROPANE FOOTPRINT 11
Slide 12: A Proven Industry Consolidator
A PROVEN INDUSTRY CONSOLIDATOR Proven acquirer and consolidator of more than 200 businesses since 1986 12
Slide 13: Midstream Overview and Update
MIDSTREAM OVERVIEW AND UPDATE
Slide 14: Strategic Portfolio of Assets Connecting Crude Oil to End Markets
STRATEGIC PORTFOLIO OF ASSETS CONNECTING CRUDE OIL TO END MARKETS Bridger Crude Oil Value Chain Crude Oil Truck Rail Loading Rail Car Rail Unloading Barge Terminal Terminal Wellhead Refinery Crude Oil Truck Pipeline Loading Storage Crude Oil Pipeline Terminal Tank Bridger Owned/Leased Assets Truck T
Slide 15: Comprehensive Crude Logistics Footprint
COMPREHENSIVE CRUDE LOGISTICS FOOTPRINT Bridger Asset Map Bakken Legend 63 Trucks 9 Pipeline Terminals Major U.S. Shale Plays 72.0 MBbls/d Terminal Capacity 65.0 MBbls/d Rail Loading Capacity 514.4 MBbls Storage Capacity States with Bridger Operations East Coast 80.0 MBbls/d Rail Unloading Capacity
Slide 16: Select Contractual Relationships with Key Counterparties
SELECT CONTRACTUAL RELATIONSHIPS WITH KEY COUNTERPARTIES UNDERSCORE BRIDGER VALUE PROPOSITION 1 2 3 Rail Trucking Terminals Customer Contract Long-Term Take-or-Pay Acreage Dedication Long-Term Take-or-Pay Agreement to transport 65 Area of Mutual Interest covers Bridger-owned terminal MBbls/d o
Slide 17: Financial Summary
FINANCIAL SUMMARY
Slide 18: Financial Recap
FINANCIAL RECAP • Gross Profit – Gross profit for Fiscal 2015 was $800 million – Increased from the prior year, due to the gross profit associated with our newly acquired Midstream – Crude Oil Logistics segment, and a full year of gross profit from our Midstream - Water solutions segment • Operating
Slide 19: Fiscal 2015 Performance
FISCAL 2015 PERFORMANCE 12 m onths ended July 31, 20 15 (in m illions except EPU) A ctual Prior Year Var. Gross Margin $ 679.8 $ 691.0 $ (11.1) Ot her Incom e 89.5 94.9 (5.4) Ot her Incom e - Midst ream 30 .6 5.5 25.1 Gross Profit $ 799.9 $ 791.3 $ 8.6 Expenses: Personnel $ 264.7 $ 271.0 $ 6.3 Vehic
Slide 20: Three Consecutive Years of Record EBITDA Performance
THREE CONSECUTIVE YEARS OF RECORD EBITDA PERFORMANCE ($mm) 10 4 % $350 .0 10 5% 99% 97% 98% 96% 96% 96% 95% $30 0 .2 $30 0 .0 $288.1 81% $272.2 85% $266.5 $251.1 $250 .0 75% $227.6 $221.9 65% $20 0 .0 $193.1 55% $150 .0 $1.53 $1.35 4 5% $1.25 1.13x 1.13x 1.17x 1.10 x 1.12x $1.0 9 35% $10 0 .0 0 .92x
Slide 21: Long-Term Debt Maturity Schedule
LONG-TERM DEBT MATURITY SCHEDULE Pro Forma Debt Maturity schedule ($mm) Principal Calendar Year Am ount 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 Ferrellgas, L.P. Senior Cred it Facility $60 0 ***** A R Securitization Facility 225 ***** 6.50 0 % Senior Notes Due 20 21 50 0 50 0 6.750 % S
Slide 22: Conclusion
CONCLUSION
Slide 23: Key Investment Takeaways
KEY INVESTMENT TAKEAWAYS SIGNIFICANT MIDSTREAM PLATFORM DIVERSIFIED BUSINESS EXPANDED BLUE-CHIP CUSTOMER BASE PROVEN TRACK RECORD OF ACQUISITIVE GROWTH TRANSITION TO GROWTH ORIENTED MLP LONG-TERM SUCCESSFUL OPERATING HISTORY _ EXPERIENCED, HIGH-QUALITY 4 75 YEARS MANAGEMENT TEAM
Slide 24: Q&A
Q&A