BP Midstream Partners LP

BP Midstream Partners LP — Q3 2019 Earnings Presentation

13 slides from BP Midstream Partners LP's earnings presentation, Nov 12, 2019

  1. Slide 1: BP Midstream Partners 3Q 2019 Results

    BP MIDSTREAM PARTNERS BP Midstream Partners Stability Growth Track Record 3Q 2019 Results Delivering on our investment proposition November 12, 2019 BP MIDSTREAM PARTNERS 3Q 2019 RESULTS 1

  2. Slide 2: 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

  3. Slide 3: A strong quarter, continuing to deliver

    BP MIDSTREAM PARTNERS A strong quarter, continuing to deliver  Record throughput on BP2 pipeline since IPO1  Expect to be at top-end of full-year CAFD2 guidance  Expect mid-teens distribution growth in 2019 Agenda  Operational results Cash available for distribution Annualized quarterly distribu

  4. Slide 4: Operational results

    Operational results BP MIDSTREAM PARTNERS Pipeline Gross Throughput1 thousand boed 3Q19 Highlights BP2 River rouge Diamondback Mars Caesar  Record throughput on BP2 Cleopatra Proteus Endymion Ursa  Offshore portfolio throughput impacted by weather and producer maintenance  Pipeline average revenu

  5. Slide 5: Financial results ($ million)

    Financial results1 ($ million) BP MIDSTREAM PARTNERS 3Q18 2Q19 3Q19 3Q19 Highlights Revenue 32.1 28.6 34.6  Higher revenue from onshore pipelines Costs and expenses 11.2 11.5 10.5 – increased throughput, increased tariffs Operating income 20.9 17.1 24.1 and recognition of Diamondback Income from eq

  6. Slide 6: Q&A

    BP MIDSTREAM PARTNERS Craig Coburn Chief Financial Officer Q&A Brian Sullivan Vice President, Investor Relations BP Midstream Partners 3Q 2019 BPResults MIDSTREAM PARTNERS 3Q 2019 RESULTS 6

  7. Slide 7: Supplementary information

    BP MIDSTREAM PARTNERS Supplementary information BP BP Midstream Midstream Partners Partners 3Q 3Q 2019 2019 Results Results BP MIDSTREAM PARTNERS 3Q 2019 RESULTS 7

  8. Slide 8: Reconciliation of Adjusted EBITDA and CAFD to Net Income

    Reconciliation of Adjusted EBITDA and CAFD to Net BP MIDSTREAM PARTNERS Income1 ($ million) 3Q18 2Q19 3Q19 Net income 43.5 42.2 50.4 Add: Depreciation 0.7 0.7 0.7 Income tax expense - - - Interest expense, net - 3.7 3.8 Cash distributions received from equity method investments2 27.8 33.8 32.4 Less:

  9. Slide 9: 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) 3Q18 2Q19 3Q19 Adjusted EBITDA attributable to the Partnership 37.7 45.6 51.9 Add: Net adjustments from volume deficiency agreements (2.7) 1.0 (3.0) Less: Net interest paid/(rece

  10. Slide 10: 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) 3Q18 2Q19 3Q19 Net cash provided by operating activities 45.7 50.2 55.0 Add: Income tax expense - - - Interest expense, net - 3.7 3.8 Distributions in excess of earnings from eq

  11. Slide 11: 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) 3Q18 2Q19 3Q19 Adjusted EBITDA attributable to the Partnership 37.7 45.6 51.9 Add: Net adjustments from volume deficiency agreements (2.7) 1.0 (3.0

  12. Slide 12: Gross Debt to annualized Adjusted EBITDA attributable to the Partnership

    Gross Debt to annualized Adjusted EBITDA BP MIDSTREAM PARTNERS attributable to the Partnership1 ($ million) 3Q18 2Q19 3Q19 Gross debt - 468.0 468.0 Annualized Adjusted EBITDA attributable to the Partnership2 37.7 182.4 207.6 Gross Debt to annualized Adjusted EBITDA attributable to the partnership ra

  13. Slide 13: Financial frame

    Financial frame BP MIDSTREAM PARTNERS 20194 Through 20204 Existing portfolio Organic and inorganic Pipelines Gross throughput1 ~1.7million boed Sufficient to support Average revenue per barrel1,2 Broadly flat with 20183 5-6% organic distribution growth Terminals – Distribution $5-6m 3 month LIBOR Co

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