Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Merger or Acquisition (February 2021)
12 slides from Energy Transfer Lp's merger presentation, Feb 17, 2021
Slide 1: Energy Transfer Acquisition of Enable Midstream Partners, LP
Energy Transfer Acquisition of Enable Midstream Partners, LP February 17, 2021 Exhibit 99.2
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation includes “forward-looking” statements. Forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. Statements using words such as “anticipate,” “believe,” “intend,” “project,” “plan,”
Slide 3: Key Transaction Highlights
Key Transaction Highlights All-Equity, Credit Accretive Bolt-On Acquisition of Complementary Assets ` Complementary Asset Footprint with Significant Integration Opportunities Acreage Dedication from some of the largest and most active operators in Mid-Con and Ark-La-Tex Basins Diversified Asset Base
Slide 4: Combination benefits all stakeholders through additional scale and integration
Combination benefits all stakeholders through additional scale and integration ENBL’s T&S assets complement ET’s vast interstate and intrastate pipeline system and provide additional coverage in the Mid-Con and Ark-La-Tex regions Substantial gathering and processing footprint in the Mid-Con Basin co
Slide 5: Overview of Proposed Transaction
Overview of Proposed Transaction Transaction Illustration ET Common Units(1) Overview of Merger Terms Energy Transfer has executed a definitive agreement to acquire Enable in an all-equity transaction, valuing each Enable unit at $5.86 based on the closing price as of 2/12/2021. Each Enable unit wil
Slide 6: Complementary Asset Base Drives Value Across Footprint
Complementary Asset Base Drives Value Across Footprint Creates Contiguous Asset Footprint Exposure to significant demand pull gas infrastructure in the Mid-Con ENBL’s substantial gathering and processing footprint in the Mid-Con Basin complements ET’s downstream fractionation and export platform in
Slide 7: Basin leading position in Mid-Con and Ark-La-Tex
Basin leading position in Mid-Con and ark-la-tex Source: Wall street research and company public disclosure. Includes assets in the SCOOP, STACK, Woodford Shale and Arkoma; processing capacity excludes Wildcat, which is 0.4 BCF/s of rich gas takeaway with contracted processing capacity at Energy Tra
Slide 8: Scale and diversity of cash flows enhance credit profile
Immediately improves Debt / EBITDA à Equivalent to $600-700mm follow-on equity raise [check math, going off Dylan’s comment on call] with the added benefit of synergies vvv vvv Scale and diversity of cash flows enhance credit profile https://www.bamsec.com/filing/159176320000085/1?cik=1591763&hl=162
Slide 9: Large, Diverse and High-Quality Customer base
Large, Diverse and High-Quality Customer base https://www.bamsec.com/filing/159176320000085/1?cik=1591763&hl=162377:164526&hl_id=vjl-ajucf Enable’s revenues are strengthened by a diverse, high-quality customer base, including many investment-grade or affiliates of investment-grade companies Many Ena
Slide 10: ET & ENBL Complementary assets
ET & ENBL Complementary assets Gather ~13 million mmbtu/d of gas & 635 mbbls/d of NGLs produced Transport ~22.6 million mmbtu/d of natural gas via inter & intrastate pipelines Fractionate ~877 mbbls/d of NGLs at Mont Belvieu Capable of exporting ~900 thousand bbls/d of crude oil and 1 million+ bbls/
Slide 11: Successful acquisition track record
Successful acquisition track record TUFCO 2004 HPL Houston Pipeline Co. 2005 2006 2011 2012 2012 2012 2014 2015 2017 2016 ET Management has a proven track record of successfully integrating acquisitions Knowledge of respective assets and businesses facilitates integrations of: Operations Commercial
Slide 12: Transaction Timeline
Transaction Timeline February 2021 Q1 and Q2 2021 Sign Agreement Announce Transaction Begin drafting consent solicitation statement / S-4 registration statement Begin regulatory approval process Consent solicitation statement / S-4 registration statement declared effective by the SEC and file defini
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