BP Midstream Partners LP — Q1 2021 Earnings Presentation
15 slides from BP Midstream Partners LP's earnings presentation, 2021
Slide 1: First quarter 2021 results
bp midstream partners bp midstream partners First quarter 2021 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: Jack Collins, Chief Financial Officer
bp midstream partners Jack Collins chief financial officer
Slide 5: Investor proposition
Investor proposition bp midstream partners Strong, investment grade-rated sponsor Conservative financial framework High quality assets with balance distribution yield1 Portfolio of organic growth projects Continuing to look for inorganic growth opportunities within sponsor’s portfolio Building cash
Slide 6: Operational results
Operational results bp midstream partners Quarterly pipeline gross throughput2 Mars Cleopatra Endymion Thousands, boed Caesar Proteus Ursa Absence of adverse weather offshore impacting offshore producers in gross Gulf of Mexico in 4Q 2020 1,729 1,687 throughput1 1,561 Slightly higher offshore produc
Slide 7: Financial results ($ million)
Financial results1 ($ million) bp midstream partners 1Q20 4Q20 1Q21 Revenue 30.7 33.0 29.6 Adjusted Costs and expenses 11.1 11.3 11.0 EBITDA2 Operating income 19.6 21.7 18.6 Income from equity method investments 31.3 25.1 30.3 Interest expense, net 3.4 1.1 1.1 Net income 47.5 45.7 47.8 Cash availabl
Slide 8: 2021 guidance
2021 guidance bp midstream partners Full year 2021 guidance1 2Q21 guidance4 Adjusted EBITDA Broadly consistent with 20202 Broadly consistent gross throughput Cash available for Broadly Higher Adjusted EBITDA and Cash distribution consistent available for distribution with 20202 Distribution coverage
Slide 9: Q&A
Q&A bp midstream partners Jack Collins Geoff Carr chief financial officer vp investor relations bp midstream partners investor relations: (832) 664-6996 or email bpmpir@bp.com
Slide 10: Supplementary information
bp bp midstream midstream partners partners Supplementary information
Slide 11: Reconciliation of Adjusted EBITDA and CAFD to Net Income
Reconciliation of Adjusted EBITDA and CAFD to Net bp midstream partners Income1 ($ million) 1Q20 4Q20 1Q21 Net income 47.5 45.7 47.8 Add: Depreciation 0.7 0.5 0.7 Interest expense, net 3.4 1.1 1.1 Cash distributions received from equity method investments2 34.2 32.1 30.2 Less: Income from equity met
Slide 12: 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) 1Q20 4Q20 1Q21 Adjusted EBITDA attributable to the Partnership 47.8 47.2 43.1 Add: Net adjustments from volume deficiency agreements 0.1 3.7 0.2 Maintenance capital recovery2 0.6
Slide 13: 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) 1Q20 4Q20 1Q21 Net cash provided by operating activities 48.9 42.1 48.0 Add: Interest expense, net 3.4 1.1 1.1 Distributions in excess of earnings from equity method investments
Slide 14: 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) 1Q20 4Q20 1Q21 Adjusted EBITDA attributable to the Partnership 47.8 47.2 43.1 Add: Net adjustments from volume deficiency agreements 0.1 3.7 0.2 Ma
Slide 15: Gross Debt to annualized Adjusted EBITDA attributable to the Partnership
Gross Debt to annualized Adjusted EBITDA attributable bp midstream partners to the Partnership1 ($ million) 1Q20 4Q20 1Q21 Gross debt 468.0 468.0 468.0 Annualized Adjusted EBITDA attributable to the Partnership2 191.2 188.8 172.4 Gross Debt to annualized Adjusted EBITDA attributable to the partnersh
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