BP Midstream Partners LP — Q2 2021 Earnings Presentation
13 slides from BP Midstream Partners LP's earnings presentation, 2021
Slide 1: Second quarter 2021 results
bp midstream partners bp midstream partners Second 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: Operational results
Operational results bp midstream partners Quarterly pipeline gross throughput2 Mars Cleopatra Endymion Thousands, boed Caesar Proteus Ursa Slower ramp-up in production from offshore offshore major projects and new gross wells 1,687 throughput1 Higher offshore producer 1,562 1,574 maintenance 1,266 1
Slide 6: Financial results ($ million)
Financial results1 ($ million) bp midstream partners 2Q20 1Q21 2Q21 Revenue 31.5 29.6 29.3 Adjusted Costs and expenses 11.0 11.0 10.9 EBITDA2 Operating income 20.5 18.6 18.4 Income from equity method investments 26.8 30.3 28.6 Interest expense, net 1.9 1.1 1.1 Net income 45.4 47.8 45.9 Cash availabl
Slide 7: Q&A
Q&A bp midstream partners Jack Collins Geoff Carr chief financial officer vp investor relations bp midstream partners investor relations: (832) 664-3187 or email bpmpir@bp.com
Slide 8: Supplementary information
bp bp midstream midstream partners partners Supplementary information
Slide 9: Reconciliation of Adjusted EBITDA and CAFD to Net Income
Reconciliation of Adjusted EBITDA and CAFD to Net bp midstream partners Income1 ($ million) 2Q20 1Q21 2Q21 Net income 45.4 47.8 45.9 Add: Depreciation 0.6 0.7 0.6 Interest expense, net 1.9 1.1 1.1 Cash distributions received from equity method investments2 31.8 30.2 32.9 Less: Income from equity met
Slide 10: 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) 2Q20 1Q21 2Q21 Adjusted EBITDA attributable to the Partnership 47.4 43.1 45.6 Add: Net adjustments from volume deficiency agreements (1.7) 0.2 0.6 Maintenance capital recovery2 -
Slide 11: Reconciliation of Adjusted EBITDA and CAFD to Net Cash from Operating Activities
Reconciliation of Adjusted EBITDA and CAFD to Net bp midstream partners Cash Provided by Operating Activities1 ($ million) 2Q20 1Q21 2Q21 Net cash provided by operating activities 50.6 48.0 53.5 Add: Interest expense, net 1.9 1.1 1.1 Distributions in excess of earnings from equity method investments
Slide 12: Reconciliation of Adjusted EBITDA and CAFD to Net Cash from Operating Activities (continued)
Reconciliation of Adjusted EBITDA and CAFD to Net bp midstream partners Cash Provided by Operating Activities1 Continues from previous slide ($ million) 2Q20 1Q21 2Q21 Adjusted EBITDA attributable to the Partnership 47.4 43.1 45.6 Add: Net adjustments from volume deficiency agreements (1.7) 0.2 0.6
Slide 13: Gross Debt to annualized Adjusted EBITDA attributable to the Partnership
Gross Debt to annualized Adjusted EBITDA attributable bp midstream partners to the Partnership1 ($ million) 2Q20 1Q21 2Q21 Gross debt 468.0 468.0 468.0 Annualized Adjusted EBITDA attributable to the Partnership2 189.6 172.4 182.4 Gross Debt to annualized Adjusted EBITDA attributable to the partnersh
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