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August 2014

Citi MLP/Midstream Infrastructure Conference. August 2014. Forward Looking Statement Disclaimer.

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August 2014

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  1. Citi MLP/Midstream Infrastructure Conference August 2014

  2. Forward Looking Statement Disclaimer • 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 future results of the partnership may vary from the results expressed in, or implied by, the following information, possibly to a material degree. The partnership assumes no obligation to update the information contained herein. For a discussion of some of the important factors that could cause the partnership’s results to differ from those expressed in, or implied by, the following information, as well as a discussion of certain other risks, uncertainties and factors, please see the sections “Item 1. Business - Risk Factors” in the Form 10-K of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P. and Ferrellgas Finance Corp. for the fiscal year ended July 31, 2013, and our Form 10-Q for the fiscal quarter ended April 30, 2014. 2

  3. Executive Management Team Steve Wambold President and Chief Executive Officer Ryan VanWinkle Executive Vice President & Chief Financial Officer, President – Midstream Operations Boyd McGathey Executive Vice President & Chief Operating Officer Tod Brown Executive Vice President & President, Blue Rhino 3

  4. Presentation Review • Partnership Overview • Midstream Operations • Propane Operations • Financial Performance 4

  5. Partnership Overview 5

  6. Overview of Ferrellgas Partners Founded in 1939 as a single location, family-owned business Publicly traded, master limited partnership since 1994 (NYSE: FGP), distributing an annual $2.00 per common unit distribution for 20 years 2nd largest distributor of propane in the United States, including related equipment and supplies Serving residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico Through our acquisition of Blue Rhino (NASDAQ: RINO) in 2004 and subsequent growth, we are the largest national provider of propane by portable tank exchange Geographic diversity through our propane operations; 875 propane distribution locations and more than 46,000 portable tank exchange locations nationwide Completed first midstream acquisition, May 1, 2014 with purchase of Sable Environmental, a leading provider of fluid logistics in the Eagle Ford 6

  7. Our History is One of Successful Growth for the Long Term Benefit of Our Investors 7

  8. Our Key Brands…Well Established in the Market Traditional Retail Propane Business Tank Exchange Business Logistics, Risk Management and Wholesale Consumer Products Business Fluid Logistics 8

  9. Our Partnership Structure Employee StockOwnership Trust(“ESOT”) • 29% employee ownership through ESOP • 5% ownership by Chairman James E. Ferrell • Significant ownership in the partnership and parent company by executive management • General partner/ESOP structure aligns employee and investor interests 100% Stable, Long-term Ownership Base Ferrell Companies, Inc.(“FCI”)21,716,554 Common Units 100% Ferrellgas Inc.(“General Partner”) James E. Ferrell 4,358,475 Common Units Public55,153,208 Common Units 5% 27% 1% (GP Interest) 68% Common Unit Ownership percentages Ferrellgas Partners, L.P.(NYSE “FGP”) 99% 1% (GP Interest) Ferrellgas L.P.(“OLP”) 9

  10. Ferrellgas, L.P. (the Operating Limited Partnership or “OLP”) Owns all of the operating assets/cash flow Maintains working capital facility and other subordinated high yield bonds totaling approximately $1,098 million as of April 30, 2014 Maintains an AR Securitization facility with $155 million borrowed as of April 30, 2014 Ferrellgas Partners, L.P. (the Master Limited Partnership or “MLP”, together with the OLP it is referred to as the “Partnership”) Publicly traded on the New York Stock Exchange under ticker symbol FGP Owns all the limited partner interests of the OLP ~$2.1 billion equity market cap – approximately ~81 million common units $182 million of high yield bonds outstanding (not guaranteed by OLP) Ferrellgas, Inc. General Partner of the MLP and OLP Manages and controls the operations of the partnership Ferrellgas employees work for this entity Ferrell Companies, Inc. (FCI) Owns 100% of Ferrellgas, Inc. Owns approximately a 29% interest in the partnership (including GP interest) Ferrellgas Partnership Structure (cont.) 10

  11. Capitalize on organic growth Expand through disciplined acquisitions Capitalize on national presence and economies of scale Achieve operating efficiencies through technology Align employee interest with investors through employee ownership; only MLP with significant company-wide ESOP ownership Keys To Continued Success 11

  12. Recent Financial Highlights • Adjusted EBITDA and gross profit for our quarter ended April 30, 2014 were $99.8 million and $230.5 million, respectively • Both were records for the quarter • TTM Adjusted EBITDA and gross profit through April 30, 2014 were $288.6 million and $783.3 million, respectively • Distributable Cash Flow coverage of 1.2x as of April 30, 2014 • At 1.2x DCF coverage, we generated $31.8 million of excess cash flow over the last 12 months to fund growth/reduce debt • At April 30, 2014, pro forma for financings, we had $413.5 million of availability to fund growth projects and acquisitions • Our equity cost of capital has materially improved over the last 12 months – now approx. 7.4% • Credit/outlook upgrades from both Moody’s and Standard & Poor’s • Moody’s OLP debt rating of “B1” (“stable” outlook) • S&P’s OLP debt rating of “B+” (“stable” outlook) 12

  13. Recent Capital Market Activity • In October 2013, completed a $325 million, 6.75% note offering, due January 2022 • Note offering to refinance $300 million, 9.125% senior notes due 2017 • Offering both extended maturity and materially reduced interest expense • Added an additional $150 million onto the above referenced notes in June 2014 at an effective interest rate of 5.877% • Proceeds used to partially fund the acquisition of Sable Environmental and provide additional capital for future growth investments • Issued $50 million of FGP equity in conjunction with the acquisition of Sable Environmental • Selling shareholders acquired the equity at the close of the transaction at $24.50 per common unit • Amended our bank funded credit facility, primarily increasing borrowing capacity and terms to allow for additional midstream growth • Exercised accordion option to increase credit facility by $100 million from $500 million to $600 million 13

  14. Midstream Operations 14

  15. Ferrellgas acquired Sable Environmental, LLC (“Sable”) on May 1, 2014 Purchase price of $124.7 million, representing a ~6.25x purchase multiple Subsequent to the May 1st transaction, we acquired a competitor’s SWD well lowering the all-in acquisition multiple to 5.1x Estimated 2015 EBITDA of ~$25 million Established Midstream segment Sable is a leading provider of salt water disposal (“SWD”) services in the Eagle Ford region of Texas for produced and flowback water generated as part of the oil and gas production process Currently owns and operates six SWD facilities in three counties within the Eagle Ford Additional SWD facilities in permitting, development or acquisition process Key customers include major oil and gas producers and transportation companies Overview of Sable Environmental 15

  16. Sable Asset Overview • Headquartered in Corpus Christi, Texas, Sable currently owns and operates six SWD sites in Karnes, Dimmitt and Frio Counties in Texas • Sable has approved or pending permits for additional SWD locations and are evaluating other locations for feasibility to construct additional facilities • Each of the six existing wells has permitted capacity of 25,000 barrels per day (“Bpd”) and have functional capacity between 8,000 Bpd and 10,000 Bpd • Sable does not own or operate any trucks • In certain cases, Sable arranges transportation for major customers utilizing third-party trucks and drivers • Sable operates on both a contracted and spot basis with leading E&P and transportation companies 16

  17. Basics of Salt Water Disposal SWD Well Diagram Separation Process Saltwater is injected back into porous rock formations underground and sealed above and below by impermeable strata Fluid is pumped into tanks where water, chemicals, sand and oil are separated 2 2 Trucks deliver fluids from production wells Separated products are pumped into separate holding tanks 4 3 1 2 Oil gatherer takes crude oil to a gathering facility that ships to market 1 1 4 3 Photographs of Sable’s Facilities Gillett Dieter Helena Engler Kenedy Dilley 17

  18. Producer Map of Eagle Ford Producer Activity in the Eagle Ford 18

  19. Sable’s Facilities Well Positioned in the Eagle Ford 19

  20. Propane Operations 20

  21. Nationwide Footprint – A True Competitive Advantage 21

  22. Recent Acquisitions Ferrellgas continues to be active in the market with a keen eye for quality operations, achieving geographic and product diversity 22

  23. Continued Diversification Through Tank Exchange • Our Blue Rhino operations help to mitigate seasonality and provide a further catalyst for growth…propane and related products businesses • Significant operating synergies among our tank exchange operations and our traditional retail business • Blue Rhino tank exchange is the undisputed leader in brand awareness by customers – over 46,000 distribution locations nationwide • Tank exchange operations help to cultivate new National Account business • Through our Global Sourcing subsidiary we are a leading distributor of outdoor living accessories & one of the largest suppliers of bar-b-que grills in the country Number of Blue Rhino Retail Locations 23

  24. Financial Performance 24

  25. Record Adjusted EBITDA performance in fiscal 2013; We anticipate another record in FY14! Guidance Suggests 3 Record Year in the Last 5 25

  26. Debt Maturity Schedule; Structured for the Long-Term Pro forma debt maturity schedule ($ in millions) Timely refinancings have materially reduced interest expense and refinancing risk…no debt maturities until 2016 with all senior notes maturities in 2020 or later 26

  27. Third Quarter Earnings Statement 27

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