May 2016 - Tidewater Midstream and Infrastructure Ltd.

May 2016
Forward Looking Information
Advisory
In the interests of providing Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation”) shareholders and
potential investors with information regarding Tidewater, including management’s assessment of future plans and operations
relating to the Corporation, this document contains certain statements and information that are forward-looking statements or
information within the meaning of applicable securities legislation, and which are collectively referred to herein as “forwardlooking statements”. Forward-looking statements in this document include, but are not limited to statements and tables
(collectively “statements”) with respect to: the strategic acquisition and concurrent equity financing; subsequent acquisitions and
strategies for acquisitions, capital projects and expenditures; strategic initiatives; anticipated producer activity and industry trends;
and anticipated performance. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, as well as known and unknown risks and uncertainties, both general and specific, that
contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur and
which may cause Tidewater’s actual performance and financial results in future periods to differ materially from any estimates or
projections of future performance or results expressed or implied by the forward-looking statements. These assumptions, risks and
uncertainties include, among other things: receipt of third party, regulatory and governmental approvals and consents in respect of
the strategic acquisition and concurrent equity financing; completion of the strategic acquisition and concurrent equity financing;
Tidewater’s ability to successfully implement strategic initiatives and whether such initiatives yield the expected benefits; future
operating results; fluctuations in the supply and demand for natural gas, NGLs, and iso-octane; assumptions regarding commodity
prices; activities of producers, competitors and others; the weather; assumptions around construction schedules and costs, including
the availability and cost of materials and service providers; fluctuations in currency and interest rates; credit risks; marketing
margins; potential disruption or unexpected technical difficulties in developing new facilities or projects; unexpected cost increases
or technical difficulties in constructing or modifying processing facilities; Tidewater’s ability to generate sufficient cash flow from
operations to meet its current and future obligations; its ability to access external sources of debt and equity capital; changes in
laws or regulations or the interpretations of such laws or regulations; political and economic conditions; and other risks and
uncertainties described from time to time in the reports and filings made with securities regulatory authorities by Tidewater.
Readers are cautioned that the foregoing list of important factors is not exhaustive. The forward-looking statements contained in
this document are made as of the date of this document or the dates specifically referenced herein. For additional information
please refer to Tidewater’s public filings available on SEDAR at www.sedar.com. All forward-looking statements contained in this
document are expressly qualified by this cautionary statement.
Any financial outlook or future-oriented financial information, as defined by applicable securities legislation, has been approved by
management of Tidewater as of March 25, 2016. Such financial outlook or future-oriented financial information is provided for the
purpose of providing information about management's current expectations and goals relating to the future of Tidewater. Readers
are cautioned that reliance on such information may not be appropriate for other purposes.
Non-GAAP Financial Measures: This presentation refers to “EBITDA” and “cash available for distribution” (CAFD), which do not have
any standardized meaning prescribed by generally accepted accounting principles in Canada (“GAAP”). We define EBITDA as means
earnings before interest, taxes, depreciation and amortization. We define “cash available for distribution” (CAFD) as the amount of
cash generated from operations, before changes in working capital and after deducting sustaining capital expenditures, scheduled
principal repayments of debt and distributions to non-controlling interests.
2
Tidewater Is A Newly Formed, High Growth Midstream Company…
NGL Connectivity Strategy
1
Acquire Strategic
Contracted
Infrastructure
2
Connect to
Existing
Infrastructure

Key NGL/gas infrastructure and gas
plants with proximity to multiple
transportation options, coupled with
take-or-pay and/or reserve dedication
agreements

Any and all acquisitions and organic
opportunities which enable Tidewater
to own more of the value chain from
well head to end market and/or
tidewater

Ability to increase third party
throughput and/or improve liquids
capture / pricing of NGLs for all related
parties
3
Optimize Through
Organic
Investments
4
Enhance Logistics
Network

Various logistics infrastructure including
rail, pipelines and trucking
5
Market Access
Infrastructure

Various port and pipeline infrastructure
to get us to export markets
3
... That Currently Provides a Low-Risk Attractive Investment
Opportunity
Attractive Investment Opportunity
1
Very Conservative
Capital Structure

Maintaining a low-risk and highly flexible
capital structure
Pro forma AltaGas acquisition and
March equity financing results in zero
debt with ~$25 million cash on hand
2
Underlying Stable
Cash Flow Producing
Infrastructure Assets

Protection obtained from vendors, contracts,
competitive positioning to ensure go forward
cash flow
Asset vendors committed to forward 12
month cash flow minimums including
reserve dedications and processing
agreements ranging from 2 to 10 years

Taking advantage of ongoing pipeline of
acquisition and organic growth opportunities to
increase per share value via creativity of
management team

Currently trading at an overly large discount to
the comparables given more conservative
capital structure and more easily achieved
relative growth rates

Once in a career opportunities to acquire toptier midstream assets in strategic locations at
discounted valuations. Ongoing review of new
opportunities to further enhance the NGL
Connectivity Strategy, with ability to finance
via available free cash flow, credit capacity
and access to capital markets
3
Growing EBITDA,
CFPS and Share Value
4
Relatively
Undervalued versus
Comparable
Companies
Poised for Continued
Low-Risk Growth in
Opportunity Rich
Environment
5
1
Late 2016 run-rate EBITDA and CFPS includes organic improvements of existing facilities.
Since the April 2015 IPO EBITDA increased
from zero to expected pro forma late
2016E run-rate of ~$501 million
Tidewater has zero leverage vs.
comparable average of 4.6x, payout
ratio of <30% vs. average of 75%, and a
EV/EBITDA multiple of 8.0x vs. average
of 13.3x
New opportunities being brought
regularly to Tidewater’s creative and
experienced management team
Executed on seven acquisitions in eight
months
4
Commitment to the NGL Value Chain And Execution of
Business Plan

Tidewater will aggressively grow its NGL business through both organic opportunities as well as
acquisitions
P
P
P
P

Closed initial public offering
April 2015

Closed acquisition of initial 185 MMcf/day deep cut gas plant within liquids
rich fairway in addition to $210 million equity financing
July 2015

Extend largest take or pay contract and work to diversify customer base

Announced acquisition of 2nd gas plant and new core area in one of the
most active liquids rich regions in Western Canada

Announced acquisition of 3rd operated gas plant (100% WI) in additional to
propane retail acquisition and 5 year supply deal with vendor of gas plant.
$70 million credit facility finalized
P
P
November 2015

Announced acquisition of 3 operated deep-cut gas /extraction plants
(100% WI) with total processing capacity of 142 MMcf/day in addition to
250km of pipelines and key infrastructure at Fort Saskatchewan
January 2016
Announced agreement to acquire 100% of AltaGas’ working interest in
select Deep Basin gas processing facilities and related infrastructure for
cash and 43.7 MM shares of TWM stock
February 2016

In
Progress
November 2015
Install truck racks at BRC to obtain better pricing for producers NGLs and
commence NGL Marketing Operations
P
In
Progress
October 2015

P
P
September 2015

Closed $80.5 million equity financing, which included a fully exercised
over-allotment option

NGL Export Terminal

Expand NGL infrastructure, related network and new downstream markets
for NGLs. Continue to offer producers improved pricing for their NGLs and
related netbacks
March 2016
T+12 months
Ongoing
5
Tidewater Summary



Track Record of Success

Proven team can leverage upstream and downstream relationships and partner with producers to share
upside with NGL pricing while securing take-or-pay or reserve dedication volume contracts

Former Predator Midstream management and board of directors (sold to Secure Energy Services in Aug
2014 for ~$107 MM) and generated 20 fold returns in both Predator Midstream Ltd. and Predator Oil Ltd.
High Growth, Pure Play NGL Infrastructure Business

Pursuing Canadian natural gas liquids (“NGLs”) market opportunities through the acquisition and
optimization of strategic midstream, pipeline, storage, rail, downstream, and export assets

Capitalizing on Management’s strong producer and downstream market access relationships, Tidewater
can guarantee producers improved pricing for their NGLs

Seven acquisitions announced/completed in eight months and continue to see once in a generation
opportunity to purchase key midstream assets in strategic locations

EBITDA increased from zero at IPO to late 2016E run-rate of ~$50 million1 via multiple gas plants, pipe
gathering systems and pipe and rail takeaway capacity
Buildout of Deep Basin NGL, gas processing and natural gas network continues in one of the most active
areas in North America


January acquisition provides the potential for immediate takeaway and egress for natural gas producers
and will form the backbone of Tidewater’s natural gas and NGL network


1
142 MMcf/day of 100% owned deep cut processing capacity with 250km of pipelines and key
infrastructure in the Edmonton area at < 5% of replacement value
Strategic partnership with AltaGas announced in February adds 8 key processing facilities within the Deep
Basin and enables Tidewater to continue to build out it’s NGL and natural gas network


Tidewater has acquired a network of > 15 gas processing plants, 2500 kilometers of pipelines in an
attempt to provide an NGL/natural gas network which can guarantee producers better pricing for their
NGLs and natural gas egress options
> 400 MMcf/day of processing capacity and > 2000 kms of pipelines
Continue to See Significant Acquisition and Organic Growth Opportunities and Synergies with Acquired
Assets
Late 2016E run-rate EBITDA includes organic improvements of existing facilities.
6
Board & Management Has A Strong Track Record

Energetic and motivated team, which has previously achieved 20 fold returns in prior companies; most
recently, Predator Midstream Ltd. (crude-by-rail) and Predator Oil Ltd. (upstream oil)1
Team Member
Position
Background
Joel MacLeod, CA
Chairman, President & CEO

Founding CEO of Predator Oil Ltd., Founding CEO and majority shareholder of Predator
Midstream Ltd., Former CFO SkyWest Energy Corp., PrimeWest Energy Trust/TAQA
Toby McKenna
VP, Business Development
& Commercial

VP Business Development Predator Oil Ltd., VP Natural Gas Trading Castelton
Commodities Canada, Co-Founder Louis Dreyfus Energy Canada
Joel Vorra, CA
CFO

Former Controller Predator Midstream Ltd., former CFO Predator Oil Ltd., Collins
Barrow Calgary LLP
Jarvis Williams
VP, Logistics
and Midstream Operations

Former VP Logistics and Midstream Operations of Predator Midstream Ltd., VP Predator
Oil Ltd., Skywest Energy Corp/Marquee Energy, Primewest Energy Trust/TAQA
Jeff Ketch
VP, Field Operations

Former VP Operations Predator Midstream Ltd., VP Operations Predator Oil Ltd., Equal
Energy Ltd., 20+ years field operations
Greg MacDonald,
P. Eng
VP, Engineering

Former VP Engineering Predator Midstream Ltd., President & COO Predator Oil Ltd.,
Molopo Energy, Compton Petroleum
Reed McDonnell
VP, Acquisitions & Joint
Venture

Former Senior Business Analyst Predator Midstream Ltd., Predator Oil Ltd., Cormark
Securities Inc., Wellington West Capital Markets
Brent Booth
VP, NGL Marketing

Former NGL Trader / Manager, Ethane and Natural Gas and Risk Management Groups at
Plains Midstream Canada, PricewaterhouseCoopers LLP

Former CFO of Abu Dhabi National Energy Company PJSC (“TAQA”), where he oversaw
oil and gas and infrastructure assets with a value of greater than $30 billion. Prior to
TAQA, Mr. Fraser was the CFO of PrimeWest Energy Trust at the time of its acquisition
by TAQA for approximately $5 billion in cash. Also, formerly CFO of Husky Energy Inc.
and held senior roles at Petro-Canada and Imperial Oil Limited

Partner DLA Piper (Canada) LLP, current Corporate Secretary Predator Oil Ltd., former
Corporate Secretary Predator Midstream Ltd.

VP Drilling & Completions Tangle Creek Energy, current Board Member Predator Oil
Ltd., former Board Member Predator Midstream Ltd., former VP Operations SkyWest
Energy Corp and former Manager, Drilling & Completions at Berens Energy Ltd.

Former Executive Vice President, Strategy and Corporate Development at AltaGas and
has over 30 years of experience in energy, power, infrastructure, utility and legal
businesses
Doug Fraser, CA
Director
Trevor WongChor, LLB
Director
Steve Holyoake,
P.Eng
Director
David R. Wright
Director
7
1
Past successes are not necessarily indicative of future performance.
Adding Value Through All Parts of the Value Chain
Tidewater Owned
Future Potential
Third-Party
8
Tidewater Facilities and Connectivity
9
Strategic Acquisition of Core Deep Basin Natural Gas
Gathering and Processing Network

Tidewater closed an agreement to acquire 100% of AltaGas’ working interests in select Deep Basin
and central Alberta gas processing facilities and related infrastructure (the “Acquisition” or the
“Assets”), which includes a pipeline network of > 2,000 km and > 400 MMcf/day of processing
capacity

The purchase was funded through a combination of Tidewater common shares and availability
under Tidewater’s existing credit facility

Concurrently, Tidewater has entered into a strategic partnership with AltaGas for potential
subsequent contributions of assets to Tidewater

The Assets are forecast to generate EBITDA of $14.4 MM in 2016 with ~50% of 2016E volumes
generated from take-or-pay or reserve dedication contracts

The Acquisition is expected to be immediately accretive to cash available for distribution by ~11% in
2016

Tidewater expects to undertake initiatives such as adding truck racks, NGL marketing and
building out producer relationships to significantly increase accretion in 2017E and beyond
with small capital additions
Core Facility Overview

Map of Assets
The Acquisition is heavily concentrated in the
Deep Basin and includes facilities at
Marlboro/Edson, Alder Flats, Sylvan Lake,
Gilby, Windfall/Kaybob, Bonnie Glenn, Malmo
and Manola (the “Core Facilities”)

The Core Facilities generated ~77% of
2015 total EBITDA

The Core Facilities are contiguous to
the BRC, which complements
Tidewater’s existing natural gas
network
10
Core Facilities Experience Resilient Drilling Activity and
Sustained Throughput


The Deep Basin is one of the most economic plays in the Western Canadian Sedimentary Basin, with
drilling activity continuing through the commodity price downturn

15 producers have released >2,000 rigs in the Deep Basin between 2014 and 2015

The Deep Basin is a multi-zone producing region and continued drilling activity will allow
Tidewater to increase throughput and utilization rates at the Core Facilities
The most active drillers in the Deep Basin include Peyto, Tourmaline, Bonavista, CNRL and Bellatrix
Select Deep Basin Rig Releases1 (2014-2015)
Peyto
297
Tourmaline
271
Bonavista
202
CNRL
147
Bellatrix
145
Penn West
133
ConocoPhillips
124
Shell
110
Repsol
109
Paramount
1
100
ARC
90
Encana
87
Vermilion
63
Bonterra
63
Whitecap
63
Source: GEOscout.
Deep Basin Drilling Activity
11
AltaGas Acquisition Holds Diverse Customer Base

The Asset’s customer list exceeds 60 producers


Provides reduced customer concentration risk on variable volumes
3 of the top 10 producers utilizing the Core Facilities are under take-or-pay contracts and 6 are
under reserve dedication contracts
Top 10 Producers Utilizing the Core Facilities
Core Facility Throughput1 (Mcf/d)
Producer #1
17,404
Rig
Releases
(20142015)
Take-orPay
Reserve
Dedication
EV2
(C$B)
Net Debt /
2016E
Cash
Flow3 (x)
2016E
Production3
(boe/d)
191


$2
4.3x
70,000
Investment
Grade
Producer #2
8,645
127


$80
5.0x
1,530,000
Producer #3
8,617
146


$1
10.3x
38,000
Producer #4
8,586
24

$1
nmf
23,000

52

$28
7.2x
89,000

Producer #5
2,597
Producer #6
1,585
63
$1
4.2x
12,500
Producer #7
1,213
49
$0.5
1.1x
9,300
Producer #8
896
62
$20
2.6x
330,000
Producer #9
752
53
$1
1.1x
18,000
$4
nmf
42,500
Producer #10
1
2
3
152
Figures based on the month of November 2015.
As at May 5, 2016.
Street Research consensus estimates.
37




12
Acquired Pipeline Network adds to Tidewater’s Core Deep
Basin Operations

The Acquisition adds >2,000 kms of
operational pipelines and 400 MMcf/day or
processing capacity

Further build out of Tidewater’s natural
gas and NGL network offers egress and
take away for producers. Further
enhances Tidewater’s ability to guarantee
producers improved pricing for their NGLs

The Acquisition includes significant
pipeline connectivity in the Deep Basin,
complementing existing BRC framework

1
Tidewater Deep Basin Pipeline Network1
Tidewater will be able to achieve
greater NGL marketing optionality,
benefitting Tidewater and producers
Source: GEOscout.
13
January Acquisition Forming Backbone of Tidewater NGL and
Natural Gas Network

On January 4, Tidewater announced the
acquisition of three 100% owned and
operated gas/natural gas liquids
extraction facilities with deep cut
processing capacity of 142 MMcf/day in
addition to 250 km of pipelines and key
infrastructure at Fort Saskatchewan

Acquisition provides the potential
for immediate takeaway and egress
for natural gas producers and will
form the backbone of Tidewater’s
natural gas and NGL network

Acquired at or near bottom of
market at a price equal to 3.5% or
approximate replacement value of
key infrastructure at approximately
$200 million

Large upside in connecting existing
Tidewater infrastructure to newly
acquired infrastructure around
Edmonton

With recovery in liquids prices and
Tidewater’s ability to market spec
product, significant upside in asset

Key infrastructure and right of ways
including land and rail access at Fort
Saskatchewan
14
Production in Area of Oct. 15th Acquisition Continues to Grow
From Diverse Producer Group

Production still growing in depressed pricing environment, indicating strong play economics

Area production dominated by Encana (ECA), with other producers such as Birchcliff (BIR), Advantage
(AAV) and ARC Resources (ARX) experiencing high growth

Producers pushing development north into liquids-rich window due to superior economics of liquids
vs gas

~8% production growth year-to-date from the Montney1
Peace River Area Production Profile – Top 15 Producers2
2,000
1,800
Daily Production (MMcf/d)
1,600
1,400
1,200
1,000
800
600
400
200
Jan-10
Jan-11
ECA
COP
Direct Energy
Jan-12
BIR
MUR
WCP
Source: GEOscout as at March 18, 2016.
1 2016 year-to-date average production over 2014-2015 average production.
2 “Area” defined as 10 x 10 township area centered around facilities.
Jan-13
AAV
Exshaw Oil
SGY
Jan-14
ARX
TAQA
Insignia
Jan-15
Jan-16
CNQ
KEL
POU
15
Overview of Original July 2015 Strategic Acquisition of a Deep Cut
Gas Processing Facility
In July 2015, Tidewater closed the acquisition of a 63% operated working interest in a deep cut gas
processing facility (BRC) in the West Pembina region of Alberta, including related pipelines for $180
MM


The West Pembina region is a prolific producing multi-zone area of the Deep Basin

Though gas production in the area has historically come primarily from the Cardium, yearover-year growth of 11% has largely come from Mannville plays such as the Spirit River
(Notikewin, Fahler and Wilrich) and the Lower Mannville (Ellerslie)
Acquisition Overview

185 MMcf/d gas processing facility and
ownership and/or access to 400 kilometers of
associated gathering pipeline

One of the largest processing facilities in the
Pembina area with current throughput of ~140
MMcf/d (100% from third party producer
customers post acquisition)

EBITDA of ~C$28 MM1 with enhancement
potential through optimization and growth

Acquisition at 6.5x EBITDA based on ~C$28
MM1 of EBITDA

70% of facility EBITDA contracted under takeor-pay contracts ranging from 3 to 10 years
backed by credible counterparties / producers

Acquisition Location
Edmonton
Calgary
“Deep-cut” gas processing capability for both
sweet and sour throughput, enabling
producers to realize a higher margin on their
production via NGL extraction
Medicine Hat
Lethbridge
1
EBITDA before G&A.
16
Production in Area of Original Acquisition Continues to Grow From
Diverse Producer Group

Liquids rich gas production by large producers driving strong demand for deep cut facilities

15+ producers have active production in the area

No single producer dominance
West Pembina Area Production Profile – Top 15 Producers1
1,200
Daily Production (MMcf/d)
1,000
800
600
400
200
Jan-10
Jan-11
COP
TOU
HSE
Jan-12
BXE
VET
BTE
Source: GEOscout as at March 18, 2016.
1 “Area” defined as 10 x 10 township area centered around facilities.
Jan-13
TAQA
APA
Velvet
Jan-14
Direct Energy
Sinopec
LTS
Jan-15
Jan-16
PWT
Westbrick
PMT
17
Positioned for Organic Growth Outperformance

Balance sheet is well positioned to execute on un-risked organic growth opportunities

Potential to add significant shareholder value over the next 2 years

… While maintaining a low risk capital structure with minimal debt
Organic EBITDA Growth
$120
Year End EBITDA
Incremental EBITDA Growth Range
$100
Upper Range Cumulative Capex
Lower Range Cumulative Capex
$23.5
–
$36.0
C$ Millions
$80
$0.5 - $1.0
$8.0 - $10.0
$60
$50.0
$15.0 – $25.0
$50.0
$40
$20
$0
Exit 2016E Run-Rate EBITDA
Frac / Rail Facility / Spec Propane AECO / Alliance Infrastructure /
at Select Existing TWM Facilities
Pipelines / NGL Terminals
Reactivate Fort Sask. Extraction Incremental Organic 2017E - 2018E
Plant
EBITDA Growth
18
Tidewater Relative Performance
Tidewater Relative Performance1 (Share Price Performance Since Inception)
Tidewater
120%
S&P / TSX Composite
100%
TSX Energy
CDN Midstream Index(2)
80%
US MLP Midstream Index(3)
60%
39%
Return (%)
40%
TWM IPO @
$1.00/Sh.
20%
0%
(20%)
(11%)
(21%)
(25%)
(40%)
(41%)
(60%)
(80%)
Apr-15
1
2
3
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Source: Bloomberg as at May 5, 2016.
CDN Midstream Index includes Enbridge Income Fund, Pembina, Inter Pipeline, AltaGas, Keyera, and Veresen.
US MLP Midstream Index includes EnLink Midstream Partners, Crestwood Equity Partners, DCP Midstream Partners, American Midstream Partners,
Enbridge Energy Partners, and Energy Transfer Partners.
May-16
19
Tidewater Midstream Trading Comparables

Tidewater’s EV/EBITDA multiple of 8.0x trades at a large discount to its peer average of 13.3x EV/EBITDA
Tidewater Midstream Trading Comparables
Share
Pric e 1
Market
Cap
Enterprise
V alue 2,3
EV / EBITDA
2016E' 4
Dividend
Y ield
Net Debt /
2016E EBITDA 4
Debt /
Total Cap
($ /Sh.)
($ M M )
($ M M )
(x)
(%)
(%)
(x)
(%)
Enbridge Income Fund Holdings Inc.
$28.29
$22,663
$37,544
14.1x
74%
6.6%
5.6x
82%
Baa2
Pembina Pipeline Corporation
$37.82
$14,517
$18,347
14.9x
82%
5.1%
3.1x
23%
BBB
Inter Pipeline Ltd.
$25.39
$8,546
$13,674
13.5x
74%
6.1%
5.1x
60%
BBB+
AltaGas Ltd.
$29.56
$4,333
$9,210
13.2x
68%
6.7%
7.0x
50%
BBB
Keyera Corp.
$38.57
$6,623
$8,240
12.3x
51%
3.9%
2.4x
54%
n.a.
Veresen Inc.
$8.86
$2,649
$4,353
11.8x
99%
11.3%
4.6x
30%
BBB
Mean
13.3x
75%
6.6%
4.6x
50%
Median
13.4x
74%
6.4%
4.8x
52%
8.0x
27%
2.9%
n.a.
n.a.
Company
Tidew ater Midstream
$1.39
$396
$371
'16E Payout
Ratio 4
Credit
Rating
n.a.
Tidewater is trading at a large discount to comparables despite a more conservative capital structure
Source: Company reports and Bloomberg. Estimates based on consensus equity research.
1 As at May 5, 2016.
2 Includes options and warrants using the Treasury Method.
3 EV includes non-recourse debt and preferred shares.
4 Based on consensus equity research estimates. TWM value calculated using Exit 2016E Run-Rate EBITDA of $50 MM.
20
Tidewater Corporate Profile
Stock Symbol
TSXV: TWM
Common Shares Outstanding
~285 million
Insider Ownership (Fully Diluted)
Market Capitalization1
Positive Working Capital incl. Cash
Enterprise Value
Total Midstream Processing
Capacity (gross/net) and Length of
Pipelines (gross/net)
Replacement Value of Midstream
Assets
Annual Dividend
Current Yield1
1
As at May 5, 2016.
~5.0%
$396 million
$25 million
$371 million
~1 Bcf/day / ~600 MMcf/day
~2,900 km / ~1,900 km
> $1 billion
$0.04/sh.
~2.9%
21