Investor Presentaiton
Combination Expected To Benefit All Stakeholders Through
Additional Scale and Integration
Strategic
Rationale
&
Transaction
Expectations
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ENERGY
TRANSFER
CEQP's substantial processing capacity in the Williston and Delaware basins complements ET's significant downstream
fractionation capacity at Mont Belvieu and hydrocarbon export capability from both Nederland, Texas and the Marcus Hook
complex in Philadelphia, Pennsylvania
•
Transaction extends ET's position in the value chain deeper into the Williston and Delaware basins
Entry into the Powder River basin through the acquisition of the premier gathering and processing system in the basin
Commercial synergy potential from the combination of CEQP's Storage and Logistics business and ET's NGL & Refined
Products and Crude Oil assets
➤ Attractive portfolio of accretive organic growth opportunities around CEQP's footprint via new producer drilling and
completion activity and numerous private bolt-on acquisition opportunities around existing regional footprints
Considerable operational and cost synergies across CEQP's total annual cost base of ~$300MM with opportunities for
material reduction upon integration into ET
•
Complementary asset footprints and operational scale in the Delaware and Williston basins offer substantial synergy
realization potential
Optimization of CEQP's capital structure utilizing ET's investment-grade balance sheet offers opportunity to refinance
existing debt at a lower cost of capital
Expect $40MM Annual Run-rate of Cost Synergies Before Additional Benefits of Financial and
Commercial Opportunities
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