july 2013 acmp investor presentation

8/22/2019 July 2013 ACMP Investor Presentation

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MIDSTREAM

ACCESS MIDSTREAM PARTNERSINVESTOR PRESENTATION

JULY2013


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FORWARD-LOOKING STATEMENTSCertain statements and information in this presentation may constitute forward-looking statements. The words believe,expect,anticipate,plan,intend, foresee,should,would,could, or similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are basedon current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements arereasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for futurerevenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our forward-lookingstatements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to di ffer materially from our historicalexperience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, butare not limited to, those summarized below:

dependence on Chesapeake Energy Corporation, Total E&P USA, Inc., Mitsui & Co., Anadarko Petroleum Corporation and Statoil for a majority of our revenues;

the impact on our growth strategy and ability to increase cash distributions if producers do not increase the volume of natural gas they provide to our gathering systems;

oil and natural gas realized prices;

the termination of our gas gathering agreements;

our potential inability to maintain existing distribution amounts or pay the minimum quarterly distribution to our unitholders;

the limitations that Chesapeakes and our own level of indebtedness may have on our financial flexibility;

our ability to obtain new sources of natural gas, which is dependent on factors largely beyond our control;

the availability of capital resources to fund capital expenditures and other contractual obligations, and our ability to access those resources through the debt or equitycapital markets;

competitive conditions;

the unavailability of third-party pipelines interconnected to our gathering systems or the potential that the volumes we gather do not meet the quality requirement of such

pipelines;

new asset construction may not result in revenue increases and will be subject to regulatory, environmental, political, legal and economic risks;

our exposure to direct commodity price risk may increase in the future;

our ability to maintain and/or obtain rights to operate our assets on land owned by third parties;

hazards and operational risks that may not be fully covered by insurance;

our dependence on Chesapeake for substantially all of our compression capacity;

our lack of industry diversification; and


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legislative or regulatory changes, including changes in environmental regulations, environmental risks, regulations by FERC and liability under federal and state

environmental laws and regulations.

Other factors that could cause our actual results to differ from our projected results are described in our 2011 Form 10-K and our other SEC filings. Individuals are cautioned not toplace undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statementsafter the date they are made, whether as a result of new information, future events or otherwise.

2


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4

PARTNERSHIP OVERVIEW

Provides midstream gathering and processing services in leading unconventionalplays including the Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara andUtica Shales and Mid-Continent region

As of December 2012, Global Infrastructure Partners and Williams each own 50%of the GP

Customers include Chesapeake, Total, Statoil, Anadarko Petroleum, Mitsui,Shell and other producers

The Partnership went public in July 2010 with a ~$513 million IPO; currentpublic float is ~36% of outstanding units


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5

BEST IN CLASS MLP

Best in ClassMidstream Business Model

Industry Leading OrganicGrowth Platform

Key Investment

Highlights

Protected Distributions Strategically Located Assets Substantial Growth Potential Operational Excellence World-Class Sponsorship Experienced Management Team


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6

ACMP INVESTMENT HIGHLIGHTS

Low Risk

Business Model

Fixed fee revenue model with no direct commodity price exposure Contractual structure creates cash flow stability and visibility

Industry LeadingGrowth

~$3.5B of CAPEX in 2013 - 2015 generating contractual mid-teens return Enhanced strategic emphasis on third party opportunities

ConservativeFinancial Strategy

Maintain strong liquidity and a conservative balance sheet Target investment grade financial metrics to optimize cost of capital

Experienced

Management

Team

Same team that has delivered industry leading performance since IPO Dedicated and experienced with a proven midstream track record

Stable OwnershipStructure

GIP provides strong M&A and financial capabilities Williams brings expertise across the midstream value chain


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BUSINESS MODEL COMPARISON

Comparative Assessment

Risk Factors ACMP Typical Long HaulPipeline MLPs Typical G&P MLPs

Commodity Price Minimal exposure(fixed fee) Indirect Direct & Indirect

Re-Contracting Long-term acreage dedication Medium term Short termVolume Contractual protections Firm transport revenues NoneInflation Contractual protections Depreciated rate base NoneCapital Contractual protections Rate review NoneCost Contractual protections Cost of service VariesOverall Business Model Best in Class Low Risk Moderate Risk

Business Model Provides Protected and Visible Distributions


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LEADING CONTRACT STRUCTURESTRUCTURE CREATES CASH FLOW STABILITY ACROSS ALL BASINS

Barnett Marcellus Mid-Continent Haynesville Eagle Ford Utica NiobraraDirect

Commodity

Price Exposure

Contract

Structure

Re-Contracting

Volume

Protection

Inflation

Protection

Capital

Protection

100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed FeeAnnual Fee Cost of Service

Cost of Service andMVC and Fee

EBITDA

Annual Fee Redetermination / Cost of Service and (gathering)

Cost of ServiceRedeterminationCommitment

Redetermination Fixed Fee with MVC Fee Tiers / Fixed Feeand Fee Tiers (processing)

20 Year Acreage 15 Year Acreage 20 Year Acreage 10-20 Year 20 Year Acreage 15-20 Year 20 Year Acreage

Dedication Dedication Dedication Acreage Dedication Dedication Acreage Dedication Dedication10 Year MVC

Two Year EBITDAAnnual Fee

and FeeCommitment

Annual Fee Redetermination / Two Year Fee Tiers Cost of ServiceCost of Service

Redetermination inand Cost of Service

Redetermination 5 Year MVC and and Cost of Service (gathering only)2012 and 2014 Fee Tiers

Cost of Service

2.0% FeeCost of Service

2.5% Fee 2.5% FeeCost of Service

(gathering) / 1.5%Cost of Service

Escalation Escalation Escalation Fee Escalation

(processing)Fee

Annual FeeAnnual Fee

Cost of ServiceRedetermination in Cost of Service

RedeterminationRedetermination Cost of Service

(gathering only)Cost of Service

2012 and 2014 (Springridge only)


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LOW RISK BUSINESS MODEL

Considerations Mitigants

Volume &

Capital

MVC and long-term acreage dedicationsRate redetermination, cost of service and fee tiersConservative maintenance capital

Re-Contracting

Arms-length, 10-20 year contracts at market ratesCritical infrastructure providing access to marketDedicated acreage

Commodity &

Basin

100% fixed fee revenuesCommitment to maintain contract structure / business model as business growsConcentrated in low cost basins

Counterparty

Gathering and processing services located in the core of leading U.S. basinsProducer required to transfer ACMP contracts in the event of an upstream property saleAll gathering fees are based on market, mid-teen return economics


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EXPANDING ASSET BASE

High quality, scalable asset base High growth unconventional plays

Key Operating Data(1)ACMP Assets

Total Assets: ~$6.9 billion

Dedicated Areas: ~8.7 million acresMiles of Pipe: 6,101Volume: 3,550 mmcf/d

Direct Employees: 1,279

1) Data as of quarter ended March 31, 2013. Volume is net to Partnership.


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ACMP IS THE LARGEST G&P MLP

1Q 2013 Average Daily Throughput ofGathering Assets

Mmcfe/d

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0ACMP DPM NGLS MWE WES RGP XTEX APL CMLP
http://www.accessmidstream.com/Pages/information.aspxhttp://www.accessmidstream.com/Pages/information.aspxhttp://www.accessmidstream.com/Pages/information.aspxhttp://www.accessmidstream.com/Pages/information.aspx


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LEADING GROWTH PLATFORM

Contractual growth Organic Growth CAPEX Escalating MVC and EBITDA

Commitment

Fee redeterminations, cost ofservice and fee tiers

Annual fee escalations

Organic growth CAPEX $345 million in 2011

$ inmillions

$345

$660

$1,600-$1,700

$1,000-$1,100

$800-$900

$660 million in 2012

$1.6-$1.7 billion in 2013

$1.0-$1.1 billion in 2014

$800-900 million in 2015

Business development growth New producer opportunities

Bolt-on M&A focus

2011A 2012A 2013E 2014E 2015E

Organic EBITDA Growth

$ inmillions$1,200-$1,300

$1,000-$1,100

$800-$850

$478

$349

2011A 2012 2013E 2014E 2015E


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RECENT TRANSACTION OVERVIEW

ACMP Acquisition of

CHK Midstream

Assets (CMD)

WMB Strategic

Investment in ACMP

ACMP acquires a substantial majority of ChesapeakeEnergys remaining midstream assets (CMD) for $2.16

billion

Unique opportunity to accelerate ACMPs drop down story Partnership establishes a significant footprint in leading unconventional basins Enhances strategic scale and diversity

The Williams Companies, Inc. (WMB) partners with GIP,enhancing sponsorship of ACMP WMB acquires 50% of ACMP GP and ~23% of LP Units; an endorsement of ACMPs

strategic platform and potential

Leading midstream operational and development capabilities complement ACMPsalready strong position

Substantial GIP and

WMB Equity

Investment

Sponsors invest $700 million in new long-term equity insupport of the transaction Equity structured with PIK and subordinated features to support near-term build out

of gathering and processing platform

Demonstrates investment to ACMPs long term success12


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reased Diversification Enhanced exposure to oil/liquids focused drilling and entry into gas processingsegment of the value chain

Low Risk Low-risk gathering and processing contracts with appropriate downside protection thatprovide stable cash flow profileContract Structure No direct commodity exposure in all basins with contractual features supporting cash

flow generation

TRANSACTION HIGHLIGHTS

EXPANDS SCALE AND DIVERSITY WITH STRATEGIC SPONSOR SUPPORT

Expanding

Footprint and Scale

Creates the largest gathering and processing MLP measured by volume Addition of CMD midstream assets positions ACMP among largest midstream MLPs

Adds significant acreage dedications in key unconventional basinsIn

Predictable

Cash Flow Growth

Contractual features deliver predictable, growing cash flows Near-term contractual downside protection provides near-term revenue risk mitigation

High Quality

Organic Growth Platform

Leading long-term organic growth project pipeline Substantial growth capex expected to be deployed in the next five years, earning a

contractual mid-teens return

Strong Sponsorship

from GIP / WMB

Significant incremental equity investment from strong sponsors in GIP and WMB Williams adds vast expertise across the midstream value chain for natural gas and

NGLs with its significant strategic investment and endorsement of ACMP


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WORLD-CLASS SPONSORSHIP

Global Infrastructure Partners(GIP) is a leading globalinfrastructure investor

Proven reputation as aninfrastructure industry leader Deep energy sector expertise

combined with industrial bestpractice operational management

Energy investmentsinclude AccessMidstream Partners, Ruby Pipeline,Transitgas Pipeline, Terra-GenPower and ChannelviewCogeneration

GIP manages in excess of $15billion within its two funds

Williams provides an establishedhistory of managing,developing and completing large

scale organic projects within themidstream sector

Williams management team addsfurther operational anddevelopment experience

Potential to expand services to newcustomer base

Ability to take advantage of sharedservices

Benefit from best practices fromindustry leader
http://www.accessmidstream.com/Pages/information.aspxhttp://www.accessmidstream.com/Pages/information.aspxhttp://www.accessmidstream.com/Pages/information.aspx


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WORLD-CLASS MANAGEMENT TEAMName / Title Current / Prior Experience Yrs Experience

ACMP Management TeamJ. Mike Stice President and COO Chesapeake Midstream Development, LLC

30Chief Executive Officer Various senior management roles ConocoPhillipsRobert S. Purgason COO Crosstex Energy Services, LP

35Chief Operating Officer Various senior management roles The Williams CompaniesDavid C. Shiels CFO GE Security Americas

25Chief Financial Officer Various finance and operations roles Conoco, Inc.

Board ofDirectorsDavid A. DaberkoChairman, Independent Director

Retired Chairman and CEO National City Corp 35Alan S. Armstrong President and CEO Williams 25William B. Berry

Independent Director Retired EVP of ConocoPhillips 35

William J. Brilliant Principal Global Infrastructure Partners 15Donald R. Chappel SVP and CFO Williams 35Domenic J. DellOsso, Jr. EVP and CFO Chesapeake Energy 15Philip L. Frederickson Retired EVP of Planning, Strategy and Corporate Affairs 35Independent Director ConocoPhillipsMatthew C. Harris Founding Partner Global Infrastructure Partners 25Suedeen G. Kelly Co-Chair Akin Gump Strauss Hauer & Feld, LLP

30Independent Director Former FERC Commissioner (2003 2009)Robert S. Purgason COO Access Midstream Partners 35James E. Scheel SVP Williams 25J. Mike Stice CEO Access Midstream Partners 30William A. Woodburn Founding Partner Global Infrastructure Partners 35


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ASSET OVERVIEW


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Asset SummaryResource Dry GasServices Gathering, Compression,

TreatingGas Gathering Systems 34Miles of Pipeline 854Gas Gathered 1,066 mmcf/dGas Compression (horsepower) 153,115Dedicated Area 930,987 acresContract Structure MVC and Fee Redetermination

BARNETT OVERVIEW

MATURE ASSET WITH 10-YEAR MVC PROTECTION

Barnett Shale Assets


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Asset SummaryResource Associated Gas (Oil), Wet GasServices Gathering, Compression,

TreatingGas Gathering Systems 13Miles of Pipeline 687Gas Gathered 228 mmcf/dGas Compression (horsepower) 58,667Dedicated Area 1,382,000 acresContract Structure Cost ofService,

Fee Tiers in 2013, 2014

EAGLE FORD OVERVIEW

KEY ASSETS IN LEADING LIQUIDS RICH BASIN

Eagle Ford Shale Assets


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Asset SummaryResource

Services

Gas Gathering Systems

Miles of Pipeline

Gas Gathered

Gas Compression (horsepower)

Dedicated Area

Contract Structure

Dry GasGathering, Compression, Treating

17581

770 mmcf/d20,195

546,739 acresFixed fee with MVC, fee

redetermination and fee tiers

HAYNESVILLE OVERVIEW

MATURE ASSET WITH CONTRACTUAL PROTECTIONS

Haynesville Shale Assets


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Asset SummaryResource

Services


Miles of Pipeline

Gas Gathered (net)

Gas Compression (horsepower)

Dedicated Area

Contract Structure

Ownership

Accounting Treatment

Dry and Wet GasGathering, Compression

501,204

863 mmcf/d94,975

1,739,640 acresCost of Service and EBITDA

Commitment~ 48% ACMP owned and operated

Equity Investment

MARCELLUS OVERVIEW

STRATEGICALLY POSITIONED IN LEADING SHALE BASIN

Marcellus ShaleAssets
http://www.accessmidstream.com/Pages/information.aspxhttp://www.accessmidstream.com/Pages/information.aspxhttp://www.accessmidstream.com/Pages/information.aspx


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Asset SummaryResource Associated Gas (Oil), Dry and

Wet GasServices Gathering, Compression,

TreatingGas Gathering Systems 178Miles of Pipeline 2,603Gas Gathered 559 mmcf/dGas Compression (horsepower) 107,356Dedicated Area 1,964,245 acresContract Structure Annual Fee Redetermination

MID-CONTINENT OVERVIEWLIQUIDS RICH GATHERING DEDICATION WITH RATE REDETERMINATION

CONTRACT STRUCTURE

Mid-Continent Assets


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Asset SummaryResource Associated Gas (Oil), Wet GasServices Gathering, Compression, ProcessingGas Gathering Systems 3Miles of Pipeline 100Gas Gathered 19 mmcf/dGas Compression

(horsepower) 9,455Dedicated Area 311,000 acresContract Structure Cost ofServiceOwnership 50% ACMP owned and operatedAccounting Treatment Consolidated

NIOBRARA OVERVIEWLIQUIDS-RICH GATHERING & PROCESSING DEDICATION WITH COST OF

SERVICE CONTRACT STRUCTURENiobrara Shale Assets


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Asset SummaryAsset

Resource

Services


Miles of Pipeline

Gas Gathered

Gas Compression

(horsepower)

Dedicated Area

Contract Structure

Ownership


Cardinal Gas Services Utica Gas Services (UGS)

(CGS)Associated Gas (Oil), Wet Dry Gas

GasGathering, Compression, Gathering, Compression,

Dehydration Dehydration3 4

67 5

47 mmcf/d 7 mmcf/d11,555 0

1,453,000 acres 393,000 acresCost of Service Cost of Service

ACMP 66%, Operator 100% ACMP owned and

TOTAL 25% operatedEnerVest 9%Consolidated N/A

UTICA GATHERING SYSTEM OVERVIEW

WET GAS, DRY GAS AND NGL SERVICES

Utica Shale Assets


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Project SummaryCurrent Status

Processing Plants

Fractionation

NGL Storage

Processing Spine Pipeline

NGL Pipeline

Residue Gas Delivery

Points

NGL Delivery Points

Contract Structure

Ownership


Under Construction4 (200 mmcf/d each)135,000 Bbl/d (C2+)

870,000 Bbls Propane

450,000 Bbls Butane

300,000 BblsNatural Gasoline 120,000 Bbls

24 processing spine pipeline12 NGL pipeline

22

Fixed Fee with capex protection

ACMP 49%

Momentum 30%

EnerVest 21%Equity Investment

UTICA EAST OHIO PROCESSINGOVERVIEW

PROCESSING DEDICATION IN WET GAS WINDOW

Utica Shale Assets


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FINANCIAL OVERVIEW


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FINANCIAL POLICIESCONSISTENT, CONSERVATIVE FINANCIAL STRATEGY

ACMP Commentary

Maintain

Stable

Cash Flows

Capitalize on the value of key contractual commitments Continue to seek long-term, fee-based revenues Preserve revenue model with no direct commodity exposure

Capitalize on

Financial

Flexibility

Strong sponsorship in both GIP and WMB Maintain conservative and flexible capital structure with ample liquidity and target

investment grade metrics

Use strong balance sheet to pursue broad range of growth opportunities

Deliver

Consistent

Performance

Right business model for consistent, predictable cash flow generation Strong portfolio of assets with growing EBITDA profile Attractive distribution coverage; excess cash flow reduces equity need


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FINANCIAL PERFORMANCEFINANCIAL PERFORMANCE HIGHLIGHTS STRENGTH OF ACMP MODEL

Adjusted EBITDA(1)$ in millions $ in billions

$184

$118 $121 $120 $119

Enterprise Value

$9.0

$10.6

$73 $76$84

$92 $97

$2.6

$5.0$4.3

4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 IPO July 2010 2010 2011 2012 1Q 2013

Distribution / Unit Distribution Coverage Ratio$ / unit basis

$0.350$0.3625$0.375 $0.390

$0.3375

$0.405 $0.420 $0.435

$0.450$0.4675

1.15x

1.23x 1.23x

1.40x

4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2010 2011 2012 1Q 2013

(1) Includes quarterly allocation of MVC payments in 2010, 2011 and 2013.


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HIGHLY VISIBLE GROWTH

ACMP FINANCIAL OUTLOOK UPDATED WITH 2015

2013 - 2015 ACMP Financial Outlook

($ million) 2013 2014 2015

EBITDA 800 850 1,000 1,100 1,200 1,300Growth Capital 1,600 1,700 1,000 1,100 800 - 900Maintenance

Capital ~110 ~110 ~110

Capable of delivering sustained ~15% annual distribution growth


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Continent

PARTNERSHIP STRUCTURESTRATEGIC GENERAL PARTNERS; STRONG GOVERNANCE

Global Infrastructure

Partners IIThe Williams

Companies, Inc

39.4%

Limited

Partner

Interest

50% 50%22.8%

Limited

Partner

InterestAccess Midstream

Partners GP, LLC Public CommonUnit Holders

100% of2% GP interest

+ IDRs

Access Midstream Partners, LP

(NYSE:ACMP)

35.8%

Limited

Partner

Interest

Barnett Eagle Ford Haynesville MarcellusMid-

Niobrara Utica

29


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OUR COMMITMENT TO SAFETY &ENVIRONMENTAL EXCELLENCE

Every day, across every part of our business, Access is committed tosafety and environmental excellence Every day, we commit to:

Excellence

Safety

Environment Community Focus

Continuous Improvement

Through: Continuous Training

Screening Contractors Implementing Safety Programs

Stewardship Projects

Minimizing our Environmental Footprint


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CORPORATE INFORMATIONACMP Headquarters525 Central Park Dr.Oklahoma City, OK 73105(877) 413-1023Web site:www.accessmidstream.com

Contact:Dave ShielsChief Financial [email protected](405) 727-1740
http://www.chkm.com/http://www.chkm.com/http://www.chkm.com/mailto:[email protected]:[email protected]:[email protected]://www.chkm.com/


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Common units ............................................................................... 98,421 79,276Subordinated units ........................................................................ 69,076 69,076

FINANCIAL STATEMENTSThree Months Ended

March 31,

2013 2012Revenues(1) ........................................................................................ $ 236,959 $ 154,674Operating ExpensesOperating expenses ............................................................................ 82,763 48,682Depreciation and amortization expense .............................................. 66,650 38,438General and administrative expense ................................................... 23,734 11,478Other operating (income) expense ...................................................... 91 (45)

Total operating expenses............................................................ 173,238 98,553Operating income ................................................................................ 63,721 56,121Other income (expense)Income from unconsolidated affiliates ................................................ 25,008 12,987Interest expense .................................................................................. (27,062) (15,958)Other income ............................................................................... ........ 269 55Income before income tax expense..................................................... 61,936 53,205Income tax expense ............................................................................ 1,240 839

Net income.................................................................................. 60,696 52,366Net income attributable to noncontrolling interests ..................... 1,158 Net income attributable to Access Midstream Partners, L.P. ...... $ 59,538 $ 52,366

Limited partner interest in net incomeNet income attributable to Access Midstream Partners, L.P................ 59,538 52,366Less general partner interest in net income......................................... (4,792) (1,429)Limited partner interest in net income ................................................. 54,746 50,937Net income per limited partner unit basic and diluted

Common units ............................................................................... 0.14 0.34Subordinated units ........................................................................ 0.29 0.34

Weighted average limited partner units outstanding used for netincome per unit calculation basic and diluted (in thousands)

(1) Excludes revenue from equity investments of $47.1 million and $29.3 million for the three months ended March 31, 2013 and 2012, respectively that is included in Incomefrom Unconsolidated Affiliates.

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FINANCIAL STATEMENTS

As of

March 31,2013

As of

December 31,2012

AssetsTotal current assets ............................................................................. $ 179,945 $ 219,766Property, plant and equipment

Gathering systems............................................................................ 5,365,728 5,125,746Other fixed assets............................................................................. 109,824 96,916Less: Accumulated depreciation ....................................................... (650,849) (590,614)

Total property, plant and equipment, net ................................. 4,824,703 4,632,048Investment in unconsolidated affiliates ............................................. 1,443,033 1,297,811Intangible customer relationships, net .............................................. 349,339 355,217Deferred loan costs, net ................................................................... 54,394 56,258

Total assets.............................................................................. $ 6,851,414 $ 6,561,100Liabilities and Partners CapitalTotal current liabilities.......................................................................... $ 274,541 $ 259,261Long-term liabilities

Long-term debt ................................................................................. 2,777,000 2,500,000Other liabilities .................................................................................. 5,501 5,333

Total long-term liabilities ..........................................................

2,782,501

2,505,333

Total partners capital .......................................................................... 3,794,372 3,796,506Total liabilities and partners capital ......................................... $ 6,851,414 $ 6,561,100

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Depreciation and amortization ..................................................... 66,650 38,438Income from unconsolidated affiliates.......................................... (25,008) (12,987)Other non-cash items .................................................................. 4,135 1,932Changes in assets and liabilities

Increase in accounts receivable ............................................. (29,774) (33,058)Increase in other assets ......................................................... (4,054) (1,694)Decrease in accounts payable ............................................... (11,743) (7,832)Increase in accrued liabilities ................................................. 19,228 30,050

Net cash provided by operating activities ............................ 80,130 67,215

FINANCIAL STATEMENTS

Cash flows from operating activities

Three Months EndedMarch 31,

2013 2012

Net income ........................................................................................ $ 60,696 $ 52,366Adjustments to reconcile net income to net cash provided

by operating activities:

Cash flows from investing activitiesAdditions to property, plant and equipment ....................................... (270,954) (80,593)Investments in unconsolidated affiliates ............................................ (86,981) (45,276)Proceeds from sale of assets ............................................................ 1,307 421

Net cash used in investing activities.................................... (356,628) (125,448)Cash flows from financing activitiesProceeds from long-term borrowings................................................. 715,900 245,600Payments on long-term borrowings ................................................... (438,900) (870,500)Issuance of senior notes.................................................................... 750,000Distribution to unitholders .................................................................. (84,073) (58,932)Proceeds from noncontrolling interests .............................................Debt issuance costs .......................................................................... 18,980 (13,653)Other adjustments ............................................................................. (91) 5,721

Net cash provided by (used in) financing activities.............. 211,816 58,236Net increase (decrease) in cash and cash

equivalents ...................................................................... (64,682) 3Cash and cash equivalentsBeginning of period ........................................................................... 64,994 22

End of period $ 312 $ 25

july 2013 acmp investor presentation

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