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ACMP
Access Midstream Partners LP
Oil & Gas
Midstream
Limited Partner
Exchange Listing Date 7/29/2010

Net Income Growth %

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Distribution Growth %

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Distribution Coverage Ratio

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Distributable Cash Flow (in thousands)

Year Over Year Quarter Over Quarter
9/30/2014 YoY % Change 9/30/2013 9/30/2014 QoQ % Change 6/30/2014
Net Income $41,218 -47.30% $78,217 $41,218 -38.89% $67,454
Plus:
Interest expense$44,353 $28,600$44,353 $42,903
Income Tax Expense$311 $1,353$311 $1,385
Depreciation and Amortization$66,454 $77,086$66,454 $89,976
Other$2,064 $-1,257$2,064 $-2,116
Income from Unconsolidated Affiliates$-53,067 $-32,835$-53,067 $-48,063
EBITDA from unconsolidated affiliates$74,435 $52,452$74,435 $73,042
Expense for noncash equity awards $5,847 $13,975
Implied minimum volume commitment$47,000 $17,500$47,000 $36,500
Acquisition Transaction Costs$96,001 0$96,001 0
Adjusted EBITDA $318,769 40.45% $226,963 $318,769 15.89% $275,056
Less:
Net interest expense$42,189 $26,645$42,189 $40,750
Income Tax expense$311 $1,353$311 $1,385
Maintenance CAPEX$32,500 $27,500$32,500 $32,500
Cash Impact of Transaction related Costs$123,746 $123,746 
Distributable Cash Flow $120,023 -30.00% $171,465 $120,023 -40.11% $200,421
Actual Distributions $138,470 $113,910 $138,470 $130,011
GP Distribution $24,947 $13,304 $24,947 $20,994
Subordinated Distributions
Unit Holder Distributions $113,523 $100,606 $113,523 $109,017
Distribution Coverage 0.87 x 1.51 x 0.87 x 1.54 x

Distributable Cash Flow (in thousands)

Year To Date
YTD 2014 Q3 2014 Q2 2014 Q1
Net Income $169,750 $41,218 $67,454 $61,078
Plus:
Interest expense$125,829$44,353$42,903$38,573
Income Tax Expense$3,500$311$1,385$1,804
Depreciation and Amortization$241,974$66,454$89,976$85,544
Other$-833$2,064$-2,116$-781
Income from Unconsolidated Affiliates$-144,008$-53,067$-48,063$-42,878
EBITDA from unconsolidated affiliates$214,003$74,435$73,042$66,526
Expense for noncash equity awards$23,789$13,975$9,814
Implied minimum volume commitment$114,000$47,000$36,500$30,500
Acquisition Transaction Costs$96,001$96,00100
Adjusted EBITDA $844,005 $318,769 $275,056 $250,180
Less:
Net interest expense$119,563$42,189$40,750$36,624
Income Tax expense$3,500$311$1,385$1,804
Maintenance CAPEX$97,500$32,500$32,500$32,500
Cash Impact of Transaction related Costs$123,746$123,746
Distributable Cash Flow $499,696 $120,023 $200,421 $179,252
Actual Distributions $390,615 $138,470 $130,011 $122,134
GP Distribution $63,105 $24,947 $20,994 $17,164
Subordinated Distributions 0
Unit Holder Distributions $321,295 $113,523 $109,017 $98,755
Distribution Coverage 1.28 x 0.87 x 1.54 x 1.47 x

Distributable Cash Flow (in thousands)

Trailing Twelve Month
TTM 2014 Q3 2014 Q2 2014 Q1 2013 Q4
Net Income $298,807 $41,218 $67,454 $61,078 $129,057
Plus:
Interest expense$159,213$44,353$42,903$38,573$33,384
Income Tax Expense$4,870$311$1,385$1,804$1,370
Depreciation and Amortization$322,548$66,454$89,976$85,544$80,574
Other$-1,871$2,064$-2,116$-781$-1,038
Income from Unconsolidated Affiliates$-182,840$-53,067$-48,063$-42,878$-38,832
EBITDA from unconsolidated affiliates$274,794$74,435$73,042$66,526$60,791
Expense for noncash equity awards$36,629$13,975$9,814$12,840
Implied minimum volume commitment$76,500$47,000$36,500$30,500$-37,500
Acquisition Transaction Costs$96,001$96,001000
Adjusted EBITDA $1,084,651 $318,769 $275,056 $250,180 $240,646
Less:
Net interest expense$150,996$42,189$40,750$36,624$31,433
Income Tax expense$4,870$311$1,385$1,804$1,370
Maintenance CAPEX$125,000$32,500$32,500$32,500$27,500
Cash Impact of Transaction related Costs$123,746$123,746
Distributable Cash Flow $680,039 $120,023 $200,421 $179,252 $180,343
Actual Distributions $505,643 $138,470 $130,011 $122,134 $115,028
GP Distribution $77,508 $24,947 $20,994 $17,164 $14,403
Subordinated Distributions 0
Unit Holder Distributions $421,920 $113,523 $109,017 $98,755 $100,625
Distribution Coverage 1.34 x 0.87 x 1.54 x 1.47 x 1.57 x

Incentive Distribution Rights

General Partner GIP and Williams Co Min Qrtrly Dist Latest Qrtrly Dist $ 0.60
Low High LP Unitholders GP Units / IDRs