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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
6/30/2014 YoY % Change 6/30/2013 6/30/2014 QoQ % Change 3/31/2014
Net Income $67,454 -2.54% $69,213 $67,454 10.44% $61,078
Plus:
Interest expense$42,903 $27,732$42,903 $38,573
Income Tax Expense$1,385 $1,260$1,385 $1,804
Depreciation and Amortization$89,976 $71,869$89,976 $85,544
Other$-2,116 $320$-2,116 $-781
Income from Unconsolidated Affiliates$-48,063 $-33,745$-48,063 $-42,878
EBITDA from unconsolidated affiliates$73,042 $49,751$73,042 $66,526
Expense for noncash equity awards$13,975 $8,933$13,975 $9,814
Implied minimum volume commitment$36,500 $11,250$36,500 $30,500
Acquisition Transaction Costs0 0 0
Adjusted EBITDA $275,056 33.15% $206,583 $275,056 9.94% $250,180
Less:
Net interest expense$40,750 $25,115$40,750 $36,624
Income Tax expense$1,385 $1,260$1,385 $1,804
Maintenance CAPEX$32,500 $27,500$32,500 $32,500
Distributable Cash Flow $200,421 31.24% $152,708 $200,421 11.81% $179,252
Actual Distributions $130,011 $93,357 $130,011 $122,134
GP Distribution $20,994 $5,468 $20,994 $17,164
Subordinated Distributions $32,293 $6,215
Unit Holder Distributions $109,017 $55,596 $109,017 $98,755
Distribution Coverage 1.54 x 1.64 x 1.54 x 1.47 x

Distributable Cash Flow (in thousands)

Year To Date
YTD 2014 Q2 2014 Q1
Net Income $128,532 $67,454 $61,078
Plus:
Interest expense$81,476$42,903$38,573
Income Tax Expense$3,189$1,385$1,804
Depreciation and Amortization$175,520$89,976$85,544
Other$-2,897$-2,116$-781
Income from Unconsolidated Affiliates$-90,941$-48,063$-42,878
EBITDA from unconsolidated affiliates$139,568$73,042$66,526
Expense for noncash equity awards$23,789$13,975$9,814
Implied minimum volume commitment$67,000$36,500$30,500
Acquisition Transaction Costs000
Adjusted EBITDA $525,236 $275,056 $250,180
Less:
Net interest expense$77,374$40,750$36,624
Income Tax expense$3,189$1,385$1,804
Maintenance CAPEX$65,000$32,500$32,500
Distributable Cash Flow $379,673 $200,421 $179,252
Actual Distributions $252,145 $130,011 $122,134
GP Distribution $38,158 $20,994 $17,164
Subordinated Distributions $6,215 $6,215
Unit Holder Distributions $207,772 $109,017 $98,755
Distribution Coverage 1.51 x 1.54 x 1.47 x

Distributable Cash Flow (in thousands)

Trailing Twelve Month
TTM 2014 Q2 2014 Q1 2013 Q4 2013 Q3
Net Income $335,806 $67,454 $61,078 $129,057 $78,217
Plus:
Interest expense$143,460$42,903$38,573$33,384$28,600
Income Tax Expense$5,912$1,385$1,804$1,370$1,353
Depreciation and Amortization$333,180$89,976$85,544$80,574$77,086
Other$-5,192$-2,116$-781$-1,038$-1,257
Income from Unconsolidated Affiliates$-162,608$-48,063$-42,878$-38,832$-32,835
EBITDA from unconsolidated affiliates$252,811$73,042$66,526$60,791$52,452
Expense for noncash equity awards$42,476$13,975$9,814$12,840$5,847
Implied minimum volume commitment$47,000$36,500$30,500$-37,500$17,500
Acquisition Transaction Costs000
Adjusted EBITDA $992,845 $275,056 $250,180 $240,646 $226,963
Less:
Net interest expense$135,452$40,750$36,624$31,433$26,645
Income Tax expense$5,912$1,385$1,804$1,370$1,353
Maintenance CAPEX$120,000$32,500$32,500$27,500$27,500
Distributable Cash Flow $731,481 $200,421 $179,252 $180,343 $171,465
Actual Distributions $463,843 $130,011 $122,134 $115,028 $96,670
GP Distribution $58,029 $20,994 $17,164 $14,403 $5,468
Subordinated Distributions $39,717 $6,215 $33,502
Unit Holder Distributions $366,097 $109,017 $98,755 $100,625 $57,700
Distribution Coverage 1.58 x 1.54 x 1.47 x 1.57 x 1.77 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