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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
3/31/2014 YoY % Change 3/31/2013 3/31/2014 QoQ % Change 12/31/2013
Net Income $61,078 2.59% $59,538 $61,078 -52.67% $129,057
Plus:
Interest expense$38,573 $27,062$38,573 $33,384
Income Tax Expense$1,804 $1,240$1,804 $1,370
Depreciation and Amortization$85,544 $66,650$85,544 $80,574
Other$-781 $-640$-781 $-1,038
Income from Unconsolidated Affiliates$-42,878 $-25,008$-42,878 $-38,832
EBITDA from unconsolidated affiliates$66,526 $39,459$66,526 $60,791
Expense for noncash equity awards$9,814 $7,390$9,814 $12,840
Implied minimum volume commitment$30,500 $8,750$30,500 $-37,500
Acquisition Transaction Costs0 0 
Adjusted EBITDA $250,180 35.64% $184,441 $250,180 3.96% $240,646
Less:
Net interest expense$36,624 $25,092$36,624 $31,433
Income Tax expense$1,804 $1,240$1,804 $1,370
Maintenance CAPEX$32,500 $27,500$32,500 $27,500
Distributable Cash Flow $179,252 37.24% $130,609 $179,252 -0.60% $180,343
Actual Distributions $122,134 $84,073 $122,134 $115,028
GP Distribution $17,164 $4,131 $17,164 $14,403
Subordinated Distributions $6,215 $31,084 $6,215
Unit Holder Distributions $98,755 $48,858 $98,755 $100,625
Distribution Coverage 1.47 x 1.55 x 1.47 x 1.57 x

Distributable Cash Flow (in thousands)

Year To Date
YTD 2014 Q1
Net Income $61,078 $61,078
Plus:
Interest expense$38,573$38,573
Income Tax Expense$1,804$1,804
Depreciation and Amortization$85,544$85,544
Other$-781$-781
Income from Unconsolidated Affiliates$-42,878$-42,878
EBITDA from unconsolidated affiliates$66,526$66,526
Expense for noncash equity awards$9,814$9,814
Implied minimum volume commitment$30,500$30,500
Acquisition Transaction Costs00
Adjusted EBITDA $250,180 $250,180
Less:
Net interest expense$36,624$36,624
Income Tax expense$1,804$1,804
Maintenance CAPEX$32,500$32,500
Distributable Cash Flow $179,252 $179,252
Actual Distributions $122,134 $122,134
GP Distribution $17,164 $17,164
Subordinated Distributions $6,215 $6,215
Unit Holder Distributions $98,755 $98,755
Distribution Coverage 1.47 x 1.47 x

Distributable Cash Flow (in thousands)

Trailing Twelve Month
TTM 2014 Q1 2013 Q4 2013 Q3 2013 Q2
Net Income $337,565 $61,078 $129,057 $78,217 $69,213
Plus:
Interest expense$128,289$38,573$33,384$28,600$27,732
Income Tax Expense$5,787$1,804$1,370$1,353$1,260
Depreciation and Amortization$315,073$85,544$80,574$77,086$71,869
Other$-2,756$-781$-1,038$-1,257$320
Income from Unconsolidated Affiliates$-148,290$-42,878$-38,832$-32,835$-33,745
EBITDA from unconsolidated affiliates$229,520$66,526$60,791$52,452$49,751
Expense for noncash equity awards$37,434$9,814$12,840$5,847$8,933
Implied minimum volume commitment$21,750$30,500$-37,500$17,500$11,250
Acquisition Transaction Costs00
Adjusted EBITDA $924,372 $250,180 $240,646 $226,963 $206,583
Less:
Net interest expense$119,817$36,624$31,433$26,645$25,115
Income Tax expense$5,787$1,804$1,370$1,353$1,260
Maintenance CAPEX$115,000$32,500$27,500$27,500$27,500
Distributable Cash Flow $683,768 $179,252 $180,343 $171,465 $152,708
Actual Distributions $427,189 $122,134 $115,028 $96,670 $93,357
GP Distribution $42,503 $17,164 $14,403 $5,468 $5,468
Subordinated Distributions $72,010 $6,215 $33,502 $32,293
Unit Holder Distributions $312,676 $98,755 $100,625 $57,700 $55,596
Distribution Coverage 1.60 x 1.47 x 1.57 x 1.77 x 1.64 x

Incentive Distribution Rights

General Partner GIP and Williams Co Min Qrtrly Dist Latest Qrtrly Dist $ 0.57
Low High LP Unitholders GP Units / IDRs