access midstream partners investor presentation - july 2013

MIDSTREAM

ACCESS MIDSTREAM PARTNERS

INVESTOR PRESENTATION

JULY 2013

FORWARD-LOOKING STATEMENTS

Certain 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 based

on current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are

reasonable 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 future

revenues 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-looking

statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical

experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but

are 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 Chesapeake’s 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 equity

capital 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

• 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 to

place 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 statements

after the date they are made, whether as a result of new information, future events or otherwise.

2

PARTNERSHIP OVERVIEW

Provides midstream gathering and processing services in leading unconventional

plays including the Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica

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; current public

float is ~36% of outstanding units

http://www.accessmidstream.com/Pages/information.aspx

4

BEST IN CLASS MLP

Best in Class

Midstream Business Model

Industry Leading Organic

Growth Platform

Key Investment

Highlights

Protected Distributions

Strategically Located Assets

Substantial Growth Potential

Operational Excellence

World-Class Sponsorship

Experienced Management Team

5

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 Leading

Growth

~$3.5B of CAPEX in 2013 - 2015 generating contractual mid-teens return

Enhanced strategic emphasis on third party opportunities

Conservative

Financial 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 Ownership

Structure

GIP provides strong M&A and financial capabilities

Williams brings expertise across the midstream value chain

6

BUSINESS MODEL COMPARISON

Comparative Assessment

Risk Factors

ACMP Typical Long Haul

Pipeline MLPs

Typical G&P MLPs

Commodity Price Minimal exposure

(fixed fee)

Indirect

Direct & Indirect

Re-Contracting

Long-term acreage dedication

Medium term

Short term

Volume

Contractual protections

‘Firm’ transport revenues

None

Inflation


Depreciated rate base

None

Capital


Rate review

None

Cost


Cost of service

Varies

Overall Business Model

Best in Class

Low Risk

Moderate Risk

Business Model Provides Protected and Visible Distributions

7

LEADING CONTRACT STRUCTURE

STRUCTURE CREATES CASH FLOW STABILITY ACROSS ALL BASINS

Barnett Marcellus Mid-Continent Haynesville Eagle Ford Utica Niobrara

Direct

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 Fee

Annual Fee Cost of Service Cost of Service and

MVC and Fee EBITDA

Annual Fee Redetermination / Cost of Service and (gathering) Cost of Service

Redetermination Commitment

Redetermination Fixed Fee with MVC Fee Tiers / Fixed Fee and 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 Dedication

10 Year MVC Two Year EBITDA

Annual Fee and Fee

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

Cost of Service Redetermination in

and Cost of Service Redetermination 5 Year MVC and and Cost of Service (gathering only)

2012 and 2014 Fee Tiers Cost of Service

2.0% Fee Cost of Service

2.5% Fee 2.5% Fee Cost of Service

(gathering) / 1.5% Cost of Service

Escalation Escalation Escalation Fee Escalation

(processing)

Fee

Annual Fee Annual Fee

Cost of Service Redetermination in Cost of Service

Redetermination Redetermination Cost of Service

(gathering only) Cost of Service

2012 and 2014 (Springridge only)

8

LOW RISK BUSINESS MODEL

Considerations Mitigants

Volume &

Capital

MVC and long-term acreage dedications

Rate redetermination, cost of service and fee tiers

Conservative maintenance capital

Re-Contracting

Arms-length, 10-20 year contracts at market rates

Critical infrastructure providing access to market

Dedicated acreage

Commodity &

Basin

100% fixed fee revenues

Commitment to maintain contract structure / business model as business grows

Concentrated in low cost basins

Counterparty

Gathering and processing services located in the core of leading U.S. basins

Producer required to transfer ACMP contracts in the event of an upstream property sale

All gathering fees are based on market, mid-teen return economics

9

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 acres

Miles of Pipe:

6,101

Volume:

3,550 mmcf/d

Direct Employees:

1,279

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

ACMP IS THE LARGEST G&P MLP

1Q 2013 Average Daily Throughput of Gathering Assets(1)

Mmcfe/d

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

ACMP DPM NGLS MWE WES RGP XTEX APL CMLP

(1) Data for 3 months ending 3/31/13 from quarterly filings.

10


11

LEADING GROWTH PLATFORM

Contractual growth

Organic Growth CAPEX

• Escalating MVC and EBITDA

Commitment

• Fee redeterminations, cost of

service and fee tiers

• Annual fee escalations

Organic growth CAPEX

• $345 million in 2011

$ in millions

$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 $ in millions

$1,200-$1,300

$1,000-$1,100

$800-$850

$478

$349

2011A 2012 2013E 2014E 2015E

RECENT TRANSACTION OVERVIEW

ACMP Acquisition of

CHK Midstream

Assets (CMD)

WMB Strategic

Investment in ACMP

ACMP acquires a substantial majority of Chesapeake

Energy’s remaining midstream assets (“CMD”) for $2.16

billion

Unique opportunity to accelerate ACMP’s 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 ACMP’s

strategic platform and potential

Leading midstream operational and development capabilities complement ACMP’s

already strong position

Substantial GIP and

WMB Equity

Investment

Sponsors invest $700 million in new long-term equity in

support of the transaction Equity structured with PIK and subordinated features to support near-term build out

of gathering and processing platform

Demonstrates investment to ACMP’s long term success

12

13

creased Diversification Enhanced exposure to oil/liquids focused drilling and entry into gas processing

segment of the value chain

Low Risk

Low-risk gathering and processing contracts with appropriate downside protection that provide stable cash flow profile

Contract 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 basins

In

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

14

WORLD-CLASS SPONSORSHIP

Global Infrastructure Partners (“GIP”) is a leading global infrastructure investor

Proven reputation as an infrastructure industry leader

Deep energy sector expertise combined with industrial best practice operational management

Energy investments include Access Midstream Partners, Ruby Pipeline, Transitgas Pipeline, Terra-Gen Power and Channelview Cogeneration

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

Williams provides an established history of managing, developing and completing large scale organic projects within the midstream sector

Williams’ management team adds further operational and development experience

Potential to expand services to new customer base

Ability to take advantage of shared services

Benefit from best practices from industry leader


15

WORLD-CLASS MANAGEMENT TEAM

Name / Title Current / Prior Experience Yrs Experience

ACMP Management Team

J. Mike Stice President and COO – Chesapeake Midstream Development, LLC 30

Chief Executive Officer Various senior management roles – ConocoPhillips

Robert S. Purgason COO – Crosstex Energy Services, LP 35

Chief Operating Officer Various senior management roles – The Williams Companies

David C. Shiels CFO – GE Security Americas 25

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

Board of Directors

David A. Daberko

Chairman, Independent Director Retired Chairman and CEO – National City Corp 35

Alan S. Armstrong President and CEO – Williams 25

William B. Berry

Independent Director Retired EVP of ConocoPhillips 35

William J. Brilliant Principal – Global Infrastructure Partners 15

Donald R. Chappel SVP and CFO – Williams 35

Domenic J. Dell’Osso, Jr. EVP and CFO – Chesapeake Energy 15

Philip L. Frederickson Retired EVP of Planning, Strategy and Corporate Affairs – 35 Independent Director ConocoPhillips

Matthew C. Harris Founding Partner – Global Infrastructure Partners 25

Suedeen G. Kelly Co-Chair – Akin Gump Strauss Hauer & Feld, LLP 30

Independent Director Former FERC Commissioner (2003 – 2009)

Robert S. Purgason COO – Access Midstream Partners 35

James E. Scheel SVP – Williams 25

J. Mike Stice CEO – Access Midstream Partners 30

William A. Woodburn Founding Partner – Global Infrastructure Partners 35

ASSET OVERVIEW

17

Asset Summary

Resource Dry Gas

Services Gathering, Compression,

Treating

Gas Gathering Systems 34

Miles of Pipeline 854

Gas Gathered 1,066 mmcf/d

Gas Compression (horsepower) 153,115

Dedicated Area 930,987 acres

Contract Structure MVC and Fee Redetermination

BARNETT OVERVIEW

MATURE ASSET WITH 10-YEAR MVC PROTECTION

Barnett Shale Assets

18

Asset Summary

Resource Associated Gas (Oil), Wet Gas


Treating



Gas Gathered 228 mmcf/d


Dedicated Area 1,382,000 acres

Contract Structure Cost of Service,

Fee Tiers in 2013, 2014

EAGLE FORD OVERVIEW

KEY ASSETS IN LEADING LIQUIDS RICH BASIN

Eagle Ford Shale Assets

19

Asset Summary

Resource

Services

Gas Gathering Systems

Miles of Pipeline

Gas Gathered

Gas Compression (horsepower)

Dedicated Area

Contract Structure

Dry Gas

Gathering, Compression, Treating

17

581

770 mmcf/d

20,195

546,739 acres

Fixed fee with MVC, fee

redetermination and fee tiers

HAYNESVILLE OVERVIEW

MATURE ASSET WITH CONTRACTUAL PROTECTIONS

Haynesville Shale Assets

20

Asset Summary

Resource

Services


Miles of Pipeline

Gas Gathered (net)

Gas Compression (horsepower)

Dedicated Area

Contract Structure

Ownership

Accounting Treatment

Dry and Wet Gas

Gathering, Compression

50

1,204

863 mmcf/d

94,975

1,739,640 acres

Cost of Service and EBITDA

Commitment

~ 48% ACMP owned and operated

Equity Investment

MARCELLUS OVERVIEW

STRATEGICALLY POSITIONED IN LEADING SHALE BASIN

Marcellus Shale Assets


21

Asset Summary

Resource Associated Gas (Oil), Dry and

Wet Gas


Treating


Miles of Pipeline 2,603



Dedicated Area 1,964,245 acres

Contract Structure Annual Fee Redetermination

MID-CONTINENT OVERVIEW

LIQUIDS RICH GATHERING DEDICATION WITH RATE REDETERMINATION

CONTRACT STRUCTURE

Mid-Continent Assets

22

Asset Summary

Resource Associated Gas (Oil), Wet Gas

Services Gathering, Compression, Processing




Gas Compression

(horsepower) 9,455

Dedicated Area 311,000 acres

Contract Structure Cost of Service

Ownership 50% ACMP owned and operated

Accounting Treatment Consolidated

NIOBRARA OVERVIEW

LIQUIDS-RICH GATHERING & PROCESSING DEDICATION WITH COST OF

SERVICE CONTRACT STRUCTURE

Niobrara Shale Assets

23

Asset Summary

Asset

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

Gas

Gathering, Compression, Gathering, Compression,

Dehydration Dehydration

3 4

67 5

47 mmcf/d 7 mmcf/d

11,555 0

1,453,000 acres 393,000 acres

Cost of Service Cost of Service

ACMP – 66%, Operator 100% ACMP owned and

TOTAL – 25% operated

EnerVest – 9%

Consolidated N/A

UTICA GATHERING SYSTEM OVERVIEW

WET GAS, DRY GAS AND NGL SERVICES

Utica Shale Assets

24

Project Summary

Current Status

Processing Plants

Fractionation

NGL Storage

Processing Spine Pipeline

NGL Pipeline

Residue Gas Delivery

Points

NGL Delivery Points

Contract Structure

Ownership


Under Construction

4 (200 mmcf/d each)

135,000 Bbl/d (C2+)

870,000 Bbls Propane –

450,000 Bbls Butane –

300,000 Bbls

Natural Gasoline – 120,000 Bbls

24” processing spine pipeline

12” NGL pipeline

2

2

Fixed Fee with capex protection

ACMP – 49%

Momentum – 30%

EnerVest – 21%

Equity Investment

UTICA EAST OHIO PROCESSING OVERVIEW

PROCESSING DEDICATION IN WET GAS WINDOW

Utica Shale Assets

FINANCIAL OVERVIEW

26

FINANCIAL POLICIES

CONSISTENT, 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

27

FINANCIAL PERFORMANCE

FINANCIAL 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.

28

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 – 1,300

Growth Capital

1,600 – 1,700

1,000 – 1,100

800 - 900

Maintenance

Capital

~110

~110

~110

Capable of delivering sustained ~15% annual distribution growth

Continent

PARTNERSHIP STRUCTURE

STRATEGIC GENERAL PARTNERS; STRONG GOVERNANCE

Global Infrastructure

Partners II The Williams

Companies, Inc

39.4%

Limited

Partner

Interest

50%

50%

22.8%

Limited

Partner

Interest Access Midstream Partners GP, LLC

Public Common

Unit Holders 100% of 2% GP interest

+ IDRs

Access Midstream Partners, LP

(NYSE:ACMP)

35.8%

Limited

Partner

Interest

Barnett

Eagle Ford Haynesville Marcellus Mid-

Niobrara Utica

29

30

OUR COMMITMENT TO SAFETY & ENVIRONMENTAL EXCELLENCE

Every day, across every part of our business, Access is committed to

safety 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

CORPORATE INFORMATION

ACMP Headquarters 525 Central Park Dr. Oklahoma City, OK 73105 (877) 413-1023 Web site: www.accessmidstream.com

Contact: Dave Shiels Chief Financial Officer [email protected] (405) 727-1740

http://www.chkm.com/

mailto:[email protected]

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

FINANCIAL STATEMENTS

Three Months Ended

March 31,

2013 2012 Revenues

(1) ........................................................................................ $ 236,959 $ 154,674

Operating Expenses Operating expenses ............................................................................ 82,763 48,682 Depreciation and amortization expense .............................................. 66,650 38,438 General and administrative expense ................................................... 23,734 11,478 Other operating (income) expense ...................................................... 91 (45)

Total operating expenses............................................................

173,238

98,553 Operating income ................................................................................

63,721

56,121

Other income (expense) Income from unconsolidated affiliates ................................................ 25,008 12,987 Interest expense .................................................................................. (27,062) (15,958) Other income ....................................................................................... 269 55

Income before income tax expense.....................................................

61,936

53,205 Income tax expense ............................................................................ 1,240 839

Net income..................................................................................

60,696

52,366 Net 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 income

Net income attributable to Access Midstream Partners, L.P................ 59,538 52,366 Less general partner interest in net income......................................... (4,792) (1,429)

Limited partner interest in net income .................................................

54,746

50,937 Net income per limited partner unit – basic and diluted

Common units ...............................................................................

0.14

0.34

Subordinated units ........................................................................ 0.29 0.34

Weighted average limited partner units outstanding used for net income 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 Income

from Unconsolidated Affiliates. 32


As of

March 31, 2013

As of December 31,

2012 Assets

Total current assets ............................................................................. $ 179,945 $ 219,766

Property, plant and equipment Gathering systems............................................................................

5,365,728

5,125,746

Other fixed assets............................................................................. 109,824 96,916 Less: Accumulated depreciation ....................................................... (650,849) (590,614)

Total property, plant and equipment, net .................................

4,824,703

4,632,048

Investment in unconsolidated affiliates .............................................

1,443,033

1,297,811 Intangible customer relationships, net .............................................. 349,339 355,217 Deferred loan costs, net ................................................................... 54,394 56,258

Total assets..............................................................................

$ 6,851,414

$ 6,561,100

Liabilities and Partners’ Capital

Total current liabilities.......................................................................... $ 274,541 $ 259,261

Long-term liabilities Long-term debt .................................................................................

2,777,000

2,500,000

Other liabilities .................................................................................. 5,501 5,333

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

2,782,501

2,505,333

Total partners’ capital ..........................................................................

3,794,372

3,796,506

Total liabilities and partners’ capital .........................................

$ 6,851,414

$ 6,561,100

33

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


Cash flows from operating activities

Three Months Ended March 31,

2013 2012

Net income ........................................................................................ $ 60,696 $ 52,366 Adjustments to reconcile net income to net cash provided by operating activities:

Cash flows from investing activities

Additions 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 activities

Proceeds from long-term borrowings................................................. 715,900 245,600 Payments on long-term borrowings ................................................... (438,900) (870,500) Issuance of senior notes.................................................................... — 750,000 Distribution 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

58,236

Net increase (decrease) in cash and cash equivalents ......................................................................

(64,682)

3

Cash and cash equivalents

Beginning of period ........................................................................... 64,994 22

End of period ..................................................................................... $ 312 $ 25

34