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0000950129-07-002513.txt : 200705140000950129-07-002513.hdr.sgml : 2007051420070514155018ACCESSION NUMBER:0000950129-07-002513CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:71CONFORMED PERIOD OF REPORT:20070510ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20070514DATE AS OF CHANGE:20070514
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:Copano Energy, L.L.C.CENTRAL INDEX KEY:0001297067STANDARD INDUSTRIAL CLASSIFICATION:NATURAL GAS TRANSMISSION [4922]IRS NUMBER:270065678STATE OF INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-32329FILM NUMBER:07846290
BUSINESS ADDRESS:STREET 1:2727 ALLEN PARKWAY, SUITE 1200CITY:HOUSTONSTATE:TXZIP:77019BUSINESS PHONE:713-621-9547
MAIL ADDRESS:STREET 1:2727 ALLEN PARKWAY, SUITE 1200CITY:HOUSTONSTATE:TXZIP:77019
FORMER COMPANY:FORMER CONFORMED NAME:Copano Energy Holdings, L.L.C.DATE OF NAME CHANGE:20040713
8-K1h46721e8vk.htmFORM 8-K - CURRENT REPORT
e8vk
Table of Contents
Pursuant to Section13 or 15(d) of the
Securities Exchange Act of 1934
Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
001-32329
(Commission File Number)
51-0411678
(I.R.S. Employer
Identification No.)
2727 Allen Parkway, Suite1200
Houston, Texas
(Address of Principal Executive Offices)
77019
(Zip Code)
Registrants Telephone Number, including Area Code: (713)621-9547
Not Applicable.
(Former name or former address, if changed since last report)
Item7.01 RegulationFD DisclosureItem9.01. Financial Statements and ExhibitsSIGNATURESExhibitIndexPress ReleasePresentation Materials - A.G. Edwards' Yield ConferencePresentation Materials - Bear Stearns Sixteenth Annual Conference
Table of Contents
Exhibit No. Description
Copano Energy, L.L.C. press release dated May10, 2007
Copano Energy, L.L.C. presentation materials A.G. Edwards Yield Conference
Copano Energy, L.L.C. presentation materials Bear Stearns Sixteenth Annual Global Credit Conference
2
Table of Contents
COPANO ENERGY, L.L.C.
By:
Name:
/s/ CARL A. LUNA
Carl A. Luna
Title:
Vice President, Finance
3
Table of Contents
Exhibit No. Description
Copano Energy, L.L.C. press release dated May10, 2007
Copano Energy, L.L.C. presentation materials A.G. Edwards Yield Conference
Copano Energy, L.L.C. presentation materials Bear Stearns Sixteenth AnnualGlobal Credit Conference
EX-99.12h46721exv99w1.htmPRESS RELEASE
exv99w1
News Release
Contacts:
Matt Assiff, SVP & CFO
Copano Energy, L.L.C.
713-621-9547
Jack Lascar / [email protected]
Anne Vincent/ [email protected]
DRG&E / 713-529-6600
A.G. EDWARDS YIELD CONFERENCE
EX-99.23h46721exv99w2.htmPRESENTATION MATERIALS - A.G. EDWARDS' YIELD CONFERENCE
exv99w2
Copano Energy
NASDAQ: CPNO
A.G. Edwards' Yield Conference
New York
May 15, 2007
Forward-Looking Statements
Statements made by representatives of Copano Energy, L.L.C. (the "Company") during thispresentation may constitute "forward-looking statements" as defined by the Securities andExchange Commission. All statements, other than statements of historical facts, made byrepresentatives of the Company during this presentation that address activities, events ordevelopments that the Company expects, believes or anticipates will or may occur in the futureare forward-looking statements. These forward-looking statements are based on certainassumptions made by the Company based on management's experience and perception ofhistorical trends, current conditions, expected future developments and other factors it believesare appropriate in the circumstances.
Any forward-looking statements made by representatives of the Company during thispresentation are subject to a number of assumptions, risks and uncertainties, many of which arebeyond the Company's control. If one or more of these risks or uncertainties materialize, or ifunderlying assumptions prove incorrect, then the Company's actual results may differ materiallyfrom those implied or expressed by the forward-looking statements. These risks include aninability to obtain new sources of natural gas supplies, the loss of key producers that supplynatural gas to the Company, key customers reducing the volume of natural gas and natural gasliquids they purchase from the Company, a decline in the price and market demand for naturalgas and natural gas liquids, the incurrence of significant costs and liabilities in the future resultingfrom the Company's failure to comply with new or existing environmental regulations or anaccidental release of hazardous substances into the environment and other factors detailed in theCompany's Securities and Exchange Commission filings.
The Company undertakes no obligation to publicly update any forward-looking statements,whether as a result of new information or future events.
Introduction to Copano Energy, L.L.C.
Growth-oriented midstream energy company founded in 1992
Built through acquisitions - over 40 acquisitions plus extensiveconstruction and integration projects
Significant pipeline growth - from 23 miles to over 5,500 activemiles
Five processing plants (a) - over 850 MMcf/d of combinedprocessing capacity
Prominent producer services franchise in two active producing regions
Texas Gulf Coast - South Texas
Mid-Continent - Central and Eastern Oklahoma and Northern FortWorth Basin in Texas
(a) includes majority interest in Southern Dome, LLC
Overview
Strong producer and customer focus
Highly competitive and flexible services
Provides midstream services to over 850,000MMBtu/day of natural gas
Financial Profile - LTM 3/31/07:
Revenue: $857.3 million
Total Segment Gross Margin (a): $189.9 million
EBITDA (a): $130.1 million
Current Equity Value: $1.8 billion (b)
Current Enterprise Value: $2.1 billion (b)
OK
TX
Texas Gulf Coast
Mid-Continent
(a) Total Segment Gross Margin and EBITDA are non-GAAP financial measures. Fordefinitions and reconciliations to comparable GAAP measures, see Appendix.
(b) Equity value as of May 9, 2007
Copano's LLC Structure Characteristic Typical MLP Copano Energy C-Corp Non-Taxable Entity Yes Yes No Tax Shield on Distributions Yes Yes No Tax Reporting Schedule K-1 Schedule K-1 Form 1099 General Partner Yes No No Incentive Distribution Rights Yes; up to 50% No No Voting Rights No Yes Yes
LLC Benefits
No entity-level taxation
No general partner splits ("incentive distribution rights")
Reduces cost of equity
Greater ease of equity issuance
Greater appeal to institutional investors
Stronger governance
Truly independent board
Elected by unitholders
Copano has outperformed both the Alerian MLP Index (AMZ) and theS&P 500 since its IPO
+313%
+48%
+30%
Relative Unit Price Performance (a)
Source: Bloomberg
(a) As of May 9, 2007
Total Return Performance (a)
Copano has also outperformed both the Alerian MLP Total ReturnIndex (AMZX) and the S&P 500 in terms of total return since its IPO
+358%
+30%
+68%
Source: Bloomberg
(a) As of May 9, 2007. Assumes distributions reinvested.
Distribution Growth (1)
(1) All pre-1Q 2007 distributions are restated to account for the impact of Copano's 3/30/07 two-for-one unit split.
(2) Actual $0.10 distribution per unit was for the partial quarterly period from the IPO closing on November 15, 2004 through December 31,2004.
(2)
On April 18, 2007, Copano announced its ninth consecutive increasein quarterly distributions
Comparative Distribution Yield
CPNO's yield is between that of traditional MLPs and Public GPs
Source: Lehman Brothers MLP Weekly for the week ended May 4, 2007
(a) MLP Average includes: APL, BWP, BPL, XTEX, DPM, DEP, EROC, EEP, ETP, EPD, HLND, KMP, MMP, MWE, MMLP, NGLS, NS, OKS, PAA, RGNC, SXL, TCLP, TPP, WPZ
(b) GP Average includes: AHGP, AHD, BGH, XTXI, ETE, EPE, HPGP, NRGP, MGG, MWP, NSH, PVG
(a)
(b)
CPNO Distributions vs. MLP with IDR's (1)
Note: Assumes generic MLP splits with 10%, 25% & 50% increases in distributable cash flow to LP units resulting in incremental 13%, 23% and 48% increases in the percentage oftotal distributable cash flow applicable to the GP.
Copano's Q1 2007 distribution is approximately 22% higher as an LLC than if it were a traditional MLPwith IDRs
(1) Source RBC Capital Markets
General Partner Incentive Distribution Loads (1)
Note: Market data as of 5/9/07
1 Source RBC Capital Markets
Business Strategy
Pursue growth from our existingassets
Pursue complementaryacquisitions and organicexpansion opportunities
Reduce sensitivity of our cashflows to commodity pricefluctuations
Exploit the operating flexibility ofour assets
Expand our geographic scope intonew regions where our growthstrategy can be applied
Mid-Continent Operations (Pre-Cimmarron)
One of the largest independent networks ofnatural gas pipelines in Central and EasternOklahoma
Approximately 3,400 miles of natural gasgathering pipelines
16,900 square mile region
Long-term agreements with remaining termsranging up to approximately 13 years
26 drilling rigs currently active in area ofoperations
Hunton de-watering play and coal bed methaneprovide growth visibility
4 processing plants (includes majority-ownedSouthern Dome)
Current inlet capacity of 155 MMcf/d
LTM 3/31/07 Segment Gross Margin (a):
$96.6 million
(a) Total Segment Gross Margin is a non-GAAP financial measure. For a definition andreconciliation to a comparable GAAP measure, see Appendix.
Cimmarron Acquisition
On May 1, 2007, Copano closed its acquisition of Cimmarron Gathering, L.P. for $95million ($41 million in cash and $54 million in Copano units issued to the sellers)
1.6 million units will automatically convert to common units in 25% installments on the six-month, 12-month, 18-month and 24-month anniversaries of the closing date
Large bolt-on for Mid-Continent Operations segment
Approximately 3,820 miles of pipelines in central and eastern Oklahoma and in northTexas
Approximately 430 miles active for natural gas gathering
Approximately 50 miles active for crude oil gathering
Significant acreage dedication with active drilling rigs
Further extends access to rich gas plays (i.e. Woodford Shale and Barnett Shale)
Attractive contract mix
Accretion:
2007: Modestly accretive to distributable cash flow
2008: Anticipated 5 - 10% accretive to distributable cash flow
Post Acquisition Mid-Continent Operations Map
Tri-County System
70% undivided interest (Operator)
80 miles of active gathering pipelines including 30 miles currently under construction
Gathers rich casinghead gas from the Barnett Shale
Current system throughput ~15 MMBtu/day
Fixed fee-based contracts with marketing upside
Five rigs running
45,000 acres dedicated
Significant growth potential
Cimmarron Oklahoma Assets
100% owned
350 miles of active gathering lines, including 140 mile Tomahawk line (8 and 10 inchpipe)
Gathers rich low pressure gas primarily from the Sooner/Golden Trend and theWoodford Shale
Tomahawk line provides the following:
Will bring processable Woodford Shale gas to Stroud area for processing
Connects Mid-Continent Twin Rivers processable rich gas to Stroud area
Significant opportunities
Current Central Oklahoma System throughput ~4 MMBtu/day
Percentage of proceeds contracts and fixed fee contracts (Tomahawk line)
Can be connected to Stroud area processing
~88,000 acres dedicated
Texas Gulf Coast Pipelines
One of the largest independentnetworks of natural gas pipelines inthe Texas Gulf Coast region
Over 1,600 miles of natural gasgathering and intrastatetransmission pipelines (includesmajority-owned Webb/Duval)
Strong drilling activity particularly onCentral Gulf Coast and MestenaGrande systems
Decline rates generally moderatecompared to Offshore Gulf of Mexico
LTM 3/31/07 Segment Gross Margin(a):
$41.5 million
TX
(a) Total Segment Gross Margin is a non-GAAP financial measure. For adefinition and reconciliation to a comparable GAAP measure, see Appendix.
Texas Gulf Coast Processing
Houston Central Processing Plantstraddles KMTP's Laredo-to-Katy pipeline
2nd largest processing plant in Texas GulfCoast region; 3rd largest in Texas
Total inlet capacity of 700 MMcf/d
Highly efficient conditioning capabilityavoids processing margin losses byreducing:
NGLs extracted by 93%
Fuel consumption by 80%
Sheridan NGL Pipeline: 104 miles
Brenham NGL Pipeline (a): 46 miles
LTM 3/31/07 Segment Gross Margin (b):
$53.5 million
(a) Leased from Kinder Morgan.
(b) Total Segment Gross Margin is a non-GAAP financial measure. For adefinition and reconciliation to a comparable GAAP measure, see Appendix.
Producer Relationships
Note: Partial list for Texas Gulf Coast and Mid-Continent
Mestena Operating, Ltd.
Highly-Rated Service Provider
In the 2006 Natural Gas Midstream Services Survey conductedby EnergyPoint Research, Houston, among all respondentsCopano rated:
#2 Overall - all service categories and geographic regions
#1 Onshore Gas Gathering - all geographic regions
#1 Texas Intrastate - all service categories
#1 Reliability, Capacity and Condition of Field Assets (a)
#1 Health, Safety and Environmental Practices (a)
#1 Administrative, Scheduling and Accounting Personnel (a)
Among primary decision makers, Copano rated #1 overall andin most categories
(a) All service categories and geographic regions
Organic Growth & Bolt-on Capital Spending
Committed organic growth and bolt-on capital spending in excess of $80million completed or initiated in 2006 (exclusive of Cimmarron)
Hunton play gathering and compression expansion (Mid-Continent)ongoing
Expansion of Paden Plant and addition of Nitrogen Rejection Unitestimated completion Q2 and Q1 2008, respectively (Mid-Continent)
Southern Dome greenfield facilities completed Q2 2006 (Mid-Continent)
Bolt-on acquisitions in South Texas (Texas Gulf Coast) include:
Williams Field Services South Texas Assets completed Q3 2006
Normanna Lateral completed Q3 2006
Driscoll Lateral completed Q1 2007
Houston Central CO2 treating capacity expansion completed Q4 2006(Texas Gulf Coast)
Hedging Program and Risk Management
On-going long-term risk management strategy adopted in 2005 to reducecommodity price risk exposure
Current portfolio of hedging contracts includes:
Call spread options on natural gas through 2011 to hedge a portionof the net operational short natural gas position when we operateour Houston Central Plant in a processing mode
Puts on natural gas through 2009
Puts and swaps for ethane, propane, iso-butane and normal butanethrough 2011
Puts on WTI crude oil through 2011 to hedge natural gasoline andcondensate
Financial Structure
Strong capitalization at March 31, 2007
Total Debt to Enterprise Value of 13% (a)
Total Debt to LTM EBITDA of 2.1x
Broad institutional unitholder and noteholder base
Strong capital support for acquisitions
Moody's ratings:
B1 Corporate Family Rating
B2 Senior Notes Rating
Positive outlook
S&P ratings:
BB- Corporate Credit Rating
B+ Senior Notes Rating
Positive outlook
(a) Equity value as of May 9, 2007.
Financial Policy
Maintain sustainable distributions with targeted distributioncoverage greater than MLP peers
Target total leverage: below 4.0x
Use free cash flow to reduce leverage on quarterly basis
Demonstrated ability and willingness to raise additional equity
Follow-on equity offering closed in December 2006
Finance accretive acquisitions with balanced combination of long-term debt and equity
Experienced Management Team and Board of Directors
17 senior managers average 24 years of experience in theindustry
Ownership by ALL employees including LTIP participation
Management and employees beneficially own approximately 11%of outstanding units (a)
Six of the seven Board members are independent
(a) Excludes 307,500 restricted common units and 1,232,202 options to acquire common units, of which 216,944 are exercisableas of April 5, 2007. Restricted common units and options represent approximately 3.6% of current outstanding units.
(c)
$35.1
$55.0
$101.6
$143.5
(c)
52.1% CAGR (2002 - 2006)
$188.1
Total Segment Gross Margin (a)
(a) Total Segment Gross Margin is a non-GAAP financial measure. For a definition and reconciliation to a comparable GAAPmeasure, see Appendix.
(b) Pro Forma for the acquisition of ScissorTail Energy, LLC
(c) Includes $0.4, $1.4 and $(1.6) million of Corporate Segment gross margin for the periods ending 12/31/05, 12/31/06 and LTM3/31/07 respectively.
$189.9
Combined EBITDA (a)
(a) EBITDA is a non-GAAP financial measure. For a definition and reconciliation to a comparable GAAP measure, see Appendix.
(b) Pro Forma for the acquisition of ScissorTail Energy, LLC
(c) Texas Gulf Coast results for 12/31/05, 12/31/06 and LTM 3/31/07 periods include all corporate G&A expenses.
$14.3
$26.4
$64.7
$97.5
(c)
(c)
73.6% CAGR (2002 - 2006)
$130.0
$130.1
Key Investment Merits
Assets are strategically located in active natural gas supply areas andare easily scalable
Our contracts and asset mix provide operating flexibility to mitigateprocessing margin risk
We provide an integrated and comprehensive package of midstreamservices
We have knowledgeable and experienced employees with significantownership interests in us
Our LLC structure is tax-advantaged, reduces the cost of equity capital,and allows unitholders to elect directors
We have a flexible financial structure and have a proven track record ofgrowth
Appendix
Reconciliation of Non-GAAP Financial Measures
Gross Margin
We define our total segment gross margin as our segment revenue less cost of sales. Cost of sales includes the following costs andexpenses: cost of natural gas and NGLs purchased by us from third parties, cost of natural gas and NGLs purchased by us from affiliates,costs we pay third parties to transport our volumes and costs we pay our affiliates to transport our volumes. We view total segment grossmargin as an important performance measure of the core profitability of our operations. This measure is a key component of our internalfinancial reporting and is used by our senior management in deciding how to allocate capital resources among business segments. Webelieve that investors benefit from having access to the same financial measures that our management uses. The GAAP measure mostdirectly comparable to total segment gross margin is operating income.
The following table presents a reconciliation of the non-GAAP financial measure of total segment gross margin (which consists of the sumof individual segment gross margins) to operating income on a historical basis:
Reconciliation of Non-GAAP Financial Measures
EBITDA
We define EBITDA as net income (loss) plus interest expense, provision for income taxes and depreciation and amortization expense. EBITDAis used as a supplemental financial measure by our management and by external users of our financial statements such as investors,commercial banks, research analysts and others, to assess:
the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;
the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness;
our operating performance and return on capital as compared to those of other companies in the midstream energy sector, withoutregard to financing or capital structure; and
the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities.
EBITDA is also a financial measurement that, with certain negotiated adjustments, is reported to our lenders and is used to compute ourfinancial covenants. EBITDA should not be considered an alternative to net income, operating income, cash flows from operating activities orany other measure of financial performance presented in accordance with GAAP. Our EBITDA may not be comparable to EBITDA or similarlytitled measures of other entities, as other entities may not calculate EBITDA in the same manner as we do.
The following table presents a reconciliation of the non-GAAP financial measure of EBITDA to the GAAP financial measure of net income (loss):
Copano Energy
EX-99.34h46721exv99w3.htmPRESENTATION MATERIALS - BEAR STEARNS SIXTEENTH ANNUAL CONFERENCE
exv99w3
Copano Energy
NASDAQ: CPNO
Bear Stearns Sixteenth Annual Global Credit Conference
New York
May 15, 2007
Forward-Looking Statements
Statements made by representatives of Copano Energy, L.L.C. (the "Company") during thispresentation may constitute "forward-looking statements" as defined by the Securities andExchange Commission. All statements, other than statements of historical facts, made byrepresentatives of the Company during this presentation that address activities, events ordevelopments that the Company expects, believes or anticipates will or may occur in the futureare forward-looking statements. These forward-looking statements are based on certainassumptions made by the Company based on management's experience and perception ofhistorical trends, current conditions, expected future developments and other factors it believesare appropriate in the circumstances.
Any forward-looking statements made by representatives of the Company during thispresentation are subject to a number of assumptions, risks and uncertainties, many of which arebeyond the Company's control. If one or more of these risks or uncertainties materialize, or ifunderlying assumptions prove incorrect, then the Company's actual results may differ materiallyfrom those implied or expressed by the forward-looking statements. These risks include aninability to obtain new sources of natural gas supplies, the loss of key producers that supplynatural gas to the Company, key customers reducing the volume of natural gas and natural gasliquids they purchase from the Company, a decline in the price and market demand for naturalgas and natural gas liquids, the incurrence of significant costs and liabilities in the future resultingfrom the Company's failure to comply with new or existing environmental regulations or anaccidental release of hazardous substances into the environment and other factors detailed in theCompany's Securities and Exchange Commission filings.
The Company undertakes no obligation to publicly update any forward-looking statements,whether as a result of new information or future events.
Introduction to Copano Energy, L.L.C.
Growth-oriented midstream energy company founded in 1992
Built through acquisitions - over 40 acquisitions plus extensiveconstruction and integration projects
Significant pipeline growth - from 23 miles to over 5,500 activemiles
Five processing plants (a) - over 850 MMcf/d of combinedprocessing capacity
Prominent producer services franchise in two active producing regions
Texas Gulf Coast - South Texas
Mid-Continent - Central and Eastern Oklahoma and Northern FortWorth Basin in Texas
(a) includes majority interest in Southern Dome, LLC
Overview
Strong producer and customer focus
Highly competitive and flexible services
Provides midstream services to over 850,000MMBtu/day of natural gas
Financial Profile - LTM 3/31/07:
Revenue: $857.3 million
Total Segment Gross Margin (a): $189.9 million
EBITDA (a): $130.1 million
Current Equity Value: $1.8 billion (b)
Current Enterprise Value: $2.1 billion (b)
OK
TX
Texas Gulf Coast
Mid-Continent
(a) Total Segment Gross Margin and EBITDA are non-GAAP financial measures. Fordefinitions and reconciliations to comparable GAAP measures, see Appendix.
(b) Equity value as of May 9, 2007
Copano's LLC Structure Characteristic Typical MLP Copano Energy C-Corp Non-Taxable Entity Yes Yes No Tax Shield on Distributions Yes Yes No Tax Reporting Schedule K-1 Schedule K-1 Form 1099 General Partner Yes No No Incentive Distribution Rights Yes; up to 50% No No Voting Rights No Yes Yes
LLC Benefits
No entity-level taxation
No general partner splits ("incentive distribution rights")
Reduces cost of equity
Greater ease of equity issuance
Greater appeal to institutional investors
Stronger governance
Truly independent board
Elected by unitholders
Copano has outperformed both the Alerian MLP Index (AMZ) and theS&P 500 since its IPO
+313%
+48%
+30%
Relative Unit Price Performance (a)
Source: Bloomberg
(a) As of May 9, 2007
Total Return Performance (a)
Copano has also outperformed both the Alerian MLP Total ReturnIndex (AMZX) and the S&P 500 in terms of total return since its IPO
+358%
+30%
+68%
Source: Bloomberg
(a) As of May 9, 2007. Assumes distributions reinvested.
Distribution Growth (1)
(1) All pre-1Q 2007 distributions are restated to account for the impact of Copano's 3/30/07 two-for-one unit split.
(2) Actual $0.10 distribution per unit was for the partial quarterly period from the IPO closing on November 15, 2004 through December 31,2004.
(2)
On April 18, 2007, Copano announced its ninth consecutive increasein quarterly distributions
CPNO Distributions vs. MLP with IDR's (1)
Note: Assumes generic MLP splits with 10%, 25% & 50% increases in distributable cash flow to LP units resulting in incremental 13%, 23% and 48% increases in the percentage oftotal distributable cash flow applicable to the GP.
Copano's Q1 2007 distribution is approximately 22% higher as an LLC than if it were a traditional MLPwith IDRs
(1) Source RBC Capital Markets
General Partner Incentive Distribution Loads (1)
Note: Market data as of 5/9/07
1 Source RBC Capital Markets
Business Strategy
Pursue growth from our existingassets
Pursue complementaryacquisitions and organicexpansion opportunities
Reduce sensitivity of our cashflows to commodity pricefluctuations
Exploit the operating flexibility ofour assets
Expand our geographic scope intonew regions where our growthstrategy can be applied
Mid-Continent Operations (Pre-Cimmarron)
One of the largest independent networks ofnatural gas pipelines in Central and EasternOklahoma
Approximately 3,400 miles of natural gasgathering pipelines
16,900 square mile region
Long-term agreements with remaining termsranging up to approximately 13 years
26 drilling rigs currently active in area ofoperations
Hunton de-watering play and coal bed methaneprovide growth visibility
4 processing plants (includes majority-ownedSouthern Dome)
Current inlet capacity of 155 MMcf/d
LTM 3/31/07 Segment Gross Margin (a):
$96.6 million
(a) Total Segment Gross Margin is a non-GAAP financial measure. For a definition andreconciliation to a comparable GAAP measure, see Appendix.
Cimmarron Acquisition
On May 1, 2007, Copano closed its acquisition of Cimmarron Gathering, L.P. for $95million ($41 million in cash and $54 million in Copano units issued to the sellers)
1.6 million units will automatically convert to common units in 25% installments on the six-month, 12-month, 18-month and 24-month anniversaries of the closing date
Large bolt-on for Mid-Continent Operations segment
Approximately 3,820 miles of pipelines in central and eastern Oklahoma and in northTexas
Approximately 430 miles active for natural gas gathering
Approximately 50 miles active for crude oil gathering
Significant acreage dedication with active drilling rigs
Further extends access to rich gas plays (i.e. Woodford Shale and Barnett Shale)
Attractive contract mix
Accretion:
2007: Modestly accretive to distributable cash flow
2008: Anticipated 5 - 10% accretive to distributable cash flow
Post Acquisition Mid-Continent Operations Map
Tri-County System
70% undivided interest (Operator)
80 miles of active gathering pipelines including 30 miles currently under construction
Gathers rich casinghead gas from the Barnett Shale
Current system throughput ~15 MMBtu/day
Fixed fee-based contracts with marketing upside
Five rigs running
45,000 acres dedicated
Significant growth potential
Cimmarron Oklahoma Assets
100% owned
350 miles of active gathering lines, including 140 mile Tomahawk line (8 and 10 inchpipe)
Gathers rich low pressure gas primarily from the Sooner/Golden Trend and theWoodford Shale
Tomahawk line provides the following:
Will bring processable Woodford Shale gas to Stroud area for processing
Connects Mid-Continent Twin Rivers processable rich gas to Stroud area
Significant opportunities
Current Central Oklahoma System throughput ~4 MMBtu/day
Percentage of proceeds contracts and fixed fee contracts (Tomahawk line)
Can be connected to Stroud area processing
~88,000 acres dedicated
Texas Gulf Coast Pipelines
One of the largest independentnetworks of natural gas pipelines inthe Texas Gulf Coast region
Over 1,600 miles of natural gasgathering and intrastatetransmission pipelines (includesmajority-owned Webb/Duval)
Strong drilling activity particularly onCentral Gulf Coast and MestenaGrande systems
Decline rates generally moderatecompared to Offshore Gulf of Mexico
LTM 3/31/07 Segment Gross Margin(a):
$41.5 million
TX
(a) Total Segment Gross Margin is a non-GAAP financial measure. For adefinition and reconciliation to a comparable GAAP measure, see Appendix.
Texas Gulf Coast Processing
Houston Central Processing Plantstraddles KMTP's Laredo-to-Katy pipeline
2nd largest processing plant in Texas GulfCoast region; 3rd largest in Texas
Total inlet capacity of 700 MMcf/d
Highly efficient conditioning capabilityavoids processing margin losses byreducing:
NGLs extracted by 93%
Fuel consumption by 80%
Sheridan NGL Pipeline: 104 miles
Brenham NGL Pipeline (a): 46 miles
LTM 3/31/07 Segment Gross Margin (b):
$53.5 million
(a) Leased from Kinder Morgan.
(b) Total Segment Gross Margin is a non-GAAP financial measure. For adefinition and reconciliation to a comparable GAAP measure, see Appendix.
Producer Relationships
Note: Partial list for Texas Gulf Coast and Mid-Continent
Mestena Operating, Ltd.
Highly-Rated Service Provider
In the 2006 Natural Gas Midstream Services Survey conductedby EnergyPoint Research, Houston, among all respondentsCopano rated:
#2 Overall - all service categories and geographic regions
#1 Onshore Gas Gathering - all geographic regions
#1 Texas Intrastate - all service categories
#1 Reliability, Capacity and Condition of Field Assets (a)
#1 Health, Safety and Environmental Practices (a)
#1 Administrative, Scheduling and Accounting Personnel (a)
Among primary decision makers, Copano rated #1 overall andin most categories
(a) All service categories and geographic regions
Organic Growth & Bolt-on Capital Spending
Committed organic growth and bolt-on capital spending in excess of $80million completed or initiated in 2006 (exclusive of Cimmarron)
Hunton play gathering and compression expansion (Mid-Continent)ongoing
Expansion of Paden Plant and addition of Nitrogen Rejection Unitestimated completion Q2 and Q1 2008, respectively (Mid-Continent)
Southern Dome greenfield facilities completed Q2 2006 (Mid-Continent)
Bolt-on acquisitions in South Texas (Texas Gulf Coast) include:
Williams Field Services South Texas Assets completed Q3 2006
Normanna Lateral completed Q3 2006
Driscoll Lateral completed Q1 2007
Houston Central CO2 treating capacity expansion completed Q4 2006(Texas Gulf Coast)
Hedging Program and Risk Management
On-going long-term risk management strategy adopted in 2005 to reducecommodity price risk exposure
Current portfolio of hedging contracts includes:
Call spread options on natural gas through 2011 to hedge a portionof the net operational short natural gas position when we operateour Houston Central Plant in a processing mode
Puts on natural gas through 2009
Puts and swaps for ethane, propane, iso-butane and normal butanethrough 2011
Puts on WTI crude oil through 2011 to hedge natural gasoline andcondensate
Financial Structure
Strong capitalization at March 31, 2007
Total Debt to Enterprise Value of 13% (a)
Total Debt to LTM EBITDA of 2.1x
Broad institutional unitholder and noteholder base
Strong capital support for acquisitions
Moody's ratings:
B1 Corporate Family Rating
B2 Senior Notes Rating
Positive outlook
S&P ratings:
BB- Corporate Credit Rating
B+ Senior Notes Rating
Positive outlook
(a) Equity value as of May 9, 2007.
Financial Policy
Maintain sustainable distributions with targeted distributioncoverage greater than MLP peers
Target total leverage: below 4.0x
Use free cash flow to reduce leverage on quarterly basis
Demonstrated ability and willingness to raise additional equity
Follow-on equity offering closed in December 2006
Finance accretive acquisitions with balanced combination of long-term debt and equity
Experienced Management Team and Board of Directors
17 senior managers average 24 years of experience in theindustry
Ownership by ALL employees including LTIP participation
Management and employees beneficially own approximately 11%of outstanding units (a)
Six of the seven Board members are independent
(a) Excludes 307,500 restricted common units and 1,232,202 options to acquire common units, of which 216,944 are exercisableas of April 5, 2007. Restricted common units and options represent approximately 3.6% of current outstanding units.
(c)
$35.1
$55.0
$101.6
$143.5
(c)
52.1% CAGR (2002 - 2006)
$188.1
Total Segment Gross Margin (a)
(a) Total Segment Gross Margin is a non-GAAP financial measure. For a definition and reconciliation to a comparable GAAPmeasure, see Appendix.
(b) Pro Forma for the acquisition of ScissorTail Energy, LLC
(c) Includes $0.4, $1.4 and $(1.6) million of Corporate Segment gross margin for the periods ending 12/31/05, 12/31/06 and LTM3/31/07 respectively.
$189.9
Combined EBITDA (a)
(a) EBITDA is a non-GAAP financial measure. For a definition and reconciliation to a comparable GAAP measure, see Appendix.
(b) Pro Forma for the acquisition of ScissorTail Energy, LLC
(c) Texas Gulf Coast results for 12/31/05, 12/31/06 and LTM 3/31/07 periods include all corporate G&A expenses.
$14.3
$26.4
$64.7
$97.5
(c)
(c)
73.6% CAGR (2002 - 2006)
$130.0
$130.1
Compelling Credit Story
Stable cash flow
Strategic position in major natural gas supply areas
Strong producer relationships with long-term contracts
Low working capital and capex needs
Reduced exposure to commodity price volatility
Favorable business and contract mix
Ongoing hedging program in place
Growing volumes will increase cash flow
Experienced management team with meaningful economicincentives
Proven track record of value creation
Creditor-friendly LLC structure
Higher distribution coverage ratio relative to peers
Appendix
Reconciliation of Non-GAAP Financial Measures
Gross Margin
We define our total segment gross margin as our segment revenue less cost of sales. Cost of sales includes the following costs andexpenses: cost of natural gas and NGLs purchased by us from third parties, cost of natural gas and NGLs purchased by us from affiliates,costs we pay third parties to transport our volumes and costs we pay our affiliates to transport our volumes. We view total segment grossmargin as an important performance measure of the core profitability of our operations. This measure is a key component of our internalfinancial reporting and is used by our senior management in deciding how to allocate capital resources among business segments. Webelieve that investors benefit from having access to the same financial measures that our management uses. The GAAP measure mostdirectly comparable to total segment gross margin is operating income.
The following table presents a reconciliation of the non-GAAP financial measure of total segment gross margin (which consists of the sumof individual segment gross margins) to operating income on a historical basis:
Reconciliation of Non-GAAP Financial Measures
EBITDA
We define EBITDA as net income (loss) plus interest expense, provision for income taxes and depreciation and amortization expense. EBITDAis used as a supplemental financial measure by our management and by external users of our financial statements such as investors,commercial banks, research analysts and others, to assess:
the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;
the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness;
our operating performance and return on capital as compared to those of other companies in the midstream energy sector, withoutregard to financing or capital structure; and
the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities.
EBITDA is also a financial measurement that, with certain negotiated adjustments, is reported to our lenders and is used to compute ourfinancial covenants. EBITDA should not be considered an alternative to net income, operating income, cash flows from operating activities orany other measure of financial performance presented in accordance with GAAP. Our EBITDA may not be comparable to EBITDA or similarlytitled measures of other entities, as other entities may not calculate EBITDA in the same manner as we do.
The following table presents a reconciliation of the non-GAAP financial measure of EBITDA to the GAAP financial measure of net income (loss):
Copano Energy
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