USA
NORTH AMERICA
to the next phase of our lives, but the reality is that extraordinary results come from embracing the uncomfortable. That’s where lasting growth happens.”
STRENGTH IN NUMBERS The deal closed on December 20 and brought Tulsa-based Williams on as a General Partner, joining founding sponsor Global Infrastructure Partners (GIP).
As sponsors, Williams and GIP bring a powerful combination of operational and financial expertise, Stice said.
“Our ability to leverage Williams’ deep midstream operational and development capabilities significantly benefits our expanded operations and will lead to new growth opportunities for years to come,” he said. “With GIP’s continued position, we have two great sponsors with a substantial commitment to Access and a strong belief in our assets and business model.”
Since the transaction, Access has moved from Chesapeake’s campus to a new headquarters and is on track to employ nearly 1,500 employees by year’s end. Operations are focused in the key unconventional basins in North America – the Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales and the Mid-Continent region. The company projects capital expenditures of $3.5 billion over the next three years.
Financially, the company has never been stronger. Since Access’ initial public offering on July 28, 2010, the company’s enterprise value has grown from $2.6 billion to over $12 billion and its unit price has soared from $21 at IPO to $49 in mid-July, 2013.
“Our combination of high quality assets, best-in-class commercial contracts, and unique access to organic growth provides an unparalleled financial strength,” Stice said. “Our balance sheet meets investment grade metrics with a low 4.0 debt to EBITDA ratio differentiating us from many of our
The Harrison Hub fractionation facility under construction in east Ohio is among the $1.8 billion being invested by Access, through its partnerships, over the next five years in the Utica Shale. The facility is part of the Utica East Ohio (UEO) midstream service complex, a joint venture between Access, Momentum/M3 and EnerVest.
peers. Our EBITDA will exceed $800 million in 2013 providing very strong cash flow to continue to deliver a 15 percent distribution growth to unit holders. We are operating today with a 1.4x distribution coverage ratio and over $1 billion of liquidity, great performance on two very important financial metrics.
“Our financial story is the best in the industry, and our track record of executing on our business plan is earning the confidence of the marketplace,” Stice said.
EVOLUTION
Stice said executing the transition to a stand-alone company took teamwork and cooperation on many levels.
“This was a collaborative effort,” he said. “This was not a ‘me’ issue, it was a ‘we’ issue.”
Stice says his leadership style has been evolving since he graduated from the University of Oklahoma with a chemical engineering degree in 1981.
“I think leadership is like anything else, a journey. I learned, not by others necessarily, but by making the mistakes myself,” he said. “I was a very difficult guy to work for in my early years. I was arrogant and I was pretty certain that nobody was as smart as I was. I used to have interviews with people who were reporting to me and there were people who just loved that I
Finance Monthly CeO AwArdS 2013 41
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