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Transcript of OCTOBER 2014 - Williams Companies, Inc. |investor.williams.com/.../October_2014_ACMP_Investo… ·...
ACCESS MIDSTREAM PARTNERS INVESTOR PRESENTATION OCTOBER 2014
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;
• the availability, terms and effects of acquisitions;
• our potential inability to maintain existing distribution amounts or pay the minimum quarterly distribution to our unitholders;
• the limitations that our 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 Exterran Partners, L.P. for a significant portion 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 2013 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.
FORWARD-LOOKING STATEMENTS
2
PARTNERSHIP OVERVIEW
3
Gathering and processing master limited partnership formed in 2010
Leadership position in 9 unconventional basins in U.S.
~$13 billion market capitalization with 49% public float
Williams owns 100% of the GP
Wellhead Customer
Wellhead Facilities/ Flowlines
Gathering Systems
Gathering Facilities
Pipeline Transportation
Access Midstream Partners Natural Gas Value Chain:
Central Delivery Points
Distribution Processing Facilities
BEST IN CLASS MLP Best in class midstream
business model Industry leading organic growth
platform Key investment highlights
include:
• Low Risk Business Model
• Industry Leading Growth
• Conservative Financial Strategy
• Experienced Management Team
• World Class Sponsorship
4
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
• ~$4.3B of CAPEX in 2013 - 2016 generating contractual mid-teens return
• Broad footprint creates many new customer 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
World Class Sponsorship • Williams brings expertise across midstream value chain • Benefit from best practices from industry leader
5
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 Contractual protections Depreciated rate base None
Capital Contractual protections Rate review None
Cost Contractual protections Cost of service Varies
Overall Business Model Best in Class Low Risk Moderate Risk
BUSINESS MODEL COMPARISON
6
BUSINESS MODEL PROVIDES PROTECTED AND VISIBLE DISTRIBUTIONS
LEADING CONTRACT STRUCTURE
7
Barnett Eagle Ford Haynesville
Marcellus Mid-Continent
Niobrara Utica
Direct Commodity Price Exposure
100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee 100% Fixed Fee
Contract Structure
MVC and Fee Redetermination
Cost of Service and Fee Tiers
Annual Fee Redetermination / Fixed Fee with MVC
and Fee Tiers
Cost of Service Annual Fee
Redetermination Cost of Service
Cost of Service (gathering) / Fixed Fee (processing)
Re-Contracting 20 Year Acreage
Dedication 20 Year Acreage
Dedication 10-20 Year
Acreage Dedication 15 Year Acreage
Dedication 20 Year Acreage
Dedication 20 Year Acreage
Dedication 15-20 Year
Acreage Dedication
Volume Protection
10 Year MVC and Fee
Redeterminations
Two Year Fee Tiers and Cost of Service
Annual Fee Redetermination / 5 Year MVC and
Fee Tiers
Cost of Service Annual Fee
Redetermination Cost of Service Cost of Service (gathering only)
Inflation Protection
2.0% Fee Escalation
Cost of Service 2.5% Fee Escalation
Cost of Service 2.5% Fee Escalation
Cost of Service
Cost of Service (gathering) / 1.5%
Fee Escalation (processing)
Capital Protection
Fee Redeterminations
Cost of Service Annual Fee
Redetermination (Springridge only)
Cost of Service Annual Fee
Redetermination Cost of Service
Cost of Service (gathering only)
STRUCTURE CREATES CASH FLOW STABILITY ACROSS ALL BASINS
LOW RISK BUSINESS MODEL
Volume & Capital
MVC and long-term acreage dedications Rate redetermination, cost of service
and fee tiers Conservative maintenance capital
Commodity & Basin
100% fixed-fee revenues Commitment to maintain contract
structure / business model as business grows Concentrated in low cost basins
Re-Contracting
Arms-length, 10-20 year contracts at market rates Critical infrastructure providing access
to market Dedicated acreage
Considerations Mitigants
Confidential 8
EXPANDING ASSET BASE
9 1) Data as of quarter ended September 30, 2014. Volume is net to Partnership.
HIGH QUALITY, SCALABLE ASSET BASE IN HIGH GROWTH UNCONVENTIONAL PLAYS
Key Operating Data(1)
Total Assets: ~$8.8 billion
Dedicated Areas: ~8.3 million acres
Miles of Pipe: 6,773
Volume: 4,133 mmcf/d
Employees: ~1,500
2011A 2012A 2013A 2014E 2015E 2016E
$859
$1,025-$1,125
$478 $349
$1,250-$1,350 $1,400-$1,600
OUR GROWTH FOCUS
10
Organic growth • ~$4.3 billion in 2013-2016
• Substantial processing investment
Business development growth • New producer
opportunities
• Bolt-on acquisitions
Contractual growth • Escalating minimum
volume commitments • Long-term, cost of service
fee structures
2011A 2012A 2013A 2014E 2015E 2016E
Growth CAPEX
$1,100-$1,200
$345
$660
$900-$1,000
$600-$800
$1,468
$ in millions
EBITDA Growth
$ in millions
COST OF SERVICE GROWTH 15 - 20 year fee calculated based on mid-teens return on invested capital Long-term EBITDA growth part of contractual model Fee recalculated annually for actual experience and revised forecast
CAPEX
Levelized Fee ($/mcf)
11
Cost of Service Structure
Cost of service structure provides long-term, built-in EBITDA growth
WORLD-CLASS MANAGEMENT TEAM
12
Name / Title Current / Prior Experience Yrs Experience
ACMP Management Team J. Mike Stice Chief Executive Officer
President and COO – Chesapeake Midstream Development, LLC Various senior management roles – ConocoPhillips
30
Robert S. Purgason Chief Operating Officer
COO – Crosstex Energy Services, LP Various senior management roles – The Williams Companies
35
David C. Shiels Chief Financial Officer
CFO – GE Security Americas Various finance and operations roles – Conoco, Inc.
25
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
Francis E. Billings SVP Corporate Strategic Development – Williams 25
Donald R. Chappel SVP and CFO – Williams 35
Robyn L. Ewing SVP and Chief Administrative Officer – Williams 40 Philip L. Frederickson Independent Director
Retired EVP of Planning, Strategy and Corporate Affairs – ConocoPhillips
35
Suedeen G. Kelly Independent Director
Co-Chair – Akin Gump Strauss Hauer & Feld, LLP Former FERC Commissioner (2003 – 2009)
30
Sarah C. Miller VP, Corporate Secretary and Assistant General Counsel – Williams 17
Robert S. Purgason COO – Access Midstream Partners 35
Richard D. Rodekohr VP Financial Planning & Analysis – Williams 35
J. Mike Stice CEO – Access Midstream Partners 30
ASSET OVERVIEW
BARNETT OVERVIEW
14
PARKER TARRANT DALLAS
HOOD JOHNSON ELLIS
SOMERVELL
BOSQUE HILL
NAVARRO
Asset Summary Resource Dry Gas
Services Gathering, Compression, Treating
Gas Gathering Systems 26
Miles of Pipeline 860
Gas Gathered 876 mmcf/d
Gas Compression (horsepower) 139,115
Dedicated Area 900,000 acres
Contract Structure MVC and Fee Redetermination
Contract Term 20 years (2029)
LONG-TERM CONTRACT WITH MINIMUM VOLUME PROTECTION AND SIGNIFICANT GROWTH POTENTIAL
A leading position in the Barnett with over $2.0 billion of investment
Data as of quarter ended September 30, 2014.
EAGLE FORD OVERVIEW
15
Asset Summary Resource Associated Gas (Oil), Wet Gas
Services Gathering, Compression, Treating
Gas Gathering Systems 12
Miles of Pipeline 919
Gas Gathered 348 mmcf/d
Gas Compression (horsepower) 98,772
Dedicated Area 1,400,000 acres
Contract Structure Cost of Service, Fee Tiers in 2013, 2014
Contract Term 20 years (2032)
KEY FOOTPRINT IN LEADING LIQUIDS RICH BASIN
Data as of quarter ended September 30, 2014.
Growing a leadership position in the Eagle Ford to $1.6 billion of investment by 2015
HAYNESVILLE OVERVIEW
Asset Summary Resource Dry Gas
Services Gathering, Compression, Treating
Gas Gathering Systems 7
Miles of Pipeline 585
Gas Gathered 714 mmcf/d
Gas Compression (horsepower) 18,420
Dedicated Area 550,000 acres
Contract Structure Fixed fee with MVC, fee redetermination and fee tiers
Contract Term Springridge – 10 years (2020) Mansfield – 20 years (2032)
16
LONG-TERM CONTRACT WITH ESCALATING ANNUAL MINIMUM VOLUME PROTECTION AND SIGNIFICANT GROWTH POTENTIAL
A leading position in the Haynesville with over $1.5 billion of investment
Data as of quarter ended September 30, 2014.
MARCELLUS OVERVIEW
17
STRATEGICALLY POSITIONED IN LEADING SHALE BASIN
Asset Summary Resource Dry and Wet Gas
Services Gathering, Compression
Gas Gathering Systems 10
Miles of Pipeline 968
Gas Gathered (net) 1,193 mmcf/d
Gas Compression (horsepower) 136,090
Dedicated Area 1,500,000 acres
Contract Structure Cost of Service
Contract Term 15 years (~2026)
Ownership ~ 47% ACMP owned and operated
Accounting Treatment Equity Investment
Data as of quarter ended September 30, 2014.
Growing a leadership position in the Marcellus to $1.9 billion of investment by 2015
MID-CONTINENT OVERVIEW
18
Asset Summary
Resource Associated Gas (Oil), Dry and Wet Gas
Services Gathering, Compression,
Treating, Processing
Gas Gathering Systems 129
Miles of Pipeline 2,931
Gas Gathered 554 mmcf/d
Gas Compression (horsepower) 112,804
Dedicated Area 1,950,000 acres
Contract Structure Annual Fee Redetermination
Contract Term 20 years (2029)
LONG-TERM LIQUIDS RICH GATHERING DEDICATIONS WITH RATE REDETERMINATION CONTRACT STRUCTURE
Key positions in the Granite Wash / Colony Wash and Mississippi Lime with over $1 billion of investment
Data as of quarter ended September 30, 2014.
NIOBRARA OVERVIEW
Asset Summary Resource Associated Gas (Oil), Wet Gas
Services Gathering, Compression, Processing
Gas Gathering Systems 1
Miles of Pipeline 159
Gas Gathered (net) 30 mmcf/d
Gas Compression (horsepower) 50,960
Dedicated Area 300,000 acres
Contract Structure Cost of Service
Contract Term 20 years (2032)
Ownership 50% ACMP owned and operated
Accounting Treatment Consolidated
19
LIQUIDS-RICH GATHERING & PROCESSING DEDICATION WITH COST OF SERVICE CONTRACT STRUCTURE
Data as of quarter ended September 30, 2014.
Growing a leadership position in the Niobrara to $300 million of investment by 2015
UTICA GATHERING SYSTEM OVERVIEW
Asset Summary Asset Cardinal Gas Services
(“CGS”) Utica Gas Services (“UGS”)
Resource Associated Gas (Oil), Wet Gas
Dry Gas
Services Gathering, Compression, Dehydration
Gathering, Compression, Dehydration
Gas Gathering Systems 1 2
Miles of Pipeline 283 N/A
Gas Gathered (net) 418 mmcf/d N/A
Gas Compression (horsepower) 124,360 0
Dedicated Area 1,500,000 acres 140,000 acres
Contract Structure Cost of Service Cost of Service
Contract Term 20 years (2032) 15 Years (2027)
Ownership ACMP – 66%, Operator
TOTAL – 25% EVEP – 9%
100% ACMP owned and operated
Accounting Treatment Consolidated Consolidated
20
LEADING ASSET POSITION WITH A VERTICALLY INTEGRATED SYSTEM ABLE TO SERVE PRODUCERS FROM THE WELLHEAD THROUGH FRACTIONATION
Data as of quarter ended September 30, 2014.
Growing a leadership position in the Utica to $1.8 billion of investment for gathering and processing by 2015
UTICA EAST OHIO PROCESSING OVERVIEW
Project Summary
Current Status In-Service with additional capacity under construction
Processing 1,100 mmcf/d (5 plants x ~220 mmcf/d)
Fractionation 135,000 Bbl/d (C2+)
NGL Storage 1,220,900 Bbls Propane – 630,000 Bbls; Butane – 425,000 Bbls; Natural Gasoline – 123,000 Bbls; Bullet
tanks – 42,900 Bbls
Processing Spine Pipeline 24” processing spine pipeline
NGL Pipeline 12 and 8” NGL pipelines
Miles of Pipeline 68
Residue Gas Delivery Points 4
NGL Delivery Points 4
Contract Structure Fixed Fee with capex protection
Contract Term 15 years (2027)
Ownership ACMP – 49% M3 – 30%
EVEP – 21%
Accounting Treatment Equity Investment
21
PROCESSING DEDICATION IN WET GAS WINDOW
Data as of quarter ended September 30, 2014.
Growing a leadership position in the Utica to $1.8 billion of investment for gathering and processing by 2015
FINANCIAL OVERVIEW
FINANCIAL STRATEGY
Maintain stable cash flows with a low risk, fee-based business model • Consistently delivering EBITDA performance at or above estimates
• No direct commodity exposure and a diversified asset portfolio reduce volatility
Deliver top-quartile performance for long-term distribution growth and distribution coverage • Distribution has grown at 17% CAGR since IPO
• Current strong cash flow growth results in strong distribution coverage (1.67x), including 10% one-time increase in 3Q 2013
Manage balance sheet to conservative long-term leverage profile • Natural de-levering of business driven by long-term contractual EBITDA growth
• Consistently conservative leverage…Currently 3.2x(1)
Maintain ample liquidity to fund growth CAPEX through market cycles • $1.75 billion revolving credit facility provides ample flexibility…Currently over $1.3 billion of liquidity
• Consistently maintaining over $1 billion in available liquidity
(1) 3Q 2014 EBITDA annualized. Leverage of 3.8x on LTM basis. Data as of quarter ended September 30, 2014. .
23
CONSERVATIVE FINANCIAL STRATEGY CONSISTENT WITH LOW RISK BUSINESS MODEL
0.34 0.35 0.36 0.38 0.39 0.41 0.42 0.44 0.45 0.47 0.49 0.54 0.56 0.58 0.60 0.62
Distribution / Unit
FINANCIAL PERFORMANCE
$73 $76 $84 $92 $97 $118 $121 $120 $119
$184 $207
$227 $241 $250 $275
$319
Adjusted EBITDA (1)
$2.6 $4.3 $5.0
$9.0
$14.9 $15.5 $16.9 $17.3
IPO 2010 2011 2012 2013 1Q'14 2Q'14 3Q'14
Enterprise Value
1.15x 1.23x 1.23x
1.49x 1.38x
1.45x
1.67x
2010 2011 2012 2013 1Q'14 2Q'14 3Q'14*
Distribution Coverage Ratio
FINANCIAL PERFORMANCE HIGHLIGHTS STRENGTH OF ACMP MODEL
$ in millions $ in billions
$ / unit basis
24 (1) Includes quarterly allocation of MVC payments in 2010, 2011, 2013 and 2014. * Using Adjusted Coverage. Unadjusted coverage was .82x
HIGHLY VISIBLE GROWTH
($ million) 2014 2015 2016
EBITDA 1,025 – 1,125 1,250 – 1,350 1,400 – 1,600
Growth Capital 1,100 – 1,200 900 – 1,000 600 – 800
Maintenance Capital ~130 ~130 ~130
ACMP FINANCIAL OUTLOOK UPDATED WITH 2016
Capable of delivering sustained ~15% annual distribution growth
25 * Guidance does not reflect impact of WPZ/ACMP merger agreement as announced on 10/26/14
PARTNERSHIP STRUCTURE
Access Midstream Partners GP, LLC Public Common
Unit Holders
100%
100% of 2% GP interest + IDRs
26
The Williams Companies, Inc
STRATEGIC SPONSOR; STRONG GOVERNANCE
Access Midstream Partners, LP (NYSE:ACMP)
48.9% Limited Partner Interest
49.1% Limited Partner Interest
Eagle Ford Barnett Haynesville Marcellus Mid-Continent Niobrara Utica Eagle Ford Haynesville Marcellus Mid-Continent Niobrara Utica
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
27
Contact:
John Porter [email protected] (918) 573-0797
ACMP Headquarters
525 Central Park Dr. Oklahoma City, OK 73105 (877) 413-1023 Web site: www.accessmidstream.com
CORPORATE INFORMATION
PARTNERSHIP HISTORY
29
IPO: July 2010 $513mm
December 2010 Acquires Springridge assets for $500mm
February 2011 CHKM is added to the Alerian MLP
Index
April 2011 Senior Notes
offering of $350mm
January 2012 Senior Notes
offering of $750mm
December 2011 Acquires Marcellus assets for $865mm
June 2012 GIP II purchases CHK’s GP and LP
ownership interests in CHKM
July 2012 CHKM announces name change to
Access Midstream Partners (ACMP)
December 2012 Acquires gathering
and processing assets from CHK
for $2.16bn
March 2013 Public offering of
10.4mm units
December 2012 WMB purchases
50% of GP & 34.5mm units of LP ownership interests
December 2012 Senior Notes
offering of $1.4bn Follow-on equity
offering of 18.4mm units
August 2013 Senior Notes
offering of $400mm
December 2012 GIP II and WMB
equity infusion of $700mm Issued 11.9mm Class B
units and 11.2mm Class C units
Funding / Capital Markets Transaction
Acquisitions
Corporate / Other
Note: CHKM – Chesapeake Midstream Partners; GIP II– Global Infrastructure Partners Fund II; CHK – Chesapeake Energy; WMB – The Williams Companies, Inc.
$478mm $735mm
$9bn
$859mm $1.6bn ~$15bn
$350mm $419mm
$5bn
EBITDA: $294mm CAPEX: $216mm EV: $4bn
Results / Projected Results
2010 2011 2013 2012
March 2014 Senior Notes
offering of $750mm
$1.0 - $1.1bn $1.2 - $1.3bn
2014
February 2014 Acquires
compression assets from MidCon
Compression for $160mm
July 2014 WMB purchases
GIP II’s GP and LP ownership interests
in ACMP
ANADARKO OVERVIEW
30
LIQUIDS RICH GATHERING DEDICATION WITH RATE REDETERMINATION CONTRACT STRUCTURE
Asset Summary Resource Associated Gas (Oil), Dry and Wet Gas
Services Gathering, Compression, Treating
Gas Gathering Systems 46
Miles of Pipeline 1,657
Gas Gathered 381 mmcf/d
Gas Compression (horsepower) 79,130
Contract Structure Annual Fee Redetermination
Contract Term 20 years (2029)
Data as of quarter ended September 30, 2014
MISSISSIPPI LIME OVERVIEW
31
LIQUIDS RICH GATHERING DEDICATION WITH RATE REDETERMINATION CONTRACT STRUCTURE
Asset Summary Resource Associated Gas (Oil), Dry and Wet Gas
Services Gathering, Compression, Treating
Gas Gathering Systems 67
Miles of Pipeline 690
Gas Gathered 63 mmcf/d
Gas Compression (horsepower) 16,419
Contract Structure Annual Fee Redetermination
Contract Term 20 years (2029)
Data as of quarter ended September 30, 2014.
PERMIAN OVERVIEW
32
LIQUIDS-RICH GATHERING & PROCESSING DEDICATION WITH COST OF SERVICE CONTRACT STRUCTURE
Asset Summary Asset Operated Non-Operated
Resource Associated Gas (Oil), Dry and Wet Gas
Associated Gas (Oil), Dry and Wet Gas
Services Gathering, Compression, Treating
Gathering, Processing, Compression, Treating
Gas Gathering Systems 15 1
Miles of Pipeline 342 242
Gas Gathered (net) 41 mmcf/d 69 mmcf/d
Gas Compression (horsepower) 17,255 N/A
Contract Structure Annual Fee Redetermination Cost of Service
Ownership 100 % ACMP owned and operated
Ranch Westex : ACMP - 33%; RGP – 34%; Anadarko –33%;
DBJV: ACMP – 50%; Anadarko – 50% (operator)
Accounting Treatment Consolidated
Ranch Westex – Equity Investment
DBJV - Consolidated
Contract Term 20 years (2029) Ranch Westex - 10 years (2021) DBJV – 10 years (2017)
Data as of quarter ended September 30, 2014.
FINANCIAL STATEMENTS
33
(1) Excludes revenue from equity investments of $255.7 million and $173.0 million for the nine months ended September 30, 2014 and 2013, respectively that is included in Income from unconsolidated affiliates.
(2) In July 2014, the Partnership reassessed the estimated useful lives of its gathering systems. Through this assessment, the Partnership increased the useful lives of its gathering systems from 20 years to 30 years. In accordance with FASB ASC 250, the Partnership determined that the change in depreciation method is a change in accounting estimate, and accordingly, the change will be applied on a prospective basis. The effect of this change in estimate resulted in a decrease in depreciation expense for the nine months ended September 30, 2014, by approximately $29.7 million, or by approximately $0.16 per unit.
FINANCIAL STATEMENTS
34
FINANCIAL STATEMENTS
35