Access Midstream Partners LP (ACMP)

[Timothy Smith]

We believe this is certainly one of the most conservative decks being used amongst our peers in the industry and overall this resulted in a 44% reduction in our planned commodity margins and commodity positions at WPZ and this now represents only about this commodity price -- only about 12% of our growth margin is now exposed directly to the commodities. On the gathering volume side we have assumed reduced activity on the assets with unprotected volume exposure so in those areas we’re directly exposed to volumes.

And in many cases we’re ahead of what producers have publicly communicated to investors in other words we’re trying to get ahead of the lowering of rig count and making sure that we got a good handle on what we expect and in many cases where that hasn’t been publically try to get ahead of that with our estimations and then unfortunately though I would tell you these impacts really limited to a handful of our assets and in the context of the new larger enterprise, the impacts we think are certainly manageable, so for example our Northeast volumes are currently tracking ahead of our revised plan for 2015.

Access Midstream Partners' (ACMP) CEO Alan Armstrong on Q4 2014 Results - Earnings Call Transcript $ACMP
http://www.seekingalpha.com/article/2932226