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Exhibit 99.2 
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SunCoke Energy Partners, L.P.
Q1 2015 Earnings
Conference Call
April 23, 2015
Forward-Looking Statements
This slide presentation should be reviewed in conjunction with the First Quarter 2015 earnings release of SunCoke Energy Partners, L.P. (SXCP) and the conference call held on April 23, 2015 at 10:00 a.m. ET.
Some of the information included in this presentation constitutes “forward-looking statements.” All statements in this presentation that express opinions, expectations, beliefs, plans, objectives, assumptions or projections with respect to anticipated future performance of SunCoke Energy, Inc. (SXC) or SXCP, in contrast with statements of historical facts, are forward-looking statements. Such forward-looking statements are based on management’s beliefs and assumptions and on information currently available. Forward-looking statements include information concerning possible or assumed future results of operations, business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, the effects of competition and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and may be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “will,” “should” or the negative of these terms or similar expressions.
Although management believes that its plans, intentions and expectations reflected in or suggested by the forward-looking statements made in this presentation are reasonable, no assurance can be given that these plans, intentions or expectations will be achieved when anticipated or at all. Moreover, such statements are subject to a number of assumptions, risks and uncertainties. Many of these risks are beyond the control of SXC and SXCP, and may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Each of SXC and SXCP has included in its filings with the Securities and Exchange Commission cautionary language identifying important factors (but not necessarily all the important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement. For more information concerning these factors, see the Securities and Exchange Commission filings of SXC and SXCP. All forward-looking statements included in this presentation are expressly qualified in their entirety by such cautionary statements. Although forward-looking statements are based on current beliefs and expectations, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date hereof. SXC and SXCP do not have any intention or obligation to update publicly any forward-looking statement (or its associated cautionary language) whether as a result of new information or future events or after the date of this presentation, except as required by applicable law.
This presentation includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the Appendix at the end of the presentation. Investors are urged to consider carefully the comparable GAAP measures and the reconciliations to those measures provided in the Appendix.
SXCP Q1 2015 Earnings Call
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Management Perspective
ü Delivered solid Q1 operating & safety performance
ü Increased FY 2015E distribution outlook above prior guidance
ü Maintained financial flexibility to support growth and return additional capital to unitholders
ü Continued developing pipeline of long-term growth opportunities in several new industrial-facing verticals
ü Reaffirm FY 2015E Adj. EBITDA attributable to SXCP(1) reflecting strength of long-term, take-or-pay cokemaking contracts and commercial support from Sponsor
(1) For a definition and reconciliation of Adjusted EBITDA attributable to SXCP, please see appendix.
SXCP Q1 2015 Earnings Call 2
Q1 “15 Overview
Adjusted EBITDA(1,2) & Net Income(2)
($ in millions)
Adj. EBITDA Net Income
$ 48.3
$41.7 $ 1.5 $25.7
$5.7 $ 3.0 $ 2.6
$9.9 $16.4
$12.4 $43.8 $3.2 $0.6
$23.6 $13.2 $12.6
Q1 “14 Q1 “15 Q1 “14 Q1 “15
Attrib. to SXCP Attrib. to NCI Attrib. to Predecessor
Total Adj. EBITDA up $6.6M due to improved yields, higher sales volumes and lower O&M expense
“ Adjusted EBITDA attributable to SXCP up $20.2M reflecting dropdowns
Distributable Cash Flow & Coverage Ratio
($ in millions, except coverage ratio)
Distribution Cash
Distributable Cash Flow Coverage Ratio
$29.3 1.23x
$16.9 0.88x
Q1 “14 Q1 “15 Q1 “14 Q1 “15
Total net income of $16.4M down $9.3M vs. Q1 “14 due to Granite City transaction & financing costs
Q1 “15 distributable cash flow up 73% to $29.3M
“ Strong 1.23x distribution cash coverage ratio
(1) For a definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA attributable to SXCP, please see appendix.
(2) Historical periods have been recast to include Granite City operations (predecessor). For basis of presentation details, please see appendix.
SXCP Q1 2015 Earnings Call
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Liquidity Position
Financial flexibility, solid cash position and significant revolver capacity provide strong foundation for growth
Revolver availability:
$ 250M
“ ($ 2.7M) “ Ongoing
“ ($ 2.8M) “ Environmental $ 12.1
$14.6($1.3) $45.0
($5.5)
$91.8
$16.4
($22.2)($0.6)
$ 33.3 “($ 13.1M) “ SXC(1)
“($ 9.1M) “ Public holders
Q4 2014 Net Income D&A Working Capital Capex Distributions to Distributions Pre-Funded Net Debt Q1 2015
Cash Balance Changes / Unit Holders to SXC Environmental Change(2) Cash Balance
Other CapEx
(1) Includes $12.2M for LP distributions, $0.6M for IDR payment and $0.4M for distributions to SXC for its 2% General Partner interest in our cokemaking facilities. (2) Includes proceeds of $210.8M from SXCP 7.375% senior notes, offset by repayment of $149.5M of SXC’s 7.625% senior notes and debt issuance costs of $4.2M in addition to $45M of pre-funded Environmental CapEx.
SXCP Q1 2015 Earnings Call
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Distribution Performance
Raised Q1 “15 distribution per unit ~6% on solid results and tighter FY 2015 coverage target
SXCP Distribution Growth 8th consecutive
quarterly increase
+39% $0.6055
$0.5715
$0.4125 MQD(1)
3071.0$ 4225.0$ 4325.0$ 4750.0$ 5000.0$ 5150.0$ 5275.0$ 5408.0$ 5516.0$ 5854.0$ 42/unit. 2$ LQA: FY Outlook Revised
May “13(2) Aug “13 Nov “13 Feb “14 May “14 Aug “14 Nov “14 Feb “15 May “15 Feb “16E
(1) MQD “ Minimum quarterly distribution.
(2) Actual distribution pro-rated to reflect timing of SXCP IPO.
SXCP Q1 2015 Earnings Call
“ Q1 “15 cash distribution per unit raised to $0.5715
“ Tightening targeted FY 2015E coverage to 1.10x to reflect:
Seasoning of MLP
Stable, long-term cash flow outlook Insulation from industry cyclicality and commodity price volatility Accumulated cash coverage surplus of ~$32M since IPO
“ Increased Q4 2015 distribution outlook to $2.42 LQA, above prior $2.34 LQA guidance
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2015 Outlook
Estimated 2015 cash distributions reflect prudent 1.10x target coverage
2014 2015 Outlook
($ in millions, except per unit data) As Reported Low High
Adjusted EBITDA attributable to SXCP $131 $169 $179
Less:
Ongoing capex (SXCP share) $15 $17 $16
Replacement capex accrual 5 7 7
Cash tax accrual(1)—1 1
Cash interest accrual 23 42 42
Estimated Distributable Cash Flow $88 $102 $113
Estimated Distributions(2) $82 $99 $99
Total distribution cash coverage ratio(3) 1.08x 1.04x 1.14x
Coke Operating Performance (100% basis)
Coke Sales Tons (thousands) 1,755 2,410 2,460
Coal Logistics Operating Performance
Coal Tons Handled (thousands) 19,037 17,600 20,600
(1) Cash tax impact from the operations of Gateway Cogeneration Company LLC, which is an entity subject to income taxes for federal and state purposes at the corporate level.
(2) 2015 guidance includes revised distribution outlook.
(3) Total distribution cash coverage ratio is estimated distributable cash flow divided by total estimated distributions.
SXCP Q1 2015 Earnings Call
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STRATEGIC UPDATES
SXCP Q1 2015 Earnings Call
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SXCP Investment Thesis
Well positioned to deliver long-term shareholder returns
Stable, Long-term Business Model
Strong Sponsor Support
Visible Distribution Outlook
Potential Growth
Opportunities
SXCP Q1 2015 Earnings Call
“ Secure, take-or-pay contracts insulate
business from steel cyclicality
“ Minimal commodity risk
“ Customer and environmental risk borne by
SXC via Omnibus Agreement Significant
Shareholder Value
“ Increased 2015 distribution outlook above Proposition
prior guidance to reflect stability of business
“ Remaining coke asset dropdowns provide further distribution growth
“ Building robust pipeline of long-term growth targets
“ Maintain financial flexibility to pursue M&A opportunities
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Stable Cokemaking Business Model
Long-term, take-or-pay contracts coupled with commercial protection via Omnibus Agreement insulate business from industry cyclicality
Key Contract Provisions/Terms
Fixed Fee P
Take-or-Pay P
Termination Provisions P/û (1)
Contract Duration 15 “ 20
years
Avg. Remaining Contract Life 9 years
Pass-through provisions:
Cost of Coal P
Coal Blending & Transport P
Operating & Maintenance Costs P
Taxes (ex. Income Taxes) P
Changes in Regulation P
Contract Value Propositions
Customers required to take all the coke we produce up to contract maximum
Long-term, take-or-pay nature provides stability during market & industry downturns Additional commercial support from Omnibus Agreement Commodity risk minimized by passing through coal, transportation & certain operating costs to customer No early termination without default, except one contract under limited circumstances(1) Counterparty risk mitigated by contracting with customers” respective parent companies
ü Positioned as primary source of coke supply at customers” strategic blast furnace assets
(1) AK Steel contract at Haverhill 2 has termination right only with permanent closure of blast furnace steelmaking at their Ashland, KY facility and no replacement production elsewhere. AK must also provide 2-year notice and pay significant fee if termination right exercised prior to 2018.
SXCP Q1 2015 Earnings Call
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Flexibility to Fund Growth
Multiple levers at SXC & SXCP provide flexibility to fund dropdowns and growth opportunities
Ability to Leverage Both
SXC & SXCP Balance Sheets
Structuring and Financing Flexibility
Executed amendment to increase SXCP leverage covenant from 4.0x to 4.5x Amended SXCP shelf to enable preferred equity issuance Potential for SXC & SXCP to co-invest in projects Approximately $165M of combined cash Approximately $400M combined revolver capacity Accumulating excess cash at SXCP via coverage and replacement CapEx accrual
ü Ability to compete for and execute transformative M&A or bolt-on transactions
SXCP Q1 2015 Earnings Call 10
Platforms for Growth
Actively developing pipeline of long-term growth opportunities across several new material handling verticals
Disciplined pursuit of long-term growth opportunities
Strategic Fit Financial Fit Actionability
“ Leverage core competencies “ Stable cash flow outlook “ Ability to compete financially
“ Provide platform for “ Limited commodity risk “ Appropriately sized
M&A Guardrails additional growth
“ Qualifying income generating
Several industrial verticals can benefit from MLP structure
Activated Carbon Carbon Black Industrial Clays Limestone
Salt Calcined Coke Wood Pellets Soda Ash/Bicarb
Growth Opportunities Continued pursuit of coal handling/logistics bolt-on acquisitions and
development of steel-facing greenfield projects
SXCP Q1 2015 Earnings Call 11
Dropdown Outlook & Considerations
Executing strategy to drop all remaining coke assets by 2016
Haverhill & Middletown (33%) and Strategy for Future Dropdowns
1” Market conditions continue to govern
Granite City (75%) timing of future dropdowns
Completed “ Completed two dropdowns since 2” Remain ready to execute
expiration of SXC tax sharing agreement
Granite City (23%)
Q2 2015 “ Anticipate dropdown of 23% interest of
Granite City during second quarter
Complete Remaining Dropdowns
“ Haverhill, Middletown and Granite City (2%)
2H 2015 “ Jewell Coke (100%) “ Ready 2H 2015E
and Beyond “ Brazil Coke (100%) “ Ready 2H 2015E
“ Indiana Harbor (100%) “ After two
consecutive quarters of stable operations
SXCP Q1 2015 Earnings Call 12
SXCP Investment Thesis
Well positioned to deliver long-term shareholder returns
Stable, Long-term
Business Model
Strong Sponsor Support
Significant
Shareholder Value
Visible Distribution Proposition
Outlook
Potential Growth
Opportunities
SXCP Q1 2015 Earnings Call
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QUESTIONS
SXCP Q1 2015 Earnings Call
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Investor Relations 630-824-1987 www.sxcpartners.com
APPENDIX
SXCP Q1 2015 Earnings Call
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Basis of Presentation & Definitions
BASIS OF PRESENTATION
“ On January 13, 2015, SunCoke Energy Partners, L.P. acquired a 75 percent interest in the Granite City cokemaking facility from SunCoke. Because this was a transfer between entities under common control, all historical financial results of Granite City prior to the dropdown are included in our financial results and presented on an “Attributable to Predecessor” basis. Prior year information has been recast to reflect this required accounting treatment.
DEFINITIONS
“ Adjusted EBITDA Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization (“EBITDA”). Prior to the expiration of our nonconventional fuel tax credits in 2013, Adjusted EBITDA included an add-back of sales discounts related to the sharing of these credits with customers. Any adjustments to these amounts subsequent to 2013 have been included in Adjusted EBITDA. EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or operating income under generally acceptable accounting principles (GAAP) and may not be comparable to other similarly titled measures in other businesses.Management believes Adjusted EBITDA is an important measure of the operating performance of the Partnership’s net assets and provides useful information to investors because it highlights trends in our business that may not otherwise be apparent when relying solely on GAAP measures and because it eliminates items that have less bearing on our operating performance. Adjusted EBITDA is a measure of operating performance that is not defined by GAAP, does not represent and should not be considered a substitute for net income as determined in accordance with GAAP. Calculations of Adjusted EBITDA may not be comparable to those reported by other companies.
“ EBITDA represents earnings before interest, taxes, depreciation and amortization.
“ Adjusted EBITDA attributable to SXC/SXCP equals Adjusted EBITDA less Adjusted EBITDA attributable to noncontrolling interests.
“ Adjusted EBITDA/Ton represents Adjusted EBITDA divided by tons sold/handled.
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Basis of Presentation & Definitions
“ Distributable Cash Flow equals Adjusted EBITDA less net cash paid for interest expense, ongoing capital expenditures, accruals for replacement
capital expenditures and cash distributions to noncontrolling interests; plus amounts received under the Omnibus Agreement and acquisition
expenses deemed to be Expansion Capital under our Partnership Agreement. Distributable Cash Flow is a non-GAAP supplemental financial
measure that management and external users of SXCP financial statements, such as industry analysts, investors, lenders and rating agencies use
to assess:
“ SXCP’s operating performance as compared to other publicly traded partnerships, without regard to historical cost basis;
“ the ability of SXCP’s assets to generate sufficient cash flow to make distributions to SXCP’s unitholders;
“ SXCP’s ability to incur and service debt and fund capital expenditures; and
“ the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
We believe that Distributable Cash Flow provides useful information to investors in assessing SXCP’s financial condition and results of
operations. Distributable Cash Flow should not be considered an alternative to net income, operating income, cash flows from operating
activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. Distributable Cash Flow has important
limitations as an analytical tool because it excludes some, but not all, items that affect net income and net cash provided by operating activities
and used in investing activities. Additionally, because Distributable Cash Flow may be defined differently by other companies in the industry,
our definition of Distributable Cash Flow may not be comparable to similarly titled measures of other companies, thereby diminishing their
utility.
“ Ongoing capital expenditures (“capex”) are capital expenditures made to maintain the existing operating capacity of our assets and/or to
extend their useful lives. Ongoing capex also includes new equipment that improves the efficiency, reliability or effectiveness of existing assets.
Ongoing capex does not include normal repairs and maintenance, which are expensed as incurred, or significant capital expenditures. For
purposes of calculating distributable cash flow, the portion of ongoing capex attributable to SXCP is used.
“ Replacement capital expenditures (“capex”) represents an annual accrual necessary to fund SXCP’s share of the estimated costs to replace or
rebuild our facilities at the end of their working lives. This accrual is estimated based on the average quarterly anticipated replacement capital
that we expect to incur over the long term to replace our major capital assets at the end of their working lives. The replacement capex accrual
estimate will be subject to review and prospective change by SXCP’s general partner at least annually and whenever an event occurs that
causes a material adjustment of replacement capex, provided such change is approved by our conflicts committee.
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Adjusted EBITDA and Distributable Cash Flow Reconciliations
As As As As As As
Reported Reported Reported Reported Reported Reported Proforma
($ in millions) Q1 “14 Q2 “14 Q3 “14 Q4 “14 FY “14 Q1 “15 Q1 “15(1,2)
Net cash provided by operating activities $ 7.0 $ 45.1 $ 34.5 $ 39.9 $ 126.5 $ 29.7 $ 29.7
Depreciation and amortization expense(13.0)(13.6)(13.7)(14.0)(54.3)(14.6)(14.6)
Changes in working capital and other 31.7(5.3) 6.3(2.0) 30.7 1.3 1.3
Loss on Debt Extinguishment -(15.4) —(15.4) —
Net income $ 25.7 $ 10.8 $ 27.1 $ 23.9 $ 87.5 $ 16.4 $ 16.4
Add:
Depreciation and amortization expense 13.0 13.6 13.7 14.0 54.3 14.6 14.6
Interest expense, net 2.9 20.4 6.8 7.0 37.1 20.6 20.6
Income tax expense/(benefit) 0.6 3.5 4.9 1.5 10.5(3.3)(3.3)
Sales discounts(0.5) —(0.5) —
Adjusted EBITDA $ 41.7 $ 48.3 $ 52.5 $ 46.4 $ 188.9 $ 48.3 $ 48.3
Adjusted EBITDA attributable to NCI(12.4)(5.8)(0.7)(0.8)(19.7)(3.0)(3.4)
Adjusted EBITDA attributable to Predecessor(5.7)(11.7)(14.2)(6.7)(38.3)(1.5) -
Adjusted EBITDA attributable to SXCP $ 23.6 $ 30.8 $ 37.6 $ 38.9 $ 130.9 $ 43.8 $ 44.9
Less:
Ongoing capex (SXCP share)(2.7)(4.7)(4.6)(3.2)(15.2)(2.7)(2.7)
Replacement capex accrual(0.9)(1.2)(1.4)(1.4)(4.9)(1.7)(1.8)
Cash interest accrual(3.1)(5.5)(7.2)(7.1)(22.9)(10.0)(10.5)
Cash tax accrual — —(0.1)(0.1)
Distributable cash flow $ 16.9 $ 19.4 $ 24.4 $ 27.2 $ 87.9 $ 29.3 $ 29.8
Quarterly Cash Distribution 19.2 19.8 20.5 22.2 81.7 23.8 23.8
Distribution Cash Coverge Ratio(3) 0.88x 0.98x 1.19x 1.23x 1.08x 1.23x 1.25x
Note: Historical periods have been recast to include Granite City operations (predecessor), which are subsequently adjusted out when calculating distributable cash flow. Please see Basis of Presentation for further details.
(1) Proforma adjustments made for changes in EBITDA and ongoing capex attributable to the partnership, cash interest costs, replacement capital accruals, Corporate cost allocations, distribution levels and units outstanding.
(2) Proforma assumes dropdown of 75% in Granite City occurred January 1, 2015.
(3) Distribution cash coverage ratio is distributable cash flow divided by total estimated distributions to the limited and general partners.
SXCP Q1 2015 Earnings Call
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Expected 2015E EBITDA Reconciliation
2015E 2015E
($ in millions) Low High
Net Income $69 $79
Depreciation and amortization 57 57
Interest expense, net 56 56
Income tax expense 1 1
Adjusted EBITDA $183 $193
EBITDA attributable to noncontrolling interest(1)(14)(14)
Adjusted EBITDA attributable to SXCP $169 $179
Less:
Ongoing capex (SXCP share)(17)(16)
Replacement capex accrual(7)(7)
Cash interest accrual(42)(42)
Cash tax accrual(2)(1)(1)
Distributable cash flow $102 $113
(1) Adjusted EBITDA attributable to noncontrolling interest represents SXC’s 2% interest in Haverhill and Middletown’s projected Adjusted EBITDA and 25% interest in Granite City “s projected Adjusted EBITDA for 2015E post dropdown date of January 13, 2015.
(2) Cash tax impact from the operations of Gateway Cogeneration Company LLC, which is an entity subject to income taxes for federal and state purposes at the corporate level.
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2015E Capital Expenditures
100% Basis
($ in millions) 2014 2015E
Ongoing $17 $17
(1) Prefunded from dropdown
Environmental Remediation 45 30è proceeds
Expansion- 6
Total CapEx $62 $53
(1) 2015E Environmental Remediation cost at Haverhill (~$9 million) and Granite City (~$20 million). These amounts have been pre-funded from dropdown proceeds.
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