Barclays Investment Grade Energy and Pipeline Conference – Barclays Plc

Barclays Plc · Mar 5, 2015 · 18 slides

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Barclays Investment Grade Energy and Pipeline Conference NYSE: WES, WGP 1 www.westerngas.com
APC WES WGP Relationships1 WGP Public Unitholders 88.00% 12.00% 8.27% LP Interest 34.91% LP -and- 1.83% GP Interest 54.99% Note: 1. As of February 18, 2015 3
2008: WES IPO Powder River Uintah Hugoton Demand Charge 15% ADJUSTED GROSS Delaware Bossier MARGIN1 Basin -2Q08- Cost of Service 85% Dry Gas Basin Pipelines Dry Gas Note: 1. Adjusted gross margin as defined…
2008 2011: Growth Through Acquisitions 12/2008 1/2010 210MM 254MM PRB Granger 7/2011 8/2012 130MM 135MM 7/2009 Bison Chipeta 24% 107MM Chipeta 51% 8/2010 498MM Watt GGS 2/2011 302MM 9/2010 Platte Valley 38MM White Cliffs…
2012-2014: Adding Organic Capex Step Change in Capital Expenditures 800 724 700 633 600 500 424 (MM) 400 300 200 102 100 37 21 35 - 2008 2009 2010 2011 2012 2013 2014 Note: 1. As reported 6
While Continuing to Make Acquisitions 8/2013 3/2013 28MM 490MM OTTCO Marcellus 3/2013 134MM CHK Marc 1/2012 483MM Red Desert 6/2013 11/2014 3/2014 120MM 1.5 Billion 375MM MB Fracs Nuevo Texas Express 7&8 Midstream…
WES Today Powder River Marcellus Niobrara Greater Uintah DJ Basin Green River Basin Hugoton 13% 15% ADJUSTED GROSS Delaware Bossier MARGIN1 Basin -4Q14- 73% Eagleford Maverick Dry Gas Basin Liquids-Rich Gas…
Case Study: DJ Basin Build-out 2010 2014 Wattenberg Front Range 5 1 Gathering & Ft. NGL Pipeline Lupton Plant (Dropdown) (Dropdown) 1 4 7 2 2010 Future Potential White Cliffs 2 Wattenberg Plant 6 Oil Pipeline (APC-owned)…
Whats Next: Delaware Basin Build-out Future Potential 2008 Lone Creek 1 Haley Gathering 4 Oil Gathering (IPO Asset) (APC-owned) 2 1 2014 Future Potential 2 Nuevo Midstream Bone Spring Plant 5 (Acquisition) (33% APC WI)…
Future Growth: Robust Capital Projects Estimated 2015 Capital and Equity Investments: 675 745MM Hilight Other 2% 5% Marcellus 15% Delaware Basin 48% DJ Basin Complex 30% Note: 1. Excludes acquisition capital 11
Future Growth: APC Midstream Inventory AT WES IPO (May 2008) TODAY Marcellus Wind River Powder River Complex Powder River Rendezvous Gathering Granger Complex Ft. Union Atlantic Red Desert Natural Rim Complex DJ Basin Natural…
Future Growth: APC Equity Interests White Cliffs 10% Interest Satanta Plant (APC) Acquired Sept 2010 49% Interest Acquired Jan 2011 Front Range Pipeline 331/3% Interest Acquired Mar 2014 Cushing, OK Skellytown Texas Express…
Commodity Risk Management Anadarko typically retains commodity-price risk related to dropdown assets Unhedged 5% Fee-Based & ADJUSTED Fee-Based & ADJUSTED Fixed-Price GROSS Fixed-Price GROSS MARGIN1 MARGIN2 100% 95%…
Volumetric Risk Management Bison MIGC Ft. Union OTTCO Lancaster Chipeta White Cliffs % of Total Front Contract Type Throughput1 Range Demand Charge 37.2 TXEG Cost of Service 32.6 Demand Charge Cost of Service Total…
WES Legacy Performance1 Throughput Enterprise Value 12.0 4,000 11.7 3,658 10.0 3,200 3,368 8.0 (Billions) (MMcf/d) 8.5 2,400 2,660 6.0 2,199 1,600 5.9 1,828 4.0 4.2 800 2.7 2.0 - - 2010 2011 2012 2013 2014…
APPENDIX 17
Non-GAAP Adjusted EBITDA Reconciliation1 Year Ended December 31, (in thousands) 2010 2011 2012 2013 2014 Reconciliation of net income (loss) attributable to Western Gas Partners, LP to Adjusted EBITDA attributable to Western Gas…
www.westerngas.com 19

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