Fourth-Quarter and Full-Year 2011 Review and 2012 Outlook February 28, 2012
2011 Performance vs. Guidance ( in millions) Actual(1) Guidance(2) Adjusted EBITDA 254 250 - 255 Total Capex 102 97 - 112 Maint. Capex as % of EBITDA 10% 8 - 11% (1) Based on the reported quarterly results for 2011, which is…
Financial Summary 4Q11 vs. 3Q11 ( in millions) 4Q11 3Q11 Adjusted EBITDA 68.4 66.0 Total Capex(1) 45.8 29.5 Maintenance Capex(1) 6.9 9.7 Maint. Capex as % of EBITDA 10% 15% Distributable Cash Flow 56.9 51.3 Coverage Ratio…
Mountain Gas Resources Acquisition Western Gas Partners, LP Red Desert Complex Processing Facilities Two cryogenic processing plants Gathering Lines 173 MMcf/d capacity 3rd Party Infrastructure One fractionation train Major…
Chipeta Train III Completion Western Gas Partners, LP Project Remains On Time and On NGL Line Budget Processing Facilities Projected cost of 56MM (net to WES) Anadarko Petroleum Corp. Gathering Lines 300 MMcf/d capacity 3rd Party…
Lancaster Plant Construction Western Gas Partners, LP 300 MMcf/d Cryo Plant Processing Facilities Serving DJ Basin/Niobrara production Gathering Lines Built adjacent to Ft Lupton plant 3rd Party Infrastructure Major Pipelines…
Brasada Plant Construction Western Gas Partners, LP 200 MMcf/d Cryo Plant Processing Facilities Serving Eagleford production Associated wet gas pipeline, condensate Anadarko Petroleum Corp. pipeline and stabilization facility…
2012 Outlook Full-Year ( in millions) 2012 Adjusted EBITDA 335 - 365 Total Capex 410 - 460 Maint. Capex as % of Adj. EBITDA 8 - 11% Distribution Growth 16 - 20% 10
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Non-GAAP Reconciliation Adjusted EBITDA The Partnership defines Adjusted EBITDA as net income (loss), plus distributions from equity investees, non-cash equity- based compensation expense, general and administrative expenses in excess…
Non-GAAP Reconciliation Distributable Cash Flow The Partnership defines Distributable Cash Flow as Adjusted EBITDA, plus interest income, less net cash paid for interest expense, (including amortization of deferred debt issuance costs…
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