Wells Fargo Securities Energy Symposium 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 November 25, 2014 3
2008: WES IPO Powder River Uintah Hugoton Delaware Bossier Basin Dry Gas Basin Pipelines Dry Gas Note: 1. Adjusted gross margin as defined in the third-quarter 2014 earnings release 4
2012-2014: Adding Organic Capex Step Change in Capital Expenditures 2 Notes: 1. As reported 2. Per 2014 guidance estimates provided on October 28, 2014; includes 36MM of equity investments 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 10/2014 3/2014 120MM 1.5 Billion 375MM MB Fracs Nuevo Texas Express 7&8 Midstream…
2014: 1.5B Nuevo Midstream Acquisition Nuevo Midstream, LLC Delaware Basin JV (50% APC Interest) Haley Gathering Ramsey (100% WES Processing Interest) Complex Lone Creek Oil Gathering APC Acreage (100% APC…
WES Today Powder River Marcellus Niobrara Greater Uintah DJ Basin Green River Basin Hugoton Delaware Bossier Basin Eagleford Maverick Dry Gas Basin Liquids-Rich Gas Liquids-Rich Basin Marcellus Dry Gas (cost of…
Future Growth: Robust Capital Projects Estimated 2014 Capital and Equity Investments: 670 - 720MM Equity Investments Marcellus 9% 13% Other Powder River 10% 8% DJ Basin 60% Note: 1. Per 2014 guidance estimates provided on…
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 has retained commodity-price risk related to dropdown assets Fee-Based & Fixed-Price Note: 1. Last Twelve Months ending 9/30/2014; adjusted gross margin as defined in the third-quarter 2014…
Volumetric Risk Management1 Bison MIGC Ft. Union OTTCO Lancaster Demand Charges in Non-Marcellus Dry Chipeta Gas Areas MIGC, Bison, Ft. Union White Cliffs Non-Marcellus Dry Gas Front Throughput Covered by 510 Range Demand…
WES Legacy Performance1 Throughput Enterprise Value As of FYE 12/31 2 Annual Distributions Adjusted EBITDA 3 Notes: 3 1) As reported 2) Dated as of FQE 9/30/2014 3) Per guidance estimates provided on October 28, 2014 15
WES/WGP Outlook 2014 Outlook1 Adjusted EBITDA Total CAPEX2 400 350 625MM - 670MM - 300 650MM 720MM 250 200 (%) WES 150 Maintenance CAPEX3 Distribution Growth 100 50 No less than 0 7% - 10% 16% in 2014; (50) 15% in 2015…
APPENDIX 17
Non-GAAP Adjusted EBITDA Reconciliation1 Year Ended December 31, (in thousands) 2009 2010 2011 2012 2013 Reconciliation of net income (loss) attributable to Western Gas Partners, LP to Adjusted EBITDA Net Income (loss) attributable…
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