Western Gas Partners, LP 2011 Second-Quarter Review August 4, 2011
Recent Highlights Increased Quarterly Distribution to 0.405/Unit Ninth consecutive quarterly increase Completed First Public Debt Offering 5.375% ten-year unsecured senior notes Closed Bison Treater Acquisition on July 8…
Financial Summary 2Q11 vs. 1Q11 ( in millions) 2Q11 1Q11 Adjusted EBITDA 63.5 56.3 Total Capex(1) 13.4 13.7 Maintenance Capex(1) 4.4 4.7 Maint. Capex as % of EBITDA 7% 8% Distributable Cash Flow 56.6 49.7 (1) Includes the…
Operating Summary Average Daily Throughput of 1.6 Bcf/d Continued growth in liquids-rich basins Record Gross Margin Attributable to WES of 0.67 per Mcf Addition of Platte Valley assets for entire quarter Major Capital…
Bison Acquisition Transaction Highlights 130MM purchase price Immediately accretive APC accepted 81% of consideration in units Stable Cash Flows 100% fee-based 100% demand-based contracts Investment grade shippers…
Updated Full-Year 2011 Expectations (MM) ( in millions) Previous Current Midpoint Guidance Range Range* Variance* Adjusted EBITDA 230 - 250 245 - 260 12.5 Maint. Capex as % of Adj. EBITDA 11 - 14% 8 - 11% 3% Total Capex 97 -…
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Non-GAAP Reconciliation Adjusted EBITDA The Partnership defines Adjusted EBITDA as Net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investees, non-cash equity-based compensation expense,…
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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