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Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp

Western Gas Partners Lp · Mar 6, 2014 · 19 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 1
    Barclays Investment Grade Energy and Pipeline Conference NYSE: WES, WGP 1 www.westerngas.com
  2. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 2
    APC WES - WGP Relationships WGP Public Unitholders 91.0% 9.0% 0.6% LP Interest 41.0% LP -and- 2.0% GP Interest 56.4% 3
  3. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 3
    Two Public Securities 2014 Outlook 350 Adjusted EBITDA Total CAPEX1 300 600MM - 650MM - 250 650MM 700MM 200 150 WES 100 Maintenance CAPEX2 Distribution Growth 50 0 No less 8% - 11% (50) than 15% May-08 Jul-09 Sep-10 Nov-11…
  4. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 4
    WES at IPO (2008) Powder River Uintah Hugoton Delaware Bossier Basin Dry Gas Basin Pipelines Dry Gas 5
  5. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 5
    Acquisitions Since WES IPO 12/2008 1/2010 8/2013 210MM 3/2013 254MM 28MM PRB 490MM Granger OTTCO Marcellus 7/2011 8/2012 130MM 3/2013 7/2009 Bison 134MM 135MM Chipeta 24% 107MM CHK Marc Chipeta 51% 8/2010 498MM Watt GGS…
  6. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 6
    WES Today Powder River Marcellus Niobrara Greater Uintah DJ Basin Green River Basin Hugoton Delaware Bossier Basin Eagleford Maverick Dry Gas Basin Liquids-Rich Basin Liquids-Rich Gas Dry Gas_Marcellus…
  7. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 7
    WES Core Philosophies SUSTAINABLE GROWTH MITIGATED RISK 8
  8. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 8
    Achieving Our Goals SUSTAINABLE GROWTH Robust Asset Organic Acquisitions Projects From APC 9
  9. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 9
    WES Organic Capex History1 Step Change in Organic Growth Capital Note: 1. As reported 10
  10. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 10
    2014 Capital1 (Including Equity Investments) Estimated 2014 Capital and Equity Investments: 650 - 700MM Equity Other Inv. Marcellus 10% 5% 22% Powder River 6% DJ Basin 57% Note: 1. Excludes acquisition capital 11
  11. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 11
    APC Midstream Inventory 2008YE TODAY Marcellus Wind River Powder River Rendezvous Red Desert Granger Complex Atlantic Rim DJ Basin Natural Buttes Natural Buttes Oil Gath Wattenberg Wattenberg Satanta Plant Plant San Juan…
  12. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 12
    Growth via APC Negotiated Equity Interests White Cliffs 10% Interest Acquired Sept 2010 Satanta Plant (APC) Front Range Pipeline 49% Interest 331/3% Interest Acquired Jan 2011 Acquired Mar 2014 Cushing, OK Skellytown Texas…
  13. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 13
    Achieving Our Goals Fee-Based Demand & Fixed Charge Price and COS Agreements Agreements MITIGATED RISK 14
  14. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 14
    Commodity Risk Management Anadarko has retained commodity-price risk related to dropdown assets Unhedged Fee-Based & Fixed-Price Note: 1. Last Twelve Months ending 12/31/2013 15
  15. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 15
    Volumetric Risk Management 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…
  16. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 16
    WES Legacy Performance1 Throughput Enterprise Value (as of FYE 12/31) Annual Distributions Adjusted EBITDA Note: (1) As reported 17
  17. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 17
    APPENDIX 18
  18. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 18
    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…
  19. Barclays Investment Grade Energy and Pipeline Conference – Western Gas Partners Lp – slide 19
    www.westerngas.com 20

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