APC WGP WES Relationships Anadarko Petroleum Corporation NYSE: APC 91.0% WGP Public 9.0% Western Gas Equity Partners, LP 0.4% LP Interest Unitholders NYSE: WGP 2.0% GP Interest 43.1% LP Interest WES Public 54.5% Western…
Two Public Securities 2013 Outlook* Adjusted EBITDA 410 450MM Total Capex 670 740MM Maint. Capex as % of Adj. EBITDA 9 12% Minimum 15% Distribution Growth Western Gas Partners, LP Minimum 33% Distribution Growth Western Gas…
WES at IPO (2008) Powder River Uintah 2Q08 Gross Margin Dry Gas Basins (Non-Demand Hugoton Charge) 85% Delaware Bossier Basin Dry Gas Basins (Demand Charge) 15% Dry Gas Basin Pipelines 5
Accretive Acquisitions Since IPO 3/2013 490 MM 9/2010 Marcellus 70.00 0.60 12/2008 7/2009 38 MM 210 MM 107 MM 10% of 8/2012 PRB Chipeta 51% White Cliffs 135 MM 7/2011 Chipeta 24% 60.00 130 MM 0.50 1/2010 Bison 254 MM…
WES Today Powder River Marcellus Greater Green River Basin Niobrara Uinta 2Q13 Gross Margin DJ Basin Liquids-Rich Basins 66% Hugoton Marcellus Dry Gas 17% Delaware Bossier Basin Non-Marcellus Non-Marcellus Dry Gas Dry…
Commodity Risk Management Long-term fee-based contracts and fixed-price agreements Anadarko has retained commodity-price risk related to dropdown assets Gross Margin Last Twelve Months ending 6/30/2013 98% Fee-Based and…
and Dry Gas Volumetric Risk Management MIGC 37 MMcf/d Demand Charge Demand Charges - MIGC, Bison, Ft. Bison Union 378 MMcf/d Demand Charge Rate Reset Mechanism Dry Gas Throughput 510 Covered by Demand Ft. Union Charge (MMcf/d)…
Lead to Predictable, Transparent Results WES Reported EBITDA WES Quarterly Distribution 120.0 0.60 100.0 0.50 80.0 0.40 Millions 60.0 0.30 40.0 0.20 20.0 0.10 0.0 0.00 Note: All figures shown as…
Growth Strategy 1: Continued Dropdowns or Acquisitions MIGC Powder River Bison Hilight Marcellus Current Midstream Asset Overview Newcastle Rendezvous Fort Union Anadarko Western Gas* Granger Red Desert Gathering systems 16 21…
Growth Strategy 2: Organic Growth Projects 2013 Capital Plus Equity Investments* Other Mont Belvieu 10% 14% Marcellus Eagleford 15% 13% DJ Basin 48% * Excludes acquisitions 12
Growth Strategy 3: Negotiated Equity Interests APC has negotiated equity interests in concert with its long-term volume commitments to certain projects 2010 WES acquires and exercises APCs 10% White Cliffs option 2013 WES acquires…
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Non-GAAP Adjusted EBITDA Reconciliation 2Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q13 (in thousands) Reconciliation of Net Income to Adjusted EBITDA (1) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Net…
Non-GAAP DCF Reconciliation (in thousands) Reconciliation of Net Income to Distributable Cash Flow (1) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Net income 22,914 23,411 31,481 35,143 34,984 33,939 36,809…
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