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2013 MLP Investor Conference – Western Gas Partners Lp

Western Gas Partners Lp · May 23, 2013 · 18 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. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 1
    Presentation to NAPTP May 23, 2013
  2. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 2
    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 46.0% LP Interest WES Public 51.6% Western…
  3. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 3
    Two Public Securities 2013 Outlook Adjusted EBITDA 410 450MM Total Capex 550 600MM Maint. Capex as % of Adj. EBITDA 9 12% Minimum 15% Distribution Growth Western Gas Partners, LP Minimum 33% Distribution Growth Western Gas…
  4. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 4
    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
  5. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 5
    Accretive Acquisitions Since IPO 3/2013 490 MM 9/2010 Marcellus 60.00 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% 50.00 130 MM 0.50 1/2010 Bison 254 MM…
  6. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 6
    The WES Asset Portfolio MIGC Bison Hilight Average Daily Throughput Newcastle Marcellus Attributable to WES(1) Fort Union Rendezvous Red Desert 3.00 Granger Platte Valley Chipeta Ft. Lupton 2.50 Helper Wattenberg Lancaster…
  7. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 7
    WES Today Powder River Marcellus Greater Green River Basin Niobrara Uinta 1Q13 Gross Margin DJ Basin Liquids-Rich Basins 67% Hugoton Marcellus Dry Gas 13% Delaware Bossier Basin Non-Marcellus Non-Marcellus Dry Gas Dry…
  8. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 8
    2013 Capital and Equity Investments Other Marcellus Eagleford 8% 23% 17% DJ Basin 52% Excludes amounts spent on acquisitions 9
  9. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 9
    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 3/31/2013 98% Fee-Based and…
  10. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 10
    and Dry Gas Volumetric Risk Management MIGC 52 MMcf/d Demand Charge Demand Charges - MIGC, Bison, Ft. Bison Union 332 MMcf/d Demand Charge Rate Reset Mechanism Dry Gas Throughput 467 Covered by Demand Ft. Union Charge (MMcf/d)…
  11. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 11
    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 15…
  12. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 12
    Growth Strategy 2: Organic Growth Projects Brasada Plant, Pipeline and Stabilization Facility (2Q 2013 expected start-up) 200 MMcf/d cryogenic processing train; 250 million total cost Serving liquids-rich Eagleford shale production…
  13. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 13
    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 Remaining APC…
  14. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 14
    Predictable, Transparent Results WES Reported EBITDA WES Quarterly Distribution 100.0 0.60 90.0 0.50 80.0 70.0 0.40 60.0 Millions 50.0 0.30 40.0 0.20 30.0 20.0 0.10 10.0 0.0 0.00 Note: All figures shown…
  15. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 15
    www.westerngas.com
  16. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 16
    Non-GAAP Adjusted EBITDA Reconciliation (in thousands) (1) Reconciliation of Net Income to Adjusted EBITDA 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Net income 16,958 18,124 17,048 19,278…
  17. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 17
    Non-GAAP DCF Reconciliation (in thousands) (1) Reconciliation of Net Income to Distributable Cash Flow 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Net income 16,958 18,124 17,048 19,278 22,914…
  18. 2013 MLP Investor Conference – Western Gas Partners Lp – slide 18
    www.westerngas.com

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