WES Investor Presentation National Association of Publicly-Traded Partnerships May 2012
APC WES Relationship 44% LP Unit Ownership 100% GP Ownership Accretive Acquisitions Fixed-Price Commodity Swap Agreements 3
The WES Asset Portfolio MIGC Hilight Average Daily Throughput Bison Wind River Newcastle Attributable to WES(1) Fort Union Rendezvous Red Desert 3.00 Granger Platte Valley 2.41 Chipeta 2.50 Ft. Lupton Helper Throughput…
Liquids Rich vs. Dry Gas Basins Powder River Greater Green River Basin Niobrara Uintah 1Q12 Gross Margin DJ Basin Liquids-Rich Basins Hugoton 74% Delaware Bossier Basin Dry Gas Basins Dry Gas Basins (Demand Charge)…
Wattenberg/Platte Valley/White Cliffs DJ Basin Western Gas Partners, LP Description and Overview Processing Facilities Gathering Lines 2,880 mile gathering systems 3rd Party Infrastructure 100 MMcf/d Platte Valley cryogenic plant…
Chipeta/NGL Pipeline Uintah Basin Description and Overview Western Gas Partners, LP 51% Ownership of Chipeta Processing, LLC Gathering Lines 24% owned by APC, 25% owned by Ute Energy Processing Facilities 240 MMcf/d refrigeration train…
Granger/Mountain Gas Resources Greater Green River Basin Description and Overview 2,710 mile gathering systems Rendezvous Three cryogenic plants (373 MMcf/d capacity) Two refrigeration trains (300 MMcf/d capacity) Three…
Hilight and Newcastle Powder River Basin (East) Western Gas Partners, LP MIGC Processing Facilities Description and Overview Gathering Lines MIGC 1,235 mile gathering system 3rd Party Infrastructure 60 MMcf/d Hilight refrigeration…
Stability Minimal Commodity Exposure Long-term fee-based contracts and fixed-price agreements Sponsor has retained commodity price risk related to dropdown assets Gross Margin Last Twelve Months ending 3/31/2012 96% Fee-Based…
Consistency Track Record of Accretive Acquisitions 8.1X 8.2X 7.0X 7/2009 8/2010 1/2012 107 MM 498 MM 483 MM 5/2008 Chipeta Wattenberg Red Desert IPO Drop Drop Drop 2008 2009 2010 2011 2012 12/2008 1/2010 7/2011 210 MM 254 MM…
Conservatism Commitment to Investment Grade Metrics Committed credit facility of 800MM through March 2016 Expandable to 1.0 Billion Debt / EBITDA1 Coverage Ratio 4.0x 2.00x 3.5x 1.80x 1.60x 3.0x 1.40x 2.5x 1.20x 2.0x 1.00x…
Growth Strategy 1 Continued Dropdowns MIGC Powder River Bison Current Midstream Asset Overview Hilight Wind River Newcastle Marcellus Anadarko Western Gas Rendezvous Fort Union Red Desert Gathering systems 16 15 Granger…
Growth Strategy 2 Strategic Expansions Chipeta Train III Throughput commitment from Anadarko Base Case IRR of 18-25% Lancaster Plant (1Q2014 expected start-up) 10-year, 100% fixed-fee agreement Throughput commitment from…
Growth Strategy 3 Negotiated Equity Interests APC negotiates equity interest options in projects in exchange for their long-term volume commitments APC Negotiated Equity Interest Project APC Interest Date Acquired Satanta Plant…
2012 Outlook* Full-Year ( in millions) 2012 Adjusted EBITDA 335 - 365 Total Capex 410 - 460 Maint. Capex as % of Adj. EBITDA 8 - 11% Distribution Growth 16 - 20% *Reflects the full-year guidance issued on February 27, 2012 and…
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Non-GAAP Adjusted EBITDA Reconciliation (in thousands) (1) Reconciliation of Net Income to Adjusted EBITDA 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Net income 17,396 20,113 16,958 18,124 17,048…
Non-GAAP DCF Reconciliation (in thousands) (1) Reconciliation of Net Income to Distributable Cash Flow 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Net income 17,396 20,113 16,958 18,124 17,048 19,278…
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