Western Gas Partners, LP Fourth-Quarter and Full-Year 2010 Review and 2011 Outlook February 24, 2011
Highlights Raised Fourth-Quarter Distribution to 0.38/Unit Seventh consecutive quarterly increase 15% year-over-year distribution growth Generated Quarterly Distribution Coverage of 1.64x Includes 8.4 million units issued in…
2010 Performance vs. Guidance ( in millions) Actual(1) Guidance(2) Adjusted EBITDA 186 170 - 180 Total Capex 35 40 - 45 Maint. Capex as % of EBITDA 10% 11% - 13% (1) Based on the reported quarterly results for 2010, which is…
Financial Summary 4Q10 vs. 3Q10 ( in millions) 4Q10 3Q10 Adjusted EBITDA 57.8 52.8 Total Capex(1) 13.5 12.6 Maintenance Capex(1) 5.6 6.0 Maint. Capex as % of EBITDA 10% 11% Distributable Cash Flow 50.0 45.4 (1) Includes the…
Platte Valley Acquisition Strategic Asset Close proximity to partnership's existing assets Two cryogenic processing trains Two fractionation trains Five gathering systems Transaction Highlights 303.3MM purchase price Expected…
2011 Outlook ( in millions) Full-Year 2011 Adjusted EBITDA (1) 230 - 250 Total Capex (1) 97 - 112 Maint. Capex as % of Adj. EBITDA 11 - 14% (1) Assumes Closing of Platte Valley Acquisition on March 1, 2011 8
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Non-GAAP Reconciliation Adjusted EBITDA The Partnership defines Adjusted EBITDA as net income (loss), plus distributions from equity investee, non-cash share- based compensation expense, expenses in excess of the omnibus cap, interest…
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, maintenance capital expenditures and income taxes. The…
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