Western Gas Partners, LP 2011 Third-Quarter Review November 2, 2011
Recent Highlights Increased Quarterly Distribution to 0.42/Unit Tenth consecutive quarterly increase Generated Quarterly Distribution Coverage of 1.27x Includes 5.75 million units issued on September 23, 2011 Entered Fourth…
Financial Summary 3Q11 vs. 2Q11 ( in millions) 3Q11(2) 2Q11(3) Adjusted EBITDA 66.0 63.5 Total Capex(1) 29.5 13.4 Maintenance Capex(1) 9.7 4.4 Maint. Capex as % of EBITDA 15% 7% Distributable Cash Flow 51.3 56.6 (1)…
Operating Summary Average Daily Throughput of 2 Bcf/d 1% higher than second quarter Gross Margin Attributable to WES of 0.56 per Mcf Addition of Bison facility; 100% demand-charge asset Chipeta Train III Remains on Schedule…
Updated Full-Year 2011 Expectations (MM) ( in millions) Previous Current Midpoint Guidance Range Range* Variance* Adjusted EBITDA 245 - 260 250 - 255 - Maint. Capex as % of Adj. EBITDA 8 - 11% 8 - 11% - Total Capex 97 - 112 97…
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Non-GAAP Reconciliation Adjusted EBITDA The Partnership defines Adjusted EBITDA as Net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investees, non-cash equity-based compensation expense,…
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 (including amortization of deferred debt issuance costs…
Non-GAAP Reconciliation Coverage Ratio The Partnership defines Distributable cash flow as Adjusted EBITDA, plus interest income, less net cash paid for interest expense (including amortization of deferred debt issuance costs…
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