Fourth-Quarter and Full-Year 2012 Review and 2013 Outlook February 28, 2013
2012 WES Performance vs. Guidance ( in millions) Actual(1) Guidance(2) Adjusted EBITDA 328 330 345 Total Capex(3) 424 410 460 Maint. Capex as % of EBITDA 10% 8 11% Coverage Ratio 1.20x(4) NA (1) Based on the reported quarterly…
WES Financial Summary 4Q12 vs. 3Q12 ( in millions) 4Q12 3Q12 Adjusted EBITDA 83.3 84.5 Total Capex(1) 154.7 141.5 Maintenance Capex(1) 6.2 10.8 Maint. Capex as % of EBITDA 7% 13% Distributable Cash Flow 67.2 64.4 Coverage…
Fourth-Quarter Operating Summary Throughput Flat with 3Q Sequential growth in the DJ Basin Red Desert development pushed into 2013 Slower-than-expected growth at Hilight Gross Margin/Mcf increased to 0.56 1.2MM…
Marcellus Asset Acquisition From Anadarko 33.75% Interest in the Rome and Liberty Gas Gathering Systems in Northeast Pennsylvania Immediately Accretive Acquisition 490MM purchase price 7.6x 2013 forecast Asset EBITDA Large…
Marcellus Asset Acquisition From Chesapeake 33.75% Interest in the Larrys Creek, Seely, and Warrensville Gas Gathering Systems in Northeast Pennsylvania Immediately Accretive Acquisition 133.5MM* purchase price 9.7x 2013 forecast…
Brasada / Lancaster Update Brasada Plant, Pipelines & Stabilization Facility Estimated Project Cost of 250-260MM 60% spent in 2012 Anticipated 2014 EBITDA multiple of 6.5x All major components are on location Installing piping,…
2013 Capital Plus Equity Investments Other Marcellus Eagleford 8% 23% 17% DJ Basin 52% 9
2013 Outlook Full-Year ( in millions) 2013 WES Adjusted EBITDA(1) 410 450 WES Total Capex(1)(2) 550 600 WES Maint. Capex as % of Adj. EBITDA 9 12% WES Minimum Distribution Growth 15% WGP Minimum Distribution Growth 33% (1)…
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WES 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,…
WES 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…
WES Non-GAAP Reconciliation Adjusted 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…
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