APC WES WGP Relationships1 WGP Public Unitholders 88.00% 12.00% 8.25% LP Interest 34.71% LP -and- 1.82% GP Interest 55.22% Note: 1. As of April 30, 2015 3
2008: WES IPO Powder River Uintah Hugoton Delaware Bossier Basin Dry Gas Basin Pipelines Dry Gas Note: 1. Adjusted gross margin as defined in the latest Western Gas earnings release 4
2012-2014: Adding Organic Capex Step Change in Capital Expenditures Note: 1. As reported 6
While Continuing to Make Acquisitions 8/2013 3/2013 28MM 490MM OTTCO Marcellus 3/2013 134MM CHK Marc 1/2012 483MM Red Desert 3/2015 176MM DBJV 6/2013 11/2014 3/2014 120MM 1.5 Billion 375MM MB Fracs Nuevo Texas…
WES Today Powder River Marcellus Niobrara Greater Uintah DJ Basin Green River Basin Hugoton Delaware Bossier Basin Eagleford Maverick Dry Gas Basin Liquids-Rich Gas Liquids-Rich Basin Marcellus Dry Gas (cost of…
Case Study: DJ Basin Build-out 2010 2014 Wattenberg Front Range 5 1 Gathering & Ft. NGL Pipeline Lupton Plant (33.3% Eq. Inv.) (Dropdown) 1 4 7 2 2010 Future Potential White Cliffs 2 Wattenberg Plant 6 Oil Pipeline…
Whats Next: Delaware Basin Build-out Future Potential 2008 Lone Creek 1 Haley Gathering 4 Oil Gathering (IPO Asset) (APC-owned) 2 1 2014 Future Potential 2 Nuevo Midstream Bone Spring Plant 5 (Acquisition) (33% APC WI)…
Future Growth: Robust Capital Projects Estimated 2015 Capital and Equity Investments: 640 700MM1 Note: 1. Per updated 2015 outlook provided on May 6, 2015; excludes acquisition capital 11
Future Growth: APC Midstream Inventory AT WES IPO (May 2008) TODAY Marcellus Wind River Powder River Complex Powder River Rendezvous Gathering Granger Complex Ft. Union Atlantic Red Desert Natural Rim Complex DJ Basin Natural…
Future Growth: APC Equity Interests White Cliffs 10% Interest Satanta Plant (APC) Acquired Sept 2010 49% Interest Acquired Jan 2011 Front Range Pipeline Saddlehorn Pipeline 331/3% Interest (APC) Acquired Mar 2014 20% Interest…
Consistent Commodity Risk Mitigation WES has publically stated that at least 95% of gross margin will be fee-based or covered under fixed-price agreements Unhedged Fee-Based & Fixed-Price Notes: 1. Last twelve months…
Volumetric Risk Management Bison MIGC Marcellus Ft. Union OTTCO Lancaster Helper Chipeta Clawson White Cliffs % of Total Gas Front Contract Type Throughput1 Range Demand Charge 34.7 TXEG Cost of Service 31.5 Demand…
WES Legacy Performance1 Throughput Enterprise Value 2 Annual Distributions Adjusted EBITDA 3 3 Notes: 1) As reported 2) Dated as of YE 12/31/2014 3) Per guidance estimates provided on May 6, 2015 16
APPENDIX 17
Non-GAAP Adjusted EBITDA Reconciliation1 Year Ended December 31, (in thousands) 2010 2011 2012 2013 2014 Reconciliation of net income (loss) attributable to Western Gas Partners, LP to Adjusted EBITDA attributable to Western Gas…
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