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CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp

Exterran Partners Lp · Aug 20, 2014 · 28 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 1
    CITI ONE-ON-ONE MLP/ MIDSTREAM INFRASTRUCTURE CONFERENCE AUGUST 20, 2014 David Miller David Oatman Senior Vice President and Chief Financial Officer Vice President, Investor Relations Exterran Exterran Partners, L.P.…
  2. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 2
    PARTNERSHIP OVERVIEW Exterran Partners (NASDAQ: EXLP) Unit Price1 28.79 Market Capitalization1,2 1.6 billion Average Trading Volume3 130,000 units Distribution (annualized rate)4 2.17 / unit Yield1,5 7.54% Distributable cash…
  3. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 3
    SECOND-QUARTER 2014 HIGHLIGHTS Organic horsepower growth of 76,000 Distributable cash flow coverage of 1.22x, excluding cost cap reimbursements1 Closed acquisition with MidCon Compression in April 2014 Announced agreement to acquire…
  4. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 4
    FUNDAMENTALS Exterran Holdings, Inc. All rights reserved. www.exterran.com 4
  5. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 5
    CONTRACT OPERATIONS Focus of Exterran Contract Operations Processing Wellhead Production Main Line Transmission Gas compression is an essential service utilized all along the production cycle to transport gas to the end…
  6. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 6
    LEADER IN U.S. NATURAL GAS CONTRACT OPERATIONS SERVICES EXLP is the largest contract U.S. Outsourced Compression Competitors1 compression provider in the U.S. 3,600 with 2.9 million1 operating 632 EXH horsepower. 3,000 110…
  7. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 7
    EXTERRAN ORGANIZATIONAL STRUCTURE Market Equity1: 2.8 Billion North America Estimated current value of 35% LP1 Contract Operations EXHs ownership in EXLP of 4.1 MM HP2 940 million1,3 2% GP1 U.S. Contract Operations (75%…
  8. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 8
    FAVORABLE INDUSTRY MARKET TRENDS Exterran Holdings, Inc. All rights reserved. www.exterran.com 8
  9. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 9
    U.S. NATURAL GAS MARKET U.S. Natural Gas Production by Source U.S. Natural Gas Consumption by Sector (trillion cubic feet) (trillion cubic feet) Growth in U.S. production is expected to drive compression growth over the…
  10. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 10
    OIL & GAS DRILLING AND PRODUCTION SPENDING OUTLOOK U.S. Capital Spending Projected to Increase 200 2% CAGR from 2013 through 2019 160 120 ( billions) 80 40 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016…
  11. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 11
    U.S. SHALE PLAYS Strong opportunities for organic contract operations growth in North America Source: Energy Information Administration Exterran Partners, L.P. All rights reserved. www.exterran.com 11
  12. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 12
    KEY INITIATIVES AND GROWTH STRATEGY Exterran Partners, L.P. All rights reserved. www.exterran.com 12
  13. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 13
    KEY INITIATIVES Performance Initiatives Multi-year plan to deliver better returns to investors Achieved improved profitability over the last two years Ongoing field initiatives to improve the operating efficiency of our business…
  14. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 14
    GROWTH STRATEGY EXLP organic growth of 115 thousand operating horsepower over the past year1 Organic horsepower growth Adding new large and small horsepower compression units to fleet Successful track record with eight drop downs…
  15. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 15
    EXECUTION OF DROP-DOWN GROWTH STRATEGY Total Combined U.S. Available Horsepower of 4.1 Million as of June 30, 20141 EXH 25% 1.0 MM 3.1 MM EXLP 75% We believe that substantially all of the U.S. horsepower owned by…
  16. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 16
    RECENT ACQUISITIONS In April 2014, Exterran Partners acquired compression assets from MidCon Compression for approximately 351.1 million1 Assets include 337 compression units, with a total horsepower of 444,000 Acquired units are…
  17. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 17
    FINANCIAL REVIEW Exterran Holdings, Inc. All rights reserved. www.exterran.com 17
  18. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 18
    FAVORABLE PROFITABILITY TREND Gross Margin per Horsepower per Month1 12.00 11.13 10.57 9.75 9.92 9.97 9.67 9.84 10.00 9.00 8.78 8.45 8.43 7.98 8.06 8.10 7.93 7.64 7.61 7.40 8.00 6.00 4.00 2.00 0.00 Contribution…
  19. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 19
    FEE-BASED BUSINESS WITH TRACK RECORD OF GROWTH Period Ending Operating Horsepower Rolling LTM EBITDA, as further adjusted1,2 3,200 250 242 239 239 2,900 229 219 2,800 110 200 193 2,400 2,264 181 169 162 1,991 2,000 149…
  20. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 20
    CASH DISTRIBUTIONS Distributable Cash Flow Coverage1 1.80x 1.60x 1.60x 1.47x 1.46x 1.34x 1.31x 1.40x 1.28x 1.25x 1.31x 1.26x 1.20x 1.20x 1.17x 1.20x 1.15x 1.09x 1.22x 0.99x 1.02x 1.00x 0.98x 0.92x 0.91x 0.91x 0.85x…
  21. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 21
    DEBT STRUCTURE Debt Structure as of June 30, 2014 ( millions) Funded Type Amount Size Maturity Rating Secured Revolver 202 650 2018 n/a 3 Secured Term Loan 150 150 2018 n/a EXLP 6% Senior Notes1 345 345 2021 B/B1 EXLP 6%…
  22. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 22
    ATTRACTIVE CURRENT YIELD MLP Industry Yields August 20141 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Natural Gas & Natural Gas EXLP Exploration & NGL Pipelines Gathering & Production Group Group Processing…
  23. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 23
    INVESTMENT MERITS Well-positioned to benefit from favorable industry trends with leading market position Solid capital position with proven growth strategy Demonstrated performance enhancement capability Additional process-driven…
  24. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 24
    NON-GAAP FINANCIAL MEASURES EXLP EBITDA, as further adjusted, a non-GAAP measure, is defined as net income (loss) (a) excluding income taxes, interest expense (including debt extinguishment costs and gain or loss on termination of…
  25. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 25
    NON-GAAP FINANCIAL MEASURES EXLP (CONT.) ( in thousands) 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 Net income (loss) 2,343 2,264 7,482 7,312 6,547 6,079 9,411 7,810 6,721 2,738 2,008…
  26. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 26
    NON-GAAP FINANCIAL MEASURES EXLP (CONT.) (in thousands) 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 Gross margin1 26,859 24,664 28,902 32,969 31,677 32,017 41,082 40,573 44,584 51,725 50,672 57,352 Average…
  27. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 27
    ESTIMATED VALUE OF EXH OWNERSHIP POSITION IN EXLP ( millions, except EXLP unit price) Q2 2014 EXLP LP Units Owned by EXH1 19.6 EXLP Unit Price1 28.79 LP Value 564.8 Annualized EXLP GP Cash Distributions2 13.6 Peer Multiple3…
  28. CITI ONE ON ONE MLP MIDSTREAM INFRASTRUCTURE CONFERENCE – Exterran Partners Lp – slide 28

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