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HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp

Exterran Partners Lp · Mar 28, 2012 · 29 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. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 1
    Howard Weil Energy Conference March 28, 2012 Brad Childers Bill Austin President and Chief Executive Officer Executive Vice President and Chief Financial Officer
  2. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 2
    Leader in Compression and Production Services 2
  3. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 3
    Geographic & Product Diversification Segment Gross Margin Mix1,2 Geographic Gross Margin Mix1,2 International Contract Operations North America 35% 52% Latin America 29% North America Contract Operations 40% Aftermarket…
  4. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 4
    Stable Fee-based Cash Flows Contract Operations Revenue and Natural Gas Prices 1,400 18.00 16.00 1,200 14.00 Revenue ( millions) Henry Hub Price 1,000 12.00 800 10.00 600 8.00 6.00 400 4.00 200 2.00 - - 2001…
  5. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 5
    Fabrication Backlog Backlog at Period Ends 1,200 1,200 1,000 1,000 800 800 ( millions) ( millions) 600 600 400 400 200 200 0 0 2008 2009 2010 2011 2008 2009 2010 2011 North America International…
  6. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 6
    Exterran Partners, L.P. Master Limited Partnership provides natural gas contract operations services in the Exterran Partners United States EXLP currently owns 58% of the EXHs strategy is to offer the remainder of its combined…
  7. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 7
    Past Performance Exterran Total Revenues 3,200 3.0 billion 2.7 billion 2.7 billion 2,700 2.5 billion 2,200 1,700 ( millions) 1,200 700 Operating Costs SG&A 1 EBITDA, as adjusted 200 Other 2008 2009 2010…
  8. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 8
    Recent Activities
  9. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 9
    Exterran Management Brad Childers Bill Austin President and Executive Vice President Chief Executive Officer and Chief Financial Officer 9
  10. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 10
    Strategic Progress Reduced our workforce across business segments Closed locations in India, Egypt and the Netherlands Consolidated regional management teams in North America Began to reengineer our supply chain process Restructured…
  11. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 11
    Recent Results Global safety performance exceeded our 2011 goal Fourth Quarter 2011 Results Fabrication backlog increased by 93 million in the fourth quarter Revenue: Increased 14% Improved aftermarket services 703 million year…
  12. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 12
    Venezuela WilPro Joint Ventures On March 25, 2012, announced sale of WilPro joint ventures assets to PDVSA Gas, S.A. in connection with the 2009 nationalization of those assets Initial payment to Exterran of 37.6 million in cash…
  13. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 13
    Improved Credit Profile Total Debt Outstanding Exterran Holdings Debt to Adjusted EBITDA2 2,000 1,897 4.5x 4.3x 1,773 1,800 3.9x 4.0x 449 1,618 1,600 3.4x 546 3.5x 1,400 611 3.0x 1,200 ( millions) 2.5x 1,000 2.0x…
  14. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 14
    2012 Commitment to Profit Improvement Execute on cost reduction and profit improvement Discipline growth and activities Evaluate and manage business lines Improve debt and financial position Implement consistent business…
  15. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 15
    Market Commentary
  16. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 16
    North America Operating horsepower in North America increased by 48,000 in the fourth quarter Selectively adding new contract operations North America fleet units 2011 Revenue: Increased 33% In February 2012 instituted first…
  17. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 17
    U.S. Shale Plays Growth activities driven by shale and liquids-rich plays Source: Energy Information Administration 17
  18. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 18
    Increasing Supply of Natural Gas in the U.S. 35 14 30 12 25 10 Production (tcf) 20 8 Price 15 6 10 4 5 2 0 0 2006 2007 2008 2009 2010 2011 Gross Withdrawals Henry Hub Spot Price 18
  19. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 19
    Encouraging Demand Trends Coal Consumption by U.S. Utilities Natural Gas Consumption by U.S. Utilities 9,000 1,200 8,000 7,880 1,031 1,047 1,042 980 7,089 7,121 7,090 1,000 935 933 7,000 6,896 6,462 (millions of cubic…
  20. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 20
    International Termination of contract operations projects in Brazil expected to negatively impact results in the first half of 2012 International Halted plans to build fabrication facility 2011 Revenue: Decreased 11% in Brazil for…
  21. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 21
    Oil & Gas Drilling and Production Spending Global Capital Spending Increasing 450 400 350 300 ( billions) 250 200 150 100 50 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Spears & Associates 21
  22. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 22
    Performance Improvement For 2012 Improve margins throughout the year Grow operating horsepower Reduce debt at EXH level 22 22
  23. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 23
    Appendix Slides
  24. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 24
    Exterran - Financial Results Summary1 ( in millions) 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Revenues North America Contract Operations 194.4 178.5 167.6 154.9 152.6 152.0 152.0 151.4 151.1 150.8 151.4 150.3…
  25. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 25
    Non-GAAP Financial Measures EBITDA, as adjusted, a non-GAAP measure, is defined as income (loss) from continuing operations plus income taxes, interest expense (including debt extinguishment costs and gain or loss on termination of…
  26. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 26
    Non-GAAP Financial Measures (cont.)1 Three Months Ended March 31, June 30, Sept. 30, Dec. 31, March 31, June 30, Sept. 30, Dec. 31, March 31, June 30, Sept. 30, Dec. 31, ( millions) 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011…
  27. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 27
    Non-GAAP Financial Measures (cont.)1 Year Ended December 31, ( millions) 2008 2009 2010 2011 Reconciliation of GAAP to Non-GAAP Financial Information: Income (Loss) from continuing operations (981.8) (249.2) (158.6) (333.7)…
  28. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 28
    Pro Forma Debt Structure Pro Forma Debt Structure as of December 31, 20111 ( millions) Funded Type Amount Size Maturity Rating Senior Secured Facility2 213 900 2016 BBB-/n/a 7.25% Senior Notes 350 350 2018 BB/Ba3 3 4.75%…
  29. HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 29

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