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WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp

Exterran Partners Lp · Dec 6, 2011 · 24 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. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 1
    Wells Fargo Securities Pipeline, MLP and E&P, Services and Utility Symposium December 6, 2011 Michael Anderson Chief Financial Officer
  2. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 2
    Partnership Overview Exterran Partners (NASDAQ: EXLP) Unit price1 21.97 Market capitalization1,2 835 Million Average trading volume3 151,000 units Distribution (annualized rate)4 1.95 / unit Yield1,5 8.88% Distribution cash flow…
  3. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 3
    Exterran Organizational Structure Market Equity1: 0.73 Billion Cons. Debt2: 1.71 Billion NACO International Ent. Value: 2.44 Billion (47% of Total Contract Fabrication AMS U.S. Business)3 Operations 33% LP 2% GP U.S.…
  4. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 4
    Contract Compression Competitive Landscape1 EXLP is the largest contract U.S. Outsourced Compression Competitors compression provider in the U.S. with 3,000 1.7 million operating horsepower. 2,784 Exterran Holdings is the…
  5. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 5
    EXLP Recent Highlights Completed acquisition of 289,000 operating horsepower and other assets in June 2011 Increased operating horsepower by 341,000 over the past year, driven by acquisitions and organic growth1 Refinanced entire…
  6. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 6
    Contract Operations Compression is a must-run service required at each phase of the natural gas production and transportation cycle Focus of Exterran Contract Operations Processing Wellhead Production Main Line…
  7. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 7
    Reasons for Customer Outsourcing to Exterran Speed to delivery Enhanced Superior run-time Eliminate hard Outsource asset production or asset management transportation Lower operating volumes investments costs Eliminate…
  8. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 8
    COMPRESSIONSolutions Compressor packages Reciprocating Rotary screw Gas engine drive Electric motor drive Compressor units being set for operation in Pennsylvania Compressor Engine Cooler 8
  9. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 9
    New Build Fleet Expansion Program Exterran Holdings has current plans to build 95,000 new horsepower for the North America fleet at an estimated cost of 67 million Expect to begin deploying these units starting in the fourth quarter…
  10. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 10
    Natural Gas Processing Processing plant located in the northeastern U.S. that was part of the June 2011 contract operations acquisition 10
  11. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 11
    Investment Highlights EXLP organic growth of 52 thousand operating horsepower Organic horsepower growth over the past year1, equating to a 3.8% growth rate EXH and EXLP building 95 thousand horsepower for fleet to be deployed in 4Q…
  12. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 12
    Compression Growth Has Outpaced Production Total U.S. Production1 Total U.S. Compression Fleet2 25 22.9 20 20 Million HP of compression Trillion cubic feet 15 15 10.0 10 10 5 5 0 0 1994 1996 1998 2000 2002…
  13. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 13
    U.S. Natural Gas Production Trends (Trillion Cubic Feet) Shale gas production expected to drive growth in natural gas supply in the United States Source: EIA, Annual Energy Outlook 2011, April 2011. 13
  14. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 14
    Emerging U.S. Gas Plays Marcellus and Eagle Ford Plays: Robust activity levels enhance demand for compression services and production and processing equipment. With its extensive geographic footprint, Exterran is…
  15. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 15
    History of Exterran Partners and Key Events 5/23/2011 2,000 2,400 Acquisition of 289,000 7/27/2010 HP from EXH for 1,800 Acquisition of 254,000 228MM, financed with HP from EXH for 43% debt / 57% equity 10/5/2009 2,000 214MM,…
  16. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 16
    High Growth, Fee-Based Business Period Ending Operating Horsepower Rolling LTM Adjusted EBITDA 1,800 140.0 1,703 133 123 1,600 120.0 114 1,384 1,400 105 100.0 95 1,200 90 90 86 86 1,050 84 83 85 81 79 80.0 (…
  17. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 17
    Committed to Distribution Growth Historical Quarterly Distribution Overview1 0.5000 2.20x Announced plans for steady distribution 0.4875 increases. Have increased distributions by 0.4825 4% since September 2010 0.4775 0.4800…
  18. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 18
    Drop-Down Growth Strategy Total U.S. Available Horsepower of 3.6 Million as of September 30, 2011 EXH 47% 1.7 MM 1.9 MM EXLP 53% Together, EXH and EXLP comprise approximately half of the contract compression business in…
  19. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 19
    Attractive Current Yield MLP Industry Current Yields1 10% EXLP 9% 8% 7% 6% 5% Chart Title 4% 3% 2% 1% 0% Yield Natural Gas & NGL Pipelines Group Natural Gas Gathering & Processing Group Exploration &…
  20. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 20
    Attractive Current Yield Fee-based business model with attractive current yield MLP Industry Current Yields December 20111 March 20082 10.0% 10.0% 9.4% 8.9% 9.0% 9.0% 8.0% 8.0% 7.4% 7.5% 6.8% 7.1% 7.0% 6.6% 7.0% 5.9%…
  21. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 21
    Investment Highlights EXLP organic growth of 52 thousand operating horsepower Organic horsepower growth over the past year1, equating to a 3.8% growth rate EXH and EXLP building 95 thousand horsepower for fleet to be deployed in 4Q…
  22. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 22
    Non-GAAP Financial Measures EXLP With respect to Exterran Partners, EBITDA, as further adjusted, a non-GAAP measure, is defined as net income (loss) plus income taxes, interest expense (excluding debt extinguishment costs and gain or…
  23. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 23
    Non-GAAP Financial Measures EXLP (cont.) (in thousands) 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 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 3,317 Income tax expense 56 (6) 132…
  24. WELLS FARGO SECURITIES PIPELINE MLP AND EP SERVICES AND UTILITY SYMPOSIUM – Exterran Partners Lp – slide 24

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