2013 Master Limited Partnership Investor Conference May 23, 2013 Bill Austin David Miller Senior Vice President Senior Vice President and Chief Financial Officer
Partnership Overview Exterran Partners (NASDAQ: EXLP) Unit Price1 28.82 Market Capitalization1,2 1.5 billion Average Trading Volume3 149,000 units Distribution (annualized rate)4 2.07 / unit Yield1,5 7.18% Distribution cash flow…
Business Overview
Exterran Organizational Structure Market Equity1: 1.9 Billion Cons. Debt1: 1.6 Billion Enterprise Value1: 3.5 Billion North America International Aftermarket Contract Operations Contract Fabrication Services 3.4 MM HP2…
Leader in Natural Gas Contract Operations Services U.S. Outsourced Compression Competitors1 EXLP is the largest contract compression provider in the U.S. with 2.2 million 3,200 operating horsepower. 2,902 2,800 U.S. contract…
Contract Operations Focus of Exterran Contract Operations Processing Wellhead Production Main Line Transmission 6
Contract Operations We are proud of the quality of our service, delivering an average runtime of over 99% 7
U.S. Shale Plays Growth activities driven by development of shale and liquids-rich plays Source: Energy Information Administration 10
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 2012 LTM 2/13 1 2013 Gross Withdrawals Henry Hub Spot…
Encouraging Demand Trends Coal Consumption by U.S. Utilities Natural Gas Consumption by U.S. Utilities 1,200 10,000 9,465 9,371 1,031 1,047 1,042 9,000 980 1,000 935 935 8,000 7,680 7,880 827 835 7,089 6,896 7,121 7,000 6,462…
Oil & Gas Drilling and Production Spending Outlook U.S. Capital Spending Increasing 240 200 160 ( billions) 120 80 40 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Spears &…
Growth Strategy Organic horsepower growth EXLP organic growth of 60 thousand operating horsepower over the past year1, equating to a 3% growth rate EXH and EXLP building 170 thousand horsepower for fleet in 2013 Drop-down growth…
Execution of Drop-Down Growth Strategy Total Combined U.S. Available Horsepower of 3.4 Million as of March 31, 20131 EXH 31% 1.0 MM 2.4 MM EXLP 69% EXLP growth enhanced through drop-down transactions with…
Fee-Based Business with Track Record of Growth Period Ending Operating Horsepower Rolling LTM EBITDA, as further adjusted1 200 192 2,500 180 2,239 180 169 161 1,991 160 2,000 148 139 1,728 140 133 123 120 114 1,500…
Key Initiatives Investment in new equipment Help meet market growth opportunities Improve the competitiveness of our fleet Further standardize our equipment Improve our operating cost structure Process-driven initiatives Improve…
Financial Review
Recent Performance ( in millions, except per LP unit amounts; horsepower in thousands) 1Q 2012 4Q 2012 1Q 2013 Operating horsepower (period end) 1,918 1,991 2,239 Revenue 88.7 102.3 106.1 Gross Margin %1 50% 56% 56% EBITDA, as…
March 2013 Developments Completed an offering of 350 million of 6% senior notes Senior secured credit agreement was amended to, among other things: Reduce the borrowing capacity under its revolving credit facility by 100 million to…
Debt Structure Debt Structure as of March 31, 2013 ( millions) Funded Type Amount Size Maturity Rating Secured Revolver 238 650 2018 n/a 3 Secured Term Loan 150 150 2018 n/a EXLP 6% Senior Notes1 345 345 2021 B-/B2 733…
Attractive Current Yield Fee-based business model with attractive current yield MLP Industry Yields May 20131 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…
Investment Merits Leading fee-based market position with proven growth strategy Positive long-term natural gas market trends Investing in growth opportunities in shale and liquids-rich plays Plans to enhance field operating…
Non-GAAP Financial Measures EXLP With respect to Exterran Partners, EBITDA, as further adjusted, a non-GAAP measure, is defined as net income (loss) excluding income taxes, interest expense (including debt extinguishment costs and gain…
Loading...
