2012 Master Limited Partnership Investor Conference May 24, 2012 Bill Austin Senior Vice President
Leader in Natural Gas Contract Operations Services 2
Partnership Overview Exterran Partners (NASDAQ: EXLP) Unit Price1 20.62 Market Capitalization1,2 889 million Average Trading Volume3 159,000 units Distribution (annualized rate)4 1.99 / unit Yield1,5 9.65% Distribution cash flow…
Contract Compression Competitive Landscape U.S. Outsourced Compression Competitors1 EXLP is the largest contract compression provider in the U.S. with 1.9 million 3,000 2,825 operating horsepower. Exterran Holdings (NYSE: EXH) is…
Contract Operations Focus of Exterran Contract Operations Processing Wellhead Production Main Line Transmission 5
Fee-Based Business with Track Record of Growth Period Ending Operating Horsepower Rolling LTM EBITDA, as further adjusted1 160.0 2,000 1,918 148 139 1,800 1,728 140.0 133 1,600 123 120.0 114 1,384 1,400 105 100.0 95…
Recent Activities
Recent Results In February 2012 instituted first contract operations rate increase since 2006 First Quarter 2012 Results In first quarter of 2012, cost of sales Revenue: Increased 29% (excluding depreciation and 89 million year over…
Selected Highlights Completed acquisition of 188,000 operating horsepower, a processing plant and other assets in March 2012 Increased operating horsepower by 534,000 over the past year, driven by acquisitions and organic growth1…
Execution of Drop-Down Growth Strategy Total Combined U.S. Available Horsepower of 3.6 Million as of March 31, 2012 EXH 41% 1.5 MM 2.1 MM EXLP 59% EXLP growth enhanced through drop-down transactions with Exterran…
Expanded Debt Capacity Debt Structure as of March 31, 2012 ( millions) Funded Type Amount Size Maturity Rating Secured Revolver 486 750 2015 n/a 3 Secured Term Loan 150 150 2015 n/a 636 900 Increased credit facility…
Market Commentary
U.S. Shale Plays Growth activities driven by shale and liquids-rich plays Source: Energy Information Administration 13
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 1 0 0 2006 2007 2008 2009 2010 2011 2012 Gross Withdrawals Henry Hub Spot Price Source: Energy…
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…
Oil & Gas Drilling and Production Spending U.S. Capital Spending Increasing 240 200 160 ( billions) 120 80 40 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Spears & Associates 16
Attractive Current Yield
Attractive Current Yield MLP Industry Current Yields1 12% EXLP 10% 8% 16 14 6% 12 10 4% 8 6 2% 4 2 0% 0 1 Gathering & Processing Group Natural Gas & NGL Pipelines Group Exploration & Production Group 1…
Attractive Current Yield Fee-based business model with attractive current yield MLP Industry Yields May 20121 March 20082 10.0% 9.7% 10.0% 9.4% 9.0% 9.0% 9.0% 8.0% 7.2% 7.2% 8.0% 7.4% 7.5% 7.0% 7.0% 5.9% 6.0% 6.0% 5.0%…
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 (including debt extinguishment costs and gain or…
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 (benefit) expense…
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