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WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp

Exterran Partners Lp · Dec 10, 2013 · 26 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 ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 1
    WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE DECEMBER 10, 2013 Brad Childers David Miller Chairman, President and Chief Executive Officer Senior Vice President and Chief Financial Officer Exterran Exterran Holdings, Inc.…
  2. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 2
    PARTNERSHIP OVERVIEW Exterran Partners (NASDAQ: EXLP) Unit Price1 26.26 Market Capitalization1,2 1.3 billion Average Trading Volume3 148,000 units Distribution (annualized rate)4 2.11 / unit Yield1,5 8.04% Distribution cash flow…
  3. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 3
    FUNDAMENTALS Exterran Holdings, Inc. All rights reserved. www.exterran.com 3
  4. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 4
    CONTRACT OPERATIONS Focus of Exterran Contract Operations Processing Wellhead Production Main Line Transmission Exterran Holdings, Inc. All rights reserved. www.exterran.com 4
  5. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 5
    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. 3,000 2,840 with 2.2 million operating horsepower. 619 EXH 2,500…
  6. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 6
    EXTERRAN ORGANIZATIONAL STRUCTURE Market Equity1: 2.2 Billion North America Estimated current value of 39% LP1 Contract Operations EXHs ownership in EXLP of 3.4 MM HP2 720 million1,3 2% GP1 U.S. Contract Operations (70%…
  7. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 7
    FAVORABLE INDUSTRY MARKET TRENDS Exterran Holdings, Inc. All rights reserved. www.exterran.com 7
  8. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 8
    U.S. NATURAL GAS MARKET U.S. Natural Gas Production by Source U.S. Production of Natural Gas Liquids by Type (millions of barrels per day) (trillion cubic feet) Growth in U.S. production is expected to drive compression…
  9. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 9
    OIL & GAS DRILLING AND PRODUCTION SPENDING OUTLOOK U.S. Capital Spending Projected to Increase 200 4% CAGR from 2012 through 2018 160 120 ( billions) 80 40 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016…
  10. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 10
    U.S. SHALE PLAYS Expect flat to modest increase in operating horsepower in 4Q 2013 Source: Energy Information Administration Exterran Holdings, Inc. All rights reserved. www.exterran.com 10
  11. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 11
    PERFORMANCE INITIATIVES Exterran Holdings, Inc. All rights reserved. www.exterran.com 11
  12. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 12
    KEY INITIATIVES Performance Initiatives Multi-year plan to deliver better returns to investors Achieved improved profitability over the last two years Several process-driven initiatives being rolled out this year Expect to drive…
  13. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 13
    KEY INITIATIVES Investment in new compression units Further standardize our equipment Enhance our competitive position Increase the overall cash flow generation capacity of our fleet Expect total fleet growth capital…
  14. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 14
    GROWTH STRATEGY Organic horsepower growth EXLP organic growth of 18 thousand operating horsepower over the past year1, equating to a 1% growth rate Adding new large- and small-horsepower compression units to fleet Drop-down…
  15. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 15
    EXECUTION OF DROP-DOWN GROWTH STRATEGY Total Combined U.S. Available Horsepower of 3.4 Million as of September 30, 2013 EXH 30% 1.0 MM 2.4 MM EXLP 70% We believe that substantially all of the horsepower owned by…
  16. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 16
    FINANCIAL REVIEW Exterran Holdings, Inc. All rights reserved. www.exterran.com 16
  17. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 17
    FAVORABLE PROFITABILITY TREND Gross Margin per Horsepower1,2 12.00 Contribution from 11.13 sale of two 11.00 processing plants3 Performance Drivers 0.97 9.92 10.00 9.75 9.67 Performance improvement 9.00 9.00 8.43 8.78…
  18. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 18
    FEE-BASED BUSINESS WITH TRACK RECORD OF GROWTH 2,500 Period Ending Operating Horsepower 250 Rolling LTM EBITDA, as further adjusted1,2 228 2,221 219 1,991 2,000 200 192 180 1,728 169 161 148 1,500 150 1,384 139 133 (…
  19. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 19
    CASH DISTRIBUTIONS Distributable Cash Flow Coverage1 1.80x 1.60x 1.60x 1.47x 1.46x 1.40x 1.34x 1.28x 1.31x 1.25x 1.20x 1.20x 1.20x 1.15x 1.17x 1.00x 0.99x 0.98x 0.92x 0.91x 0.85x 0.80x 0.60x 0.40x 0.20x 0.00x 4Q…
  20. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 20
    DEBT STRUCTURE Debt Structure as of September 30, 2013 ( millions) Funded Type Amount Size Maturity Rating Secured Revolver 225 650 2018 n/a 3 Secured Term Loan 150 150 2018 n/a EXLP 6% Senior Notes1 345 345 2021 B-/B2 720…
  21. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 21
    ATTRACTIVE CURRENT YIELD MLP Industry Yields December 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 Pipelines Gathering & Production Group Group Processing…
  22. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 22
    INVESTMENT MERITS Leveraged to favorable industry trends with leading fee-based market position Solid capital position with proven growth strategy and performance improvement capability Executing on additional process-driven…
  23. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 23
    NON-GAAP FINANCIAL MEASURES EXLP 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 or loss on termination of interest…
  24. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 24
    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…
  25. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 25
    VALUE OF EXH OWNERSHIP POSITION IN EXLP ( millions) Q3 2013 EXLP LP Units Owned by EXH 19.6 EXLP Unit Price1 26.26 LP Value 515.2 Annualized EXLP GP Cash Distributions 9.1 Peer Multiple2 22.5x GP Value 204.8 Total EXH Value…
  26. WELLS FARGO SECURITIES ANNUAL ENERGY CONFERENCE – Exterran Partners Lp – slide 26

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