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SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp

Exterran Partners Lp · Mar 25, 2015 · 47 slides

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Slides

  1. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 1
    SCOTIA HOWARD WEIL ENERGY CONFERENCE MARCH 25, 2015 Brad Childers Jon Biro President and Chief Executive Officer Senior Vice President and Chief Financial Officer Exterran Exterran Holdings, Inc. Holdings, All rights Inc. All…
  2. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 2
    COMPANY OVERVIEW Exterran Holdings Exterran Partners (NYSE: EXH) (NASDAQ: EXLP) Share/Unit Price1 31.41 25.24 Market Capitalization1 2.2 billion 1.4 billion Average Trading Volume2 1,032,000 shares 194,000 units…
  3. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 3
    FOURTH-QUARTER 2014 HIGHLIGHTS Grew operating horsepower in North America and International contract operations and increased fabrication bookings Delivered solid margin performance in each of our operating segments Exterran Partners…
  4. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 4
    IMPROVED FINANCIAL PERFORMANCE Exterran Holdings EBITDA, as adjusted1 Exterran Partners EBITDA, as further adjusted2 700 300 280 659 634 14 600 250 239 25 500 461 434 200 181 388 ( millions) ( millions) 400 25 140…
  5. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 5
    ENHANCED CREDIT PROFILE Total Debt Outstanding Exterran Holdings Debt to Adjusted EBITDA1 2,500 5.0x 4.5x 4.3x 2,027 1,897 3.9x 2,000 4.0x 1,773 1,565 3.5x 449 1,502 1,500 546 3.0x ( millions) 1,300 2.4x 681 2.5x 758…
  6. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 6
    BUSINESS OUTLOOK Expected impact of lower commodity prices on production-oriented businesses within the oil and gas industry should be less relative to businesses more closely tied to drilling activity. We are monitoring activity…
  7. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 7
    SEPARATION PLAN Exterran Holdings, Inc. All rights reserved. www.exterran.com 7
  8. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 8
    UNLOCKING VALUE: CREATING TWO INDEPENDENT COMPANIES RemainCo SpinCo Core Pure-play U.S. compression services International services & global fabrication Focus 1 1 2% GP and 35% LP interests & incentive Global product sales…
  9. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 9
    STRATEGIC SEPARATION EXPECTED TO DELIVER SIGNIFICANT VALUE Opportunity to create immediate and long-term value for shareholders Creates two industry-leading energy infrastructure companies Enhances overall long-term growth…
  10. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 10
    SEPARATION SNAPSHOT RemainCo SpinCo Public Public Shareholders Shareholders SpinCo RemainCo 0.7 billion Debt2 U.S. Contract International International Public LP / GP U.S. Operations Contract Aftermarket Fabrication…
  11. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 11
    REMAINCO Exterran Holdings, Inc. All rights reserved. www.exterran.com 11
  12. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 12
    REMAINCO HIGHLIGHTS Growth Positive Industry Fundamentals Organic Growth at EXLP Third-Party and Drop-Down Acquisition Opportunities at EXLP Continued Profitability Stability Improvement Structure Fee-Based Contracts…
  13. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 13
    REMAINCO WILL BE A LEADER IN U.S. CONTRACT OPERATIONS SERVICES U.S. Outsourced Compression Competitors1 U.S. Natural Gas Production by Source2 3,600 Operating HP 660 at RemainCo 3,000 2,400 Operating HP (000s)…
  14. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 14
    REMAINCOS GEOGRAPHIC DIVERSITY Operating horsepower growth of 816,000 in 20141 Source: Energy Information Administration 1Includes acquisitions of compression assets from MidCon Compression LLC closed April 10, 2014 and August 8,…
  15. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 15
    CONSOLIDATED REMAINCO STABLE SERVICE REVENUE & CASH FLOWS Services Revenue and Oil & Gas Prices1,2 800 200% 700 150% 600 Indexed to 12/31/08 Revenue (millions) 100% 500 400 50% 300 0% 200 -50% 100 0 -100%…
  16. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 16
    REMAINCOS FAVORABLE PROFITABILITY TREND Gross Margin per Horsepower per Month1,2 12.00 10.60 10.42 10.30 10.50 9.82 10.00 9.58 9.92 9.84 10.00 9.10 8.87 8.79 8.43 8.37 8.45 7.91 8.00 6.00 4.00 2.00 0.00 Q2-11…
  17. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 17
    EXLP DISTRIBUTIONS Distributable Cash Flow Coverage1 Distributions Declared to EXH 1.80x 70 1.60x 1.60x 1.51x 1.47x 60 58 1.40x 1.34x 1.31x 1.31x 1.28x 1.26x 1.22x 50 1.20x 1.20x 1.17x 50 1.20x 1.00x 40 ( millions) 34…
  18. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 18
    EXLP GP IS LEVERAGED TO GROWTH AT EXLP EXLP GP GROWTH IS 7.3X EXLP GROWTH (AT CURRENT EXLP LEVEL) EXLP GP Distribution Leveraged to Underlying LP EXLP GP Distribution Also Grows as EXLP Unit Count Grows Distribution Growth (Linear…
  19. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 19
    REMAINCO GROWTH STRATEGY Organic growth of 260,000 operating horsepower in 2014 Organic horsepower growth Adding new large and small horsepower compression units to fleet Exterran Holdings strategy to drop-down additional…
  20. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 20
    SPINCO Exterran Holdings, Inc. All rights reserved. www.exterran.com 20
  21. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 21
    SPINCO HIGHLIGHTS Growth Global Energy Infrastructure Build Out Redevelopment in U.S. Energy Markets Target New Customers for Fabricated Compressors Stability Structure Long-Term Fee-Based Low Debt Levels International Contract…
  22. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 22
    SPINCO BUSINESSES International Services Product Sales International contract operations Seven fabrication facilities in North provided with SpinCo-owned fleet America and four in international Leader in Latin America locations…
  23. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 23
    SPINCOS GLOBAL PRESENCE Revenue Mix1 Gross Margin Mix1,2 Eastern Eastern Hemisphere Hemisphere 27% 31% Latin North America America 41% 48% Latin America North 21% America 32% Kazakhstan Switzerland United States…
  24. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 24
    SPINCOS STABLE SERVICE REVENUE & CASH FLOWS Services Revenue and Oil & Gas Prices1 600 200% 500 150% Indexed to 12/31/08 Revenue (millions) 400 100% 300 50% 200 0% 100 -50% 0 -100% 2009 2010 2011 2012 2013…
  25. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 25
    SPINCOS PRODUCT SALES TRENDS 1 Backlog By Region Backlog By Product Line 1 1,200 2,000 1,200 2,000 1,800 1,800 1,000 Revenue 1,000 Revenue 1,600 1,600 1,400 1,400 800 800 Backlog ( millions) Backlog ( millions) 1,200…
  26. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 26
    SPINCO GROWTH PROFILE Attractive play on the build-out of global energy infrastructure Leader in contract operations in international markets Support customer owned equipment through international aftermarket services business…
  27. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 27
    SUMMARY Exterran Holdings, Inc. All rights reserved. www.exterran.com 27
  28. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 28
    PROCESS OUTLINE Initial board authorization has been received SpinCos initial Form 10 Registration Statement has been filed with the U.S. Securities and Exchange Commission Five new directors have been nominated to the EXH board in…
  29. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 29
    RE-CAP OF STRATEGIC RATIONALE RemainCo SpinCo Pure-play yield investment leveraged to Focused company leveraged to growth in significant U.S. energy infrastructure global energy infrastructure build-out redevelopment and increased…
  30. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 30
    ADDENDUM Exterran Holdings, Inc. All rights reserved. www.exterran.com 30
  31. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 31
    CONSOLIDATED REMAINCO HISTORICAL PERFORMANCE Consolidated RemainCo Revenue Consolidated RemainCo Gross Margin1 ( in millions) ( in millions) 1,000 959 500 455 837 863 780 392 42 800 230 400 356 241 235 305 47 209 45 600 300 28…
  32. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 32
    SPINCO HISTORICAL PERFORMANCE SpinCo Revenue SpinCo Gross Margin1 ( in millions) ( in millions) 2,500 2,415 600 584 597 2,069 2,173 485 2,000 1,840 500 417 264 246 400 168 1,500 1,779 124 1,460 1,516 43 1,233 300 37 40 32…
  33. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 33
    SPINCO HISTORICAL PERFORMANCE SpinCo EBITDA, as adjusted1 350 325 327 300 250 227 217 200 ( millions) 172 150 100 50 0 2010 2011 2012 2013 2014 1See Addendum II-J for information on SpinCo EBITDA, as…
  34. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 34
    PRO FORMA DEBT STRUCTURE Pro Forma Debt Structure as of December 31, 2014 ( millions) Existing Current Funded Funded Funded S&P/Moodys Pro Forma Pro Forma 2 Type Amount Size Maturity Rating RemainCo SpinCo 1 Senior Secured Facility…
  35. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 35
    NON-GAAP FINANCIAL MEASURES Exterran Holdings, Inc.: EBITDA, as adjusted, a non-GAAP measure, is defined as net income (loss) excluding income (loss) from discontinued operations (net of tax), cumulative effect of accounting changes…
  36. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 36
    NON-GAAP FINANCIAL MEASURES SPINCO: EBITDA, as adjusted, a non-GAAP measure, is defined as net income (loss) excluding income (loss) from discontinued operations (net of tax), cumulative effect of accounting changes (net of tax),…
  37. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 37
    NON-GAAP FINANCIAL MEASURES EXTERRAN HOLDINGS, INC. 4Q-14 NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO EXTERRAN STOCKHOLDERS, EXCLUDING ITEMS 4Q-14 Net Income attributable to Exterran stockholders 19,143 Income from…
  38. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 38
    NON-GAAP FINANCIAL MEASURES (CONT.)1,2,3 EXTERRAN HOLDINGS, INC. ( in millions) Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Revenues North America Contract Operations 142.1 142.1…
  39. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 39
    NON-GAAP FINANCIAL MEASURES (CONT.)1,2 CONSOLIDATED REMAINCO ( in millions) 2010 2011 2012 2013 2014 Revenues Contract operations 568.9 570.8 596.0 627.8 729.1 Aftermarket services 173.2 209.1 240.8 234.9 230.1 Total 742.1 779.9…
  40. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 40
    NON-GAAP FINANCIAL MEASURES (CONT.)1 SPINCO ( in millions) 2010 2011 2012 2013 2014 Revenues Contract operations 465.1 445.1 464.0 476.0 493.9 Aftermarket services 120.6 162.3 145.0 160.7 162.7 Product sales 1,076.0 1,233.0 1,459.7…
  41. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 41
    NON-GAAP FINANCIAL MEASURES (CONT.) EXTERRAN HOLDINGS, INC. (in thousands, except per HP amounts) 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 NACO Gross margin1 66,079 70,364 69,744 70,783 74,502 77,015…
  42. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 42
    NON-GAAP FINANCIAL MEASURES (CONT.)1,2,3 EXTERRAN HOLDINGS, INC. 2010 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 ( millions) Net income (loss) (113.2) (30.4) (30.2) (214.5) (64.4)…
  43. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 43
    NON-GAAP FINANCIAL MEASURES (CONT.) CONSOLIDATED REMAINCO ( millions) Years Ended December 31, 2010 2011 2012 2013 2014 Exterran Holdings, Inc. gross margin 784.7 720.4 829.4 963.0 1,031.3 Less: Exterran SpinCo, Inc. gross margin…
  44. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 44
    NON-GAAP FINANCIAL MEASURES (CONT.)1 SPINCO 2010 2011 2012 2013 2014 ( millions) Net income (loss) 38.4 (232.3) 119.4 152.9 152.5 (Income) loss from discontinued operations, net of tax (40.7) 10.1 (66.8) (66.1) (73.2) Depreciation…
  45. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 45
    NON-GAAP FINANCIAL MEASURES (CONT.) EXTERRAN PARTNERS, L.P. ( 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…
  46. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 46
    NON-GAAP FINANCIAL MEASURES (CONT.) EXTERRAN PARTNERS, L.P. PRO FORMA EXLP Q1-14 DISTRIBUTABLE CASH FLOW COVERAGE1 ( thousands) Coverage Coverage with without Cost Caps Cost Caps Q1-14 distributable cash flow as reported 36,143…
  47. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Exterran Partners Lp – slide 47

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