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BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc.

Exterran Holdings, Inc. · Mar 11, 2014 · 36 slides

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Slides

  1. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 1
    BARCLAYS ENERGY CONFERENCE MARCH 11, 2014 Brad Childers Bill Austin President and Chief Executive Officer Executive Vice President and Chief Financial Officer Exterran Exterran Holdings, Inc. Holdings, All rights Inc. All…
  2. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 2
    INVESTMENT MERITS Leveraged to favorable industry trends as a global leader in compression and well-established position in production and processing equipment Solid capital position and demonstrated performance improvement…
  3. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 3
    FUNDAMENTALS Exterran Holdings, Inc. All rights reserved. www.exterran.com 3
  4. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 4
    SURFACE PRODUCTION SOLUTIONS Focus of Exterran Operations Power Generation Storage Industrial Wellhead Gathering Processing Production System Residential Chemical Feed-stocks and Fuels Main Line Transmission Exterran…
  5. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 5
    CONTRACT SERVICES AND PRODUCT SALES Exterran Holdings, Inc. All rights reserved. www.exterran.com 5
  6. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 6
    CONTRACT SERVICES Contract operations services provided with Exterran-owned fleet Leader in the U.S. and Latin America Recent growth in the Eastern Hemisphere Aftermarket services for customer-owned equipment Provider of parts and…
  7. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 7
    PRODUCT SALES Seven facilities in North America and four in international locations Sell compression, production and processing equipment For U.S. and international markets Provide integrated design, engineering, fabrication and…
  8. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 8
    BUSINESS MIX Revenue Mix1 Gross Margin Mix1,2 ( millions) ( millions) 3,160 963 Sales Fabrication: 52% 252 Fabrication: 26% Sales 1,661 Aftermarket Services: 13% 86 Aftermarket Services: 9% International Contract 279…
  9. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 9
    GLOBAL PRESENCE Revenue Mix1 Gross Margin Mix1,2 North North Latin America America America 59% Latin 60% 17% America 24% Eastern Eastern Hemisphere Hemisphere 23% 17% Regional Headquarters Engineering and…
  10. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 10
    LEADER IN U.S. CONTRACT OPERATIONS SERVICES EXLP is the largest contract U.S. Outsourced Compression Competitors1 compression provider in the U.S. 3,500 3,324 with 2.7 million operating horsepower. 3,000 620 EXH U.S. contract…
  11. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 11
    EXTERRAN ORGANIZATIONAL STRUCTURE Market Equity1: 2.7 Billion North America Estimated current value of 39% LP1 Contract Operations EXHs ownership in EXLP of 3.9 MM HP2 830 million3 2% GP1 U.S. Contract Operations (74%…
  12. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 12
    FAVORABLE INDUSTRY MARKET TRENDS Exterran Holdings, Inc. All rights reserved. www.exterran.com 12
  13. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 13
    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) Optimistic outlook driven by growth in U.S. shale gas and NGL…
  14. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 14
    GLOBAL INDUSTRY CAPITAL SPENDING Global Drilling and Production Capital Spending Projected to Increase 450 6% CAGR from 400 2012 through 2018 350 300 ( billions) 250 200 150 100 50 0 2007 2008 2009 2010 2011 2012…
  15. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 15
    U.S. SHALE PLAYS Expect to add approximately 200,000 horsepower to our fleet in 2014 Source: Energy Information Administration Exterran Holdings, Inc. All rights reserved. www.exterran.com 15
  16. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 16
    CONTRACT SERVICES - STABLE CASH FLOWS Services Revenue and Natural Gas Prices 700 7 600 6 500 5 Henry Hub Spot Price Revenue ( millions) 400 4 300 3 200 2 100 1 0 0 2009 2010 2011 2012 2013 North…
  17. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 17
    PRODUCT SALES BACKLOG TRENDS Fabrication Backlog at Period Ends 1,400 1,400 1,200 1,200 1,000 1,000 ( millions) ( millions) 800 800 600 600 400 400 200 200 0 0 2008 2009 2010 2011 2012 2013 2008 2009 2010…
  18. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 18
    PERFORMANCE INITIATIVES Exterran Holdings, Inc. All rights reserved. www.exterran.com 18
  19. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 19
    PERFORMANCE INITIATIVES Multi-year plan to deliver better return to investors Achieved improved profitability over the last two years Several process-driven initiatives being rolled out this year to improve performance of our Contract…
  20. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 20
    INITIATING DIVIDEND Focus on improved profitability, cash generation and debt reduction has allowed us to return cash to stockholders Announced the companys first dividend program in February 2014 Initial quarterly dividend of 0.15…
  21. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 21
    GROWTH ACTIVITIES Investing in new North America contract operations fleet units for gathering and gas lift applications, the majority to be funded by EXLP Recent international contract operations bookings included contract extensions…
  22. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 22
    MIDCON COMPRESSION ASSET ACQUISITION Exterran Partners has agreed to acquire compression assets from MidCon Compression for approximately 360 million Assets include 334 compression units, with a total horsepower of 440,000 Compression…
  23. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 23
    FINANCIAL REVIEW Exterran Holdings, Inc. All rights reserved. www.exterran.com 23
  24. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 24
    IMPROVED FINANCIAL PERFORMANCE Exterran Holdings EBITDA, as adjusted1 Exterran Partners EBITDA, as further adjusted1 700 250 238 634 25 600 200 180 500 461 434 25 388 150 139 ( millions) ( millions) 400 105 32 300…
  25. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 25
    ENHANCED CREDIT PROFILE Total Debt Outstanding Exterran Holdings Debt to Adjusted EBITDA1 2,000 1,897 5.0x 1,773 1,800 4.5x 4.3x 449 1,565 3.9x 1,600 1,502 4.0x 546 1,400 3.5x 681 ( millions) 1,200 3.0x 758 2.4x 1,000…
  26. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 26
    ADDITIONAL EXH VALUATION DRIVERS Goal to eliminate the need for cost EXLP Distributions Declared to EXH 55 cap payments to EXLP 50 50 Opportunity to grow and build value 45 of EXLP through drop-downs, 40 organic and external…
  27. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 27
    INVESTMENT MERITS Leveraged to favorable industry trends as a global leader in compression and well-established position in production and processing equipment Solid capital position and demonstrated performance improvement…
  28. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 28
    APPENDIX Exterran Holdings, Inc. All rights reserved. www.exterran.com 28
  29. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 29
    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…
  30. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 30
    EXTERRAN HOLDINGS, INC. FINANCIAL RESULTS SUMMARY1,2,3 ( 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 Revenues North America Contract Operations 142.1 142.1 143.1 143.4 147.3 146.4 149.5 152.8…
  31. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 31
    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 ( millions) Net income (loss) (113.2) (30.4) (30.2) (214.5) (64.4) 7.3 (166.9) 119.3 3.1 58.8…
  32. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 32
    NON-GAAP FINANCIAL MEASURES (CONT.) EXTERRAN PARTNERS, L.P. ( thousands) 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 Net Income (loss) (23,333) 223 (1,938) 3,253 4,515 4,505 (19,050) 10,380 14,674…
  33. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 33
    DEBT STRUCTURE ( millions) Debt Structure as of December 31, 2013 Funded Type Amount Size Maturity Rating Senior Secured Facility1 49 900 2016 BB+/NR4 7.25% Senior Notes 350 350 2018 BB/Ba3 4.25% Convertible Notes2 344 344…
  34. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 34
    VALUE OF EXH OWNERSHIP POSITION IN EXLP ( millions) Q4 2013 EXLP LP Units Owned by EXH 19.6 EXLP Unit Price1 30.68 LP Value 601.9 Annualized EXLP GP Cash Distributions 10.1 Peer Multiple2 22.5x GP Value 227.3 Total EXH Value…
  35. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 35
    VENEZUELA In 2012, we sold our previously nationalized joint venture and wholly-owned assets in Venezuela for aggregate consideration of approximately 550 million As of February 2014, we have received approximately 352 million (50…
  36. BARCLAYS ENERGY CONFERENCE – Exterran Holdings, Inc. – slide 36

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