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Q2 2015 Investor Presentation – Western Gas Partners Lp

Western Gas Partners Lp · Jul 30, 2015 · 12 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. Q2 2015 Investor Presentation – Western Gas Partners Lp – slide 1
    Second Quarter 2015 Review July 30, 2015 NYSE: WES, WGP 1 www.westerngas.com
  2. Q2 2015 Investor Presentation – Western Gas Partners Lp – slide 2
    Recent Highlights Raised WES Distribution to 75 Cents per Unit 15% growth over 2Q14 Raised WGP Distribution to 36.375 Cents per Unit 34% growth over 2Q14 Successful Start-Up of Lancaster II Plant Extension of DJ and Hugoton…
  3. Q2 2015 Investor Presentation – Western Gas Partners Lp – slide 3
    WES Financial Summary 2Q15 vs. 1Q15 ( in millions) 2Q15 1Q15 Adjusted EBITDA 205.5 180.9 Total Capex(1) 120.2 167.8 Maintenance Capex(1) 10.3 12.6 Maint. Capex as % of EBITDA 5% 7% Distributable Cash Flow 173.3 148.0 Coverage…
  4. Q2 2015 Investor Presentation – Western Gas Partners Lp – slide 4
    WES Operating Summary 2Q15 vs. 1Q15 2Q15 1Q15 Key Drivers Natural Gas Throughput Growth in DJ and Delaware 4.08 3.92 (Bcf/d) Basins Crude / NGL Throughput Increased throughput at Front 134 131 (MBbls/d) Range Pipeline…
  5. Q2 2015 Investor Presentation – Western Gas Partners Lp – slide 5
    Fixed Price Agreement Extension Example Historic Fixed Price Agreements DJ & Hugoton Extensions Swap Price = 5.00 Swap Price = 5.00 Market Price = 3.00 Revenue = 5.00 Revenue = 3.00 Capital Contribution = 2.00 Capital…
  6. Q2 2015 Investor Presentation – Western Gas Partners Lp – slide 6
    Updated 2015 Outlook Previously Current Variance ( in millions) Announced Adjusted EBITDA(1) 725-775 725-775 - Maint. Capex as % of Adj. EBITDA 8 - 11% 7 - 10% (1%) Total Capex(1)(2) 640-700 640-700 - Minimum WES Distribution…
  7. Q2 2015 Investor Presentation – Western Gas Partners Lp – slide 7
    Reconciliations 8
  8. Q2 2015 Investor Presentation – Western Gas Partners Lp – slide 8
    WES Non-GAAP Reconciliation Distributable Cash Flow WES defines Distributable cash flow as Adjusted EBITDA, plus interest income, plus the net settlement amounts from the sale and/or purchase of natural gas, drip condensate and NGLs…
  9. Q2 2015 Investor Presentation – Western Gas Partners Lp – slide 9
    WES Non-GAAP Reconciliation Adjusted EBITDA The Partnership defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investees, non-cash equity-based compensation expense,…
  10. Q2 2015 Investor Presentation – Western Gas Partners Lp – slide 10
    WES Non-GAAP Reconciliation Adjusted EBITDA The Partnership defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investees, non-cash equity-based compensation expense,…
  11. Q2 2015 Investor Presentation – Western Gas Partners Lp – slide 11
    WES Non-GAAP Reconciliation Adjusted gross margin WES defines Adjusted gross margin as total revenues less cost of product, plus distributions from equity investees and excluding the noncontrolling interest owners proportionate share…
  12. Q2 2015 Investor Presentation – Western Gas Partners Lp – slide 12
    www.westerngas.com 13

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