Recent Highlights Raised WES Distribution to 0.675 per unit 16% growth over 3Q13 Raised WGP Distribution to 0.29125 per unit 36% growth over 3Q13 Agreement to Acquire Nuevo Midstream, LLC 3
WES Financial Summary 3Q14 vs. 2Q14 ( in millions) 3Q14 2Q14 Adjusted EBITDA 167.3 167.3 Total Capex(1) 148.9 205.2 Maintenance Capex(1) 12.0 11.7 Maint. Capex as % of EBITDA 7% 7% Distributable Cash Flow 136.7 137.0 Coverage…
WES Operating Summary 3Q14 vs. 2Q14 ( in millions) 3Q14 2Q14 Key Drivers Growth at higher-margin DJ Basin, Ft Union, Brasada and Natural Gas Throughput Granger complex offset by 3.5 3.6 declines at lower-margin (Bcf/d) Bison Treaters,…
Nuevo Midstream Transaction Formed in 2011 to provide gathering, treating and processing services in the Delaware Basin New, high efficiency gathering and processing system supported by over 150,000 dedicated acres and volume…
Nuevo Midstream Transaction Nuevo Midstream, LLC Delaware Basin JV (50% APC Interest) Haley Gathering Ramsey (100% WES Processing Interest) Complex Lone Creek Oil Gathering APC Acreage (100% APC Interest) Bone…
Nuevo Midstream Transaction Acquisition Rationale Opportunity to establish significant midstream position in emerging Delaware Basin Benefitting from Nuevos first-mover advantage APC controls 600,000 gross acres in area with existing…
Updated 2014 Outlook Previously Current Variance ( in millions) Announced Adjusted EBITDA(1) 600-650 625-650 12.5 Maint. Capex as % of Adj. EBITDA 8 - 11% 7 - 10% (1%) Total Capex(1)(2) 720-770 670-720 (50) Minimum WES…
Reconciliations 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,…
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,…
WES Non-GAAP Reconciliation Distributable Cash Flow WES defines Distributable cash flow as Adjusted EBITDA, plus interest income, less net cash paid for interest expense (including amortization of deferred debt issuance costs…
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 of…
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