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Simmons Energy Conference – Exterran Corporation

Exterran Corporation · Mar 3, 2016 · 25 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. Simmons Energy Conference – Exterran Corporation – slide 1
    Exterran Corporation Simmons Energy Conference March 3, 2016 Jon Biro Senior Vice President and Chief Financial Officer 0 rights Exterran Corporation. All Exterran Corporation. All rights reserved. reserved. www.exterran.com
  2. Simmons Energy Conference – Exterran Corporation – slide 2
    INTRODUCTION TO EXTERRAN Exterran has been providing infrastructure solutions to the oil and gas industry for more than 60 years Recent split from Archrock allows for focus on international services and global product sales…
  3. Simmons Energy Conference – Exterran Corporation – slide 3
    COMPANY OVERVIEW Exterran Corporation (NYSE: EXTN) Share Price1 14.26 Average Trading Volume2 303,000 shares Market Capitalization1, 3 501 million Net Debt4 497 million Enterprise Value 998 million EBITDA, as Adjusted 5 - LTM…
  4. Simmons Energy Conference – Exterran Corporation – slide 4
    RECENT FINANCIAL PERFORMANCE AND GUIDANCE ( IN MILLIONS) Q1 2016 Guidance Q4 2015 Actuals International Contract Operations: Revenue 100 - 105 120 Gross Margin 60% 65% Aftermarket Services: Revenue 30 - 35 32 Gross Margin…
  5. Simmons Energy Conference – Exterran Corporation – slide 5
    WHY INVEST IN EXTERRAN A Global Market Integrated Performance Leader + Business Model + Through Cycles Product & service expertise Global operations Centers of Relatively stable, fee based Deep technical knowledge Excellence (COE)…
  6. Simmons Energy Conference – Exterran Corporation – slide 6
    ESTABLISHED GLOBAL BUSINESS WITH LOCAL EXPERTISE Regional Headquarters Engineering and Manufacturing Centers North America Other Major International Locations 29% Revenue: 858mm (46%) Eastern Hemisphere 46% Revenue: 548mm (29%)…
  7. Simmons Energy Conference – Exterran Corporation – slide 7
    WHY CUSTOMERS CHOOSE EXTERRAN Customer Requirements Exterrans Value Add Industry leading safety record Approximately 7,000 employees Experience Differentiated field services Speed / Delivery to first production needs Long…
  8. Simmons Energy Conference – Exterran Corporation – slide 8
    POSITION IN THE ENERGY VALUE CHAIN Demand driver diversity across multiple sectors and cycles Ethane END USER Propane NGL Butane Pipelines Natural Gasoline Petrochemical LPG Fuels Natural Gas Refining Pipelines Natural Gas NGL…
  9. Simmons Energy Conference – Exterran Corporation – slide 9
    UNIQUE BUSINESS MODEL Revenue by Geography1 Reporting Typical Contract Sales Business Competitive Segments NAM LATAM EH GM % Duration Backlog Model Advantage Speed to market Exterran Avg. 10 Expertise & ICO n/a 74% 26% 60%+ 2…
  10. Simmons Energy Conference – Exterran Corporation – slide 10
    HOW WE GO TO MARKET % of % of LTM LTM Revenues1 Gross Margin1 25% 61% Customer Engagement ICO Local Sales Stable, Application Fee-Based Engineering 7% 7% Cash Flow AMS Product Development Operational 68% 32%…
  11. Simmons Energy Conference – Exterran Corporation – slide 11
    OUR EXPOSURE TO KEY MACRO TRENDS Gathering Processing Infrastructure Separation Gas processing Early production facilities Dehydration Cryogenic plants Water polishing Representative Oil stabilization Dew point plants FPSO topside…
  12. Simmons Energy Conference – Exterran Corporation – slide 12
    INTERNATIONAL CONTRACT OPERATIONS TYPICAL PROJECT MODEL Fee-Based Operations Design Project Scope Project Operating and Contract Award Post Initial Contract Phase Maintenance Build, Install, Commission Production Startup 6 24…
  13. Simmons Energy Conference – Exterran Corporation – slide 13
    AFTERMARKET SERVICES SUPPORTS CUSTOMERS EQUIPMENT AND PROJECTS Business Model bridges Product Sales and ICO AMS Offerings Maintenance Contractual Operations and Partner with Me Risk Maintenance Replacement Manage my Equipment…
  14. Simmons Energy Conference – Exterran Corporation – slide 14
    MARGIN RESILIENCY UNDERPINS STABLE, RECURRING FREE CASH FLOW THROUGH CYCLES Historical ICO and AMS Gross Margin1 ( in millions) ICO projects largely tied to long-term local infrastructure build- out & local commodity pricing…
  15. Simmons Energy Conference – Exterran Corporation – slide 15
    PRODUCT SALES BUSINESS POSITIVE CASH FLOW GENERATION AND LOW CAPITAL INTENSITY Product Sales Backlog by Region1 Historical Product Sales Gross Margin Percentage3 Backlog ( Millions) 1,400 2,000 1,262 1,200 1,064 1,600 18%…
  16. Simmons Energy Conference – Exterran Corporation – slide 16
    LOCAL MARKET DRIVERS UTILIZING OUR EXPERTISE TO FORGE NEW MARKETS North Overall environment resulting in challenging fundamentals for product sales business America Recent customer activity has decreased substantially due to most…
  17. Simmons Energy Conference – Exterran Corporation – slide 17
    INVESTMENT HIGHLIGHTS Well-positioned to benefit from continuing global energy infrastructure investment Integrated business model with sustainable competitive advantages Focused on generating free cash flow and reducing debt levels…
  18. Simmons Energy Conference – Exterran Corporation – slide 18
    Addendum I 18 Exterran Corporation. All rights reserved.
  19. Simmons Energy Conference – Exterran Corporation – slide 19
    FINANCIALS BY SEGMENT AND GEOGRAPHY Revenue by Segment1 Revenue by Geography1 AMS 128mm 7% Latin America North 463 ICO America 25% 470mm 858 Product 25% 46% Sales Eastern 1,272mm Hemisphere 68% 548 29% LTM Q4-15 Total:…
  20. Simmons Energy Conference – Exterran Corporation – slide 20
    HISTORICAL FINANCIAL PERFORMANCE Revenue ( in millions) Gross Margin1 ( in millions) 45 40 1,961 380 91 1,809 392 98 1,662 23 465 121 1,840 21 445 162 2,069 18 464 2,415 15 2,173 18 494 2,232 504 17 35 30 25 20…
  21. Simmons Energy Conference – Exterran Corporation – slide 21
    NON-GAAP FINANCIAL MEASURES Exterran Corporation: 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…
  22. Simmons Energy Conference – Exterran Corporation – slide 22
    NON-GAAP FINANCIAL MEASURES (CONT.) EXTERRAN CORPORATION ( in millions) 2010 2011 2012 2013 2014 2015 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Revenues ICO 465.1 445.1 464.0 476.0 493.9 469.9 111.0 134.4 124.4 124.1 120.7…
  23. Simmons Energy Conference – Exterran Corporation – slide 23
    NON-GAAP FINANCIAL MEASURES (CONT.)1 EXTERRAN CORPORATION 2010 2011 2012 2013 2014 2015 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 ( millions) Net income (loss) 38.4 (232.3) 119.4 152.9 152.5 46.2 43.0 25.5 36.9 47.1 37.6 8.4…
  24. Simmons Energy Conference – Exterran Corporation – slide 24
    NON-GAAP FINANCIAL MEASURES (CONT.)1 ARCHROCK ( in millions) 2008 2009 Revenue North America Contract Operations 767.9 652.9 International Contract Operations 379.8 392.0 Aftermarket Services 316.5 273.3 Product Sales 1,489.6…
  25. Simmons Energy Conference – Exterran Corporation – slide 25
    NON-GAAP FINANCIAL MEASURES (CONT.)1 ARCHROCK ( in millions) 2008 2009 Net loss (935.1) (545.5) Selling, general and administrative 347.2 331.8 Merger and integration expenses 11.4 - Depreciation and amortization 323.1 338.8…

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