A Large, Diversified Portfolio Powder Marcellus River Western Gas Assets Niobrara Greater Western Gas Uintah DJ Basin Green River Number of basins 8 Basin Gathering systems 21 Hugoton Processing & treating 44…
Combination of Scale and Growth Annual Adjusted WES / WGP Distribution EBITDA1 Enterprise Value Growth (MM) (MM)2 2010 14.3% 186 2,717 2011 14.9% 254 4,163 2012 18.4% 328 9,941 2013 16.3% 458 14,163 2014 16.2% 646 21,985…
The APC/WGP/WES Relationship1 WGP Public Unitholders 83.63%2 16.37%2 8.06% LP Interest 30.09% LP -and- 1.55% GP Interest 60.30%3 Notes: 1. As of March 31, 2016 2. Assumes outstanding Tangible Equity Units…
Best-in-Class Sponsor Support Significant WGP Ownership Accretive Acquisition Multiples Supportive Financings Fixed-Price Agreements COS and Demand Charge Contracts www.westerngas.com 6
Remaining Inventory Provides Safety Net AT WES IPO (May 2008) TODAY Marcellus Wind River Powder River Complex Rendezvous Granger Complex Ft. Union Atlantic Red Desert Natural Rim Complex DJ Basin Oil Natural Buttes Buttes…
DJ Basin Fueled Past WES Growth Throughput 900 800 DJ Basin Infrastructure 700 779 600 MMcf/d 500 507 530 400 439 300 375 200 274 100 - 2010 2011 2012 2013 2014 2015 Asset Operating Income 250 227 200 150…
Delaware Opportunity The Next DJ Niobrara / Codell Wattenberg Wolfcamp Shale Delaware Basin Niobrara/Codell Focus Area Anadarko Petroleum Investor Slides www.westerngas.com 9
Blue-Chip Customers in Our Service Area Eddy Lea NEW MEXICO Winkler Ward TEXAS Culberson Reeves 10 MILES Pecos Anadarko www.westerngas.com 10
with APC Representing the Next Stage of Growth Anadarko Petroleum Investor Slide: www.westerngas.com 11
Other Key Areas EAGLEFORD MARCELLUS Brasada Gas Plant Western Gas Partners, LP Maverick Oil Handling Facility Gathering Lines 3rd Party Infrastructure Rome Major Pipelines Dimmit La Salle Liberty Webb Seely…
Risk Mitigation Throughout Portfolio COMMODITY VOLUMETRIC % of Total Gas Contract Type Throughput2 Unhedged Demand Charge 45.0 Cost of Service 33.6 Total Demand Charge or 78.6 Cost of Service ADJUSTED Fee-Based &…
Consistent Distribution Growth Across Multiple Cycles 2008 Financial Crisis 2010 BP Oil Spill 2012 NGL/NatGas & 2013 DJ Basin Floods 2013/14 TRONOX Commodity price decline Limited cap mkts access Euro Concerns 1-in-100 year flood…
Key Investment Considerations High Potential Basins Investment Strong Sponsor Grade Credit Support Ratings Focused Visible Growth Risk Opportunities Mitigation Consistent Track Record www.westerngas.com 15
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