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Chickasaw Capital Management LLC – Western Gas Partners Lp

Western Gas Partners Lp · Sep 22, 2016 · 14 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. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 1
    www.westerngas.com NYSE: WES, WGP
  2. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 2
    The APC/WGP/WES Relationship1 WGP Public Unitholders 78.0%2 22.0%2 8.4% LP Interest 30.0% LP -and- 1.5% GP Interest 60.1%3 Notes: 1. As of June 30, 2016 2. Assumes outstanding Tangible Equity Units (NYSE:…
  3. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 3
    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…
  4. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 4
    Exposure to World Class Assets Source: Anadarko Petroleum Investor Book www.westerngas.com 5
  5. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 5
    APCs Premier DJ Position Source: Anadarko Petroleum Investor Book www.westerngas.com 6
  6. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 6
    Fueled 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 (MM) 100…
  7. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 7
    Delaware Opportunity The Next DJ Niobrara / Codell Wattenberg Wolfcamp Shale Delaware Basin Niobrara/Codell Focus Area Anadarko Petroleum Investor Slides www.westerngas.com 8
  8. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 8
    APC Accelerating Development of World Class Basin Source: Anadarko Petroleum Investor Book www.westerngas.com 9
  9. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 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
  10. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 10
    Combination of Scale and Growth WES Annual WES Adjusted WES / WGP Distribution EBITDA1 Enterprise Value Growth (MM) (MM)2 2010 14.3% 215 2,717 2011 14.9% 261 4,163 2012 18.4% 328 9,941 2013 16.3% 458 14,163 2014 16.2% 646…
  11. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 11
    Business Model Resiliency Resilient Performance Throughout Challenging Commodity Environment 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Notes: * See Appendix for non-GAAP reconciliations and definitions www.westerngas.com 12
  12. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 12
    www.westerngas.com NYSE: WES, WGP
  13. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 13
    Non-GAAP Reconciliation Adjusted EBITDA WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investees, non-cash equity-based compensation expense, interest…
  14. Chickasaw Capital Management LLC – Western Gas Partners Lp – slide 14
    Non-GAAP Reconciliation Last Twelve Months as of: As Reported ( in Thousands) 4 Q 14 1Q 15 2Q 15 3Q 15 4 Q 15 1Q 16 2Q 16 Reconciliation of Adjusted EBITDA to net income (loss) attributable to Western Gas Partners, LP Adjusted EBITDA…

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