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:…
Best-in-Class Sponsor Support Significant WGP Ownership Accretive Acquisition Multiples Supportive Financings Fixed-Price Agreements COS and Demand Charge Contracts www.westerngas.com 4
Combination of Scale and Growth Annual 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 21,985…
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 6
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…
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 10
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 12
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 44.0 Cost of Service 32.0 Total Demand Charge or 76.0 Cost of Service Fee-Based & ADJUSTED…
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 16
www.westerngas.com NYSE: WES, WGP
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…
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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