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Wells Fargo Pipeline MLP – Western Gas Partners Lp

Western Gas Partners Lp · Dec 6, 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. Wells Fargo Pipeline MLP – Western Gas Partners Lp – slide 1
    W E S T E R N G A S INVESTOR R E L AT ION S JON VANDENBRAND Director, Investor Relations (832) 636-1007 WELLS FARGO PIPELINE, MLP & UTILITY SYMPOSIUM December 6, 2016 Benjamin M. Fink Senior Vice President & CFO w w w. w…
  2. Wells Fargo Pipeline MLP – Western Gas Partners Lp – slide 2
    Western Gas Structure Anadarko Petroleum Corp. Public NYSE: APC Unitholders Western Gas Equity Partners, LP 77.9%2 22.1%2 NYSE: WGP BBB- / Ba15 18+ Bn / BBB- Combined 30.0% LP 1.5% GP Senior Credit Enterprise Value4…
  3. Wells Fargo Pipeline MLP – Western Gas Partners Lp – slide 3
    Best-in-Class Sponsor Support Significant Ownership Accretive Acquisition Multiples Supportive Financings Fixed-Price Agreements COS and Demand Charge Contracts w w w. w e s t e r n g a s . c o m N Y S E : W E S , W…
  4. Wells Fargo Pipeline MLP – Western Gas Partners Lp – slide 4
    Business Model Resiliency Resilient Performance Throughout Challenging Commodity Environment 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 WTI1 WES LTM Adjusted EBITDA2 1) Source: US Energy Information Administration Historical Crude…
  5. Wells Fargo Pipeline MLP – Western Gas Partners Lp – slide 5
    A Large, Diversified Portfolio Powder River Marcellus Niobrara Greater DJ Basin Green Western Gas Portfolio1 River Basin Uintah Number of Basins 8 Gathering Systems 23 Natural Gas Processing Plants, Trains and Treating…
  6. Wells Fargo Pipeline MLP – Western Gas Partners Lp – slide 6
    Drop Down Inventory Provides Safety Net Inventory at WES IPO Current Inventory Wind River Powder River Complex Marcellus Rendezvous Ft. Union Atlantic Rim Granger Complex Red Desert 3.8 Billion Complex of Dropdowns DJ Basin…
  7. Wells Fargo Pipeline MLP – Western Gas Partners Lp – slide 7
    DJ Basin: Integrated Infrastructure Supports Continued Growth Model of Integrated APC/WES Development APC has 350,000 Net Acres 4,000 More Locations 1.5+ BBOE Net Resources Minerals-Interest Ownership Significant Existing…
  8. Wells Fargo Pipeline MLP – Western Gas Partners Lp – slide 8
    Delaware Basin: Blue Chip 3rd Party Customers Ramsey Processing Capacity Processing Capacity Online Train (MMcf/d) Date Ramsey III1 200 2Q16 Ramsey IV 200 2Q16 Ramsey V 200 4Q16 Ramsey II1 100 4Q16 Ramsey VI 200 4Q17 Total…
  9. Wells Fargo Pipeline MLP – Western Gas Partners Lp – slide 9
    Delaware Basin: The Anadarko Opportunity Anadarko Investor Slide 1 Estimated 2021 Oil Volumes: 130+ MBbl/d Estimated 2021 Gas Volumes2: 520 MMcf/d Estimated 2021 Water Volumes3: 520 MBbl/d 1) Source: Anadarko Petroleum…
  10. Wells Fargo Pipeline MLP – Western Gas Partners Lp – slide 10
    Risk Mitigation Throughout the Portfolio Commodity Risk Volumetric Risk Counterparty Risk Gas Throughput2 Credit Rating3 Adj. Gross Margin1 Demand Charge Investment Grade Fee-Based & Fixed Price Cost of Service Non-IG…
  11. Wells Fargo Pipeline MLP – Western Gas Partners Lp – slide 11
    Combination of Scale and Sustainable 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…
  12. Wells Fargo Pipeline MLP – Western Gas Partners Lp – slide 12
    Appendix w w w. w e s t e r n g a s . c o m N Y S E : W E S , W G P W E S T E R N G A S 13
  13. Wells Fargo Pipeline MLP – 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 expense,…
  14. Wells Fargo Pipeline MLP – 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 3Q 16 Reconciliation of Net income (loss) to Adjusted EBITDA attributable to Western Gas Partners, LP Net…

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