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4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp

Western Gas Partners Lp · Feb 15, 2019 · 15 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. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 1
    NYSE: WES NYSE: WGP westerngas.com INVESTOR RELAT IONS JACK SPINKS Manager, Investor Relations 832 636 3738 FOURTH QUARTER AND FULL-YEAR 2018 REVIEW February 15, 2019
  2. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 2
    Simplification & Strategic Acquisition Transactions Transactions Expected to Close by End of 1Q19 PRO FORMA STRUCTURE Subject to WES Unitholder Vote on February 27th Anadarko Petroleum Corporation Public Term Loan Facility to…
  3. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 3
    Strong 2018 Performance 2018 2018 ( in Millions) Guidance Actuals WES Adjusted EBITDA1 1,175 - 1,225 1,206 WES Total Capital Expenditures2 1,350 - 1,450 1,458 WES Maintenance Capital Expenditures 85 - 95 91 WES 2018…
  4. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 4
    4Q18 vs 3Q18 Financial Performance ( in Millions) 4Q18 3Q18 Adjusted EBITDA 347.5 314.5 Total Capital Expenditures1 321.8 328.9 Maintenance Capital Expenditures 29.9 23.8 Distributable Cash Flow 257.3 248.2 Coverage Ratio 1.10x…
  5. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 5
    4Q18 vs 3Q18 Operational Performance 4Q18 3Q18 Ke y D r i ve r s Natural Gas Throughput DJ Basin and Marcellus, partially (Bcf/d) 3.93 3.85 offset by Chipeta and Wyoming Adjusted Gross Margin for Natural Gas Assets (/Mcf) 1.05…
  6. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 6
    Focused Investment in High-Growth Basins 2019E Capital Expenditures: 2019E Adjusted EBITDA: 2019E Coverage Ratio: 1.3 to 1.4 Billion 1.8 to 1.9 Billion Coverage Expansion DJ Basin Delaware Basin DJ Basin Delaware Basin 37% 54%…
  7. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 7
    Delaware Basin: Efficient Three-Product Growth NEW MEXICO TEXAS Gas, Crude & Water Opportunity Set Ramsey LOVING CULBERSON WINKLER Scalable Mentone Infrastructure 5 MILES REEVES APC Leasehold WARD Gas Processing Plant…
  8. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 8
    Unchanged 2019 Outlook ( in millions, includes full-year effect of assets to be acquired) 2019 Guidance Adjusted EBITDA1 1,800 - 1,900 Total Capital Expenditures2,3 1,300 - 1,400 Maintenance Capital Expenditures 110 - 120 WES…
  9. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 9
    Appendices www.westerngas.com NYSE: WES, WGP 10
  10. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 10
    WES Non-GAAP Reconciliation Adjusted EBITDA WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investments, non-cash equity-based compensation expense, interest…
  11. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 11
    WES Non-GAAP Reconciliation Adjusted EBITDA WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investments, non-cash equity-based compensation expense, interest…
  12. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 12
    WES Non-GAAP Reconciliation Adjusted EBITDA WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investments, non-cash equity-based compensation expense, interest…
  13. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 13
    WES Non-GAAP Reconciliation Adjusted EBITDA WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investments, non-cash equity-based compensation expense, interest…
  14. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 14
    WES Non-GAAP Reconciliation Distributable Cash Flow WES defines Distributable cash flow as Adjusted EBITDA, plus interest income and the net settlement amounts from the sale and/or purchase of natural gas, condensate and NGLs under…
  15. 4Q and Full Year 2018 Earnings Call Presentation – Western Gas Partners Lp – slide 15
    WES Non-GAAP Reconciliation Adjusted Gross Margin WES defines Adjusted gross margin as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from…

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