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4Q and FY 2019 Earnings Presentation – Western Midstream Partners

Western Midstream Partners · Feb 28, 2020 · 25 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 FY 2019 Earnings Presentation – Western Midstream Partners – slide 1
    Fourth-Quarter and Full-Year 2019 Review February 28, 2020
  2. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 2
    Forward-Looking Statements WES OWNERSHIP STRUCTURE and Corporate Structure Occidental Public Unitholders NYSE: OXY This presentation contains forward-looking statements. Western Midstream Partners, LP (WES) believes that its…
  3. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 3
    2019 Accomplishments Financial Performance1 Simplification Transaction 17% year-over-year Adjusted EBITDA growth Elimination of incentive distribution rights Over 1.1B of cash distributions to unitholders Acquisition of high-growth…
  4. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 4
    Financial Performance Guidance ( in millions, includes full-year impact of acquired assets) 4Q19 Actuals 2019 Guidance 2019 Actuals Variance2 Adjusted EBITDA 448 1,675 - 1,725 1,719 19 Total Capital Expenditures1 243 1,300 - 1,400…
  5. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 5
    Bond Offering 3.5 Billion 3- Offering 5- Oversubscribed 10 - Record-Low 6.2x Upsized Coupon For WES 30 - Year Notes Like-Tenor Notes Over 21 Billion Of Demand 5
  6. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 6
    Operational Performance FOURTH-QUARTER THROUGHPUT3 Y-o-Y 4Q19 Actuals 2019 Actuals Increase 5% GROWTH 8% GROWTH DELAWARE BASIN DELAWARE AND Natural-Gas Throughput (MMcf/d)1 4,315 4,248 350 WATER SYSTEM DJ BASIN OIL 7% GROWTH…
  7. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 7
    2020 Adjusted EBITDA Guidance EXPECTED ASSET-LEVEL EBITDA CONTRIBUTION1 Other2 11% of Asset EBITDA 1,875 Million to Equity Investments Delaware Basin 1,975 Million 14% of Asset EBITDA 37% of Asset EBITDA 59% Gas Double-Digit…
  8. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 8
    2020 Capital Guidance Other Maintenance Equity Investments 875 Million Equity Investments 8% 3% 2% 15% to 950 Million DJ Basin Gathering 26% Water 47% Key Projects 20% +60,000 HP Compression +140 Miles of Gathering Total…
  9. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 9
    2020 Guidance ( in millions) 2020 Guidance Adjusted EBITDA1 1,875 - 1,975 Total Capital Expenditures2 875 - 950 Maintenance Capital Expenditures 125 - 135 Annual Distribution Growth 1% Annual Distribution Coverage 1.25x 1)…
  10. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 10
    Q&A 10
  11. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 11
    APPENDIX 11
  12. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 12
    Premier Asset Portfolio Value-Focused Portfolio1 Revenue: 44% Delaware Basin, 36% DJ Basin 24 GATHERING SYSTEMS Total Capital: 52% Delaware Basin, 37% DJ Basin Direct Commodity Exposure Protection2 76 PROCESSING & TREATING…
  13. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 13
    Financial Policy LEVERAGE TARGET CREDIT RATING COVERAGE TARGET Investment 3.5x 4.0x Grade 1.25x Historic leverage between 3.0x to 3.5x1 Committed to Investment-Grade rating Excess cash uses: YE 2020 Target - Below 4.5x Current…
  14. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 14
    Delaware Basin: Expansive Multi-Product Infrastructure Gas Highlights 1,044 1,096 1,101 1,178 1,179 1,272 1,274 919 1000 MMcf/d Gas, oil, and water services 500 Backbone infrastructure in place 0 Efficient and scalable…
  15. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 15
    Delaware Basin: Gas Infrastructure EDDY LEA NEW MEXICO TEXAS WES Gas Processing RAMSEY LOVING West Texas Complex 1.3 Bcf/d CULBERSON MENTONE Equity-Interest Gas WINKLER Processing 5 MILES Mi Vida REEVES 200 MMcf/d…
  16. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 16
    Delaware Basin: Oil Infrastructure EDDY LEA NEW MEXICO TEXAS NORTH LOVING LOVING REEVES CULBERSON Oil Treating WINKLER 255 MBbl/d Capacity 5 MILES REEVES WARD Regional-Oil-Treating Facility Oil Pipelines Note:…
  17. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 17
    Delaware Basin: Water Infrastructure EDDY LEA NEW MEXICO TEXAS LOVING CULBERSON Salt-Water Disposal WINKLER 1,065 MBbl/d Capacity 5 MILES REEVES WARD Salt-Water Disposal Wells Water Pipelines Note: Capacity as…
  18. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 18
    DJ Basin Gas Highlights 1,258 1,266 1,295 1,107 1,119 1,119 1,185 1,124 1000 MMcf/d Free-cash-flow positive Long-term, fee-based contracts 0 1Q2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 Long-Term…
  19. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 19
    DJ Basin COLORADO LATHAM CRYO LARIMER WELD COSF Gas Processing LANCASTER COMPLEX 1,680 MMcf/d BOULDER Oil Stabilization 5 MILES 155 MBbl/d ADAMS Gas-Processing Plant Oil-Treating Facilities WATTENBERG PLANT…
  20. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 20
    Additional Portfolio Assets Wyoming Utah Pennsylvania South Texas Bison Springfield Gathering Hilight Complex Chipeta Marcellus Gas Gathering Brasada Gas Plant Granger Complex Red Desert Complex 20
  21. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 21
    Equity Investment Overview WES Equity Investment Ownership Location Description Operator Ranch Westex 50% Ward County, TX 125 MMcf/d gas-processing plant Energy Transfer Mi Vida 50% Ward County, TX 200 MMcf/d gas-processing plant…
  22. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 22
    WES Non-GAAP Reconciliation Adjusted EBITDA WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP (Adjusted EBITDA) as net income (loss), plus distributions from equity investments, non-cash equity-based…
  23. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 23
    WES Non-GAAP Reconciliation Adjusted EBITDA WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP (Adjusted EBITDA) as net income (loss), plus distributions from equity investments, non-cash equity-based…
  24. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 24
    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 WES…
  25. 4Q and FY 2019 Earnings Presentation – Western Midstream Partners – slide 25
    WES Non-GAAP Reconciliation Adjusted Gross Margin WES defines Adjusted gross margin attributable to Western Midstream Partners, LP (Adjusted gross margin) as total revenues and other (less reimbursements for electricity-related…

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