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Deutsche Bank Energy Conference – Exterran Holdings, Inc.

Exterran Holdings, Inc. · Sep 16, 2014 · 33 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. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 1
    DEUTSCHE BANK ENERGY CONFERENCE SEPTEMBER 16-17, 2014 Brad Childers President and Chief Executive Officer Exterran Exterran Holdings, Inc. Holdings, All rights Inc. All rights reserved. reserved. www.exterran.com…
  2. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 2
    COMPANY OVERVIEW Exterran Holdings (NYSE: EXH) Share Price1 44.86 Market Capitalization1,2 3.0 billion Average Trading Volume3 884,000 shares Dividend (annualized rate)4 0.60 / share Yield1,5 1.34% 1Asof September 12, 2014…
  3. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 3
    INVESTMENT MERITS Leveraged to favorable industry trends as a global leader in compression and well-established position in production and processing equipment Demonstrated performance improvement capability with opportunities to…
  4. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 4
    FUNDAMENTALS Exterran Holdings, Inc. All rights reserved. www.exterran.com 4
  5. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 5
    SURFACE PRODUCTION SOLUTIONS Focus of Exterran Operations Power Generation Storage Industrial Wellhead Gathering Processing Production System Residential Chemical Feed-stocks and Fuels Main Line Transmission Exterran…
  6. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 6
    EXTERRAN PRODUCT LINES Contract Services Product Sales Contract operations services provided Seven facilities in North America and with Exterran-owned fleet four in international locations Leader in the U.S. and Latin America Sell…
  7. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 7
    U.S. SHALE PLAYS Strong opportunities for organic contract operations growth in North America Source: Energy Information Administration Exterran Holdings, Inc. All rights reserved. www.exterran.com 7
  8. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 8
    CONTRACT SERVICES - STABLE CASH FLOWS Services Revenue and Natural Gas Prices1,2 900 14 800 12 700 10 Henry Hub Spot Price Revenue ( millions) 600 500 8 400 6 300 4 200 2 100 0 0 2008 2009 2010 2011 2012…
  9. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 9
    LEADER IN U.S. CONTRACT OPERATIONS SERVICES Exterran controls the largest U.S. Outsourced Compression Competitors1 contract compression business in 3,600 3,532 the U.S. with over 3.5 million1 operating horsepower, 2.9 million1 632…
  10. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 10
    PRODUCT SALES BACKLOG TRENDS Fabrication Backlog at Period Ends 1,400 1,400 1,200 1,200 1,000 1,000 ( millions) ( millions) 800 800 600 600 400 400 200 200 0 0 2008 2009 2010 2011 2012 2013 6/30/14 2008 2009 2010…
  11. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 11
    GLOBAL PRESENCE Revenue Mix1 Gross Margin Mix1,2 Latin North North America America America 18% Latin 57% 59% America 26% Eastern Eastern Hemisphere Hemisphere 23% 17% Regional Headquarters Engineering and Manufacturing…
  12. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 12
    BUSINESS MIX Revenue Mix1 Gross Margin Mix1,2 ( millions) ( millions) 2,897 972 Sales Fabrication: 47% 221 Fabrication: 23% Sales 1,356 88 Aftermarket Services: 14% Aftermarket Services: 9% 306 International Contract…
  13. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 13
    EXTERRAN ORGANIZATIONAL STRUCTURE Market Equity1: 3.0 Billion North America Estimated current value of 35% LP1 Contract Operations EXHs ownership in EXLP of 4.1 MM HP2 990 million3 2% GP1 U.S. Contract Operations (75%…
  14. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 14
    FAVORABLE INDUSTRY MARKET TRENDS Exterran Holdings, Inc. All rights reserved. www.exterran.com 14
  15. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 15
    U.S. NATURAL GAS MARKET U.S. Natural Gas Production by Source U.S. Natural Gas Consumption by Sector (trillion cubic feet) (trillion cubic feet) Optimistic outlook driven by growth in U.S. shale gas and oil production…
  16. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 16
    GLOBAL INDUSTRY CAPITAL SPENDING Global Drilling and Production Capital Spending Projected to Increase 500 6% CAGR from 450 2013 through 2019 400 350 300 ( billions) 250 200 150 100 50 0 2007 2008 2009 2010…
  17. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 17
    PERFORMANCE INITIATIVES & GROWTH ACTIVITIES Exterran Holdings, Inc. All rights reserved. www.exterran.com 17
  18. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 18
    PERFORMANCE INITIATIVES Multi-year plan to deliver better return to investors Achieved improved profitability over the last two years 2014 process-driven initiatives expected to drive further performance improvements in 2H 2014 and…
  19. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 19
    GROWTH ACTIVITIES Organic growth of 77,000 operating horsepower in second quarter 2014 North America Contract Ops Acquired compression assets from MidCon Compression in April and August 2014 Backlog of new projects totals 75…
  20. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 20
    RECENT ACQUISITIONS In April 2014, Exterran Partners acquired compression assets from MidCon Compression for approximately 351 million1 Assets include 337 compression units, with a total horsepower of 444,000 Acquired units are highly…
  21. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 21
    FINANCIAL REVIEW Exterran Holdings, Inc. All rights reserved. www.exterran.com 21
  22. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 22
    IMPROVED FINANCIAL PERFORMANCE Exterran Holdings EBITDA, as adjusted1 Exterran Partners EBITDA, as further adjusted1 700 250 239 634 25 600 200 181 500 461 434 25 388 150 140 ( millions) ( millions) 400 125 306 105 32 8…
  23. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 23
    ENHANCED CREDIT PROFILE Total Debt Outstanding Exterran Holdings Debt to Adjusted EBITDA1 2,000 1,897 1,853 5.0x 1,773 1,800 4.5x 4.3x 449 1,565 3.9x 1,600 1,502 4.0x 546 1,400 3.5x 1,042 1,200 681 ( millions) 3.0x 758…
  24. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 24
    INITIATED DIVIDEND Focus on improved profitability, cash generation and debt reduction has allowed Exterran Holdings to return cash to stockholders Announced initiation of the companys dividend program in February 2014 Initial…
  25. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 25
    MAIN DRIVERS FOR ENHANCING VALUATION Capital Growth Operational Management Development Excellence Allocate capital to Enhance Continue to modernize maximize Exterran effectiveness of compression fleet Parents profitability new…
  26. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 26
    EXLP DISTRIBUTIONS DECLARED TO EXH 60 56 50 50 40 34 31 42 ( millions) 29 30 41 24 19 20 32 25 24 13 22 10 18 12 14 9 5 6 0 1 1 2 2 2007 2008 2009 2010 2011 2012 2013 20141 GP Interest LP Interest…
  27. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 27
    INVESTMENT MERITS Leveraged to favorable industry trends as a global leader in compression and well-established position in production and processing equipment Demonstrated performance improvement capability with opportunities to…
  28. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 28
    APPENDIX Exterran Holdings, Inc. All rights reserved. www.exterran.com 28
  29. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 29
    NON-GAAP FINANCIAL MEASURES Exterran Holdings, Inc.: EBITDA, as adjusted, a non-GAAP measure, is defined as net income (loss) excluding income (loss) from discontinued operations (net of tax), cumulative effect of accounting changes…
  30. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 30
    DEBT STRUCTURE ( millions) Debt Structure as of June 30, 2014 Funded S&P/Moody's Type Amount Size Maturity Rating Senior Secured Facility 1 460 900 2016 BB+/NR5 7.25% Senior Notes 350 350 2018 BB-/Ba3 EXLP Secured Revolver 202…
  31. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 31
    ESTIMATED VALUE OF EXH OWNERSHIP POSITION IN EXLP ( millions, except EXLP unit price) Q2 2014 EXLP LP Units Owned by EXH1 19.6 EXLP Unit Price1 29.63 LP Value 581.3 Annualized EXLP GP Cash Distributions2 13.6 Peer Multiple3…
  32. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 32
    VENEZUELA In 2012, we sold our previously nationalized joint venture and wholly-owned assets in Venezuela for aggregate consideration of approximately 550 million As of June 2014, we have received approximately 380 million (50…
  33. Deutsche Bank Energy Conference – Exterran Holdings, Inc. – slide 33

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