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Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc.

Exterran Holdings, Inc. · Jun 14, 2014 · 26 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. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 1
    CREDIT SUISSE MLP & ENERGY LOGISTICS CONFERENCE JUNE 10, 2014 David Miller Senior Vice President and Chief Financial Officer Exterran Exterran Partners, L.P. Holdings, All rights Inc. All rights reserved. reserved.…
  2. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 2
    PARTNERSHIP OVERVIEW Exterran Partners (NASDAQ: EXLP) Unit Price1 27.46 Market Capitalization1,2 1.5 billion Average Trading Volume3 133,000 units Distribution (annualized rate)4 2.15 / unit Yield1,5 7.83% Distribution cash flow…
  3. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 3
    FUNDAMENTALS Exterran Holdings, Inc. All rights reserved. www.exterran.com 3
  4. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 4
    CONTRACT OPERATIONS Focus of Exterran Contract Operations Processing Wellhead Production Main Line Transmission Gas compression is an essential service utilized all along the production cycle to transport gas to the end…
  5. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 5
    LEADER IN U.S. NATURAL GAS CONTRACT OPERATIONS SERVICES EXLP is the largest contract U.S. Outsourced Compression Competitors1 compression provider in the U.S. 3,500 3,345 with 2.7 million1 operating horsepower. 3,000 631 EXH…
  6. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 6
    EXTERRAN ORGANIZATIONAL STRUCTURE Market Equity1: 2.8 Billion North America Estimated current value of 35% LP1 Contract Operations EXHs ownership in EXLP of 3.9 MM HP2 850 million1,3 2% GP1 U.S. Contract Operations (74%…
  7. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 7
    FAVORABLE INDUSTRY MARKET TRENDS Exterran Holdings, Inc. All rights reserved. www.exterran.com 7
  8. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 8
    U.S. NATURAL GAS MARKET U.S. Natural Gas Production by Source U.S. Production of Natural Gas Liquids by Type (millions of barrels per day) (trillion cubic feet) Growth in U.S. production is expected to drive compression…
  9. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 9
    OIL & GAS DRILLING AND PRODUCTION SPENDING OUTLOOK U.S. Capital Spending Projected to Increase 200 2% CAGR from 2013 through 2019 160 120 ( billions) 80 40 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016…
  10. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 10
    U.S. SHALE PLAYS Strong opportunities for organic contract operations growth in North America Source: Energy Information Administration Exterran Partners, L.P. All rights reserved. www.exterran.com 10
  11. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 11
    KEY INITIATIVES AND GROWTH STRATEGY Exterran Partners, L.P. All rights reserved. www.exterran.com 11
  12. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 12
    KEY INITIATIVES Performance Initiatives Multi-year plan to deliver better returns to investors Achieved improved profitability over the last two years Ongoing field initiatives to improve the operating efficiency of our business…
  13. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 13
    GROWTH STRATEGY EXLP organic growth of 31 thousand operating horsepower over the past year1 Organic horsepower growth Adding new large and small horsepower compression units to fleet Successful track record with eight drop downs…
  14. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 14
    EXECUTION OF DROP-DOWN GROWTH STRATEGY Total Combined U.S. Available Horsepower of 3.9 Million as of March 31, 20141 EXH 26% 1.0 MM 2.9 MM EXLP 74% We believe that substantially all of the U.S. horsepower owned by…
  15. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 15
    MIDCON COMPRESSION ASSET ACQUISITION In April 2014, Exterran Partners acquired compression assets from MidCon Compression for approximately 363 million1 Assets include 337 compression units, with a total horsepower of 444,000…
  16. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 16
    FINANCIAL REVIEW Exterran Holdings, Inc. All rights reserved. www.exterran.com 16
  17. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 17
    FAVORABLE PROFITABILITY TREND Gross Margin per Horsepower1,2 12.00 Contribution from 11.13 11.00 sale of two processing plants3 0.97 10.00 9.92 9.84 9.97 9.75 9.67 9.00 9.00 8.78 8.43 8.00 7.93 7.00 6.00 5.00 4Q…
  18. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 18
    FEE-BASED BUSINESS WITH TRACK RECORD OF GROWTH Period Ending Operating Horsepower Rolling LTM EBITDA, as further adjusted1,2 3,000 250 242 239 2,714 229 219 2,500 444 2,264 200 193 181 1,991 169 2,000 162 149 1,728 150 140…
  19. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 19
    CASH DISTRIBUTIONS Distributable Cash Flow Coverage1 1.80x 1.60x 1.60x 1.47x 1.46x 1.40x 1.34x 1.31x 1.31x 1.25x 1.28x 1.20x 1.20x 1.23x 1.20x 1.15x 1.17x 1.09x 1.02x 1.02x 1.00x 0.99x 0.98x 0.92x 0.91x 0.91x 0.85x…
  20. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 20
    DEBT STRUCTURE Pro Forma Debt Structure as of March 31, 20141 ( millions) Funded Type Amount Size Maturity Rating Secured Revolver 133 650 2018 n/a 3 Secured Term Loan 150 150 2018 n/a EXLP 6% Senior Notes2 345 345 2021 B/B1…
  21. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 21
    ATTRACTIVE CURRENT YIELD MLP Industry Yields May 20141 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Natural Gas & Natural Gas EXLP Exploration & NGL Pipelines Gathering & Production Group Group Processing…
  22. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 22
    INVESTMENT MERITS Well-positioned to benefit from favorable industry trends with leading market position Solid capital position with proven growth strategy Demonstrated performance enhancement capability Additional process-driven…
  23. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 23
    NON-GAAP FINANCIAL MEASURES EXLP EBITDA, as further adjusted, a non-GAAP measure, is defined as net income (loss) (a) excluding income taxes, interest expense (including debt extinguishment costs and gain or loss on termination of…
  24. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 24
    NON-GAAP FINANCIAL MEASURES EXLP (CONT.) ( in thousands) 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Net income (loss) 2,343 2,264 7,482 7,312 6,547 6,079 9,411 7,810 6,721 2,738 2,008 3,317 1,426…
  25. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 25
    ESTIMATED VALUE OF EXH OWNERSHIP POSITION IN EXLP ( millions, except EXLP unit price) Q1 2014 EXLP LP Units Owned by EXH1 19.6 EXLP Unit Price1 27.46 LP Value 538.7 Annualized EXLP GP Cash Distributions2 12.5 Peer Multiple3…
  26. Credit Suisse MLP & Energy Logistics Conference – Exterran Holdings, Inc. – slide 26

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