APC WES WGP Relationships1 WGP Public Unitholders 88.0% 12.0% 0.6% LP Interest 40.6% LP -and- 2.0% GP Interest 56.8% Note: 1. As of August 4, 2014 3
Two Public Securities 2014 Outlook1 Adjusted EBITDA Total CAPEX2 400 350 600MM - 720MM - 300 650MM 770MM 250 200 (%) WES 150 Maintenance CAPEX3 Distribution Growth 100 50 No less 0 8% - 11% (50) than 15% May-08 Aug-09…
WES at IPO (2008) Powder River Uintah Hugoton Delaware Bossier Basin Dry Gas Basin Pipelines Dry Gas Note: 1. Adjusted gross margin as defined in the second-quarter 2014 earnings release 5
WES Today Powder River Marcellus Niobrara Greater Uintah DJ Basin Green River Basin Hugoton Delaware Bossier Basin Eagleford Maverick Dry Gas Basin Liquids-Rich Gas Liquids-Rich Basin Marcellus Dry Gas (cost of…
WES Organic Capex Profile1 Step Change in Capital Expenditures 2 Notes: 1. As reported 2. Per 2014 guidance estimates provided on August 5, 2014; includes 36MM of equity investments 10
2014 Capital1 (Including Equity Investments) Estimated 2014 Capital and Equity Investments: 720 - 770MM Equity Inv. Marcellus Other 5% 16% 10% Powder River 7% DJ Basin 60% Note: 1. Per 2014 guidance estimates provided on…
APC Midstream Inventory AT WES IPO (May 2008) TODAY Marcellus Wind River Powder River Complex Powder River Rendezvous Gathering Granger Complex Ft. Union Atlantic Red Desert Natural Rim Complex DJ Basin Natural Buttes Buttes Oil…
Growth via APC Negotiated Equity Interests White Cliffs 10% Interest Acquired Sept 2010 Satanta Plant (APC) Front Range Pipeline 49% Interest 331/3% Interest Acquired Jan 2011 Acquired Mar 2014 Cushing, OK Skellytown Texas…
Achieving Our Goals Fee-Based Demand & Fixed Charge Price and COS Agreements Agreements MITIGATED RISK 14
Commodity Risk Management Anadarko has retained commodity-price risk related to dropdown assets Fee-Based & Fixed-Price Note: 1. Last Twelve Months ending 6/30/2014; adjusted gross margin as defined in the second-quarter 2014…
Volumetric Risk Management Bison MIGC Ft. Union OTTCO Lancaster Demand Charges in Non-Marcellus Dry Chipeta Gas Areas MIGC, Bison, Ft. Union White Cliffs Non-Marcellus Dry Gas Front Throughput Covered by 510 Range Demand…
WES Legacy Performance1 Throughput Enterprise Value As of FYE 12/31 2 Annual Distributions Adjusted EBITDA 3 Note: 3 1) As reported 2) Dated as of FQE 6/30/2014 3) Per guidance estimates provided on August 5, 2014 17
APPENDIX 18
Non-GAAP Adjusted EBITDA Reconciliation1 Year Ended December 31, (in thousands) 2009 2010 2011 2012 2013 Reconciliation of net income (loss) attributable to Western Gas Partners, LP to Adjusted EBITDA Net Income (loss) attributable…
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