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CORPORATE PRESENTATION – Exterran Holdings, Inc.

Exterran Holdings, Inc. · Nov 17, 2014 · 32 slides

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Slides

  1. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 1
    CREATING TWO INDEPENDENT INDUSTRY-LEADING COMPANIES NOVEMBER 17, 2014 Exterran Exterran Holdings, Inc. Holdings, All rights Inc. All rights reserved. reserved. www.exterran.com www.exterran.com
  2. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 2
    UNLOCKING VALUE: CREATING TWO INDEPENDENT COMPANIES RemainCo SpinCo Core Pure-play U.S. compression services International services & global fabrication Focus 2% GP and 35% LP interests & incentive Global fabrication…
  3. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 3
    STRATEGIC SEPARATION EXPECTED TO DELIVER SIGNIFICANT VALUE Opportunity to create immediate and long-term value for shareholders Creates two industry-leading energy infrastructure companies Enhances overall long-term growth…
  4. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 4
    ORGANIZATIONAL AND STRUCTURAL RATIONALE Long-term Unlock the Potential of Both Growth Strategy Companies U.S. Services Reduced Separate Separate GP / LP Structure Complexity Companies Positioned to Capture Enhanced Growth…
  5. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 5
    SEPARATION SNAPSHOT RemainCo SpinCo Public Public Shareholders Shareholders SpinCo RemainCo 0.7 billion Debt2 U.S. Contract International International Public LP / GP U.S. Operations Contract Aftermarket Fabrication…
  6. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 6
    REMAINCO Exterran Holdings, Inc. All rights reserved. www.exterran.com 6
  7. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 7
    REMAINCO HIGHLIGHTS Growth Positive Industry Fundamentals Organic Growth at EXLP Third-Party and Drop-Down Acquisition Opportunities at EXLP Continued Profitability Stability Improvement Structure Fee-Based Contracts…
  8. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 8
    REMAINCO WILL BE A LEADER IN U.S. CONTRACT OPERATIONS SERVICES 3,600 U.S. Outsourced Compression Competitors1 U.S. Natural Gas Production by Source2 641 Operating HP at RemainCo 3,000 2,400 Operating HP (000s)…
  9. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 9
    REMAINCOS GEOGRAPHIC DIVERSITY Operating horsepower growth of 700,000 YTD 20141 Source: Energy Information Administration 1As of 9/30/14. Includes acquisitions of compression assets from MidCon Compression LLC closed April 10, 2014…
  10. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 10
    REMAINCOS STABLE REVENUES & CASH FLOWS Services Revenue and Oil & Gas Prices1,2 800 150% 700 100% 600 Revenue ( millions) Indexed to 12/31/08 500 50% 400 0% 300 200 -50% 100 0 -100% 2009 2010 2011 2012 2013…
  11. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 11
    REMAINCOS FAVORABLE PROFITABILITY TREND Gross Margin per Horsepower per Month1,2 12.00 10.60 10.42 10.30 9.82 10.00 9.58 9.92 9.84 10.00 9.10 8.87 8.79 8.43 8.37 8.45 7.91 8.00 6.00 4.00 2.00 0.00 Q1-11 Q2-11…
  12. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 12
    EXLP DISTRIBUTIONS Distributable Cash Flow Coverage1 Distributions Paid to EXH 1.80x 1.60x 59 1.60x 60 1.47x 1.40x 1.34x 1.31x 1.31x 50 1.28x 1.26x 50 1.20x 1.20x 1.22x 1.17x 1.20x 40 1.00x 34 43 ( millions) 31 29 0.80x…
  13. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 13
    EXLP GP IS LEVERAGED TO GROWTH AT EXLP EXLP GP GROWTH IS 7.8x EXLP GROWTH (AT CURRENT EXLP LEVEL) EXLP GP Distribution Leveraged to Underlying LP EXLP GP Distribution Also Grows as EXLP Unit Count Grows Distribution Growth (Linear…
  14. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 14
    REMAINCO GROWTH STRATEGY Organic growth of 198,000 operating horsepower over the Organic horsepower growth past year1 Adding new large and small horsepower compression units to fleet RemainCo strategy to drop-down additional…
  15. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 15
    SPINCO Exterran Holdings, Inc. All rights reserved. www.exterran.com 15
  16. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 16
    SPINCO HIGHLIGHTS Growth Global Energy Infrastructure Build Out Redevelopment in U.S. Energy Markets Target New Customers for Fabricated Compressors Stability Structure Long-Term Fee-Based Low Debt Levels International Contract…
  17. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 17
    SPINCO BUSINESSES International Services Product Sales International contract operations Seven fabrication facilities in North provided with SpinCo-owned fleet America and three in international Leader in Latin America locations…
  18. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 18
    SPINCOS GLOBAL PRESENCE Revenue Mix1 Gross Margin Mix1,2 Latin Latin America America 27% 46% North North America Eastern America 40% Eastern Hemisphere 34% Hemisphere 33% 20% Kazakhstan Switzerland United States…
  19. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 19
    SPINCOS STABLE REVENUE & CASH FLOWS Services Revenue and Oil & Gas Prices1 600 150% 500 100% Revenue ( millions) 400 Indexed to 12/31/08 50% 300 0% 200 -50% 100 0 -100% 2009 2010 2011 2012 2013 LTM2014…
  20. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 20
    SPINCOS PRODUCT SALES BACKLOG TRENDS Fabrication Backlog at Period Ends 1,200 By Region 1,200 By Product Line 1,000 1,000 800 800 ( millions) ( millions) 600 600 400 400 200 200 0 0 2009 2010 2011 2012 2013…
  21. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 21
    SPINCOS GROWTH POTENTIAL: POSITIVE INDUSTRY FUNDAMENTALS Global Drilling and Production Capital Spending Projected to Increase 600 6% CAGR from 2014 through 2020 500 400 ( billions) 300 200 100 0 2008 2009 2010…
  22. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 22
    SUMMARY Exterran Holdings, Inc. All rights reserved. www.exterran.com 22
  23. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 23
    PROCESS OUTLINE Initial board authorization has been received No shareholder approval required Next steps Determine detailed allocation of assets & liabilities Complete necessary regulatory filings, including SpinCo Form 10 Obtain…
  24. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 24
    RE-CAP OF STRATEGIC RATIONALE RemainCo SpinCo Pure-play yield investment leveraged to Focused company leveraged to growth in significant U.S. energy infrastructure global energy infrastructure build-out redevelopment and increased…
  25. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 25
    ADDENDUM Exterran Holdings, Inc. All rights reserved. www.exterran.com 25
  26. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 26
    CONSOLIDATED REMAINCO HISTORICAL PERFORMANCE Consolidated RemainCo Revenue Consolidated RemainCo Gross Margin1 ( in millions) ( in millions) 1,000 912 500 837 863 426 780 392 800 228 400 356 43 241 235 46 209 305 44 600 300 28…
  27. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 27
    SPINCO HISTORICAL PERFORMANCE SpinCo Revenue SpinCo Gross Margin1 ( in millions) ( in millions) 2,500 600 571 567 2,298 1,957 1,933 500 474 2,000 1,833 416 208 252 400 156 1,500 1,661 123 44 1,225 1,348 1,265 300 38 40 32…
  28. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 28
    PRO FORMA DEBT STRUCTURE Pro Forma Debt Structure as of September 30, 2014 ( millions) Existing Current Funded Funded Funded S&P/Moodys Pro Forma Pro Forma 5 Type Amount Size Maturity Rating RemainCo SpinCo 1 Senior Secured…
  29. CORPORATE PRESENTATION – 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. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 30
    NON-GAAP FINANCIAL MEASURES (CONT.)1,2,3 EXTERRAN HOLDINGS, INC. (in thousands, except per HP amounts) 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 NACO Gross margin1 66,079 70,364 69,744 70,783 74,502 77,015…
  31. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 31
    NON-GAAP FINANCIAL MEASURES (CONT.) EXTERRAN PARTNERS, L.P. PRO FORMA EXLP Q1-14 DISTRIBUTABLE CASH FLOW COVERAGE ( thousands) Coverage Coverage with without Cost Caps Cost Caps Q1-14 distributable cash flow as reported 36,143…
  32. CORPORATE PRESENTATION – Exterran Holdings, Inc. – slide 32

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