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Howard Weil Energy Conference – Exterran Holdings, Inc.

Exterran Holdings, Inc. · Mar 26, 2014 · 35 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. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 1
    HOWARD WEIL ENERGY CONFERENCE MARCH 25-26, 2014 Brad Childers Bill Austin President and Chief Executive Officer Executive Vice President and Chief Financial Officer Exterran Exterran Holdings, Inc. Holdings, All rights Inc.…
  2. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 2
    INVESTMENT MERITS Leveraged to favorable industry trends as a global leader in compression and well-established position in production and processing equipment Solid capital position and demonstrated performance improvement…
  3. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 3
    FUNDAMENTALS Exterran Holdings, Inc. All rights reserved. www.exterran.com 3
  4. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 4
    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…
  5. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 5
    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…
  6. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 6
    U.S. SHALE PLAYS Expect to add approximately 200,000 horsepower of new units to our fleet in 20141 Source: Energy Information Administration 1Excludes pending acquisition of compression assets from MidCon Compression, LLC (MidCon…
  7. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 7
    CONTRACT SERVICES - STABLE CASH FLOWS Services Revenue and Natural Gas Prices 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…
  8. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 8
    LEADER IN U.S. CONTRACT OPERATIONS SERVICES EXLP is the largest contract U.S. Outsourced Compression Competitors1 compression provider in the U.S. 3,500 3,324 with 2.7 million operating horsepower. 3,000 620 EXH U.S. contract…
  9. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 9
    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 2008 2009 2010…
  10. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 10
    GLOBAL PRESENCE Revenue Mix1 Gross Margin Mix1,2 Latin North North America America America 17% 59% Latin 60% America 24% Eastern Eastern Hemisphere Hemisphere 23% 17% Regional Headquarters Engineering and Manufacturing…
  11. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 11
    BUSINESS MIX Revenue Mix1 Gross Margin Mix1,2 ( millions) ( millions) 3,160 963 Sales Fabrication: 52% 252 Fabrication: 26% Sales 1,661 Aftermarket Services: 13% 86 Aftermarket Services: 9% International Contract 279…
  12. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 12
    EXTERRAN ORGANIZATIONAL STRUCTURE Market Equity1: 2.7 Billion North America Estimated current value of 39% LP1 Contract Operations EXHs ownership in EXLP of 3.9 MM HP2 770 million3 2% GP1 U.S. Contract Operations (74%…
  13. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 13
    FAVORABLE INDUSTRY MARKET TRENDS Exterran Holdings, Inc. All rights reserved. www.exterran.com 13
  14. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 14
    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) Optimistic outlook driven by growth in U.S. shale gas and NGL…
  15. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 15
    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…
  16. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 16
    PERFORMANCE INITIATIVES & GROWTH ACTIVITIES Exterran Holdings, Inc. All rights reserved. www.exterran.com 16
  17. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 17
    PERFORMANCE INITIATIVES Multi-year plan to deliver better return to investors Achieved improved profitability over the last two years Several process-driven initiatives being rolled out this year to improve performance of our…
  18. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 18
    GROWTH ACTIVITIES North America Investing in new North America contract operations fleet units for gathering Contract Ops and gas lift applications, the majority to be funded by EXLP Recent bookings include contract extensions and…
  19. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 19
    MIDCON COMPRESSION ASSET ACQUISITION Exterran Partners has agreed to acquire compression assets from MidCon Compression for approximately 360 million1 Assets include 334 compression units, with a total horsepower of 440,000…
  20. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 20
    FINANCIAL REVIEW Exterran Holdings, Inc. All rights reserved. www.exterran.com 20
  21. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 21
    IMPROVED FINANCIAL PERFORMANCE Exterran Holdings EBITDA, as adjusted1 Exterran Partners EBITDA, as further adjusted1 700 250 238 634 25 600 200 180 500 461 434 25 388 150 139 ( millions) ( millions) 400 105 32 300…
  22. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 22
    ENHANCED CREDIT PROFILE Total Debt Outstanding Exterran Holdings Debt to Adjusted EBITDA1 2,000 1,897 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 681 ( millions) 1,200 3.0x 758 2.4x 1,000…
  23. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 23
    INITIATING DIVIDEND Focus on improved profitability, cash generation and debt reduction has allowed us to return cash to stockholders Announced the companys first dividend program in February 2014 Initial quarterly dividend of 0.15…
  24. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 24
    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…
  25. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 25
    EXLP DISTRIBUTIONS DECLARED TO EXH 55 50 50 45 40 34 35 31 ( millions) 29 30 41 24 25 19 20 32 25 24 15 13 22 10 18 12 5 9 5 6 1 2 2 0 1 2007 2008 2009 2010 2011 2012 2013 GP Interest LP Interest Goal…
  26. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 26
    INVESTMENT MERITS Leveraged to favorable industry trends as a global leader in compression and well-established position in production and processing equipment Solid capital position and demonstrated performance improvement…
  27. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 27
    APPENDIX Exterran Holdings, Inc. All rights reserved. www.exterran.com 27
  28. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 28
    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…
  29. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 29
    EXTERRAN HOLDINGS, INC. FINANCIAL RESULTS SUMMARY1,2,3 ( in millions) Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Revenues North America Contract Operations 142.1 142.1 143.1 143.4 147.3 146.4 149.5 152.8…
  30. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 30
    NON-GAAP FINANCIAL MEASURES (CONT.)1,2,3 EXTERRAN HOLDINGS, INC. 2010 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 ( millions) Net income (loss) (113.2) (30.4) (30.2) (214.5) (64.4) 7.3 (166.9) 119.3 3.1 58.8…
  31. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 31
    NON-GAAP FINANCIAL MEASURES (CONT.) EXTERRAN PARTNERS, L.P. ( thousands) 2010 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Net Income (loss) (23,333) 223 (1,938) 3,253 4,515 4,505 (19,050) 10,380 14,674…
  32. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 32
    DEBT STRUCTURE ( millions) Debt Structure as of December 31, 2013 Funded Type Amount Size Maturity Rating Senior Secured Facility1 49 900 2016 BB+/NR4 7.25% Senior Notes 350 350 2018 BB/Ba3 4.25% Convertible Notes2 344 344…
  33. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 33
    VALUE OF EXH OWNERSHIP POSITION IN EXLP ( millions) Q4 2013 EXLP LP Units Owned by EXH 19.6 EXLP Unit Price1 28.45 LP Value 558.2 Annualized EXLP GP Cash Distributions 10.1 Peer Multiple2 21.3x GP Value 215.1 Total EXH Value…
  34. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 34
    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 February 2014, we have received approximately 352 million (50…
  35. Howard Weil Energy Conference – Exterran Holdings, Inc. – slide 35

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