Fourth-Quarter and Full-Year 2013 Review & 2014 Outlook February 28, 2014 NYSE: WES, WGP 1 www.westerngas.com
2013 WES Performance vs. Guidance ( in millions) Actual(1) Guidance(2) Adjusted EBITDA 458 440 450 Total Capex(3) 633 670 740 Maint. Capex as % of EBITDA 7% 7 10% Coverage Ratio 1.17x NA (1) Based on the reported quarterly results…
WES Financial Summary 4Q13 vs. 3Q13 ( in millions) 4Q13 3Q13 Adjusted EBITDA 129.0 125.2 Total Capex(1) 173.9 127.6 Maintenance Capex(1) 10.3 7.4 Maint. Capex as % of EBITDA 8% 6% Distributable Cash Flow 105.7 105.9 Coverage Ratio…
Fourth-Quarter Operating Summary Throughput 6% higher than 3Q Sequential growth in the DJ Basin and Marcellus Shale Ramp-up of Brasada Full quarter impact of OTTCO Pipeline Gross margin/Mcf increased to 0.60 2MM…
Texas Express / Front Range Acquisition Accretive Acquisition Adds 100% Fee-Based Cash Flows to WES Portfolio Immediately accretive acquisition Front Range Pipeline 375MM purchase price Price equals book value of assets Ft Lupton…
Texas Express Pipeline Overview Operated by Enterprise Products Partners, LP 580 mile, 20 NGL pipeline Skellytown, TX to Mont Belvieu, TX 280 Mbpd initial capacity (expandable to 400 Mbpd) Began service in November…
Texas Express Gathering Overview Proposed System Maps Operated by Midcoast Operating, LP Phase I consists of two NGL gathering systems TexOk System 55 miles of gathering lines North Texas System: 61 miles of gathering lines…
Front Range Pipeline Overview Proposed System Map Operated by Enterprise Products Partners, LP 400 mile, 16 NGL pipeline Connects DJ Basin to Texas Express Pipeline at Skellytown, TX Began service in February 2014 150…
Lancaster Plant Update Train I Commissioning Underway 130MM of Projected 2014 Capex (both trains combined) Train I 300 MMcf/d Cryogenic processing capacity 10-year, 100% fixed fee; 270 MMcf/d APC guarantee begins at start-up…
2014 Capital (Including Equity Investments) Equity Other Inv. Marcellus 10% 5% 22% Powder River 6% DJ Basin 57% Excludes acquisition capital 11
2014 Outlook Full-Year ( in millions) 2014 WES Adjusted EBITDA(1) 600-650 WES Total Capex(1)(2) 650-700 WES Maint. Capex as % of Adj. EBITDA 8-11% WES Minimum Distribution Growth 15% WGP Minimum Distribution Growth 34% (1)…
Reconciliations 13
WES Non-GAAP Reconciliation Adjusted EBITDA The Partnership defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investees, non-cash equity-based compensation expense,…
WES Non-GAAP Reconciliation Adjusted EBITDA The Partnership defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investees, non-cash equity-based compensation expense,…
WES Non-GAAP Reconciliation Distributable Cash Flow WES defines Distributable cash flow as Adjusted EBITDA, plus interest income, less net cash paid for interest expense (including amortization of deferred debt issuance costs…
WES Non-GAAP Reconciliation Adjusted Coverage Ratio The Partnership defines Distributable cash flow as Adjusted EBITDA, plus interest income, less net cash paid for interest expense (including amortization of deferred debt issuance…
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