Fourth Quarter and Full Year 2014 Review February 19, 2015 NYSE: WES, WGP 1 www.westerngas.com
2014 WES Performance vs. Guidance ( in millions) Actual Guidance(1) Adjusted EBITDA 646 625 650 Total Capex(2)(3) 724 670 720 Maint. Capex as % of EBITDA 7% 7 10% Coverage Ratio 1.20x NA WES Distribution Growth 16% 16% WGP…
WES Financial Summary 4Q14 vs. 3Q14 ( in millions) 4Q14 3Q14 Adjusted EBITDA 170.4 167.3 Total Capex(1) 204.5 148.9 Maintenance Capex(1) 12.7 12.0 Maint. Capex as % of EBITDA 7% 7% Distributable Cash Flow 138.1 136.7 Coverage…
WES Operating Summary 4Q14 vs. 3Q14 4Q14 3Q14 Key Drivers Addition of Delaware Basin Midstream (formerly Nuevo) Natural Gas Throughput plus sequential growth at DJ 3.55 3.46 (Bcf/d) Basin Complex offset primarily by declines at…
Projects & Outlook Lancaster Train II on Schedule New Schedule for Additional Capacity at Delaware Basin Midstream 2015 Outlook To Be Released March 3, 2015 Conference call on March 4, 2015 6
Reconciliations 7
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 gross margin WES defines Adjusted gross margin as total revenues less cost of product, plus distributions from equity investees and excluding the noncontrolling interest owners proportionate share of…
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