Western Midstream Partners, Lp · NYSE:WES
Western Midstream Partners, Lp — Western Gas Partners — Q3 2017 Earnings Presentation
10 slides from Western Midstream Partners, Lp's earnings presentation, Nov 1, 2017
Slide 1: Third Quarter 2017 Review
W E S T E R N G A S INVESTOR R E L AT ION S JON VANDENBRAND Director, Investor Relations (832) 636-1007 THIRD QUARTER 2017 REVIEW November 1, 2017 w w w. w e s t e r n g a s . c o m | N Y S E : W E S , W G P
Slide 2: Cautionary Language Regarding Forward Looking Statements
Cautionary Language Regarding Forward Looking Statements This presentation contains forward-looking statements. Western Gas Partners, LP and Western Gas Equity Partners, LP believe that their expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations
Slide 3: 3Q17 vs 2Q17 Financial Performance
3Q17 vs 2Q17 Financial Performance ($ in Millions) 3Q17 2Q17 Adjusted EBITDA $257.8 $274.81 Total Capex $222.3 $148.2 Maintenance Capex $10.6 $11.4 Distributable Cash Flow $231.9 $247.21 Coverage Ratio 1.09x 1.19x 1) Includes $24.1 million final business interruption insurance payment. w w w. w e s
Slide 4: 3Q17 vs 2Q17 Operational Performance
3Q17 vs 2Q17 Operational Performance ($ in Millions) 3Q17 2Q17 Key Drivers Helper/Clawson divestitures and Natural Gas Throughput (Bcf/d) 3.42 3.47 extreme weather events offset by DJ Basin and Springfield growth Crude, NGL & Produced Water 209 182 DBM Water Services growth Throughput (MBbl/d) Adjus
Slide 5: Outlook
Outlook Previously ($ in Millions) Announced Current WES Adjusted EBITDA1 $1,025 - $1,075 $1,025 - $1,075 WES Total Capital Expenditures $900 - $1,000 $800 - $850 WES Maintenance Capital Expenditures $60 - $80 $50 - $55 WES 2017 & 2018 Annual Distribution Growth 7% - 9% 7%2 WGP 2017 & 2018 Annual Di
Slide 6: Appendices
Appendices w w w. w e s t e r n g a s . c o m | N Y S E : W E S , W G P W E S T E R N G A S 6
Slide 7: WES Non-GAAP Reconciliation: Adjusted EBITDA
WES Non-GAAP Reconciliation “Adjusted EBITDA” WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investees, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impairme
Slide 8: WES Non-GAAP Reconciliation: Adjusted EBITDA
WES Non-GAAP Reconciliation “Adjusted EBITDA” WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investees, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impairme
Slide 9: WES Non-GAAP Reconciliation: Distributable Cash Flow
WES Non-GAAP Reconciliation “Distributable Cash Flow” WES defines Distributable cash flow as Adjusted EBITDA, plus interest income and the net settlement amounts from the sale and/or purchase of natural gas, condensate and NGLs under WES’s commodity price swap agreements to the extent such amounts a
Slide 10: WES Non-GAAP Reconciliation: Adjusted Gross Margin Attributable to LP
WES Non-GAAP Reconciliation “Adjusted Gross Margin Attributable to Western Gas Partners, LP” WES defines Adjusted gross margin as total revenues and other, less cost of product and reimbursements for electricity-related expenses recorded as revenue, plus distributions from equity investments and exc