Western Midstream Partners, Lp · NYSE:WES
Western Midstream Partners, Lp — Western Gas Partners — Q1 2016 Earnings Presentation
12 slides from Western Midstream Partners, Lp's earnings presentation, May 4, 2016
Slide 1: First Quarter 2016 Review
First Quarter 2016 Review May 4, 2016 NYSE: WES, WGP 1 www.westerngas.com
Slide 2: Cautionary Language Re: Forward-Looking Statements
Western Gas Cautionary Language Re: 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 expect
Slide 3: Recent Highlights
Recent Highlights • Closed Springfield Acquisition • Ramsey III Back in Service • Full Exercise of Convertible Preferred Overallotment – Total of $688MM of net proceeds received from offering • Raised WES Distribution to 81.5 Cents per Unit – 12% growth over 1Q15 • Raised WGP Distribution to 42.375
Slide 4: WES Financial Summary – 1Q16 vs. 4Q15
WES Financial Summary – 1Q16 vs. 4Q15 ($ in millions) 1Q16(1) 4Q15(2) Adjusted EBITDA $231.1 $188.7 Total Capex(3) $139.0 $119.9 Maintenance Capex(3) $18.9 $12.7 Maint. Capex as % of EBITDA 8% 7% Distributable Cash Flow $191.9 $162.2 Coverage Ratio 1.21x(4) 1.06x (1) Results recasted to include full
Slide 5: WES Operating Summary – 1Q16 vs. 4Q15
WES Operating Summary – 1Q16 vs. 4Q15 1Q16(1) 4Q15(2) Key Drivers Natural Gas Throughput Springfield Acquisition; DJ 3.78 3.64 Basin & Marcellus increases (Bcf/d) offset by DBM decreases Crude / NGL Throughput 184 142 Springfield Acquisition (MBbls/d) Adjusted Gross Margin / Mcf $0.80 $0.72 Springfi
Slide 6: 2016 Outlook Unchanged
2016 Outlook Unchanged Full-Year ($ in millions) 2016 WES Adjusted EBITDA(1) $860 – 950 WES Total Capex(1) $450 - 490 WES Maint. Capex as % of Adj. EBITDA 7 – 10% WES Distribution Growth 10% WGP Distribution Growth 20% (1) Includes the full year effect of the Springfield acquisition 6
Slide 7: Reconciliations
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Slide 8: WES Non-GAAP Reconciliation
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
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, interest expense, income tax expense, depreciation and amortizati
Slide 10: WES Non-GAAP Reconciliation
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 11: WES Non-GAAP Reconciliation
WES Non-GAAP Reconciliation “Adjusted gross margin” 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 investees and excluding the noncontrolling interest owner’s
Slide 12: www.westerngas.com
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