Western Midstream Partners, Lp · NYSE:WES
Western Midstream Partners, Lp — Western Gas Partners — Q2 2016 Earnings Presentation
12 slides from Western Midstream Partners, Lp's earnings presentation, July 2016
Slide 1: Western Gas NYSE: WES, WGP
www.westerngas.com NYSE: WES, WGP
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 • Returned Ramsey III to Full Service • Ramsey IV Commenced Services in May • Issued $500 Million of 4.65% Senior Notes due 2026 • Received $16.3 Million Partial Payment for Business Interruption Insurance – $2.6MM in 2Q16; $13.7MM in 3Q16 www.westerngas.com 3
Slide 4: WES Financial Summary – 2Q16 vs. 1Q16
WES Financial Summary – 2Q16 vs. 1Q16 ($ in millions) 2Q16 1Q16(1) Adjusted EBITDA $250.6 $231.1 Total Capex(2) $118.9 $139.0 Maintenance Capex(2) $21.1 $18.9 Maint. Capex as % of Adjusted EBITDA 8% 8% Distributable Cash Flow $199.3 $191.9 Coverage Ratio 1.22x(3) 1.21x(3) (1) Results reflect the ful
Slide 5: WES Operating Summary – 2Q16 vs. 1Q16
WES Operating Summary – 2Q16 vs. 1Q16 2Q16 1Q16(1) Key Drivers Sequential Growth in DJ, Natural Gas Throughput 3.87 3.78 Delaware, and Eagleford; (Bcf/d) Marcellus and Uintah Declines Crude / NGL Throughput Growth at Mont Belvieu 187 184 Fractionators (MBbls/d) Adjusted Gross Margin / Mcf Resumption
Slide 6: 2016 Outlook
2016 Outlook Full-Year 2016 Guidance Previously ($ in millions) Current Change Announced WES Adjusted EBITDA(1) $860 – 950 $930 – 970 $45 WES Total Capex(1) $450 – 490 $490 – 530 $40 WES Maint. Capex as % of Adj. EBITDA 7 – 10% 7 – 10% – WES Distribution Growth 10% 10% – WGP Distribution Growth 20%
Slide 7: Reconciliations
Reconciliations www.westerngas.com
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, impairm
Slide 9: 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, impairm
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
www.westerngas.com www.westerngas.com NYSE: WES, WGP