Western Midstream Partners, Lp · NYSE:WES
Western Midstream Partners, Lp — Western Gas Partners — Q3 2015 Earnings Presentation
14 slides from Western Midstream Partners, Lp's earnings presentation, Oct 29, 2015
Slide 1: Third Quarter 2015 Review
Third Quarter 2015 Review October 29, 2015 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 • Raised WES Distribution to 77.5 Cents per Unit – 15% growth over 3Q14 • Raised WGP Distribution to 38.125 Cents per Unit – 31% growth over 3Q14 • Announced New Delaware Basin Growth Project (Ramsey VI Processing Train) • Launched Non-binding Open Season for Delaware Basin Express
Slide 4: WES Financial Summary – 3Q15 vs. 2Q15
WES Financial Summary – 3Q15 vs. 2Q15 ($ in millions) 3Q15 2Q15 Adjusted EBITDA $182.9 $205.5 Total Capex(1) $128.5 $120.2 Maintenance Capex(1) $13.7 $10.3 Maint. Capex as % of EBITDA 7% 5% Distributable Cash Flow $152.8 $173.3 Coverage Ratio 1.05x 1.24x (1) Attributable to WES; includes equity inve
Slide 5: Drivers of EBITDA Variance
Drivers of EBITDA Variance 220 200 7.9 5.8 3.8 3.5 1.6 180 ($MM) 160 205.5 140 182.9 120 100 2Q15 Adjusted Fixed Price Portfolio Ramsey Plant Dew / Pinnacle Lancaster 3Q15 Adjusted EBITDA Agreement Performance Turnaround Asset Sale Unplanned EBITDA Accounting Outage Change 5
Slide 6: WES Operating Summary – 3Q15 vs. 2Q15
WES Operating Summary – 3Q15 vs. 2Q15 3Q15 2Q15 Key Drivers Natural Gas Throughput Dew/Pinnacle Divestment; 3.78 4.08 Decreases in Marcellus and Uinta (Bcf/d) Basins Crude / NGL Throughput Increases at Texas Express and 145 134 (MBbls/d) Front Range Pipelines Adjusted Gross Margin / Mcf Fixed Price
Slide 7: West Texas Projects
West Texas Projects Ramsey IV 2Q16 Ramsey V mid-2016 Ramsey VI mid-2017 Delaware Basin Express (proposed) ~80 miles 7
Slide 8: Updated 2015 Outlook
Updated 2015 Outlook Previously Midpoint Current ($ in millions) Announced(3) Variance Adjusted EBITDA(1) $725-775 $745-770 $7.5 Maint. Capex as % of Adj. EBITDA 7 - 10% 7 - 9% (0.5%) Total Capex(1)(2) $640-700 $580-620 ($70) Minimum WES Distribution Growth 15% 15% - Minimum WGP Distribution Growth
Slide 9: Reconciliations
MERSSEEAVL Reconciliations
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, drip condensate and NGLs under our commodity price swap agreements to the extent such amount
Slide 11: 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, amortization and impairme
Slide 12: 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, amortization and impairme
Slide 13: WES Non-GAAP Reconciliation
WES Non-GAAP Reconciliation “Adjusted gross margin” WES defines Adjusted gross margin as total revenues and other less reimbursements for electricity-related expenses recorded as revenue, and cost of product, plus distributions from equity investees and excluding the noncontrolling interest owner’s
Slide 14: www.westerngas.com
MERSSEEAVL www.westerngas.com