12 slides from Western Midstream Partners, Lp's earnings presentation, Jul 31, 2019
Slide 1: Second-Quarter 2019 Review
NYSE: WES westernmidstream.com INVESTOR R E L ATI ON S JACK SPINKS Manager, Investor Relations 832 636 3738 SECOND-QUARTER 2019 REVIEW July 31, 2019
Slide 2: Cautionary Language Regarding Forward Looking Statements
Cautionary Language Regarding Forward Looking Statements This presentation contains forward-looking statements. Western Midstream Partners, LP (“WES”) believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have bee
Slide 3: 2Q19 vs 1Q19 Financial Performance
2Q19 vs 1Q19 Financial Performance ($ in Millions) 2Q19 1Q19 Adjusted EBITDA1 $432.9 $428.3 Total Capital Expenditures2 $290.3 $437.9 Maintenance Capital Expenditures $29.9 $35.7 Distributable Cash Flow1 $335.5 $340.2 Coverage Ratio1 1.20x 1.23x Note: 1Q19 information includes the full-quarter impac
Slide 4: 2Q19 vs 1Q19 Operational Performance
2Q19 vs 1Q19 Operational Performance 2Q19 1Q19 Ke y D r i ve r s Natural Gas Throughput Wyoming assets and (Bcf/d) 4.28 4.20 Equity Investments Adjusted Gross Margin for Natural Gas Assets ($/Mcf) $1.06 $1.09 Crude, NGL & Produced Water Throughput (MMBbls/d) 1.11 1.10 DJ Oil and Equity Investments A
Slide 5: 2019 Adjusted EBITDA Guidance Changes
2019 Adjusted EBITDA Guidance Changes (130) (40) (30) 50 $ MILLIONS Midpoint 1,850 Midpoint 1,700 Original Guidance Lower Throughput Lower Commodity Prices Revenue Recognition Favorable OPEX, Equity Updated Guidance Investments and Other Note: Numbers relating to 2019 Adjusted EBITDA guidance change
Slide 6: Updated 2019 Guidance
Updated 2019 Guidance ($ in millions, includes full-year effect of acquired assets) 2019 Guidance Adjusted EBITDA1 $1,675 - $1,725 Total Capital Expenditures2,3 $1,300 - $1,400 Maintenance Capital Expenditures $130 - $140 Annual Distribution Growth 5% - 6% Annual Distribution Coverage 1.15x 1) A rec
Slide 7: Q&A
Q&A www.westernmidstream.com | NYSE: WES 7
Slide 8: Appendices
Appendices www.westernmidstream.com | NYSE: WES 8
Slide 9: WES Non-GAAP Reconciliation
WES Non-GAAP Reconciliation “Adjusted EBITDA” WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP (“Adjusted EBITDA”) as net income (loss), plus distributions from equity investments, non- cash equity-based compensation expense, interest expense, income tax expense, depreciati
Slide 10: WES Non-GAAP Reconciliation
WES Non-GAAP Reconciliation “Adjusted EBITDA” WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP (“Adjusted EBITDA”) as net income (loss), plus distributions from equity investments, non- cash equity-based compensation expense, interest expense, income tax expense, depreciati
Slide 11: 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 Operating’s commodity price swap agreements to the extent such
Slide 12: WES Non-GAAP Reconciliation
WES Non-GAAP Reconciliation “Adjusted Gross Margin” WES defines Adjusted gross margin attributable to Western Midstream Partners, LP (“Adjusted gross margin”) as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributi