Western Midstream Partners, Lp · NYSE:WES
Western Midstream Partners, Lp — Q3 2019 Earnings Presentation
14 slides from Western Midstream Partners, Lp's earnings presentation, Nov 5, 2019
Slide 1: Third-Quarter 2019 Review
NYSE: WES westernmidstream.com INVESTOR RELAT IONS KRISTEN SHULTS Vice President, Investor Relations and Communication 832.636.1671 JACK SPINKS Manager, Investor Relations 832.636.3738 THIRD-QUARTER 2019 REVIEW November 5, 2019
Slide 2: Forward-Looking Statements and Corporate Structure
Forward-Looking Statements and Corporate Structure This presentation contains forward-looking statements. Western MLP STRUCTURE 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
Slide 3: Opening Remarks
Opening Remarks www.westernmidstream.com | NYSE: WES 3
Slide 4: Premier Asset Portfolio
Premier Asset Portfolio Value-Focused Portfolio1 • Adj. EBITDA: 36% Delaware Basin, 39% DJ Basin, 13% Equity Investments • Total Capital: 52% Delaware Basin, 37% DJ Basin DJ BASIN Direct Commodity Exposure Protection2 WHITE CLIFFS • ~92% Fee-Based Gas Contracts • 100% Fee-Based Liquids Contracts FRO
Slide 5: Strategic Priorities
Strategic Priorities O P E R AT E MAXIMIZE GROW Existing Business Partnership with Third-Party Safely and Efficiently Oxy Business www.westernmidstream.com | NYSE: WES 5
Slide 6: Financial and Operational Performance
Financial and Operational Performance ($ in millions except per-unit amounts) 3Q19 3Q19 Adjusted EBITDA1 $410 Natural Gas Throughput1 (Bcf/d) 4.20 Adjusted Gross Margin for Natural Gas Total Capital Expenditures2 $278 Assets1 ($/Mcf) $1.04 Crude, NGL & Produced Water Maintenance Capital Expenditures
Slide 7: Reaffirmed 2019 Guidance
Reaffirmed 2019 Guidance ($ 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 Low End Expected Maintenance Capital Expenditures $130 - $140 Annual Distribution Growth 5% - 6% Annual Distribution Cov
Slide 8: Preliminary 2020 Outlook
Preliminary 2020 Outlook Total Capital Adjusted EBITDA 2019E 2020E 2019E 2020E 20% − 30% ~10% GROWTH1 REDUCTION1 Expected incremental 250 MMcf/d gas compression Anticipated double-digit throughput growth across all 180 MBbl/d SWD | 30 MBbl/d ROTF three commodities C O N T I N U E D Q U A R T E R LY
Slide 9: Q&A
Q&A www.westernmidstream.com | NYSE: WES 9
Slide 10: Appendix
Appendix www.westernmidstream.com | NYSE: WES 10
Slide 11: 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 12: 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 13: 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 suc
Slide 14: 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
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