Western Midstream Partners, Lp · NYSE:WES
Western Midstream Partners, Lp — Western Gas Partners — Q1 2018 Earnings Presentation
10 slides from Western Midstream Partners, Lp's earnings presentation, May 2, 2018
Slide 1: First Quarter 2018 Review
INVESTOR RELATIONS Jon VandenBrand Director 832.636.1007 N Y S E : W E S , W G P W W W . W E S T E R N G A S . C O M FIRST QUARTER 2018 REVIEW May 2, 2018
Slide 2: Cautionary Language Regarding Forward Looking Statements
Cautionary Language Regarding 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 expectations
Slide 3: 1Q18 vs 4Q17 Financial Performance
1Q18 vs 4Q17 Financial Performance ($ in Millions) 1Q18 4Q17 Adjusted EBITDA $272.1 $273.3 Total Capital Expenditures1 $323.4 $291.6 Maintenance Capital Expenditures $16.4 $16.6 Distributable Cash Flow $231.4 $233.4 Coverage Ratio 1.05x 1.08x 1) Includes Equity Investments. www.westerngas.com | NYSE
Slide 4: 1Q18 vs 4Q17 Operational Performance
1Q18 vs 4Q17 Operational Performance 1Q18 4Q17 Key Drivers DJ Basin, Delaware Basin, Granger Natural Gas Throughput (Bcf/d) 3.63 3.47 Straddle, and Springfield Growth Crude, NGL & Produced Water DBM Water Services, Springfield, 258 240 Throughput (MBbls/d) and White Cliffs Growth Adjusted Gross Marg
Slide 5: 2018 Outlook
2018 Outlook Previously Midpoint ($ in Millions) Announced Current Variance WES Adjusted EBITDA1 $1,150 - $1,250 $1,150 - $1,250 - WES Total Capital Expenditures2 $1,000 - $1,100 $1,350 - $1,450 $350 WES Maintenance Capital Expenditures $80 - $90 $80 - $90 - WES 2018 & 2019 Distribution Growth 1.5 c
Slide 6: Appendices
Appendices www.westerngas.com | NYSE: WES, WGP W E S T E R N G A S P A R T N E R S 6
Slide 7: WES Non-GAAP Reconciliation: Adjusted EBITDA
WES Non-GAAP Reconciliation “Adjusted EBITDA” WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investments, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impair
Slide 8: WES Non-GAAP Reconciliation: Adjusted EBITDA
WES Non-GAAP Reconciliation “Adjusted EBITDA” WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investments, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impair
Slide 9: WES Non-GAAP Reconciliation: Distributable Cash Flow
“Distributable Cash Flow” WES Non-GAAP Reconciliation 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 10: WES Non-GAAP Reconciliation: Adjusted Gross Margin
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), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interest ow