Western Midstream Partners, Lp · NYSE:WES
Western Midstream Partners, Lp — Western Gas Partners — Q2 2017 Earnings Presentation
12 slides from Western Midstream Partners, Lp's earnings presentation, Jul 26, 2017
Slide 1: Second Quarter 2017 Review
W E S T E R N G A S INVESTOR R E LAT ION S JON VANDENBRAND Director, Investor Relations (832) 636-1007 SECOND QUARTER 2017 REVIEW July 26, 2017 w w w. w e s t e r n g a s . c o m | N Y S E : W E S , W G P
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: Highlights
Highlights Sanctioned New DJ Basin Processing Plant Will add 400 MMcf/d of cryogenic capacity Executing Delaware Basin Build Out Ramsey VI on schedule for 4Q17 Mentone I & II on schedule for 2H18 Settled DBJV Deferred Payment Obligation for approximately $37 million DBM Water Services comm
Slide 4: 2Q17 vs 1Q17 Financial Performance
2Q17 vs 1Q17 Financial Performance ($ in Millions) 2Q17 1Q17 Adjusted EBITDA $274.8 $255.0 Total Capex $148.2 $129.8 Maintenance Capex $11.4 $11.1 Distributable Cash Flow $247.2 $216.5 Coverage Ratio 1.19x 1.15x w w w. w e s t e r n g a s . c o m | N Y S E : W E S , W G P W E S T E R N G A S 4
Slide 5: 2Q17 vs 1Q17 Operational Performance
2Q17 vs 1Q17 Operational Performance ($ in Millions) 2Q17 1Q17 Key Drivers DBJV-for-Marcellus Asset Exchange Natural Gas Throughput1 (Bcf/d) 3.47 3.94 and DJ Shut-ins offset by growth at DBM and Granger Straddle Crude, NGL & Produced Water DBM Water Services Start-Up and 182 169 Throughput (MBbl/d)
Slide 6: DJ Processing Expansion
DJ Processing Expansion DJ Basin Infrastructure Latham Processing Plant Overview Sanctioned 400 MMcf/d Cryogenic Processing Capacity Latham I: 200 MMcf/d forecasted in-service 1Q19 Latham II: 200 MMcf/d forecasted in-service 3Q19 Supported by Long-Term Volumetric Commitments from Anadarko Nine
Slide 7: 2017 Outlook
2017 Outlook Previously Midpoint ($ in Millions) Announced Current Variance WES Adjusted EBITDA1 $1,000 - $1,100 $1,025 - $1,075 - WES Total Capital Expenditures $900 - $1,000 $900 - $1,000 - WES Maintenance Capital Expenditures $60 - $80 $60 - $80 - WES 2017 & 2018 Annual Distribution Growth 7% - 9
Slide 8: Appendices
Appendices w w w. w e s t e r n g a s . c o m | N Y S E : W E S , W G P W E S T E R N G A S 8
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, impairme
Slide 10: 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, impairme
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’s commodity price swap agreements to the extent such amounts a
Slide 12: WES Non-GAAP Reconciliation
WES Non-GAAP Reconciliation “Adjusted Gross Margin Attributable to Western Gas Partners, LP” 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 investments and exc