10 slides from Western Midstream Partners, Lp's earnings presentation, Oct 31, 2018
Slide 1: Third 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 THIRD QUARTER 2018 REVIEW October 31, 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: 3Q18 vs 2Q18 Financial Performance
3Q18 vs 2Q18 Financial Performance ($ in Millions) 3Q18 2Q18 Adjusted EBITDA $314.5 $271.7 Total Capital Expenditures $328.9 $483.91 Maintenance Capital Expenditures $23.8 $20.9 Distributable Cash Flow $248.2 $221.8 Coverage Ratio 1.08x 0.98x 1) Includes equity investments and the acquisition of our
Slide 4: 3Q18 vs 2Q18 Operational Performance
3Q18 vs 2Q18 Operational Performance 3Q18 2Q18 Key Drivers Delaware Basin, DJ Basin, and Natural Gas Throughput (Bcf/d) 3.85 3.80 Marcellus Growth Partially Offset by Springfield and Chipeta Adjusted Gross Margin for Natural Normalized Hilight and $1.03 $0.95 Gas Assets ($/Mcf) DJ Basin Margins Crud
Slide 5: 2018 Outlook
2018 Outlook Previously Midpoint ($ in Millions) Announced Current Variance WES Adjusted EBITDA1 $1,150 - $1,250 $1,175 - $1,225 - WES Total Capital Expenditures2 $1,350 - $1,450 Unchanged - WES Maintenance Capital Expenditures $90 - $100 $85 - $95 ($5) WES 2018 & 2019 Distribution Growth 1.5 cents/
Slide 6: Appendices
Appendices www.wes terngas .c om | NYSE: W ES, 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