Western Midstream Partners, Lp · NYSE:WES
Western Midstream Partners, Lp — Western Gas Partners — Q1 2017 Earnings Presentation
11 slides from Western Midstream Partners, Lp's earnings presentation, May 3, 2017
Slide 1: First Quarter 2017 Review
W E S T E R N G A S INVESTOR R E L AT ION S JON VANDENBRAND Director, Investor Relations (832) 636-1007 FIRST QUARTER 2017 REVIEW May 3, 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 Execution of Delaware Basin Build Out Ramsey VI on schedule for 4Q17 Mentone I & 2 on schedule for 2H18 Two water disposal systems to be placed in service in 2Q17 Over 40 miles of gas gathering pipelines and 32,000 horsepower of compression put into service in 1Q17 3rd Party agr
Slide 4: 1Q17 vs 4Q16 Financial Performance
1Q17 vs 4Q16 Financial Performance ($ in Millions) 1Q17 4Q16 Adjusted EBITDA $255.0 $268.4 Total Capex $129.8 $135.0 Maintenance Capex $11.1 $8.3 Distributable Cash Flow $216.5 $223.8 Coverage Ratio 1.15x 1.31x w w w. w e s t e r n g a s . c o m | N Y S E : W E S , W G P W E S T E R N G A S 4
Slide 5: 1Q17 vs 4Q16 Operational Performance
1Q17 vs 4Q16 Operational Performance ($ in Millions) 1Q17 4Q16 Key Drivers Impact of DBJV-for-Marcellus trade; Natural Gas Throughput 3.94 4.04 Delaware and DJ growth offset by (Bcf/d) Granger Straddle and Springfield Crude & NGL Throughput Springfield, Mont Belvieu, and Texas 169 181 Express Pipeli
Slide 6: 2017 Outlook
2017 Outlook Midpoint ($ in Millions) Original Current Variance WES Adjusted EBITDA $1,000 - $1,100 $1,000 - $1,100 - 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% 7% - 9% - W
Slide 7: 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 7
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 investees, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impairme
Slide 9: 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 investees, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impairme
Slide 10: WES Non-GAAP Reconciliation: Distributable Cash Flow
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 11: WES Non-GAAP Reconciliation: Adjusted Gross Margin Attributable to LP
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