Western Midstream Partners, Lp · NYSE:WES
Western Midstream Partners, Lp — Western Gas Partners — Merger or Acquisition (November 2018)
8 slides from Western Midstream Partners, Lp's merger presentation, Nov 9, 2018
Slide 1: Western Gas Announces Simplification Transaction and Strategic Acquisition, Provides 2019 Outlook
INVESTOR RELATIONS Jon VandenBrand Director 832.636.1007 Jack Spinks Manager 832.636.3738 NYSE: WES, WGP WWW.WESTERNGAS.COM WESTERN GAS ANNOUNCES SIMPLIFICATION TRANSACTION AND STRATEGIC ACQUISITION PROVIDES 2019 OUTLOOK November 8, 2018
Slide 2: Cautionary Language Regarding Forward Looking Statements
Cautionary Language Regarding Forward Looking Statements Important Information for Investors and Unitholders This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed transac
Slide 3: Transaction Benefits
Transaction Benefits Simplified • Elimination of IDRs reduces cost of capital and supports long-term sustainable growth Structure • Tax-free transaction for both WES and WGP unitholders; results in clean, simple structure Immediate • Immediately accretive acquisition of high-growth, complementary as
Slide 4: Overview and Structure
Transaction Overview and Structure WGP will acquire WES in a unit-for-unit, tax-free exchange Pro Forma Structure . Incentive distribution rights (IDRs) and WES general partner units eliminated Anadarko Public Petroleum Unitholders . Each publicly traded WES common unit exchanged for 1.525 WGP commo
Slide 5: High-Growth, Complementary Acquisition
High-Growth, Complementary Acquisition DJ Basin Asset Overview APC Acreage APC Mineral Interest Gas Gathering Contract / Oil Pipelines 1 Oil Stabilization Facility Asset Ownership Description Term Gas Processing Facility DBM Oil • ~530 miles oil gathering pipelines COS & MVC / Future Latham Plant 10
Slide 6: Significant Exposure to Growing Basins
Significant Exposure to Growing Basins 2019E Adjusted EBITDA: 2019E Total Capital Expenditures: $1.8 to $1.9 Billion $1.3 to $1.4 Billion Delaware Basin Delaware Basin 40% 54% Equity Investments 10% Other 13% DJ Basin DJ Basin 37% 37% Note: Delaware Basin Adjusted EBITDA includes distributions from,
Slide 7: Beneficial to Both Parties
Transaction Beneficial to Both Parties WGP Unitholder WES Unitholder Approximately 10% - 20% DCF per unit Approximately 10% - 20% DCF per unit accretion and ability to generate accretion each year through 2021, 2019 Growth distribution growth of 6% - 8% distribution growth (no cut versus 2018) each
Slide 8: Robust 2019 Outlook
Robust 2019 Outlook ($ in millions, includes full-year effect of assets to be acquired) Adjusted EBITDA1 $1,800 - $1,900 Total Capital Expenditures2,3 $1,300 - $1,400 Maintenance Capital Expenditures $110 - $120 2019 Distribution Growth to Existing WES Unitholders 1% - 2% 2019 Distribution Growth to
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