WELLS FARGO PIPELINE, MLP & UTILITY...

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

JON VANDENBRAND

Director, Investor Relations

(832) 636-1007

I N V E S T O R

R E L A T I O N S

WELLS FARGO PIPELINE, MLP &

UTILITY SYMPOSIUM

December 6, 2016

Benjamin M. Fink – Senior Vice President & CFO

W E S T E R N G A Sw 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 Sw 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 2

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 will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this presentation. These factors include the ability to meet financial guidance or distribution-growth expectations; the ability to safely and efficiently operate WES’s assets; the ability to obtain new sources of natural gas supplies; the effect of fluctuations in commodity prices and the demand for natural gas and related products; the ability to meet projected in-service dates for capital growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the “Risk Factors” section of WES’s and WGP’s most recent Forms 10-K and Forms 10-Q filed with the Securities and Exchange Commission and in their other public filings and press releases. Western Gas Partners, LP and Western Gas Equity Partners, LP undertake no obligation to publicly update or revise any forward-looking statements. Please also see the attached Appendix and our earnings release, posted on our website at www.westerngas.com, for reconciliations of the differences between any non-GAAP financial measures used in this presentation and the most directly comparable GAAP financial measures.

W E S T E R N G A Sw 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 Sw 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

Western Gas Structure

Western Gas Partners, LP

NYSE: WES

Anadarko Petroleum Corp.

NYSE: APC

Operating

Subsidiaries

Joint

Ventures

77.9%2

Note: Approximate ownership as of September 30, 2016

1) Assumes outstanding Tangible Equity Units (NYSE: AEUA) convert into 7.9MM WGP Common Units

2) Assumes outstanding Series A Preferred Units convert into 21.9MM WES Common Units

3) As of October 31, 2016. Enterprise value includes WGP public equity valuation, excluding value of WES units owned, the Class C Units priced at WES common unit value less a 10% discount and the Series A Preferred Units priced at $32.00 per unit

4) As of October 6, 2016 Moody’s Global Credit Research states that “While its stand-alone credit attributes could support a Baa3 rating,” that “Anadarko’s controlling ownership effectively limits its rating to that of Anadarko’s (Ba1 Stable)”

30.0% LP

1.5% GP

BBB- / Ba15

/ BBB-

Senior Credit

Ratings

$18+ Bn

Combined

Enterprise Value4

Western Gas Equity Partners, LP

NYSE: WGP

Public

Unitholders

22.1%2

60.0%3

8.5%

3


Best-in-Class Sponsor Support

Fixed-Price Agreements

Supportive Financings

Accretive Acquisition Multiples

Significant Ownership

COS and Demand Charge Contracts


Business Model Resiliency

1) Source: US Energy Information Administration – Historical Crude Oil Prices (West Texas Intermediate, Cushing, Oklahoma)

2) See Appendix for non-GAAP reconciliations and definitions

Resilient Performance Throughout Challenging Commodity Environment

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 3Q162Q16

WTI1 WES LTM Adjusted EBITDA2


A Large, Diversified Portfolio

Greater

Green

River Basin

Niobrara

DJ Basin

Marcellus

Dry Gas Basin

Pipelines

Liquids-Rich Basin

Powder

River

Uintah

Delaware Basin

Eagleford

Maverick

Western Gas Portfolio1

Number of Basins 8

Gathering Systems 23

Natural Gas Processing Plants, Trains

and Treating Facilities 54

Natural Gas Pipelines 5

NGL/Crude Oil Pipelines 7

Pipeline Miles 13,980

1) As of September 30, 2016 and includes equity interests. Pipeline miles as of December 31, 2015


Drop Down Inventory Provides “Safety Net”

Inventory at WES IPO

San Juan

Natural Buttes

Rendezvous

Wind River

Red Desert

Complex

Atlantic Rim

Wattenberg

Sabine Valley

Tyler County

Mitchell /

Gomez

APC Midstream Assets

At WES IPO

Since WES IPO

Ft. Union

Powder River

Complex

Granger

Complex

Current Inventory

Natural Buttes

Gathering

Bone Spring

Plant

MiVida PlantLone Creek

Oil Gathering

Alta

Haynesville

Wattenberg

Plant

DJ Basin Oil

Gathering

~$3.8 Billion

of Dropdowns

Later

Panola

Pipeline

Saddlehorn

Pipeline

~$150 - 200 Million

Current Run-Rate EBITDA

Marcellus

Delaware

Basin Water


DJ Basin: Integrated Infrastructure Supports Continued Growth

Model of Integrated APC/WES Development

APC has ~350,000 Net Acres ~4,000 More Locations

1.5+ BBOE Net Resources

Minerals-Interest Ownership

Significant Existing Infrastructure

Leverage Footprint to Service 3rd Parties

5 MILES

APC Acreage APC Mineral Interest

Oil Pipelines Gas Gathering WES/APC Processing Plant

APC Estimated 2021 Volumes1:

~400,000 BOE/d

1) Source: Anadarko Petroleum Corp. Investor Book November 2016

W E S T E R N G A Sw 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 Sw 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

1) The Online Date for Ramsey III represents the date on which it was returned to service, and the Online Date for Ramsey II represents the date on which it is forecasted to return to service

9

Delaware Basin: Blue Chip 3rd Party Customers

Gas Gathering (Existing)

Gas Gathering (Under Construction)

Ramsey Processing Complex

Selected Existing Customers10 MILES

Ramsey Processing Capacity

Processing

Train

Capacity

(MMcf/d)

Online

Date

Ramsey III1 200 2Q16

Ramsey IV 200 2Q16

Ramsey V 200 4Q16

Ramsey II1 100 4Q16

Ramsey VI 200 4Q17

Total 900

400+ MMcf/d3rd Party Volumetric Commitments

150,000+ Acres3rd Party Core Acreage Dedications


Delaware Basin: The Anadarko Opportunity

Estimated 2021 Oil Volumes:

130+ MBbl/d

Estimated 2021 Gas Volumes2:

~520 MMcf/d

Estimated 2021 Water Volumes3:

~520 MBbl/d

1) Source: Anadarko Petroleum Corp. Investor Book November 2016

2) Approximate 2021 APC net gas volumes based off of APC oil guidance. Assumes production split of 60% oil and 40% natural gas and a 6 Mcf to 1 Bbl conversion ratio

3) Approximate 2021 APC net produced water volumes based off of APC oil guidance and assumes a 4 Bbl of water to 1 Bbl of oil production ratio

Anadarko Investor Slide1


Risk Mitigation Throughout the Portfolio

Volumetric Risk

Gas Throughput2

Demand Charge

Cost of Service

Other

Counterparty Risk

Credit Rating3

Investment Grade

Non-IG

Not Rated

1) Last twelve months ending September 30, 2016; adjusted gross margin as defined in the latest Western Gas earnings release

2) Quarter ended September 30, 2016

3) Last twelve months ending March 31, 2016; based on revenues from E&P customers only and credit ratings as of quarter ended June 30, 2016; includes split-rated entities

Commodity Risk

Adj. Gross Margin1

Fee-Based & Fixed Price

Unhedged


Combination of Scale and Sustainable Growth

Annual

Distribution

Growth

Adjusted

EBITDA1

($MM)

WES / WGP

Enterprise Value

($MM)2

2010 14.3% 215 2,717

2011 14.9% 261 4,163

2012 18.4% 328 9,941

2013 16.3% 458 14,163

2014 16.2% 646 21,985

2015 15.1% 758 14,810

2016E3

10% 980-1,000 18,051

Rare Combination of Large Scale and Robust Growth

1) As reported. See Appendix for non-GAAP reconciliations and definitions.

2) As of December 31st for each historical year represented; 2016 as of October 31, 2016. Enterprise value includes WGP public equity valuation, excluding value of WES units owned, the Class C Units priced at WES

common unit value less a 10% discount and the Series A Preferred Units priced at $32.00 per unit.

3) Reflects guidance provided by the Partnership on November 1, 2016. Such guidance is not being updated or confirmed by virtue of its inclusion in this presentation.

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Appendix

13


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, impairments, and other expense (including lower of cost or market inventory adjustments recorded in cost of product), less gain (loss) on divestiture and other, net, income from equity investments, interest income, income tax benefit, and other income.

As Reported ($ in Thousands) 2010 2011 2012 2013 2014 2015

Reconciliation of Net income (loss) to Adjusted EBITDA attributable to Western Gas Partners, LP

Net income (loss) attributable to Western Gas Partners, LP $126,068 $142,940 $106,986 $275,136 $376,533 ($73,538)

Add:

Distributions from equity investees 5,935 10,612 20,660 22,136 $81,022 98,298

Non-cash equity-based compensation expense (1)

4,787 13,754 73,508 3,575 $4,095 4,402

Expenses in excess of Omnibus Cap 133 - - - - -

Interest expense 18,794 31,559 42,060 51,797 76,766 113,872

Income tax expense 10,572 2,161 1,258 4,431 2,255 5,285

Depreciation, amortization and impairments (2)

69,972 85,701 114,932 143,375 180,587 755,652

Other expense (2)

2,126 3,683 1,665 175 - 1,290

Less:

Gain (loss) on divestiture and other, net - - - - - 57,020

Equity income, net - affiliates 6,640 10,091 16,111 23,732 57,836 71,251

Interest income - affiliates 16,913 16,900 16,900 16,900 16,900 16,900

Other income (2)

- 2,053 368 419 325 219

Income tax benefit - - - 1,801 228 1,905

Adjusted EBITDA $214,834 $261,366 $327,690 $457,773 $645,969 $757,966

(1) Includes $69.8 million of equity-based compensation associated with the Western Gas Holdings, LLC Equity Incentive Plan, as amended and restated, paid and

contributed by Anadarko during the year ended December 31, 2012.

(2) Includes WES's 51% share prior to August 1, 2012, and its 75% share after August 1, 2012 of depreciation, amortization and impairments; other expense; and other

income attributable to Chipeta.


Non-GAAP Reconciliation

Last Twelve Months as of:

As Reported ($ in Thousands) 4 Q 14 1Q 15 2Q 15 3Q 15 4 Q 15 1Q 16 2Q 16 3Q 16

Reconciliation of Net income (loss) to Adjusted EBITDA attributable to Western Gas Partners, LP

Net income (loss) attributable to Western Gas Partners, LP $376,533 $109,308 $127,900 $189,512 ($73,538) $222,312 $273,209 $276,666

Add:

Distributions from equity investees 81,022 90,379 91,953 96,628 98,298 101,267 99,856 101,507

Non-cash equity-based compensation expense 4,095 4,110 4,216 4,330 4,402 4,593 4,676 4,997

Interest expense 76,766 85,765 92,505 103,400 113,872 122,948 108,227 107,222

Income tax expense 2,255 5,671 5,445 7,036 5,285 8,502 8,828 7,431

Depreciation, amortization and impairments (1)

180,587 474,658 493,658 510,497 755,652 492,563 499,513 506,650

Other expense (1)

(includes LCM Adj) - - - - 1,290 1,290 1,346 1,386

Less:

Gain (loss) on divestiture and other, net - - - 77,244 57,020 56,388 54,481 (28,993)

Equity income, net - affiliates 57,836 66,805 72,738 75,651 71,251 69,845 70,597 68,915

Interest income - affiliates 16,900 16,900 16,900 16,900 16,900 16,900 16,900 16,900

Other income (1)

325 316 305 293 219 272 204 272

Income tax benefit 228 - 1,710 1,710 1,905 1,905 195 195

Adjusted EBITDA $645,969 $685,870 $724,024 $739,605 $757,966 $808,165 $853,278 $948,570

(1) Includes WES's 75% share of depreciation, amortization and impairments; other expense; and other income attributable to Chipeta.

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