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Western Gas Partners' (WES) CEO Benjamin Fink on Q1 2018 Results - Earnings Call Transcript

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Western Gas Partners LP (NYSE:WES) Q1 2018 Earnings Conference Call May 2, 2018 12:00 PM ET


Jonathon VandenBrand - Director, IR

Benjamin Fink - CEO & Director

Jaime Casas - SVP, CFO & Treasurer


Jeremy Tonet - JPMorgan Chase & Co.

Shneur Gershuni - UBS Investment Bank

Michael Schmitz - Ladenburg Thalmann & Co.

Gabriel Moreen - Deutsche Bank

David Amoss - Heikkinen Energy Advisors

Mirek Zak - Citigroup

Dennis Coleman - Bank of America Merrill Lynch

Barrett Blaschke - MUFG Securities Americas

Christopher Tillett - Barclays Bank

Selman Akyol - Stifel, Nicolaus & Company


Good day, and welcome to the Western Gas First Quarter 2018 Earnings Conference Call. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to Jon VandenBrand, Director of Investor Relations. Please go ahead, sir.

Jonathon VandenBrand

Thank you. I'm glad you could join us today for Western Gas' First Quarter 2018 Conference Call. I'd like to remind you that today's presentation includes forward-looking statements and certain non-GAAP financial measures. The accompanying slide deck and last night's earnings release contain important disclosures on forward-looking statements as well as the non-GAAP reconciliations. Please see the WES and WGP 10-Ks and other public filings for description of the factors that could cause actual results to differ materially from what we discuss today. Those materials are all posted on the Western Gas website at www.westerngas.com.

I would now like to turn the call over to our CEO, Ben Fink. Ben?

Benjamin Fink

Thank you, Jon. Turning to our first quarter results. We reported adjusted EBITDA and distributable cash flow of $272.1 million and $231.4 million, respectively, and a coverage ratio of 1.05x. This coverage ratio is in line with our expectations, and we still expect distribution coverage to be over 1.2x by the end of the

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