www.westerngas.com NYSE: WES, WGP

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Western Gas

This presentation contains forward-looking statements. Western Gas Partners, LP and Western Gas EquityPartners, 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 actualresults to differ materially from the projections, anticipated results or other expectations expressed in thispresentation. These factors include the ability to meet financial guidance or distribution-growthexpectations; the ability to safely and efficiently operate WES’s assets; the ability to obtain new sources ofnatural gas supplies; the effect of fluctuations in commodity prices and the demand for natural gas andrelated products; the ability to meet projected in-service dates for capital growth projects; constructioncosts or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factorsdescribed in the “Risk Factors” section of WES’s and WGP’s most recent Forms 10-K and Forms 10-Qfiled 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 publiclyupdate or revise any forward-looking statements. Please also see our earnings release, posted on ourwebsite at www.westerngas.com, for reconciliations of the differences between any non-GAAP financialmeasures used in this presentation and the most directly comparable GAAP financial measures.

Cautionary Language Re: Forward-Looking Statements

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A Large, Diversified Portfolio

Greater GreenRiver Basin

Niobrara

DJ Basin

Marcellus

Dry Gas Basin

Pipelines

Liquids-Rich Basin

Powder River

Uintah

DelawareBasin

Hugoton

Eagleford

Maverick

Western Gas

Number of basins 8

Gathering systems 21

Processing & treating facilities 44

Interstate gas pipelines 4

NGL/Crude oil pipelines 6

Pipeline (miles) 13,980

Western Gas Assets

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Combination of Scale and Growth

AnnualDistribution

Growth

AdjustedEBITDA1

($MM)

WES / WGP Enterprise Value

($MM)2

2010 14.3% 186 2,717

2011 14.9% 254 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

2016E 10% 860-950 17,615

Notes:1. As reported

2. As of December 31st for each historical year represented; 2016 as of 5/18/2016. 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

Rare Combination of Large Scale and Robust Growth

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The APC/WGP/WES Relationship1

WGPPublic

Unitholders

60.30%3

30.09% LP-and-

1.55% GPInterest

83.63%2

8.06% LPInterest

16.37%2

Notes:1. As of March 31, 2016

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

3. Assumes outstanding Series A Preferred Units convert into 21.9MM WES Common Units

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Best-in-Class Sponsor Support

Fixed-Price Agreements

Supportive Financings

Accretive Acquisition Multiples

Significant WGP Ownership

COS and Demand Charge Contracts

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Remaining Inventory Provides “Safety Net”

AT WES IPO (May 2008)

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

~$3.8 Billion

of Dropdowns Later…

TODAY

Natural Buttes

Wattenberg Plant

Bone Spring Plant

Satanta Plant

Marcellus

MiVida PlantLone Creek – Oil

DJ Basin Oil Gath

Alta Haynesville

Sabine Valley

~$150-200MM of Current Run-Rate EBITDA in

Inventory

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DJ Basin Fueled Past WES Growth

Throughput

Asset Operating Income

DJ Basin Infrastructure

8

274

375 439

507 530

779

-

100

200

300

400

500

600

700

800

900

2010 2011 2012 2013 2014 2015

MM

cf/d

45

71 6686

122

227

-

50

100

150

200

250

2010 2011 2012 2013 2014 2015

($M

M)

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Delaware Opportunity – The Next DJ

Wolfcamp Shale – Delaware Basin

Niobrara/Codell Focus Area

Niobrara / Codell – Wattenberg

Anadarko Petroleum Investor Slides

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Blue-Chip Customers in Our Service Area…

NEW MEXICO

TEXAS

Ward

Winkler

10 MILES

Culberson

Pecos

Reeves

Anadarko

Eddy Lea

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…with APC Representing the Next Stage of Growth

Anadarko Petroleum Investor Slide:

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Other Key Areas

Key Takeaways

• High-quality basin with solid midstream

infrastructure

• Backed by COS agreements

• Most prolific natural gas play in lower 48

MARCELLUS

Larry’sCreek

Seely Warrensville

Liberty

PENNSYVANIA

Rome

Western Gas Partners, LP

Gathering Lines

3rd Party Infrastructure

Major Pipelines

Key Takeaways

• Backstopped by new 20-yr gathering agreement

• MVC and COS hybrid

• APC largest producer behind system

• Unique system with high barriers to entry

EAGLEFORD

APC Acreage

Gas Gathering

Oil Gathering

Oil Handling Facility

Dimmit La Salle

Webb

Maverick

10 Miles

Oil Handling FacilityBrasada Gas Plant

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Risk Mitigation Throughout Portfolio

VOLUMETRIC

98%

ADJUSTEDGROSS

MARGIN1

COMMODITY

Fee-Based &Fixed-Price

Unhedged

Contract Type

% ofTotal Gas

Throughput2

Demand Charge 45.0

Cost of Service 33.6

Total Demand Charge orCost of Service

78.6

Notes:1. Last twelve months ending 3/31/2016; adjusted gross margin as defined in the latest Western Gas earnings release

2. All information for the quarter ended March 31, 2016

3. Credit ratings as of quarter ended March 31, 2016; includes split-rated entities

COUNTERPARTY3

88%

11%1%

InvestmentGrade

Non-IGNot Rated

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0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

May-08 Mar-09 Jan-10 Nov-10 Sep-11 Jul-12 May-13 Mar-14 Jan-15 Nov-15

Dis

trib

utio

n ($

/Uni

t)

May-16

Consistent Distribution Growth Across Multiple Cycles2008 – Financial Crisis– Commodity price decline– No capital markets access– Lehman bankruptcy

2010 – BP Oil Spill– Limited cap mkts access

– Market-based sponsor concerns

2012 – NGL/NatGas & Euro Concerns– Dramatic ∆ NGL prices

– European market fears

2013 – DJ Basin Floods– 1-in-100 year flood impact to

operations

2013/14 – TRONOX– Dec 2013: Opinion rendered

– April 2014: Settlement announced

2014/2015 & 2015/2016 – Crude oil price decline of

~75% from peak to trough

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Key Investment Considerations

Strong Sponsor Support

High Potential Basins

Investment Grade Credit

Ratings

ConsistentTrack

Record

Visible Growth Opportunities

FocusedRisk

Mitigation

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