NYSE: WES, WGP

NYSE: WES, WGP

Western Gas Cautionary Language Re: 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 our earnings release, posted on our website at, for reconciliations of the differences between any non-gaap financial measures used in this presentation and the most directly comparable GAAP financial measures. 2

The APC/WGP/WES Relationship 1 WGP Public Unitholders 78.0% 2 22.0% 2 8.4% LP Interest 30.0% LP -and- 1.5% GP Interest 60.1% 3 Notes: 1. As of June 30, 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 3

Best-in-Class Sponsor Support Significant WGP Ownership Accretive Acquisition Multiples Supportive Financings Fixed-Price Agreements COS and Demand Charge Contracts 4

Combination of Scale and Growth Annual Distribution Growth Adjusted EBITDA 1 ($MM) WES / WGP Enterprise Value ($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 2016E 3 10% 930-970 16,479 Notes: 1. As reported. See Appendix for non-gaap reconciliations and definitions. 2. As of December 31 st for each historical year represented; 2016 as of 6/30/2016. 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 July 27, 2016. Such guidance is not being updated or confirmed by virtue of its inclusion in this presentation. Rare Combination of Large Scale and Robust Growth 5

Business Model Resiliency Resilient Performance Throughout Challenging Commodity Environment 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Notes: * See Appendix for non-gaap reconciliations and definitions 6

A Large, Diversified Portfolio Powder River Marcellus Uintah Greater Green River Basin Niobrara DJ Basin Western Gas Assets Western Gas Number of basins 8 Gathering systems 21 Hugoton Processing & treating facilities 44 Interstate gas pipelines 4 Delaware Basin NGL/Crude oil pipelines 6 Dry Gas Basin Liquids-Rich Basin Pipelines Eagleford Maverick Pipeline (miles) 13,980 7

Remaining Inventory Provides Safety Net AT WES IPO (May 2008) Natural Buttes Wind River Rendezvous Granger Complex Atlantic Rim San Juan Red Desert Complex Wattenberg Powder River Complex Ft. Union Mitchell / Gomez Sabine Valley Tyler County ~$3.8 Billion TODAY Natural Buttes of Dropdowns Later DJ Basin Oil Gath Wattenberg Plant Bone Spring Plant MiVida Plant Lone Creek Oil Satanta Plant Marcellus Alta Haynesville Sabine Valley APC Midstream Assets At WES IPO Since WES IPO ~$150-200MM of Current Run-Rate EBITDA in Inventory 8

($MM) MMcf/d DJ Basin Fueled Past WES Growth Throughput 900 800 700 600 779 DJ Basin Infrastructure 500 400 300 375 439 507 530 200 274 100-2010 2011 2012 2013 2014 2015 Asset Operating Income 250 200 227 150 100 122 86 50 71 66 45-2010 2011 2012 2013 2014 2015 9

Delaware Opportunity The Next DJ Niobrara / Codell Wattenberg Wolfcamp Shale Delaware Basin Niobrara/Codell Focus Area Anadarko Petroleum Investor Slides 10

Blue-Chip Customers in Our Service Area NEW MEXICO Eddy Lea Winkler Ward TEXAS Culberson Reeves Anadarko 10 MILES Pecos 10

with APC Representing the Next Stage of Growth Anadarko Petroleum Investor Slide: 12

Other Key Areas EAGLEFORD MARCELLUS Maverick Oil Handling Facility Brasada Gas Plant Western Gas Partners, LP Gathering Lines 3 rd Party Infrastructure Rome Major Pipelines Dimmit La Salle Liberty Webb 10 Miles Larry s Creek Seely Warrensville APC Acreage Gas Gathering Oil Gathering Oil Handling Facility PENNSYVANIA Key Takeaways Gathering agreement through 2034 MVC and COS hybrid APC largest producer behind system Unique system with high barriers to entry Key Takeaways High-quality basin with solid midstream infrastructure Backed by COS agreements Most prolific natural gas play in lower 48 13

Risk Mitigation Throughout Portfolio COMMODITY VOLUMETRIC Contract Type % of Total Gas Throughput 2 Unhedged Demand Charge 44.0 Cost of Service 32.0 Total Demand Charge or Cost of Service 76.0 Fee-Based & Fixed-Price ADJUSTED GROSS MARGIN 1 11% COUNTERPARTY 3 1% Not Rated Non-IG 99% Investment Grade 88% Notes: 1. Last twelve months ending 6/30/2016; adjusted gross margin as defined in the latest Western Gas earnings release 2. All information for the quarter ended June 30, 2016 3. Chart represents LTM 3/31/2016 revenues from E&P customers only. Credit ratings as of quarter ended June 30, 2016; includes split-rated entities 14

Distribution ($/Unit) Consistent Distribution Growth Across Multiple Cycles 2008 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 0.90 0.80 0.70 0.60 0.50 0.40 2014/2015 & 2015/2016 Crude oil price decline of ~75% from peak to trough 0.30 0.20 May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 15

Key Investment Considerations High Potential Basins Strong Sponsor Support Investment Grade Credit Ratings Visible Growth Opportunities Focused Risk Mitigation Consistent Track Record 16

NYSE: WES, WGP

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 Adjusted EBITDA to net income (loss) attributable to Western Gas Partners, LP Adjusted EBITDA $214,834 $261,366 $327,690 $457,773 $645,969 $757,966 Less: 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 Add: 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 Net income (loss) attributable to Western Gas Partners, LP $126,068 $142,940 $106,986 $275,136 $376,533 ($73,538) (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 and amortization; impairements; other expense; and other income attributable to Chipeta. 18

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 Reconciliation of Adjusted EBITDA to net income (loss) attributable to Western Gas Partners, LP Adjusted EBITDA $645,969 $685,870 $724,024 $739,605 $757,966 $808,165 $853,278 Less: Distributions from equity investees 81,022 90,379 91,953 96,628 98,298 101,267 99,856 Non-cash equity-based compensation expense 4,095 4,110 4,216 4,330 4,402 4,593 4,676 Interest expense 76,766 85,765 92,505 103,400 113,872 122,948 108,227 Income tax expense 2,255 5,671 5,445 7,036 5,285 8,502 8,828 Depreciation, amortization and impairments (1) 180,587 474,658 493,658 510,497 755,652 492,563 499,513 Other expense (1) (includes LCM Adj) - - - - 1,290 1,290 1,346 Add: Gain (loss) on divestiture and other, net - - - 77,244 57,020 56,388 54,481 Equity income, net - affiliates 57,836 66,805 72,738 75,651 71,251 69,845 70,597 Interest income - affiliates 16,900 16,900 16,900 16,900 16,900 16,900 16,900 Other income (1) 325 316 305 293 219 272 204 Income tax benefit 228-1,710 1,710 1,905 1,905 195 Net income (loss) attributable to Western Gas Partners, LP $376,533 $109,308 $127,900 $189,512 ($73,538) $222,312 $273,209 (1) Includes WES's 75% share of depreciation and amortization; other expense; and other income attributable to Chipeta. 19