WELLS FARGO PIPELINE, MLP & UTILITY SYMPOSIUM

W E S T E R N G A S I N V E S T O R R E L A T I O N S JON VANDENBRAND Director, Investor Relations (832) 636-1007 WELLS FARGO PIPELINE, MLP & UTILITY SYMPOSIUM December 6, 2016 Benjamin M. Fink Senior Vice President & CFO 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

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 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 2

Western Gas Structure Anadarko Petroleum Corp. NYSE: APC Public Unitholders $18+ Bn Combined Enterprise Value 4 77.9% 2 Western Gas Equity Partners, LP NYSE: WGP 30.0% LP 1.5% GP 22.1% 2 BBB- / Ba1 5 / BBB- Senior Credit Ratings 8.5% Western Gas Partners, LP NYSE: WES 60.0% 3 Operating Subsidiaries Joint Ventures 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) 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 3

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

Business Model Resiliency Resilient Performance Throughout Challenging Commodity Environment 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 WTI 1 WES LTM Adjusted EBITDA 2 1) Source: US Energy Information Administration Historical Crude Oil Prices (West Texas Intermediate, Cushing, Oklahoma) 2) See Appendix for non-gaap reconciliations and definitions 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 5

A Large, Diversified Portfolio Powder River Marcellus Uintah Greater Green River Basin Niobrara DJ Basin Western Gas Portfolio 1 Number of Basins 8 Gathering Systems 23 Delaware Basin Eagleford Natural Gas Processing Plants, Trains and Treating Facilities 54 Natural Gas Pipelines 5 NGL/Crude Oil Pipelines 7 Dry Gas Basin Liquids-Rich Basin Pipelines Maverick Pipeline Miles 13,980 1) As of September 30, 2016 and includes equity interests. Pipeline miles as of December 31, 2015 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 6

Drop Down Inventory Provides Safety Net Inventory at WES IPO Current Inventory Wind River Rendezvous Powder River Complex Ft. Union Marcellus Granger Complex Natural Buttes Atlantic Rim Red Desert Complex Wattenberg ~$3.8 Billion of Dropdowns Later Natural Buttes Gathering DJ Basin Oil Gathering Wattenberg Plant San Juan Saddlehorn Pipeline Sabine Valley Delaware Basin Water Bone Spring Plant Alta Haynesville Mitchell / Gomez Tyler County MiVida Plant Lone Creek Oil Gathering Panola Pipeline APC Midstream Assets At WES IPO Since WES IPO ~$150-200 Million Current Run-Rate EBITDA 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 7

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 3 rd Parties APC Estimated 2021 Volumes 1 : ~400,000 BOE/d 5 MILES APC Acreage APC Mineral Interest Oil Pipelines Gas Gathering WES/APC Processing Plant 1) Source: Anadarko Petroleum Corp. Investor Book November 2016 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 8

Delaware Basin: Blue Chip 3 rd Party Customers Ramsey Processing Capacity Processing Train Capacity (MMcf/d) Online Date Ramsey III 1 200 2Q16 Ramsey IV 200 2Q16 Ramsey V 200 4Q16 Ramsey II 1 100 4Q16 Ramsey VI 200 4Q17 Total 900 400+ MMcf/d 3 rd Party Volumetric Commitments 150,000+ Acres 3 rd Party Core Acreage Dedications Gas Gathering (Existing) Gas Gathering (Under Construction) Ramsey Processing Complex 10 MILES Selected Existing Customers 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 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 9

Delaware Basin: The Anadarko Opportunity Anadarko Investor Slide 1 Estimated 2021 Oil Volumes: 130+ MBbl/d Estimated 2021 Gas Volumes 2 : ~520 MMcf/d Estimated 2021 Water Volumes 3 : ~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 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 10

Risk Mitigation Throughout the Portfolio Commodity Risk Volumetric Risk Counterparty Risk Adj. Gross Margin 1 Fee-Based & Fixed Price Unhedged Gas Throughput 2 Demand Charge Cost of Service Other Credit Rating 3 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 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 11

Combination of Scale and Sustainable 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% 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 31 st 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. 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 12

Appendix 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 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. 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 14

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. 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 15