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WES Investors

Western Gas Announces First-Quarter 2017 Results

HOUSTON, May 2, 2017 /PRNewswire/ -- Western Gas Partners, LP (NYSE: WES) ("WES" or the "Partnership") and Western Gas Equity Partners, LP (NYSE: WGP) ("WGP") today announced first-quarter 2017 financial and operating results.

WESTERN GAS PARTNERS, LP
Net income (loss) available to limited partners for the first quarter of 2017 totaled $5.6 million, or $0.01 per common unit (diluted), with first-quarter 2017 Adjusted EBITDA(1) of $255.0 million and first-quarter 2017 Distributable cash flow(1) of $216.5 million.

WES previously declared a quarterly distribution of $0.875 per unit for the first quarter of 2017. This distribution represented a 2% increase over the prior quarter's distribution and a 7% increase over the first-quarter 2016 distribution of $0.815 per unit. The first-quarter 2017 Coverage ratio(1) of 1.15 times was based on the quarterly distribution of $0.875 per unit.

"During the quarter, we began executing the largest capital program in our history, with three Delaware Basin processing plants in various stages of development. Ramsey train VI remains on schedule to begin service in the fourth quarter of this year, and Mentone trains I and II remain on schedule for start-up in the second half of 2018," said Chief Executive Officer, Benjamin Fink. "Furthermore, during the quarter we closed our DBJV-for-Marcellus asset exchange and successfully converted half of our outstanding convertible preferred units into common units, with the other half to be converted this month. Both of these transactions are critical steps toward achieving our objective of providing sustainable distribution growth over time."

(1) Please see the tables at the end of this release for a reconciliation of GAAP to non-GAAP measures and calculation of the Coverage ratio.

Total throughput attributable to WES for natural gas assets for the first quarter of 2017 averaged 3.9 Bcf/d, which was 3% below the prior quarter and 4% above the first quarter of 2016. Total throughput for crude/NGL assets for the first quarter of 2017 averaged 169 MBbls/d, which was 7% below the prior quarter and 8% below the first quarter of 2016.

Capital expenditures attributable to WES, including equity investments but excluding acquisitions, totaled $123.8 million on a cash basis and $129.8 million on an accrual basis during the first quarter of 2017, with maintenance capital expenditures on a cash basis of $11.1 million.

WESTERN GAS EQUITY PARTNERS, LP

WGP indirectly owns the entire general partner interest in WES, 100% of the incentive distribution rights in WES and 50,132,046 WES common units. Net income (loss) available to limited partners for the first quarter of 2017 totaled $75.9 million, or $0.35 per common unit (diluted).

WGP previously declared a quarterly distribution of $0.49125 per unit for the first quarter of 2017. This distribution represented a 6% increase over the prior quarter's distribution and a 16% increase over the first-quarter 2016 distribution of $0.42375 per unit. WGP received distributions from WES of $108.7 million attributable to the first quarter and will pay $107.5 million in distributions for the same period.

(1) Please see the tables at the end of this release for a reconciliation of GAAP to non-GAAP measures and calculation of the Coverage ratio.

CONFERENCE CALL TOMORROW AT 11 A.M. CDT

WES and WGP will host a joint conference call on Wednesday, May 3, 2017, at 11:00 a.m. Central Daylight Time (12:00 p.m. Eastern Daylight Time) to discuss first-quarter 2017 results. Individuals who would like to participate should dial 877-883-0383 (Domestic) or 412-902-6506 (International) approximately 15 minutes before the scheduled conference call time, and enter participant access code 5700314. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westerngas.com. A replay of the conference call will also be available on the website for two weeks following the call.

Western Gas Partners, LP ("WES") is a growth-oriented Delaware master limited partnership formed by Anadarko Petroleum Corporation to acquire, own, develop and operate midstream energy assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania and Texas, WES is engaged in the business of gathering, compressing, treating, processing and transporting natural gas, and gathering, stabilizing and transporting condensate, natural gas liquids and crude oil for Anadarko, as well as for other producers and customers.

Western Gas Equity Partners, LP ("WGP") is a Delaware master limited partnership formed by Anadarko to own the following types of interests in WES: (i) the general partner interest and all of the incentive distribution rights in WES, both owned through WGP's 100% ownership of WES's general partner, and (ii) a significant limited partner interest in WES.

For more information about Western Gas Partners, LP and Western Gas Equity Partners, LP, please visit www.westerngas.com.

This news release contains forward-looking statements. WES and WGP's management believes 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 news release. These factors include the ability to meet financial guidance or distribution growth expectations; the ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs and related products or services; 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" sections 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 and Western Gas Equity Partners undertake no obligation to publicly update or revise any forward-looking statements.

WESTERN GAS CONTACT
Jonathon E. VandenBrand
Director, Investor Relations
jon.vandenbrand@anadarko.com
832.636.6000

Western Gas Partners, LP Reconciliation of GAAP to Non-GAAP Measures

Below are reconciliations of (i) net income (loss) attributable to Western Gas Partners, LP (GAAP) to WES's Distributable cash flow (non-GAAP), (ii) net income (loss) attributable to Western Gas Partners, LP (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA attributable to Western Gas Partners, LP ("Adjusted EBITDA") (non-GAAP), and (iii) operating income (loss) (GAAP) to Adjusted gross margin attributable to Western Gas Partners, LP ("Adjusted gross margin") (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that WES's Distributable cash flow, Adjusted EBITDA, Adjusted gross margin, and Coverage ratio are widely accepted financial indicators of WES's financial performance compared to other publicly traded partnerships and are useful in assessing its ability to incur and service debt, fund capital expenditures and make distributions. Distributable cash flow, Adjusted EBITDA, Adjusted gross margin and Coverage ratio, as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES's Distributable cash flow, Adjusted EBITDA, Adjusted gross margin and Coverage ratio should be considered in conjunction with net income (loss) attributable to Western Gas Partners, LP and other applicable performance measures, such as operating income (loss) or cash flows from operating activities.

Western Gas Partners, LP Reconciliation of GAAP to Non-GAAP Measures, continued

Distributable Cash Flow

WES defines Distributable cash flow as Adjusted EBITDA, plus interest income and the net settlement amounts from the sale and/or purchase of natural gas, condensate and NGLs under WES's commodity price swap agreements to the extent such amounts are not recognized as Adjusted EBITDA, less net cash paid (or to be paid) for interest expense (including amortization of deferred debt issuance costs originally paid in cash, offset by non-cash capitalized interest), maintenance capital expenditures, Series A Preferred unit distributions and income taxes.



Three Months Ended
 March 31,

thousands except Coverage ratio


2017


2016

Reconciliation of Net income (loss) attributable to Western Gas Partners, LP to Distributable cash flow and calculation of the Coverage ratio





Net income (loss) attributable to Western Gas Partners, LP


$

101,889



$

116,060


Add:





Distributions from equity investments


22,567



24,639


Non-cash equity-based compensation expense


1,246



1,303


Non-cash settled - interest expense, net (1)


71



4,537


Income tax (benefit) expense


3,552



6,633


Depreciation and amortization (2)


69,049



64,439


Impairments


164,742



6,518


Above-market component of swap extensions with Anadarko


12,297



6,813


Other expense (2)


45




Less:





Gain (loss) on divestiture and other, net


119,487



(632)


Equity income, net – affiliates


19,461



16,814


Cash paid for maintenance capital expenditures (2)


11,122



18,897


Capitalized interest


816



1,849


Cash paid for (reimbursement of) income taxes


189



67


Series A Preferred unit distributions


7,453



1,887


Other income (2)


427



122


Distributable cash flow


$

216,503



$

191,938


Distributions declared (3)





Limited partners – common units


$

123,929




General partner


64,824




Total


$

188,753




Coverage ratio


1.15

x





(1)

Includes amounts related to the Deferred purchase price obligation - Anadarko.

(2)

Includes WES's 75% share of depreciation and amortization; other expense; cash paid for maintenance capital expenditures; and other income attributable to Chipeta.

(3)

Reflects cash distributions of $0.875 per unit declared for the three months ended March 31, 2017.

 

Western Gas Partners, LP Reconciliation of GAAP to Non-GAAP Measures, continued

Adjusted EBITDA Attributable to Western Gas Partners, LP

WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investments, 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.



Three Months Ended
 March 31,

thousands


2017


2016

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





Net income (loss) attributable to Western Gas Partners, LP


$

101,889



$

116,060


Add:





Distributions from equity investments


22,567



24,639


Non-cash equity-based compensation expense


1,246



1,303


Interest expense


35,504



32,036


Income tax expense


3,552



6,633


Depreciation and amortization (1)


69,049



64,439


Impairments


164,742



6,518


Other expense (1)


45




Less:





Gain (loss) on divestiture and other, net


119,487



(632)


Equity income, net – affiliates


19,461



16,814


Interest income – affiliates


4,225



4,225


Other income (1)


427



122


Adjusted EBITDA attributable to Western Gas Partners, LP


$

254,994



$

231,099


Reconciliation of Net cash provided by operating activities to Adjusted EBITDA attributable to Western Gas Partners, LP





Net cash provided by (used in) operating activities


$

192,616



$

236,503


Interest (income) expense, net


31,279



27,811


Uncontributed cash-based compensation awards


37



72


Accretion and amortization of long-term obligations, net


(1,101)



(5,467)


Current income tax (benefit) expense


424



4,781


Other (income) expense, net


(430)



(124)


Distributions from equity investments in excess of cumulative earnings – affiliates


3,453



4,784


Changes in operating working capital:





Accounts receivable, net


1,513



(12,558)


Accounts and imbalance payables and accrued liabilities, net


29,940



(17,978)


Other


15



(3,048)


Adjusted EBITDA attributable to noncontrolling interest


(2,752)



(3,677)


Adjusted EBITDA attributable to Western Gas Partners, LP


$

254,994



$

231,099


Cash flow information of Western Gas Partners, LP





Net cash provided by (used in) operating activities


$

192,616



$

236,503


Net cash provided by (used in) investing activities


(252,434)



(842,818)


Net cash provided by (used in) financing activities


(175,797)



616,761




(1)

Includes WES's 75% share of depreciation and amortization; other expense; and other income attributable to Chipeta.

 

Western Gas Partners, LP Reconciliation of GAAP to Non-GAAP Measures, continued

Adjusted Gross Margin Attributable to Western Gas Partners, LP

WES defines Adjusted gross margin as total revenues and other, less cost of product and reimbursements for electricity-related expenses recorded as revenue, plus distributions from equity investments and excluding the noncontrolling interest owner's proportionate share of revenue and cost of product.



Three Months Ended
 March 31,

thousands


2017


2016

Reconciliation of Operating income (loss) to Adjusted gross margin attributable to Western Gas Partners, LP





Operating income (loss)


$

138,392



$

153,403


Add:





Distributions from equity investments


22,567



24,639


Operation and maintenance


73,760



76,213


General and administrative


12,659



11,277


Property and other taxes


12,294



10,350


Depreciation and amortization


69,702



65,095


Impairments


164,742



6,518


Less:





Gain (loss) on divestiture and other, net


119,487



(632)


Proceeds from business interruption insurance claims


5,767




Equity income, net – affiliates


19,461



16,814


Reimbursed electricity-related charges recorded as revenues


13,969



15,668


Adjusted gross margin attributable to noncontrolling interest


3,876



4,421


Adjusted gross margin attributable to Western Gas Partners, LP


$

331,556



$

311,224


Adjusted gross margin attributable to Western Gas Partners, LP for natural gas assets


$

301,505



$

276,529


Adjusted gross margin for crude/NGL assets


30,051



34,695


 

Western Gas Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)






Three Months Ended
 March 31,

thousands except per-unit amounts


2017


2016

Revenues and other





Gathering, processing and transportation


$

307,814



$

294,004


Natural gas and natural gas liquids sales


206,525



88,556


Other


1,854



581


Total revenues and other


516,193



383,141


Equity income, net – affiliates


19,461



16,814


Operating expenses





Cost of product


189,359



76,467


Operation and maintenance


73,760



76,213


General and administrative


12,659



11,277


Property and other taxes


12,294



10,350


Depreciation and amortization


69,702



65,095


Impairments


164,742



6,518


Total operating expenses


522,516



245,920


Gain (loss) on divestiture and other, net


119,487



(632)


Proceeds from business interruption insurance claims


5,767




Operating income (loss)


138,392



153,403


Interest income – affiliates


4,225



4,225


Interest expense


(35,504)



(32,036)


Other income (expense), net


430



124


Income (loss) before income taxes


107,543



125,716


Income tax (benefit) expense


3,552



6,633


Net income (loss)


103,991



119,083


Net income attributable to noncontrolling interest


2,102



3,023


Net income (loss) attributable to Western Gas Partners, LP


$

101,889



$

116,060


Limited partners' interest in net income (loss):





Net income (loss) attributable to Western Gas Partners, LP


$

101,889



$

116,060


Pre-acquisition net (income) loss allocated to Anadarko




(11,326)


Series A Preferred units interest in net (income) loss


(28,174)



(2,329)


General partner interest in net (income) loss


(68,162)



(55,400)


Common and Class C limited partners' interest in net income (loss)


$

5,553



$

47,005


Net income (loss) per common unit – basic and diluted


$

0.01



$

0.31


Weighted-average common units outstanding – basic


134,448



128,990


Weighted-average common units outstanding – diluted


165,047



143,355


 

Western Gas Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)






thousands except number of units


March 31,
 2017


December 31, 2016

Current assets


$

285,619



$

594,014


Note receivable – Anadarko


260,000



260,000


Net property, plant and equipment


5,266,813



5,049,932


Other assets


1,820,408



1,829,082


Total assets


$

7,632,840



$

7,733,028


Current liabilities


$

280,063



$

315,305


Long-term debt


3,092,257



3,091,461


Asset retirement obligations and other


154,871



149,043


Deferred purchase price obligation – Anadarko


37,346



41,440


Total liabilities


$

3,564,537



$

3,597,249


Equity and partners' capital





Series A Preferred units (10,961,416 and 21,922,831 units issued and outstanding at March 31, 2017, and December 31, 2016, respectively)


$

336,722



$

639,545


Common units (141,633,385 and 130,671,970 units issued and outstanding at March 31, 2017, and December 31, 2016, respectively)


2,759,744



2,536,872


Class C units (12,537,100 and 12,358,123 units issued and outstanding at March 31, 2017, and December 31, 2016, respectively)


754,670



750,831


General partner units (2,583,068 units issued and outstanding at March 31, 2017, and December 31, 2016)


153,872



143,968


Noncontrolling interest


63,295



64,563


Total liabilities, equity and partners' capital


$

7,632,840



$

7,733,028


 

Western Gas Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)






Three Months Ended
 March 31,

thousands


2017


2016

Cash flows from operating activities





Net income (loss)


$

103,991



$

119,083


Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in working capital:





Depreciation and amortization


69,702



65,095


Impairments


164,742



6,518


(Gain) loss on divestiture and other, net


(119,487)



632


Change in other items, net


(26,332)



45,175


Net cash provided by (used in) operating activities


$

192,616



$

236,503


Cash flows from investing activities





Capital expenditures


$

(125,944)



$

(136,987)


Contributions in aid of construction costs from affiliates


1,310



2,369


Acquisitions from affiliates




(713,596)


Acquisitions from third parties


(155,287)




Investments in equity affiliates




474


Distributions from equity investments in excess of cumulative earnings – affiliates


3,453



4,784


Proceeds from the sale of assets to third parties


34



138


Proceeds from property insurance claims


24,000




Net cash provided by (used in) investing activities


$

(252,434)



$

(842,818)


Cash flows from financing activities





Borrowings, net of debt issuance costs


$

(11)



$

330,000


Increase (decrease) in outstanding checks


1,024



(994)


Proceeds from the issuance of common units, net of offering expenses


(158)



25,000


Proceeds from the issuance of Series A Preferred units, net of offering expenses




440,000


Distributions to unitholders


(185,565)



(152,588)


Distributions to noncontrolling interest owner


(3,370)



(3,838)


Net contributions from (distributions to) Anadarko


(14)



(27,632)


Above-market component of swap extensions with Anadarko


12,297



6,813


Net cash provided by (used in) financing activities


$

(175,797)



$

616,761


Net increase (decrease) in cash and cash equivalents


$

(235,615)



$

10,446


Cash and cash equivalents at beginning of period


357,925



98,033


Cash and cash equivalents at end of period


$

122,310



$

108,479



 

Western Gas Partners, LP

OPERATING STATISTICS

(Unaudited)






Three Months Ended
 March 31,



2017


2016

Throughput for natural gas assets (MMcf/d)





Gathering, treating and transportation


1,443



1,597


Processing


2,442



2,134


Equity investment (1)


162



185


  Total throughput for natural gas assets


4,047



3,916


  Throughput attributable to noncontrolling interest for natural gas assets


109



135


Total throughput attributable to Western Gas Partners, LP for natural gas assets


3,938



3,781


Throughput for crude/NGL assets (MBbls/d)





Gathering, treating and transportation


44



60


Equity investment (2)


125



124


   Total throughput for crude/NGL assets



169




184


Adjusted gross margin per Mcf attributable to Western Gas Partners, LP for natural gas assets (3)


$

0.85



$

0.80


Adjusted gross margin per Bbl for crude/NGL assets (4)


1.98



2.07













(1)

Represents WES's 14.81% share of average Fort Union throughput and 22% share of average Rendezvous throughput.

(2)

Represents WES's 10% share of average White Cliffs throughput, WES's 25% share of average Mont Belvieu JV throughput, WES's 20% share of average TEG and TEP throughput, and WES's 33.33% share of average FRP throughput.

(3)

Average for period. Calculated as Adjusted gross margin attributable to Western Gas Partners, LP for natural gas assets (total revenues and other for natural gas assets, less reimbursements for electricity-related expenses recorded as revenue and cost of product for natural gas assets, plus distributions from WES's equity investments in Fort Union and Rendezvous, and excluding the noncontrolling interest owner's proportionate share of revenue and cost of product), divided by total throughput (MMcf/d) attributable to Western Gas Partners, LP for natural gas assets.

(4)

Average for period. Calculated as Adjusted gross margin for crude/NGL assets (total revenues and other for crude/NGL assets, less reimbursements for electricity-related expenses recorded as revenue and cost of product for crude/NGL assets, plus distributions from WES's equity investments in White Cliffs, the Mont Belvieu JV, TEG, TEP and FRP), divided by total throughput (MBbls/d) for crude/NGL assets.


 

Western Gas Equity Partners, LP

CALCULATION OF CASH AVAILABLE FOR DISTRIBUTION

(Unaudited)




thousands except per-unit amount and Coverage ratio


Three Months Ended
 March 31, 2017

Distributions declared by Western Gas Partners, LP:



General partner interest


$

3,381


Incentive distribution rights


61,443


Common units held by WGP


43,866


Less:



Public company general and administrative expense


817


Interest expense


529


Cash available for distribution


$

107,344


Declared distribution per common unit


$

0.49125


Distributions declared by Western Gas Equity Partners, LP


$

107,549


Coverage ratio


1.00

x


 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)






Three Months Ended
 March 31,

thousands except per-unit amounts


2017


2016

Revenues and other





Gathering, processing and transportation


$

307,814



$

294,004


Natural gas and natural gas liquids sales


206,525



88,556


Other


1,854



581


Total revenues and other


516,193



383,141


Equity income, net – affiliates


19,461



16,814


Operating expenses





Cost of product


189,359



76,467


Operation and maintenance


73,760



76,213


General and administrative


13,476



12,515


Property and other taxes


12,294



10,350


Depreciation and amortization


69,702



65,095


Impairments


164,742



6,518


Total operating expenses


523,333



247,158


Gain (loss) on divestiture and other, net


119,487



(632)


Proceeds from business interruption insurance claims


5,767




Operating income (loss)


137,575



152,165


Interest income – affiliates


4,225



4,225


Interest expense


(36,033)



(32,139)


Other income (expense), net


446



141


Income (loss) before income taxes


106,213



124,392


Income tax (benefit) expense


3,552



6,633


Net income (loss)


102,661



117,759


Net income (loss) attributable to noncontrolling interests


26,721



35,943


Net income (loss) attributable to Western Gas Equity Partners, LP


$

75,940



$

81,816


Limited partners' interest in net income (loss):





Net income (loss) attributable to Western Gas Equity Partners, LP


$

75,940



$

81,816


Pre-acquisition net (income) loss allocated to Anadarko




(11,326)


Limited partners' interest in net income (loss)


$

75,940



$

70,490


Net income (loss) per common unit – basic and diluted


$

0.35



$

0.32


Weighted-average common units outstanding – basic and diluted


218,929



218,919


 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)






thousands except number of units


March 31,
 2017


December 31, 2016

Current assets


$

286,235



$

595,591


Note receivable – Anadarko


260,000



260,000


Net property, plant and equipment


5,266,813



5,049,932


Other assets


1,821,734



1,830,574


Total assets


$

7,634,782



$

7,736,097


Current liabilities


$

280,150



$

315,387


Long-term debt


3,120,257



3,119,461


Asset retirement obligations and other


154,871



149,043


Deferred purchase price obligation – Anadarko


37,346



41,440


Total liabilities


$

3,592,624



$

3,625,331


Equity and partners' capital





Common units (218,928,570 units issued and outstanding at March 31, 2017, and December 31, 2016)


$

1,042,403



$

1,048,143


Noncontrolling interests


2,999,755



3,062,623


Total liabilities, equity and partners' capital


$

7,634,782



$

7,736,097


 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)






Three Months Ended
 March 31,

thousands


2017


2016

Cash flows from operating activities





Net income (loss)


$

102,661



$

117,759


Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in working capital:





Depreciation and amortization


69,702



65,095


Impairments


164,742



6,518


(Gain) loss on divestiture and other, net


(119,487)



632


Change in other items, net


(25,945)



45,879


Net cash provided by (used in) operating activities


$

191,673



$

235,883


Cash flows from investing activities





Capital expenditures


$

(125,944)



$

(136,987)


Contributions in aid of construction costs from affiliates


1,310



2,369


Acquisitions from affiliates




(713,596)


Acquisitions from third parties


(155,287)




Investments in equity affiliates




474


Distributions from equity investments in excess of cumulative earnings – affiliates


3,453



4,784


Proceeds from the sale of assets to third parties


34



138


Proceeds from property insurance claims


24,000




Net cash provided by (used in) investing activities


$

(252,434)



$

(842,818)


Cash flows from financing activities





Borrowings, net of debt issuance costs


$

(11)



$

356,162


Increase (decrease) in outstanding checks


1,024



(994)


Proceeds from the issuance of WES common units, net of offering expenses


(158)




Proceeds from the issuance of WES Series A Preferred units, net of offering expenses




440,000


Distributions to WGP unitholders


(101,254)



(88,389)


Distributions to Chipeta noncontrolling interest owner


(3,370)



(3,838)


Distributions to noncontrolling interest owners of WES


(84,172)



(63,425)


Net contributions from (distributions to) Anadarko


(14)



(27,632)


Above-market component of swap extensions with Anadarko


12,297



6,813


Net cash provided by (used in) financing activities


$

(175,658)



$

618,697


Net increase (decrease) in cash and cash equivalents


$

(236,419)



$

11,762


Cash and cash equivalents at beginning of period


359,072



99,694


Cash and cash equivalents at end of period


$

122,653



$

111,456



 

 

 

SOURCE Western Gas Partners, LP; Western Gas Equity Partners, LP


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