31.10.2017 21:05:00

Western Gas Announces Third-Quarter 2017 Results

HOUSTON, Oct. 31, 2017 /PRNewswire/ -- Western Gas Partners, LP (NYSE: WES) ("WES" or the "Partnership") and Western Gas Equity Partners, LP (NYSE: WGP) ("WGP") today announced third-quarter 2017 financial and operating results.

WESTERN GAS PARTNERS, LP

Net income (loss) available to limited partners for the third quarter of 2017 totaled $65.1 million, or $0.38 per common unit (diluted), with third-quarter 2017 Adjusted EBITDA(1) of $257.8 million and third-quarter 2017 Distributable cash flow(1) of $231.9 million.

WES previously declared a quarterly distribution of $0.905 per unit for the third quarter of 2017. This distribution represented a 2% increase over the prior quarter's distribution and a 7% increase over the third-quarter 2016 distribution of $0.845 per unit. The third-quarter 2017 Coverage ratio(1) of 1.09 times was based on the quarterly distribution of $0.905 per unit.

"Our portfolio continues to display strong quarterly performance, driven by accelerated producer activity in the DJ and Delaware Basins, despite the over $3.0 million impact to Adjusted EBITDA associated with extreme weather events," said Chief Executive Officer, Benjamin Fink. "Our Ramsey processing facility is nearing capacity as we prepare to commission Ramsey VI later this quarter, and we remain confident that the growing production in the Delaware and DJ Basins will support the significant processing capacity we are adding at our new Mentone and Latham facilities, both of which are on schedule."

(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 third quarter of 2017 averaged 3.4 Bcf/d, which was 1% below the prior quarter (virtually flat when adjusted for the Helper and Clawson divestitures in June 2017) and 16% below the third quarter of 2016. Total throughput for crude, NGL and produced water assets for the third quarter of 2017 averaged 209 MBbls/d, which was 15% above the prior quarter and 13% above the third quarter of 2016.

Capital expenditures attributable to WES, including equity investments but excluding acquisitions, totaled $156.5 million on a cash basis and $222.3 million on an accrual basis during the third quarter of 2017, with maintenance capital expenditures on a cash basis of $10.6 million. WES is updating its 2017 outlook for capital expenditures to a range of $800 million to $850 million and maintenance capital expenditures to a range of $50 million to $55 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 third quarter of 2017 totaled $96.2 million, or $0.44 per common unit (diluted).

WGP previously declared a quarterly distribution of $0.53750 per unit for the third quarter of 2017. This distribution represented a 2% increase over the prior quarter's distribution and a 20% increase over the third-quarter 2016 distribution of $0.44750 per unit. WGP will receive distributions from WES of $119.3 million attributable to the third quarter and will pay $117.7 million in distributions for the same period.

CONFERENCE CALL TOMORROW AT 11 A.M. CDT

WES and WGP will host a joint conference call on Wednesday, November 1, 2017, at 11:00 a.m. Central Daylight Time (12:00 p.m. Eastern Daylight Time) to discuss third-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 4666075. 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; gathering, stabilizing and transporting condensate, natural gas liquids and crude oil; and gathering and disposing of produced water 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
 September 30,


Nine Months Ended
 September 30,

thousands except Coverage ratio


2017


2016


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


$

143,506



$

167,746



$

418,846



$

448,327


Add:









Distributions from equity investments


29,145



27,133



80,568



76,263


Non-cash equity-based compensation expense


1,258



1,469



3,479



4,018


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




(1,173)



71



(12,097)


Income tax (benefit) expense


510



472



4,905



7,431


Depreciation and amortization (2)


71,812



66,589



214,213



197,678


Impairments


2,159



2,392



170,079



11,313


Above-market component of swap agreements with Anadarko


18,049



18,417



46,719



34,782


Other expense (2)




40



140



96


Less:









Gain (loss) on divestiture and other, net


72



(6,230)



135,017



(8,769)


Equity income, net – affiliates


21,519



20,294



62,708



56,801


Cash paid for maintenance capital expenditures (2)


10,591



15,306



33,115



55,288


Capitalized interest


2,115



1,343



3,991



4,674


Cash paid for (reimbursement of) income taxes






189



67


Series A Preferred unit distributions




14,907



7,453



30,876


Other income (2)


283



150



960



272


Distributable cash flow


$

231,859



$

237,315



$

695,587



$

628,602


Distributions declared (3)









Limited partners – common units


$

138,105





$

397,850




General partner


73,933





210,432




Total


$

212,038





$

608,282




Coverage ratio


1.09


x



1.14

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 $0.905 and $2.670 per unit declared for the three and nine months ended September 30, 2017, respectively.

 

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
 September 30,


Nine Months Ended
 September 30,

thousands


2017


2016


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


$

143,506



$

167,746



$

418,846



$

448,327


Add:









Distributions from equity investments


29,145



27,133



80,568



76,263


Non-cash equity-based compensation expense


1,258



1,469



3,479



4,018


Interest expense


35,544



30,768



106,794



75,687


Income tax expense


510



472



4,905



7,431


Depreciation and amortization (1)


71,812



66,589



214,213



197,678


Impairments


2,159



2,392



170,079



11,313


Other expense (1)




40



140



96


Less:









Gain (loss) on divestiture and other, net


72



(6,230)



135,017



(8,769)


Equity income, net – affiliates


21,519



20,294



62,708



56,801


Interest income – affiliates


4,225



4,225



12,675



12,675


Other income (1)


283



150



960



272


Adjusted EBITDA attributable to Western Gas Partners, LP


$

257,835



$

278,170



$

787,664



$

759,834


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









Net cash provided by operating activities


$

211,947



$

263,872



$

645,099



$

657,738


Interest (income) expense, net


31,319



26,543



94,119



63,012


Uncontributed cash-based compensation awards


78



290



(94)



448


Accretion and amortization of long-term obligations, net


(1,055)



121



(3,194)



9,176


Current income tax (benefit) expense


395



131



1,023



5,110


Other (income) expense, net


(286)



(153)



(969)



(224)


Distributions from equity investments in excess of cumulative earnings – affiliates


7,034



5,981



16,255



16,592


Changes in operating working capital:









Accounts receivable, net


56,335



7,866



46,972



41,108


Accounts and imbalance payables and accrued liabilities, net


(45,982)



(26,330)



(4,007)



(24,103)


Other


3,181



3,184



3,065



1,445


Adjusted EBITDA attributable to noncontrolling interest


(5,131)



(3,335)



(10,605)



(10,468)


Adjusted EBITDA attributable to Western Gas Partners, LP


$

257,835



$

278,170



$

787,664



$

759,834


Cash flow information of Western Gas Partners, LP









Net cash provided by operating activities






$

645,099



$

657,738


Net cash used in investing activities






(514,797)



(1,040,692)


Net cash provided by (used in) financing activities






(335,792)



429,368




(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
 September 30,


Nine Months Ended
 September 30,

thousands


2017


2016


2017


2016

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









Operating income (loss)


$

179,456



$

197,288



$

525,456



$

527,053


Add:









Distributions from equity investments


29,145



27,133



80,568



76,263


Operation and maintenance


79,536



74,755



229,444



226,141


General and administrative


12,158



11,382



35,402



33,542


Property and other taxes


11,215



10,670



35,433



33,098


Depreciation and amortization


72,539



67,246



216,272



199,646


Impairments


2,159



2,392



170,079



11,313


Less:









Gain (loss) on divestiture and other, net


72



(6,230)



135,017



(8,769)


Proceeds from business interruption insurance claims




13,667



29,882



16,270


Equity income, net – affiliates


21,519



20,294



62,708



56,801


Reimbursed electricity-related charges recorded as revenues


14,323



15,170



42,338



45,707


Adjusted gross margin attributable to noncontrolling interest


5,878



3,984



13,189



12,588


Adjusted gross margin attributable to Western Gas Partners, LP


$

344,416



$

343,981



$

1,009,520



$

984,459


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


$

305,337



$

306,393



$

904,620



$

877,583


Adjusted gross margin for crude, NGL and produced water assets


39,079



37,588



104,900



106,876



 

Western Gas Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)








Three Months Ended
 September 30,


Nine Months Ended
 September 30,

thousands except per-unit amounts


2017


2016


2017


2016

Revenues and other









Gathering, processing and transportation


$

306,187



$

315,192



$

913,436



$

910,332


Natural gas and natural gas liquids sales


259,141



164,036



690,490



379,585


Other


9,367



2,417



12,412



3,533


Total revenues and other


574,695



481,645



1,616,338



1,293,450


Equity income, net – affiliates


21,519



20,294



62,708



56,801


Operating expenses









Cost of product


239,223



145,643



631,859



326,959


Operation and maintenance


79,536



74,755



229,444



226,141


General and administrative


12,158



11,382



35,402



33,542


Property and other taxes


11,215



10,670



35,433



33,098


Depreciation and amortization


72,539



67,246



216,272



199,646


Impairments


2,159



2,392



170,079



11,313


Total operating expenses


416,830



312,088



1,318,489



830,699


Gain (loss) on divestiture and other, net


72



(6,230)



135,017



(8,769)


Proceeds from business interruption insurance claims




13,667



29,882



16,270


Operating income (loss)


179,456



197,288



525,456



527,053


Interest income – affiliates


4,225



4,225



12,675



12,675


Interest expense


(35,544)



(30,768)



(106,794)



(75,687)


Other income (expense), net


286



153



969



224


Income (loss) before income taxes


148,423



170,898



432,306



464,265


Income tax (benefit) expense


510



472



4,905



7,431


Net income (loss)


147,913



170,426



427,401



456,834


Net income attributable to noncontrolling interest


4,407



2,680



8,555



8,507


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


$

143,506



$

167,746



$

418,846



$

448,327


Limited partners' interest in net income (loss):









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


$

143,506



$

167,746



$

418,846



$

448,327


Pre-acquisition net (income) loss allocated to Anadarko








(11,326)


Series A Preferred units interest in net (income) loss




(25,539)



(42,373)



(50,989)


General partner interest in net (income) loss


(78,376)



(60,551)



(222,903)



(174,332)


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


$

65,130



$

81,656



$

153,570



$

211,680


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


$

0.38



$

0.54



$

0.91



$

1.39


Weighted-average common units outstanding – basic


152,602



130,672



145,371



130,112


Weighted-average common units outstanding – diluted


165,475



164,658



165,258



157,107


 

Western Gas Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


thousands except number of units


September 30,
 2017


December 31,
 2016

Current assets


$

358,346



$

594,014


Note receivable – Anadarko


260,000



260,000


Net property, plant and equipment


5,507,714



5,049,932


Other assets


1,788,251



1,829,082


Total assets


$

7,914,311



$

7,733,028


Current liabilities


$

393,364



$

315,305


Long-term debt


3,343,886



3,091,461


Asset retirement obligations and other


156,532



149,043


Deferred purchase price obligation – Anadarko




41,440


Total liabilities


$

3,893,782



$

3,597,249


Equity and partners' capital





Series A Preferred units (zero and 21,922,831 units issued and outstanding at September 30, 2017, and December 31, 2016, respectively)


$



$

639,545


Common units (152,602,105 and 130,671,970 units issued and outstanding at September 30, 2017, and December 31, 2016, respectively)


3,012,424



2,536,872


Class C units (12,977,633 and 12,358,123 units issued and outstanding at September 30, 2017, and December 31, 2016, respectively)


771,856



750,831


General partner units (2,583,068 units issued and outstanding at September 30, 2017, and December 31, 2016)


172,180



143,968


Noncontrolling interest


64,069



64,563


Total liabilities, equity and partners' capital


$

7,914,311



$

7,733,028


 

Western Gas Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)






Nine Months Ended
 September 30,

thousands


2017


2016

Cash flows from operating activities





Net income (loss)


$

427,401



$

456,834


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





Depreciation and amortization


216,272



199,646


Impairments


170,079



11,313


(Gain) loss on divestiture and other, net


(135,017)



8,769


Change in other items, net


(33,636)



(18,824)


Net cash provided by operating activities


$

645,099



$

657,738


Cash flows from investing activities





Capital expenditures


$

(419,193)



$

(372,725)


Contributions in aid of construction costs from affiliates


1,386



4,927


Acquisitions from affiliates


(3,910)



(716,465)


Acquisitions from third parties


(155,298)




Investments in equity affiliates


(384)



139


Distributions from equity investments in excess of cumulative earnings – affiliates


16,255



16,592


Proceeds from the sale of assets to affiliates




623


Proceeds from the sale of assets to third parties


23,370



7,819


Proceeds from property insurance claims


22,977



18,398


Net cash used in investing activities


$

(514,797)



$

(1,040,692)


Cash flows from financing activities





Borrowings, net of debt issuance costs


$

249,989



$

1,094,600


Repayments of debt




(880,000)


Settlement of the Deferred purchase price obligation – Anadarko


(37,346)




Increase (decrease) in outstanding checks


3,310



(1,070)


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


(183)



25,000


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




686,937


Distributions to unitholders


(589,262)



(490,289)


Distributions to noncontrolling interest owner


(9,049)



(11,257)


Net contributions from (distributions to) Anadarko


30



(29,335)


Above-market component of swap agreements with Anadarko


46,719



34,782


Net cash provided by (used in) financing activities


$

(335,792)



$

429,368


Net increase (decrease) in cash and cash equivalents


$

(205,490)



$

46,414


Cash and cash equivalents at beginning of period


357,925



98,033


Cash and cash equivalents at end of period


$

152,435



$

144,447


 

Western Gas Partners, LP

OPERATING STATISTICS

(Unaudited)








Three Months Ended
 September 30,


Nine Months Ended
 September 30,



2017


2016


2017


2016

Throughput for natural gas assets (MMcf/d)









Gathering, treating and transportation


784



1,562



1,029



1,556


Processing


2,588



2,448



2,528



2,301


Equity investment (1)


159



179



160



178


   Total throughput for natural gas assets


3,531



4,189



3,717



4,035


   Throughput attributable to noncontrolling interest for natural gas assets


104



119



107



127


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


3,427



4,070



3,610



3,908


Throughput for crude, NGL and produced water assets (MBbls/d)









Gathering, treating and transportation


77



58



57



59


Equity investment (2)


132



127



130



126


   Total throughput for crude, NGL and produced water assets


209



185



187



185


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


$

0.97



$

0.82



$

0.92



$

0.82


Adjusted gross margin per Bbl for crude, NGL and produced water assets (4)


2.03



2.20



2.05



2.10





















(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 and produced water assets (total revenues and other for crude, NGL and produced water assets, less reimbursements for electricity-related expenses recorded as revenue and cost of product for crude, NGL and produced water 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 and produced water assets.


 

Western Gas Equity Partners, LP

CALCULATION OF CASH AVAILABLE FOR DISTRIBUTION

(Unaudited)


thousands except per-unit amount and Coverage ratio


Three Months Ended
 September 30, 2017

Distributions declared by Western Gas Partners, LP:



General partner interest


$

3,529


Incentive distribution rights


70,404


Common units held by WGP


45,370


Less:



Public company general and administrative expense


764


Interest expense


573


Cash available for distribution


$

117,966


Declared distribution per common unit


$

0.53750


Distributions declared by Western Gas Equity Partners, LP


$

117,677


Coverage ratio


1.00

x


 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)








Three Months Ended
 September 30,


Nine Months Ended
 September 30,

thousands except per-unit amounts


2017


2016


2017


2016

Revenues and other









Gathering, processing and transportation


$

306,187



$

315,192



$

913,436



$

910,332


Natural gas and natural gas liquids sales


259,141



164,036



690,490



379,585


Other


9,367



2,417



12,412



3,533


Total revenues and other


574,695



481,645



1,616,338



1,293,450


Equity income, net – affiliates


21,519



20,294



62,708



56,801


Operating expenses









Cost of product


239,223



145,643



631,859



326,959


Operation and maintenance


79,536



74,755



229,444



226,141


General and administrative


12,922



12,112



37,595



36,514


Property and other taxes


11,215



10,670



35,433



33,113


Depreciation and amortization


72,539



67,246



216,272



199,646


Impairments


2,159



2,392



170,079



11,313


Total operating expenses


417,594



312,818



1,320,682



833,686


Gain (loss) on divestiture and other, net


72



(6,230)



135,017



(8,769)


Proceeds from business interruption insurance claims




13,667



29,882



16,270


Operating income (loss)


178,692



196,558



523,263



524,066


Interest income – affiliates


4,225



4,225



12,675



12,675


Interest expense


(36,117)



(31,301)



(108,447)



(76,869)


Other income (expense), net


311



165



1,029



270


Income (loss) before income taxes


147,111



169,647



428,520



460,142


Income tax (benefit) expense


510



472



4,905



7,431


Net income (loss)


146,601



169,175



423,615



452,711


Net income (loss) attributable to noncontrolling interests


50,399



77,778



146,529



190,635


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


$

96,202



$

91,397



$

277,086



$

262,076


Limited partners' interest in net income (loss):









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


$

96,202



$

91,397



$

277,086



$

262,076


Pre-acquisition net (income) loss allocated to Anadarko








(11,326)


Limited partners' interest in net income (loss)


$

96,202



$

91,397



$

277,086



$

250,750


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


$

0.44



$

0.42



$

1.27



$

1.15


Weighted-average common units outstanding – basic and diluted


218,933



218,922



218,931



218,921


 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


thousands except number of units


September 30,
 2017


December 31,
 2016

Current assets


$

358,970



$

595,591


Note receivable – Anadarko


260,000



260,000


Net property, plant and equipment


5,507,714



5,049,932


Other assets


1,789,235



1,830,574


Total assets


$

7,915,919



$

7,736,097


Current liabilities


$

393,567



$

315,387


Long-term debt


3,371,886



3,119,461


Asset retirement obligations and other


156,532



149,043


Deferred purchase price obligation – Anadarko




41,440


Total liabilities


$

3,921,985



$

3,625,331


Equity and partners' capital





Common units (218,933,141 and 218,928,570 units issued and outstanding at September 30, 2017, and December 31, 2016, respectively)


$

1,067,269



$

1,048,143


Noncontrolling interests


2,926,665



3,062,623


Total liabilities, equity and partners' capital


$

7,915,919



$

7,736,097


 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Nine Months Ended
 September 30,

thousands


2017


2016

Cash flows from operating activities





Net income (loss)


$

423,615



$

452,711


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





Depreciation and amortization


216,272



199,646


Impairments


170,079



11,313


(Gain) loss on divestiture and other, net


(135,017)



8,769


Change in other items, net


(32,480)



(17,739)


Net cash provided by operating activities


$

642,469



$

654,700


Cash flows from investing activities





Capital expenditures


$

(419,193)



$

(372,725)


Contributions in aid of construction costs from affiliates


1,386



4,927


Acquisitions from affiliates


(3,910)



(716,465)


Acquisitions from third parties


(155,298)




Investments in equity affiliates


(384)



139


Distributions from equity investments in excess of cumulative earnings – affiliates


16,255



16,592


Proceeds from the sale of assets to affiliates




623


Proceeds from the sale of assets to third parties


23,370



7,819


Proceeds from property insurance claims


22,977



18,398


Net cash used in investing activities


$

(514,797)



$

(1,040,692)


Cash flows from financing activities





Borrowings, net of debt issuance costs


$

249,989



$

1,120,580


Repayments of debt




(880,000)


Settlement of the Deferred purchase price obligation – Anadarko


(37,346)




Increase (decrease) in outstanding checks


3,310



(1,070)


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


(183)




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




686,937


Distributions to WGP unitholders


(324,290)



(276,114)


Distributions to Chipeta noncontrolling interest owner


(9,049)



(11,257)


Distributions to noncontrolling interest owners of WES


(262,888)



(211,877)


Net contributions from (distributions to) Anadarko


30



(29,335)


Above-market component of swap agreements with Anadarko


46,719



34,782


Net cash provided by (used in) financing activities


$

(333,708)



$

432,646


Net increase (decrease) in cash and cash equivalents


$

(206,036)



$

46,654


Cash and cash equivalents at beginning of period


359,072



99,694


Cash and cash equivalents at end of period


$

153,036



$

146,348


 

Western Gas Partners (PRNewsFoto/Western Gas Partners, LP) (PRNewsFoto/Western Gas Partners, LP)

 

Western Gas Equity Partners (PRNewsFoto/Western Gas Partners, LP) (PRNewsFoto/Western Gas Partners, LP)

 

View original content with multimedia:http://www.prnewswire.com/news-releases/western-gas-announces-third-quarter-2017-results-300546750.html

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

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