WES
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Western Gas Announces First-Quarter 2015 Results

HOUSTON, May 5, 2015 /PRNewswire/ — Western Gas Partners, LP (NYSE: WES) (“WES” or the “Partnership”) and Western Gas Equity Partners, LP (NYSE: WGP) (“WGP”) today announced first-quarter 2015 financial and operating results.

WESTERN GAS PARTNERS, LP

Net income available to limited partners for the first quarter of 2015 totaled $39.8 million, or $0.26 per common unit (diluted). For the first quarter of 2015, Adjusted EBITDA(1) was $180.9 million and Distributable cash flow(1) was $148.0 million, resulting in a Coverage ratio(1) of 1.11 times for the period.

WES previously declared a quarterly distribution of $0.725 per unit for the first quarter of 2015. This distribution represented a 4% increase over the prior quarter’s distribution and a 16% increase over the first-quarter 2014 distribution of $0.625 per unit. The distribution will be paid on May 13, 2015, to unitholders of record at the close of business on April 30, 2015. The first-quarter 2015 Coverage ratio(1) of 1.11 times was based on the quarterly distribution of $0.725 per unit.

Total throughput attributable to WES for natural gas assets for the first quarter of 2015 averaged 3.9 Bcf/d, which was 8% above the prior quarter and 13% above the first quarter of 2014. Total throughput for crude/NGL assets for the first quarter of 2015 averaged 131 MBbls/d, which remained flat compared to the prior quarter and was 66% above the first quarter of 2014.

“Our excellent operating performance was primarily driven by volume increases in the DJ and Delaware Basins,” said Chief Executive Officer, Don Sinclair. “Our 2015 Adjusted EBITDA and distribution growth guidance is unchanged and assumes no additional acquisitions.”

(1)

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

 

Capital expenditures attributable to WES on a cash basis, including equity investments but excluding acquisitions, totaled $202.4 million during the first quarter of 2015. Of this amount, maintenance capital expenditures were $12.6 million, or 7% of Adjusted EBITDA(1). Capital expenditures attributable to WES on an accrual basis, including equity investments but excluding acquisitions, totaled $167.8 million during the first quarter of 2015. The Partnership also announced that it now expects full year 2015 total capital expenditures, including equity investments but excluding acquisitions, to be between $640 and $700 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 49,296,205 WES common units. Net income available to limited partners for the first quarter of 2015 totaled $55.3 million, or $0.25 per common unit (diluted).

WGP previously declared a quarterly distribution of $0.34250 per unit for the first quarter of 2015. This distribution represented a 10% increase over the prior quarter’s distribution and a 37% increase over the first-quarter 2014 distribution of $0.25000. The distribution will be paid on May 22, 2015, to unitholders of record at the close of business on April 30, 2015. WGP will receive distributions from WES of $75.8 million attributable to the first quarter and will pay $75.0 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, May 6, 2015, at 11:00 a.m. Central Daylight Time (12:00 p.m. Eastern Daylight Time) to discuss first-quarter 2015 results. To participate via telephone, please dial 877.280.4956 and enter participant code 99241935. Please call in 10 minutes prior to the scheduled start time. To access the live audio webcast of the conference call and slide presentation, please visit www.westerngas.com. A replay of the call will also be available on the website for approximately two weeks following the conference call.

 

(1)

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

 

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, the Mid-Continent, North-central Pennsylvania and Texas, WES is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, 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. Western Gas Partners and Western Gas Equity Partners 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 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 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” sections of WES’s and WGP’s most recent Forms 10-K 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
Benjamin Fink, CFA
SVP, Chief Financial Officer and Treasurer
832.636.6010
[email protected]

 

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

Below are reconciliations of (i) WES’s Distributable cash flow (non-GAAP) to net income attributable to Western Gas Partners, LP (GAAP), (ii) Adjusted EBITDA attributable to Western Gas Partners, LP (“Adjusted EBITDA”) (non-GAAP) to net income attributable to Western Gas Partners, LP (GAAP) and to net cash provided by operating activities (GAAP), and (iii) Adjusted gross margin attributable to Western Gas Partners, LP (“Adjusted gross margin”) (non-GAAP) to operating income (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 and other applicable performance measures, such as operating income or cash flows from operating activities.

Distributable Cash Flow

WES defines Distributable cash flow as Adjusted EBITDA, plus interest income, less net cash paid for interest expense (including amortization of deferred debt issuance costs originally paid in cash, offset by non-cash capitalized interest), maintenance capital expenditures, and income taxes.



Three Months Ended
 March 31,

thousands except Coverage ratio


2015


2014 (1)

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





Net income attributable to Western Gas Partners, LP


$

83,568



$

91,056


Add:





Distributions from equity investees


21,670



12,313


Non-cash equity-based compensation expense


1,112



1,097


Interest expense, net (non-cash settled) (2)


1,420




Income tax (benefit) expense


4,460



1,785


Depreciation, amortization and impairments (3)


69,644



41,448


Less:





Equity income, net


18,220



9,251


Cash paid for maintenance capital expenditures (3)


12,632



10,144


Capitalized interest


3,094



3,440


Cash paid for (reimbursement of) income taxes


(138)



(340)


Other income (3) (4)


69



78


Distributable cash flow


$

147,997



$

125,126


Distributions declared (5)





Limited partners


$

93,139




General partner


40,064




Total


$

133,203




Coverage ratio


1.11

x





(1)

In March 2015, WES acquired Anadarko’s interest in Delaware Basin JV Gathering LLC, which owns a 50% interest in a gathering system and related facilities (the “DBJV system”). WES will make a cash payment on March 1, 2020, to Anadarko as consideration for the acquisition. The net present value of this future obligation has been recorded on the consolidated balance sheet under Deferred purchase price obligation – Anadarko. Financial information has been recast to include the financial position and results attributable to the DBJV system.

(2)

Includes accretion expense related to the Deferred purchase price obligation – Anadarko associated with the acquisition of DBJV.

(3)

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

(4)

Excludes income of zero and $0.4 million for the three months ended March 31, 2015 and 2014, respectively, related to a component of a gas processing agreement accounted for as a capital lease.

(5)

Reflects cash distributions of $0.725 per unit declared for the three months ended March 31, 2015.

 

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 investees, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation, amortization and impairments, and other expense, less income from equity investments, interest income, income tax benefit, and other income.



Three Months Ended
 March 31,

thousands


2015


2014 (1)

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





Net income attributable to Western Gas Partners, LP


$

83,568



$

91,056


Add:





Distributions from equity investees


21,670



12,313


Non-cash equity-based compensation expense


1,112



1,097


Interest expense


22,960



13,961


Income tax expense


4,460



1,785


Depreciation, amortization and impairments (2)


69,644



41,448


Less:





Equity income, net


18,220



9,251


Interest income – affiliates


4,225



4,225


Other income (2) (3)


69



78


Adjusted EBITDA attributable to Western Gas Partners, LP


$

180,900



$

148,106



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





Adjusted EBITDA attributable to Western Gas Partners, LP


$

180,900



$

148,106


Adjusted EBITDA attributable to noncontrolling interest


3,872



4,326


Interest income (expense), net


(18,735)



(9,736)


Uncontributed cash-based compensation awards


(77)



53


Accretion and amortization of long-term obligations, net


2,112



680


Current income tax benefit (expense)


(702)



(792)


Other income (expense), net (3)


71



81


Distributions from equity investments in excess of cumulative earnings


(2,964)



(2,044)


Changes in operating working capital:





  Accounts receivable, net


(17,672)



(15,439)


  Accounts and natural gas imbalance payables and accrued liabilities, net


10,451



6,706


  Other


(1,220)



1,878


Net cash provided by operating activities


$

156,036



$

133,819


Cash flow information of Western Gas Partners, LP





Net cash provided by operating activities


$

156,036



$

133,819


Net cash used in investing activities


$

(203,960)



$

(586,520)


Net cash provided by financing activities


$

39,509



$

435,064




(1)

Financial information has been recast to include the financial position and results attributable to the DBJV system.

(2)

Includes WES’s 75% share of depreciation, amortization and impairments; and other income attributable to Chipeta.

(3)

Excludes income of zero and $0.4 million for the three months ended March 31, 2015 and 2014, respectively, related to a component of a gas processing agreement accounted for as a capital lease.

 

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 less cost of product, plus distributions from equity investees and excluding the noncontrolling interest owner’s proportionate share of revenue and cost of product.



Three Months Ended
 March 31,

thousands


2015


2014 (1)

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





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


$

233,852



$

195,771


Adjusted gross margin for crude/NGL assets


20,184



10,789


Adjusted gross margin attributable to Western Gas Partners, LP


$

254,036



$

206,560


Adjusted gross margin attributable to noncontrolling interest


$

4,808



$

5,094


Equity income, net


18,220



9,251


Less:





Distributions from equity investees


21,670



12,313


Operation and maintenance


56,149



44,577


General and administrative


10,512



8,904


Property and other taxes


8,523



7,234


Depreciation, amortization and impairments


70,292



42,085


Operating income


$

109,918



$

105,792




(1)

Financial information has been recast to include the financial position and results attributable to the DBJV system.

 

 

Western Gas Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)






Three Months Ended
 March 31,

thousands except per-unit amounts


2015


2014 (1)

Revenues





Gathering, processing and transportation of natural gas and natural gas liquids


$

209,844



$

154,497


Natural gas, natural gas liquids and drip condensate sales


164,168



137,649


Other


1,082



1,571


Total revenues


375,094



293,717


Equity income, net


18,220



9,251


Operating expenses





Cost of product


137,920



94,376


Operation and maintenance


56,149



44,577


General and administrative


10,512



8,904


Property and other taxes


8,523



7,234


Depreciation, amortization and impairments


70,292



42,085


Total operating expenses


283,396



197,176


Operating income


109,918



105,792


Interest income – affiliates


4,225



4,225


Interest expense


(22,960)



(13,961)


Other income (expense), net


71



477


Income before income taxes


91,254



96,533


Income tax (benefit) expense


4,460



1,785


Net income


86,794



94,748


Net income attributable to noncontrolling interest


3,226



3,692


Net income attributable to Western Gas Partners, LP


$

83,568



$

91,056


Limited partners’ interest in net income:





Net income attributable to Western Gas Partners, LP


$

83,568



$

91,056


Pre-acquisition net (income) loss allocated to Anadarko


(1,742)



(2,665)


General partner interest in net (income) loss


(41,993)



(24,834)


Limited partners’ interest in net income


39,833



63,557


Net income per common unit – basic


$

0.26



$

0.54


Net income per common unit – diluted


0.26



0.54


Weighted-average common units outstanding – basic


127,736



117,716


Weighted-average common units outstanding – diluted


138,674



117,716




(1)

Financial information has been recast to include the financial position and results attributable to the DBJV system.

 

Western Gas Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)






thousands except number of units


March 31,
 2015


December 31, 2014 (1)

Current assets


$

213,337



$

186,364


Note receivable – Anadarko


260,000



260,000


Net property, plant and equipment


4,711,271



4,571,443


Other assets


1,910,020



1,936,725


Total assets


$

7,094,628



$

6,954,532


Current liabilities


$

242,349



$

239,833


Long-term debt


2,532,995



2,422,954


Asset retirement obligations and other


122,568



157,370


Deferred purchase price obligation – Anadarko


175,696




Total liabilities


$

3,073,608



$

2,820,157


Equity and partners’ capital





Common units (128,177,253 and 127,695,130 units issued and outstanding at March 31, 2015, and December 31, 2014, respectively)


$

3,116,504



$

3,119,714


Class C units (10,959,564 and 10,913,853 units issued and outstanding at March 31, 2015, and December 31, 2014, respectively)


723,899



716,957


General partner units (2,583,068 units issued and outstanding at March 31, 2015, and December 31, 2014)


111,071



105,725


Net investment by Anadarko




122,509


Noncontrolling interest


69,546



69,470


Total liabilities, equity and partners’ capital


$

7,094,628



$

6,954,532




(1)

Financial information has been recast to include the financial position and results attributable to the DBJV system.

 

Western Gas Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)






Three Months Ended
 March 31,

thousands


2015


2014 (1)

Cash flows from operating activities





Net income


$

86,794



$

94,748


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





Depreciation, amortization and impairments


70,292



42,085


Change in other items, net


(1,050)



(3,014)


Net cash provided by operating activities


156,036



133,819


Cash flows from investing activities





Capital expenditures


(200,940)



(199,150)


Acquisitions from affiliates


(1,128)



(360,952)


Investments in equity affiliates


(4,878)



(28,462)


Distributions from equity investments in excess of cumulative earnings


2,964



2,044


Proceeds from the sale of assets to third parties


22




Net cash used in investing activities


(203,960)



(586,520)


Cash flows from financing activities





Borrowings, net of debt issuance costs


140,000



917,742


Repayments of debt


(30,000)



(430,000)


Increase (decrease) in outstanding checks


(2,468)



1,928


Proceeds from the issuance of common and general partner units, net of offering expenses


31,075



18,289


Distributions to unitholders


(126,044)



(92,609)


Distributions to noncontrolling interest owner


(3,150)



(4,124)


Net contributions from Anadarko


30,096



23,838


Net cash provided by financing activities


39,509



435,064


Net increase (decrease) in cash and cash equivalents


(8,415)



(17,637)


Cash and cash equivalents at beginning of period


67,054



100,728


Cash and cash equivalents at end of period


$

58,639



$

83,091




(1)

Financial information has been recast to include the financial position and results attributable to the DBJV system.

 

 

Western Gas Partners, LP

OPERATING STATISTICS

(Unaudited)






Three Months Ended
 March 31,

MMcf/d except throughput measured in barrels and per-unit amounts


2015


2014 (1)






Throughput for natural gas assets





Gathering, treating and transportation


1,654



1,648


Processing


2,260



1,799


Equity investment (2)


165



186


  Total throughput for natural gas assets


4,079



3,633


Throughput attributable to noncontrolling interest for natural gas assets


162



173


Total throughput attributable to Western Gas Partners, LP for natural gas assets (3)


3,917



3,460


Total throughput (MBbls/d) for crude/NGL assets (4)


131



79


Adjusted gross margin per Mcf attributable to Western Gas Partners, LP for natural gas assets (5)


$

0.66



$

0.63


Adjusted gross margin per Bbl for crude/NGL assets (6)


$

1.71



$

1.52




(1)

Throughput has been recast to include throughput attributable to the DBJV system.

(2)

Represents WES’s 14.81% share of average Fort Union and 22% share of average Rendezvous throughput. Excludes equity investment throughput measured in barrels (captured in “Total throughput (MBbls/d) for crude/NGL assets” as noted below).

(3)

Includes affiliate, third-party and equity investment throughput (as equity investment throughput is defined in the above footnote), excluding the noncontrolling interest owner’s proportionate share of throughput.

(4)

Represents total throughput measured in barrels, consisting of throughput from WES’s Chipeta NGL pipeline, 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.

(5)

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

(6)

Average for period. Calculated as Adjusted gross margin for crude/NGL assets (total revenues for crude/NGL assets less 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)




Three Months Ended

thousands except per-unit amount and Coverage ratio

March 31, 2015

Distributions declared by Western Gas Partners, LP:


General partner interest

$

2,625


Incentive distribution rights

37,439


Common units held by WGP

35,740


Less:


Public company general and administrative expense

800


Cash available for distribution

$

75,004


Declared distribution per common unit

$

0.34250


Distributions declared by Western Gas Equity Partners, LP

$

74,977


Coverage ratio

1.00

x

 

 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)






Three Months Ended
 March 31,

thousands except per-unit amounts


2015


2014 (1)

Revenues





Gathering, processing and transportation of natural gas and natural gas liquids


$

209,844



$

154,497


Natural gas, natural gas liquids and drip condensate sales


164,168



137,649


Other


1,082



1,571


Total revenues


375,094



293,717


Equity income, net


18,220



9,251


Operating expenses





Cost of product


137,920



94,376


Operation and maintenance


56,149



44,577


General and administrative


11,347



9,875


Property and other taxes


8,523



7,234


Depreciation, amortization and impairments


70,292



42,085


Total operating expenses


284,231



198,147


Operating income


109,083



104,821


Interest income – affiliates


4,225



4,225


Interest expense


(22,962)



(13,961)


Other income (expense), net


80



496


Income before income taxes


90,426



95,581


Income tax (benefit) expense


4,460



1,785


Net income


85,966



93,796


Net income attributable to noncontrolling interests


28,937



40,634


Net income attributable to Western Gas Equity Partners, LP


$

57,029



$

53,162


Limited partners’ interest in net income:





Net income attributable to Western Gas Equity Partners, LP


$

57,029



$

53,162


Pre-acquisition net (income) loss allocated to Anadarko


(1,742)



(2,665)


Limited partners’ interest in net income


55,287



50,497


Net income per common unit – basic and diluted


$

0.25



$

0.23


Weighted-average number of common units outstanding – basic and diluted


218,910



218,903




(1)

Financial information has been recast to include the financial position and results attributable to the DBJV system.

 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)






thousands except number of units


March 31,
 2015


December 31, 2014 (1)

Current assets


$

214,984



$

187,073


Note receivable – Anadarko


260,000



260,000


Net property, plant and equipment


4,711,271



4,571,443


Other assets


1,910,020



1,936,725


Total assets


$

7,096,275



$

6,955,241


Current liabilities


$

242,526



$

241,058


Long-term debt


2,532,995



2,422,954


Asset retirement obligations and other


122,568



157,370


Deferred purchase price obligation – Anadarko


175,696




Total liabilities


$

3,073,785



$

2,821,382


Equity and partners’ capital





Common units (218,909,977 units issued and outstanding at March 31, 2015, and December 31, 2014)


$

1,252,921



$

1,260,195


Net investment by Anadarko




122,509


Noncontrolling interests


2,769,569



2,751,155


Total liabilities, equity and partners’ capital


$

7,096,275



$

6,955,241




(1)

Financial information has been recast to include the financial position and results attributable to the DBJV system.

 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)






Three Months Ended
 March 31,

thousands


2015


2014 (1)

Cash flows from operating activities





Net income


$

85,966



$

93,796


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





Depreciation, amortization and impairments


70,292



42,085


Change in other items, net


(803)



(3,624)


Net cash provided by operating activities


155,455



132,257


Cash flows from investing activities





Capital expenditures


$

(200,940)



$

(199,150)


Acquisitions from affiliates


(1,128)



(360,952)


Investments in equity affiliates


(4,878)



(28,462)


Distributions from equity investments in excess of cumulative earnings


2,964



2,044


Proceeds from the sale of assets to third parties


22




Net cash used in investing activities


(203,960)



(586,520)


Cash flows from financing activities





Borrowings, net of debt issuance costs


$

140,000



$

917,742


Repayments of debt


(31,150)



(430,000)


Increase (decrease) in outstanding checks


(2,468)



1,928


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


31,075



17,530


Distributions to WGP unitholders


(68,409)



(50,621)


Distributions to Chipeta noncontrolling interest owner


(3,150)



(4,124)


Distributions to noncontrolling interest owners of WES


(54,879)



(40,996)


Net contributions from Anadarko


30,096



23,838


Net cash provided by financing activities


41,115



435,297


Net increase (decrease) in cash and cash equivalents


(7,390)



(18,966)


Cash and cash equivalents at beginning of period


67,213



113,085


Cash and cash equivalents at end of period


$

59,823



$

94,119




(1) 

Financial information has been recast to include the financial position and results attributable to the DBJV system.

 

SOURCE Western Gas Partners, LP

Articles

Western Midstream Announces Participation in UBS Conference

Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced that on January 11 and January 12, 2022, Craig Collins, WES’s Chief Operating Officer, and Kristen Shults, WES’s Senior Vice President, Finance and Communications, will participate in one-on-one sessions at the UBS Winter Infrastructure and Energy Conference.

Western Midstream Announces Board and Officer Changes

Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced changes to the board of directors (the “Board”) of Western Midstream Holdings, LLC, its general partner (the “General Partner”), and to its management team, as well as the repurchase of WES common units from Occidental.