WGP
$36.04
Western Gas Eqty Partners LP
($.70)
(1.91%)
Earnings Details
1st Quarter March 2018
Tuesday, May 1, 2018 4:05:00 PM
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Summary

Western Gas Eqty Partners LP (WGP) Recent Earnings

Western Gas Eqty Partners LP (WGP) reported 1st Quarter March 2018 earnings of $0.46 per share on revenue of $437.2 million. The consensus earnings estimate was $0.42 per share on revenue of $683.8 million. Revenue fell 15.3% compared to the same quarter a year ago.

Western Gas Equity Partners LP is engaged in gathering, processing, compressing, treating and transporting Anadarko and third-party natural gas, condensate, NGLs and crude oil in the U.S.

Results
Reported Earnings
$0.46
Earnings Whisper
-
Consensus Estimate
$0.42
Reported Revenue
$437.2 Mil
Revenue Estimate
$683.8 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Western Gas Announces First-Quarter 2018 Results

HOUSTON, May 1, 2018 /PRNewswire/ -- Western Gas Partners, LP (NYSE: WES) ("WES" or the "Partnership") and Western Gas Equity Partners, LP (NYSE: WGP) ("WGP") today announced first-quarter 2018 financial and operating results.

WESTERN GAS PARTNERS, LP

Net income (loss) available to limited partners for the first quarter of 2018 totaled $65.9 million, or $0.38 per common unit (diluted), with first-quarter 2018 Adjusted EBITDA(1) of $272.1 million and first-quarter 2018 Distributable cash flow(1) of $231.4 million.

WES previously declared a quarterly distribution of $0.935 per unit for the first quarter of 2018. This distribution represented a 2% increase over the prior quarter's distribution and a 7% increase over the first-quarter 2017 distribution. The first-quarter 2018 Coverage ratio(1) of 1.05 times was based on the quarterly distribution of $0.935 per unit.

"Our first quarter results highlight the sustained growth in the DJ and Delaware Basins," said Chief Executive Officer, Benjamin Fink. "We and Anadarko continue to execute the largest midstream capital program in our history, and I am pleased to report that the program remains on schedule. We continue to anticipate a significant acceleration of Delaware Basin volumes during the second half of this year."

The Partnership also announced that it has secured the right to participate in two long haul crude pipelines from the Permian Basin: a 20% interest in Enterprise's Midland-to-Sealy pipeline and up to a 15% interest in Plains' Cactus II pipeline from West Texas to Corpus Christi.

(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.

"These projects are outstanding business opportunities given our outlook for Permian Basin oil production relative to takeaway capacity," said Mr. Fink. "We are updating our 2018 outlook for capital expenditures, including equity investments, to a range of $1.35 billion to $1.45 billion to reflect our expected participation in these projects. Furthermore, we expect to fund our capital program without accessing the equity capital markets while maintaining investment grade credit metrics."

Total throughput attributable to WES for natural gas assets for the first quarter of 2018 averaged 3.6 Bcf/d, which was 5% above the prior quarter and 8% below the first quarter of 2017. Total throughput for crude oil, NGL and produced water assets for the first quarter of 2018 averaged 258 MBbls/d, which was 8% above the prior quarter and 53% above the first quarter of 2017, primarily due to throughput from the DBM water systems, which commenced operation during the second quarter of 2017.

Capital expenditures attributable to WES, including equity investments but excluding acquisitions, totaled $298.2 million on a cash basis and $323.4 million on an accrual basis during the first quarter of 2018, with maintenance capital expenditures on a cash basis of $16.4 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 2018 totaled $101.0 million, or $0.46 per common unit (diluted).

WGP previously declared a quarterly distribution of $0.56875 per unit for the first quarter of 2018. This distribution represented a 4% increase over the prior quarter's distribution and a 16% increase over the first-quarter 2017 distribution. WGP received distributions from WES of $125.3 million attributable to the first quarter of 2018 and will pay $124.5 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 2, 2018, at 11:00 a.m. Central Daylight Time (12:00 p.m. Eastern Daylight Time) to discuss first-quarter 2018 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 8107313. 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 assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas and New Mexico, 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 third-party producers and customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs and condensate on behalf of itself and as agent for its producer customers under certain of its contracts.

Western Gas Equity Partners, LP ("WGP") is a Delaware master limited partnership formed by Anadarko Petroleum Corporation 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, LP and Western Gas Equity Partners, LP 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 Service revenues – fee based recognized in Adjusted EBITDA (less than) in excess of customer billings, 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


2018


2017

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


$

149,363


$

101,889

Add:





Distributions from equity investments


28,954


22,567

Non-cash equity-based compensation expense


2,152


1,246

Non-cash settled interest expense, net (1)



71

Income tax (benefit) expense


1,502


3,552

Depreciation and amortization (2)


76,116


69,049

Impairments


148


164,742

Above-market component of swap agreements with Anadarko


14,282


12,297

Other expense (2)


143


45

Less:





Recognized Service revenues – fee based (less than) in excess of customer billings


(494)


Gain (loss) on divestiture and other, net


116


119,487

Equity income, net – affiliates


20,424


19,461

Cash paid for maintenance capital expenditures (2)


16,434


11,122

Capitalized interest


4,054


816

Cash paid for (reimbursement of) income taxes


(87)


189

Series A Preferred unit distributions



7,453

Other income (2)


777


427

Distributable cash flow


$

231,436


$

216,503

Distributions declared (3)





Limited partners – common units


$

142,683



General partner


78,450



Total


$

221,133



Coverage ratio


1.05

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 $0.935 per unit declared for the three months ended March 31, 2018.

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


2018


2017

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


$

149,363


$

101,889

Add:





Distributions from equity investments


28,954


22,567

Non-cash equity-based compensation expense


2,152


1,246

Interest expense


39,283


35,504

Income tax expense


1,502


3,552

Depreciation and amortization (1)


76,116


69,049

Impairments


148


164,742

Other expense (1)


143


45

Less:





Gain (loss) on divestiture and other, net


116


119,487

Equity income, net – affiliates


20,424


19,461

Interest income – affiliates


4,225


4,225

Other income (1)


777


427

Adjusted EBITDA attributable to Western Gas Partners, LP


$

272,119


$

254,994

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





Net cash provided by operating activities


$

241,596


$

192,616

Interest (income) expense, net


35,058


31,279

Uncontributed cash-based compensation awards


589


37

Accretion and amortization of long-term obligations, net


(1,378)


(1,101)

Current income tax (benefit) expense


171


424

Other (income) expense, net


(782)


(430)

Distributions from equity investments in excess of cumulative earnings – affiliates


8,013


3,453

Changes in assets and liabilities:





Accounts receivable, net


28,648


1,513

Accounts and imbalance payables and accrued liabilities, net


(27,075)


29,940

Other items, net


(9,015)


15

Adjusted EBITDA attributable to noncontrolling interest


(3,706)


(2,752)

Adjusted EBITDA attributable to Western Gas Partners, LP


$

272,119


$

254,994

Cash flow information of Western Gas Partners, LP





Net cash provided by operating activities


$

241,596


$

192,616

Net cash used in investing activities


(294,168)


(252,434)

Net cash provided by (used in) financing activities


495,184


(175,797)



(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 reimbursements for electricity-related expenses recorded as revenue), less cost of product, 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


2018


2017

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





Operating income (loss)


$

188,126



$

138,392


Add:





Distributions from equity investments


28,954



22,567


Operation and maintenance


88,279



73,760


General and administrative


14,132



12,659


Property and other taxes


12,382



12,294


Depreciation and amortization


76,842



69,702


Impairments


148



164,742


Less:





Gain (loss) on divestiture and other, net


116



119,487


Proceeds from business interruption insurance claims




5,767


Equity income, net – affiliates


20,424



19,461


Reimbursed electricity-related charges recorded as revenues


15,453



13,969


Adjusted gross margin attributable to noncontrolling interest


4,324



3,876


Adjusted gross margin attributable to Western Gas Partners, LP


$

368,546



$

331,556


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


$

325,872



$

301,505


Adjusted gross margin for crude oil, NGL and produced water assets


42,674



30,051


 

Western Gas Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)




Three Months Ended
 March 31,

thousands except per-unit amounts


2018


2017

Revenues and other





Service revenues – fee based


$

338,419



$

307,814


Service revenues – product based


22,593




Product sales


75,937



206,525


Other


219



1,854


Total revenues and other


437,168



516,193


Equity income, net – affiliates


20,424



19,461


Operating expenses





Cost of product


77,799



189,359


Operation and maintenance


88,279



73,760


General and administrative


14,132



12,659


Property and other taxes


12,382



12,294


Depreciation and amortization


76,842



69,702


Impairments


148



164,742


Total operating expenses


269,582



522,516


Gain (loss) on divestiture and other, net


116



119,487


Proceeds from business interruption insurance claims




5,767


Operating income (loss)


188,126



138,392


Interest income – affiliates


4,225



4,225


Interest expense


(39,283)



(35,504)


Other income (expense), net


782



430


Income (loss) before income taxes


153,850



107,543


Income tax (benefit) expense


1,502



3,552


Net income (loss)


152,348



103,991


Net income attributable to noncontrolling interest


2,985



2,102


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


$

149,363



$

101,889


Limited partners' interest in net income (loss):





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


$

149,363



$

101,889


Series A Preferred units interest in net (income) loss




(28,174)


General partner interest in net (income) loss


(83,439)



(68,162)


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


$

65,924



$

5,553


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


$

0.38



$

0.01


Weighted-average common units outstanding – basic and diluted


152,602



134,448


 

Western Gas Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


thousands except number of units


March 31,
 2018


December 31,
 2017

Current assets


$

733,247


$

254,062

Note receivable – Anadarko


260,000


260,000

Net property, plant and equipment


6,063,547


5,730,891

Other assets


1,756,528


1,769,397

Total assets


$

8,813,322


$

8,014,350

Current liabilities


$

477,697


$

424,333

Long-term debt


4,176,346


3,464,712

Asset retirement obligations


147,082


143,394

Other liabilities


137,349


10,900

Total liabilities


$

4,938,474


$

4,043,339

Equity and partners' capital





Common units (152,602,105 units issued and outstanding at March 31, 2018, and December 31, 2017)


2,842,612


2,950,010

Class C units (13,505,277 and 13,243,883 units issued and outstanding at March 31, 2018, and December 31, 2017, respectively)


784,105


780,040

General partner units (2,583,068 units issued and outstanding at March 31, 2018, and December 31, 2017)


185,812


179,232

Noncontrolling interest


62,319


61,729

Total liabilities, equity and partners' capital


$

8,813,322


$

8,014,350

 

Western Gas Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Three Months Ended
 March 31,

thousands


2018


2017

Cash flows from operating activities





Net income (loss)


$

152,348


$

103,991

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





Depreciation and amortization


76,842


69,702

Impairments


148


164,742

(Gain) loss on divestiture and other, net


(116)


(119,487)

Change in other items, net


12,374


(26,332)

Net cash provided by operating activities


$

241,596


$

192,616

Cash flows from investing activities





Capital expenditures


$

(302,297)


$

(125,944)

Contributions in aid of construction costs from affiliates



1,310

Acquisitions from third parties



(155,287)

Distributions from equity investments in excess of cumulative earnings – affiliates


8,013


3,453

Proceeds from the sale of assets to third parties


116


34

Proceeds from property insurance claims



24,000

Net cash used in investing activities


$

(294,168)


$

(252,434)

Cash flows from financing activities





Borrowings, net of debt issuance costs


$

1,337,525


$

(11)

Repayments of debt


(630,000)


Increase (decrease) in outstanding checks


(6,684)


1,024

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



(158)

Distributions to unitholders


(216,586)


(185,565)

Distributions to noncontrolling interest owner


(3,353)


(3,370)

Net contributions from (distributions to) Anadarko



(14)

Above-market component of swap agreements with Anadarko


14,282


12,297

Net cash provided by (used in) financing activities


$

495,184


$

(175,797)

Net increase (decrease) in cash and cash equivalents


$

442,612


$

(235,615)

Cash and cash equivalents at beginning of period


78,814


357,925

Cash and cash equivalents at end of period


$

521,426


$

122,310

 

Western Gas Partners, LP

OPERATING STATISTICS

(Unaudited)




Three Months Ended
 March 31,



2018


2017

Throughput for natural gas assets (MMcf/d)





Gathering, treating and transportation


816


1,443

Processing


2,755


2,442

Equity investment (1)


152


162

Total throughput for natural gas assets


3,723


4,047

Throughput attributable to noncontrolling interest for natural gas assets


96


109

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


3,627


3,938

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





Gathering, treating, transportation and disposal


124


44

Equity investment (2)


134


125

Total throughput for crude oil, NGL and produced water assets


258


169

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


$

1.00


$

0.85

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


1.84


1.98












(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), 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 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 oil, NGL and produced water assets (total revenues and other for crude oil, NGL and produced water assets less reimbursements for electricity-related expenses recorded as revenue), less cost of product for crude oil, NGL and produced water assets, and 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 oil, 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
 March 31, 2018

Distributions declared by Western Gas Partners, LP:



General partner interest


$

3,681

Incentive distribution rights


74,770

Common units held by WGP


46,873

Less:



Public company general and administrative expense


832

Interest expense


1,063

Cash available for distribution


$

123,429

Declared distribution per common unit


$

0.56875

Distributions declared by Western Gas Equity Partners, LP


$

124,518

Coverage ratio


0.99x

 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)




Three Months Ended
 March 31,

thousands except per-unit amounts


2018


2017

Revenues and other





Service revenues – fee based


$

338,419


$

307,814

Service revenues – product based


22,593


Product sales


75,937


206,525

Other


219


1,854

Total revenues and other


437,168


516,193

Equity income, net – affiliates


20,424


19,461

Operating expenses





Cost of product


77,799


189,359

Operation and maintenance


88,279


73,760

General and administrative


14,964


13,476

Property and other taxes


12,382


12,294

Depreciation and amortization


76,842


69,702

Impairments


148


164,742

Total operating expenses


270,414


523,333

Gain (loss) on divestiture and other, net


116


119,487

Proceeds from business interruption insurance claims



5,767

Operating income (loss)


187,294


137,575

Interest income – affiliates


4,225


4,225

Interest expense


(40,346)


(36,033)

Other income (expense), net


817


446

Income (loss) before income taxes


151,990


106,213

Income tax (benefit) expense


1,502


3,552

Net income (loss)


150,488


102,661

Net income (loss) attributable to noncontrolling interests


49,483


26,721

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


$

101,005


$

75,940

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


$

0.46


$

0.35

Weighted-average common units outstanding – basic and diluted


218,933


218,929

 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


thousands except number of units


March 31,
 2018


December 31,
 2017

Current assets


$

735,818


$

255,210

Note receivable – Anadarko


260,000


260,000

Net property, plant and equipment


6,063,547


5,730,891

Other assets


1,756,528


1,770,210

Total assets


$

8,815,893


$

8,016,311

Current liabilities


$

506,021


$

424,426

Long-term debt


4,176,346


3,492,712

Asset retirement obligations


147,082


143,394

Other liabilities


137,349


10,900

Total liabilities


$

4,966,798


$

4,071,432

Equity and partners' capital





Common units (218,933,141 units issued and outstanding at March 31, 2018, and December 31, 2017)


$

1,041,066


$

1,061,125

Noncontrolling interests


2,808,029


2,883,754

Total liabilities, equity and partners' capital


$

8,815,893


$

8,016,311

 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Three Months Ended
 March 31,

thousands


2018


2017

Cash flows from operating activities





Net income (loss)


$

150,488


$

102,661

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





Depreciation and amortization


76,842


69,702

Impairments


148


164,742

(Gain) loss on divestiture and other, net


(116)


(119,487)

Change in other items, net


13,554


(25,945)

Net cash provided by operating activities


$

240,916


$

191,673

Cash flows from investing activities





Capital expenditures


$

(302,297)


$

(125,944)

Contributions in aid of construction costs from affiliates



1,310

Acquisitions from third parties



(155,287)

Distributions from equity investments in excess of cumulative earnings – affiliates


8,013


3,453

Proceeds from the sale of assets to third parties


116


34

Proceeds from property insurance claims



24,000

Net cash used in investing activities


$

(294,168)


$

(252,434)

Cash flows from financing activities





Borrowings, net of debt issuance costs


$

1,337,517


$

(11)

Repayments of debt


(630,000)


Increase (decrease) in outstanding checks


(6,684)


1,024

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



(158)

Distributions to WGP unitholders


(120,140)


(101,254)

Distributions to Chipeta noncontrolling interest owner


(3,353)


(3,370)

Distributions to noncontrolling interest owners of WES


(94,272)


(84,172)

Net contributions from (distributions to) Anadarko



(14)

Above-market component of swap agreements with Anadarko


14,282


12,297

Net cash provided by (used in) financing activities


$

497,350


$

(175,658)

Net increase (decrease) in cash and cash equivalents


$

444,098


$

(236,419)

Cash and cash equivalents at beginning of period


79,588


359,072

Cash and cash equivalents at end of period


$

523,686


$

122,653

 

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)

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/western-gas-announces-first-quarter-2018-results-300640431.html

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