Western Gas Announces First-Quarter 2018 Results
Western Gas Announces First-Quarter 2018 Results
SECURES EQUITY OPTIONS IN TWO PERMIAN BASIN LONG HAUL CRUDE PIPELINES
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, December 31,
2018 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 and
reconcile liabilities:
net income
(loss) to
net cash
provided by
operating
activities
and changes
in assets
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 Three Months
Coverage ratio 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, December 31,
2018 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 and
reconcile liabilities:
net income
(loss) to
net cash
provided by
operating
activities
and changes
in assets
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
------------ -------- --------
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
