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WES Investors

Western Gas Announces First-Quarter 2016 Results
PR Newswire
HOUSTON

HOUSTON, May 3, 2016 /PRNewswire/ -- Western Gas Partners, LP (NYSE: WES) ("WES" or the "Partnership") and Western Gas Equity Partners, LP (NYSE: WGP) ("WGP") today announced first-quarter 2016 financial and operating results.

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WESTERN GAS PARTNERS, LP

Net income (loss) available to limited partners for the first quarter of 2016 totaled $47.0 million, or $0.31 per common unit (diluted), with first-quarter 2016 Adjusted EBITDA(1) of $231.1 million and first-quarter 2016 Distributable cash flow(1) of $191.9 million. Financial and operational information has been recast to include the financial position and results attributable to the acquisition of Springfield as if it had occurred at the beginning of the period.

WES previously declared a quarterly distribution of $0.815 per unit for the first quarter of 2016. This distribution represented a 2% increase over the prior quarter's distribution and a 12% increase over the first-quarter 2015 distribution of $0.725 per unit. The first-quarter 2016 Coverage ratio(1) of 1.21 times was based on the quarterly distribution of $0.815 per unit and is calculated by dividing the quarter's Distributable cash flow(1) by quarterly distributions paid to the general partner and common unitholders. Inclusion of $13.0 million(2) of the expected recoveries under WES's business interruption insurance in Distributable cash flow(1) would result in a ratio of 1.29 times.

"Our first quarter was driven by solid operating performance in a challenging environment. Furthermore, we were able to resume partial service at Ramsey III at the beginning of the second quarter and we look forward to bringing Ramsey IV online as scheduled," said Chief Executive Officer, Don Sinclair. "We are leaving our previously issued guidance for 2016 unchanged."

Total throughput attributable to WES for natural gas assets for the first quarter of 2016 averaged 3.8 Bcf/d, which was 4% below the prior quarter and 11% below the first quarter of 2015. The sequential decline in throughput was primarily attributable to the December 2015 incident at the Ramsey complex. The throughput decline from the first quarter of 2015 was also impacted by the Ramsey incident, as well as the sale of the Dew and Pinnacle systems in July 2015. Total throughput for crude/NGL assets for the first quarter of 2016 averaged 184 MBbls/d, which was 2% below the prior quarter and 1% above the first quarter of 2015.

Capital expenditures attributable to WES, including equity investments but excluding acquisitions, totaled $132.3 million on a cash basis and $139.0 million on an accrual basis during the first quarter of 2016, with maintenance capital expenditures on a cash basis of $18.9 million, or 8% of Adjusted EBITDA(1).

WESTERN GAS EQUITY PARTNERS, LP

WGP indirectly owns the entire general partner interest in WES, 100% of the incentive distribution rights in WES and 50,132,046 WES common units. Net income (loss) available to limited partners for the first quarter of 2016 totaled $70.5 million, or $0.32 per common unit (diluted).

WGP previously declared a quarterly distribution of $0.42375 per unit for the first quarter of 2016. This distribution represented a 5% increase over the prior quarter's distribution and a 24% increase over the first-quarter 2015 distribution of $0.34250. WGP received distributions from WES of $93.3 million attributable to the first quarter and will pay $92.8 million in distributions for the same period.

(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.

(2)

Represents the midpoint of WES's anticipated range of $11 million to $15 million in reimbursable amounts for the quarter.

 

CONFERENCE CALL TOMORROW AT 11 A.M. CDT

WES and WGP will host a joint conference call on Wednesday, May 4, 2016, at 11:00 a.m. Central Daylight Time (12:00 p.m. Eastern Daylight Time) to discuss first-quarter 2016 results. Individuals who would like to participate should dial 844-836-8745 (Domestic) or 412-317-5439 (International) approximately 15 minutes before the scheduled conference call time. Pre-registration is available through the investor relations page at www.westerngas.com. Pre-registrants will be issued a personal identification number to use when dialing in to the live conference call, which will enable the participant to bypass the operator and gain immediate access to the call. 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, 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, Western Gas Equity Partners, LP, and Western Gas Flash Feed updates, 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 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
Benjamin Fink, CFA
SVP, Chief Financial Officer and Treasurer
832.636.6010
benjamin.fink@westerngas.com

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 (loss) attributable to Western Gas Partners, LP (GAAP), (ii) Adjusted EBITDA attributable to Western Gas Partners, LP ("Adjusted EBITDA") (non-GAAP) to net income (loss) 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 (loss) (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) and other applicable performance measures, such as operating income (loss) or cash flows from operating activities.

Distributable Cash Flow

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



Three Months Ended
 March 31,

thousands except Coverage ratio


2016


2015 (1)

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


$

116,060



$

(156,493)


Add:





Distributions from equity investees


24,639



21,670


Non-cash equity-based compensation expense


1,303



1,112


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


4,537



1,420


Income tax (benefit) expense


6,633



12,270


Depreciation and amortization (3)


64,439



68,327


Impairments


6,518



272,624


Above-market component of swap extensions with Anadarko


6,813




Less:





Gain (loss) on divestiture and other, net


(632)



(6)


Equity income, net


16,814



18,220


Cash paid for maintenance capital expenditures (3)


18,897



14,113


Capitalized interest


1,849



3,094


Cash paid for (reimbursement of) income taxes


67



(138)


Series A Preferred unit distributions


1,887




Other income (3)


122



69


Distributable cash flow


$

191,938



$

185,578


Distributions declared (4)





Limited partners - common units


$

106,493




General partner


52,412




Total


$

158,905




Coverage ratio


1.21


x




(1)

In March 2016, WES acquired Springfield Pipeline LLC ("Springfield") from Anadarko. Springfield owns a 50.1% interest in an oil gathering system and a gas gathering system, such interest being referred to as the "Springfield system." Financial information has been recast to include the financial position and results attributable to the Springfield 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 and amortization; cash paid for maintenance capital expenditures; and other income attributable to Chipeta.

(4)

Reflects cash distributions of $0.815 per unit declared for the three months ended March 31, 2016.

 

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 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


2016


2015 (1)

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


$

116,060



$

(156,493)


Add:





Distributions from equity investees


24,639



21,670


Non-cash equity-based compensation expense


1,303



1,112


Interest expense


32,036



22,960


Income tax expense


6,633



12,270


Depreciation and amortization (2)


64,439



68,327


Impairments


6,518



272,624


Less:





Gain (loss) on divestiture and other, net


(632)



(6)


Equity income, net


16,814



18,220


Interest income – affiliates


4,225



4,225


Other income (2)


122



69


Adjusted EBITDA attributable to Western Gas Partners, LP


$

231,099



$

219,962



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


$

231,099



$

219,962


Adjusted EBITDA attributable to noncontrolling interest


3,677



3,872


Interest income (expense), net


(27,811)



(18,735)


Uncontributed cash-based compensation awards


(72)



(77)


Accretion and amortization of long-term obligations, net


5,467



2,112


Current income tax benefit (expense)


(4,781)



(6,461)


Other income (expense), net


124



71


Distributions from equity investments in excess of cumulative earnings


(4,784)



(2,964)


Changes in operating working capital:





 Accounts receivable, net


12,558



(14,633)


 Accounts and imbalance payables and accrued liabilities, net


17,978



12,796


 Other


3,048



(1,110)


Net cash provided by (used in) operating activities


$

236,503



$

194,833


Cash flow information of Western Gas Partners, LP





Net cash provided by (used in) operating activities


$

236,503



$

194,833


Net cash provided by (used in) investing activities


$

(842,818)



$

(214,224)


Net cash provided by (used in) financing activities


$

616,761



$

10,976




(1)

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

(2)

Includes WES's 75% share of depreciation and amortization 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 investees and excluding the noncontrolling interest owner's proportionate share of revenue and cost of product.



Three Months Ended
 March 31,

thousands


2016


2015 (1)

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





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


$

276,529



$

271,246


Adjusted gross margin for crude/NGL assets


34,695



31,404


Adjusted gross margin attributable to Western Gas Partners, LP


311,224



302,650


Adjusted gross margin attributable to noncontrolling interest


4,421



4,808


Gain (loss) on divestiture and other, net


(632)



(6)


Equity income, net


16,814



18,220


Reimbursed electricity-related charges recorded as revenues


15,668



11,810


Less:





Distributions from equity investees


24,639



21,670


Operation and maintenance


76,213



76,185


General and administrative


11,277



11,081


Property and other taxes


10,350



9,280


Depreciation and amortization


65,095



68,975


Impairments


6,518



272,624


Operating income (loss)


$

153,403



$

(122,333)




(1)

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

 


Western Gas Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)




Three Months Ended
 March 31,

thousands except per-unit amounts


2016


2015 (1)

Revenues and other





Gathering, processing and transportation


$

294,004



$

270,268


Natural gas and natural gas liquids sales


88,556



165,672


Other


581



1,066


Total revenues and other


383,141



437,006


Equity income, net


16,814



18,220


Operating expenses





Cost of product


76,467



139,408


Operation and maintenance


76,213



76,185


General and administrative


11,277



11,081


Property and other taxes


10,350



9,280


Depreciation and amortization


65,095



68,975


Impairments


6,518



272,624


Total operating expenses


245,920



577,553


Gain (loss) on divestiture and other, net


(632)



(6)


Operating income (loss)


153,403



(122,333)


Interest income – affiliates


4,225



4,225


Interest expense


(32,036)



(22,960)


Other income (expense), net


124



71


Income (loss) before income taxes


125,716



(140,997)


Income tax (benefit) expense


6,633



12,270


Net income (loss)


119,083



(153,267)


Net income (loss) attributable to noncontrolling interest


3,023



3,226


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


$

116,060



$

(156,493)


Limited partners' interest in net income (loss):





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


$

116,060



$

(156,493)


Pre-acquisition net (income) loss allocated to Anadarko


(11,326)



(25,039)


Series A Preferred units interest in net (income) loss


(2,329)




General partner interest in net (income) loss


(55,400)



(37,177)


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


47,005



(218,709)


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


$

0.31



$

(1.61)


Weighted-average common units outstanding – basic


128,990



127,736


Weighted-average common units outstanding – diluted


143,355



138,674




(1)

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

 

Western Gas Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


thousands except number of units


March 31,
 2016


December 31,
2015
(1)

Current assets


$

291,807



$

299,217


Note receivable – Anadarko


260,000



260,000


Net property, plant and equipment


4,940,219



4,858,779


Other assets


1,868,534



1,883,201


Total assets


$

7,360,560



$

7,301,197


Current liabilities


$

259,467



$

235,488


Long-term debt


3,021,325



2,690,651


Asset retirement obligations and other


138,032



268,356


Deferred purchase price obligation – Anadarko


193,211



188,674


Total liabilities


$

3,612,035



$

3,383,169


Equity and partners' capital





Series A Preferred units (14,030,611 and zero units issued and outstanding at March 31, 2016, and December 31, 2015, respectively)


$

420,582



$


Common units (130,666,567 and 128,576,965 units issued and outstanding at March 31, 2016, and December 31, 2015, respectively)


2,417,194



2,588,991


Class C units (11,735,446 and 11,411,862 units issued and outstanding at March 31, 2016, and December 31, 2015, respectively)


718,334



710,891


General partner units (2,583,068 units issued and outstanding at March 31, 2016, and December 31, 2015)


125,846



120,164


Net investment by Anadarko




430,598


Noncontrolling interest


66,569



67,384


Total liabilities, equity and partners' capital


$

7,360,560



$

7,301,197




(1)

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

 

Western Gas Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Three Months Ended
 March 31,

thousands


2016


2015 (1)

Cash flows from operating activities





Net income (loss)


$

119,083



$

(153,267)


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





Depreciation and amortization


65,095



68,975


Impairments


6,518



272,624


Gain (loss) on divestiture and other, net


632



6


Change in other items, net


45,175



6,495


Net cash provided by (used in) operating activities


236,503



194,833


Cash flows from investing activities





Capital expenditures


$

(136,987)



$

(211,567)


Contributions in aid of construction costs from affiliates


2,369




Acquisitions from affiliates


(713,596)



(765)


Investments in equity affiliates


474



(4,878)


Distributions from equity investments in excess of cumulative earnings


4,784



2,964


Proceeds from the sale of assets to third parties


138



22


Net cash provided by (used in) investing activities


(842,818)



(214,224)


Cash flows from financing activities





Borrowings, net of debt issuance costs


$

330,000



$

140,000


Repayments of debt




(30,000)


Increase (decrease) in outstanding checks


(994)



(2,198)


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


25,000



31,075


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


440,000




Distributions to unitholders


(152,588)



(126,044)


Distributions to noncontrolling interest owner


(3,838)



(3,150)


Net contributions from (distributions to) Anadarko


(27,632)



1,293


Above-market component of swap extensions with Anadarko


6,813




Net cash provided by (used in) financing activities


616,761



10,976


Net increase (decrease) in cash and cash equivalents


10,446



(8,415)


Cash and cash equivalents at beginning of period


98,033



67,054


Cash and cash equivalents at end of period


$

108,479



$

58,639




(1)

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

 


Western Gas Partners, LP

OPERATING STATISTICS

(Unaudited)




Three Months Ended
 March 31,

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


2016


2015 (1)

Throughput for natural gas assets (MMcf/d)





Gathering, treating and transportation


1,597



1,964


Processing


2,134



2,260


Equity investment (2)


185



165


  Total throughput for natural gas assets


3,916



4,389


Throughput attributable to noncontrolling interest for natural gas assets


135



162


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


3,781



4,227


Throughput for crude/NGL assets (MBbls/d)





Gathering, treating and transportation


60



75


Equity investment (3)


124



107


  Total throughput for crude/NGL assets


184


182

Adjusted gross margin per Mcf attributable to Western Gas Partners, LP for natural gas assets (4)


$

0.80



$

0.71


Adjusted gross margin per Bbl for crude/NGL assets (5)


$

2.07



$

1.91




(1)

Throughput and adjusted gross margin have been recast to include results attributable to the Springfield system.

(2)

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

(3)

Represents equity investment throughput measured in barrels, which consists of WES's 10% share of average of White Cliffs throughput, WES's 25% share of Mont Belvieu JV throughput, WES's 20% share of average TEG and TEP throughput and WES's 33.33% share of average FRP throughput.

(4)

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.

(5)

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

 


Western Gas Equity Partners, LP

CALCULATION OF CASH AVAILABLE FOR DISTRIBUTION

(Unaudited)



Three Months Ended

thousands except per-unit amount and Coverage ratio

March 31, 2016

Distributions declared by Western Gas Partners, LP:


General partner interest

$

3,080


Incentive distribution rights

49,331


Common units held by WGP

40,858


Less:


Public company general and administrative expense

1,238


Interest expense

$

103


Cash available for distribution

$

91,928


Declared distribution per common unit

$

0.42375


Distributions declared by Western Gas Equity Partners, LP

$

92,767


Coverage ratio

0.99

x

 


Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)




Three Months Ended
 March 31,

thousands except per-unit amounts


2016


2015 (1)

Revenues and other





Gathering, processing and transportation


$

294,004



$

270,268


Natural gas and natural gas liquids sales


88,556



165,672


Other


581



1,066


Total revenues and other


383,141



437,006


Equity income, net


16,814



18,220


Operating expenses





Cost of product


76,467



139,408


Operation and maintenance


76,213



76,185


General and administrative


12,515



11,916


Property and other taxes


10,350



9,280


Depreciation and amortization


65,095



68,975


Impairments


6,518



272,624


Total operating expenses


247,158



578,388


Gain (loss) on divestiture and other, net


(632)



(6)


Operating income (loss)


152,165



(123,168)


Interest income – affiliates


4,225



4,225


Interest expense


(32,139)



(22,962)


Other income (expense), net


141



80


Income (loss) before income taxes


124,392



(141,825)


Income tax (benefit) expense


6,633



12,270


Net income (loss)


117,759



(154,095)


Net income (loss) attributable to noncontrolling interests


35,943



(137,723)


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


$

81,816



$

(16,372)


Limited partners' interest in net income (loss):





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


$

81,816



$

(16,372)


Pre-acquisition net (income) loss allocated to Anadarko


(11,326)



(25,039)


Limited partners' interest in net income (loss)


$

70,490



$

(41,411)


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


$

0.32



$

(0.19)


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


218,919



218,910




(1)

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

 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


thousands except number of units


March 31,
2016


December 31,
2015
(1)

Current assets


$

295,121



$

301,364


Note receivable – Anadarko


260,000



260,000


Net property, plant and equipment


4,940,219



4,858,779


Other assets


1,870,343



1,883,201


Total assets


$

7,365,683



$

7,303,344


Current liabilities


$

260,010



$

235,565


Long-term debt


3,049,325



2,690,651


Asset retirement obligations and other


138,032



268,356


Deferred purchase price obligation – Anadarko


193,211



188,674


Total liabilities


$

3,640,578



$

3,383,246


Equity and partners' capital





Common units (218,919,380 units issued and outstanding at March 31, 2016, and December 31, 2015, respectively)


$

876,876



$

1,060,842


Net investment by Anadarko




430,598


Noncontrolling interests


2,848,229



2,428,658


Total liabilities, equity and partners' capital


$

7,365,683



$

7,303,344




(1)

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

 

Western Gas Equity Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Three Months Ended
 March 31,

thousands


2016


2015 (1)

Cash flows from operating activities





Net income (loss)


$

117,759



$

(154,095)


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





Depreciation and amortization


65,095



68,975


Impairments


6,518



272,624


Gain (loss) on divestiture and other, net


632



6


Change in other items, net


45,879



6,742


Net cash provided by (used in) operating activities


235,883



194,252


Cash flows from investing activities





Capital expenditures


$

(136,987)



$

(211,567)


Contributions in aid of construction costs from affiliates


2,369




Acquisitions from affiliates


(713,596)



(765)


Investments in equity affiliates


474



(4,878)


Distributions from equity investments in excess of cumulative earnings


4,784



2,964


Proceeds from the sale of assets to third parties


138



22


Net cash provided by (used in) investing activities


(842,818)



(214,224)


Cash flows from financing activities





Borrowings, net of debt issuance costs


$

356,162



$

140,000


Repayments of debt




(31,150)


Increase (decrease) in outstanding checks


(994)



(2,198)


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




31,075


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


440,000




Distributions to WGP unitholders


(88,389)



(68,409)


Distributions to Chipeta noncontrolling interest owner


(3,838)



(3,150)


Distributions to noncontrolling interest owners of WES


(63,425)



(54,879)


Net contributions from (distributions to) Anadarko


(27,632)



1,293


Above-market component of swap extensions with Anadarko


6,813




Net cash provided by (used in) financing activities


618,697



12,582


Net increase (decrease) in cash and cash equivalents


11,762



(7,390)


Cash and cash equivalents at beginning of period


99,694



67,213


Cash and cash equivalents at end of period


$

111,456



$

59,823




(1)

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

 

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SOURCE Western Gas


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