The terms of the Anadarko Acquisition were unanimously approved by the board of directors of the Partnership’s general partner and by the board’s special committee, which is comprised entirely of independent directors. The special committee engaged Evercore Partners to act as its financial advisor and Bracewell & Giuliani LLP to act as its legal advisor.
FOURTH QUARTER AND FULL-YEAR 2012 RESULTS
The Partnership and Western Gas Equity Partners, LP (NYSE: WGP) (“WGP”) today also announced fourth-quarter and full-year 2012 financial and operating results.
“WES delivered an 18% distribution growth rate while maintaining healthy coverages and received its second investment-grade credit rating, and we successfully launched the initial public offering of WGP,” said President and Chief Executive Officer, Don Sinclair. “While we believe the challenges in the NGL markets that we experienced in 2012 will continue in 2013, our high-quality portfolio, combined with our ability to consistently execute accretive acquisitions from our sponsor, positions us to deliver consistent growth.”WESTERN GAS PARTNERS, LP Net income (loss) available to limited partners for 2012, which includes results from the additional 24% interest in Chipeta Processing, LLC (“Chipeta”) beginning August 1, 2012, totaled $78.9 million, or $0.84 per common unit (diluted), with full-year 2012 Adjusted EBITDA (1) of $327.7 million and full-year 2012 Distributable cash flow (1) of $264.4 million. Net income (loss) available to limited partners for the fourth quarter of 2012 totaled $(26.6) million, or $(0.27) per common unit (diluted), with fourth-quarter 2012 Adjusted EBITDA (1) of $83.3 million and fourth-quarter 2012 Distributable cash flow (1) of $67.2 million. The Partnership paid a quarterly distribution of $0.52 per unit for the fourth quarter of 2012 on February 12, 2013, to unitholders of record at the close of business on February 1, 2013. This distribution represents a 4% increase over the prior quarter and an 18% increase over the fourth-quarter 2011 distribution of $0.44 per unit. The full-year 2012 distribution of $1.96 per unit represents an 18% increase over the full-year 2011 distribution. The fourth-quarter 2012 Coverage ratio (1) was 1.02 times, based on the $0.52 per unit distribution and including distributions on the 8.9 million common and general partner units sold to WGP after its initial public offering (“IPO”) in December 2012. Total throughput attributable to the Partnership for the fourth quarter of 2012 averaged 2.5 Bcf/d, flat with the prior quarter and 8% above the fourth quarter of 2011. For the full-year 2012, throughput attributable to the Partnership averaged 2.4 Bcf/d, 9% above the prior year average. These results include the net throughput attributable to the Mountain Gas Resources (“MGR”) and Bison assets acquired from Anadarko for all periods of comparison, throughput attributable to the Platte Valley system beginning March 2011, and throughput attributable to the recently acquired 24% interest in Chipeta beginning August 2012.