Delaware (State or other jurisdiction of incorporation or organization) | 001-34046 (Commission File Number) | 26-1075808 (IRS Employer Identification No.) |
1201 Lake Robbins Drive The Woodlands, Texas 77380-1046 (Address of principal executive office) (Zip Code) | ||
(832) 636-6000 (Registrants’ telephone number, including area code) |
99.1 | Press Release, dated February 27, 2014. |
WESTERN GAS PARTNERS, LP | ||||
By: | Western Gas Holdings, LLC, its general partner | |||
Dated: | February 27, 2014 | By: | /s/ Donald R. Sinclair | |
Donald R. Sinclair President and Chief Executive Officer |
99.1 | Western Gas Partners, LP Press Release, dated February 27, 2014. |
(1) Includes net income or net throughput (as applicable) attributable to (i) the 33.75% interest in certain third-party operated Marcellus gathering assets acquired from Anadarko (the “Non-Operated Marcellus Interest”) for all periods of comparison, (ii) the additional Chipeta interest beginning in August 2012, (iii) the 33.75% interest in certain Anadarko-operated Marcellus gathering assets acquired from a third party (the “Anadarko-Operated Marcellus Interest”) beginning in March 2013, and (iv) Overland Trail Transmission, LLC (“OTTCO”) beginning in September 2013. | ||
(2) 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. |
(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. |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
thousands except Coverage ratio | 2013 | 2012 | 2013 | 2012 | |||||||||||||
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 | $ | 85,879 | $ | (9,118 | ) | $ | 275,136 | $ | 134,421 | ||||||||
Add: | |||||||||||||||||
Distributions from equity investees | 6,573 | 5,057 | 22,136 | 20,660 | |||||||||||||
Non-cash equity-based compensation expense (1) | 912 | 57,101 | 3,575 | 73,508 | |||||||||||||
Interest expense, net (non-cash settled) | — | 82 | — | 326 | |||||||||||||
Income tax (benefit) expense | (1,801 | ) | 6,127 | 2,630 | 20,715 | ||||||||||||
Depreciation, amortization and impairments (2) | 38,724 | 36,772 | 143,375 | 118,279 | |||||||||||||
Other expense (2) | 175 | — | 175 | 1,665 | |||||||||||||
Less: | |||||||||||||||||
Equity income, net | 11,527 | 5,359 | 23,732 | 16,111 | |||||||||||||
Cash paid for maintenance capital expenditures (2) (3) | 10,255 | 7,596 | 29,850 | 36,459 | |||||||||||||
Capitalized interest | 2,393 | 2,369 | 11,945 | 6,196 | |||||||||||||
Cash paid for income taxes | 552 | — | 552 | 495 | |||||||||||||
Other income (2) (4) | — | 181 | 419 | 368 | |||||||||||||
Distributable cash flow | $ | 105,735 | $ | 80,516 | $ | 380,529 | $ | 309,945 | |||||||||
Distributions declared (5) | |||||||||||||||||
Limited partners | $ | 70,574 | $ | 255,308 | |||||||||||||
General partner | 22,035 | 70,745 | |||||||||||||||
Total | $ | 92,609 | $ | 326,053 | |||||||||||||
Coverage ratio | 1.14 | x | 1.17 | x |
(1) | Includes $56.2 million and $69.8 million of equity-based compensation associated with the Western Gas Holdings, LLC Equity Incentive Plan, as amended and restated, paid and contributed by Anadarko during the three months and year ended December 31, 2012, respectively. |
(2) | Includes WES’s 51% share prior to August 1, 2012, and its 75% share after August 1, 2012, of depreciation, amortization and impairments; other expense; cash paid for maintenance capital expenditures; and other income attributable to Chipeta. |
(3) | Net of a prior period adjustment reclassifying $0.7 million from capital expenditures to operating expenses for the year ended December 31, 2012. |
(4) | Excludes income of $0.4 million for each of the three months ended December 31, 2013 and 2012, and $1.6 million for each of the years ended December 31, 2013 and 2012, related to a component of a gas processing agreement accounted for as a capital lease. |
(5) | Reflects distributions of $0.60 and $2.28 per unit declared for the three months and year ended December 31, 2013, respectively. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
thousands | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Reconciliation of Net income (loss) attributable to Western Gas Partners, LP to Adjusted EBITDA | ||||||||||||||||||
Net income (loss) attributable to Western Gas Partners, LP | $ | 85,879 | $ | (9,118 | ) | $ | 275,136 | $ | 134,421 | |||||||||
Add: | ||||||||||||||||||
Distributions from equity investees | 6,573 | 5,057 | 22,136 | 20,660 | ||||||||||||||
Non-cash equity-based compensation expense (1) | 912 | 57,101 | 3,575 | 73,508 | ||||||||||||||
Interest expense | 14,314 | 11,942 | 51,797 | 42,060 | ||||||||||||||
Income tax expense | — | 6,127 | 4,431 | 20,715 | ||||||||||||||
Depreciation, amortization and impairments (2) | 38,724 | 36,772 | 143,375 | 118,279 | ||||||||||||||
Other expense (2) | 175 | — | 175 | 1,665 | ||||||||||||||
Less: | ||||||||||||||||||
Equity income, net | 11,527 | 5,359 | 23,732 | 16,111 | ||||||||||||||
Interest income, net – affiliates | 4,225 | 4,225 | 16,900 | 16,900 | ||||||||||||||
Other income (2) (3) | — | 181 | 419 | 368 | ||||||||||||||
Income tax benefit | 1,801 | — | 1,801 | — | ||||||||||||||
Adjusted EBITDA | $ | 129,024 | $ | 98,116 | $ | 457,773 | $ | 377,929 | ||||||||||
Reconciliation of Adjusted EBITDA to Net cash provided by operating activities | ||||||||||||||||||
Adjusted EBITDA attributable to Western Gas Partners, LP | $ | 129,024 | $ | 98,116 | $ | 457,773 | $ | 377,929 | ||||||||||
Adjusted EBITDA attributable to noncontrolling interests | 3,986 | 3,505 | 13,348 | 17,214 | ||||||||||||||
Interest income (expense), net | (10,089 | ) | (7,717 | ) | (34,897 | ) | (25,160 | ) | ||||||||||
Non-cash equity based compensation (income) expense (1) | 45 | (56,153 | ) | (54 | ) | (69,791 | ) | |||||||||||
Debt-related amortization and other items, net | 693 | 591 | 2,449 | 2,319 | ||||||||||||||
Current income tax (benefit) expense | 280 | 2,421 | (2,944 | ) | 9,398 | |||||||||||||
Other income (expense), net (3) | (171 | ) | 183 | 253 | (1,292 | ) | ||||||||||||
Distributions from equity investees less than (in excess of) equity income, net | 4,954 | 302 | 1,596 | (4,549 | ) | |||||||||||||
Changes in operating working capital: | ||||||||||||||||||
Accounts receivable and natural gas imbalance receivable | (7,509 | ) | (23,883 | ) | (35,934 | ) | 23,520 | |||||||||||
Accounts payable, accrued liabilities and natural gas imbalance payable | 15,134 | (24,216 | ) | 21,952 | 5,045 | |||||||||||||
Other | (9,695 | ) | 1,290 | (7,821 | ) | 3,393 | ||||||||||||
Net cash provided by (used in) operating activities | $ | 126,652 | $ | (5,561 | ) | $ | 415,721 | $ | 338,026 | |||||||||
Cash flow information of Western Gas Partners, LP | ||||||||||||||||||
Net cash provided by operating activities | $ | 415,721 | $ | 338,026 | ||||||||||||||
Net cash used in investing activities | $ | (1,416,066 | ) | $ | (1,249,942 | ) | ||||||||||||
Net cash provided by financing activities | $ | 681,092 | $ | 1,105,338 |
(1) | Includes $56.2 million and $69.8 million of equity-based compensation associated with the Western Gas Holdings, LLC Equity Incentive Plan, as amended and restated, paid and contributed by Anadarko during the three months and year ended December 31, 2012, respectively. |
(2) | Includes WES’s 51% share prior to August 1, 2012, and its 75% share after August 1, 2012, of depreciation, amortization and impairments; other expense; and other income attributable to Chipeta. |
(3) | Excludes income of $0.4 million for each of the three months ended December 31, 2013 and 2012, and $1.6 million for each of the years ended December 31, 2013 and 2012, related to a component of a gas processing agreement accounted for as a capital lease. |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
thousands except per-unit amounts | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | |||||||||||||||||
Gathering, processing and transportation of natural gas and natural gas liquids | $ | 139,071 | $ | 103,364 | $ | 482,542 | $ | 382,330 | |||||||||
Natural gas, natural gas liquids and condensate sales | 138,628 | 121,521 | 541,244 | 508,339 | |||||||||||||
Equity income and other, net | 12,922 | 5,982 | 29,709 | 19,918 | |||||||||||||
Total revenues | 290,621 | 230,867 | 1,053,495 | 910,587 | |||||||||||||
Operating expenses | |||||||||||||||||
Cost of product | 94,226 | 81,360 | 364,285 | 336,079 | |||||||||||||
Operation and maintenance | 47,492 | 36,802 | 168,657 | 140,106 | |||||||||||||
General and administrative | 7,523 | 63,589 | 29,751 | 99,212 | |||||||||||||
Property and other taxes | 4,724 | 4,690 | 23,244 | 19,688 | |||||||||||||
Depreciation, amortization and impairments | 39,365 | 37,345 | 145,916 | 120,608 | |||||||||||||
Total operating expenses | 193,330 | 223,786 | 731,853 | 715,693 | |||||||||||||
Operating income | 97,291 | 7,081 | 321,642 | 194,894 | |||||||||||||
Interest income, net – affiliates | 4,225 | 4,225 | 16,900 | 16,900 | |||||||||||||
Interest expense | (14,314 | ) | (11,942 | ) | (51,797 | ) | (42,060 | ) | |||||||||
Other income | 225 | 579 | 1,837 | 292 | |||||||||||||
Income (loss) before income taxes | 87,427 | (57 | ) | 288,582 | 170,026 | ||||||||||||
Income tax (benefit) expense | (1,801 | ) | 6,127 | 2,630 | 20,715 | ||||||||||||
Net income (loss) | 89,228 | (6,184 | ) | 285,952 | 149,311 | ||||||||||||
Net income attributable to noncontrolling interests | 3,349 | 2,934 | 10,816 | 14,890 | |||||||||||||
Net income (loss) attributable to Western Gas Partners, LP | $ | 85,879 | $ | (9,118 | ) | $ | 275,136 | $ | 134,421 | ||||||||
Limited partners’ interest in net income (loss): | |||||||||||||||||
Net income (loss) attributable to Western Gas Partners, LP | $ | 85,879 | $ | (9,118 | ) | $ | 275,136 | $ | 134,421 | ||||||||
Pre-acquisition net (income) loss allocated to Anadarko | — | (7,853 | ) | (4,637 | ) | (27,435 | ) | ||||||||||
General partner interest in net (income) loss | (21,900 | ) | (9,581 | ) | (69,633 | ) | (28,089 | ) | |||||||||
Limited partners’ interest in net income (loss) | $ | 63,979 | $ | (26,552 | ) | $ | 200,866 | $ | 78,897 | ||||||||
Net income (loss) per common unit – basic and diluted | $ | 0.56 | $ | (0.27 | ) | $ | 1.83 | $ | 0.84 | ||||||||
Weighted average common units outstanding – basic and diluted | 113,825 | 97,832 | 109,872 | 93,936 |
thousands except number of units | December 31, 2013 | December 31, 2012 | ||||||||
Current assets | $ | 194,810 | $ | 477,212 | ||||||
Note receivable – Anadarko | 260,000 | 260,000 | ||||||||
Net property, plant and equipment | 3,383,255 | 2,717,956 | ||||||||
Other assets | 429,962 | 294,754 | ||||||||
Total assets | $ | 4,268,027 | $ | 3,749,922 | ||||||
Current liabilities | $ | 190,460 | $ | 185,306 | ||||||
Long-term debt | 1,418,169 | 1,168,278 | ||||||||
Asset retirement obligations and other | 79,454 | 115,902 | ||||||||
Total liabilities | $ | 1,688,083 | $ | 1,469,486 | ||||||
Equity and partners’ capital | ||||||||||
Common units (117,322,812 and 104,660,553 units issued and outstanding at December 31, 2013 and 2012, respectively) | $ | 2,431,193 | $ | 1,957,066 | ||||||
General partner units (2,394,345 and 2,135,930 units issued and outstanding at December 31, 2013 and 2012, respectively) | 78,157 | 52,752 | ||||||||
Net investment by Anadarko | — | 199,960 | ||||||||
Noncontrolling interests | 70,594 | 70,658 | ||||||||
Total liabilities, equity and partners’ capital | $ | 4,268,027 | $ | 3,749,922 |
Year Ended December 31, | |||||||||
thousands | 2013 | 2012 | |||||||
Cash flows from operating activities | |||||||||
Net income | $ | 285,952 | $ | 149,311 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation, amortization and impairments | 145,916 | 120,608 | |||||||
Change in other items, net | (16,147 | ) | 68,107 | ||||||
Net cash provided by operating activities | $ | 415,721 | $ | 338,026 | |||||
Cash flows from investing activities | |||||||||
Capital expenditures | $ | (646,471 | ) | $ | (638,121 | ) | |||
Contributions in aid of construction costs from affiliates | 617 | — | |||||||
Acquisitions from affiliates | (476,711 | ) | (611,719 | ) | |||||
Acquisitions from third parties | (240,274 | ) | — | ||||||
Investments in equity affiliates | (51,974 | ) | (862 | ) | |||||
Proceeds from the sale of assets to affiliates | 85 | 760 | |||||||
Other | (1,338 | ) | — | ||||||
Net cash used in investing activities | $ | (1,416,066 | ) | $ | (1,249,942 | ) | |||
Cash flows from financing activities | |||||||||
Borrowings, net of debt issuance costs | $ | 957,503 | $ | 1,041,648 | |||||
Repayments of debt | (710,000 | ) | (549,000 | ) | |||||
Increase (decrease) in outstanding checks | (1,763 | ) | 1,800 | ||||||
Proceeds from the issuance of common and general partner units, net of offering expenses | 740,825 | 625,877 | |||||||
Distributions to unitholders | (299,101 | ) | (197,850 | ) | |||||
Contributions from noncontrolling interest owners | 2,247 | 29,108 | |||||||
Distributions to noncontrolling interest owners | (13,127 | ) | (17,303 | ) | |||||
Net contributions from (distributions to) Anadarko | 4,508 | 171,058 | |||||||
Net cash provided by financing activities | $ | 681,092 | $ | 1,105,338 | |||||
Net increase (decrease) in cash and cash equivalents | $ | (319,253 | ) | $ | 193,422 | ||||
Cash and cash equivalents at beginning of period | 419,981 | 226,559 | |||||||
Cash and cash equivalents at end of period | $ | 100,728 | $ | 419,981 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
MMcf/d except per-unit amounts | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Throughput | ||||||||||||||||||
Gathering, treating and transportation (1) | 1,974 | 1,610 | 1,803 | 1,601 | ||||||||||||||
Processing (2) | 1,471 | 1,202 | 1,359 | 1,187 | ||||||||||||||
Equity investment (3) | 193 | 232 | 206 | 235 | ||||||||||||||
Total throughput (4) | 3,638 | 3,044 | 3,368 | 3,023 | ||||||||||||||
Throughput attributable to noncontrolling interests | 172 | 151 | 168 | 228 | ||||||||||||||
Total throughput attributable to Western Gas Partners, LP | 3,466 | 2,893 | 3,200 | 2,795 | ||||||||||||||
Gross margin per Mcf attributable to Western Gas Partners, LP (5) | $ | 0.60 | $ | 0.55 | $ | 0.58 | $ | 0.54 |
(1) | Excludes average NGL pipeline volumes of 25 MBbls/d and 24 MBbls/d for the three months ended December 31, 2013 and 2012, respectively, and 22 MBbls/d and 25 MBbls/d for the years ended December 31, 2013 and 2012, respectively. Includes 100% of Wattenberg system volumes for all periods presented, throughput beginning March 2013 attributable to the Anadarko-Operated Marcellus Interest and throughput beginning September 2013 attributable to OTTCO. |
(2) | Consists of 100% of Chipeta, Hilight and Platte Valley system volumes, 100% of the Granger and Red Desert complex volumes, and 50% of Newcastle volumes. |
(3) | Represents our 14.81% share of Fort Union and 22% share of Rendezvous gross volumes. Excludes our 10% share of average White Cliffs pipeline volumes consisting of 8 MBbls/d and 7 MBbls/d for the three months ended December 31, 2013 and 2012, respectively, and 7 MBbls/d and 6 MBbls/d for the years ended December 31, 2013 and 2012, respectively. Also excludes our 25% share of average Mont Belvieu JV fractionated volumes consisting of 30 MBbls/d and 8 MBbls/d for the three months and year ended December 31, 2013, respectively. |
(4) | Includes affiliate, third-party and equity-investment volumes (as equity-investment volumes are defined in the above footnote). |
(5) | Average for period. Calculated as gross margin, excluding the noncontrolling interest owners’ proportionate share of revenues and cost of product and throughput, divided by total throughput attributable to WES (excluding throughput measured in barrels). Calculation includes gross margin attributable to our NGL pipelines, income attributable to our investments in Fort Union, White Cliffs, Rendezvous, and the Mont Belvieu JV, and volumes attributable to our investments in Fort Union and Rendezvous. |
thousands except per-unit amount and Coverage ratio | Three Months Ended December 31, 2013 | |||
Distributions declared by Western Gas Partners, LP: | ||||
General partner interest | $ | 1,852 | ||
Incentive distribution rights | 20,183 | |||
Common units held by WGP | 29,578 | |||
Less: | ||||
Public company general and administrative expense | 758 | |||
Cash available for distribution | $ | 50,855 | ||
Declared distribution per common unit | $ | 0.23125 | ||
Distributions declared by Western Gas Equity Partners, LP | $ | 50,620 | ||
Coverage ratio | 1.00 | x |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
thousands except per-unit amounts | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | |||||||||||||||||
Gathering, processing and transportation of natural gas and natural gas liquids | $ | 139,071 | $ | 103,364 | $ | 482,542 | $ | 382,330 | |||||||||
Natural gas, natural gas liquids and condensate sales | 138,628 | 121,521 | 541,244 | 508,339 | |||||||||||||
Equity income and other, net | 12,922 | 5,982 | 29,709 | 19,918 | |||||||||||||
Total revenues | 290,621 | 230,867 | 1,053,495 | 910,587 | |||||||||||||
Operating expenses | |||||||||||||||||
Cost of product | 94,226 | 81,360 | 364,285 | 336,079 | |||||||||||||
Operation and maintenance | 47,492 | 36,802 | 168,657 | 140,106 | |||||||||||||
General and administrative | 8,364 | 64,105 | 33,464 | 99,728 | |||||||||||||
Property and other taxes | 4,724 | 4,690 | 23,244 | 19,688 | |||||||||||||
Depreciation, amortization and impairments | 39,365 | 37,345 | 145,916 | 120,608 | |||||||||||||
Total operating expenses | 194,171 | 224,302 | 735,566 | 716,209 | |||||||||||||
Operating income | 96,450 | 6,565 | 317,929 | 194,378 | |||||||||||||
Interest income, net – affiliates | 4,225 | 4,225 | 16,900 | 16,900 | |||||||||||||
Interest expense | (14,314 | ) | (11,942 | ) | (51,797 | ) | (42,060 | ) | |||||||||
Other income | 249 | 579 | 1,935 | 292 | |||||||||||||
Income (loss) before income taxes | 86,610 | (573 | ) | 284,967 | 169,510 | ||||||||||||
Income tax (benefit) expense | (1,851 | ) | 5,119 | 2,580 | 48,909 | ||||||||||||
Net income (loss) | 88,461 | (5,692 | ) | 282,387 | 120,601 | ||||||||||||
Net income (loss) attributable to noncontrolling interests | 39,611 | (12,077 | ) | 122,173 | 59,181 | ||||||||||||
Net income attributable to Western Gas Equity Partners, LP | $ | 48,850 | $ | 6,385 | $ | 160,214 | $ | 61,420 | |||||||||
Limited partners’ interest in net income: | |||||||||||||||||
Net income attributable to Western Gas Equity Partners, LP | $ | 48,850 | $ | 6,385 | $ | 160,214 | $ | 61,420 | |||||||||
Results attributable to the pre-IPO period (1) | (49 | ) | (1,869 | ) | (49 | ) | (56,904 | ) | |||||||||
Pre-acquisition net (income) loss allocated to Anadarko | — | (1,707 | ) | (4,637 | ) | (1,707 | ) | ||||||||||
Limited partners’ interest in net income | $ | 48,801 | $ | 2,809 | $ | 155,528 | $ | 2,809 | |||||||||
Net income per common unit – basic and diluted (1) | $ | 0.22 | $ | 0.01 | $ | 0.71 | $ | 0.01 | |||||||||
Weighted average number of common units outstanding – basic and diluted (1) | 218,896 | 218,896 | 218,896 | 218,896 |
(1) | Includes financial results prior to WGP’s IPO on December 12, 2012. |
thousands except number of units | December 31, 2013 | December 31, 2012 | ||||||||
Current assets | $ | 207,827 | $ | 478,104 | ||||||
Note receivable – Anadarko | 260,000 | 260,000 | ||||||||
Net property, plant and equipment | 3,383,255 | 2,717,956 | ||||||||
Other assets | 429,962 | 294,754 | ||||||||
Total assets | $ | 4,281,044 | $ | 3,750,814 | ||||||
Current liabilities | $ | 191,483 | $ | 186,255 | ||||||
Long-term debt | 1,418,169 | 1,168,278 | ||||||||
Asset retirement obligations and other | 79,454 | 115,902 | ||||||||
Total liabilities | $ | 1,689,106 | $ | 1,470,435 | ||||||
Equity and partners’ capital | ||||||||||
Common units (218,895,515 issued and outstanding at December 31, 2013 and 2012) | $ | 905,082 | $ | 912,376 | ||||||
Net investment by Anadarko | — | 199,960 | ||||||||
Noncontrolling interests | 1,686,856 | 1,168,043 | ||||||||
Total liabilities, equity and partners’ capital | $ | 4,281,044 | $ | 3,750,814 |
Year Ended December 31, | |||||||||
thousands | 2013 | 2012 | |||||||
Cash flows from operating activities | |||||||||
Net income | $ | 282,387 | $ | 120,601 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation, amortization and impairments | 145,916 | 120,608 | |||||||
Change in other items, net | (16,003 | ) | 36,251 | ||||||
Net cash provided by operating activities | $ | 412,300 | $ | 277,460 | |||||
Cash flows from investing activities | |||||||||
Capital expenditures | $ | (646,471 | ) | $ | (638,121 | ) | |||
Contributions in aid of construction costs from affiliates | 617 | — | |||||||
Acquisitions from affiliates | (476,711 | ) | (611,719 | ) | |||||
Acquisitions from third parties | (240,274 | ) | — | ||||||
Investments in equity affiliates | (51,974 | ) | (862 | ) | |||||
Proceeds from the sale of assets to affiliates | 85 | 760 | |||||||
Other | (1,338 | ) | — | ||||||
Net cash used in investing activities | $ | (1,416,066 | ) | $ | (1,249,942 | ) | |||
Cash flows from financing activities | |||||||||
Borrowings, net of debt issuance costs | $ | 957,503 | $ | 1,041,648 | |||||
Repayments of debt | (710,000 | ) | (549,000 | ) | |||||
Increase (decrease) in outstanding checks | (1,763 | ) | 1,800 | ||||||
Proceeds from the issuance of WES common units, net of offering expenses | 725,050 | 211,932 | |||||||
Proceeds from the issuance of WGP common units, net of offering expenses | (2,367 | ) | 412,020 | ||||||
Contributions received from Chipeta noncontrolling interest owners (including Anadarko) | 2,247 | 29,108 | |||||||
Distributions to Chipeta noncontrolling interest owners (including Anadarko) | (13,127 | ) | (17,303 | ) | |||||
Distributions to WES common unitholders | (130,706 | ) | (99,570 | ) | |||||
Distributions to WGP unitholders | (137,000 | ) | — | ||||||
Net contributions from (distributions to) Anadarko | 4,458 | 137,844 | |||||||
Net cash provided by financing activities | $ | 694,295 | $ | 1,168,479 | |||||
Net increase (decrease) in cash and cash equivalents | $ | (309,471 | ) | $ | 195,997 | ||||
Cash and cash equivalents at beginning of period | 422,556 | 226,559 | |||||||
Cash and cash equivalents at end of period | $ | 113,085 | $ | 422,556 |