Equity and Partners' Capital
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Dec. 31, 2014
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Equity and Partners' Capital | 4. EQUITY AND PARTNERS’ CAPITAL Holdings of WGP equity. WGP’s common units are listed on the New York Stock Exchange under the symbol “WGP.” As of December 31, 2014, Anadarko held 193,387,365 of WGP’s common units, representing an 88.3% limited partner interest in WGP, and, through its ownership of WGP GP, Anadarko indirectly held a non-economic general partner interest in WGP. The public held 25,522,612 WGP common units, representing an 11.7% limited partner interest in WGP. In July 2014, Anadarko sold 5,750,000 of its WGP common units to the public through an underwritten offering, including 750,000 common units pursuant to the full exercise of the underwriters’ over-allotment option. WGP did not receive any proceeds from, or incur any expense in, the public offering. Net income per common unit. For WGP, earnings per unit is calculated by dividing the limited partners’ interest in net income by the weighted-average number of common units outstanding. Net income per common unit is calculated assuming that cash distributions are equal to the net income attributable to WGP. Net income attributable to the WES assets (as defined in Note 1) acquired from Anadarko for periods prior to WES’s acquisition of the WES assets is not allocated to the limited partners when calculating net income per common unit. Net income equal to the amount of available cash (as defined by WGP’s partnership agreement) is allocated to WGP common unitholders consistent with actual cash distributions. 4. EQUITY AND PARTNERS’ CAPITAL (CONTINUED) Holdings of WES equity. As of December 31, 2014, WGP held 49,296,205 WES common units, representing a 34.9% limited partner interest in WES, and, through its ownership of WES GP, WGP indirectly held 2,583,068 general partner units, representing a 1.8% general partner interest in WES, and 100% of WES’s IDRs. As of December 31, 2014, other subsidiaries of Anadarko held 757,619 WES common units and 10,913,853 Class C units, representing an aggregate 8.3% limited partner interest in WES, and the public held 77,641,306 WES common units, representing a 55.0% limited partner interest in WES, which are both reflected as noncontrolling interests within the consolidated financial statements of WGP (see Note 1 and Note 2.). WES public equity offerings. WES completed the following public offerings of its common units during 2014, 2013 and 2012:
4. EQUITY AND PARTNERS’ CAPITAL (CONTINUED) WES common and general partner units. The following table summarizes WES’s common, Class C and general partner units issued during the years ended December 31, 2014 and 2013:
WES Class C units. In connection with the closing of the DBM acquisition in November 2014, WES issued 10,913,853 Class C units to APC Midstream Holdings, LLC (“AMH”), a subsidiary of Anadarko, at a price of $68.72 per unit, generating proceeds of $750.0 million, pursuant to the Unit Purchase Agreement (“UPA”) with Anadarko and AMH. All outstanding Class C units will convert into common units on a one-for-one basis on December 31, 2017, unless WES elects to convert such units earlier or Anadarko extends the conversion date. The Class C units were issued to partially fund WES’s acquisition of DBM and the UPA contains an optional redemption feature that provides if WES were to receive cash proceeds from an entity that is not an affiliate of WES or AMH, and these cash proceeds were in relation to (i) the assets of DBM, (ii) the equity interests in DBM or (iii) the equity interests in a subsidiary of WES that owns a majority of the outstanding equity interests in DBM, then WES would be able to redeem up to $150.0 million of the Class C units within 10 days of the receipt of such proceeds. As of December 31, 2014, no Class C units had been redeemed. |