-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MW+vDcWQJ2OSNhxaJYD/3HuDwGnDg7KSklm46uCl2l2xq0fvUCIHQmnvJ/dDno29 FX1ncGdnS8z6GeSwF30jtg== 0001045969-01-500440.txt : 20010524 0001045969-01-500440.hdr.sgml : 20010524 ACCESSION NUMBER: 0001045969-01-500440 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010523 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTERN GAS RESOURCES INC CENTRAL INDEX KEY: 0000856716 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] IRS NUMBER: 841127613 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 001-10389 FILM NUMBER: 1646531 BUSINESS ADDRESS: STREET 1: 12200 N PECOS ST CITY: DENVER STATE: CO ZIP: 80234-3439 BUSINESS PHONE: 3034525603 MAIL ADDRESS: STREET 1: 12200 NORTH PECOS ST CITY: DENVER STATE: CO ZIP: 80234 10-Q/A 1 d10qa.txt FORM 10-Q/A SECURITIES AND EXCHANGE COMMISSION ---------------------------------- Washington, D.C. 20549 ---------------------- FORM 10-Q/A (Mark One) - ---------- [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________________ TO _________________ Commission file number 1-10389 ------------------------------ WESTERN GAS RESOURCES, INC. --------------------------- (Exact name of registrant as specified in its charter) Delaware 84-1127613 - ------------------------------------- ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 12200 N. Pecos Street, Denver, Colorado 80234-3439 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (303) 452-5603 - -------------------------------------------------------------------------------- Registrant's telephone number, including area code No changes - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report). Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- On May 1, 2001, there were 32,497,723 shares of the registrant's Common Stock outstanding. This Form 10-Q/A for the quarter ending March 31, 2001 is being filed to correct the Consolidated Balance Sheet line item for Treasury Stock, at cost, located in Part I, Item 1. 1 Western Gas Resources, Inc. Form 10-Q Table of Contents
PART I - Financial Information Page - ------------------------------ ---- Item 1. Financial Statements Consolidated Balance Sheet - March 31, 2001 and December 31, 2000.................................... 3 Consolidated Statement of Cash Flows - Three Months Ended March 31, 2001 and 2000............................................................................................. 4 Consolidated Statement of Operations - Three Months Ended March 31, 2001 and 2000.................... 5 Consolidated Statement of Changes in Stockholders' Equity - Three Months Ended March 31, 2001....................................................................................... 6 Notes to Consolidated Financial Statements........................................................... 7 Signatures...................................................................................................... 11
2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements -------------------- WESTERN GAS RESOURCES, INC. CONSOLIDATED BALANCE SHEET (Dollars in thousands, except share data)
March 31, December 31, ASSETS 2001 2000 ------ ------------ ------------ (unaudited) Current assets: Cash and cash equivalents......................................................... $ 74,387 $ 12,927 Trade accounts receivable, net.................................................... 356,393 546,791 Product inventory................................................................. 14,364 44,822 Parts inventory................................................................... 3,102 3,489 Assets from price risk management activities...................................... 31,156 - Assets held for sale.............................................................. - 25,001 Other ............................................................................ 2,953 2,654 ------------ ------------ Total current assets........................................................... 482,355 635,684 ------------ ------------ Property and equipment: Gas gathering, processing, storage and transportation............................. 862,690 856,982 Oil and gas properties and equipment (successful efforts method).................. 156,864 139,084 Construction in progress.......................................................... 57,457 58,319 ------------ ------------ 1,077,011 1,054,385 Less: Accumulated depreciation, depletion and amortization....................... (320,096) (306,651) ------------ ------------ Total property and equipment, net.............................................. 756,915 747,734 ------------ ------------ Other assets: Gas purchase contracts (net of accumulated amortization of $33,840 and $33,357, respectively)......................................................... 34,316 34,798 Assets from price risk management activities...................................... 670 - Other ............................................................................ 14,327 13,206 ------------ ------------ Total other assets................................................................ 49,313 48,004 ------------ ------------ TOTAL ASSETS.......................................................................... $ 1,288,583 $ 1,431,422 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current liabilities: Accounts payable.................................................................. $ 401,309 $ 581,563 Accrued expenses.................................................................. 35,276 25,094 Liabilities from price risk management activities................................. 39,728 - Dividends payable................................................................. 4,209 4,205 ------------ ------------ Total current liabilities...................................................... 480,522 610,862 Long-term debt........................................................................ 305,000 358,700 Liabilities from price risk management activities..................................... 385 - Other long-term liabilities........................................................... 2,559 2,646 Deferred income taxes payable, net.................................................... 79,550 67,680 ------------ ------------ Total liabilities..................................................................... 868,016 1,039,888 ------------ ------------ Stockholders' equity: Preferred Stock; 10,000,000 shares authorized: $2.28 cumulative preferred stock, par value $.10; 1,400,000 shares issued ($35,000,000 aggregate liquidation preference).............................. 140 140 $2.625 cumulative convertible preferred stock, par value $.10; 2,760,000 issued ($138,000,000 aggregate liquidation preference)...................... 276 276 Common stock, par value $.10; 100,000,000 shares authorized; 32,497,723 and 32,361,131 shares issued, respectively ..................................... 3,275 3,265 Treasury stock, at cost; 25,016 common shares and 44,290 shares of $2.28 cumulative preferred stock in treasury................................................. (1,907) (1,778) Additional paid-in capital........................................................ 401,102 400,157 Retained earnings (deficit)....................................................... 24,561 (11,820) Accumulated other comprehensive income............................................ (5,996) 2,178 Notes receivable from key employees secured by common stock....................... (884) (884) ------------ ------------ Total stockholders' equity..................................................... 420,567 391,534 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY............................................ $ 1,288,583 $ 1,431,422 ============ ============
The accompanying notes are an integral part of the consolidated financial statements. 3 WESTERN GAS RESOURCES, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (Dollars in thousands)
Three Months Ended March 31, ------------------------------ 2001 2000 ------------ ------------ Reconciliation of net income to net cash provided by operating activities: Net income............................................................................ $ 40,590 $ 13,006 Add income items that do not affect cash: Depreciation, depletion and amortization.......................................... 14,478 13,309 Gain on the sale of property and equipment........................................ (11,223) (5,299) Deferred income taxes............................................................. 16,719 7,441 Non-cash change in fair value of derivatives...................................... (5,049) - Other non-cash items, net......................................................... 8 929 ------------ ------------ 55,523 29,386 ------------ ------------ Adjustments to working capital to arrive at net cash provided by operating activities: (Increase) decrease in trade accounts receivable.................................. 190,454 (31,234) Decrease in product inventory .................................................... 30,458 22,762 Decrease in parts inventory ...................................................... 387 1,066 (Increase) decrease in other current assets....................................... (299) 7,937 Decrease in other assets and liabilities, net..................................... 8,076 37 Decrease in accounts payable...................................................... (180,254) (5,614) (Increase) decrease in accrued expenses........................................... 2,199 (14,975) ------------ ------------ Net cash provided by operating activities............................................. 106,544 9,365 ------------ ------------ Cash flows from investing activities: Purchases of property and equipment............................................... (25,908) (28,498) Proceeds from the dispositions of property and equipment ......................... 38,075 15,057 Contributions to equity investees................................................. (169) - ------------ ------------ Net cash provided by (used in) investing activities................................... 11,998 (13,441) ------------ ------------ Cash flows from financing activities: Proceeds from exercise of common stock options.................................... 955 71 Repurchase of $2.28 cumulative preferred stock.................................... (129) - Payments on revolving credit facility............................................. (301,953) (293,286) Borrowings under revolving credit facility........................................ 248,250 291,350 Payments on notes................................................................. - - Dividends paid.................................................................... (4,205) (4,217) ------------ ------------ Net cash used in financing activities................................................. (57,082) (6,082) ------------ ------------ Net increase (decrease) in cash and cash equivalents.................................. 61,460 (10,158) Cash and cash equivalents at beginning of period...................................... 12,927 14,062 ------------ ------------ Cash and cash equivalents at end of period ........................................... $ 74,387 $ 3,904 ============ ============
The accompanying notes are an integral part of the consolidated financial statements. 4 WESTERN GAS RESOURCES, INC. CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) (Dollars in thousands, except share and per share amounts)
Three Months Ended March 31, ------------------------------ 2001 2000 ------------- ------------- Revenues: Sale of gas.................................................................... $ 1,044,876 $ 413,816 Sale of natural gas liquids.................................................... 129,477 135,388 Processing, transportation and storage revenue................................. 16,036 13,885 Unrealized gain on marketing activities........................................ 5,049 - Other, net..................................................................... 1,838 2,063 ------------- ------------- Total revenues.............................................................. 1,197,276 565,152 ------------- ------------- Costs and expenses: Product purchases.............................................................. 1,086,600 501,143 Plant operating expense........................................................ 17,037 15,262 Oil and gas exploration and production expense................................. 9,605 4,146 Depreciation, depletion and amortization ...................................... 14,478 13,309 Gain on sale of assets ........................................................ (11,223) (5,299) Selling and administrative expense............................................. 8,479 7,389 Interest expense............................................................... 6,829 8,218 ------------- ------------- Total costs and expenses.................................................... 1,131,805 544,168 ------------- ------------- Income before taxes................................................................ 65,471 20,984 Provision for income taxes: Current ....................................................................... 8,162 537 Deferred....................................................................... 16,719 7,441 ------------- ------------- Total provision for income taxes......................................... 24,881 7,978 ------------- ------------- Net income......................................................................... 40,590 13,006 Preferred stock requirements....................................................... (2,584) (2,610) ------------- ------------- Income attributable to common stock................................................ $ 38,006 $ 10,396 ============= ============= Earnings per share of common stock................................................. $ 1.17 $ .32 ============= ============= Weighted average shares of common stock outstanding................................ 32,405,044 32,165,868 ============= ============= Income attributable to common stock - assuming dilution........................... $ 39,817 $ 10,396 ============= ============= Earnings per share of common stock-assuming dilution............................... $ 1.08 $ .32 ============= ============= Weighted average shares of common stock outstanding-assuming dilution.............. 36,757,118 32,459,209 ============= =============
The accompanying notes are an integral part of the consolidated financial statements. 5 WESTERN GAS RESOURCES, INC. CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Dollars in thousands, except share amounts)
Shares of Shares of $2.625 $2.28 $2.28 Cumulative Shares Cumulative Cumulative Convertible Shares of Common Preferred Preferred Stock Preferred of Common Stock Stock in Treasury Stock Stock in Treasury ---------- --------------- ----------- ---------- ----------- Balance at December 31, 2000 ......................... 1,400,000 39,190 2,760,000 32,361,131 25,016 Comprehensive income: Net income, three months ended March 31, 2001 .................................. -- -- -- -- -- Translation adjustments ........................... -- -- -- -- -- Cumulative effect of change in accounting principle - January 1, 2001 ..................... -- -- -- -- -- Reclassification adjustment for settled contracts ....................................... -- -- -- -- -- Changes in fair value of outstanding hedging positions ....................................... -- -- -- -- -- Total comprehensive income, net of tax ............ Stock options exercised .............................. -- -- -- 136,592 -- Tax benefit related to stock options ................. -- -- -- -- -- Loans forgiven ....................................... -- -- -- -- -- Dividends declared on common stock ................... -- -- -- -- -- Dividends declared on $2.28 cumulative preferred stock ................................... -- -- -- -- -- Dividends declared on $2.625 cumulative convertible preferred stock ....................... -- -- -- -- -- Repurchase of $2.28 cumulative preferred stock ................................... -- 5,100 -- -- -- ---------- -------------- ---------- ---------- ------------ Balance at March 31, 2001 ............................ 1,400,000 44,290 2,760,000 32,497,723 25,016 ========== ============== ========== ========== ============ $2.625 $2.28 Cumulative Cumulative Convertible Additional Preferred Preferred Common Treasury Paid-In Stock Stock Stock Stock Capital ----------- ------------ ------ --------- ------------ Balance at December 31, 2000 ......................... 140 276 3,265 (1,778) 400,157 Comprehensive income: Net income, three months ended March 31, 2001 .................................. -- -- -- -- -- Translation adjustments ........................... -- -- -- -- -- Cumulative effect of change in accounting principle - January 1, 2001 ..................... -- -- -- -- -- Reclassification adjustment for settled contracts ....................................... -- -- -- -- -- Changes in fair value of outstanding hedging positions ....................................... -- -- -- -- -- Total comprehensive income, net of tax ............ Stock options exercised .............................. -- -- 10 -- 945 Tax benefit related to stock options ................. -- -- -- -- -- Loans forgiven ....................................... -- -- -- -- -- Dividends declared on common stock ................... -- -- -- -- -- Dividends declared on $2.28 cumulative preferred stock ................................... -- -- -- -- -- Dividends declared on $2.625 cumulative convertible preferred stock ....................... -- -- -- -- -- Repurchase of $2.28 cumulative preferred stock ................................... -- -- -- (129) -- ---- --------- --------- ---------- ---------- Balance at March 31, 2001 ............................ $140 $ 276 $ 3,275 $ (1,907) $ 401,102 ==== ========= ========= ========== ========== Accumulated Other Notes Total Retained Comprehensive Receivable Stock- (Deficit) Income from Key holders' Earnings Net of Tax Employees Equity --------- ------------- ---------- -------- Balance at December 31, 2000 ......................... (11,820) 2,178 (884) 391,534 Comprehensive income: Net income, three months ended March 31, 2001 .................................. 40,590 -- -- 40,590 Translation adjustments ........................... -- 256 -- 256 Cumulative effect of change in accounting principle - January 1, 2001 ..................... -- (22,527) -- (22,527) Reclassification adjustment for settled contracts ....................................... -- 13,429 -- 13,429 Changes in fair value of outstanding hedging positions ....................................... -- 668 -- 668 ---------- Total comprehensive income, net of tax ............ 32,416 ---------- Stock options exercised .............................. -- -- -- 955 Tax benefit related to stock options ................. -- -- -- -- Loans forgiven ....................................... -- -- -- -- Dividends declared on common stock ................... (1,625) -- -- (1,625) Dividends declared on $2.28 cumulative preferred stock ................................... (773) -- -- (773) Dividends declared on $2.625 cumulative convertible preferred stock ....................... (1,811) -- -- (1,811) Repurchase of $2.28 cumulative preferred stock ................................... -- -- -- (129) ---------- ---------- ---------- ---------- Balance at March 31, 2001 ............................ $ 24,561 $ (5,996) $ (884) $ 420,567 ========== ========== ========== ==========
The accompanying notes are an integral part of the consolidated financial statements. 6 WESTERN GAS RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) GENERAL The interim consolidated financial statements presented herein should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2000. The interim consolidated financial statements as of March 31, 2001 and for the three month periods ended March 31, 2001 and 2000 included herein are unaudited but reflect, in the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to fairly present the results for such periods. The results of operations for the three months ended March 31, 2001 are not necessarily indicative of the results of operations expected for the year ended December 31, 2001. Prior period amounts in the interim consolidated financial statements and notes have been reclassified as appropriate to conform to the presentation used in 2001. EARNINGS PER SHARE OF COMMON STOCK Earnings per share of common stock is computed by dividing income attributable to common stock by the weighted average shares of common stock outstanding. In addition, earnings per share of common stock - assuming dilution is computed by dividing income attributable to common stock by the weighted average shares of common stock outstanding as adjusted for potential common shares. Income attributable to common stock is income less preferred stock dividends. We declared preferred stock dividends of $2.6 million for each of the three-month periods ended March 31, 2001 and 2000, respectively. Common stock options and our $2.625 Cumulative Convertible Preferred Stock, which are potential common shares, had a dilutive effect on earnings and increased the weighted average number of shares of common stock outstanding by 4,352,074 and 293,341 for the three-month periods ended March 31, 2001and 2000, respectively. The numerators and the denominators for these periods were adjusted to reflect these potential shares in calculating fully diluted earnings per share. OTHER INFORMATION Bethel Treating Facility. In December 2000, we signed an agreement with Anadarko Petroleum Corporation for the sale of all the outstanding stock of our wholly-owned subsidiary, Pinnacle Gas Treating, Inc. ("Pinnacle") for $38.0 million. The only asset of this subsidiary was a 300 MMcf per day treating facility and 86 miles of associated gathering assets located in east Texas. The sale closed in January 2001 and resulted in a net pre-tax gain for financial reporting purposes of $11.2 million in the first quarter of 2001. Western Gas Resources-California, Inc. In January 2000, we sold all the outstanding stock of our wholly-owned subsidiary, Western Gas Resources-California, Inc. ("WGR-California") for $14.9 million. The only asset of this subsidiary was a 162-mile pipeline in the Sacramento basin of California. We acquired the pipeline through the exercise of an option in a transaction, which closed simultaneously with the sale of WGR-California. We recognized a pre-tax gain on the sale of approximately $5.3 million in the first quarter of 2000. The proceeds from these sales were initially used to reduce borrowings outstanding on the Revolving Credit Facility. Westana. In February 2000, we acquired the remaining 50% interest in the Westana Gathering Company for a net purchase price of $9.8 million. The results from our ownership through February 2000 of a 50% equity interest in the Westana Gathering Company are reflected in revenues in Other, net on the Consolidated Statement of Operations. Beginning in March 2000, the results of these operations are fully consolidated and are included in Revenues and Costs and expenses. Additionally, in March 2000, our investment in the Westana Gathering Company was reclassed from Other assets to Property and equipment. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In June 1998, the Financial Accounting Standards Board, the FASB, issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities" ("SFAS No. 133"), effective for fiscal years beginning after June 15, 2000. Under SFAS No. 133, which was subsequently amended by SFAS No. 138, we are required to recognize the change in the market value of all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. Changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income depending upon the nature of the underlying transaction. Also on January 1, 2001, we adopted mark-to-market accounting for the 7 remainder of our marketing activities which, for various reasons, are not designated or qualified as hedges under SFAS 133. Upon the adoption of SFAS No. 133 and mark-to-market accounting on January 1, 2001, the impact was a decrease in a component of stockholders' equity through Accumulated other comprehensive income of $22.5 million, an increase to Current assets of $52.6 million, an increase to Current liabilities of $86.9 million, an increase to Other long-term liabilities of $1.1 million and a decrease in Deferred income taxes payable of $12.9 million. Of the $22.5 million decrease to Accumulated other comprehensive income resulting from the January 1, 2001 adoption of SFAS 133, $14.1 million was reversed in the first quarter of 2001 with gains and losses from the underlying transactions recognized through Total revenues. An additional $7.1 million of this transition entry is currently anticipated to be recognized through Total revenues in the remaining three quarters of 2001. The non-cash impact to our results of operations in the first quarter of 2001 resulting from the adoption of mark-to-market accounting for our marketing activities resulted in additional pre-tax income of $5.0 million. ADOPTION OF STOCKHOLDER RIGHTS PLAN In the first quarter of 2001, we adopted a Stockholder Rights Plan under which rights were distributed as a dividend at the rate of one right for each share of our common stock held by stockholders of record as of the close of business on April 9, 2001. The Rights Plan was not adopted in response to any efforts to acquire control of our company. The Rights Plan, however, is designed to deter coercive takeover tactics including the accumulation of shares in the open market or through private transactions and to prevent an acquirer from gaining control of our company without offering a fair and adequate price to all of our stockholders. Each right initially will entitle stockholders to buy one unit consisting of 1/100/th/ of a share of a share of a new series of preferred stock for $180 per unit. The right generally will be exercisable only if a person or group acquires beneficial ownership of 15 percent or more of our then outstanding common stock or commences a tender or exchange offer upon consummation of which a person or group would beneficially own 15 percent or more of our then outstanding common stock. The rights will expire on March 22, 2011. SUPPLEMENTARY CASH FLOW INFORMATION Interest paid was $4.2 million and $4.7 million for the three months ended March 31, 2001 and 2000, respectively. No income taxes were paid during the three months ended March 31, 2001 or the three months ended March 31, 2000. SEGMENT REPORTING We operate in four principal business segments, as follows: Gas Gathering and Processing, Production, Marketing and Transmission. These segments are separately monitored by management for performance against our internal forecast and are consistent with our internal financial reporting package. These segments have been identified based upon the differing products and services, regulatory environment and the expertise required for these operations. In our Gas Gathering and Processing segment, we connect producers' wells to our gathering systems for delivery to our processing or treating plants, process the natural gas to extract NGLs and treat the natural gas in order to meet pipeline specifications. Our Marketing segment sells the residue gas and NGLs extracted at our processing facilities. The activities of our Production segment include the exploration and development of gas properties primarily in basins where our facilities are located. The Marketing segment sells the majority of the production from these properties. Our Marketing segment buys and sells gas and NGLs nationwide and in Canada from or to a variety of customers. In addition, this segment also markets gas and NGLs produced by our gathering, processing and production assets. Our Canadian marketing operations, which are immaterial for separate presentation, are included in this segment. The Marketing segment also includes losses associated with our equity gas and NGL hedging program of $(14.5) million and $(3.1) million for the quarters ended March 31, 2001 and March 31, 2000, respectively. The Transmission segment reflects the operations of the MIGC and MGTC pipelines. The majority of the revenue presented in this segment is derived from transportation of residue gas. 8 The following table sets forth our segment information as of and for the quarters ended March 31, 2001 and 2000 (dollars in thousands). Due to our integrated operations, the use of allocations in the determination of business segment information is necessary. Inter-segment revenues are valued at prices comparable to those of unaffiliated customers.
Gas Gathering Elim- and Trans- inating Processing Production Marketing mission Corporate Entries Total ----------- ---------- ---------- ------- --------- ------- ------ Quarter ended March 31, 2001 Revenues from unaffiliated customers........................... $ 14,035 $ 721 $ 1,209,769 $ 2,675 $ 282 $ - $ 1,227,482 Interest income..................... - - - - 5,086 (4,802) 284 Other, net.......................... 4 (1) (31,872) 2 1,377 - (30,490) Intersegment sales.................. 318,073 52,150 11,486 4,267 14 (385,990) - ----------- --------- ----------- ---------- -------- ---------- ----------- Total revenues...................... 332,112 52,870 1,189,383 6,944 6,759 (390,792) 1,197,276 ----------- --------- ----------- ---------- -------- ---------- ----------- Product purchases................... 272,839 2,645 1,188,165 (434) 13 (376,628) 1,086,600 Plant operating expense............. 15,320 30 39 2,094 375 (821) 17,037 Oil and gas exploration and production expense.......... - 17,054 - - - (7,449) 9,605 ----------- --------- ----------- ---------- -------- ---------- ----------- Operating profit.................... $ 43,953 $ 33,141 $ 1,179 $ 5,284 $ 6,371 $ (5,894) $ 84,034 =========== ========= =========== ========== ======== ========== =========== Depreciation, depletion and amortization........................ 9,500 3,067 40 415 1,456 - 14,478 Interest expense.................... 6,829 Gain on sale of assets.............. (11,223) Selling and administrative expense.. 8,479 ----------- Income before income taxes.......... $ 65,471 =========== Identifiable assets................. $ 563,850 $ 141,430 $ 57 $ 46,808 $ 55,384 $ - $ 807,529 =========== ========= =========== ========== ======== ========== ===========
Gas Gathering Elim- and Trans- inating Processing Production Marketing mission Corporate Entries Total ----------- ---------- --------- ------- --------- ------- ------ Quarter ended March 31, 2000 Revenues from unaffiliated customers........................... $ 11,406 $ 986 $ 551,322 $ 2,378 $ 26 $ (8) $ 566,110 Interest income..................... 33 2 24 - 5,838 (5,668) 229 Other, net.......................... (20) - (2,203) - 1,036 - (1,187) Intersegment sales.................. 134,342 10,304 26,333 4,404 4 (175,387) - ----------- --------- ----------- ---------- -------- ---------- ----------- Total revenues...................... 145,761 11,292 575,476 6,782 6,904 (181,063) 565,152 ----------- --------- ----------- ---------- -------- ---------- ----------- Product purchases................... 103,008 504 572,687 - (25) (175,031) 501,143 Plant operating expense............. 13,062 17 - 2,268 256 (341) 15,262 Oil and gas exploration and production expense.......... - 4,146 - - - - 4,146 ----------- --------- ----------- ---------- -------- ---------- ----------- Operating profit.................... $ 29,691 $ 6,625 $ 2,789 $ 4,514 $ 6,673 $ (5,691) $ 44,601 =========== ========= =========== ========== ======== ========== =========== Depreciation, depletion and amortization........................ 8,571 2,889 40 424 1,385 - 13,309 Interest expense.................... 8,218 Gain on sale of assets.............. (5,299) Selling and administrative expense.. 7,389 ----------- Income before income taxes.......... $ 20,984 =========== Identifiable assets................. $ 547,611 $ 101,802 $ 75 $ 47,213 $ 37,710 $ - $ 734,411 =========== ========= =========== ========== ======== ========== ===========
9 LEGAL PROCEEDINGS Reference is made to "Part II - Other Information - Item 1. Legal Proceedings," of this Form 10-Q. 10 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. WESTERN GAS RESOURCES, INC. --------------------------- (Registrant) Date: May 23, 2001 By:/s/ LANNY F. OUTLAW ------------------------------- Lanny F. Outlaw Chief Executive Officer and President Date: May 23, 2001 By:/s/WILLIAM J. KRYSIAK ------------------------------- William J. Krysiak Vice President - Finance (Principal Financial and Accounting Officer) 11 -----END PRIVACY-ENHANCED MESSAGE-----