HOUSTON, Oct. 28, 2015 /PRNewswire/ -- Western Gas Partners, LP (NYSE: WES) ("WES" or the "Partnership") and Western Gas Equity Partners, LP (NYSE: WGP) ("WGP") today announced third-quarter 2015 financial and operating results.

WESTERN GAS PARTNERS, LP

Net income available to limited partners((1)) for the third quarter of 2015 totaled $111.1 million, or $0.77 per common unit (diluted). For the third quarter of 2015, Adjusted EBITDA((1)) was $182.9 million and Distributable cash flow((1)) was $152.8 million.

WES previously declared a quarterly distribution of $0.775 per unit for the third quarter of 2015. This distribution represented a 3% increase over the prior quarter's distribution and a 15% increase over the third-quarter 2014 distribution of $0.675 per unit. The distribution will be paid on November 12, 2015, to unitholders of record at the close of business on November 2, 2015. The third-quarter 2015 Coverage ratio((1)) of 1.05 times was based on the quarterly distribution of $0.775 per unit. For the nine-months ended September 30, 2015, the Coverage ratio((1) )of 1.13 times was based on a year-to-date distribution of $2.250 per unit.

Total throughput attributable to WES for natural gas assets for the third quarter of 2015 averaged 3.8 Bcf/d, which was 7% below the prior quarter and 7% above the third quarter of 2014. Approximately 44% of the sequential decline in throughput was due to the sale of the Dew and Pinnacle systems in July. Total throughput for crude/NGL assets for the third quarter of 2015 averaged 145 MBbls/d, which was 8% above the prior quarter and 5% above the third quarter of 2014.

"Despite scheduled and unscheduled downtime at our DBM complex and Lancaster plant, the quarter was in line with our expectations and we are raising the mid-point of our full-year Adjusted EBITDA outlook," said Chief Executive Officer, Don Sinclair. "We continue to be encouraged by the consistent activity in the Delaware Basin, and I am pleased to announce that our Board has approved the construction of an additional 200MMcf/d processing train at our DBM complex. We currently expect this new train to be operational in mid-2017, but have built in the flexibility to accelerate this timing if needed."

Capital expenditures attributable to WES, including equity investments but excluding acquisitions, totaled $136.4 million on a cash basis and $128.5 million on an accrual basis, during the third quarter of 2015. Maintenance capital expenditures on a cash basis were $13.7 million, or 7% of Adjusted EBITDA((1)). The Partnership narrowed its outlook ranges for full-year Adjusted EBITDA, total capital expenditures (including equity investments but excluding acquisitions) and maintenance capital expenditures to $745 million to $770 million, $580 million to $620 million, and 7% to 9% of Adjusted EBITDA, respectively. The Partnership also announced that it intends to extend the DJ Basin and Hugoton commodity price swap agreements through December 31, 2016, with such extensions to be executed before the end of 2015.

WESTERN GAS EQUITY PARTNERS, LP

WGP indirectly owns the entire general partner interest in WES, 100% of the incentive distribution rights in WES and 49,296,205 WES common units. Net income available to limited partners((1)) for the third quarter of 2015 totaled $88.3 million, or $0.40 per common unit (diluted).

WGP previously declared a quarterly distribution of $0.38125 per unit for the third quarter of 2015. This distribution represented a 5% increase over the prior quarter's distribution and a 31% increase over the third-quarter 2014 distribution of $0.29125. The distribution will be paid on November 20, 2015, to unitholders of record at the close of business on November 2, 2015. WGP will receive distributions from WES of $84.7 million attributable to the third quarter and will pay $83.5 million in distributions for the same period.



    (1) The $77.2 million net gain from
     the sale of the Dew and Pinnacle
     systems is included in Net income
     available to limited partners, but
     is excluded from Adjusted EBITDA and
     Distributable cash flow. 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.

CONFERENCE CALL TOMORROW AT 11 A.M. CDT

WES and WGP will host a joint conference call on Thursday, October 29, 2015, at 11:00 a.m. Central Daylight Time (12:00 p.m. Eastern Daylight Time) to discuss third-quarter 2015 results. Individuals who would like to participate should dial 866-777-2509 (Domestic) or 412-317-5413 (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. Simultaneously with the issuance of this press release, the slide presentation to accompany the earnings call has been posted to the investor relations page of the Western Gas website.

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 and Western Gas Equity Partners, LP, 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

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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 attributable to Western Gas Partners, LP (GAAP), (ii) Adjusted EBITDA attributable to Western Gas Partners, LP ("Adjusted EBITDA") (non-GAAP) to net income 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 (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 and other applicable performance measures, such as operating income 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, drip condensate and NGLs under our commodity price swap agreements to the extent such amounts are not recognized as Adjusted EBITDA, less net cash paid for interest expense (including amortization of deferred debt issuance costs originally paid in cash, offset by non-cash capitalized interest), maintenance capital expenditures, and income taxes.



                                    Three Months Ended                          Nine Months Ended
                                       September 30,                               September 30,
                                       -------------                              -------------

    thousands except
     Coverage ratio            2015               2014 (1)        2015            2014 (1)
    ----------------           ----                -------        ----             -------

    Reconciliation of Net
     income attributable to
     Western Gas Partners,
     LP to Distributable
     cash flow and
     calculation of the
     Coverage ratio

    Net income attributable
     to Western Gas
     Partners, LP                    $161,306                          $109,159                       $355,396  $299,382

    Add:

    Distributions from
     equity investees        25,482                        20,807                   73,054               57,448

    Non-cash equity-based
     compensation expense     1,148                         1,034                    3,423                3,188

    Interest expense, net
     (non-cash settled) (2)   4,310                             -                   9,920                    -

    Income tax (benefit)
     expense                  1,661                         3,891                    4,305                8,199

    Depreciation,
     amortization and
     impairments (3)         65,035                        46,631                  199,990              132,741

    Above-market component
     of swap extensions with
     Anadarko                 7,916                             -                   7,916                    -

    Less:

    Gain on divestiture, net 77,244                             -                  77,244                    -

    Equity income, net       21,976                        19,063                   59,137               41,322

    Cash paid for
     maintenance capital
     expenditures (3)        13,695                        12,561                   36,589               35,554

    Capitalized interest      1,039                         1,900                    6,826                7,347

    Cash paid for
     (reimbursement of)
     income taxes                 -                            -                   (138)               (340)

    Other income (3) (4)         82                            94                      219                  251
    -------------------         ---                           ---                      ---                  ---

    Distributable cash flow          $152,822                          $147,904                       $474,127  $416,824
    -----------------------          --------                          --------                       --------  --------

    Distributions declared
     (5)

    Limited partners                  $99,645                                                $289,215

    General partner          46,515                                     129,884
    ---------------          ------                                     -------

    Total                            $146,160                                                $419,099
    -----                            --------                                                --------

    Coverage ratio             1.05              x                         1.13              x
    --------------             ----              ---                       ----


    (1)                    In March 2015, WES acquired
                           Anadarko's interest in Delaware
                           Basin JV Gathering LLC, which
                           owns a 50% interest in a
                           gathering system and related
                           facilities (the "DBJV system").
                           WES will make a cash payment on
                           March 1, 2020, to Anadarko as
                           consideration for the
                           acquisition. The net present
                           value of this future obligation
                           has been recorded on the
                           consolidated balance sheet under
                           Deferred purchase price
                           obligation -Anadarko. Financial
                           information has been recast to
                           include the financial position
                           and results attributable to the
                           DBJV 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, amortization and
                           impairments; cash paid for
                           maintenance capital expenditures;
                           and other income attributable to
                           Chipeta.

    (4)                    Excludes income of zero for each
                           of the three months ended
                           September 30, 2015 and 2014, and
                           zero and $0.5 million for the
                           nine months ended September 30,
                           2015 and 2014, respectively,
                           related to a component of a gas
                           processing agreement accounted
                           for as a capital lease.

    (5)                    Reflects cash distributions of
                           $0.775 and $2.250 per unit
                           declared for the three and nine
                           months ended September 30, 2015,
                           respectively.

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, amortization and impairments, and other expense, less gain on divestiture, income from equity investments, interest income, income tax benefit and other income.



                                               Three Months Ended                                Nine Months Ended
                                                  September 30,                                     September 30,
                                                  -------------                                    -------------

    thousands                             2015               2014 (1)           2015                          2014 (1)
    ---------                             ----                -------           ----                           -------

    Reconciliation of Net income
     attributable to Western Gas
     Partners, LP to Adjusted EBITDA
     attributable to Western Gas
     Partners, LP

    Net income attributable to
     Western Gas Partners, LP                   $161,306                                $109,159                           $355,396  $299,382

    Add:

    Distributions from equity
     investees                          25,482                           20,807                       73,054                  57,448

    Non-cash equity-based
     compensation expense                1,148                            1,034                        3,423                   3,188

    Interest expense                    31,773                           20,878                       82,337                  55,703

    Income tax expense                   1,661                            3,891                        6,121                   8,199

    Depreciation, amortization and
     impairments (2)                    65,035                           46,631                      199,990                 132,741

    Less:

    Gain on divestiture, net            77,244                                -                      77,244                       -

    Equity income, net                  21,976                           19,063                       59,137                  41,322

    Interest income - affiliates         4,225                            4,225                       12,675                  12,675

    Other income (2) (3)                    82                               94                          219                     251

    Income tax benefit                       -                               -                       1,816                       -
    ------------------                     ---                             ---                       -----                     ---

    Adjusted EBITDA attributable to
     Western Gas Partners, LP                   $182,878                                $179,018                           $569,230  $502,413
    -------------------------------             --------                                --------                           --------  --------


    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                   $182,878                                $179,018                           $569,230  $502,413

    Adjusted EBITDA attributable to
     noncontrolling interest             2,838                            4,506                       10,173                  12,922

    Interest income (expense), net    (27,548)                        (16,653)                    (69,662)               (43,028)

    Uncontributed cash-based
     compensation awards                  (21)                            (11)                       (166)                     22

    Accretion and amortization of
     long-term obligations, net          5,226                              687                       12,296                   2,045

    Current income tax benefit
     (expense)                           (493)                         (2,085)                     (1,312)                (4,175)

    Other income (expense), net (3)         85                               97                          227                     260

    Distributions from equity
     investments in excess of
     cumulative earnings               (3,871)                         (4,539)                    (12,409)               (14,387)

    Changes in operating working
     capital:

      Accounts receivable, net          22,031                         (28,799)                    (24,104)               (52,659)

      Accounts and natural gas
       imbalance payables and accrued
       liabilities, net                 15,669                           31,540                       15,952                  35,807

      Other                                147                          (2,602)                     (1,817)                  1,645
      -----                                ---                           ------                       ------                   -----

    Net cash provided by operating
     activities                                 $196,941                                $161,159                           $498,408  $440,865
    ------------------------------              --------                                --------                           --------  --------

    Cash flow information of Western
     Gas Partners, LP

    Net cash provided by operating
     activities                                                                        $498,408                           $440,865

    Net cash used in investing
     activities                                                                      $(337,989)                        $(950,282)

    Net cash provided by (used in)
     financing activities                                                            $(154,273)                          $476,526
    ------------------------------                                                    ---------                           --------


    (1)                    Financial information has been
                           recast to include the financial
                           position and results
                           attributable to the DBJV
                           system.

    (2)                    Includes WES's 75% share of
                           depreciation, amortization and
                           impairments; and other income
                           attributable to Chipeta.

    (3)                    Excludes income of zero for each
                           of the three months ended
                           September 30, 2015 and 2014,
                           and zero and $0.5 million for
                           the nine months ended September
                           30, 2015 and 2014,
                           respectively, related to a
                           component of a gas processing
                           agreement accounted for as a
                           capital lease.

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 reimbursements for electricity-related expenses recorded as revenue, and cost of product, plus distributions from equity investees and excluding the noncontrolling interest owner's proportionate share of revenue and cost of product.




                                   Three Months Ended                     Nine Months Ended
                                      September 30,                         September 30,
                                     -------------                          -------------

    thousands                 2015                    2014 (1)     2015              2014 (1)
    ---------                 ----                     -------     ----               -------

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

    Adjusted gross margin
     attributable to
     Western Gas Partners,
     LP for natural gas
     assets                          $240,210                    $228,112                     $729,404  $646,796

    Adjusted gross margin
     for crude/NGL assets   23,507                        19,396              65,709             51,692
                                                                            ------             ------

    Adjusted gross margin
     attributable to
     Western Gas Partners,
     LP                              $263,717                    $247,508                     $795,113  $698,488
    ----------------------           --------                    --------                     --------  --------

    Adjusted gross margin
     attributable to
     noncontrolling
     interest                          $3,753                      $5,582                      $13,222   $15,611

    Gain on divestiture,
     net                    77,244                             -             77,244                  -

    Equity income, net      21,976                        19,063              59,137             41,322

    Reimbursed electricity-
     related charges
     recorded as revenues   15,392                        12,021              40,423             28,574

    Less:

    Distributions from
     equity investees       25,482                        20,807              73,054             57,448

    Operation and
     maintenance            80,633                        67,489             218,640            184,023

    General and
     administrative          9,318                         8,339              28,497             25,688

    Property and other
     taxes                   8,343                         6,793              25,641             21,343

    Depreciation,
     amortization and
     impairments            65,688                        47,277             201,941            134,667
    -----------------       ------                        ------             -------            -------

    Operating income                 $192,618                    $133,469                     $437,366  $360,826
    ----------------                 --------                    --------                     --------  --------


    (1)                    Financial information has
                           been recast to include the
                           financial position and
                           results attributable to the
                           DBJV system.



                                                                        Western Gas Partners, LP

                                                              CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                                                                              (Unaudited)


                                          Three Months Ended                                            Nine Months Ended
                                             September 30,                                                 September 30,
                                             -------------                                                -------------

    thousands except per-unit
     amounts                         2015               2014 (1)                     2015                 2014 (1)
    -------------------------        ----                -------                     ----                  -------

    Revenues and other

    Gathering, processing and
     transportation of natural
     gas and natural gas liquids           $235,638                                          $195,825                       $698,748  $542,760

    Natural gas, natural gas
     liquids and drip condensate
     sales                        147,000                            153,672                               486,874            461,740

    Other                           2,463                              8,024                                 4,460             11,651

    Total revenues and other      385,101                            357,521                             1,190,082          1,016,151
    ------------------------      -------                            -------                             ---------          ---------

    Equity income, net             21,976                             19,063                                59,137             41,322
                                   ------                             ------                                ------             ------

    Operating expenses

    Cost of product               127,721                            113,217                               414,378            330,926

    Operation and maintenance      80,633                             67,489                               218,640            184,023

    General and administrative      9,318                              8,339                                28,497             25,688

    Property and other taxes        8,343                              6,793                                25,641             21,343

    Depreciation, amortization
     and impairments               65,688                             47,277                               201,941            134,667
    --------------------------     ------                             ------                               -------            -------

    Total operating expenses      291,703                            243,115                               889,097            696,647
    ------------------------      -------                            -------                               -------            -------

    Gain on divestiture, net       77,244                                  -                               77,244                  -

    Operating income              192,618                            133,469                               437,366            360,826

    Interest income - affiliates    4,225                              4,225                                12,675             12,675

    Interest expense             (31,773)                          (20,878)                             (82,337)          (55,703)

    Other income (expense), net        85                                 97                                   227                788
                                      ---                                ---                                   ---                ---

    Income before income taxes    165,155                            116,913                               367,931            318,586

    Income tax (benefit) expense    1,661                              3,891                                 4,305              8,199
                                    -----                              -----                                 -----              -----

    Net income                    163,494                            113,022                               363,626            310,387

    Net income attributable to
     noncontrolling interest        2,188                              3,863                                 8,230             11,005
    --------------------------      -----                              -----                                 -----             ------

    Net income attributable to
     Western Gas Partners, LP              $161,306                                          $109,159                       $355,396  $299,382

    Limited partners' interest
     in net income:

    Net income attributable to
     Western Gas Partners, LP              $161,306                                          $109,159                       $355,396  $299,382

    Pre-acquisition net
     (income) loss allocated to
     Anadarko                           -                           (6,482)                              (1,742)          (13,282)

    General partner interest in
     net (income) loss           (50,213)                          (31,058)                            (138,121)           (83,939)
    ---------------------------   -------                            -------                              --------            -------

    Limited partners' interest
     in net income                         $111,093                                           $71,619                       $215,533  $202,161

    Net income per common unit -
     basic                                    $0.77                                             $0.60                          $1.46     $1.71

    Net income per common unit -
     diluted                         0.77                               0.60                                  1.46               1.71

    Weighted-average common
     units outstanding - basic    128,575                            119,068                               128,267            118,326

    Weighted-average common
     units outstanding - diluted  139,736                            119,068                               139,309            118,326


    (1)                    Financial information has
                           been recast to include the
                           financial position and
                           results attributable to the
                           DBJV system.



                                     Western Gas Partners, LP

                               CONDENSED CONSOLIDATED BALANCE SHEETS

                                            (Unaudited)


    thousands except number of          September 30,                December 31, 2014
     units                                                                   (1)
                                                 2015
    ---                                          ----

    Current assets                                         $235,137                        $186,364

    Note receivable - Anadarko                260,000                            260,000

    Net property, plant and
     equipment                              4,789,922                          4,571,443

    Other assets                            1,887,273                          1,936,725
                                            ---------                          ---------

    Total assets                                         $7,172,332                      $6,954,532
    ------------                                         ----------                      ----------

    Current liabilities                                    $222,826                        $239,833

    Long-term debt                          2,587,189                          2,422,954

    Asset retirement
     obligations and other                    126,459                            157,370

    Deferred purchase price
     obligation - Anadarko                    184,196                                  -
    -----------------------                   -------                                ---

    Total liabilities                                    $3,120,670                      $2,820,157
    -----------------                                    ----------                      ----------

    Equity and partners'
     capital

    Common units (128,574,646
     and 127,695,130 units
     issued and outstanding at
     September 30, 2015, and
     December 31, 2014,
     respectively)                                       $3,115,480                      $3,119,714

    Class C units (11,230,814
     and 10,913,853 units
     issued and outstanding at
     September 30, 2015, and
     December 31, 2014,
     respectively)                            744,840                            716,957

    General partner units
     (2,583,068 units issued
     and outstanding at
     September 30, 2015, and
     December 31, 2014)                       123,792                            105,725

    Net investment by Anadarko                      -                           122,509

    Noncontrolling interest                    67,550                             69,470
                                               ------                             ------

    Total liabilities, equity
     and partners' capital                               $7,172,332                      $6,954,532
    -------------------------                            ----------                      ----------


    (1)                    Financial information has
                           been recast to include the
                           financial position and
                           results attributable to the
                           DBJV system.




                                             Western Gas Partners, LP

                                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                   (Unaudited)


                                                            Nine Months Ended
                                                               September 30,
                                                              -------------

    thousands                                      2015                          2014 (1)
    ---------                                      ----                           -------

    Cash flows from operating
     activities

    Net income                                               $363,626                          $310,387

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

    Depreciation, amortization
     and impairments                            201,941                             134,667

    Gain on divestiture, net                   (77,244)                                  -

    Change in other items, net                   10,085                             (4,189)
    --------------------------                   ------                              ------

    Net cash provided by
     operating activities                       498,408                             440,865
    ---------------------                       -------                             -------

    Cash flows from investing
     activities

    Capital expenditures                                   $(473,394)                       $(529,197)

    Contributions in aid of
     construction costs from
     affiliates                                       -                                183

    Acquisitions from affiliates               (12,131)                          (372,393)

    Acquisitions from third
     parties                                    (3,514)                                  -

    Investments in equity
     affiliates                                 (9,052)                           (63,267)

    Distributions from equity
     investments in excess of
     cumulative earnings                         12,409                              14,387

    Proceeds from the sale of
     assets to affiliates                           700                                   -

    Proceeds from the sale of
     assets to third parties                    146,993                                   5

    Net cash used in investing
     activities                               (337,989)                          (950,282)
    --------------------------                 --------                            --------

    Cash flows from financing
     activities

    Borrowings, net of debt
     issuance costs                                          $769,606                        $1,136,878

    Repayments of debt                        (610,000)                          (480,000)

    Increase (decrease) in
     outstanding checks                         (1,482)                              2,908

    Proceeds from the issuance
     of common and general
     partner units, net of
     offering expenses                           57,353                             101,502

    Distributions to unitholders              (398,983)                          (297,013)

    Distributions to
     noncontrolling interest
     owner                                     (10,150)                           (11,349)

    Net contributions from
     Anadarko                                    31,467                              23,600

    Above-market component of
     swap extensions with
     Anadarko                                     7,916                                   -
    -------------------------                     -----                                 ---

    Net cash provided by (used
     in) financing activities                 (154,273)                            476,526
    --------------------------                 --------                             -------

    Net increase (decrease) in
     cash and cash equivalents                    6,146                            (32,891)

    Cash and cash equivalents at
     beginning of period                         67,054                             100,728
    ----------------------------                 ------                             -------

    Cash and cash equivalents at
     end of period                                            $73,200                           $67,837
    ----------------------------                              -------                           -------


    (1)                    Financial information has
                           been recast to include the
                           financial position and
                           results attributable to the
                           DBJV system.




                                                           Western Gas Partners, LP

                                                             OPERATING STATISTICS

                                                                  (Unaudited)


                                    Three Months Ended                        Nine Months Ended
                                       September 30,                            September 30,
                                       -------------                            -------------

    MMcf/d except throughput
     measured in barrels and per-
     unit amounts                   2015             2014 (1)                  2015             2014 (1)
    -----------------------------   ----              -------                   ----              -------


    Throughput for natural gas
     assets

    Gathering, treating and
     transportation                1,401                          1,581                            1,552   1,634

    Processing                     2,327                          1,936                            2,351   1,903

    Equity investment (2)            177                            175                              171     171
    --------------------             ---                            ---                              ---     ---

      Total throughput for natural
       gas assets                  3,905                          3,692                            4,074   3,708
      ---------------------------- -----                          -----                            -----   -----

    Throughput attributable to
     noncontrolling interest for
     natural gas assets              126                            165                              149     169
    ----------------------------     ---                            ---                              ---     ---

    Total throughput attributable
     to Western Gas Partners, LP
     for natural gas assets (3)    3,779                          3,527                            3,925   3,539
    -----------------------------  -----                          -----                            -----   -----

    Total throughput (MBbls/d)
     for crude/NGL assets (4)        145                            138                              137     111
    --------------------------       ---                            ---                              ---     ---

    Adjusted gross margin per Mcf
     attributable to Western Gas
     Partners, LP for natural gas
     assets (5)                             $0.69                                      $0.70              $0.68  $0.67
    -----------------------------           -----                                      -----              -----  -----

    Adjusted gross margin per Bbl
     for crude/NGL assets (6)               $1.76                                      $1.53              $1.76  $1.71
    -----------------------------           -----                                      -----              -----  -----


    (1)                    Throughput has been recast to include
                           throughput attributable to the DBJV
                           system.

    (2)                    Represents WES's 14.81% share of
                           average Fort Union and 22% share of
                           average Rendezvous throughput.
                           Excludes equity investment throughput
                           measured in barrels (captured in
                           "Total throughput (MBbls/d) for
                           crude/NGL assets" as noted below).

    (3)                    Includes affiliate, third-party and
                           equity investment throughput (as
                           equity investment throughput is
                           defined in the above footnote),
                           excluding the noncontrolling interest
                           owner's proportionate share of
                           throughput.

    (4)                    Represents total throughput measured
                           in barrels, consisting of throughput
                           from WES's Chipeta NGL pipeline,
                           WES's 10% share of average White
                           Cliffs throughput, WES's 25% share of
                           average Mont Belvieu JV throughput,
                           WES's 20% share of average TEG and
                           TEP throughput and WES's 33.33% share
                           of average FRP throughput.

    (5)                    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 owners'
                           proportionate share of revenue and
                           cost of product) divided by total
                           throughput (MMcf/d) attributable to
                           Western Gas Partners, LP for natural
                           gas assets.

    (6)                    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        September 30,
     and Coverage ratio                     2015
    --------------------------------       --------------

    Distributions declared by Western Gas Partners, LP:

    General partner interest                                    $2,879

    Incentive distribution rights                  43,637

    Common units held by WGP                       38,205

    Less:

    Public company general and
     administrative expense                           741
    --------------------------                        ---

    Cash available for distribution                            $83,980
    -------------------------------                            -------

    Declared distribution per common
     unit                                                     $0.38125
    --------------------------------                          --------

    Distributions declared by Western
     Gas Equity Partners, LP                                   $83,461
    ---------------------------------                          -------

    Coverage ratio                                   1.01    x
    --------------                                   ----    ---



                                                                    Western Gas Equity Partners, LP

                                                              CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                                                                              (Unaudited)


                                          Three Months Ended                                            Nine Months Ended
                                             September 30,                                                 September 30,
                                             -------------                                                -------------

    thousands except per-unit
     amounts                         2015               2014 (1)                     2015                 2014 (1)
    -------------------------        ----                -------                     ----                  -------

    Revenues and other

    Gathering, processing and
     transportation of natural
     gas and natural gas liquids           $235,638                                          $195,825                       $698,748  $542,760

    Natural gas, natural gas
     liquids and drip condensate
     sales                        147,000                            153,672                               486,874            461,740

    Other                           2,463                              8,024                                 4,460             11,651
                                    -----                              -----                                 -----             ------

    Total revenues and other      385,101                            357,521                             1,190,082          1,016,151
    ------------------------      -------                            -------                             ---------          ---------

    Equity income, net             21,976                             19,063                                59,137             41,322
                                   ------                             ------                                ------             ------

    Operating expenses

    Cost of product               127,721                            113,217                               414,378            330,926

    Operation and maintenance      80,633                             67,489                               218,640            184,023

    General and administrative     10,059                              9,116                                30,848             28,193

    Property and other taxes        8,355                              6,793                                25,679             21,343

    Depreciation, amortization
     and impairments               65,688                             47,277                               201,941            134,667
    --------------------------     ------                             ------                               -------            -------

    Total operating expenses      292,456                            243,892                               891,486            699,152
    ------------------------      -------                            -------                               -------            -------

    Gain on divestiture, net       77,244                                  -                               77,244                  -

    Operating income              191,865                            132,692                               434,977            358,321

    Interest income - affiliates    4,225                              4,225                                12,675             12,675

    Interest expense             (31,773)                          (20,878)                             (82,339)          (55,703)

    Other income (expense), net        96                                118                                   256                849
                                      ---                                ---                                   ---                ---

    Income before income taxes    164,413                            116,157                               365,569            316,142

    Income tax (benefit) expense    1,661                              3,891                                 4,305              8,199
                                    -----                              -----                                 -----              -----

    Net income                    162,752                            112,266                               361,264            307,943

    Net income attributable to
     noncontrolling interests      74,468                             45,832                               148,156            128,958
    --------------------------     ------                             ------                               -------            -------

    Net income attributable to
     Western Gas Equity
     Partners, LP                           $88,284                                           $66,434                       $213,108  $178,985

    Limited partners' interest
     in net income:

    Net income attributable to
     Western Gas Equity
     Partners, LP                           $88,284                                           $66,434                       $213,108  $178,985

    Pre-acquisition net
     (income) loss allocated to
     Anadarko                           -                           (6,482)                              (1,742)          (13,282)
    ---------------------------       ---                            ------                                ------            -------

    Limited partners' interest
     in net income                          $88,284                                           $59,952                       $211,366  $165,703

    Net income per common unit -
     basic and diluted                        $0.40                                             $0.27                          $0.97     $0.76

    Weighted-average number of
     common units outstanding -
     basic and diluted            218,914                            218,903                               218,912            218,903
    ---------------------------   -------                            -------                               -------            -------


    (1)                    Financial information has
                           been recast to include the
                           financial position and
                           results attributable to the
                           DBJV system.



                                  Western Gas Equity Partners, LP

                               CONDENSED CONSOLIDATED BALANCE SHEETS

                                            (Unaudited)


    thousands except number of          September 30,                December 31, 2014
     units                                                                   (1)
                                                 2015
    ---                                          ----

    Current assets                                         $236,809                        $187,073

    Note receivable - Anadarko                260,000                            260,000

    Net property, plant and
     equipment                              4,789,922                          4,571,443

    Other assets                            1,887,273                          1,936,725
                                            ---------                          ---------

    Total assets                                         $7,174,004                      $6,955,241
    ------------                                         ----------                      ----------

    Current liabilities                                    $222,999                        $241,058

    Long-term debt                          2,587,189                          2,422,954

    Asset retirement
     obligations and other                    126,459                            157,370

    Deferred purchase price
     obligation - Anadarko                    184,196                                  -
    -----------------------                   -------

    Total liabilities                                    $3,120,843                      $2,821,382
    -----------------                                    ----------                      ----------

    Equity and partners'
     capital

    Common units (218,913,688
     and 218,909,977 units
     issued and outstanding at
     September 30, 2015, and
     December 31, 2014,
     respectively)                                       $1,264,012                      $1,260,195

    Net investment by Anadarko                      -                           122,509

    Noncontrolling interests                2,789,149                          2,751,155
                                            ---------                          ---------

    Total liabilities, equity
     and partners' capital                               $7,174,004                      $6,955,241
    -------------------------                            ----------                      ----------


    (1)                    Financial information has
                           been recast to include the
                           financial position and
                           results attributable to the
                           DBJV system.



                                         Western Gas Equity Partners, LP

                                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                   (Unaudited)


                                                            Nine Months Ended
                                                               September 30,
                                                              -------------

    thousands                                      2015                          2014 (1)
    ---------                                      ----                           -------

    Cash flows from operating
     activities

    Net income                                               $361,264                          $307,943

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

    Depreciation, amortization
     and impairments                            201,941                             134,667

    Gain on divestiture, net                   (77,244)                                  -

    Change in other items, net                   10,850                             (4,294)
    --------------------------                   ------                              ------

    Net cash provided by
     operating activities                       496,811                             438,316
    ---------------------                       -------                             -------

    Cash flows from investing
     activities

    Capital expenditures                                   $(473,394)                       $(529,197)

    Contributions in aid of
     construction costs from
     affiliates                                       -                                183

    Acquisitions from affiliates               (12,131)                          (372,393)

    Acquisitions from third
     parties                                    (3,514)                                  -

    Investments in equity
     affiliates                                 (9,052)                           (63,267)

    Distributions from equity
     investments in excess of
     cumulative earnings                         12,409                              14,387

    Proceeds from the sale of
     assets to affiliates                           700                                   -

    Proceeds from the sale of
     assets to third parties                    146,993                                   5

    Net cash used in investing
     activities                               (337,989)                          (950,282)
    --------------------------                 --------                            --------

    Cash flows from financing
     activities

    Borrowings, net of debt
     issuance costs                                          $769,606                        $1,136,878

    Repayments of debt                        (611,150)                          (480,000)

    Increase (decrease) in
     outstanding checks                         (1,482)                              2,908

    Proceeds from the issuance
     of WES common units, net of
     offering expenses                           57,353                              99,035

    Distributions to WGP
     unitholders                              (223,016)                          (164,725)

    Distributions to Chipeta
     noncontrolling interest
     owner                                     (10,150)                           (11,349)

    Distributions to
     noncontrolling interest
     owners of WES                            (171,737)                          (129,247)

    Net contributions from
     Anadarko                                    31,467                              23,600

    Above-market component of
     swap extensions with
     Anadarko                                     7,916                                   -
    -------------------------                     -----                                 ---

    Net cash provided by (used
     in) financing activities                 (151,193)                            477,100
    --------------------------                 --------                             -------

    Net increase (decrease) in
     cash and cash equivalents                    7,629                            (34,866)

    Cash and cash equivalents at
     beginning of period                         67,213                             113,085
    ----------------------------                 ------                             -------

    Cash and cash equivalents at
     end of period                                            $74,842                           $78,219
    ----------------------------                              -------                           -------


    (1)                    Financial information has
                           been recast to include the
                           financial position and
                           results attributable to the
                           DBJV system.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/western-gas-announces-third-quarter-2015-results-300168072.html

SOURCE Western Gas Partners, LP