|
|
MLPs
|
|
||
WES announces 15% distribution increase, WGP 34%. Coverage ratio 1.24.Western Gas Announces Second-Quarter 2015 ResultsHOUSTON, July 29, 2015 /PRNewswire/ -- Western Gas Partners, LP (NYSE: WES) ("WES" or the "Partnership") and Western Gas Equity Partners, LP (NYSE: WGP) ("WGP") today announced second-quarter 2015 financial and operating results. WESTERN GAS PARTNERS, LP Net income available to limited partners for the second quarter of 2015 totaled $64.6 million, or $0.44 per common unit (diluted). For the second quarter of 2015, Adjusted EBITDA(1) was $205.5 million and Distributable cash flow(1) was $173.3 million, resulting in a Coverage ratio(1) of 1.24 times for the period. WES previously declared a quarterly distribution of $0.750 per unit for the second quarter of 2015. This distribution represented a 3% increase over the prior quarter's distribution and a 15% increase over the second-quarter 2014 distribution of $0.650 per unit. The distribution will be paid on August 12, 2015, to unitholders of record at the close of business on July 31, 2015. The second-quarter 2015 Coverage ratio(1) of 1.24 times was based on the quarterly distribution of $0.750 per unit. Total throughput attributable to WES for natural gas assets for the second quarter of 2015 averaged 4.1 Bcf/d, which was 4% above the prior quarter and 13% above the second quarter of 2014. Total throughput for crude/NGL assets for the second quarter of 2015 averaged 134 MBbls/d, which was 2% above the prior quarter and 17% above the second quarter of 2014. "The successful startup of Lancaster Train II combined with significant sequential volume growth in the DJ and Delaware Basins has led to another quarter of solid operating performance," said Chief Executive Officer, Don Sinclair. "Furthermore, we have protected our cash flow in the second half of the year by extending our DJ Basin and Hugoton fixed-price agreements with Anadarko through December 31, 2015." Capital expenditures attributable to WES on a cash basis, including equity investments but excluding acquisitions, totaled $136.3 million during the second quarter of 2015. Of this amount, maintenance capital expenditures were $10.3 million, or 5% of Adjusted EBITDA(1). Capital expenditures attributable to WES on an accrual basis, including equity investments but excluding acquisitions, totaled $120.2 million during the second quarter of 2015. The Partnership is slightly revising its 2015 outlook for maintenance capital expenditures, now estimating they will be between 7% and 10% of Adjusted EBITDA. 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 for the second quarter of 2015 totaled $67.8 million, or $0.31 per common unit (diluted). WGP previously declared a quarterly distribution of $0.36375 per unit for the second quarter of 2015. This distribution represented a 6% increase over the prior quarter's distribution and a 34% increase over the second-quarter 2014 distribution of $0.27125. The distribution will be paid on August 21, 2015, to unitholders of record at the close of business on July 31, 2015. WGP will receive distributions from WES of $80.3 million attributable to the second quarter and will pay $79.6 million in distributions for the same period. CONFERENCE CALL TOMORROW AT 11 A.M. CDT |
return to message board, top of board |