Exhibit

“We continue to achieve significant milestones in the Delaware Basin that enhance both our competitive position in the area and our ability to serve the increasing needs of producers. These include the DBJV-for-Marcellus asset exchange, the early settlement of the DBJV Deferred Purchase Price Obligation, and the successful start-up of our produced water gathering and disposal systems,” said Chief Executive Officer, Benjamin Fink. “Additionally, we are excited to announce the sanctioning of the Latham plant in the DJ Basin, which will consist of two cryogenic processing trains with a total capacity of 400 MMcf/d. These trains will be supported by long-term volumetric commitments from Anadarko, and are scheduled to come online in the first and third quarters of 2019.”

Total throughput attributable to WES for natural gas assets for the second quarter of 2017 averaged 3.5 Bcf/d, which was 12% below the prior quarter and 10% below the second quarter of 2016. Total throughput attributable to WES for natural gas was 2% above the prior quarter when adjusted for the impact of the DBJV-for-Marcellus asset exchange that closed in March 2017. Total throughput for crude, NGL and produced water assets for the second quarter of 2017 averaged 182 MBbls/d, which was 8% above the prior quarter and 3% below the second quarter of 2016.

WES and WGP will host a joint conference call on Wednesday, July 26, 2017, at 11:00 a.m. Central Daylight Time (12:00 p.m. Eastern Daylight Time) to discuss second-quarter 2017 results. Individuals who would like to participate should dial 877-883-0383 (Domestic) or 412-902-6506 (International) approximately 15 minutes before the scheduled conference call time, and enter participant access code 1783522. 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.

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, North-central Pennsylvania and Texas, WES is engaged in the business of gathering, compressing, treating, processing and transporting natural gas; gathering, stabilizing and transporting condensate, natural gas liquids and crude oil; and gathering and disposing of produced water for Anadarko, as well as for other producers and customers.

This news release contains forward-looking statements. WES and WGP’s management believes 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 supply of, demand for, and price of oil, natural gas, NGLs and related products or services; 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.

Below are reconciliations of (i) net income (loss) attributable to Western Gas Partners, LP (GAAP) to WES’s Distributable cash flow (non-GAAP), (ii) net income (loss) attributable to Western Gas Partners, LP (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA attributable to Western Gas Partners, LP (“Adjusted EBITDA”) (non-GAAP), and (iii) operating income (loss) (GAAP) to Adjusted gross margin attributable to Western Gas Partners, LP (“Adjusted gross margin”) (non-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 (loss) attributable to Western Gas Partners, LP and other applicable performance measures, such as operating income (loss) or cash flows from operating activities.

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, condensate and NGLs under WES’s commodity price swap agreements to the extent such amounts are not recognized as Adjusted EBITDA, less net cash paid (or to be paid) for interest expense (including amortization of deferred debt issuance costs originally paid in cash, offset by non-cash capitalized interest), maintenance capital expenditures, Series A Preferred unit distributions and income taxes.



	Three Months Ended June 30,						Six Months Ended June 30,
thousands except Coverage ratio	2017			2016			2017			2016
Reconciliation of Net income (loss) attributable to Western Gas Partners, LP to Distributable cash flow and calculation of the Coverage ratio
Net income (loss) attributable to Western Gas Partners, LP	$	173,451		$	164,521		$	275,340		$	280,581
Add:
Distributions from equity investments	28,856			24,491			51,423			49,130
Non-cash equity-based compensation expense	975			1,246			2,221			2,549
Non-cash settled - interest expense, net ⁽¹⁾	—			(15,461		)	71			(10,924		)
Income tax (benefit) expense	843			326			4,395			6,959
Depreciation and amortization ⁽²⁾	73,352			66,650			142,401			131,089
Impairments	3,178			2,403			167,920			8,921
Above-market component of swap agreements with Anadarko	16,373			9,552			28,670			16,365
Other expense ⁽²⁾	95			56			140			56
Less:
Gain (loss) on divestiture and other, net	15,458			(1,907		)	134,945			(2,539		)
Equity income, net – affiliates	21,728			19,693			41,189			36,507
Cash paid for maintenance capital expenditures ⁽²⁾	11,402			21,085			22,524			39,982
Capitalized interest	1,060			1,482			1,876			3,331
Cash paid for (reimbursement of) income taxes	—			—			189			67
Series A Preferred unit distributions	—			14,082			7,453			15,969
Other income⁽²⁾	250			—			677			122
Distributable cash flow	$	247,225		$	199,349		$	463,728		$	391,287
Distributions declared⁽³⁾
Limited partners – common units	$	135,816					$	259,745
General partner	71,675						136,499
Total	$	207,491					$	396,244
Coverage ratio	1.19		x				1.17		x

WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investments, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impairments, and other expense (including lower of cost or market inventory adjustments recorded in cost of product), less gain (loss) on divestiture and other, net, income from equity investments, interest income, income tax benefit, and other income.



	Three Months Ended June 30,						Six Months Ended June 30,
thousands	2017			2016			2017			2016
Reconciliation of Net income (loss) attributable to Western Gas Partners, LP to Adjusted EBITDA attributable to Western Gas Partners, LP
Net income (loss) attributable to Western Gas Partners, LP	$	173,451		$	164,521		$	275,340		$	280,581
Add:
Distributions from equity investments	28,856			24,491			51,423			49,130
Non-cash equity-based compensation expense	975			1,246			2,221			2,549
Interest expense	35,746			12,883			71,250			44,919
Income tax expense	843			326			4,395			6,959
Depreciation and amortization⁽¹⁾	73,352			66,650			142,401			131,089
Impairments	3,178			2,403			167,920			8,921
Other expense ⁽¹⁾	95			56			140			56
Less:
Gain (loss) on divestiture and other, net	15,458			(1,907		)	134,945			(2,539		)
Equity income, net – affiliates	21,728			19,693			41,189			36,507
Interest income – affiliates	4,225			4,225			8,450			8,450
Other income⁽¹⁾	250			—			677			122
Adjusted EBITDA attributable to Western Gas Partners, LP	$	274,835		$	250,565		$	529,829		$	481,664
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA attributable to Western Gas Partners, LP
Net cash provided by (used in) operating activities	$	240,536		$	157,363		$	433,152		$	393,866
Interest (income) expense, net	31,521			8,658			62,800			36,469
Uncontributed cash-based compensation awards	(209		)	86			(172		)	158
Accretion and amortization of long-term obligations, net	(1,038		)	14,522			(2,139		)	9,055
Current income tax (benefit) expense	204			198			628			4,979
Other (income) expense, net	(253		)	53			(683		)	(71		)
Distributions from equity investments in excess of cumulative earnings – affiliates	5,768			5,827			9,221			10,611
Changes in operating working capital:
Accounts receivable, net	(10,876		)	45,800			(9,363		)	33,242
Accounts and imbalance payables and accrued liabilities, net	12,035			20,205			41,975			2,227
Other	(131		)	1,309			(116		)	(1,739		)
Adjusted EBITDA attributable to noncontrolling interest	(2,722		)	(3,456		)	(5,474		)	(7,133		)
Adjusted EBITDA attributable to Western Gas Partners, LP	$	274,835		$	250,565		$	529,829		$	481,664
Cash flow information of Western Gas Partners, LP
Net cash provided by (used in) operating activities							$	433,152		$	393,866
Net cash provided by (used in) investing activities							(363,131		)	(952,824		)
Net cash provided by (used in) financing activities							(239,749		)	618,692



	Three Months Ended June 30,					Six Months Ended June 30,
thousands	2017		2016			2017		2016
Reconciliation of Operating income (loss) to Adjusted gross margin attributable to Western Gas Partners, LP
Operating income (loss)	$	207,608	$	176,362		$	346,000	$	329,765
Add:
Distributions from equity investments	28,856		24,491			51,423		49,130
Operation and maintenance	76,148		75,173			149,908		151,386
General and administrative	10,585		10,883			23,244		22,160
Property and other taxes	11,924		12,078			24,218		22,428
Depreciation and amortization	74,031		67,305			143,733		132,400
Impairments	3,178		2,403			167,920		8,921
Less:
Gain (loss) on divestiture and other, net	15,458		(1,907		)	134,945		(2,539		)
Proceeds from business interruption insurance claims	24,115		2,603			29,882		2,603
Equity income, net – affiliates	21,728		19,693			41,189		36,507
Reimbursed electricity-related charges recorded as revenues	14,046		14,869			28,015		30,537
Adjusted gross margin attributable to noncontrolling interest	3,435		4,183			7,311		8,604
Adjusted gross margin attributable to Western Gas Partners, LP	$	333,548	$	329,254		$	665,104	$	640,478
Adjusted gross margin attributable to Western Gas Partners, LP for natural gas assets	$	297,778	$	294,661		$	599,283	$	571,190
Adjusted gross margin for crude, NGL and produced water assets	35,770		34,593			65,821		69,288



	Three Months Ended June 30,						Six Months Ended June 30,
thousands except per-unit amounts	2017			2016			2017			2016
Revenues and other
Gathering, processing and transportation	$	299,435		$	301,136		$	607,249		$	595,140
Natural gas and natural gas liquids sales	224,824			126,993			431,349			215,549
Other	1,191			535			3,045			1,116
Total revenues and other	525,450			428,664			1,041,643			811,805
Equity income, net – affiliates	21,728			19,693			41,189			36,507
Operating expenses
Cost of product	203,277			104,849			392,636			181,316
Operation and maintenance	76,148			75,173			149,908			151,386
General and administrative	10,585			10,883			23,244			22,160
Property and other taxes	11,924			12,078			24,218			22,428
Depreciation and amortization	74,031			67,305			143,733			132,400
Impairments	3,178			2,403			167,920			8,921
Total operating expenses	379,143			272,691			901,659			518,611
Gain (loss) on divestiture and other, net	15,458			(1,907		)	134,945			(2,539		)
Proceeds from business interruption insurance claims	24,115			2,603			29,882			2,603
Operating income (loss)	207,608			176,362			346,000			329,765
Interest income – affiliates	4,225			4,225			8,450			8,450
Interest expense	(35,746		)	(12,883		)	(71,250		)	(44,919		)
Other income (expense), net	253			(53		)	683			71
Income (loss) before income taxes	176,340			167,651			283,883			293,367
Income tax (benefit) expense	843			326			4,395			6,959
Net income (loss)	175,497			167,325			279,488			286,408
Net income attributable to noncontrolling interest	2,046			2,804			4,148			5,827
Net income (loss) attributable to Western Gas Partners, LP	$	173,451		$	164,521		$	275,340		$	280,581
Limited partners’ interest in net income (loss):
Net income (loss) attributable to Western Gas Partners, LP	$	173,451		$	164,521		$	275,340		$	280,581
Pre-acquisition net (income) loss allocated to Anadarko	—			—			—			(11,326		)
Series A Preferred units interest in net (income) loss	(14,199		)	(23,121		)	(42,373		)	(25,450		)
General partner interest in net (income) loss	(76,365		)	(58,381		)	(144,527		)	(113,781		)
Common and Class C limited partners’ interest in net income (loss)	$	82,887		$	83,019		$	88,440		$	130,024
Net income (loss) per common unit – basic and diluted	$	0.49		$	0.55		$	0.53		$	0.86
Weighted-average common units outstanding – basic	148,864			130,669			141,696			129,830
Weighted-average common units outstanding – diluted	165,248			163,227			165,149			153,291



thousands except number of units	June 30, 2017		December 31, 2016
Current assets	$	334,802	$	594,014
Note receivable – Anadarko	260,000		260,000
Net property, plant and equipment	5,347,794		5,049,932
Other assets	1,803,119		1,829,082
Total assets	$	7,745,715	$	7,733,028
Current liabilities	$	277,395	$	315,305
Long-term debt	3,253,065		3,091,461
Asset retirement obligations and other	152,695		149,043
Deferred purchase price obligation – Anadarko	—		41,440
Total liabilities	$	3,683,155	$	3,597,249
Equity and partners’ capital
Series A Preferred units (zero and 21,922,831 units issued and outstanding at June 30, 2017, and December 31, 2016, respectively)	$	—	$	639,545
Common units (152,602,105 and 130,671,970 units issued and outstanding at June 30, 2017, and December 31, 2016, respectively)	3,070,608		2,536,872
Class C units (21,743,318 and 12,358,123 units issued and outstanding at June 30, 2017, and December 31, 2016, respectively)	764,174		750,831
General partner units (2,583,068 units issued and outstanding at June 30, 2017, and December 31, 2016)	165,442		143,968
Noncontrolling interest	62,336		64,563
Total liabilities, equity and partners’ capital	$	7,745,715	$	7,733,028



	Six Months Ended June 30,
thousands	2017			2016
Cash flows from operating activities
Net income (loss)	$	279,488		$	286,408
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in working capital:
Depreciation and amortization	143,733			132,400
Impairments	167,920			8,921
(Gain) loss on divestiture and other, net	(134,945		)	2,539
Change in other items, net	(23,044		)	(36,402		)
Net cash provided by (used in) operating activities	$	433,152		$	393,866
Cash flows from investing activities
Capital expenditures	$	(260,480	)	$	(255,923	)
Contributions in aid of construction costs from affiliates	1,343			3,854
Acquisitions from affiliates	(3,910		)	(715,199		)
Acquisitions from third parties	(155,287		)	—
Investments in equity affiliates	(287		)	139
Distributions from equity investments in excess of cumulative earnings – affiliates	9,221			10,611
Proceeds from the sale of assets to affiliates	—			613
Proceeds from the sale of assets to third parties	23,292			137
Proceeds from property insurance claims	22,977			2,944
Net cash provided by (used in) investing activities	$	(363,131	)	$	(952,824	)
Cash flows from financing activities
Borrowings, net of debt issuance costs	$	159,989		$	530,000
Repayments of debt	—			(290,000		)
Settlement of the Deferred purchase price obligation – Anadarko	(37,346		)	—
Increase (decrease) in outstanding checks	(2,763		)	(1,314		)
Proceeds from the issuance of common units, net of offering expenses	(183		)	25,000
Proceeds from the issuance of Series A Preferred units, net of offering expenses	—			686,940
Distributions to unitholders	(381,771		)	(313,380		)
Distributions to noncontrolling interest owner	(6,375		)	(7,460		)
Net contributions from (distributions to) Anadarko	30			(27,459		)
Above-market component of swap agreements with Anadarko	28,670			16,365
Net cash provided by (used in) financing activities	$	(239,749	)	$	618,692
Net increase (decrease) in cash and cash equivalents	$	(169,728	)	$	59,734
Cash and cash equivalents at beginning of period	357,925			98,033
Cash and cash equivalents at end of period	$	188,197		$	157,767



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Throughput for natural gas assets (MMcf/d)
Gathering, treating and transportation	866		1,508		1,155		1,553
Processing	2,555		2,320		2,498		2,226
Equity investment ⁽¹⁾	158		170		160		178
Total throughput for natural gas assets	3,579		3,998		3,813		3,957
Throughput attributable to noncontrolling interest for natural gas assets	107		128		108		132
Total throughput attributable to Western Gas Partners, LP for natural gas assets	3,472		3,870		3,705		3,825
Throughput for crude, NGL and produced water assets (MBbls/d)
Gathering, treating and transportation	50		59		47		59
Equity investment ⁽²⁾	132		128		129		127
Total throughput for crude, NGL and produced water assets	182		187		176		186
Adjusted gross margin per Mcf attributable to Western Gas Partners, LP for natural gas assets ⁽³⁾	$	0.94	$	0.84	$	0.89	$	0.82
Adjusted gross margin per Bbl for crude, NGL and produced water assets ⁽⁴⁾	2.15		2.03		2.07		2.05



thousands except per-unit amount and Coverage ratio	Three Months Ended June 30, 2017
Distributions declared by Western Gas Partners, LP:
General partner interest	$	3,454
Incentive distribution rights	68,221
Common units held by WGP	44,618
Less:
Public company general and administrative expense	612
Interest expense	551
Cash available for distribution	$	115,130
Declared distribution per common unit	$	0.52750
Distributions declared by Western Gas Equity Partners, LP	$	115,487
Coverage ratio	1.00		x



	Three Months Ended June 30,						Six Months Ended June 30,
thousands except per-unit amounts	2017			2016			2017			2016
Revenues and other
Gathering, processing and transportation	$	299,435		$	301,136		$	607,249		$	595,140
Natural gas and natural gas liquids sales	224,824			126,993			431,349			215,549
Other	1,191			535			3,045			1,116
Total revenues and other	525,450			428,664			1,041,643			811,805
Equity income, net – affiliates	21,728			19,693			41,189			36,507
Operating expenses
Cost of product	203,277			104,849			392,636			181,316
Operation and maintenance	76,148			75,173			149,908			151,386
General and administrative	11,197			11,887			24,673			24,402
Property and other taxes	11,924			12,093			24,218			22,443
Depreciation and amortization	74,031			67,305			143,733			132,400
Impairments	3,178			2,403			167,920			8,921
Total operating expenses	379,755			273,710			903,088			520,868
Gain (loss) on divestiture and other, net	15,458			(1,907		)	134,945			(2,539		)
Proceeds from business interruption insurance claims	24,115			2,603			29,882			2,603
Operating income (loss)	206,996			175,343			344,571			327,508
Interest income – affiliates	4,225			4,225			8,450			8,450
Interest expense	(36,297		)	(13,429		)	(72,330		)	(45,568		)
Other income (expense), net	272			(36		)	718			105
Income (loss) before income taxes	175,196			166,103			281,409			290,495
Income tax (benefit) expense	843			326			4,395			6,959
Net income (loss)	174,353			165,777			277,014			283,536
Net income (loss) attributable to noncontrolling interests	69,409			76,914			96,130			112,857
Net income (loss) attributable to Western Gas Equity Partners, LP	$	104,944		$	88,863		$	180,884		$	170,679
Limited partners’ interest in net income (loss):
Net income (loss) attributable to Western Gas Equity Partners, LP	$	104,944		$	88,863		$	180,884		$	170,679
Pre-acquisition net (income) loss allocated to Anadarko	—			—			—			(11,326		)
Limited partners’ interest in net income (loss)	$	104,944		$	88,863		$	180,884		$	159,353
Net income (loss) per common unit – basic and diluted	$	0.48		$	0.41		$	0.83		$	0.73
Weighted-average common units outstanding – basic and diluted	218,931			218,921			218,930			218,920



thousands except number of units	June 30, 2017		December 31, 2016
Current assets	$	335,683	$	595,591
Note receivable – Anadarko	260,000		260,000
Net property, plant and equipment	5,347,794		5,049,932
Other assets	1,804,275		1,830,574
Total assets	$	7,747,752	$	7,736,097
Current liabilities	$	277,536	$	315,387
Long-term debt	3,281,065		3,119,461
Asset retirement obligations and other	152,695		149,043
Deferred purchase price obligation – Anadarko	—		41,440
Total liabilities	$	3,711,296	$	3,625,331
Equity and partners’ capital
Common units (218,933,141 and 218,928,570 units issued and outstanding at June 30, 2017, and December 31, 2016, respectively)	$	1,070,254	$	1,048,143
Noncontrolling interests	2,966,202		3,062,623
Total liabilities, equity and partners’ capital	$	7,747,752	$	7,736,097



	Six Months Ended June 30,
thousands	2017			2016
Cash flows from operating activities
Net income (loss)	$	277,014		$	283,536
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in working capital:
Depreciation and amortization	143,733			132,400
Impairments	167,920			8,921
(Gain) loss on divestiture and other, net	(134,945		)	2,539
Change in other items, net	(22,364		)	(35,581		)
Net cash provided by (used in) operating activities	$	431,358		$	391,815
Cash flows from investing activities
Capital expenditures	$	(260,480	)	$	(255,923	)
Contributions in aid of construction costs from affiliates	1,343			3,854
Acquisitions from affiliates	(3,910		)	(715,199		)
Acquisitions from third parties	(155,287		)	—
Investments in equity affiliates	(287		)	139
Distributions from equity investments in excess of cumulative earnings – affiliates	9,221			10,611
Proceeds from the sale of assets to affiliates	—			613
Proceeds from the sale of assets to third parties	23,292			137
Proceeds from property insurance claims	22,977			2,944
Net cash provided by (used in) investing activities	$	(363,131	)	$	(952,824	)
Cash flows from financing activities
Borrowings, net of debt issuance costs	$	159,989		$	556,017
Repayments of debt	—			(290,000		)
Settlement of the Deferred purchase price obligation – Anadarko	(37,346		)	—
Increase (decrease) in outstanding checks	(2,763		)	(1,314		)
Proceeds from the issuance of WES common units, net of offering expenses	(183		)	—
Proceeds from the issuance of WES Series A Preferred units, net of offering expenses	—			686,940
Distributions to WGP unitholders	(208,803		)	(181,156		)
Distributions to Chipeta noncontrolling interest owner	(6,375		)	(7,460		)
Distributions to noncontrolling interest owners of WES	(171,689		)	(130,947		)
Net contributions from (distributions to) Anadarko	30			(27,459		)
Above-market component of swap agreements with Anadarko	28,670			16,365
Net cash provided by (used in) financing activities	$	(238,470	)	$	620,986
Net increase (decrease) in cash and cash equivalents	$	(170,243	)	$	59,977
Cash and cash equivalents at beginning of period	359,072			99,694
Cash and cash equivalents at end of period	$	188,829		$	159,671



⁽¹⁾ Please see the tables at the end of this release for a reconciliation of GAAP to non-GAAP measures and calculation of the Coverage ratio.


⁽¹⁾	Includes amounts related to the Deferred purchase price obligation - Anadarko.


⁽²⁾	Includes WES’s 75% share of depreciation and amortization; other expense; cash paid for maintenance capital expenditures; and other income attributable to Chipeta.


⁽³⁾	Reflects cash distributions of $0.890 and $1.765 per unit declared for the three and six months ended June 30, 2017, respectively.


⁽¹⁾	Represents WES’s 14.81% share of average Fort Union throughput and 22% share of average Rendezvous throughput.


⁽²⁾	Represents 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.