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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues and Other        
Total revenues and other $ 385,101 $ 357,521 [1] $ 1,190,082 $ 1,016,151 [1]
Equity income, net [2],[3] 21,976 19,063 [1] 59,137 [4] 41,322 [1],[4]
Operating expenses        
Cost of product [5] 127,721 113,217 [1] 414,378 330,926 [1]
Operation and maintenance [5] 80,633 67,489 [1] 218,640 184,023 [1]
General and administrative [5] 9,318 8,339 [1] 28,497 25,688 [1]
Property and other taxes 8,343 6,793 [1] 25,641 21,343 [1]
Depreciation and amortization 60,160 [6] 46,379 [1] 183,715 [6],[7] 132,236 [1]
Impairments 2,337 [6] 898 [1] 276,229 [6],[7] 2,431 [1]
Total operating expenses 288,512 243,115 [1] 1,147,100 696,647 [1]
Gain on divestiture, net 77,244 0 [1] 77,244 0 [1]
Operating income (loss) 195,809 133,469 [1] 179,363 360,826 [1]
Interest income - affiliates [8] 4,225 4,225 [1] 12,675 12,675 [1]
Interest expense [9] (31,773) (20,878) [1] (82,337) (55,703) [1]
Other income (expense), net 85 97 [1] 227 788 [1]
Income (loss) before income taxes 168,346 116,913 [1] 109,928 318,586 [1]
Income tax (benefit) expense 1,869 3,891 [1] 3,575 8,199 [1]
Net income (loss) 166,477 113,022 [1] 106,353 310,387 [1]
Net income attributable to noncontrolling interest 2,188 3,863 [1] 8,230 11,005 [1]
Net income (loss) attributable to Western Gas Partners, LP 164,289 109,159 [1] 98,123 299,382 [1]
Limited partners' interest in net income (loss):        
Pre-acquisition net (income) loss allocated to Anadarko 0 (6,482) [1] (1,742) (13,282) [1]
General partner interest in net (income) loss [10] (50,267) (31,058) [1] (133,415) (83,939) [1]
Limited partners' interest in net income (loss) [10] $ 114,022 $ 71,619 [1] $ (37,034) $ 202,161 [1]
Net income (loss) per common unit - basic [11] $ 0.79 $ 0.60 [1] $ (0.35) $ 1.71 [1]
Net income (loss) per common unit - diluted [11],[12] $ 0.79 $ 0.60 [1] $ (0.35) $ 1.71 [1]
Affiliates [Member]        
Revenues and Other        
Gathering, processing and transportation of natural gas and natural gas liquids $ 141,556 $ 124,829 [1] $ 431,182 $ 340,775 [1]
Natural gas, natural gas liquids and drip condensate sales 105,032 142,025 [1] 345,385 424,207 [1]
Other 870 2,778 [1] 1,172 4,349 [1]
Total revenues and other [3] 247,458 269,632 [1] 777,739 769,331 [1]
Operating expenses        
Cost of product [3] 35,673 27,034 132,663 85,071
Operation and maintenance [13] 17,662 15,583 50,534 44,961
General and administrative [14] 7,671 7,016 22,556 21,243
Total operating expenses 61,006 49,633 205,753 151,275
Interest expense [15] (4,310) 0 (9,920) 0
Third Parties [Member]        
Revenues and Other        
Gathering, processing and transportation of natural gas and natural gas liquids 94,082 70,996 [1] 267,566 201,985 [1]
Natural gas, natural gas liquids and drip condensate sales 41,968 11,647 [1] 141,489 37,533 [1]
Other 1,593 5,246 [1] 3,288 7,302 [1]
Total revenues and other 137,643 87,889 [1] 412,343 246,820 [1]
Operating expenses        
Interest expense $ (27,463) $ (20,878) $ (72,417) $ (55,703)
[1] Financial information has been recast to include the financial position and results attributable to the DBJV system. See Note 1 and Note 2.
[2] Income earned from equity investments is classified as affiliate. See Note 1.
[3] Represents amounts earned or incurred on and subsequent to the date of acquisition of the Partnership assets, as well as amounts earned or incurred by Anadarko on a historical basis related to the Partnership assets prior to the acquisition of such assets, recognized under gathering, treating or processing agreements, and purchase and sale agreements. See Adjustments to Previously Issued Financial Statements in Note 1.
[4] Income earned on, distributions from and contributions to equity investments are classified as affiliate. See Note 1.
[5] Cost of product includes product purchases from Anadarko (as defined in Note 1) of $35.7 million and $132.7 million for the three and nine months ended September 30, 2015, respectively, and $27.0 million and $85.1 million for the three and nine months ended September 30, 2014, respectively. Operation and maintenance includes charges from Anadarko of $17.7 million and $50.5 million for the three and nine months ended September 30, 2015, respectively, and $15.6 million and $45.0 million for the three and nine months ended September 30, 2014, respectively. General and administrative includes charges from Anadarko of $7.7 million and $22.6 million for the three and nine months ended September 30, 2015, respectively, and $7.0 million and $21.2 million for the three and nine months ended September 30, 2014, respectively. See Note 5.
[6] “As Reported” amounts previously included as a component of Depreciation, amortization and impairments in the Partnership’s Original Filing.
[7] “As Reported” amounts previously included as a component of Depreciation, amortization and impairments in the Partnership’s Original Filing.
[8] Represents interest income recognized on the note receivable from Anadarko.
[9] Includes affiliate (as defined in Note 1) interest expense of $4.3 million and $9.9 million for the three and nine months ended September 30, 2015, respectively, and zero for each of the three and nine months ended September 30, 2014. See Note 2 and Note 9.
[10] Represents net income (loss) earned on and subsequent to the date of acquisition of the Partnership assets (as defined in Note 1). See Note 4.
[11] See Note 4 for the calculation of net income (loss) per unit.
[12] Inclusion of Class C units in the calculation would have had an anti-dilutive effect.
[13] Represents expenses incurred on and subsequent to the date of the acquisition of the Partnership assets, as well as expenses incurred by Anadarko on a historical basis related to the Partnership assets prior to the acquisition of such assets.
[14] Represents general and administrative expense incurred on and subsequent to the date of the Partnership’s acquisition of the Partnership assets, as well as a management services fee for reimbursement of expenses incurred by Anadarko for periods prior to the acquisition of the Partnership assets by the Partnership. These amounts include equity-based compensation expense allocated to the Partnership by Anadarko (see WES LTIP and WGP LTIP and Anadarko Incentive Plans within this Note 5).
[15] For the three and nine months ended September 30, 2015, includes accretion expense recognized on the Deferred purchase price obligation - Anadarko for the acquisition of DBJV (see Note 2 and Note 9).