Equity and Partners' Capital (tables)

12 Months Ended

Dec. 31, 2014

WES completed the following public offerings of its common units during 2014, 2013 and 2012:



thousands except unit and per-unit amounts	WES Common Units Issued	WES GP Units Issued ⁽¹⁾	Price Per Unit		Underwriting Discount and Other Offering Expenses		Net Proceeds to WES
June 2012 equity offering	5,000,000	102,041	$	43.88	$	7,468	$	216,409
May 2013 equity offering ⁽²⁾	7,015,000	143,163	61.18		13,203		424,733
December 2013 equity offering ⁽³⁾	4,800,000	97,959	61.51		9,447		291,827
Continuous Offering Program - 2013 ⁽⁴⁾	685,735	13,996	60.84		965		41,603
Continuous Offering Program - 2014 ⁽⁵⁾	1,133,384	23,132	73.48		1,738		83,245
November 2014 equity offering ⁽⁶⁾	8,620,153	153,061	70.85		18,583		602,999


⁽¹⁾	Represents general partner units of WES issued to WES GP in exchange for WES GP’s proportionate capital contribution.


⁽²⁾	Includes the issuance of 915,000 WES common units pursuant to the full exercise of the underwriters’ over-allotment option.


⁽³⁾	Includes the issuance of 300,000 WES common units on January 3, 2014, pursuant to the partial exercise of the underwriters’ over-allotment option. Net proceeds from this partial exercise (including WES GP’s proportionate capital contribution) were $18.1 million.

⁽⁴⁾

Represents common and general partner units of WES issued during the year ended December 31, 2013, pursuant to WES’s registration statement filed with the U.S. Securities and Exchange Commission (“SEC”) in August 2012 authorizing the issuance of up to an aggregate of $125.0 million of common units (the “Continuous Offering Program”). Gross proceeds generated (including WES GP’s proportionate capital contributions) during the year ended December 31, 2013, were $42.6 million. The price per unit in the table above represents an average price for all issuances under the Continuous Offering Program during 2013.

⁽⁵⁾

Represents common and general partner units of WES issued during the year ended December 31, 2014, under the Continuous Offering Program. Gross proceeds generated (including WES GP’s proportionate capital contributions) during the year ended December 31, 2014, were $85.0 million. The price per unit in the table above represents an average price for all issuances under the Continuous Offering Program during the year ended December 31, 2014. As of December 31, 2014, WES had used all the capacity to issue common units under this registration statement.


⁽⁶⁾	Includes the issuance of 1,120,153 WES common units pursuant to the partial exercise of the underwriters’ over-allotment option. Net proceeds from this partial exercise were $77.0 million. Beginning with this partial exercise, WES WGP elected not to make a corresponding capital contribution to maintain the 2.0% general partner interest in WES. See Note 3.

Limited Partner and General Partner Units Table

The following table summarizes WES’s common, Class C and general partner units issued during the years ended December 31, 2014 and 2013:



	WES Common Units	WES Class C Units	WES General Partner Units	Total
Balance at December 31, 2012	104,660,553	—	2,135,930	106,796,483
Non-Operated Marcellus Interest acquisition	449,129	—	9,166	458,295
Long-Term Incentive Plan awards	12,395	—	253	12,648
May 2013 equity offering	7,015,000	—	143,163	7,158,163
Continuous Offering Program	685,735	—	13,996	699,731
December 2013 equity offering	4,500,000	—	91,837	4,591,837
Balance at December 31, 2013	117,322,812	—	2,394,345	119,717,157
December 2013 equity offering	300,000	—	6,122	306,122
Long-Term Incentive Plan awards	10,291	—	112	10,403
TEFR Interests acquisition	308,490	—	6,296	314,786
Continuous Offering Program	1,133,384	—	23,132	1,156,516
November 2014 equity offering	8,620,153	—	153,061	8,773,214
Class C unit issuance	—	10,913,853	—	10,913,853
Balance at December 31, 2014	127,695,130	10,913,853	2,583,068	141,192,051