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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenues    
Total revenues $ 388,409 $ 301,249 [1]
Equity income, net [2],[3],[4] 18,220 9,251 [1]
Operating expenses    
Cost of product [5] 139,425 95,391 [1]
Operation and maintenance [5] 67,959 51,094 [1]
General and administrative [5] 11,347 9,875 [1]
Property and other taxes 8,523 7,234 [1]
Depreciation and amortization 62,070 40,895 [1]
Impairments 272,624 [6],[7] 1,190
Total operating expenses 561,948 205,679 [1]
Operating income (loss) (155,319) 104,821 [1]
Interest income - affiliates [8] 4,225 4,225 [1]
Interest expense [9] (22,962) (13,961) [1]
Other income (expense), net 80 496 [1]
Income before income taxes (173,976) 95,581 [1]
Income tax (benefit) expense 3,416 1,785 [1]
Net income (loss) (177,392) 93,796 [1]
Net income (loss) attributable to noncontrolling interests (137,723) 40,634 [1]
Net income (loss) attributable to Western Gas Equity Partners, LP (39,669) 53,162 [1]
Limited partners' interest in net income:    
Pre-acquisition net (income) loss allocated to Anadarko (1,742) (2,665) [1]
Limited partners' interest in net income (loss) [10] (41,411) 50,497 [1]
Affiliated Entity [Member]    
Revenues    
Gathering, processing and transportation of natural gas and natural gas liquids 139,405 98,787 [1]
Natural gas, natural gas liquids and drip condensate sales 118,740 122,601 [1]
Other 170 728 [1]
Total revenues [4] 258,315 222,116 [1]
Operating expenses    
Cost of product [4] 43,912 19,371
Operation and maintenance [11] 15,376 12,551
General and administrative [12] 7,766 7,482
Total operating expenses 67,054 39,404
Interest expense [13] (1,422) 0
Third Parties [Member]    
Revenues    
Gathering, processing and transportation of natural gas and natural gas liquids 82,250 62,226 [1]
Natural gas, natural gas liquids and drip condensate sales 46,932 16,064 [1]
Other 912 843 [1]
Total revenues 130,094 79,133 [1]
Operating expenses    
Interest expense $ (21,540) $ (13,961)
Limited Partner [Member]    
Limited partners' interest in net income:    
Net income (loss) per common unit - basic and diluted $ (0.19) $ 0.23 [1]
Weighted-average common units outstanding - basic and diluted 218,910 218,903 [1]
[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] Income earned on, distributions from and contributions to equity investments are classified as affiliate. See Note 1.
[4] Represents amounts earned or incurred on and subsequent to the date of acquisition of WES assets, as well as amounts earned or incurred by Anadarko on a historical basis related to WES assets prior to the acquisition of such assets by WES, recognized under gathering, treating or processing agreements, and purchase and sale agreements. See Adjustments to Previously Issued Financial Statements in Note 1.
[5] Cost of product includes product purchases from Anadarko (as defined in Note 1) of $43.9 million and $19.4 million for the three months ended March 31, 2015 and 2014, respectively. Operation and maintenance includes charges from Anadarko of $15.4 million and $12.6 million for the three months ended March 31, 2015 and 2014, respectively. General and administrative includes charges from Anadarko of $7.8 million, and $7.5 million for the three months ended March 31, 2015 and 2014, respectively. See Note 5.
[6] “As Reported” amount previously included as a component of Depreciation, amortization and impairments in WGP’s Original Filing.
[7] “As Reported” amount previously included as a component of Depreciation, amortization and impairments in WGP’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 $1.4 million and zero for the three months ended March 31, 2015 and 2014, respectively. See Note 2 and Note 9.
[10] Represents net income (loss) earned on and subsequent to the date of acquisition of WES assets (as defined in Note 1). See Note 4.
[11] Represents expenses incurred on and subsequent to the date of the acquisition of WES assets, as well as expenses incurred by Anadarko on a historical basis related to WES assets prior to the acquisition of such assets by WES.
[12] Represents general and administrative expense incurred on and subsequent to the date of WES’s acquisition of WES assets, as well as a management services fee for reimbursement of expenses incurred by Anadarko for periods prior to the acquisition of WES assets by WES. These amounts include equity-based compensation expense allocated to WES and WGP by Anadarko (see WES LTIP and WGP LTIP and Anadarko Incentive Plans within this Note 5) and amounts charged by Anadarko under the WGP omnibus agreement.
[13] For the three months ended March 31, 2015, includes interest expense recognized on the WGP working capital facility (see Note 9) and WES’s accretion expense recognized on the Deferred purchase price obligation - Anadarko for the acquisition of DBJV (see Note 2 and Note 9).