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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues        
Total revenues $ 416,572 $ 357,381 [1] $ 804,981 $ 658,630 [1]
Equity income, net [2],[3] 18,941 13,008 [1] 37,161 [4] 22,259 [1],[4]
Operating expenses        
Cost of product [5] 147,232 122,318 [1] 286,657 217,709 [1]
Operation and maintenance [5] 70,048 65,440 [1] 138,007 116,534 [1]
General and administrative [5] 9,442 9,202 [1] 20,789 19,077 [1]
Property and other taxes 8,801 7,316 [1] 17,324 14,550 [1]
Depreciation and amortization 61,485 [6] 44,962 [1] 123,555 [6],[7] 85,857 [1]
Impairments 1,268 [6] 343 [1] 273,892 [6],[7] 1,533 [1],[8]
Total operating expenses 298,276 249,581 [1] 860,224 455,260 [1]
Operating income (loss) 137,237 120,808 [1] (18,082) 225,629 [1]
Interest income - affiliates [9] 4,225 4,225 [1] 8,450 8,450 [1]
Interest expense [10] (27,604) (20,864) [1] (50,566) (34,825) [1]
Other income (expense), net 80 235 [1] 160 731 [1]
Income (loss) before income taxes 113,938 104,404 [1] (60,038) 199,985 [1]
Income tax (benefit) expense (1,710) 2,523 [1] 1,706 4,308 [1]
Net income (loss) 115,648 101,881 [1] (61,744) 195,677 [1]
Net income (loss) attributable to noncontrolling interests 46,716 42,492 [1] (91,007) 83,126 [1]
Net income (loss) attributable to Western Gas Equity Partners, LP 68,932 59,389 [1] 29,263 112,551 [1]
Limited partners' interest in net income (loss):        
Pre-acquisition net (income) loss allocated to Anadarko 0 (4,135) [1] (1,742) (6,800) [1]
Limited partners' interest in net income (loss) [11] 68,932 55,254 [1] 27,521 105,751 [1]
Affiliates [Member]        
Revenues        
Gathering, processing and transportation of natural gas and natural gas liquids 150,221 117,159 [1] 289,626 215,946 [1]
Natural gas, natural gas liquids and drip condensate sales 121,613 159,581 [1] 240,353 282,182 [1]
Other 132 843 [1] 302 1,571 [1]
Total revenues [3] 271,966 277,583 [1] 530,281 499,699 [1]
Operating expenses        
Cost of product [3] 53,078 38,666 96,990 58,037
Operation and maintenance [12] 17,496 16,827 32,872 29,378
General and administrative [13] 7,513 7,090 15,279 14,572
Total operating expenses 78,087 62,583 145,141 101,987
Interest expense [14] (4,190) 0 (5,612) 0
Third Parties [Member]        
Revenues        
Gathering, processing and transportation of natural gas and natural gas liquids 91,234 68,763 [1] 173,484 130,989 [1]
Natural gas, natural gas liquids and drip condensate sales 52,589 9,822 [1] 99,521 25,886 [1]
Other 783 1,213 [1] 1,695 2,056 [1]
Total revenues 144,606 79,798 [1] 274,700 158,931 [1]
Operating expenses        
Interest expense $ (23,414) $ (20,864) $ (44,954) $ (34,825)
Limited Partner [Member]        
Limited partners' interest in net income (loss):        
Net income (loss) per common unit - basic and diluted $ 0.31 $ 0.25 [1] $ 0.13 $ 0.48 [1]
Weighted-average common units outstanding - basic and diluted 218,912 218,903 [1] 218,911 218,903 [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] 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.
[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 $53.1 million and $97.0 million for the three and six months ended June 30, 2015, respectively, and $38.7 million and $58.0 million for the three and six months ended June 30, 2014, respectively. Operation and maintenance includes charges from Anadarko of $17.5 million and $32.9 million for the three and six months ended June 30, 2015, respectively, and $16.8 million and $29.4 million for the three and six months ended June 30, 2014, respectively. General and administrative includes charges from Anadarko of $7.5 million and $15.3 million for the three and six months ended June 30, 2015, respectively, and $7.1 million and $14.6 million for the three and six months ended June 30, 2014, respectively. See Note 5.
[6] “As Reported” amounts previously included as a component of Depreciation, amortization and impairments in WGP’s Original Filing.
[7] “As Reported” amounts previously included as a component of Depreciation, amortization and impairments in WGP’s Original Filing.
[8] Financial information has been recast to include the financial position and results attributable to the DBJV system. See Note 1 and Note 2.
[9] Represents interest income recognized on the note receivable from Anadarko.
[10] Includes affiliate (as defined in Note 1) interest expense of $4.2 million and $5.6 million for the three and six months ended June 30, 2015, respectively, and zero for each of the three and six months ended June 30, 2014. See Note 2 and Note 9.
[11] Represents net income (loss) earned on and subsequent to the date of acquisition of WES assets (as defined in Note 1). See Note 4.
[12] 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.
[13] 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.
[14] For the three and six months ended June 30, 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).