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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues and Other        
Total revenues and other $ 428,664 $ 465,993 [1] $ 811,805 $ 902,999 [1]
Equity income, net – affiliates [2] 19,693 18,941 [1] 36,507 37,161 [1]
Operating expenses        
Cost of product [3] 104,849 147,216 [1] 181,316 286,624 [1]
Operation and maintenance [3] 75,173 77,837 [1] 151,386 154,022 [1]
General and administrative [3] 11,887 10,183 [1] 24,402 22,099 [1]
Property and other taxes 12,093 9,612 [1] 22,443 18,892 [1]
Depreciation and amortization 67,305 68,554 [1] 132,400 137,529 [1]
Impairments 2,403 1,620 [1] 8,921 274,244 [1]
Total operating expenses 273,710 315,022 [1] 520,868 893,410 [1]
Gain (loss) on divestiture and other, net (1,907) 0 [1] (2,539) (6) [1]
Proceeds from business interruption insurance claims 2,603 0 [1] 2,603 0 [1]
Operating income (loss) 175,343 169,912 [1] 327,508 46,744 [1]
Interest income – affiliates [4] 4,225 4,225 [1] 8,450 8,450 [1]
Interest expense [5] (13,429) (27,604) [1] (45,568) (50,566) [1]
Other income (expense), net (36) 80 [1] 105 160 [1]
Income (loss) before income taxes 166,103 146,613 [1] 290,495 4,788 [1]
Income tax (benefit) expense 326 12,246 [1] 6,959 24,516 [1]
Net income (loss) 165,777 134,367 [1] 283,536 (19,728) [1]
Net income (loss) attributable to noncontrolling interests 76,914 46,716 [1] 112,857 (91,007) [1]
Net income (loss) attributable to Western Gas Equity Partners, LP 88,863 87,651 [1] 170,679 71,279 [1]
Limited partners' interest in net income (loss):        
Pre-acquisition net (income) loss allocated to Anadarko 0 (18,719) [1] (11,326) (43,758) [1]
Limited partners' interest in net income (loss) [6] 88,863 68,932 [1] 159,353 27,521 [1]
Affiliates [Member]        
Revenues and Other        
Gathering, processing and transportation 186,733 199,666 [1] 374,451 387,684 [1]
Natural gas and natural gas liquids sales 115,672 121,613 [1] 200,538 240,353 [1]
Other 0 132 [1] 0 302 [1]
Total revenues and other [2] 302,405 321,411 [1] 574,989 628,339 [1]
Operating expenses        
Cost of product [2] 22,145 53,062 46,725 96,957
Operation and maintenance [7] 17,661 19,854 35,636 36,671
General and administrative [8] 9,374 8,254 18,524 16,589
Total operating expenses 49,180 81,170 100,885 150,217
Interest expense [9] 15,461 (4,190) 10,924 (5,612)
Third Parties [Member]        
Revenues and Other        
Gathering, processing and transportation 114,403 91,234 [1] 220,689 173,484 [1]
Natural gas and natural gas liquids sales 11,321 52,589 [1] 15,011 99,521 [1]
Other 535 759 [1] 1,116 1,655 [1]
Total revenues and other 126,259 144,582 [1] 236,816 274,660 [1]
Operating expenses        
Interest expense $ (28,890) $ (23,414) $ (56,492) $ (44,954)
Limited Partner [Member]        
Limited partners' interest in net income (loss):        
Net income (loss) per common unit - basic and diluted $ 0.41 $ 0.31 [1] $ 0.73 $ 0.13 [1]
Weighted-average common units outstanding - basic and diluted 218,921 218,912 [1] 218,920 218,911 [1]
[1] Financial information has been recast to include the financial position and results attributable to the Springfield interest. See Note 1 and Note 2.
[2] 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.
[3] Cost of product includes product purchases from Anadarko (as defined in Note 1) of $22.1 million and $46.7 million for the three and six months ended June 30, 2016, respectively, and $53.1 million and $97.0 million for the three and six months ended June 30, 2015, respectively. Operation and maintenance includes charges from Anadarko of $17.7 million and $35.6 million for the three and six months ended June 30, 2016, respectively, and $19.9 million and $36.7 million for the three and six months ended June 30, 2015, respectively. General and administrative includes charges from Anadarko of $9.4 million and $18.5 million for the three and six months ended June 30, 2016, respectively, and $8.3 million and $16.6 million for the three and six months ended June 30, 2015, respectively. See Note 5.
[4] Represents interest income recognized on the note receivable from Anadarko.
[5] Includes affiliate (as defined in Note 1) amounts of $(15.5) million and $(10.9) million for the three and six months ended June 30, 2016, respectively, and $4.2 million and $5.6 million for the three and six months ended June 30, 2015, respectively. See Note 2 and Note 9.
[6] Represents net income (loss) earned on and subsequent to the date of acquisition of WES assets (as defined in Note 1). See Note 4.
[7] 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.
[8] 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.
[9] For the three and six months ended June 30, 2016, includes WES’s accretion revisions to the Deferred purchase price obligation - Anadarko (see Note 2 and Note 9) and for the three and six months ended June 30, 2015, includes interest expense recognized on the WGP WCF (see Note 9).