XML 121 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
Noncontrolling Interests
12 Months Ended
Dec. 31, 2014
Noncontrolling Interest Items [Abstract]  
Noncontrolling Interests
9. Noncontrolling Interests

In December 2012, Western Gas Equity Partners, LP (WGP), a publicly traded consolidated subsidiary formed to own substantially all of the partnership interests in WES previously owned by Anadarko, completed its initial public offering (IPO) of approximately 20 million common units representing limited partner interests in WGP at a price of $22.00 per common unit, for net proceeds of $411 million. During 2014, Anadarko sold approximately six million WGP common units to the public, raising net proceeds of $335 million. At December 31, 2014, Anadarko’s ownership interest in WGP consisted of an 88.3% limited partner interest and the entire non-economic general partner interest. The remaining 11.7% limited partner interest in WGP was owned by the public.
WES, a publicly traded consolidated subsidiary, is a limited partnership formed by Anadarko to own, operate, acquire, and develop midstream assets. WES issued approximately 10 million common units to the public raising net proceeds of $691 million in 2014, approximately 12 million common units to the public raising net proceeds of $725 million in 2013, and approximately 5 million common units to the public raising net proceeds of $212 million in 2012. In addition, WES issued 11 million Class C units to Anadarko in 2014 to partially fund the DBM acquisition. These units will receive distributions in the form of additional Class C units until the end of 2017. At December 31, 2014, WGP’s ownership interest in WES consisted of a 34.9% limited partner interest, the entire 1.8% general partner interest, and all of the WES incentive distribution rights. At December 31, 2014, Anadarko also owned an 8.3% limited partner interest in WES through other subsidiaries’ ownership of common and Class C units. The remaining 55% limited partner interest in WES was owned by the public.