HOUSTON, Feb. 28, 2019 /PRNewswire/ -- Western Gas
Equity Partners, LP ("WGP") and Western Gas Partners, LP ("WES")
today announced the completion of their previously announced merger
of a wholly owned subsidiary of WGP with and into WES, with WES
continuing as the surviving entity and a subsidiary of WGP (the
"Merger"). At the effective time of the Merger, each WES common
unit (other than certain WES common units held by affiliates of
WGP) converted into the right to receive 1.525 WGP common units.
Based on the WES units outstanding, WGP issued approximately 234
million WGP common units to WES unitholders in connection with the
Merger.
Immediately following the Merger, WGP changed its name to
"Western Midstream Partners, LP", and its common units will begin
trading on the New York Stock Exchange ("NYSE") under the ticker
symbol "WES" when the market opens today. In addition, Western Gas
Partners, LP has changed its name to "Western Midstream Operating,
LP", and its common units will no longer trade on the NYSE.
"With the closing of these transformational transactions,
Western Midstream has a simple, clean capital structure and offers
its customers a uniquely scalable and integrated, multi-commodity
solution," said Robin Fielder,
Western Midstream's Chief Executive Officer. "As a result of our
organic growth opportunities and the accretive acquisition of
midstream assets completed today, our portfolio is projected to
deliver more than 50% Adjusted EBITDA growth year-over-year and
generate healthy distribution per unit growth and coverage through
2021 without the need for equity financing."
Effective upon the closing of the Merger, Messrs. Steven Arnold, Milton
Carroll and James Crane, each
of whom previously served as an independent director on the Board
of Directors of Western Gas Partners, LP's general partner, joined
the Board of Directors of Western Midstream Partners, LP's general
partner. Biographical information and Board committee composition
details are available at www.westernmidstream.com.
About Western Midstream
Western Midstream Partners, LP ("WES") is a growth-oriented
Delaware master limited
partnership formed by Anadarko Petroleum Corporation ("Anadarko")
to acquire, own, develop and operate midstream assets. With
midstream assets located in the Rocky Mountains, North-central
Pennsylvania, Texas and New
Mexico, WES is engaged in the business of gathering,
compressing, treating, processing and transporting natural gas;
gathering, stabilizing and transporting condensate, natural gas
liquids ("NGLs") and crude oil; and gathering and disposing of
produced water for Anadarko, as well as for third-party customers.
In addition, in its capacity as a processor of natural gas, WES
also buys and sells natural gas, NGLs and condensate on behalf of
itself and as agent for its customers under certain of its
contracts.
This news release contains forward-looking statements. The
management of Western Midstream Partners, LP (WES) and Western
Midstream Operating, LP (Operating) believes that their
expectations are based on reasonable assumptions. No assurance,
however, can be given that such expectations will prove to have
been correct. A number of factors could cause actual results to
differ materially from the projections, anticipated results or
other expectations expressed in this news release. These factors
include the ability to meet financial guidance or distribution
growth expectations, integrate the assets acquired in the
simplification transaction and the other factors described in the
"Risk Factors" sections of WES's and Operating's most recent Forms
10-K and Forms 10-Q filed with the Securities and Exchange
Commission and in their other public filings and press releases.
WES and Operating undertake no obligation to publicly update or
revise any forward-looking statements.
For more information about Western Midstream Partners, LP,
and Western Midstream Flash Feed updates, please
visit www.westernmidstream.com.
Western Midstream Contact
Jack
Spinks
Manager, Investor Relations
jack.spinks@anadarko.com
832.636.6000
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SOURCE Western Midstream Partners, LP