Current WES Stock Info

Western Gas Partners Expands Delaware Basin Position
Houston based Western Gas Partners (ticker: WES) yesterday announced the acquisition of Anadarko’s (ticker: APC) 50% interest in the Delaware Basin JV (DBJV) gathering system. Williams Companies (ticker: WMB) owns the other 50% of the pipeline and will continue to operate the pipeline. The DBJV assets are located in close proximity to the Delaware Midstream Assets WES purchased in November from Nuevo Midstream for $1.5 billion.

WES was formed by Anadarko to operate as a master limited par...

Analyst Commentary

Sunil Sibal, Global Hunter Securities 03.04.2015
WES maintained 2015 distribution growth guidance of no less than 15% initially provided in late October in a much higher commodity price environment, while its GP, WGP, expects distribution growth no less than 30%. WES's adjusted EBITDA guidance of $725MM-$775MM was in line with our expectations after accounting for the associated lower capital spending in 2015. Importantly, the terms of the DBJV acquisition demonstrate the value of the parent's strong support for the partnership. This support should help WES to continue to grow cash flows and distributions at an industry leading rate in 2015 despite a slowdown in activity in the Delaware Basin, where the partnership completed a major acquisition in October. We maintain our Buy rating and $83 price target.  


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