Tue, Mar. 3, 4:39 PM
- Western Gas Partners (NYSE:WES) agrees to acquire Anadarko Petroleum's (NYSE:APC) 50% interest in the Delaware Basin JV gathering system.
- WES paid no consideration at closing, but agreed to make a future payment in 2020 equal to 8x the average of the asset's 2018 and 2019 EBITDA, less capex incurred by WES from closing through Feb. 29, 2020; based on its current forecast of the asset's performance and capital needs, WES estimates a future payment of $283M.
- WES also provides its 2015 outlook, including expectations for adjusted EBITDA of $725M-$775M and capex of $675M-$745M; sees WES distribution growth of no less than 15%, and distribution growth for Western Gas Equity Partners (NYSE:WGP) of no less than 30%.
Wed, Feb. 18, 4:03 PM| Comment!
Thu, Jan. 22, 5:30 PM
Dec. 17, 2014, 11:55 AM
- The fundamentals underlying oil and gas pipeline MLPs have fallen much less than energy stocks in recent days, acording to Forbes' John Dobosz, who suggests seeking out MLPs with a long history of rising distributions, payouts well covered by cash flow, a strong balance sheet and an investment-grade credit rating.
- Two MLPs that fit these criteria, Dobosz writes, are Enterprise Products Partners (EPD +3.2%) and Magellan Midstream Partners (MMP +3.9%); he also likes Sunoco Logistics Partners (SXL +5.2%), which is expected to increase revenue 15% to $22B in 2015, with EBITDA rising 20% and distributions growing 18% this year.
- Spectra Energy Partners (SEP +2.3%), Western Gas Partners (WES +2.7%) and Energy Transfer Partners (ETP +2.4%) are appealing because of consistently rising distributions and revenues, Dobosz adds.
Dec. 4, 2014, 5:40 PM
- MLPs approach 2015 facing challenges including lower oil prices that could pressure smaller entities, but Wunderlich says North American E&P companies continue to become more efficient, balance sheets are generally in solid shape and capital remains available.
- Wunderlich sees MLPs building on the uptick in M&A activity seen this year, with E&P-sponsored MLPs - particularly in the refining and downstream sectors - as acquirers, and the most sought-after targets those with access to waterborne and international markets (dock space, export terminals, pipeline connections to Mexico, etc.).
- The firm prefers names that are substantially hedged, with EnLink Midstream (NYSE:ENLK), Western Gas Equity Partners (NYSE:WGP), Western Gas Partners (NYSE:WES) and DCP Midstream (NYSE:DPM) offering the most attractive total returns.
- ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY, AMU, MLPJ, AMZA, ENFR, ATMP, MLPW, MLPC, IMLP
Nov. 11, 2014, 3:21 PM
- Prospects for energy MLPs remain bright despite lower crude oil prices, Credit Suisse’s John Edwards says, as Q3 distribution growth in the sector has averaged ~11% Y/Y and direct cash flow per unit rose 20% Y/Y on average.
- The analyst says he saw little change in capex plans from energy MLPs in Q3 reports: Kinder Morgan (KMI, KMP) said it had seen no impact to business, Enterprise Products Partners (NYSE:EPD) continues to expect to invest $3.7B-$4.2B for 2015 and 2016 - the same as indicated before the oil price pullback - and Spectra Energy Partners (NYSE:SEP) remains on track in its drive to a $35B program.
- Credit Suisse upgrades Midcoast Energy Partners (NYSE:MEP), ONEOK Partners (NYSE:OKS), Targa Resources Partners (NYSE:NGLS) and Western Gas Partners (NYSE:WES) to Outperform from Neutral, while reducing Magellan Midstream Partners (NYSE:MMP) to Neutral from Outperform.
- ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY
Oct. 29, 2014, 4:35 PM
- Western Gas Partners (NYSE:WES) -3.5% AH announces a public offering of 7.5M common units, with an underwriters option to purchase up to 1.125M additional common units.
- WES plans to use the proceeds to fund part of its pending acquisition of Nuevo Midstream; if the acquisition is not completed, WES would use the proceeds for general partnership purposes, including the repayment of borrowings under its revolving credit facility.
Oct. 28, 2014, 5:27 PM
- Western Gas Partners (WES, WGP) agrees to acquire Nuevo Midstream, a Delaware Basin gas gatherer and processor, for $1.5B.
- Nuevo's assets include a 300M cf/day cryogenic processing complex with an additional 400M cf/day of processing capacity scheduled to be in service in 2015, and 275 miles of gathering pipeline; more than 70% of Nuevo's gross margin is fee-based, and Western expects that following the acquisition more than 95% of its consolidated gross margin will be either fee-based or covered under its fixed-price agreements with Anadarko.
- Western expects the Nuevo acquisition to be accretive to its distributable cash flow per unit in 2015.
- Earlier: Q3 earnings
Oct. 28, 2014, 5:16 PM| Comment!
Sep. 26, 2014, 12:33 PM
- Mizuho initiates coverage of Western Gas Partners (WES +1.2%) with a Buy rating and $83 price target and Western Gas Equity Partners (WGP +1.4%) with a Neutral rating and $65 target.
- The firm sees dropdowns and organic growth projects supporting distribution growth of ~16% at WES and ~37% at WGP in 2014, but it is neutral on WGP due to its current valuation, which already reflects the anticipated distribution growth.
- Both WES and WGP are MLPs sponsored by Anadarko Petroleum.
Aug. 5, 2014, 4:18 PM| Comment!
Jul. 14, 2014, 4:40 PM
- White Cliffs Pipeline plans to begin the commissioning this month of its expansion project, a looping of the existing crude oil pipeline from Platteville, Colo., to Cushing, Okla., to become fully operational in August.
- White Cliffs capacity will increase to ~150K bbl/day from 76K, helping to meet the rising demand for midstream services by offering long-haul transportation from the Denver Julesburg Basin.
- Rose Rock Midstream (NYSE:RRMS) will continue as pipeline operator; other owners are Plains All American Pipeline (NYSE:PAA), Western Gas Partners (NYSE:WES) and Noble Energy (NYSE:NBL).
May. 6, 2014, 5:17 PM| Comment!
Feb. 27, 2014, 5:56 PM
- Western Gas Partners (WES), in its Q4 earnings report, said it agreed to acquire interests in some pipeline and gathering assets from Anadarko Petroleum (APC) for $375M, marking the company's entry into the long-haul NGL transportation business.
- The acquisition includes a 20% interest in each of Texas Express Pipeline and Texas Express Gathering and a 33% interest in Front Range Pipeline.
- WES plans to finance the deal with $350M from its revolving credit facility, $6M in cash and the issuance of ~308K common units to APC at an implied price of $60.78/unit.
Feb. 27, 2014, 4:11 PM| Comment!
Feb. 27, 2014, 12:10 AM
- ACAD, AHT, AIRM, AL, ALIM, AMRN, APEI, ARNA, ATLS, AVD, BAGL, BCEI, BID, BIO, CEMP, CHUY, CLNE, CRM, DCO, DECK, ELGX, EPR, EVC, GPS, HALO, HTGC, KBR, KOG, LINE, MDVN, MELI, MENT, MNST, MTZ, NGD, NMBL, NOG, OLED, OVTI, PKT, PODD, REGI, ROST, SD, SFM, SLXP, SPLK, SPNC, SQNM, SWN, TESO, TUMI, UHS, WES, WG, WTR, XTEX, YOKU
WES vs. ETF Alternatives
Western Gas Partners, LP is engaged in gathering, processing, compressing, treating and transporting natural gas, condensate, NGLs and crude oil for its subsidiariesas well as third-party producers and customers.
Other News & PR