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Western Gas Partners: An Excellent MLP With A 3.4% Yield And DJ Basin Growth Potential
- Western Gas Partners is an MLP formed by Anadarko Petroleum and yields 3.4%.
- The partnership's main driver is Anadarko's acreage and production growth in the DJ Basin.
- With a LT debt/Mkt Cap of only 22% and a coverage ratio >1.1, distributions are very secure.
Tue, Nov. 11, 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
Wed, Oct. 29, 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.
Tue, Oct. 28, 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
Tue, Oct. 28, 5:16 PM| Comment!
Fri, Sep. 26, 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.
Tue, Aug. 5, 4:18 PM| Comment!
Mon, Jul. 14, 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).
Tue, May. 6, 5:17 PM| Comment!
Thu, Feb. 27, 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.
Thu, Feb. 27, 4:11 PM| Comment!
Thu, Feb. 27, 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
Wed, Feb. 26, 5:35 PM
- 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
Dec. 2, 2013, 5:44 PM
Dec. 2, 2013, 4:40 PM| Comment!
Nov. 12, 2013, 2:58 PM
- Deutsche Bank's MLP analysts point to significant trends shown in Q3 reports it says indicate an improved outlook for the natural gas and MLP sectors; the annualized rate of dividend growth among the nat gas companies rose to 13.9% from ~12% earlier this year, and the MLPs’ annualized rate of distribution growth rose to 8.7% from 7%.
- The firm's top MLP names to buy: Enterprise Products Partners (EPD), Energy Transfer Partners (ETP), Kinder Morgan Partners (KMP), Plains All American Pipeline (PAA), Western Gas Partners (WES), Access Midstream Partners (ACMP).
Nov. 6, 2013, 4:42 PM| Comment!
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