Western Gas Partners, LP is a growth-oriented Delaware master limited partnership formed by Anadarko to own, operate, acquire and develop midstream energy assets. WES’s assets are located in East, West and South Texas, the Rocky Mountains (Colorado, Utah and Wyoming), North-Central Pennsylvania and the Mid-Continent (Kansas and Oklahoma), and WES is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, natural gas liquids and crude oil for Anadarko, as well as third-party producers and customers.

Type
Public
HQ
The Woodlands, US
Founded
2007
Size (employees)
392 (est)
Western Gas was founded in 2007 and is headquartered in The Woodlands, US
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Key People/Management at Western Gas

Benjamin Fink

Benjamin Fink

President and Chief Executive Officer
Jaime Casas

Jaime Casas

Senior Vice President, Chief Financial Officer and Treasurer
Craig Collins

Craig Collins

Senior Vice President and Chief Operating Officer
Philip Peacock

Philip Peacock

Senior Vice President, General Counsel and Corporate Secretary

Western Gas Office Locations

Western Gas has an office in The Woodlands
The Woodlands, US (HQ)
1201 Lake Robbins Dr
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Western Gas Financials and Metrics

Western Gas Financials

Western Gas's revenue was reported to be $1.80 b in FY, 2016 which is a 3% increase from the previous period.
USD

Net income (Q3, 2017)

147.9 m

EBIT (Q3, 2017)

179.5 m

Market capitalization (23-Apr-2018)

20.7 b

Cash (30-Sep-2017)

152.4 m

EV

23.9 b
Western Gas's current market capitalization is $20.7 b.
Annual
usdFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Revenue

869.4 m894.5 m1.1 b1.5 b1.8 b1.8 b

Revenue growth, %

3%21%41%14%3%

Cost of goods sold

373.2 m458.4 m528.4 m494.2 m

Gross profit

712.3 m1.1 b1.2 b1.3 b
Quarterly
USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Revenue

402.4 m

General and administrative expense

8.7 m9.3 m11.3 m10.9 m11.4 m12.7 m10.6 m12.2 m

Operating expense total

286.5 m291.7 m245.9 m272.7 m312.1 m522.5 m379.1 m416.8 m

EBIT

134.8 m192.6 m153.4 m176.4 m197.3 m138.4 m207.6 m179.5 m
Annual
usdY, 2009Y, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016

Cash

70 m27.1 m226.6 m420 m100.7 m67.1 m98 m359.1 m

Accounts Receivable

84.1 m98.1 m181 m223 m

Inventories

Current Assets

194.8 m175.2 m286.9 m595.6 m
Quarterly
USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Cash

38.4 m83.1 m110.6 m67.8 m58.6 m87.8 m73.2 m108.5 m157.8 m144.4 m122.3 m188.2 m152.4 m

Accounts Receivable

75.8 m100.6 m109 m126.3 m144.2 m172.7 m150.5 m179.8 m221.8 m214.2 m152.7 m136.4 m192.5 m

Current Assets

122.9 m191.1 m224.2 m201 m213.3 m272.1 m235.1 m291.8 m385.3 m367.8 m285.6 m334.8 m358.3 m

Goodwill

105.3 m105.3 m105.3 m105.3 m393 m393 m387.6 m419.2 m419.2 m419.2 m417.6 m417.6 m417.6 m
Annual
usdFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

286 m390.6 m(63.4 m)597 m

Depreciation and Amortization

244.2 m272.9 m
Quarterly
USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Net Income

196.7 m91.1 m189.6 m296.1 m86.8 m200.1 m363.6 m119.1 m286.4 m456.8 m104 m279.5 m427.4 m

Depreciation and Amortization

65.1 m132.4 m199.6 m69.7 m143.7 m216.3 m

Cash From Operating Activities

289.1 m124 m264.2 m403.8 m156 m301.5 m498.4 m236.5 m393.9 m657.7 m192.6 m433.2 m645.1 m

Purchases of PP&E

(469.9 m)(361 m)(361 m)(372.4 m)(1.1 m)(10 m)(12.1 m)(715.2 m)(716.5 m)(3.9 m)(3.9 m)
USDY, 2017

EV/EBIT

132.9 x

EV/CFO

37 x

EV/FCF

105.6 x
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