$WES
Western Midstream Partners, LP

2013 Form 8-K Financial Statement

#000142390214000026 Filed on August 27, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q4 2012
Revenue $1.200B $230.9M $894.5M
YoY Change 34.16% 7.3% 4.23%
Cost Of Revenue $373.2M $81.40M $336.1M
YoY Change 11.04% -6.0% 2.66%
Gross Profit $712.3M $149.5M $558.4M
YoY Change 27.56% 16.25% 3.03%
Gross Profit Margin 59.36% 64.75% 62.43%
Selling, General & Admin $260.6M $105.6M $259.5M
YoY Change 0.42% 115.51% 41.34%
% of Gross Profit 36.59% 70.64% 46.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $172.9M $37.30M $120.6M
YoY Change 43.33% 11.34% 6.61%
% of Gross Profit 24.27% 24.95% 21.6%
Operating Expenses $410.3M $142.9M $380.1M
YoY Change 7.95% 73.21% 28.11%
Operating Profit $321.9M $6.600M $194.3M
YoY Change 65.67% -85.68% -20.79%
Interest Expense $51.80M -$6.600M $42.06M
YoY Change 23.15% -430.0% 38.61%
% of Operating Profit 16.09% -100.0% 21.65%
Other Income/Expense, Net $1.935M -$500.0K $292.0K
YoY Change 562.67% 150.0% -763.64%
Pretax Income $288.9M -$600.0K $169.4M
YoY Change 70.53% -101.25% -29.11%
Income Tax $4.266M $5.100M $48.88M
% Of Pretax Income 1.48% 28.85%
Net Earnings $162.5M $6.400M $61.38M
YoY Change 164.77% -83.25% -34.82%
Net Earnings / Revenue 13.54% 2.77% 6.86%
Basic Earnings Per Share
Diluted Earnings Per Share $748.3K $29.24K $280.5K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2013 2012 Q4 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.0M $423.0M $423.0M
YoY Change -73.29% 86.34% 86.34%
Cash & Equivalents $113.0M $422.6M $423.0M
Short-Term Investments
Other Short-Term Assets $5.000M $6.998M $4.000M
YoY Change 25.0% -0.03% -42.86%
Inventory $3.000M $2.000M $2.000M
Prepaid Expenses
Receivables $84.00M $48.55M $49.00M
Other Receivables $4.000M $1.000M $1.000M
Total Short-Term Assets $208.0M $478.1M $478.0M
YoY Change -56.49% 86.76% 86.72%
LONG-TERM ASSETS
Property, Plant & Equipment $3.383B $2.718B $2.718B
YoY Change 24.47% 32.45% 32.46%
Goodwill $105.3M
YoY Change
Intangibles $55.49M
YoY Change
Long-Term Investments $593.0M $219.8M $106.0M
YoY Change 459.43% 99.79% -3.64%
Other Assets $27.00M $27.80M $28.00M
YoY Change -3.57% 15.83% 16.67%
Total Long-Term Assets $4.423B $3.386B $3.273B
YoY Change 35.14% 31.15% 26.76%
TOTAL ASSETS
Total Short-Term Assets $208.0M $478.1M $478.0M
Total Long-Term Assets $4.423B $3.386B $3.273B
Total Assets $4.631B $3.864B $3.751B
YoY Change 23.46% 36.17% 32.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.00M $25.00M $25.00M
YoY Change 60.0% -7.41% -7.41%
Accrued Expenses $152.0M $148.6M $161.0M
YoY Change -5.59% 197.2% 222.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $191.0M $186.3M $186.0M
YoY Change 2.69% 66.3% 66.07%
LONG-TERM LIABILITIES
Long-Term Debt $1.418B $1.168B $1.168B
YoY Change 21.4% 74.58% 74.59%
Other Long-Term Liabilities $79.00M $69.00M $69.00M
YoY Change 14.49% -9.21% -9.21%
Total Long-Term Liabilities $1.497B $1.284B $1.237B
YoY Change 21.02% 91.9% 66.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $191.0M $186.3M $186.0M
Total Long-Term Liabilities $1.497B $1.284B $1.237B
Total Liabilities $3.414B $1.470B $2.638B
YoY Change 29.42% -36.32% 14.25%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.217B $1.112B $1.112B
YoY Change
Total Liabilities & Shareholders Equity $4.631B $3.864B $3.751B
YoY Change 23.46% 36.17% 32.17%

Cashflow Statement

Concept 2013 2012 Q4 2012
OPERATING ACTIVITIES
Net Income $162.5M $6.400M $61.38M
YoY Change 164.77% -83.25% -34.82%
Depreciation, Depletion And Amortization $172.9M $37.30M $120.6M
YoY Change 43.33% 11.34% 6.61%
Cash From Operating Activities $489.2M -$4.100M $277.5M
YoY Change 76.29% -105.72% 7.18%
INVESTING ACTIVITIES
Capital Expenditures -$682.0M -$234.2M -$638.1M
YoY Change 6.88% 264.23% 326.25%
Acquisitions
YoY Change
Other Investing Activities -$14.00K -$114.1M $0.00
YoY Change 3357.58% -100.0%
Cash From Investing Activities -$1.689B -$348.2M -$1.358B
YoY Change 24.38% 413.57% 182.99%
FINANCING ACTIVITIES
Cash Dividend Paid $137.0M $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $710.0M $549.0M
YoY Change 29.33% -36.82%
Cash From Financing Activities 889.9M 727.4M 1.276B
YoY Change -30.26% -2616.96% 203.62%
NET CHANGE
Cash From Operating Activities 489.2M -4.100M 277.5M
Cash From Investing Activities -1.689B -348.2M -1.358B
Cash From Financing Activities 889.9M 727.4M 1.276B
Net Change In Cash -309.4M 375.1M 196.1M
YoY Change -257.78% -1600.4% -1.7%
FREE CASH FLOW
Cash From Operating Activities $489.2M -$4.100M $277.5M
Capital Expenditures -$682.0M -$234.2M -$638.1M
Free Cash Flow $1.171B $230.1M $915.6M
YoY Change 27.92% 69.19% 124.08%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Use of estimates. In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, utilizing historical experience and other methods considered reasonable under the particular circumstances. Changes in facts and circumstances or additional information may result in revised estimates and actual results may differ from these estimates. Effects on the business, financial condition and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Other assets. For the years ended December&#160;31, 2013 and 2012, other current assets on the consolidated balance sheets includes $0.4 million for a receivable recognized in conjunction with the capital lease component of a processing agreement assumed in connection with the acquisition of Mountain Gas Resources, LLC (&#8220;MGR&#8221;). See Note&#160;2. The agreement, in which WES is the lessor, extends through December 2014. Other assets includes $4.6 million related to the unguaranteed residual value of the processing plant included in the processing agreement, based on a measurement of fair value estimated when the plant was acquired by Anadarko in 2006. Interest income related to the capital lease is recorded to other income (expense), net on the consolidated statements of income.</font></div></div>
CY2013 us-gaap Revenue Recognition Long Term Contracts
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Revenues and cost of product. Under its fee-based gathering, treating and processing arrangements, WES is paid a fixed fee based on the volume and thermal content of natural gas and recognizes revenues for its services in the month such services are performed. Producers&#8217; wells are connected to WES&#8217;s gathering systems for delivery of natural gas to WES&#8217;s processing or treating plants, where the natural gas is processed to extract NGLs and condensate or treated in order to satisfy pipeline specifications. In some areas, where no processing is required, the producers&#8217; gas is gathered and delivered to pipelines for market delivery. Under cost-of-service gathering agreements, fees are earned for gathering and compression services based on rates calculated in a cost-of-service model and reviewed periodically over the life of the agreements. Under percent-of-proceeds contracts, revenue is recognized when the natural gas, NGLs or condensate are sold. The percentage of the product sale ultimately paid to the producer is recorded as a related cost of product expense.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">WES purchases natural gas volumes at the wellhead for gathering and processing. As a result, WES has volumes of NGLs and condensate to sell and volumes of residue to either sell, to use for system fuel or to satisfy keep-whole obligations. In addition, depending upon specific contract terms, condensate and NGLs recovered during gathering and processing are either returned to the producer or retained and sold. Under keep-whole contracts, when condensate or NGLs are retained and sold, producers are kept whole for the condensate or NGL volumes through the receipt of a thermally equivalent volume of residue. The keep-whole contract conveys an economic benefit to WES when the combined value of the individual NGLs is greater in the form of liquids than as a component of the natural gas stream; however, WES is adversely impacted when the value of the NGLs is lower than the value of the natural gas stream including the liquids. WES has commodity price swap agreements with Anadarko to mitigate exposure to commodity price uncertainty that would otherwise be present as a result of the purchase and sale of natural gas, condensate or NGLs. See Note&#160;5. Revenue is recognized from the sale of condensate and NGLs upon transfer of title and related purchases are recorded as cost of product.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">WES earns transportation revenues through firm contracts that obligate each of its customers to pay a monthly reservation or demand charge regardless of the pipeline capacity used by that customer. An additional commodity usage fee is charged to the customer based on the actual volume of natural gas transported. Transportation revenues are also generated from interruptible contracts pursuant to which a fee is charged to the customer based on volumes transported through the pipeline. Revenues for transportation of natural gas and NGLs are recognized over the period of firm transportation contracts or, in the case of usage fees and interruptible contracts, when the volumes are received into the pipeline. From time to time, certain revenues may be subject to refund pending the outcome of rate matters before the Federal Energy Regulatory Commission (the &#8220;FERC&#8221;) and reserves are established where appropriate.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Proceeds from the sale of residue, NGLs and condensate are reported as revenues from natural gas, natural gas liquids and condensate sales in the consolidated statements of income. Revenues attributable to the fixed-fee component of gathering and processing contracts as well as demand charges and commodity usage fees on transportation contracts are reported as revenues from gathering, processing and transportation of natural gas and natural gas liquids in the consolidated statements of income.</font></div></div>
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CY2012 wgp Minority Interest And Paid In Capital Increase From Stock Issuance
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CY2013 wgp Number Of Days Subsequent To Quarter End That Cash Is Required To Be Distributed
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CY2013 dei Document Fiscal Period Focus
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CY2013 dei Document Fiscal Year Focus
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CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Document Type
DocumentType
8-K
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0001423902
CY2013 dei Entity Registrant Name
EntityRegistrantName
WESTERN GAS EQUITY PARTNERS, LP

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