$WES
Western Midstream Partners, LP

2014 Q4 Form 10-Q Financial Statement

#000142390214000031 Filed on October 29, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $366.7M $357.5M $273.5M
YoY Change 9.53% 30.72% 16.52%
Cost Of Revenue $123.5M $113.2M $93.50M
YoY Change 19.79% 21.07% 4.94%
Gross Profit $243.2M $244.3M $180.0M
YoY Change 4.96% 35.72% 23.63%
Gross Profit Margin 66.32% 68.33% 65.81%
Selling, General & Admin $87.80M $83.40M $57.40M
YoY Change -8.35% 45.3% 2.68%
% of Gross Profit 36.1% 34.14% 31.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $54.30M $47.28M $37.70M
YoY Change 25.69% 25.4% 32.28%
% of Gross Profit 22.33% 19.35% 20.94%
Operating Expenses $139.7M $130.7M $95.00M
YoY Change 0.43% 37.58% 12.69%
Operating Profit $103.5M $132.7M $89.52M
YoY Change 11.77% 48.22% 46.01%
Interest Expense $1.000M $20.88M $13.02M
YoY Change -52.38% 60.38% 18.59%
% of Operating Profit 0.97% 15.73% 14.54%
Other Income/Expense, Net -$1.200M $118.0K $466.0K
YoY Change 33.33% -74.68% -10.73%
Pretax Income $100.2M $116.2M $81.20M
YoY Change 8.32% 43.06% 47.41%
Income Tax $3.500M $3.891M -$27.00K
% Of Pretax Income 3.49% 3.35% -0.03%
Net Earnings $60.20M $66.43M $44.44M
YoY Change 14.67% 49.48% 130.15%
Net Earnings / Revenue 16.42% 18.58% 16.25%
Basic Earnings Per Share
Diluted Earnings Per Share $275.0K $303.3K $202.8K
COMMON SHARES
Basic Shares Outstanding 218.9M shares 218.9M shares 218.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.00M $78.00M $57.00M
YoY Change -40.71% 36.84% 21.28%
Cash & Equivalents $67.21M $78.22M $57.08M
Short-Term Investments
Other Short-Term Assets $10.83M $6.915M $8.912M
YoY Change 0.26% -22.41% -0.98%
Inventory $5.000M $2.000M $2.000M
Prepaid Expenses
Receivables $118.9M $126.3M $75.70M
Other Receivables $0.00 $1.000M $2.000M
Total Short-Term Assets $200.6M $211.4M $141.7M
YoY Change -3.49% 49.19% 81.65%
LONG-TERM ASSETS
Property, Plant & Equipment $5.138B $3.768B $3.244B
YoY Change 51.86% 16.14% 38.45%
Goodwill $418.6M $105.3M $105.3M
YoY Change 297.38% 0.0%
Intangibles $884.9M $52.56M $54.44M
YoY Change 1550.67% -3.44%
Long-Term Investments $634.5M $639.2M $227.6M
YoY Change 6.92% 180.88% 114.68%
Other Assets $28.29M $28.91M $28.08M
YoY Change 3.24% 2.96% 3.99%
Total Long-Term Assets $7.364B $4.854B $3.919B
YoY Change 66.5% 23.84% 36.28%
TOTAL ASSETS
Total Short-Term Assets $200.6M $211.4M $141.7M
Total Long-Term Assets $7.364B $4.854B $3.919B
Total Assets $7.565B $5.065B $4.061B
YoY Change 63.35% 24.72% 37.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.00M $27.00M $19.00M
YoY Change 35.0% 42.11% -77.91%
Accrued Expenses $177.2M $153.1M $140.3M
YoY Change 28.37% 9.08% 13.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M
YoY Change
Total Short-Term Liabilities $283.3M $201.4M $178.1M
YoY Change 47.95% 13.08% -35.23%
LONG-TERM LIABILITIES
Long-Term Debt $2.423B $2.083B $1.518B
YoY Change 70.85% 37.2% 50.31%
Other Long-Term Liabilities $112.0M $86.00M $76.00M
YoY Change 41.77% 13.16% -6.17%
Total Long-Term Liabilities $2.713B $2.170B $1.596B
YoY Change 76.73% 35.92% 46.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $283.3M $201.4M $178.1M
Total Long-Term Liabilities $2.713B $2.170B $1.596B
Total Liabilities $2.997B $2.371B $1.774B
YoY Change 73.54% 33.62% -37.63%
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 $1.383B $938.0M $825.0M
YoY Change
Total Liabilities & Shareholders Equity $7.565B $5.065B $4.061B
YoY Change 63.35% 24.72% 37.47%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $60.20M $66.43M $44.44M
YoY Change 14.67% 49.48% 130.15%
Depreciation, Depletion And Amortization $54.30M $47.28M $37.70M
YoY Change 25.69% 25.4% 32.28%
Cash From Operating Activities $138.1M $160.7M $133.6M
YoY Change -21.04% 20.28% -2.34%
INVESTING ACTIVITIES
Capital Expenditures -$193.2M -$138.7M -$129.9M
YoY Change -9.0% 6.77% -38.38%
Acquisitions
YoY Change
Other Investing Activities -$1.528B -$10.10M -$119.5M
YoY Change 3363.72% -91.55% -14.52%
Cash From Investing Activities -$1.721B -$148.8M -$249.3M
YoY Change 570.84% -40.31% -28.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.572B -55.80M 80.50M
YoY Change 1042.22% -169.32% 2200.0%
NET CHANGE
Cash From Operating Activities 138.1M 160.7M 133.6M
Cash From Investing Activities -1.721B -148.8M -249.3M
Cash From Financing Activities 1.572B -55.80M 80.50M
Net Change In Cash -10.90M -43.90M -35.20M
YoY Change -119.46% 24.72% -83.28%
FREE CASH FLOW
Cash From Operating Activities $138.1M $160.7M $133.6M
Capital Expenditures -$193.2M -$138.7M -$129.9M
Free Cash Flow $331.3M $299.4M $263.5M
YoY Change -14.44% 13.62% -24.19%

Facts In Submission

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OtherNonoperatingIncomeExpense
118000 USD
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
466000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
1756000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
2045000 USD
CY2013Q4 us-gaap Other Partners Capital
OtherPartnersCapital
312092000 USD
CY2014Q3 us-gaap Other Partners Capital
OtherPartnersCapital
0 USD
CY2013Q4 us-gaap Partners Capital
PartnersCapital
1217174000 USD
CY2014Q3 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
2693959000 USD
us-gaap Partners Capital Other
PartnersCapitalOther
848000 USD
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
0 USD
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
2367000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
492287000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
469678000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
164725000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
90211000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
94117000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
129247000 USD
us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
63267000 USD
us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
252308000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
857000 USD
CY2013Q4 us-gaap Prepaid Insurance
PrepaidInsurance
2900000 USD
CY2014Q3 us-gaap Prepaid Insurance
PrepaidInsurance
2663000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
14387000 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
340000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1136878000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
842566000 USD
us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
181904000 USD
us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
23788000 USD
us-gaap Profit Loss
ProfitLoss
293705000 USD
wgp Number Of Days Subsequent To Quarter End That Cash Is Required To Be Distributed
NumberOfDaysSubsequentToQuarterEndThatCashIsRequiredToBeDistributed
P55D
CY2014Q3 us-gaap Profit Loss
ProfitLoss
105784000 USD
CY2013Q3 us-gaap Profit Loss
ProfitLoss
81223000 USD
us-gaap Profit Loss
ProfitLoss
193905000 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4239100000 USD
CY2014Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4754279000 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3767587000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3383255000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
480000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
495000000 USD
CY2013Q3 us-gaap Revenues
Revenues
273502000 USD
us-gaap Revenues
Revenues
750670000 USD
CY2014Q3 us-gaap Revenues
Revenues
326465000 USD
us-gaap Revenues
Revenues
935866000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2783000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3333000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
20718000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
18520000 USD
CY2014Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
6564000 USD
CY2013Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
6649000 USD
CY2013Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
0 USD
CY2014Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
258000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">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, using 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. The information furnished herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements, and certain prior-period amounts have been reclassified to conform to the current-year presentation.</font></div></div>
wgp Contributions Of Equity Based Compensation From Parent
ContributionsOfEquityBasedCompensationFromParent
2423000 USD
wgp Minority Interest And Paid In Capital Increase From Stock Issuance
MinorityInterestAndPaidInCapitalIncreaseFromStockIssuance
99274000 USD
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q3 wgp Preacquisition Net Income Loss Allocated To Parent
PreacquisitionNetIncomeLossAllocatedToParent
0 USD
wgp Preacquisition Net Income Loss Allocated To Parent
PreacquisitionNetIncomeLossAllocatedToParent
-956000 USD
wgp Preacquisition Net Income Loss Allocated To Parent
PreacquisitionNetIncomeLossAllocatedToParent
4616000 USD
CY2013Q3 wgp Preacquisition Net Income Loss Allocated To Parent
PreacquisitionNetIncomeLossAllocatedToParent
106000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001423902
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
218903498 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
WESTERN GAS EQUITY PARTNERS, LP

Files In Submission

Name View Source Status
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0001423902-14-000031-index.html Edgar Link pending
0001423902-14-000031.txt Edgar Link pending
0001423902-14-000031-xbrl.zip Edgar Link pending
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