HOUSTON, July 25, 2017 /PRNewswire/ -- Western Gas Partners, LP (NYSE: WES) ("WES" or the "Partnership") and Western Gas Equity Partners, LP (NYSE: WGP) ("WGP") today announced second-quarter 2017 financial and operating results.

WESTERN GAS PARTNERS, LP
Net income (loss) available to limited partners for the second quarter of 2017 totaled $82.9 million, or $0.49 per common unit (diluted), with second-quarter 2017 Adjusted EBITDA((1)) of $274.8 million and second-quarter 2017 Distributable cash flow((1)) of $247.2 million.

WES previously declared a quarterly distribution of $0.890 per unit for the second quarter of 2017. This distribution represented a 2% increase over the prior quarter's distribution and a 7% increase over the second-quarter 2016 distribution of $0.830 per unit. The second-quarter 2017 Coverage ratio((1)) of 1.19 times was based on the quarterly distribution of $0.890 per unit.

"We continue to achieve significant milestones in the Delaware Basin that enhance both our competitive position in the area and our ability to serve the increasing needs of producers. These include the DBJV-for-Marcellus asset exchange, the early settlement of the DBJV Deferred Purchase Price Obligation, and the successful start-up of our produced water gathering and disposal systems," said Chief Executive Officer, Benjamin Fink. "Additionally, we are excited to announce the sanctioning of the Latham plant in the DJ Basin, which will consist of two cryogenic processing trains with a total capacity of 400 MMcf/d. These trains will be supported by long-term volumetric commitments from Anadarko, and are scheduled to come online in the first and third quarters of 2019."



    (1)             Please see the tables at the end
                    of this release for a
                    reconciliation of GAAP to non-
                    GAAP measures and calculation
                    of the Coverage ratio.

Total throughput attributable to WES for natural gas assets for the second quarter of 2017 averaged 3.5 Bcf/d, which was 12% below the prior quarter and 10% below the second quarter of 2016. Total throughput attributable to WES for natural gas was 2% above the prior quarter when adjusted for the impact of the DBJV-for-Marcellus asset exchange that closed in March 2017. Total throughput for crude, NGL and produced water assets for the second quarter of 2017 averaged 182 MBbls/d, which was 8% above the prior quarter and 3% below the second quarter of 2016.

Capital expenditures attributable to WES, including equity investments but excluding acquisitions, totaled $133.6 million on a cash basis and $148.2 million on an accrual basis during the second quarter of 2017, with maintenance capital expenditures on a cash basis of $11.4 million.

WESTERN GAS EQUITY PARTNERS, LP
WGP indirectly owns the entire general partner interest in WES, 100% of the incentive distribution rights in WES and 50,132,046 WES common units. Net income (loss) available to limited partners for the second quarter of 2017 totaled $104.9 million, or $0.48 per common unit (diluted).

WGP previously declared a quarterly distribution of $0.52750 per unit for the second quarter of 2017. This distribution represented a 7% increase over the prior quarter's distribution and a 22% increase over the second-quarter 2016 distribution of $0.43375 per unit. WGP will receive distributions from WES of $116.3 million attributable to the second quarter and will pay $115.5 million in distributions for the same period.

CONFERENCE CALL TOMORROW AT 11 A.M. CDT
WES and WGP will host a joint conference call on Wednesday, July 26, 2017, at 11:00 a.m. Central Daylight Time (12:00 p.m. Eastern Daylight Time) to discuss second-quarter 2017 results. Individuals who would like to participate should dial 877-883-0383 (Domestic) or 412-902-6506 (International) approximately 15 minutes before the scheduled conference call time, and enter participant access code 1783522. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westerngas.com. A replay of the conference call will also be available on the website for two weeks following the call.

Western Gas Partners, LP ("WES") is a growth-oriented Delaware master limited partnership formed by Anadarko Petroleum Corporation to acquire, own, develop and operate midstream energy assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania and Texas, WES is engaged in the business of gathering, compressing, treating, processing and transporting natural gas; gathering, stabilizing and transporting condensate, natural gas liquids and crude oil; and gathering and disposing of produced water for Anadarko, as well as for other producers and customers.

Western Gas Equity Partners, LP ("WGP") is a Delaware master limited partnership formed by Anadarko to own the following types of interests in WES: (i) the general partner interest and all of the incentive distribution rights in WES, both owned through WGP's 100% ownership of WES's general partner, and (ii) a significant limited partner interest in WES.

For more information about Western Gas Partners, LP and Western Gas Equity Partners, LP, please visit www.westerngas.com.

This news release contains forward-looking statements. WES and WGP's management believes that their expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release. These factors include the ability to meet financial guidance or distribution growth expectations; the ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs and related products or services; the ability to meet projected in-service dates for capital growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" sections of WES's and WGP's most recent Forms 10-K and Forms 10-Q filed with the Securities and Exchange Commission and in their other public filings and press releases. Western Gas Partners and Western Gas Equity Partners undertake no obligation to publicly update or revise any forward-looking statements.

WESTERN GAS CONTACT
Jonathon E. VandenBrand
Director, Investor Relations
jon.vandenbrand@anadarko.com
832.636.6000

Western Gas Partners, LP Reconciliation of GAAP to Non-GAAP Measures

Below are reconciliations of (i) net income (loss) attributable to Western Gas Partners, LP (GAAP) to WES's Distributable cash flow (non-GAAP), (ii) net income (loss) attributable to Western Gas Partners, LP (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA attributable to Western Gas Partners, LP ("Adjusted EBITDA") (non-GAAP), and (iii) operating income (loss) (GAAP) to Adjusted gross margin attributable to Western Gas Partners, LP ("Adjusted gross margin") (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that WES's Distributable cash flow, Adjusted EBITDA, Adjusted gross margin, and Coverage ratio are widely accepted financial indicators of WES's financial performance compared to other publicly traded partnerships and are useful in assessing its ability to incur and service debt, fund capital expenditures and make distributions. Distributable cash flow, Adjusted EBITDA, Adjusted gross margin and Coverage ratio, as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES's Distributable cash flow, Adjusted EBITDA, Adjusted gross margin and Coverage ratio should be considered in conjunction with net income (loss) attributable to Western Gas Partners, LP and other applicable performance measures, such as operating income (loss) or cash flows from operating activities.

Western Gas Partners, LP Reconciliation of GAAP to Non-GAAP Measures, continued

Distributable Cash Flow

WES defines Distributable cash flow as Adjusted EBITDA, plus interest income and the net settlement amounts from the sale and/or purchase of natural gas, condensate and NGLs under WES's commodity price swap agreements to the extent such amounts are not recognized as Adjusted EBITDA, less net cash paid (or to be paid) for interest expense (including amortization of deferred debt issuance costs originally paid in cash, offset by non-cash capitalized interest), maintenance capital expenditures, Series A Preferred unit distributions and income taxes.



                                 Three Months Ended                 Six Months Ended
                                      June 30,                          June 30,

    thousands except
     Coverage ratio            2017                     2016      2017                      2016
    ----------------           ----                     ----      ----                      ----

    Reconciliation of Net
     income (loss)
     attributable to Western
     Gas Partners, LP to
     Distributable cash flow
     and calculation of the
     Coverage ratio

    Net income (loss)
     attributable to Western
     Gas Partners, LP                  $173,451              $164,521                            $275,340 $280,581

    Add:

    Distributions from
     equity investments      28,856                   24,491    51,423                    49,130

    Non-cash equity-based
     compensation expense       975                    1,246     2,221                     2,549

    Non-cash settled -
     interest expense, net
     (1)                         -                (15,461)       71                  (10,924)

    Income tax (benefit)
     expense                    843                      326     4,395                     6,959

    Depreciation and
     amortization (2)        73,352                   66,650   142,401                   131,089

    Impairments               3,178                    2,403   167,920                     8,921

    Above-market component
     of swap agreements with
     Anadarko                16,373                    9,552    28,670                    16,365

    Other expense (2)            95                       56       140                        56

    Less:

    Gain (loss) on
     divestiture and other,
     net                     15,458                  (1,907)  134,945                   (2,539)

    Equity income, net -
     affiliates              21,728                   19,693    41,189                    36,507

    Cash paid for
     maintenance capital
     expenditures (2)        11,402                   21,085    22,524                    39,982

    Capitalized interest      1,060                    1,482     1,876                     3,331

    Cash paid for
     (reimbursement of)
     income taxes                 -                       -      189                        67

    Series A Preferred unit
     distributions                -                  14,082     7,453                    15,969

    Other income (2)            250                        -      677                       122
    ---------------             ---                      ---      ---                       ---

    Distributable cash flow            $247,225              $199,349                            $463,728 $391,287
    -----------------------            --------              --------                            -------- --------

    Distributions declared
     (3)

    Limited partners -
     common units                      $135,816                                       $259,745

    General partner          71,675                           136,499
    ---------------          ------                           -------

    Total                              $207,491                                       $396,244
    -----                              --------                                       --------

    Coverage ratio             1.19    x                         1.17    x
    --------------             ----    ---                       ----

    (1)             Includes amounts related to the
                    Deferred purchase price
                    obligation -Anadarko.

    (2)             Includes WES's 75% share of
                    depreciation and amortization;
                    other expense; cash paid for
                    maintenance capital expenditures;
                    and other income attributable to
                    Chipeta.

    (3)             Reflects cash distributions of
                    $0.890 and $1.765 per unit
                    declared for the three and six
                    months ended June 30, 2017,
                    respectively.

Western Gas Partners, LP Reconciliation of GAAP to Non-GAAP Measures, continued

Adjusted EBITDA Attributable to Western Gas Partners, LP

WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investments, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impairments, and other expense (including lower of cost or market inventory adjustments recorded in cost of product), less gain (loss) on divestiture and other, net, income from equity investments, interest income, income tax benefit, and other income.



                                     Three Months Ended                   Six Months Ended
                                          June 30,                            June 30,

    thousands                   2017                      2016         2017                2016
    ---------                   ----                      ----         ----                ----

    Reconciliation of Net
     income (loss)
     attributable to
     Western Gas Partners,
     LP to Adjusted EBITDA
     attributable to
     Western Gas Partners,
     LP

    Net income (loss)
     attributable to
     Western Gas Partners,
     LP                               $173,451                      $164,521                              $275,340           $280,581

    Add:

    Distributions from
     equity investments       28,856                      24,491                   51,423                    49,130

    Non-cash equity-based
     compensation expense        975                       1,246                    2,221                     2,549

    Interest expense          35,746                      12,883                   71,250                    44,919

    Income tax expense           843                         326                    4,395                     6,959

    Depreciation and
     amortization (1)         73,352                      66,650                  142,401                   131,089

    Impairments                3,178                       2,403                  167,920                     8,921

    Other expense (1)             95                          56                      140                        56

    Less:

    Gain (loss) on
     divestiture and other,
     net                      15,458                     (1,907)                  134,945                   (2,539)

    Equity income, net -
     affiliates               21,728                      19,693                   41,189                    36,507

    Interest income -
     affiliates                4,225                       4,225                    8,450                     8,450

    Other income (1)             250                           -                     677                       122

    Adjusted EBITDA
     attributable to
     Western Gas Partners,
     LP                               $274,835                      $250,565                              $529,829           $481,664
    ----------------------            --------                      --------                              --------           --------

    Reconciliation of Net
     cash provided by
     operating activities
     to Adjusted EBITDA
     attributable to
     Western Gas Partners,
     LP

    Net cash provided by
     (used in) operating
     activities                       $240,536                      $157,363                              $433,152           $393,866

    Interest (income)
     expense, net             31,521                       8,658                   62,800                    36,469

    Uncontributed cash-
     based compensation
     awards                    (209)                         86                    (172)                      158

    Accretion and
     amortization of long-
     term obligations, net   (1,038)                     14,522                  (2,139)                    9,055

    Current income tax
     (benefit) expense           204                         198                      628                     4,979

    Other (income) expense,
     net                       (253)                         53                    (683)                     (71)

    Distributions from
     equity investments in
     excess of cumulative
     earnings - affiliates     5,768                       5,827                    9,221                    10,611

    Changes in operating
     working capital:

    Accounts receivable,
     net                    (10,876)                     45,800                  (9,363)                   33,242

    Accounts and imbalance
     payables and accrued
     liabilities, net         12,035                      20,205                   41,975                     2,227

    Other                      (131)                      1,309                    (116)                  (1,739)

    Adjusted EBITDA
     attributable to
     noncontrolling
     interest                (2,722)                    (3,456)                  (5,474)                  (7,133)
                              ------                      ------                   ------                    ------

    Adjusted EBITDA
     attributable to
     Western Gas Partners,
     LP                               $274,835                      $250,565                              $529,829           $481,664
    ----------------------            --------                      --------                              --------           --------

    Cash flow information
     of Western Gas
     Partners, LP

    Net cash provided by
     (used in) operating
     activities                                                                $433,152                             $393,866

    Net cash provided by
     (used in) investing
     activities                                                   (363,131)                     (952,824)

    Net cash provided by
     (used in) financing
     activities                                                   (239,749)                       618,692
    --------------------                                         --------                       -------

    (1)             Includes WES's 75% share of
                    depreciation and amortization;
                    other expense; and other income
                    attributable to Chipeta.

Western Gas Partners, LP Reconciliation of GAAP to Non-GAAP Measures, continued

Adjusted Gross Margin Attributable to Western Gas Partners, LP

WES defines Adjusted gross margin as total revenues and other, less cost of product and reimbursements for electricity-related expenses recorded as revenue, plus distributions from equity investments and excluding the noncontrolling interest owner's proportionate share of revenue and cost of product.



                                   Three Months Ended               Six Months Ended
                                        June 30,                        June 30,

    thousands                 2017                     2016      2017                2016
    ---------                 ----                     ----      ----                ----

    Reconciliation of
     Operating income
     (loss) to Adjusted
     gross margin
     attributable to
     Western Gas Partners,
     LP

    Operating income (loss)          $207,608                 $176,362                    $346,000  $329,765

    Add:

    Distributions from
     equity investments     28,856                     24,491                51,423          49,130

    Operation and
     maintenance            76,148                     75,173               149,908         151,386

    General and
     administrative         10,585                     10,883                23,244          22,160

    Property and other
     taxes                  11,924                     12,078                24,218          22,428

    Depreciation and
     amortization           74,031                     67,305               143,733         132,400

    Impairments              3,178                      2,403               167,920           8,921

    Less:

    Gain (loss) on
     divestiture and other,
     net                    15,458                    (1,907)               134,945         (2,539)

    Proceeds from business
     interruption insurance
     claims                 24,115                      2,603                29,882           2,603

    Equity income, net -
     affiliates             21,728                     19,693                41,189          36,507

    Reimbursed electricity-
     related charges
     recorded as revenues   14,046                     14,869                28,015          30,537

    Adjusted gross margin
     attributable to
     noncontrolling
     interest                3,435                      4,183                 7,311           8,604
                             -----                      -----                 -----           -----

    Adjusted gross margin
     attributable to
     Western Gas Partners,
     LP                              $333,548                 $329,254                    $665,104  $640,478
    ----------------------           --------                 --------                    --------  --------

    Adjusted gross margin
     attributable to
     Western Gas Partners,
     LP for natural gas
     assets                          $297,778                 $294,661                    $599,283  $571,190

    Adjusted gross margin
     for crude, NGL and
     produced water assets  35,770                     34,593                65,821          69,288



                                                                      Western Gas Partners, LP

                                                          CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                            (Unaudited)


                                          Three Months Ended                                     Six Months Ended
                                               June 30,                                              June 30,

    thousands except per-unit
     amounts                         2017                            2016                      2017               2016
    -------------------------        ----                            ----                      ----               ----

    Revenues and other

    Gathering, processing and
     transportation                        $299,435                                         $301,136                     $607,249  $595,140

    Natural gas and natural gas
     liquids sales                224,824                           126,993                               431,349          215,549

    Other                           1,191                               535                                 3,045            1,116

    Total revenues and other      525,450                           428,664                             1,041,643          811,805
    ------------------------      -------                           -------                             ---------          -------

    Equity income, net -
     affiliates                    21,728                            19,693                                41,189           36,507
                                   ------                            ------                                ------           ------

    Operating expenses

    Cost of product               203,277                           104,849                               392,636          181,316

    Operation and maintenance      76,148                            75,173                               149,908          151,386

    General and administrative     10,585                            10,883                                23,244           22,160

    Property and other taxes       11,924                            12,078                                24,218           22,428

    Depreciation and
     amortization                  74,031                            67,305                               143,733          132,400

    Impairments                     3,178                             2,403                               167,920            8,921
    -----------                     -----                             -----                               -------            -----

    Total operating expenses      379,143                           272,691                               901,659          518,611
    ------------------------      -------                           -------                               -------          -------

    Gain (loss) on divestiture
     and other, net                15,458                           (1,907)                              134,945          (2,539)

    Proceeds from business
     interruption insurance
     claims                        24,115                             2,603                                29,882            2,603
                                   ------                             -----                                ------            -----

    Operating income (loss)       207,608                           176,362                               346,000          329,765

    Interest income - affiliates    4,225                             4,225                                 8,450            8,450

    Interest expense             (35,746)                         (12,883)                              (71,250)        (44,919)

    Other income (expense), net       253                              (53)                                  683               71
                                      ---                               ---                                   ---              ---

    Income (loss) before income
     taxes                        176,340                           167,651                               283,883          293,367

    Income tax (benefit) expense      843                               326                                 4,395            6,959
                                      ---                               ---                                 -----            -----

    Net income (loss)             175,497                           167,325                               279,488          286,408

    Net income attributable to
     noncontrolling interest        2,046                             2,804                                 4,148            5,827
    --------------------------      -----                             -----                                 -----            -----

    Net income (loss)
     attributable to Western Gas
     Partners, LP                          $173,451                                         $164,521                     $275,340  $280,581

    Limited partners' interest
     in net income (loss):

    Net income (loss)
     attributable to Western Gas
     Partners, LP                          $173,451                                         $164,521                     $275,340  $280,581

    Pre-acquisition net
     (income) loss allocated to
     Anadarko                           -                                -                                    -        (11,326)

    Series A Preferred units
     interest in net (income)
     loss                        (14,199)                         (23,121)                              (42,373)        (25,450)

    General partner interest in
     net (income) loss           (76,365)                         (58,381)                             (144,527)        (113,781)
    ---------------------------                                                                        --------         --------

    Common and Class C limited
     partners' interest in net
     income (loss)                          $82,887                                          $83,019                      $88,440  $130,024

    Net income (loss) per common
     unit - basic and diluted                 $0.49                                            $0.55                        $0.53     $0.86

    Weighted-average common
     units outstanding - basic    148,864                           130,669                               141,696          129,830

    Weighted-average common
     units outstanding - diluted  165,248                           163,227                               165,149          153,291
    ----------------------------  -------                           -------                               -------          -------



                           Western Gas Partners, LP

                    CONDENSED CONSOLIDATED BALANCE SHEETS

                                 (Unaudited)


    thousands
     except
     number of
     units                        June 30,                 December 31,
                                         2017                         2016
    ---                                  ----                         ----

    Current
     assets                                       $334,802                     $594,014

    Note
     receivable
     -
     Anadarko                         260,000                        260,000

    Net
     property,
     plant and
     equipment                      5,347,794                      5,049,932

    Other
     assets                         1,803,119                      1,829,082
                                    ---------                      ---------

    Total
     assets                                     $7,745,715                   $7,733,028
    -------                                     ----------                   ----------

    Current
     liabilities                                  $277,395                     $315,305

    Long-term
     debt                           3,253,065                      3,091,461

    Asset
     retirement
     obligations
     and other                        152,695                        149,043

    Deferred
     purchase
     price
     obligation
     -
     Anadarko                               -                        41,440
    -----------                           ---                        ------

    Total
     liabilities                                $3,683,155                   $3,597,249
    ------------                                ----------                   ----------

    Equity and
     partners'
     capital

    Series A
     Preferred                  and
     units                      December
     (zero and                  31, 2016,
     21,922,831                 respectively)
     units
     issued
     and
     outstanding
     at June
     30, 2017,                              $            -                    $639,545

    Common
     units                      and
     (152,602,105               December
     and                        31, 2016,
     130,671,970                respectively)
     units
     issued
     and
     outstanding
     at June
     30, 2017,                      3,070,608                      2,536,872

    Class C
     units                      and
     (21,743,318                December
     and                        31, 2016,
     12,358,123                 respectively)
     units
     issued
     and
     outstanding
     at June
     30, 2017,                        764,174                        750,831

    General
     partner                    December
     units                      31, 2016)
     (2,583,068
     units
     issued
     and
     outstanding
     at June
     30, 2017,
     and                              165,442                        143,968

     Noncontrolling
     interest                          62,336                         64,563
                                       ------                         ------

    Total
     liabilities,
     equity
     and
     partners'
     capital                                    $7,745,715                   $7,733,028
    -------------                               ----------                   ----------



                                Western Gas Partners, LP

                    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                      (Unaudited)


                                                Six Months Ended
                                                    June 30,

    thousands                           2017                            2016
    ---------                           ----                            ----

    Cash
     flows
     from
     operating
     activities

    Net
     income
     (loss)                                      $279,488                               $286,408

     Adjustments
     to                           activities
     reconcile                    and
     net                          changes
     income                       in
     (loss)                       working
     to net                       capital:
     cash
     provided
     by
     operating

     Depreciation
     and
     amortization                    143,733                           132,400

    Impairments                      167,920                                   8,921

    (Gain)
     loss on
     divestiture
     and
     other,
     net                           (134,945)                            2,539

    Change
     in
     other
     items,
     net                            (23,044)                         (36,402)
    -------                          -------                           -------

    Net cash
     provided
     by
     (used
     in)
     operating
     activities                                  $433,152                               $393,866
    -----------                                  --------                               --------

    Cash
     flows
     from
     investing
     activities

    Capital
     expenditures                              $(260,480)                            $(255,923)

     Contributions
     in aid
     of
     construction
     costs
     from
     affiliates                        1,343                             3,854

     Acquisitions
     from
     affiliates                      (3,910)                        (715,199)

     Acquisitions
     from
     third
     parties                       (155,287)                                -

     Investments
     in
     equity
     affiliates                        (287)                              139

     Distributions
     from
     equity
     investments
     in
     excess
     of
     cumulative
     earnings
     -
     affiliates                        9,221                            10,611

    Proceeds
     from the
     sale of
     assets
     to
     affiliates                            -                              613

    Proceeds
     from the
     sale of
     assets
     to third
     parties                          23,292                               137

    Proceeds
     from
     property
     insurance
     claims                           22,977                             2,944
                                      ------                             -----

    Net cash
     provided
     by
     (used
     in)
     investing
     activities                                $(363,131)                            $(952,824)
    -----------                                 ---------                              ---------

    Cash
     flows
     from
     financing
     activities

     Borrowings,
     net of
     debt
     issuance
     costs                                       $159,989                               $530,000

     Repayments
     of debt                               -                        (290,000)

     Settlement
     of the
     Deferred
     purchase
     price
     obligation
     -
     Anadarko                       (37,346)                                -

    Increase
     (decrease)
     in
     outstanding
     checks                          (2,763)                          (1,314)

    Proceeds
     from the
     issuance
     of
     common
     units,
     net of
     offering
     expenses                          (183)                           25,000

    Proceeds
     from the
     issuance
     of
     Series A
     Preferred
     units,
     net of
     offering
     expenses                              -                          686,940

     Distributions
     to
     unitholders                   (381,771)                        (313,380)

     Distributions
     to
     noncontrolling
     interest
     owner                           (6,375)                          (7,460)

    Net
     contributions
     from
     (distributions
     to)
     Anadarko                             30                          (27,459)

    Above-
     market
     component
     of swap
     agreements
     with
     Anadarko                         28,670                            16,365
    -----------                       ------                            ------

    Net cash
     provided
     by
     (used
     in)
     financing
     activities                                $(239,749)                              $618,692
    -----------                                 ---------                               --------

    Net
     increase
     (decrease)
     in cash
     and
     cash
     equivalents                               $(169,728)                               $59,734

    Cash and
     cash
     equivalents
     at
     beginning
     of
     period                          357,925                            98,033
    ------------                     -------                            ------

    Cash and
     cash
     equivalents
     at end
     of
     period                                      $188,197                               $157,767
    ------------                                 --------                               --------



                                                            Western Gas Partners, LP

                                                              OPERATING STATISTICS

                                                                   (Unaudited)


                                        Three Months Ended                      Six Months Ended
                                             June 30,                               June 30,

                                        2017               2016                  2017              2016
                                        ----               ----                  ----              ----

    Throughput for natural gas
     assets (MMcf/d)

    Gathering, treating and
     transportation                      866                       1,508                         1,155   1,553

    Processing                         2,555                       2,320                         2,498   2,226

    Equity investment (1)                158                         170                           160     178
    --------------------                 ---                         ---                           ---     ---

       Total throughput for natural
        gas assets                     3,579                       3,998                         3,813   3,957
       ----------------------------    -----                       -----                         -----   -----

       Throughput attributable to
        noncontrolling interest for
        natural gas assets               107                         128                           108     132
       ----------------------------

    Total throughput attributable
     to Western Gas Partners, LP
     for natural gas assets            3,472                       3,870                         3,705   3,825
    -----------------------------      -----                       -----                         -----   -----

    Throughput for crude, NGL and
     produced water assets (MBbls/
     d)

    Gathering, treating and
     transportation                       50                          59                            47      59

    Equity investment (2)                132                         128                           129     127
                                         ---                         ---                           ---     ---

       Total throughput for crude, NGL
        and produced water assets        182                         187                           176     186
       -------------------------------   ---                         ---                           ---     ---

    Adjusted gross margin per Mcf
     attributable to Western Gas
     Partners, LP for natural gas
     assets (3)                                 $0.94                                   $0.84           $0.89  $0.82
    -----------------------------               -----                                   -----           -----  -----

    Adjusted gross margin per Bbl
     for crude, NGL and produced
     water assets (4)                   2.15                        2.03                          2.07    2.05
    -----------------------------       ----                        ----                          ----    ----

    (1)             Represents WES's 14.81% share of
                    average Fort Union throughput and 22%
                    share of average Rendezvous
                    throughput.

    (2)             Represents WES's 10% share of average
                    White Cliffs throughput, WES's 25%
                    share of average Mont Belvieu JV
                    throughput, WES's 20% share of
                    average TEG and TEP throughput, and
                    WES's 33.33% share of average FRP
                    throughput.

    (3)             Average for period. Calculated as
                    Adjusted gross margin attributable to
                    Western Gas Partners, LP for natural
                    gas assets (total revenues and other
                    for natural gas assets, less
                    reimbursements for electricity-
                    related expenses recorded as revenue
                    and cost of product for natural gas
                    assets, plus distributions from WES's
                    equity investments in Fort Union and
                    Rendezvous, and excluding the
                    noncontrolling interest owner's
                    proportionate share of revenue and
                    cost of product), divided by total
                    throughput (MMcf/d) attributable to
                    Western Gas Partners, LP for natural
                    gas assets.

    (4)             Average for period. Calculated as
                    Adjusted gross margin for crude, NGL
                    and produced water assets (total
                    revenues and other for crude, NGL and
                    produced water assets, less
                    reimbursements for electricity-
                    related expenses recorded as revenue
                    and cost of product for crude, NGL
                    and produced water assets, plus
                    distributions from WES's equity
                    investments in White Cliffs, the Mont
                    Belvieu JV, TEG, TEP and FRP),
                    divided by total throughput (MBbls/
                    d) for crude, NGL and produced water
                    assets.



                          Western Gas Equity Partners, LP

                  CALCULATION OF CASH AVAILABLE FOR DISTRIBUTION

                                    (Unaudited)


    thousands except per-unit amount
     and Coverage ratio                           Three Months Ended
                                                     June 30, 2017
    ---                                              -------------

    Distributions declared by Western
     Gas Partners, LP:

    General partner interest                                              $3,454

    Incentive distribution rights                             68,221

    Common units held by WGP                                  44,618

    Less:

    Public company general and
     administrative expense                                      612

    Interest expense                                             551
    ----------------                                             ---

    Cash available for distribution                                     $115,130
    -------------------------------                                     --------

    Declared distribution per common
     unit                                                               $0.52750
    --------------------------------                                    --------

    Distributions declared by Western
     Gas Equity Partners, LP                                            $115,487
    ---------------------------------                                   --------

    Coverage ratio                                              1.00 x
    --------------                                              ---- ---



                                                                  Western Gas Equity Partners, LP

                                                          CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                            (Unaudited)


                                         Three Months Ended                                     Six Months Ended
                                              June 30,                                              June 30,

    thousands except per-unit
     amounts                        2017                            2016                      2017               2016
    -------------------------       ----                            ----                      ----               ----

    Revenues and other

    Gathering, processing and
     transportation                       $299,435                                         $301,136                     $607,249  $595,140

    Natural gas and natural gas
     liquids sales               224,824                           126,993                               431,349          215,549

    Other                          1,191                               535                                 3,045            1,116
                                   -----                               ---                                 -----            -----

    Total revenues and other     525,450                           428,664                             1,041,643          811,805
    ------------------------     -------                           -------                             ---------          -------

    Equity income, net -
     affiliates                   21,728                            19,693                                41,189           36,507
                                  ------                            ------                                ------           ------

    Operating expenses

    Cost of product              203,277                           104,849                               392,636          181,316

    Operation and maintenance     76,148                            75,173                               149,908          151,386

    General and administrative    11,197                            11,887                                24,673           24,402

    Property and other taxes      11,924                            12,093                                24,218           22,443

    Depreciation and
     amortization                 74,031                            67,305                               143,733          132,400

    Impairments                    3,178                             2,403                               167,920            8,921
    -----------                    -----                             -----                               -------            -----

    Total operating expenses     379,755                           273,710                               903,088          520,868
    ------------------------     -------                           -------                               -------          -------

    Gain (loss) on divestiture
     and other, net               15,458                           (1,907)                              134,945          (2,539)
    --------------------------    ------                            ------                               -------           ------

    Proceeds from business
     interruption insurance
     claims                       24,115                             2,603                                29,882            2,603
                                  ------                             -----                                ------            -----

    Operating income (loss)      206,996                           175,343                               344,571          327,508

    Interest income -
     affiliates                    4,225                             4,225                                 8,450            8,450

    Interest expense            (36,297)                         (13,429)                              (72,330)        (45,568)

    Other income (expense), net      272                              (36)                                  718              105
                                     ---                               ---                                   ---              ---

    Income (loss) before income
     taxes                       175,196                           166,103                               281,409          290,495

    Income tax (benefit)
     expense                         843                               326                                 4,395            6,959
                                     ---                               ---                                 -----            -----

    Net income (loss)            174,353                           165,777                               277,014          283,536

    Net income (loss)
     attributable to
     noncontrolling interests     69,409                            76,914                                96,130          112,857
    -------------------------     ------                            ------                                ------          -------

    Net income (loss)
     attributable to Western
     Gas Equity Partners, LP              $104,944                                          $88,863                     $180,884  $170,679

    Limited partners' interest
     in net income (loss):

    Net income (loss)
     attributable to Western
     Gas Equity Partners, LP              $104,944                                          $88,863                     $180,884  $170,679

    Pre-acquisition net
     (income) loss allocated to
     Anadarko                          -                                -                                    -        (11,326)
    ---------------------------      ---                              ---                                  ---         -------

    Limited partners' interest
     in net income (loss)                 $104,944                                          $88,863                     $180,884  $159,353

    Net income (loss) per
     common unit - basic and
     diluted                                 $0.48                                            $0.41                        $0.83     $0.73

    Weighted-average common
     units outstanding - basic
     and diluted                 218,931                           218,921                               218,930          218,920
    --------------------------   -------                           -------                               -------          -------



                       Western Gas Equity Partners, LP

                    CONDENSED CONSOLIDATED BALANCE SHEETS

                                 (Unaudited)


    thousands
     except
     number of
     units                        June 30,                 December 31,
                                         2017                         2016
    ---                                  ----                         ----

    Current
     assets                                       $335,683                     $595,591

    Note
     receivable
     -
     Anadarko                         260,000                        260,000

    Net
     property,
     plant and
     equipment                      5,347,794                      5,049,932

    Other
     assets                         1,804,275                      1,830,574
                                    ---------                      ---------

    Total
     assets                                     $7,747,752                   $7,736,097
    -------                                     ----------                   ----------

    Current
     liabilities                                  $277,536                     $315,387

    Long-term
     debt                           3,281,065                      3,119,461

    Asset
     retirement
     obligations
     and other                        152,695                        149,043

    Deferred
     purchase
     price
     obligation
     -
     Anadarko                               -                        41,440
    -----------                           ---

    Total
     liabilities                                $3,711,296                   $3,625,331
    ------------                                ----------                   ----------

    Equity and
     partners'
     capital

    Common
     units                      and
     (218,933,141               December
     and                        31, 2016,
     218,928,570                respectively)
     units
     issued
     and
     outstanding
     at June
     30, 2017,                                  $1,070,254                   $1,048,143

     Noncontrolling
     interests                      2,966,202                      3,062,623
                                    ---------                      ---------

    Total
     liabilities,
     equity
     and
     partners'
     capital                                    $7,747,752                   $7,736,097
    -------------                               ----------                   ----------



                            Western Gas Equity Partners, LP

                    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                      (Unaudited)


                                                Six Months Ended
                                                    June 30,

    thousands                            2017                           2016
    ---------                            ----                           ----

    Cash
     flows
     from
     operating
     activities

    Net
     income
     (loss)                                       $277,014                              $283,536

     Adjustments
     to                            activities
     reconcile                     and
     net                           changes
     income                        in
     (loss)                        working
     to net                        capital:
     cash
     provided
     by
     operating

     Depreciation
     and
     amortization                     143,733                          132,400

    Impairments                       167,920                                  8,921

    (Gain)
     loss on
     divestiture
     and
     other,
     net                            (134,945)                           2,539

    Change in
     other
     items,
     net                             (22,364)                        (35,581)
    ---------                         -------                          -------

    Net cash
     provided
     by (used
     in)
     operating
     activities                                   $431,358                              $391,815
    -----------                                   --------                              --------

    Cash
     flows
     from
     investing
     activities

    Capital
     expenditures                               $(260,480)                           $(255,923)

     Contributions
     in aid
     of
     construction
     costs
     from
     affiliates                         1,343                            3,854

     Acquisitions
     from
     affiliates                       (3,910)                       (715,199)

     Acquisitions
     from
     third
     parties                        (155,287)                               -

     Investments
     in
     equity
     affiliates                         (287)                             139

     Distributions
     from
     equity
     investments
     in
     excess
     of
     cumulative
     earnings
     -
     affiliates                         9,221                           10,611

    Proceeds
     from the
     sale of
     assets
     to
     affiliates                             -                             613

    Proceeds
     from the
     sale of
     assets
     to third
     parties                           23,292                              137

    Proceeds
     from
     property
     insurance
     claims                            22,977                            2,944
                                       ------                            -----

    Net cash
     provided
     by (used
     in)
     investing
     activities                                 $(363,131)                           $(952,824)
    -----------                                  ---------                             ---------

    Cash
     flows
     from
     financing
     activities

     Borrowings,
     net of
     debt
     issuance
     costs                                        $159,989                              $556,017

     Repayments
     of debt                                -                       (290,000)

     Settlement
     of the
     Deferred
     purchase
     price
     obligation
     -
     Anadarko                        (37,346)                               -

    Increase
     (decrease)
     in
     outstanding
     checks                           (2,763)                         (1,314)

    Proceeds
     from the
     issuance
     of WES
     common
     units,
     net of
     offering
     expenses                           (183)                               -

    Proceeds
     from the
     issuance
     of WES
     Series A
     Preferred
     units,
     net of
     offering
     expenses                               -                         686,940

     Distributions
     to WGP
     unitholders                    (208,803)                       (181,156)

     Distributions
     to
     Chipeta
     noncontrolling
     interest
     owner                            (6,375)                         (7,460)

     Distributions
     to
     noncontrolling
     interest
     owners
     of WES                         (171,689)                       (130,947)

    Net
     contributions
     from
     (distributions
     to)
     Anadarko                              30                         (27,459)

    Above-
     market
     component
     of swap
     agreements
     with
     Anadarko                          28,670                           16,365
    -----------                        ------                           ------

    Net cash
     provided
     by (used
     in)
     financing
     activities                                 $(238,470)                             $620,986
    -----------                                  ---------                              --------

    Net
     increase
     (decrease)
     in cash
     and cash
     equivalents                                $(170,243)                              $59,977

    Cash and
     cash
     equivalents
     at
     beginning
     of
     period                           359,072                           99,694
    ------------                      -------                           ------

    Cash and
     cash
     equivalents
     at end
     of
     period                                       $188,829                              $159,671
    ------------                                  --------                              --------

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SOURCE Western Gas Partners, LP; Western Gas Equity Partners, LP