Western Midstream Partners, LP (WES) 2014年年度报告「NYSE」.pdf

1、2 01 4 AN N UAL R EPORTRefecting on 2014,we saw another year of top tier performance for Western Gas Partners,LP.Our full year average natural gas and natural gas liquids throughput rose to 3.5 Bcf/d and 116 MBbls/d,respectively,which represented a 9%and 190%increase,respectively,over 2013,and our 2

2、014 Adjusted EBITDA grew to$646 million a 41%increase over 2013.This solid operating performance allowed us to pay a full-year 2014 distribution of$2.65 per unit,which represented a 16%increase over the 2013 distribution,while maintaining a healthy 2014 coverage ratio of 1.20 times.We also continued

3、 our focus on organic growth,with record total capital expenditures of$748 million during the year,primarily focused in the prolifc DJ Basin in Colorado and Marcellus Shale in Pennsylvania.Perhaps more signifcantly,in November 2014,we acquired Nuevo Midstream,LLC,which owns natural gas gathering and

4、 processing assets in the Delaware Basin in West Texas an area that has quickly become one of the largest resource plays in North America.These assets are strategic to our sponsor,Anadarko Petroleum Corporation,and provide us with excellent opportunity for long-term growth.Further,to allow us fexibi

5、lity in funding early-stage growth capital for these assets,Anadarko purchased$750 million of our Class C units,which receive distributions in the form of additional Class C units until the end of 2017.We began 2015 by adding to our West Texas footprint through the acquisition of Anadarkos 50%intere

6、st in the Delaware Basin JV gathering system,which is in close proximity to the newly-acquired Nuevo assets and our Haley gathering system.With Anadar-kos support,we structured the acquisition of this early-stage asset to be immediately accretive to the partnership by deferring the payment of consid