| What Drove Western Gas Partners’ Recent Operating Performance? | |
| | |
|
Comparing 4 Midstream MLP Subsidiaries of Upstream C-Corps (Continued from Prior Part) Western Gas Partners
Western Gas Partners (WES) was formed by Anadarko Petroleum (APC) to own, operate, acquire, and develop midstream energy assets. Anadarko Petroleum is a premier oil and gas E&P (exploration and production) company.
Western Gas Partners provides natural gas, crude oil, and NGL (natural gas liquid) gathering, processing, compressing, treating, and transporting services to Anadarko Petroleum and other third-party producers and customers. Its general partner is held by Western Gas Equity Partners (WGP). Apart from a general partner interest, Western Gas Equity Partners also holds a 34.90% limited partner interest and IDRs (incentive distribution rights) in Western Gas Partners. Western Gas Equity Partners is a wholly owned subsidiary of Anadarko Petroleum.
Western Gas Partners’ Revenues
Western Gas Partners’ total revenue has grown for the past three quarters. Its 2Q15 revenue grew by 16.40% YoY (year-over-year) compared to 2Q14 and 7.28% quarter-over-quarter compared to 1Q15. Western Gas Partners’ peers are MarkWest Energy Partners (MWE) and Summit Midstream Partners (SMLP). They also provide crude oil and natural gas midstream services in the Appalachian Basin. Their 2Q15 revenue fell by 11.33% YoY and 10.12% YoY, respectively. Western Gas Partners accounts for 0.45% of the Multi-Asset Diversified Income Index Fund (MDIV).
Revenue drivers
- Throughput volumes – Western Gas Partners’ biggest revenue driver is its throughput volumes. Its throughput volumes have continued to grow for the past several quarters. Its total throughput for 2Q15 attributable to natural gas assets grew by 4% compared to 1Q15 and 13% compared to 2Q14. The total throughput for crude and NGL assets grew by 2% and 17% compared to 1Q15 and 2Q14, respectively. The partnership’s throughput volumes were driven by the startup of the Lancaster Train II system and volume growth across the DJ and Delaware basins.
- Commodity exposure – To some extent, Western Gas Partners’ revenue is exposed to commodity prices through its natural gas, NGL, and condensate sales businesses.
Western Gas Partners’ adjusted EBITDA
The partnership’s 2Q15 adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) rose by $30.2 million compared to 2Q14. This was a YoY rise of 17.20%. It was driven by higher total revenue. The adjusted EBITDA for the six-month period ending on June 30, 2015, grew by 19.40% YoY over the same period last year.
Continue to Next Part Browse this series on Market Realist:
|
|
|
Anadarko
|
|
|
CODE : APC |
ISIN : US0325111070 |
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Anadarko est une société d’exploration minière basée au Canada. Anadarko est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 38,6 milliards US$ (34,5 milliards €). La valeur de son action a atteint son plus bas niveau récent le 12 mai 1995 à 10,00 US$, et son plus haut niveau récent le 23 mai 2014 à 99,93 US$. Anadarko possède 531 000 000 actions en circulation. |