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Western Gas Partners LP Acquires Chipeta Processing LLC From Anadarko Petroleum Corporation; Declares Dividend

Wednesday, 1 Aug 2012 04:29pm EDT 

Western Gas Partners LP announced that it has acquired an additional 24% membership interest in Chipeta Processing LLC (Chipeta) from Anadarko Petroleum Corporation for total consideration of $135 million. As a result of the acquisition, the Partnership owns a 75% membership interest in Chipeta, while a third party retains a 25% membership interest. The Partnership financed the acquisition with $128.3 million of cash on hand, and the issuance of 151,235 common units to Anadarko and 3,086 general partner units to Western Gas Holdings, LLC, the Partnership's general partner, at an implied price of approximately $43.74 per unit. The transaction will be immediately accretive to the Partnership, with the acquisition price representing an approximate 7.9 times multiple of the assets’ forecasted 2013 earnings before interest, taxes, depreciation and amortization. The acquisition closed on August 1, 2012, with the Partnership receiving distributions from Chipeta’s operations (related to the additional interest) beginning July 1, 2012. The Company also announced that the Board of Director declared a quarterly distribution of $0.48 per unit for the second quarter of 2012, payable on August 13, 2012, to unitholders of record at the close of business on July 31, 2012, representing a 4% increase over the prior quarter and a 19% increase over the second-quarter 2011 distribution of $0.405 per unit. 

Company Quote

-0.12 -0.17%
23 Apr 2014