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Western Gas Partners buys stake in pipeline assets from Anadarko
August 1, 2012 / 9:31 PM / 5 years ago

Western Gas Partners buys stake in pipeline assets from Anadarko

Aug 1 (Reuters) - Western Gas Partners LP said it bought additional interest in certain pipeline assets from Anadarko Petroleum Corp for $135 million.

The midstream energy firm also reported a lower second-quarter profit.

Western Gas bought 24 percent of Chipeta Processing LLC, which owns a natural gas processing complex including three processing trains, to bring its total interest in the project to 75 percent.

The deal, which closed today, is expected to immediately add to its profit, Western Gas said.

The company also reported a lower second-quarter profit of $30.2 million, or 33 cents per unit, compared with a profit of $32.1 million, or 40 cents per unit, a year earlier.

Total revenue fell 2 percent to $205.3 million.

Western Gas shares closed at $45.37 on Wednesday on the New York Stock Exchange. Anadarko shares closed at $68.63.

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