Western Gas Partners, LP (WES) Monday reported fourth-quarter net income available to limited partners of $31.5 million or $0.35 per common unit, dropping from $34.0 million or $0.48 per share in the year-ago quarter.
On average, 11 analysts polled by Thomson Reuters expected earnings of $0.43 per unit for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew to $179.6 million from $128.2 million in the year-ago quarter. Seven Street analysts had a consensus revenue estimate of $179.9 million for the quarter.
Total throughput attributable to the Partnership for the fourth quarter averaged 2.0 Bcf/d, 3 percent above the prior quarter and 8 percent above the fourth quarter of 2010.
Western Gas Partners' president and chief executive officer Don Sinclair, said," 2011 was an inflection point for Western Gas. We completed our first major third-party acquisition, increased the size of our committed credit facility to $800 million, successfully launched our first public debt offering, and continued to benefit from our sponsor's tremendous support."
Providing its outlook including the previously announced acquisition of Mountain Gas Resources, LLC effective January 1, 2012, the company expects Adjusted EBITDA for 2012 between $335 million and $365 million, compared with $261.4 million for 2011.
Total capital expenditures (excluding acquisitions) are expected to be between $410 million and $460 million with maintenance capital expenditures expected to be between 8 percent and 11 percent of Adjusted EBITDA. The 2012 capital expenditure forecast includes one expansion project already underway, the completion of a third train at Chipeta Processing, LLC, and two growth projects.
WES closed Monday's regular trade at $45.32, up $0.41 or 0.91%, on the NYSE. In the after-hours, the stock gained $0.19 or 0.42%. Over the past year, the stock traded in a range of $30.75 - 45.88.
by RTT Staff Writer
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