Wednesday after the bell, Western Gas Partners, LP (WES) reported a slight drop in third-quarter profit from a year-ago on lower sales of natural gas and natural gas liquids.
Third quarter profit attributable to Western Gas Partners, LP decreased to $17.04 million from $17.94 million in the year-ago period. On a per share basis, net income declined to $0.30 from $0.32. Analysts polled by Thomson Reuters expected earnings of $0.27 for the quarter. Analysts' estimates typically exclude one-time items.
Western Gas total revenue for the quarter dropped to $60.99 million from $94.58 million in the prior-year period. Analysts expected revenue of $57.12 million for the quarter.
Segment-wise revenue from gathering, processing and transportation of natural gas increased to $37.95 million from $35.13 million last year. Revenue from natural gas, natural gas liquids and condensate sales plunged to $20.59 million from $53.42 million in the prior-year quarter, while equity income also decreased to $2.45 million from $6.02 million. Western Gas total operating expenses for the quarter decreased to $42.70 million from $79.60 million in the year-ago period. Capital expenditures attributable to Western Gas Partners, LP totaled approximately $5.2 million for the quarter.
Total throughput for the quarter declined to 1,387 million cubic feet per day or MMcf/d from 1,467 MMcf/d in the prior-year quarter. Throughput of gathering and transportation segment decreased to 876 MMcf/d from 1,010 MMcf/d, while throughput of the processing segment increased to 392 Mmcf/d from 346 Mmcf/d in the year-earlier period. For the nine-month period, Western Gas net income increased to $58.06 million or $0.91 per share from $51.67 million or $0.47 per share in the year-ago period. Total revenue declined to $182.66 million from $279.08 million in the year-ago period. Capital expenditures declined to $41.50 million from $68.93 million last year.
The partnership previously declared a quarterly distribution of $0.32 per unit for the third quarter of 2009, payable on November 13, 2009 to unitholders on record on October 30, 2009, representing a 3.2% increase over the prior quarter and an aggregate increase of 6.7% over the prior year.
WES closed Wednesday's regular trading session at $18.51, up $0.09 or 0.49%, on the NYSE.
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