Late Tuesday, Western Gas Partners, L.P. (WES) reported an increase in net income for the fourth quarter from the prior-year period, helped by lower operating expenses and an interest income that offset a 19% decline in revenue. In addition, the board of directors of the partnership's general partner approved a capital budget of $31 million for 2009.
For the fourth quarter, the company's net income rose to $20.11 million from $11.90 million in the previous-year quarter. Net income available to limited partners for the quarter totaled $16.13 million, or $0.30 per limited partner unit.
On average, six analysts polled by Thomson Reuters expected the company to report earnings for the quarter of $0.31 per share. Analysts' estimates typically exclude special items.
The company noted that the results include the full-year effect of the partnership's acquisition of Powder River assets from Anadarko Petroleum Corp. (APC), which closed in December 2008. Total revenues for the quarter declined 18.5% to $57.41 million from $70.46 million in the same period last year. Wall Street analysts had a consensus revenue estimate for the quarter of $36.09 million.
Operating expenses for the quarter declined to $38.93 million from $51.41 million in the previous-year quarter. Operating income for the quarter was $18.49 million, down from $19.05 million a year ago.
The company's interest income for the quarter was $4.26 million, compared to interest expense of $1.65 million in the prior-year period. Income tax expense declined to $2.65 million from $5.49 million in the year-ago period.
Total throughput volumes for the quarter were 1,074 MMcf/d, an increase of about 2% over 1,057 MMcf/d for the same period last year.
Capital expenditures for the quarter totaled about $12.8 million.
For fiscal year 2008, the company's net income surged to $65.28 million from $36.66 million a year ago. Net income available to limited partners for the year was $41.26 million, or $0.77 per limited partner unit.
Revenues for the year rose to $311.65 million from $261.49 million in the prior year.
For fiscal year 2009, the company forecasts adjusted EBITDA between $90 million and $110 million.
The company also said that the board of directors of the partnership's general partner approved a capital budget of $31 million. The company predicts total capital expenditures for the year to be between $27 million and $31 million.
WES closed Tuesday's regular trading session at $13.02, up $0.39 or 3.09% on a volume of 0.28 million shares.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.