HOUSTON, June 7, 2018 /PRNewswire/ -- Anadarko Petroleum
Corporation (NYSE: APC) and Western Gas Equity Partners, LP
(NYSE:WGP) today announced the settlement of 9,200,000 outstanding
tangible equity units (TEUs), originally issued in 2015, in
exchange for approximately 8,207,320 WGP common units and cash in
lieu of fractional units. The WGP common units delivered to settle
the TEUs were owned by a wholly owned subsidiary of Anadarko. WGP
filed a prospectus for the WGP units delivered upon settlement, but
did not issue any securities in connection with the settlement.
Anadarko Petroleum Corporation's mission is to deliver a
competitive and sustainable rate of return to shareholders by
exploring for, acquiring and developing oil and natural gas
resources vital to the world's health and welfare. As of year-end
2017, the company had 1.44 billion barrels-equivalent of proved
reserves, making it one of the world's largest independent
exploration and production companies.
Western Gas Partners, LP ("WES") is a growth-oriented
Delaware master limited
partnership formed by Anadarko Petroleum Corporation to acquire,
own, develop and operate midstream assets. With midstream assets
located in the Rocky Mountains, North-central Pennsylvania, Texas and New
Mexico, WES is engaged in the business of gathering,
compressing, treating, processing and transporting natural gas;
gathering, stabilizing and transporting condensate, natural gas
liquids and crude oil; and gathering and disposing of produced
water for Anadarko, as well as for third-party producers and
customers. In addition, in its capacity as a processor of natural
gas, WES also buys and sells natural gas, NGLs and condensate on
behalf of itself and as agent for its customers under certain of
its contracts.
Western Gas Equity Partners, LP ("WGP") is a Delaware master limited partnership formed by
Anadarko Petroleum Corporation to own the following types of
interests in WES: (i) the general partner interest and all of the
incentive distribution rights in WES, both owned through WGP's 100%
ownership of WES's general partner, and (ii) a significant limited
partner interest in WES.
Anadarko Contacts
MEDIA:
John Christiansen,
john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland,
stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin
Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com,
832.636.2562
Andy Taylor,
andy.taylor@anadarko.com, 832.636.3089
Western Gas Contact
Jonathon
E. VandenBrand
Director, Investor Relations
jon.vandenbrand@anadarko.com
832.636.6000
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SOURCE Western Gas Equity Partners, LP