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Western Gas Partners, LP WES
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/28/2013

Operator: Good morning, my name is Steve and I'll be your conference operator today. At this time, I would like to welcome everyone to the Q4 Western Gas Partners and Western Gas Equity Partners Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.

I would now like to turn the conference over to your host for today Benjamin Fink, Senior Vice President and Chief Financial Officer. Please go ahead sir.

Benjamin M. Fink - SVP, CFO and Treasurer: Thank you Steve. I'm glad you could join us today to discuss Western Gas's fourth quarter and full year 2012 results as well as our outlook for 2013. Please note that on this call, we will be referring to Western Gas Partners as WES and Western Gas Equity Partners as WGP. Joining me on the call today are Don Sinclair, our President and CEO; Danny Rea, our COO; and other members of the management team who will be available to answer your questions later in the call.

Before I turn the call over to Don, I'll remind you that this presentation contains estimates that are based on the best information available to us at this time and believe that these estimates are reasonable. However, a number of factors could cause actual results to differ materially from those that we discussed. You should read the full disclosure on forward-looking statements, our presentation slides, our latest 10-K, our other SEC filings and our press releases for the risks associated with our business and other relevant information. In addition, we'll be referencing certain non-GAAP measures on this call, so be sure to see the reconciliations in our earnings release.

As a reminder, you can view and download all of these materials, including the slides that we will refer to on this call at www.westerngas.com.

Lastly for those of you who are unitholders of WES in 2012, I'm pleased to inform you that your K-1 will be available on our website by next week with paper copies to be mailed to you later in March. For those of you who are unitholders of WGP in 2012, your K-1 will be made available on our website in mid-March with paper copy to be mailed to you towards the end of the month.

With that let me turn the call over to Don.

Donald R. Sinclair - President and CEO: Thanks, Ben. Good morning, everyone, and thank you for joining us today. I'd like to welcome those of you who are new investors in WGP and therefore first time participants on our earnings call. On this call, we posted my comments on WES's operation and financial performance and we will discuss the implications to WGP where appropriate.

Yesterday we announced our fourth quarter and full year results for 2012. For the full year, WES's adjusted EBITDA was in line with low end of our most recently announced guidance range. Our full year results for total capital expenditures and maintenance capital as a percentage of adjusted EBITDA were in the middle of the announced ranges.

2012 was an important year for WES, highlighted by two acquisitions, consistent performance despite weak natural gas and NGL markets, the launch of a robust growth capital program, and the receipt of our second investment-grade rating. We ended the year with over $1 billion in liquidity and raised our fourth quarter distribution to $0.52 per unit, an 18% increase over last year while maintaining healthy coverage ratios.

Read our Earnings Call Transcript disclaimer.
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