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Stock Market & Financial Investment News

News Breaks
May 8, 2014
07:34 EDTWES, WGPWestern Gas Equity price target raised to $59 from $51 at Oppenheimer
Oppenheimer increased its price target on Western Gas Equity (WGP), as the firm believes that Western Gas Partners (WES) continues to operate at a very high level. All of Western Gas Equity's cash flows are derived from Western Gas Partners, according to the firm. It keeps an Outperform rating on Western Gas Equity.
News For WGP;WES From The Last 14 Days
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March 4, 2015
07:08 EDTWES, WGPBarclays to hold a conference
2015 Investment Grade Energy and Pipeline Conference is being held in New York on March 4-5.
March 3, 2015
19:22 EDTWESWestern Gas Partners to host conference call
Conference call to discuss 2015 outlook will be held on March 4 at 8 am. Webcast Link
16:04 EDTWES, WGPWestern Gas Partners sees 2015 distribution growth no less than 15%
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16:03 EDTWESWestern Gas Partners acquires Anadarko's 50% inerest in joint venture
Western Gas Partners (WES) announced that it has acquired Anadarko's (APC) 50% interest in the Delaware Basin JV gathering system. The Partnership paid no consideration at closing, but agreed to make a future payment on March 31, 2020 equal to eight times the average of the asset's 2018 and 2019 earnings before interest, taxes, depreciation and amortization, less the capital expenditures incurred by WES from the closing date through February 29, 2020. Based on its current forecast of the asset's performance and capital needs, the Partnership currently estimates the future payment will be $283M. "This immediately accretive acquisition is another step towards the consolidation of our significant Delaware Basin position," said CEO Don Sinclair. "We will benefit from the asset's strategic position, the world-class resources in the Delaware Basin, and the addition of a 100% fee-based asset into our portfolio. Furthermore, the flexible financing structure assists us in maintaining our growth targets in a challenging environment." In conjunction with the acquisition, Anadarko has amended its existing gathering agreement with DBJV to extend the term to December 31, 2024. Gathering rates are determined using a cost-of-service methodology under which DBJV earns a targeted rate of return of 18% over the life of the agreement. The Partnership estimates that the net present value of the purchase price payment is $176M and that the asset will generate $15 to $25M of EBITDA in 2015. The terms of the acquisition were approved by the board of directors of the Partnership's general partner and by the board's special committee, which is comprised entirely of independent directors.
10:44 EDTWESAnadarko reduces initial FY15 capital expectations by 33% y/y
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