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Despite low prices, Western Gas reports profit in Q1

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Despite low prices, Western Gas reports profit in Q1

Western GasPartners LP on May 3 reported first-quarter 2016 net incomeavailable to limited partners of $47.0 million, or 31 cents per unit, comparedto a net loss available to limited partners of $218.7 million, or a loss of$1.61 per unit, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate forthe first quarter was 40 cents.

First-quarter adjusted EBITDA amounted to $231.1 million, comparedto $220.0 million in the same period last year, while distributable cash flowfor the first quarter totaled $191.9 million, compared to $185.6 million in theprior-year period.

Western Gas Partners' distribution coverage ratio for thefirst quarter was 1.21x.

Western GasEquity Partners LP also reported first-quarter 2016 net incomeavailable to limited partners of $70.5 million, or 32 cents per unit, comparedto a net loss available to limited partners of $41.4 million, or a loss of 19cents per unit, in the year-ago quarter. The S&P Capital IQ consensusnormalized EPS estimate for the first quarter was 27 cents.

The partnership received distributions from Western GasPartners totaling $93.3 million attributable to the first quarter.

Western Gas Equity Partners indirectly owns the generalpartner interest in Western Gas Partners, 100% of the incentive distributionrights in the partnership and 50,132,046 Western Gas Partners common units.