Western Gas Partners LP (WES) and Western Gas Equity Partners, LP (WGP) Offer FY18 Guidance

Western Gas Partners, LP (NYSE: WES) and Western Gas Equity Partners, LP (NYSE: WGP) today announced their 2018 outlook.

2018 WES OUTLOOK HIGHLIGHTS

• Adjusted EBITDA(1) between $1.15 billion and $1.25 billion
• Total capital expenditures between $1.0 billion and $1.1 billion
• Maintenance capital expenditures between $80 million and $90 million
• Full year distribution coverage ratio above 1.1 times, driven by a first half coverage ratio above 1.0 times, widening to above 1.2 times for the second half of the year
• Distribution growth of 1.5 cents per quarter through 2019

"We expect to generate significant Adjusted EBITDA growth in 2018 driven by the returns on our strategic investments in the Delaware and DJ Basins," said President and Chief Executive Officer, Benjamin Fink. "Our 2018 capital program is focused on further development of the infrastructure backbone in the Delaware Basin and continued capacity expansion in the DJ Basin. I am also excited to announce that Ramsey VI is currently starting up and will begin processing gas this month."

The 2018 outlook includes the following assumptions:

• Mentone Trains I and II start-up late in the third and fourth quarters of 2018, respectively
• Extension of the DJ Basin and MGR fixed price agreements with Anadarko through 2018

In addition, this outlook does not include any impacts from acquisitions or exercises of investment options.

Note: All percentages and amounts are approximate.

Furthermore, Anadarko previously announced plans to deploy approximately $550 million towards midstream infrastructure in the Delaware and DJ Basins. Highlights of the Anadarko midstream capital plan include the completion of two regional oil treating facilities which will enable strong volumetric growth in the second half of the year in West Texas. The midstream assets at Anadarko are expected to generate EBITDA of over $300 million in 2018.

"We are very proud of the fact we have positioned Western Gas to fund this robust capital program without needing to issue equity," said Mr. Fink. "We further believe that we can sustain our current distribution growth rate of $0.015 per quarter through 2019 while generating strong coverage levels consistent with the second half of 2018."

2018 WGP OUTLOOK

Based on the expected WES distribution growth rate and assuming no WES equity issuances, WGP's expected distribution growth rate is forecasted to be approximately 12%.

PRESENTATION AND WEBCAST

Mr. Fink will provide additional details and information regarding the 2018 outlook during his presentation at the 2017 Wells Fargo Securities Pipeline, MLP, and Utility Symposium tomorrow at 1:55 p.m. EST. The presentation materials and a link to the webcast presentation will be available at www.westerngas.com.

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