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Western Gas to acquire Anadarko's interest in Delaware Basin gathering system

Western Gas Partners (NYSE:WES) agrees to acquire Anadarko Petroleum's (NYSE:APC) 50% interest in the Delaware Basin JV gathering system.
WES paid no consideration at closing, but agreed to make a future payment in 2020 equal to 8x the average of the asset's 2018 and 2019 EBITDA, less capex incurred by WES from closing through Feb. 29, 2020; based on its current forecast of the asset's performance and capital needs, WES estimates a future payment of $283M.
WES also provides its 2015 outlook, including expectations for adjusted EBITDA of $725M-$775M and capex of $675M-$745M; sees WES distribution growth of no less than 15%, and distribution growth for Western Gas Equity Partners (NYSE:WGP) of no less than 30%.