Western Gas Partners LP closed its previously announced acquisition of Nuevo Midstream LLC. The $1.5 billion purchase price and certain purchase price adjustments were funded through the issuance of $750 million of Class C units to Anadarko Petroleum Corp., borrowings under the partnership's revolving credit facility and cash on hand, including the proceeds from the partnership’s November 2014 equity offering. Discussions with a third party regarding its potential 50% investment in Nuevo are ongoing, and the partnership has mutually agreed with the third party to extend the option period expiration date to no later than Dec. 19, 2014, to allow for additional evaluation of the opportunity.

The partnership also closed the issuance of 1,120,153 common units representing limited partner interests under the partial exercise of the 1,125,000 common unit over-allotment option granted to the underwriters in connection with its recent public offering of 7,500,000 common units. Aggregate net proceeds from the offering of approximately $602.9 million were used to partially fund the Nuevo acquisition.