Western Gas Equity Partners, LP Announces Pricing of Initial Public Offering

  Western Gas Equity Partners, LP Announces Pricing of Initial Public Offering

Business Wire

HOUSTON -- December 06, 2012

Western Gas Equity Partners, LP today announced that it has priced its initial
public offering of 17,181,000 common units representing limited partner
interests at $22.00 per common unit. Western Gas Equity Partners has granted
the underwriters a 30-day option to purchase up to an additional 2,577,150
common units to cover over-allotments. The common units are expected to begin
trading on the New York Stock Exchange under the symbol “WGP” on December 7,
2012. The offering is expected to settle and close on December 12, 2012,
subject to customary closing conditions.

Western Gas Equity Partners intends to use the net proceeds from the offering
to purchase from Western Gas Partners, LP (“WES”) 7,575,462 common units
representing limited partner interests in WES at a price of $46.00 per unit,
and to make a corresponding capital contribution to WES, on behalf of Western
Gas Holdings, LLC (“WES GP”), to allow WES GP to maintain its 2.0% general
partner interest in WES. Any net proceeds from the exercise of the
underwriters’ over-allotment option will be used to purchase from WES
additional common units and a corresponding number of general partner units.
Assuming no exercise of the underwriters’ over-allotment option, upon
conclusion of the offering, Western Gas Equity Partners will own a 45.6%
limited partner interest and all of the general partner interest in WES and
all of WES’s incentive distribution rights, and Anadarko Petroleum Corporation
(NYSE: APC) will own a 92.0% limited partner interest and all of the general
partner interest in Western Gas Equity Partners.

Western Gas Equity Partners is a Delaware master limited partnership formed to
own three types of partnership interests in WES (NYSE:WES), a publicly traded
limited partnership. WES is a growth-oriented Delaware master limited
partnership organized by Anadarko Petroleum Corporation to own, operate,
acquire and develop midstream energy assets. Western Gas Equity Partners’ only
cash-generating assets consist of partnership interests in WES.

Barclays, Citigroup, Deutsche Bank Securities and Morgan Stanley are acting as
joint book-running managers for the offering. The offering will be made only
by means of a prospectus, copies of which may be obtained from:

Barclays                              Citigroup
c/o Broadridge Financial Solutions       c/o Broadridge Financial Solutions
1155 Long Island Ave.                    1155 Long Island Ave.
Edgewood, NY 11717                       Edgewood, NY 11717
barclaysprospectus@broadridge.com        batprospectusdept@citi.com
Toll-Free: (888) 603-5847                Toll-Free: (800) 831-9146
                                         
Deutsche Bank Securities                 Morgan Stanley
60 Wall Street                           Attention: Prospectus Department
New York, NY 10005-2836                  180 Varick Street, 2^nd Floor
Attention: Prospectus Group              New York, NY 10014
prospectus.CPDG@db.com                   prospectus@morganstanley.com
Toll-Free: (800) 503-4611                Toll-Free: (866) 718-1649

When available, an electronic copy of the prospectus may be obtained from the
Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov.

A registration statement relating to these securities has been filed with, and
declared effective by, the SEC. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall there be any
sale of, these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such state or jurisdiction.

This news release contains forward-looking statements. Western Gas Equity
Partners and its general partner believe that their expectations are based on
reasonable assumptions. No assurance, however, can be given that such
expectations will prove to have been correct. A number of factors could cause
actual results to differ materially from the projections, anticipated results
or other expectations expressed in this news release, including Western Gas
Equity Partners' ability to successfully complete its initial public offering.
See the “Risk Factors” included in the registration statement, in WES’s Annual
Report on Form 10-K for the year ended December 31, 2011 and Quarterly Reports
on Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and
September 30, 2012 and in Western Gas Equity Partners’ and WES’s other public
filings and press releases. Except as required by law, Western Gas Equity
Partners undertakes no obligation to publicly update or revise any
forward-looking statements.

Contact:

Western Gas Equity Partners, LP
Benjamin Fink, CFA, 832-636-6010
SVP, Chief Financial Officer & Treasurer
benjamin.fink@westerngas.com