Western Gas Equity Partners Lp. (WGP) priced an offering of a stake in a natural gas producer. The master limited partner offered 5 million units in Western Gas Resources Inc. to the public at $60.19 per unit.
Western Gas Resources, a subsidiary of Anadarko Petroleum Corp. (APC), granted its bankers a 30-day option to purchase up to 750,000 additional common units, according to a statement.
The offering is expected to close on July 7, the statement said.
Western Gas Equity Partners LP owns partnership interest in Western Gas Partners, LP which is engaged in gathering, processing, compressing, treating and transporting Anadarko and third-party natural gas, condensate, NGLs and crude oil in the U.S. Western Gas Equity fell 3.3% to $60.61 a share on Tuesday. It reached a record high of $62.85 on June 30.