WESTERN GAS EQUITY PARTNERS, LP (NYSE:WGP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
WESTERN GAS EQUITY PARTNERS, LP (NYSE:WGP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 27, 2017, Anadarko Petroleum Corporation (“Anadarko”) announced that Mr. Philip H. Peacock had been appointed Vice President, Associate General Counsel and Assistant Secretary of Anadarko. Mr. Peacock will continue to serve as the Senior Vice President, General Counsel and Corporate Secretary of our general partner and of our wholly owned subsidiary, Western Gas Holdings, LLC, which is the general partner for Western Gas Partners, LP (“WES”).
The expected portion of Mr. Peacock’s compensation that will be allocable to WES by Anadarko includes: (i) an annual base salary of approximately $155,000; (ii) a bonus target opportunity under Anadarko’s annual incentive program equal to 65% of the base salary allocated to WES; and (iii) a $300,000 equity award under Anadarko’s 2012 Omnibus Incentive Compensation Plan based on Anadarko’s closing stock price on March 27, 2017, with such value delivered 40% in performance units, 35% in stock options and 25% in restricted stock units. In addition, Mr. Peacock will enter into a key employee change of control agreement with Anadarko that is standard for similarly situated officers at Anadarko. The performance period for Mr. Peacock’s performance units will be January 1, 2017 through December 31, 2019. Mr. Peacock’s stock options and restricted stock units will vest in one-third increments over three years, beginning on March 27, 2018.
Mr. Peacock will be eligible to receive future equity awards under our and Anadarko’s compensation programs, as described under the heading “Executive Compensation —>Compensation Discussion and Analysis —>Elements of compensation” in our Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission on February 23, 2017. Mr. Peacock is also eligible to participate in Anadarko’s other benefits, including welfare and retirement benefits, severance benefits and change of control benefits, compensation programs, and other benefits on the same basis as other eligible Anadarko employees, and WES will bear the expenses related to the portion of such benefits allocable to WES.
About WESTERN GAS EQUITY PARTNERS, LP (NYSE:WGP)
Western Gas Equity Partners, LP (WGP) is a limited partnership formed in to own approximately three types of partnership interests in Western Gas Partners, LP (WES). WES owns, operates, acquires and develops midstream energy assets. Through its subsidiary WES, the Company is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, natural gas liquids (NGLs) and crude oil for Anadarko Petroleum Corporation (Anadarko). The types of partnership interests owned by WGP include the general partner interest in WES, held through Western Gas Holdings, LLC (WES GP); the incentive distribution rights (IDRs) in WES, which entitle WGP to receive increasing percentages, till approximately 48%, of any incremental cash distributed by WES as certain target distribution levels are reached in any quarter, and a limited partner interest in WES. WES’s assets are located in the Rocky Mountains, the Mid-Continent, North-central Pennsylvania and Texas. WESTERN GAS EQUITY PARTNERS, LP (NYSE:WGP) Recent Trading Information
WESTERN GAS EQUITY PARTNERS, LP (NYSE:WGP) closed its last trading session up +0.77 at 46.10 with 122,959 shares trading hands.
Western Gas Equity Partners, LP (WGP) is a limited partnership formed in to own approximately three types of partnership interests in Western Gas Partners, LP (WES). WES owns, operates, acquires and develops midstream energy assets. Through its subsidiary WES, the Company is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, natural gas liquids (NGLs) and crude oil for Anadarko Petroleum Corporation (Anadarko). The types of partnership interests owned by WGP include the general partner interest in WES, held through Western Gas Holdings, LLC (WES GP); the incentive distribution rights (IDRs) in WES, which entitle WGP to receive increasing percentages, till approximately 48%, of any incremental cash distributed by WES as certain target distribution levels are reached in any quarter, and a limited partner interest in WES. WES’s assets are located in the Rocky Mountains, the Mid-Continent, North-central Pennsylvania and Texas. WESTERN GAS EQUITY PARTNERS, LP (NYSE:WGP) Recent Trading Information
WESTERN GAS EQUITY PARTNERS, LP (NYSE:WGP) closed its last trading session up +0.77 at 46.10 with 122,959 shares trading hands.