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OTHER SECURITIES MATTERS
−Removed: Unregistered sales of equity securities and use of proceeds.
−Removed: Under the Exchange Agreement, WES issued 9,060,641 general partner units to the general partner in 2019.
−Removed: See Note 1—Summary of Significant Accounting Policies and Basis of Presentation in the Notes to Consolidated Financial Statements under Part II, Item 8 of this Form 10-K.
Securities authorized for issuance under equity compensation plans.
−Removed: Our general partner has the authority to grant equity compensation awards under the Western Gas Equity Partners, LP 2012 Long-Term Incentive Plan (“WES LTIP”) and the Western Gas Partners, LP 2017 Long-Term Incentive Plan (assumed by us in connection with the Merger) to our independent directors, executive officers, and employees.
−Removed: The WES LTIP permits the issuance of up to 3,000,000 units, of which 2,823,967 units remained available for future issuance as of December 31, 2020.
−Removed: The Western Gas Partners, LP 2017 Long-Term Incentive Plan permits the issuance of up to 3,431,251 units, of which 3,431,251 units remained available for future issuance as of December 31, 2020.
+Added: Our general partner has the authority to grant equity compensation awards to our independent directors, executive officers, and employees under (i) the Western Gas Equity Partners, LP 2012 Long-Term Incentive Plan (the “2012 LTIP”), (ii) the Western Gas Partners, LP 2017 Long-Term Incentive Plan (the “2017 LTIP,” assumed by the Partnership in connection with the Merger), and (iii) the Western Midstream Partners, LP 2021 Long - Term Incentive Plan (the “2021 LTIP”).
+Added: The 2012 LTIP, the 2017 LTIP, and the 2021 LTIP permit the issuance of up to 3,000,000, 3,431,251, and 9,500,000 units, respectively, of which 484,909, 2,308,578, and 9,500,000 units, respectively, remained available for future issuance as of December 31, 2021.
Read the information under Part III, Item 12 of this Form 10-K, which is incorporated by reference into this Item 5.
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Purchases of equity securities by the issuer and affiliated persons.
−Removed: The following table sets forth information with respect to repurchases made by WES of its common units in the open market under the Purchase Program during the fourth quarter of 2020:
+Added: The following table sets forth information with respect to repurchases made by WES of its common units in the open market or in privately negotiated transactions under the Purchase Program during the fourth quarter of 2021:
Period Total number of units purchased Average price paid per unit Total number of units purchased as part of publicly announced plans or programs (1)
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______________________________________________________________________________________
−Removed: (1) In November 2020, WES announced the $250.0 million Purchase Program that will extend through December 31, 2021.
−Removed: See Note 5—Equity and Partners’ Capital in the Notes to Consolidated Financial Statements under Part II, Item 8 of this Form 10-K for additional details.
+Added: (1) In November 2020, WES announced the Purchase Program, pursuant to which we may purchase up to $250.0 million in aggregate value of our common units through December 31, 2021.
+Added: As of December 31, 2021, the entire $250.0 million authorized program had been fulfilled.
+Added: The above table includes units repurchased from Occidental, see Note 5—Equity and Partners’ Capital in the Notes to Consolidated Financial Statements under Part II, Item 8 of this Form 10-K for additional details.
SELECTED INFORMATION FROM OUR PARTNERSHIP AGREEMENT
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Under our partnership agreement, we distribute all of our available cash (beyond proper reserves as defined in our partnership agreement) to unitholders of record on the applicable record date within 55 days following each quarter’s end.
−Removed: The amount of available cash generally is all cash on hand at the end of the quarter, plus, at the discretion of the general partner, working capital borrowings made subsequent to the end of such quarter, less the amount of cash reserves established by the general partner to provide for the proper conduct of our business, including reserves to fund future capital expenditures;
−Removed: to comply with applicable laws, debt instruments, or other agreements;
−Removed: or to provide funds for unitholder distributions for any one or more of the next four quarters.
+Added: The amount of available cash generally is all cash on hand at the end of the quarter, plus, at the discretion of the general partner, working capital borrowings made subsequent to the end of such quarter, less the amount of cash reserves established by the general partner to provide for the proper conduct of our business, including (i) reserves to fund future capital expenditures;
+Added: (ii) to comply with applicable laws, debt instruments, or other agreements;
+Added: or (iii) to provide funds for unitholder distributions for any one or more of the next four quarters.
Working capital borrowings generally include borrowings made under a credit facility or similar financing arrangement and are intended to be repaid or refinanced within 12 months.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.