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Western Gas Equity beats 4Q profit forecasts

THE WOODLANDS, Texas (AP) _ Western Gas Equity Partners L.P. (WGP) on Wednesday reported fourth-quarter net income of $83.7 million, after reporting a loss in the same period a year earlier.

The The Woodlands, Texas-based company said it had net income of 38 cents per share. Earnings, adjusted for asset impairment costs, came to 39 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.

The oil and gas transportation and storage company posted revenue of $510.8 million in the period.

For the year, the company reported profit of $334.4 million, or $1.53 per share. Revenue was reported as $1.8 billion.

Western Gas Equity shares have climbed roughly 10 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $46.42, more than doubling in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WGP at https://www.zacks.com/ap/WGP

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Keywords: Western Gas Equity Partners, Earnings Report