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

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, 2nd 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.

Contacts:

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