Western Gas Resources Inc. (WGR)

Western Gas Resources, Inc. engages in the exploration, development, production, gathering, processing, treatment, transportation, and marketing of natural gas and natural gas liquids (NGLs). It operates through four segments: Gas Gathering, Processing, and Treating; Exploration and Production; Marketing; and Transportation. The Gas Gathering, Processing, and Treating segment owns and operates natural gas gathering, processing, and treating facilities in primary gas-producing basins in the Rocky Mountain, Mid-Continent, and west Texas regions of the United States. The Exploration and Production segment explores for, develops, and produces natural gas independently. Its producing properties are primarily located in the Powder River and Greater Green River Basins Wyoming; and the Sand Wash Basin, Colorado. The segments’ activities also include the exploration and development of gas properties in the Rocky Mountain area, as well as the other unconventional gas plays, including those located at the company’s gathering and/or processing facilities. The Marketing segment buys and sells gas and NGLs in the United States and Canada from and to various customers. The Transportation segment reflects the operations of the company’s MIGC, Inc. and MGTC, Inc. pipelines. The Transportation segment transports residue gas for third parties. As of December 31, 2004, the company had proven developed and undeveloped reserves of approximately 812 billion cubic feet equivalent of natural gas. Western Gas Resources was founded in 1971 and is headquartered in Denver, Colorado.

For the three months ended 31 March 2006, Western Gas Resources Inc.'s revenues rose 19% to $989.1M. Net income totaled $61.9M, up from $19.7M. Revenues reflect increased sale of gas & higher sale of NGLs mainly due to an increase in product prices and the acquisition of CBM properties. Net income also reflects an increase in earnings from equity investments and a decrease in interest expense.