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WESTERN GAS RESOURCES ANNOUNCES THIRD QUARTER RESULTS

      WESTERN GAS RESOURCES ANNOUNCES THIRD QUARTER RESULTS
    DENVER, Nov. 6 /PRNewswire/ -- Western Gas Resources Inc. (the "Company")(NYSE: WGR) today announced that the third quarter of 1991 and nine months ended Sept. 30, 1991, resulted in the Company setting record highs for revenues, net income and cash flow from operations.  Revenues for the third quarter of 1991 increased 18.7 percent to $70.9 million (compared to $59.7 million for the third quarter of 1990) and, for the first nine months of 1991 increased 34.6 percent to $224.3 million (compared to $166.6 million for the first nine months of 1990).  Net income for the third quarter of 1991 increased 9.1 percent to $4.9 million, or 23 cents per common share (compared to net income of $4.5 million or 21 cents per common share for the third quarter of 1990) and, for the first nine months of 1991 increased 30.4 percent to $13.5 million, or 64 cents per common share, (compared to $10.3 million or 49 cents per common share for the first nine months of 1990).  Additionally, cash flow from operations for the third quarter of 1991 increased 49.3 percent to $11.8 million (compared to $7.9 million for the third quarter of 1990) and for the first nine months of 1991 increased 59.4 percent to $31.2 million (compared to $19.6 million for the first nine months of 1990).
    Average gas prices decreased 25 cents per Mcf in the third quarter of 1991 to $1.33 per Mcf compared to the same period in 1990, while average gas sales increased 49 MMcf/D in the third quarter of 1991 to 240.7 MMcf/D, a 25.6 percent increase compared to the third quarter of 1990.  The increase in sales volume was primarily due to increased gas production from the Midkiff, Giddings and Edgewood systems.  During the third quarter the Edgewood system added new production and began the blowdown, or production of previously recycled gas from existing reserves, which should have a significant impact on results of operations in the fourth quarter 1991.  Average gas prices and average gas sales for the nine months ended Sept. 30, 1991, were $1.49 per Mcf and 276.1 MMcf/D, respectively, compared to $1.71 per Mcf and 207 MMcf/D, respectively, for the same period of 1990.
    Average liquid, (NGL), prices decreased 4 cents per gallon to 35 cents per gallon in the third quarter of 1991 compared to the same period in 1990, while average NGL sales increased 292.5 MGal/D to 1,039 MGal/D, a 39.2 percent increase compared to the third quarter of 1990.  The increase in average NGL sales was primarily due to increased production from the Midkiff, Giddings and Edgewood systems. Average NGL prices and average NGL sales for the nine months ended Sept. 30, 1991, were 35 cents per gallon and 918.6 MGal/D, respectively, compared to 35 cents per gallon and 610.4 MGal/D, respectively, for the same period of 1990.
    Additionally, the Company previously announced the purchase of the gas processing assets of Union Texas Products Corp. for total consideration of approximately $142.7 million, including assumption of certain long-term liabilities and transaction costs.  Closing occurred on Nov. 1, 1991, and will not have a financial impact until the fourth quarter of 1991.
    Western owns and operates natural gas gathering and processing facilities and markets and transports natural gas and natural gas liquids.
    -0-                       11/6/91
    /CONTACT: Ronald O. Wirth of Western Gas Resources Inc., 800-933-5603/
    (WGR) CO:  Western Gas Resources Inc. ST:  Colorado IN:  OIL SU:  ERN SG -- DV008 -- 1827 11/06/91 15:18 EST
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Publication:PR Newswire
Date:Nov 6, 1991
Words:625
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