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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 10, 1999
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(April 30, 1999)
WESTERN GAS RESOURCES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-10389 84-1127613
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
12200 N. Pecos Street Denver, Colorado 80234-3439
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(Address of principal executive offices) (Zip Code)
(303) 452-5603
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(Registrant's telephone number, including area code)
No Changes
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(Former name or former address, if changed since last report).
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Effective April 30, 1999 we sold all of the stock of our wholly owned
subsidiary, Western Gas Resources Storage, Inc. to the Aquila Energy
Corporation, a business unit of Utilicorp United. The sole asset of Western Gas
Resources Storage, Inc., is the Katy Hub and Gas Storage Facility. The proceeds
received from the sale of Western Gas Resources Storage, Inc., were $100.0
million. We will realize an after tax loss on this sale of approximately $10.9
million in the second quarter of 1999. At the same time, Aquila purchased
approximately 5.1 Bcf of stored gas at the Katy Hub and Storage Facility for
proceeds of $11.7 million. The proceeds of the sale of stored gas were equal to
the value of the inventory on our books, thus no additional gain or loss will be
recognized on this portion of the transaction.
Also on April 30, 1999 we completed the asset sale of our Giddings Gathering
system in Texas to GPM Gas Corporation, a business unit of Phillips Petroleum
Company. This transaction had an effective date of January 1, 1999. The proceeds
from this sale were $36.0 million. We will realize an after-tax loss on this
sale of approximately $3.7 million in the second quarter of 1999.
The gross proceeds of $147.7 million received from both of these transactions
will be used to reduce outstanding debt.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Assets Disposed.
It is impracticable to provide the required financial statements of the
businesses disposed as of the date hereof. The Registrant will file by
amendment to this Form 8-K the required financial statements of the businesses
disposed within sixty (60) days from the date of this filing.
(b) Pro Forma Financial Information.
It is impracticable to provide the required pro forma financial information
concerning the businesses disposed as of the date hereof. The Registrant will
file by amendment to this Form 8-K the required pro forma financial
information relating to the businesses disposed within sixty (60) days from
the date of this filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
WESTERN GAS RESOURCES, INC.
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(Registrant)
Date: May 10, 1999 By: /S/WILLIAM J. KRYSIAK
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William J. Krysiak
Vice President - Finance
(Principal Financial and
Accounting Officer)
