Revenue during the quarter surged 34.73 percent to $516.19 million from $383.14 million in the previous year period. Gross margin for the quarter contracted 1673 basis points over the previous year period to 63.32 percent. Total expenses were 73.19 percent of quarterly revenues, up from 59.96 percent for the same period last year. That has resulted in a contraction of 1323 basis points in operating margin to 26.81 percent.

Operating income for the quarter was $138.39 million, compared with $153.40 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $254.99 million compared with $231.10 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1092 basis points in the quarter to 49.40 percent from 60.32 percent in the last year period.

"During the quarter, we began executing the largest capital program in our history, with three Delaware Basin processing plants in various stages of development. Ramsey train VI remains on schedule to begin service in the fourth quarter of this year, and Mentone trains I and II remain on schedule for start-up in the second half of 2018," said chief executive officer, Benjamin Fink. "Furthermore, during the quarter we closed our DBJV-for-Marcellus asset exchange and successfully converted half of our outstanding convertible preferred units into common units, with the other half to be converted this month. Both of these transactions are critical steps toward achieving our objective of providing sustainable distribution growth over time."

The company has spent $252.43 million cash to meet investing activities during the quarter as against cash outgo of $842.82 million in the last year period. It has incurred net capital expenditure of $281.20 million on net basis during the quarter, down 66.94 percent or $569.25 million from year ago period.

The company has spent $175.80 million cash to carry out financing activities during the quarter as against cash inflow of $616.76 million in the last year period.

Cash and cash equivalents stood at $122.31 million as on Mar. 31, 2017, up 12.75 percent or $13.83 million from $108.48 million on Mar. 31, 2016.

Working capital drops significantly
Western Gas Partners, LP has witnessed a decline in the working capital over the last year. It stood at $5.56 million as at Mar. 31, 2017, down 82.82 percent or $26.78 million from $32.34 million on Mar. 31, 2016. Current ratio was at 1.02 as on Mar. 31, 2017, down from 1.12 on Mar. 31, 2016.

Days sales outstanding went down to 16 days for the quarter compared with 43 days for the same period last year.

Debt moves up marginally
Western Gas Partners, LP has witnessed an increase in total debt over the last one year. It stood at $3,092.26 million as on Mar. 31, 2017, up 2.35 percent or $70.93 million from $3,021.32 million on Mar. 31, 2016. Total debt was 40.51 percent of total assets as on Mar. 31, 2017, compared with 41.05 percent on Mar. 31, 2016. Interest coverage ratio deteriorated to 3.90 for the quarter from 4.79 for the same period last year.