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      "text": "Anadarko has created $6.7 billion of value for shareholders through midstream monetization",
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      "text": "Anadarko completed an initial public offering of Western Gas Partners LP (WES) in 2008 with assets generating $79 mm in EBITDA and with a gross cost basis of $484 mm—less than Hess today. In December 2012, APC completed the IPO of Western Gas Equity Partners LP (WGP), the entity that holds APC's LP and GP interests and incentive distribution rights in WES. Anadarko achieved this value creation while maintaining control of the MLP and its assets through its GP ownership.",
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      "text": "Value Created: $6.7 billion",
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      "text": "And we think that will be a very good economic roundtrip of invested capital on the part of APC into the MLP, and then reinvest that capital again. It really, for us, mid-stream delivers our upstream story. We're not trying to develop a separate midstream line of business that has a lot of third party work that will go into it, but rather it will be something that supplements what we would otherwise be doing for ourselves on balance sheet, by having a different access to capital and a different way to recognize the value of those assets in the market place.",
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      "text": "\"And we think that will be a very good economic roundtrip of invested capital on the part of APC into the MLP, and then reinvest that capital again. It really, for us, mid-stream delivers our upstream story. We're not trying to develop a separate midstream line of business that has a lot of third party work that will go into it, but rather it will be something that supplements what we would otherwise be doing for ourselves on balance sheet, by having a different access to capital and a different way to recognize the value of those assets in the market place.\" — Al Walker, Current CEO, Former SVP & CFO Anadarko (November 8, 2007)",
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      "text": "Source: Company filings, Investor presentations, Capital IQ. 1-6 footnotes.",
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      "text": "Assets Contributed or Sold to MLP | Value in APC | Value Received Through MLP | Total Value. Initial WES Asset Contribution | $0.4 billion | APC Ownership in WGP | $6.6 billion. Drop Down Transactions | $1.3 billion | Cash and Loans from Drop Downs | $1.6 billion. IPO Proceeds | $0.3 billion. Total Contributed Assets | $1.7 billion | Total Value Received | $8.4 billion. Total Value Created Through MLP | $6.7 billion",
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      "text": "Best-In-Class Operator Created Substantial Value from Midstream MLPs 3 Years Ago...",
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