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Business Description
Western Gas Resources, Inc. explores, develops, produces, processes, markets and distributes of natural gas and natural gas liquids. The Company's operations are conducted through four business segments: Upstream, Midstream, Transportation and Marketing. Its upstream operations involve the development and production of natural gas reserves, primarily in the Rocky Mountain region of the United States. Midstream operations, consisting of three segments, involve the design, construction and operation of natural gas gathering, processing and treating facilities. The Company provides transportation services to producers and energy marketers under fee schedules regulated by state or federal agencies. It also offers marketing services, providing customers with a range of services from the wellhead to the sales delivery point. During 2003, approximately 85.7% of Western's revenue was derived from the sale of gas, and approximately 12.0% was from the sale of natural gas liquids.

Financial Information
For the nine months ended 9/30/04, sales rose less than 1% to $2.22 billion. Net income applicable to Common before accounting change rose 9% to $72.6 million. Results reflect higher sales of natural gas liquids, an increase in revenue from price risk management activities and lower interest expense.