Western Midstream Announces First-Quarter 2022 Results
Western Midstream Partners (NYSE: WES) reported a record first-quarter 2022 Net income of $301.9 million, with Adjusted EBITDA of $539.1 million. Cash flows from operations reached $276.5 million, and Free cash flow totaled $200.3 million. The company increased its 2022 Adjusted EBITDA guidance to $2.125 billion-$2.225 billion and maintained a distribution guidance of at least $2.00 per unit. Recent agreements with major clients and significant capital expenditures signal increased production capacity and expected growth, despite slight decreases in throughput for natural gas, crude oil, and NGLs.
- Record first-quarter 2022 Net income of $301.9 million.
- Adjusted EBITDA reached $539.1 million, indicating strong operational performance.
- Increased 2022 Adjusted EBITDA guidance to $2.125 billion-$2.225 billion.
- Recent long-term agreements with Occidental and ConocoPhillips support additional processing capacity.
- Capital expenditures expected to drive growth, with a total range of $550 million-$600 million.
- First-quarter throughput for natural gas, crude oil, and NGLs declined sequentially by 3%, 4%, and 5%, respectively.
- Reduced throughput attributed to producer well completion timing and inclement weather.
Announces 2022 Revised Guidance
-
Reported first-quarter 2022 Net income attributable to limited partners of
$301.9 million $539.1 million -
Reported first-quarter 2022 Cash flows provided by operating activities of
$276.5 million $200.3 million -
Increased 2022 Adjusted EBITDA(2) guidance range to
$2.12 5 billion$2.22 5 billion$550 million $600 million $1.25 billion $1.35 billion -
The distribution guidance of at least
$2.00
RECENT HIGHLIGHTS
-
Executed long-term amendments to Occidental Petroleum Corporation’s (“Occidental”) gas-processing agreement in the
Delaware Basin to provide up to 250 MMcf/d of additional firm-processing capacity supported by up to 200 MMcf/d of minimum-volume commitments. -
Executed a long-term agreement with
ConocoPhillips Company in theDelaware Basin to provide up to 150 MMcf/d of firm capacity to service dedicated volumes. -
Executed a multi-year amendment to DCP Midstream’s (“DCP”) gas-processing agreement in the
DJ Basin to provide DCP with an additional 60 MMcf/d of firm-processing capacity, fully supported by a minimum-volume commitment, with DCP’s option to add an incremental 40 MMcf/d of capacity. -
Sanctioned a new 300 MMcf/d cryogenic processing plant at our Mentone Plant in our
West Texas complex (“Mentone Train III”) with an estimated in-service date of fourth-quarter 2023. -
Repurchased 225,355 common units for aggregate consideration of
$5.1 million $1.0 billion December 31, 2024 . -
Retired
$502.2 million
On
First-quarter 2022 total natural-gas throughput(5) averaged 4.1 Bcf/d, representing a 3-percent sequential-quarter decrease. First-quarter 2022 total throughput for crude-oil and NGLs assets(5) averaged 675 MBbls/d, representing a 4-percent sequential-quarter decrease. First-quarter 2022 total throughput for produced-water assets(5) averaged 751 MBbls/d, representing an 5-percent sequential-quarter decrease.
“WES achieved record-breaking Adjusted EBITDA during the first quarter from lower operational costs, strong plant performance, and increased commodity prices,” said
“Our commercial team created tremendous value for our partnership in the first quarter by executing multiple long-term agreements with new and existing customers and securing additional offload arrangements,” said
REVISED 2022 GUIDANCE
Revised 2022 guidance is based on results achieved to-date and customer-provided production-forecast information obtained by WES. Updated guidance is as follows:
-
Adjusted EBITDA(2) expected to range between
$2.12 5 billion$2.22 5 billion$200 million -
Total capital expenditures(3) expected to range between
$550 million $600 million $150 million Delaware Basin . -
Free cash flow(2) expected to range between
$1.25 billion $1.35 billion $50 million -
The distribution guidance of at least
$2.00
“Increased producer activity levels, continued commercial success, and strong commodity prices have all contributed to the increase in expected 2022 Adjusted EBITDA,” Ure said. “Additionally, we expect continued successes as our engineering and operations teams continue to focus on cost and capital efficiencies during the current inflationary environment.”
CONFERENCE CALL TOMORROW AT
WES will host a conference call on
For additional details on WES’s financial and operational performance, please refer to the earnings slides and updated investor presentation available at www.westernmidstream.com.
ABOUT
For more information about
This news release contains forward-looking statements. WES’s management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations; the ultimate impact of efforts to fight COVID-19 on the global economy and any related impact on commodity demand and prices; our ability to safely and efficiently operate WES’s assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the “Risk Factors” section of WES’s most-recent Form 10-K and Form 10-Q filed with the
______________________________________________________________ |
||
(1) |
|
Please see the definitions of the Partnership’s non-GAAP measures at the end of this release and reconciliation of GAAP to non-GAAP measures. |
(2) |
|
A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income (loss), and a reconciliation of the Free cash flow range to net cash provided by operating activities, is not provided because the items necessary to estimate such amounts are not reasonably estimable at this time. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures. At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corresponding GAAP equivalent for the Adjusted EBITDA or Free cash flow ranges. |
(3) |
|
Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the |
(4) |
|
Subject to Board review and approval on a quarterly basis based on the needs of the business. |
(5) |
|
Represents total throughput attributable to WES, which excludes (i) the |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||
|
|
Three Months Ended
|
||||||
thousands except per-unit amounts |
|
2022 |
|
2021 |
||||
Revenues and other |
|
|
|
|
||||
Service revenues – fee based |
|
$ |
631,598 |
|
|
$ |
572,275 |
|
Service revenues – product based |
|
|
40,867 |
|
|
|
31,652 |
|
Product sales |
|
|
85,589 |
|
|
|
70,805 |
|
Other |
|
|
243 |
|
|
|
242 |
|
Total revenues and other |
|
|
758,297 |
|
|
|
674,974 |
|
Equity income, net – related parties |
|
|
49,607 |
|
|
|
52,165 |
|
Operating expenses |
|
|
|
|
||||
Cost of product |
|
|
72,848 |
|
|
|
88,969 |
|
Operation and maintenance |
|
|
128,976 |
|
|
|
140,332 |
|
General and administrative |
|
|
48,602 |
|
|
|
45,116 |
|
Property and other taxes |
|
|
18,442 |
|
|
|
14,384 |
|
Depreciation and amortization |
|
|
134,582 |
|
|
|
130,553 |
|
Long-lived asset and other impairments |
|
|
— |
|
|
|
14,866 |
|
Total operating expenses |
|
|
403,450 |
|
|
|
434,220 |
|
Gain (loss) on divestiture and other, net |
|
|
370 |
|
|
|
(583 |
) |
Operating income (loss) |
|
|
404,824 |
|
|
|
292,336 |
|
Interest expense |
|
|
(85,455 |
) |
|
|
(98,493 |
) |
Gain (loss) on early extinguishment of debt |
|
|
— |
|
|
|
(289 |
) |
Other income (expense), net |
|
|
106 |
|
|
|
(1,207 |
) |
Income (loss) before income taxes |
|
|
319,475 |
|
|
|
192,347 |
|
Income tax expense (benefit) |
|
|
1,805 |
|
|
|
1,112 |
|
Net income (loss) |
|
|
317,670 |
|
|
|
191,235 |
|
Net income (loss) attributable to noncontrolling interests |
|
|
8,953 |
|
|
|
5,444 |
|
Net income (loss) attributable to |
|
$ |
308,717 |
|
|
$ |
185,791 |
|
Limited partners’ interest in net income (loss): |
|
|
|
|
||||
Net income (loss) attributable to |
|
$ |
308,717 |
|
|
$ |
185,791 |
|
General partner interest in net (income) loss |
|
|
(6,783 |
) |
|
|
(3,993 |
) |
Limited partners’ interest in net income (loss) |
|
$ |
301,934 |
|
|
$ |
181,798 |
|
Net income (loss) per common unit – basic |
|
$ |
0.75 |
|
|
$ |
0.44 |
|
Net income (loss) per common unit – diluted |
|
$ |
0.75 |
|
|
$ |
0.44 |
|
Weighted-average common units outstanding – basic |
|
|
403,254 |
|
|
|
413,104 |
|
Weighted-average common units outstanding – diluted |
|
|
404,460 |
|
|
|
413,446 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
thousands except number of units |
|
|
|
|
||||
Total current assets |
|
$ |
906,293 |
|
|
$ |
684,764 |
|
Net property, plant, and equipment |
|
|
8,475,196 |
|
|
|
8,512,907 |
|
Other assets |
|
|
2,064,384 |
|
|
|
2,075,408 |
|
Total assets |
|
$ |
11,445,873 |
|
|
$ |
11,273,079 |
|
Total current liabilities |
|
$ |
1,337,126 |
|
|
$ |
1,140,197 |
|
Long-term debt |
|
|
6,188,750 |
|
|
|
6,400,616 |
|
Asset retirement obligations |
|
|
297,187 |
|
|
|
298,275 |
|
Other liabilities |
|
|
352,003 |
|
|
|
338,231 |
|
Total liabilities |
|
|
8,175,066 |
|
|
|
8,177,319 |
|
Equity and partners’ capital |
|
|
|
|
||||
Common units (403,333,810 and 402,993,919 units issued and outstanding at |
|
|
3,134,018 |
|
|
|
2,966,955 |
|
General partner units (9,060,641 units issued and outstanding at |
|
|
(5,062 |
) |
|
|
(8,882 |
) |
Noncontrolling interests |
|
|
141,851 |
|
|
|
137,687 |
|
Total liabilities, equity, and partners’ capital |
|
$ |
11,445,873 |
|
|
$ |
11,273,079 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||
|
|
Three Months Ended
|
||||||
thousands |
|
2022 |
|
2021 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net income (loss) |
|
$ |
317,670 |
|
|
$ |
191,235 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
134,582 |
|
|
|
130,553 |
|
Long-lived asset and other impairments |
|
|
— |
|
|
|
14,866 |
|
(Gain) loss on divestiture and other, net |
|
|
(370 |
) |
|
|
583 |
|
(Gain) loss on early extinguishment of debt |
|
|
— |
|
|
|
289 |
|
Change in other items, net |
|
|
(175,424 |
) |
|
|
(75,976 |
) |
Net cash provided by operating activities |
|
$ |
276,458 |
|
|
$ |
261,550 |
|
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures |
|
$ |
(83,971 |
) |
|
$ |
(61,783 |
) |
Contributions to equity investments - related parties |
|
|
(2,070 |
) |
|
|
(86 |
) |
Distributions from equity investments in excess of cumulative earnings – related parties |
|
|
9,925 |
|
|
|
12,141 |
|
Proceeds from the sale of assets to third parties |
|
|
383 |
|
|
|
— |
|
(Increase) decrease in materials and supplies inventory and other |
|
|
4,116 |
|
|
|
3,256 |
|
Net cash used in investing activities |
|
$ |
(71,617 |
) |
|
$ |
(46,472 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Borrowings, net of debt issuance costs |
|
$ |
— |
|
|
$ |
100,000 |
|
Repayments of debt |
|
|
— |
|
|
|
(531,085 |
) |
Increase (decrease) in outstanding checks |
|
|
(7,088 |
) |
|
|
(22,017 |
) |
Distributions to Partnership unitholders |
|
|
(134,749 |
) |
|
|
(131,265 |
) |
Distributions to Chipeta noncontrolling interest owner |
|
|
(1,984 |
) |
|
|
(276 |
) |
Distributions to noncontrolling interest owner of WES Operating |
|
|
(2,805 |
) |
|
|
(2,551 |
) |
Net contributions from (distributions to) related parties |
|
|
409 |
|
|
|
1,627 |
|
Unit repurchases |
|
|
(5,149 |
) |
|
|
(16,241 |
) |
Other |
|
|
(7,225 |
) |
|
|
(1,816 |
) |
Net cash provided by (used in) financing activities |
|
$ |
(158,591 |
) |
|
$ |
(603,624 |
) |
Net increase (decrease) in cash and cash equivalents |
|
$ |
46,250 |
|
|
$ |
(388,546 |
) |
Cash and cash equivalents at beginning of period |
|
|
201,999 |
|
|
|
444,922 |
|
Cash and cash equivalents at end of period |
|
$ |
248,249 |
|
|
$ |
56,376 |
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
WES defines Adjusted gross margin attributable to
WES defines Adjusted EBITDA as net income (loss), plus (i) distributions from equity investments, (ii) non-cash equity-based compensation expense, (iii) interest expense, (iv) income tax expense, (v) depreciation and amortization, (vi) impairments, and (vii) other expense (including lower of cost or market inventory adjustments recorded in cost of product), less (i) gain (loss) on divestiture and other, net, (ii) gain (loss) on early extinguishment of debt, (iii) income from equity investments, (iv) interest income, (v) income tax benefit, (vi) other income, and (vii) the noncontrolling interest owners’ proportionate share of revenues and expenses.
WES defines Free cash flow as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in excess of cumulative earnings. Management considers Free cash flow an appropriate metric for assessing capital discipline, cost efficiency, and balance-sheet strength. Although Free cash flow is the metric used to assess WES’s ability to make distributions to unitholders, this measure should not be viewed as indicative of the actual amount of cash that is available for distributions or planned for distributions for a given period. Instead, Free cash flow should be considered indicative of the amount of cash that is available for distributions, debt repayments, and other general partnership purposes.
Below are reconciliations of (i) gross margin (GAAP) to Adjusted gross margin (non-GAAP), (ii) net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA (non-GAAP), and (iii) net cash provided by operating activities (GAAP) to Free cash flow (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that Adjusted gross margin, Adjusted EBITDA, and Free cash flow are widely accepted financial indicators of WES’s financial performance compared to other publicly traded partnerships and are useful in assessing WES’s ability to incur and service debt, fund capital expenditures, and make distributions. Adjusted gross margin, Adjusted EBITDA, and Free cash flow as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES’s Adjusted gross margin, Adjusted EBITDA, and Free cash flow should be considered in conjunction with net income (loss) attributable to
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) |
||||||||
Adjusted Gross Margin |
||||||||
|
|
Three Months Ended |
||||||
thousands |
|
|
|
|
||||
Reconciliation of Gross margin to Adjusted gross margin |
||||||||
Total revenues and other |
|
$ |
758,297 |
|
$ |
719,210 |
||
Less: |
|
|
|
|
||||
Cost of product |
|
|
72,848 |
|
|
72,040 |
||
Depreciation and amortization |
|
|
134,582 |
|
|
144,225 |
||
Gross margin |
|
|
550,867 |
|
|
502,945 |
||
Add: |
|
|
|
|
||||
Distributions from equity investments |
|
|
55,795 |
|
|
60,054 |
||
Depreciation and amortization |
|
|
134,582 |
|
|
144,225 |
||
Less: |
|
|
|
|
||||
Reimbursed electricity-related charges recorded as revenues |
|
|
18,404 |
|
|
19,783 |
||
Adjusted gross margin attributable to noncontrolling interests (1) |
|
|
18,090 |
|
|
17,192 |
||
Adjusted gross margin |
|
$ |
704,750 |
|
$ |
670,249 |
||
Adjusted gross margin for natural-gas assets |
|
$ |
488,909 |
|
$ |
488,220 |
||
Adjusted gross margin for crude-oil and NGLs assets |
|
|
148,247 |
|
|
114,733 |
||
Adjusted gross margin for produced-water assets |
|
|
67,594 |
|
|
67,296 |
||
(1) |
|
For all periods presented, includes (i) the |
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) |
||||||||
Adjusted EBITDA |
||||||||
|
|
Three Months Ended |
||||||
thousands |
|
|
|
|
||||
Reconciliation of Net income (loss) to Adjusted EBITDA |
||||||||
Net income (loss) |
|
$ |
317,670 |
|
|
$ |
250,849 |
|
Add: |
|
|
|
|
||||
Distributions from equity investments |
|
|
55,795 |
|
|
|
60,054 |
|
Non-cash equity-based compensation expense |
|
|
7,743 |
|
|
|
6,842 |
|
Interest expense |
|
|
85,455 |
|
|
|
89,472 |
|
Income tax expense |
|
|
1,805 |
|
|
|
— |
|
Depreciation and amortization |
|
|
134,582 |
|
|
|
144,225 |
|
Impairments |
|
|
— |
|
|
|
1,345 |
|
Other expense |
|
|
— |
|
|
|
216 |
|
Less: |
|
|
|
|
||||
Gain (loss) on divestiture and other, net |
|
|
370 |
|
|
|
(234 |
) |
Equity income, net – related parties |
|
|
49,607 |
|
|
|
45,308 |
|
Other income |
|
|
106 |
|
|
|
392 |
|
Income tax benefit |
|
|
— |
|
|
|
14,210 |
|
Adjusted EBITDA attributable to noncontrolling interests (1) |
|
|
13,917 |
|
|
|
12,453 |
|
Adjusted EBITDA |
|
$ |
539,050 |
|
|
$ |
480,874 |
|
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA |
||||||||
Net cash provided by operating activities |
|
$ |
276,458 |
|
|
$ |
661,858 |
|
Interest (income) expense, net |
|
|
85,455 |
|
|
|
89,472 |
|
Accretion and amortization of long-term obligations, net |
|
|
(1,782 |
) |
|
|
(1,762 |
) |
Current income tax expense (benefit) |
|
|
673 |
|
|
|
(2,165 |
) |
Other (income) expense, net |
|
|
(106 |
) |
|
|
(390 |
) |
Distributions from equity investments in excess of cumulative earnings – related parties |
|
|
9,925 |
|
|
|
11,310 |
|
Changes in assets and liabilities: |
|
|
|
|
||||
Accounts receivable, net |
|
|
165,134 |
|
|
|
(147,139 |
) |
Accounts and imbalance payables and accrued liabilities, net |
|
|
14,292 |
|
|
|
(58,392 |
) |
Other items, net |
|
|
2,918 |
|
|
|
(59,465 |
) |
Adjusted EBITDA attributable to noncontrolling interests (1) |
|
|
(13,917 |
) |
|
|
(12,453 |
) |
Adjusted EBITDA |
|
$ |
539,050 |
|
|
$ |
480,874 |
|
Cash flow information |
|
|
|
|
||||
Net cash provided by operating activities |
|
$ |
276,458 |
|
|
$ |
661,858 |
|
Net cash used in investing activities |
|
|
(71,617 |
) |
|
|
(70,251 |
) |
Net cash provided by (used in) financing activities |
|
|
(158,591 |
) |
|
|
(489,470 |
) |
(1) |
|
For all periods presented, includes (i) the |
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) |
||||||||
Free Cash Flow |
||||||||
|
|
Three Months Ended |
||||||
thousands |
|
|
|
|
||||
Reconciliation of Net cash provided by operating activities to Free cash flow |
||||||||
Net cash provided by operating activities |
|
$ |
276,458 |
|
|
$ |
661,858 |
|
Less: |
|
|
|
|
||||
Capital expenditures |
|
|
83,971 |
|
|
|
95,917 |
|
Contributions to equity investments – related parties |
|
|
2,070 |
|
|
|
752 |
|
Add: |
|
|
|
|
||||
Distributions from equity investments in excess of cumulative earnings – related parties |
|
|
9,925 |
|
|
|
11,310 |
|
Free cash flow |
|
$ |
200,342 |
|
|
$ |
576,499 |
|
Cash flow information |
|
|
|
|
||||
Net cash provided by operating activities |
|
$ |
276,458 |
|
|
$ |
661,858 |
|
Net cash used in investing activities |
|
|
(71,617 |
) |
|
|
(70,251 |
) |
Net cash provided by (used in) financing activities |
|
|
(158,591 |
) |
|
|
(489,470 |
) |
OPERATING STATISTICS (Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
|
|
|
||||
Throughput for natural-gas assets (MMcf/d) |
|
|
|
|
||||
Gathering, treating, and transportation |
|
|
406 |
|
|
437 |
||
Processing |
|
|
3,325 |
|
|
3,409 |
||
Equity investments (1) |
|
|
479 |
|
|
513 |
||
Total throughput |
|
|
4,210 |
|
|
4,359 |
||
Throughput attributable to noncontrolling interests (2) |
|
|
152 |
|
|
155 |
||
Total throughput attributable to WES for natural-gas assets |
|
|
4,058 |
|
|
4,204 |
||
Throughput for crude-oil and NGLs assets (MBbls/d) |
||||||||
Gathering, treating, and transportation |
|
|
315 |
|
|
323 |
||
Equity investments (3) |
|
|
374 |
|
|
393 |
||
Total throughput |
|
|
689 |
|
|
716 |
||
Throughput attributable to noncontrolling interests (2) |
|
|
14 |
|
|
14 |
||
Total throughput attributable to WES for crude-oil and NGLs assets |
|
|
675 |
|
|
702 |
||
Throughput for produced-water assets (MBbls/d) |
|
|
|
|
||||
Gathering and disposal |
|
|
766 |
|
|
808 |
||
Throughput attributable to noncontrolling interests (2) |
|
|
15 |
|
|
16 |
||
Total throughput attributable to WES for produced-water assets |
|
|
751 |
|
|
792 |
||
Per-Mcf Adjusted gross margin for natural-gas assets (4) |
|
$ |
1.34 |
|
$ |
1.26 |
||
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (5) |
|
|
2.44 |
|
|
1.78 |
||
Per-Bbl Adjusted gross margin for produced-water assets (6) |
|
|
1.00 |
|
|
0.92 |
||
(1) |
|
Represents the |
(2) |
|
For all periods presented, includes (i) the |
(3) |
|
Represents the |
(4) |
|
Average for period. Calculated as Adjusted gross margin for natural-gas assets, divided by total throughput (MMcf/d) attributable to WES for natural-gas assets. |
(5) |
|
Average for period. Calculated as Adjusted gross margin for crude-oil and NGLs assets, divided by total throughput (MBbls/d) attributable to WES for crude-oil and NGLs assets. |
(6) |
|
Average for period. Calculated as Adjusted gross margin for produced-water assets, divided by total throughput (MBbls/d) attributable to WES for produced-water assets. |
OPERATING STATISTICS (CONTINUED) (Unaudited) |
||||||
|
|
Three Months Ended |
||||
|
|
|
|
|
||
Throughput for natural-gas assets (MMcf/d) |
|
|
|
|
||
|
|
1,326 |
|
1,370 |
||
|
|
1,321 |
|
1,349 |
||
Equity investments |
|
479 |
|
513 |
||
Other |
|
1,084 |
|
1,127 |
||
Total throughput for natural-gas assets |
|
4,210 |
|
4,359 |
||
Throughput for crude-oil and NGLs assets (MBbls/d) |
||||||
|
|
192 |
|
199 |
||
|
|
88 |
|
92 |
||
Equity investments |
|
374 |
|
393 |
||
Other |
|
35 |
|
32 |
||
Total throughput for crude-oil and NGLs assets |
|
689 |
|
716 |
||
Throughput for produced-water assets (MBbls/d) |
||||||
|
|
766 |
|
808 |
||
Total throughput for produced-water assets |
|
766 |
|
808 |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220510005297/en/
Director, Investor Relations
Daniel.Jenkins@westernmidstream.com
832.636.1009
Manager, Investor Relations
Shelby.Keltner@westernmidstream.com
832.636.1009
Source:
FAQ
What were the first-quarter results for Western Midstream Partners (WES) in 2022?
How has Western Midstream Partners (WES) revised its 2022 guidance?
What is the distribution guidance for WES in 2022?
What new agreements has WES secured recently?
When will WES hold a conference call to discuss its first-quarter results?
