WESTERN MIDSTREAM ANNOUNCES FIRST-QUARTER 2024 DISTRIBUTION AND EARNINGS CONFERENCE CALL

Rhea-AI Summary

Western Midstream Partners, LP (NYSE: WES) announced a 52% increase in its quarterly cash distribution for the first quarter of 2024, reaching $0.8750 per unit. The distribution is in line with the Partnership's previous expectations and payable on May 15, 2024. The company will report its first-quarter 2024 results on May 8, 2024, followed by a conference call on May 9, 2024, to discuss the quarterly performance.

HOUSTON, April 18, 2024 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced that the board of directors of its general partner declared a quarterly cash distribution ("Base Distribution") of $0.8750 per unit for the first quarter of 2024, or $3.50 on an annualized basis, which is 52-percent higher than the prior quarter's distribution and in-line with WES's previously announced expectations. WES's first-quarter 2024 Base Distribution is payable on May 15, 2024, to unitholders of record at the close of business on May 1, 2024.

The Partnership plans to report its first-quarter 2024 results after market close on Wednesday, May 8, 2024. Management will host a conference call on Thursday, May 9, 2024, at 1:00 p.m. Central (2:00 p.m. Eastern) to discuss the Partnership's quarterly results. Participants are encouraged to dial into the conference call ten to fifteen minutes before the scheduled start time to avoid any delays entering the call. The full text of the release announcing the results will be available on the Partnership's website at www.westernmidstream.com.

First-Quarter 2024 Results
Thursday, May 9, 2024
1:00 p.m. Central (2:00 p.m. Eastern)
Dial-in number: 800-836-8184
International dial-in number: 646-357-8785

To participate in WES's scheduled first-quarter 2024 earnings call, please refer to the above-listed dial-in information. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com. A replay of the conference call will also be available on the website following the call.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.

For more information about WES, please visit www.westernmidstream.com. 

This news release contains forward-looking statements. WES and its general partner believe that their expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been 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 distribution expectations and financial guidance; 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; the successful closing of the divestitures announced February 21, 2024; 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 filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.

Note regarding Non-United States Investors: This release is intended to be a qualified notice under Treasury Regulation Sections 1.1446-4(b) and 1.1446(f)-4. Brokers and nominees should treat one hundred percent (100.0%) of Western Midstream Partners, LP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Western Midstream Partners, LP's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Furthermore, one hundred percent (100.0%) of Western Midstream Partners, LP's distributions to non-U.S. investors is in excess of cumulative net income for purposes of Treasury Regulation Section 1.1446(f)-4(c)(iii). Brokers and nominees are treated as withholding agents responsible for withholding on distributions received by them on behalf of non-U.S. investors. The CUSIP number of Western Midstream Partners, LP's common units is 958669 103.

WESTERN MIDSTREAM CONTACTS

Daniel Jenkins
Director, Investor Relations
Investors@westernmidstream.com
866-512-3523

Rhianna Disch
Manager, Investor Relations
Investors@westernmidstream.com 
866-512-3523

 

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SOURCE Western Midstream Partners, LP

FAQ

What is the quarterly cash distribution announced by Western Midstream Partners for the first quarter of 2024?

Western Midstream Partners announced a quarterly cash distribution of $0.8750 per unit for the first quarter of 2024.

When will the first-quarter 2024 Base Distribution be payable to unitholders?

The first-quarter 2024 Base Distribution will be payable on May 15, 2024, to unitholders of record at the close of business on May 1, 2024.

When will Western Midstream Partners report its first-quarter 2024 results?

Western Midstream Partners will report its first-quarter 2024 results after market close on Wednesday, May 8, 2024.

When is the conference call scheduled to discuss Western Midstream Partners' quarterly results?

The conference call to discuss Western Midstream Partners' quarterly results is scheduled for Thursday, May 9, 2024, at 1:00 p.m. Central (2:00 p.m. Eastern).