Western Midstream Announces Second-Quarter 2022 Results
Western Midstream Partners reported second-quarter 2022 net income of $299.6 million, with adjusted EBITDA hitting a record $548.3 million. Cash flow from operating activities amounted to $467.0 million, resulting in free cash flow of $372.1 million.
The partnership processed record natural gas throughput of 1.5 Bcf/d, a 13% increase. Year-to-date, WES repurchased 17.1 million units for $425.4 million. A quarterly distribution of $0.50 per unit will be paid on August 12, 2022. The company emphasizes ongoing throughput growth in the Delaware Basin and robust capital return strategies.
- Second-quarter net income of $299.6 million, or $0.74 per common unit (diluted).
- Record adjusted EBITDA of $548.3 million for the second quarter.
- Free cash flow of $372.1 million.
- Processed record Delaware Basin natural gas throughput of 1.5 Bcf/d, a 13% increase.
- Successfully repurchased 17.1 million common units for $425.4 million year-to-date.
- Quarterly distribution of $0.50 per unit consistent with previous quarter and annualized target.
- Higher operation and maintenance expenses partially offsetting financial gains.
- Total throughput for crude-oil and NGLs decreased by 1%.
-
Reported second-quarter 2022 Net income attributable to limited partners of
, generating second-quarter record-breaking Adjusted EBITDA(1) of$299.6 million .$548.3 million -
Reported second-quarter 2022 Cash flows provided by operating activities of
, generating second-quarter Free cash flow(1) of$467.0 million .$372.1 million -
Repurchased 17.1 million common units for aggregate consideration of
year-to-date through$425.4 million July 29, 2022 .
RECENT HIGHLIGHTS
-
Processed record
Delaware Basin natural-gas throughput of 1.5 Bcf/d for the second quarter, representing a 13-percent sequential-quarter increase. -
Gathered record
Delaware Basin produced-water throughput of 864 MBbls/d for the second quarter, representing a 15-percent sequential-quarter increase. -
Repurchased 17,115,367 common units for aggregate consideration of
year-to-date through$425.4 million July 29, 2022 , which includes 10,000,000 common units purchased from Occidental onJuly 21, 2022 , as part of the previously announced buyback program of up to of the Partnership’s common units through$1.0 billion December 31, 2024 . Total common units repurchased sinceSeptember 2020 now represents13.2% of total unaffected units outstanding. -
Retired
of Senior notes due 2022 on$502.2 million April 1, 2022 , and repurchased an additional of senior notes through open-market transactions by quarter end. Total senior notes repurchased since$1.4 million January 2020 now exceeds .$1.65 billion
On
Second-quarter 2022 total natural-gas throughput(5) averaged 4.3 Bcf/d, representing a 5-percent sequential-quarter increase. Second-quarter 2022 total throughput for crude-oil and NGLs assets(5) averaged 666 MBbls/d, representing a 1-percent sequential-quarter decrease. Second-quarter 2022 total throughput for produced-water assets(5) averaged 864 MBbls/d, representing a 15-percent sequential-quarter increase.
“WES continued its track record of strong operational and financial performance by achieving record-breaking Adjusted EBITDA for the second straight quarter and generating substantial Free cash flow,” said
2021 - 2022 SUSTAINABILITY REPORT
Today WES released its third-annual Sustainability Report focused on environmental, social, and governance (ESG) issues. The report details the Partnership’s continued focus on its three core pillars of its ESG approach - supporting sustainable environments, focusing on people, and operating responsibly. To download and read the full report, please click on the Sustainability section of our website at www.westernmidstream.com.
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 |
|
Six Months Ended |
||||||||||||
|
|
|||||||||||||||
thousands except per-unit amounts |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Revenues and other |
|
|
|
|
|
|
|
|
||||||||
Service revenues – fee based |
|
$ |
655,952 |
|
|
$ |
618,985 |
|
|
$ |
1,287,550 |
|
|
$ |
1,191,260 |
|
Service revenues – product based |
|
|
70,498 |
|
|
|
27,803 |
|
|
|
111,365 |
|
|
|
59,455 |
|
Product sales |
|
|
149,736 |
|
|
|
72,256 |
|
|
|
235,325 |
|
|
|
143,061 |
|
Other |
|
|
233 |
|
|
|
87 |
|
|
|
476 |
|
|
|
329 |
|
Total revenues and other |
|
|
876,419 |
|
|
|
719,131 |
|
|
|
1,634,716 |
|
|
|
1,394,105 |
|
Equity income, net – related parties |
|
|
48,464 |
|
|
|
58,666 |
|
|
|
98,071 |
|
|
|
110,831 |
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
Cost of product |
|
|
148,556 |
|
|
|
78,044 |
|
|
|
221,404 |
|
|
|
167,013 |
|
Operation and maintenance |
|
|
168,153 |
|
|
|
153,028 |
|
|
|
297,129 |
|
|
|
293,360 |
|
General and administrative |
|
|
47,848 |
|
|
|
44,448 |
|
|
|
96,450 |
|
|
|
89,564 |
|
Property and other taxes |
|
|
22,662 |
|
|
|
17,967 |
|
|
|
41,104 |
|
|
|
32,351 |
|
Depreciation and amortization |
|
|
139,036 |
|
|
|
137,849 |
|
|
|
273,618 |
|
|
|
268,402 |
|
Long-lived asset and other impairments |
|
|
90 |
|
|
|
12,738 |
|
|
|
90 |
|
|
|
27,604 |
|
Total operating expenses |
|
|
526,345 |
|
|
|
444,074 |
|
|
|
929,795 |
|
|
|
878,294 |
|
Gain (loss) on divestiture and other, net |
|
|
(1,150 |
) |
|
|
1,225 |
|
|
|
(780 |
) |
|
|
642 |
|
Operating income (loss) |
|
|
397,388 |
|
|
|
334,948 |
|
|
|
802,212 |
|
|
|
627,284 |
|
Interest expense |
|
|
(80,772 |
) |
|
|
(95,290 |
) |
|
|
(166,227 |
) |
|
|
(193,783 |
) |
Gain (loss) on early extinguishment of debt |
|
|
91 |
|
|
|
— |
|
|
|
91 |
|
|
|
(289 |
) |
Other income (expense), net |
|
|
(45 |
) |
|
|
84 |
|
|
|
61 |
|
|
|
(1,123 |
) |
Income (loss) before income taxes |
|
|
316,662 |
|
|
|
239,742 |
|
|
|
636,137 |
|
|
|
432,089 |
|
Income tax expense (benefit) |
|
|
1,491 |
|
|
|
1,465 |
|
|
|
3,296 |
|
|
|
2,577 |
|
Net income (loss) |
|
|
315,171 |
|
|
|
238,277 |
|
|
|
632,841 |
|
|
|
429,512 |
|
Net income (loss) attributable to noncontrolling interests |
|
|
8,854 |
|
|
|
7,018 |
|
|
|
17,807 |
|
|
|
12,462 |
|
Net income (loss) attributable to |
|
$ |
306,317 |
|
|
$ |
231,259 |
|
|
$ |
615,034 |
|
|
$ |
417,050 |
|
Limited partners’ interest in net income (loss): |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to |
|
$ |
306,317 |
|
|
$ |
231,259 |
|
|
$ |
615,034 |
|
|
$ |
417,050 |
|
General partner interest in net (income) loss |
|
|
(6,767 |
) |
|
|
(4,964 |
) |
|
|
(13,550 |
) |
|
|
(8,957 |
) |
Limited partners’ interest in net income (loss) |
|
$ |
299,550 |
|
|
$ |
226,295 |
|
|
$ |
601,484 |
|
|
$ |
408,093 |
|
Net income (loss) per common unit – basic |
|
$ |
0.74 |
|
|
$ |
0.55 |
|
|
$ |
1.49 |
|
|
$ |
0.99 |
|
Net income (loss) per common unit – diluted |
|
$ |
0.74 |
|
|
$ |
0.55 |
|
|
$ |
1.49 |
|
|
$ |
0.99 |
|
Weighted-average common units outstanding – basic |
|
|
403,027 |
|
|
|
413,070 |
|
|
|
403,140 |
|
|
|
413,087 |
|
Weighted-average common units outstanding – diluted |
|
|
404,162 |
|
|
|
413,720 |
|
|
|
404,280 |
|
|
|
413,557 |
|
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
||||
thousands except number of units |
2022 |
2021 |
||||||
Total current assets |
|
$ |
863,443 |
|
|
$ |
684,764 |
|
Net property, plant, and equipment |
|
|
8,477,567 |
|
|
|
8,512,907 |
|
Other assets |
|
|
2,047,849 |
|
|
|
2,075,408 |
|
Total assets |
|
$ |
11,388,859 |
|
|
$ |
11,273,079 |
|
Total current liabilities |
|
$ |
754,677 |
|
|
$ |
1,140,197 |
|
Long-term debt |
|
|
6,656,123 |
|
|
|
6,400,616 |
|
Asset retirement obligations |
|
|
303,548 |
|
|
|
298,275 |
|
Other liabilities |
|
|
369,508 |
|
|
|
338,231 |
|
Total liabilities |
|
|
8,083,856 |
|
|
|
8,177,319 |
|
Equity and partners’ capital |
|
|
|
|
||||
Common units (400,248,341 and 402,993,919 units issued and outstanding at |
||||||||
and |
|
|
3,164,328 |
|
|
|
2,966,955 |
|
General partner units (9,060,641 units issued and outstanding at |
||||||||
|
|
|
(2,825 |
) |
|
|
(8,882 |
) |
Noncontrolling interests |
|
|
143,500 |
|
|
|
137,687 |
|
Total liabilities, equity, and partners’ capital |
|
$ |
11,388,859 |
|
|
$ |
11,273,079 |
|
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
|
|
Six Months Ended |
||||||
|
||||||||
thousands |
|
2022 |
|
2021 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net income (loss) |
|
$ |
632,841 |
|
|
$ |
429,512 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities and |
||||||||
changes in assets and liabilities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
273,618 |
|
|
|
268,402 |
|
Long-lived asset and other impairments |
|
|
90 |
|
|
|
27,604 |
|
(Gain) loss on divestiture and other, net |
|
|
780 |
|
|
|
(642 |
) |
(Gain) loss on early extinguishment of debt |
|
|
(91 |
) |
|
|
289 |
|
Change in other items, net |
|
|
(163,799 |
) |
|
|
(11,504 |
) |
Net cash provided by operating activities |
|
$ |
743,439 |
|
|
$ |
713,661 |
|
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures |
|
$ |
(191,357 |
) |
|
$ |
(139,928 |
) |
Contributions to equity investments - related parties |
|
|
(5,040 |
) |
|
|
(3,508 |
) |
Distributions from equity investments in excess of cumulative earnings – related parties |
|
|
25,407 |
|
|
|
21,373 |
|
Proceeds from the sale of assets to third parties |
|
|
1,096 |
|
|
|
8,003 |
|
(Increase) decrease in materials and supplies inventory and other |
|
|
(1,053 |
) |
|
|
7,656 |
|
Net cash used in investing activities |
|
$ |
(170,947 |
) |
|
$ |
(106,404 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Borrowings, net of debt issuance costs |
|
$ |
634,010 |
|
|
$ |
100,000 |
|
Repayments of debt |
|
|
(883,548 |
) |
|
|
(531,085 |
) |
Increase (decrease) in outstanding checks |
|
|
13,038 |
|
|
|
(29,102 |
) |
Distributions to Partnership unitholders |
|
|
(340,946 |
) |
|
|
(264,234 |
) |
Distributions to Chipeta noncontrolling interest owner |
|
|
(3,182 |
) |
|
|
(1,521 |
) |
Distributions to noncontrolling interest owner of WES Operating |
|
|
(8,812 |
) |
|
|
(5,292 |
) |
Net contributions from (distributions to) related parties |
|
|
784 |
|
|
|
4,508 |
|
Unit repurchases |
|
|
(79,217 |
) |
|
|
(16,241 |
) |
Other |
|
|
(9,184 |
) |
|
|
(3,639 |
) |
Net cash provided by (used in) financing activities |
|
$ |
(677,057 |
) |
|
$ |
(746,606 |
) |
Net increase (decrease) in cash and cash equivalents |
|
$ |
(104,565 |
) |
|
$ |
(139,349 |
) |
Cash and cash equivalents at beginning of period |
|
|
201,999 |
|
|
|
444,922 |
|
Cash and cash equivalents at end of period |
|
$ |
97,434 |
|
|
$ |
305,573 |
|
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 |
2022 |
2022 |
||||
Reconciliation of Gross margin to Adjusted gross margin |
||||||
Total revenues and other |
|
$ |
876,419 |
|
$ |
758,297 |
Less: |
|
|
|
|
||
Cost of product |
|
|
148,556 |
|
|
72,848 |
Depreciation and amortization |
|
|
139,036 |
|
|
134,582 |
Gross margin |
|
|
588,827 |
|
|
550,867 |
Add: |
|
|
|
|
||
Distributions from equity investments |
|
|
66,016 |
|
|
55,795 |
Depreciation and amortization |
|
|
139,036 |
|
|
134,582 |
Less: |
|
|
|
|
||
Reimbursed electricity-related charges recorded as revenues |
|
|
19,042 |
|
|
18,404 |
Adjusted gross margin attributable to noncontrolling interests (1) |
|
|
19,166 |
|
|
18,090 |
Adjusted gross margin |
|
$ |
755,671 |
|
$ |
704,750 |
Adjusted gross margin for natural-gas assets |
|
$ |
528,983 |
|
$ |
488,909 |
Adjusted gross margin for crude-oil and NGLs assets |
|
|
155,686 |
|
|
148,247 |
Adjusted gross margin for produced-water assets |
|
|
71,002 |
|
|
67,594 |
(1) |
For all periods presented, includes (i) the |
|
||||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) |
||||||||
(Unaudited) |
||||||||
Adjusted EBITDA |
||||||||
|
|
Three Months Ended |
||||||
|
|
|
|
|||||
thousands |
2022 |
2022 |
||||||
Reconciliation of Net income (loss) to Adjusted EBITDA |
||||||||
Net income (loss) |
|
$ |
315,171 |
|
|
$ |
317,670 |
|
Add: |
|
|
|
|
||||
Distributions from equity investments |
|
|
66,016 |
|
|
|
55,795 |
|
Non-cash equity-based compensation expense |
|
|
7,038 |
|
|
|
7,743 |
|
Interest expense |
|
|
80,772 |
|
|
|
85,455 |
|
Income tax expense |
|
|
1,491 |
|
|
|
1,805 |
|
Depreciation and amortization |
|
|
139,036 |
|
|
|
134,582 |
|
Impairments |
|
|
90 |
|
|
|
— |
|
Other expense |
|
|
181 |
|
|
|
— |
|
Less: |
|
|
|
|
||||
Gain (loss) on divestiture and other, net |
|
|
(1,150 |
) |
|
|
370 |
|
Gain (loss) on early extinguishment of debt |
|
|
91 |
|
|
|
— |
|
Equity income, net – related parties |
|
|
48,464 |
|
|
|
49,607 |
|
Other income |
|
|
— |
|
|
|
106 |
|
Adjusted EBITDA attributable to noncontrolling interests (1) |
|
|
14,072 |
|
|
|
13,917 |
|
Adjusted EBITDA |
|
$ |
548,318 |
|
|
$ |
539,050 |
|
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA |
||||||||
Net cash provided by operating activities |
|
$ |
466,981 |
|
|
$ |
276,458 |
|
Interest (income) expense, net |
|
|
80,772 |
|
|
|
85,455 |
|
Accretion and amortization of long-term obligations, net |
|
|
(1,804 |
) |
|
|
(1,782 |
) |
Current income tax expense (benefit) |
|
|
703 |
|
|
|
673 |
|
Other (income) expense, net |
|
|
45 |
|
|
|
(106 |
) |
Distributions from equity investments in excess of cumulative earnings – related parties |
|
|
15,482 |
|
|
|
9,925 |
|
Changes in assets and liabilities: |
|
|
|
|
||||
Accounts receivable, net |
|
|
114,696 |
|
|
|
165,134 |
|
Accounts and imbalance payables and accrued liabilities, net |
|
|
(97,201 |
) |
|
|
14,292 |
|
Other items, net |
|
|
(17,284 |
) |
|
|
2,918 |
|
Adjusted EBITDA attributable to noncontrolling interests (1) |
|
|
(14,072 |
) |
|
|
(13,917 |
) |
Adjusted EBITDA |
|
$ |
548,318 |
|
|
$ |
539,050 |
|
Cash flow information |
|
|
|
|
||||
Net cash provided by operating activities |
|
$ |
466,981 |
|
|
$ |
276,458 |
|
Net cash used in investing activities |
|
|
(99,330 |
) |
|
|
(71,617 |
) |
Net cash provided by (used in) financing activities |
|
|
(518,466 |
) |
|
|
(158,591 |
) |
(1) |
For all periods presented, includes (i) the |
|
||||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) |
||||||||
(Unaudited) |
||||||||
Free Cash Flow |
||||||||
|
|
Three Months Ended |
||||||
|
|
|
|
|
||||
thousands |
2022 |
2022 |
||||||
Reconciliation of Net cash provided by operating activities to Free cash flow |
||||||||
Net cash provided by operating activities |
|
$ |
466,981 |
|
|
$ |
276,458 |
|
Less: |
|
|
|
|
||||
Capital expenditures |
|
|
107,386 |
|
|
|
83,971 |
|
Contributions to equity investments – related parties |
|
|
2,970 |
|
|
|
2,070 |
|
Add: |
|
|
|
|
||||
Distributions from equity investments in excess of cumulative earnings – related parties |
|
|
15,482 |
|
|
|
9,925 |
|
Free cash flow |
|
$ |
372,107 |
|
|
$ |
200,342 |
|
Cash flow information |
|
|
|
|
||||
Net cash provided by operating activities |
|
$ |
466,981 |
|
|
$ |
276,458 |
|
Net cash used in investing activities |
|
|
(99,330 |
) |
|
|
(71,617 |
) |
Net cash provided by (used in) financing activities |
|
|
(518,466 |
) |
|
|
(158,591 |
) |
|
||||||
OPERATING STATISTICS |
||||||
(Unaudited) |
||||||
|
|
Three Months Ended |
||||
|
|
|
|
|
||
2022 |
2022 |
|||||
Throughput for natural-gas assets (MMcf/d) |
|
|
|
|
||
Gathering, treating, and transportation |
|
|
410 |
|
|
406 |
Processing |
|
|
3,501 |
|
|
3,325 |
Equity investments (1) |
|
|
516 |
|
|
479 |
Total throughput |
|
|
4,427 |
|
|
4,210 |
Throughput attributable to noncontrolling interests (2) |
|
|
157 |
|
|
152 |
Total throughput attributable to WES for natural-gas assets |
|
|
4,270 |
|
|
4,058 |
Throughput for crude-oil and NGLs assets (MBbls/d) |
||||||
Gathering, treating, and transportation |
|
|
320 |
|
|
315 |
Equity investments (3) |
|
|
360 |
|
|
374 |
Total throughput |
|
|
680 |
|
|
689 |
Throughput attributable to noncontrolling interests (2) |
|
|
14 |
|
|
14 |
Total throughput attributable to WES for crude-oil and NGLs assets |
|
|
666 |
|
|
675 |
Throughput for produced-water assets (MBbls/d) |
|
|
|
|
||
Gathering and disposal |
|
|
882 |
|
|
766 |
Throughput attributable to noncontrolling interests (2) |
|
|
18 |
|
|
15 |
Total throughput attributable to WES for produced-water assets |
|
|
864 |
|
|
751 |
Per-Mcf Adjusted gross margin for natural-gas assets (4) |
|
$ |
1.36 |
|
$ |
1.34 |
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (5) |
|
|
2.57 |
|
|
2.44 |
Per-Bbl Adjusted gross margin for produced-water assets (6) |
|
|
0.90 |
|
|
1.00 |
(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 |
||
|
|
|
|
|
2022 |
2022 |
|||
Throughput for natural-gas assets (MMcf/d) |
|
|
|
|
|
|
1,493 |
|
1,326 |
|
|
1,336 |
|
1,321 |
Equity investments |
|
516 |
|
479 |
Other |
|
1,082 |
|
1,084 |
Total throughput for natural-gas assets |
|
4,427 |
|
4,210 |
Throughput for crude-oil and NGLs assets (MBbls/d) |
||||
|
|
198 |
|
192 |
|
|
83 |
|
88 |
Equity investments |
|
360 |
|
374 |
Other |
|
39 |
|
35 |
Total throughput for crude-oil and NGLs assets |
|
680 |
|
689 |
Throughput for produced-water assets (MBbls/d) |
||||
|
|
882 |
|
766 |
Total throughput for produced-water assets |
|
882 |
|
766 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005215/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 Western Midstream Partners' second-quarter 2022 financial results?
What is the quarterly distribution per unit announced by WES for Q2 2022?
How much did WES spend on unit repurchases in 2022?
What was the throughput growth in the Delaware Basin for Q2 2022?