Western Midstream Announces Third-Quarter 2021 Results

Rhea-AI Summary

Western Midstream Partners, LP (WES) reported strong third-quarter 2021 results with net income of $250.2 million ($0.61 per common unit) and an Adjusted EBITDA of $531.6 million. Cash flows from operations reached $391.3 million, generating a Free cash flow of $320.0 million. The company executed a successful debt tender offer, repaying $500 million in notes, lowering annualized borrowing costs by $20.6 million. A distribution of $0.323 per unit reflects a 1.3% increase from the prior quarter. However, natural gas and crude oil throughput showed a sequential decline of 4% and 7%, respectively.

Positive

• Net income of $250.2 million in Q3 2021.
• Adjusted EBITDA of $531.6 million for Q3 2021.
• Free cash flow of $320 million in Q3 2021.
• Successful debt tender offer reduced borrowing costs by $20.6 million.
• Distribution increased by 1.3% to $0.323 per unit.

Negative

• 4% decrease in natural gas throughput from the previous quarter.
• 7% decline in crude oil and NGLs throughput sequentially.

HOUSTON, Nov. 9, 2021 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced third-quarter 2021 financial and operating results. Net income (loss) available to limited partners for the third quarter of 2021 totaled $250.2 million, or $0.61 per common unit (diluted), with third-quarter 2021 Adjusted EBITDA⁽¹⁾ totaling $531.6 million, third-quarter 2021 Cash flows provided by operating activities totaling $391.3 million, and third-quarter 2021 Free cash flow⁽¹⁾ totaling $320.0 million.

RECENT HIGHLIGHTS

• Executed a debt tender offer and repaid $500.0 million of Senior notes due 2022, 2023, 2025, and 2026 for an aggregate purchase price of approximately $521.9 million, decreasing the Partnership's annualized borrowing costs by $20.6 million⁽²⁾.
• Repurchased 4.5 million common units for aggregate consideration of $88.1 million during the third quarter as part of the previously announced buyback program of up to $250.0 million of the Partnership's common units through December 31, 2021. Since announcing the buyback program, the Partnership has repurchased approximately 8.0 million common units for aggregate consideration of $136.9 million through September 30, 2021.
• Received an upgrade for WES Operating's long-term debt from "BB" to "BB+" from Standard & Poor's, decreasing the Partnership's annualized borrowing costs by approximately $7.9 million, and a revised outlook rating from "Stable" to "Positive" from Fitch.
• Increased Regional Oil Treating Facility capacity by 20-percent, or 36 MBbls/d, for minimal capital to meet expected growth in Delaware Basin oil volumes.

__________________________________________________
(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)	Annualized borrowing costs calculated using the effective coupon rates as of September 30, 2021.

On November 12, 2021, WES will pay its third-quarter 2021 per-unit distribution of $0.323, which represents a 1.3-percent increase over the prior quarter's distribution and is consistent with an annualized distribution growth of 5-percent. Third-quarter 2021 Free cash flow after distributions totaled $185.4 million. Third-quarter 2021 and year-to-date capital expenditures⁽¹⁾ totaled $82.0 million and $224.3 million, respectively. Net income and Adjusted EBITDA for the quarter include a non-cash increase to revenue of $19 million associated with a revenue recognition cumulative adjustment related to reversal of constrained revenues.

"The consistent execution of our strategic priorities has led to our strong third-quarter results and positions us for continued success," said Michael Ure, President and Chief Executive Officer. "Across the organization, our best-in-class teams continue to pursue cost and capital efficiencies, attract additional volumes on our systems, and maximize our asset value."

"With our expansive asset footprint and strong producer relationships in the Delaware Basin, we continue to capitalize on robust activity levels in this world-class producing basin. For the third-consecutive quarter, throughput increased across all three products within the Delaware Basin, contributing to our outperformance."

"Due to our outperformance this quarter, we now expect to finish the year above the high end of our 2021 Adjusted EBITDA range of $1.825 to $1.925 billion. Furthermore, we expect to be below the high end of our 2021 capital expenditure range of $275 million to $375 million. This expectation reflects a slight shift in producer activity into 2022, thus reducing capital requirements in 2021, and our team's continued focus on reducing costs and enhancing operational efficiencies."

Mr. Ure continued, "Our operational results have again set the stage for significant free cash flow generation, which provides the resources needed to reduce debt and improve the health of our balance sheet. We've been able to reduce our outstanding Senior Notes by more than $930 million year to date, or 12 percent of our year-end 2020 balance, through the retirement of our 2021 maturity and successful execution of our recent tender offer. With third-quarter Debt-to-Trailing Twelve Month Adjusted EBITDA below 3.7x, we are well below our 2021 target of 4.0x and nearing our 2022 target of 3.5x."

__________________________________________________
(1)	Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta.

"We remain committed to returning value to stakeholders through continued distribution growth and opportunistically executing the remaining $113 million available under the unit buyback program."

Third-quarter 2021 total natural-gas throughput⁽¹⁾ averaged 4.1 Bcf/d, representing a 4-percent sequential-quarter decrease. This decrease primarily relates to (i) decreased volumes at the Bison treating facility, which was sold to a third party during the second quarter of 2021, and (ii) production declines in the DJ Basin and areas around the Marcellus Interest and Springfield gas-gathering systems.

Third-quarter 2021 total throughput for crude-oil and NGLs assets⁽¹⁾ averaged 641 MBbls/d, representing a 7-percent sequential-quarter decrease. This decrease primarily relates to production declines in the DJ Basin and decreased volumes on our equity investments.

Third-quarter 2021 total throughput for produced-water assets⁽¹⁾ averaged 735 MBbls/d, representing a 7-percent sequential-quarter increase.

____________________________________________________
(1)	Represents total throughput attributable to WES, which excludes (i) the 2.0% Occidental subsidiary-owned limited partner interest in WES Operating and (ii) for natural-gas throughput, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.

CONFERENCE CALL TOMORROW AT 1:00 P.M. CT
WES will host a conference call on Wednesday, November 10, 2021, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss third-quarter 2021 results. To participate, individuals should dial 877-883-0383 (Domestic) or 412-902-6506 (International) 15 minutes before the scheduled conference call time and enter participant access code 9861840. 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 also will be available on the website following the call.

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 WESTERN MIDSTREAM
Western Midstream Partners, LP ("WES") is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, Wyoming, and Pennsylvania, 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 as an agent for its customers under certain contracts.

For more information about Western Midstream Partners, LP, please visit www.westernmidstream.com.

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 Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.

WESTERN MIDSTREAM CONTACTS

Kristen Shults
Senior Vice President, Finance and Communications
Kristen.Shults@westernmidstream.com
832.636.1009

Daniel Jenkins
Director, Investor Relations
Daniel.Jenkins@westernmidstream.com
832.636.1009

Shelby Keltner
Manager, Investor Relations
Shelby.Keltner@westernmidstream.com
832.636.1009

Western Midstream Partners, LP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
		Three Months Ended  September 30,								Nine Months Ended  September 30,
thousands except per-unit amounts		2021				2020				2021				2020
Revenues and other
Service revenues – fee based		$	650,482			$	636,522			$	1,841,742			$	1,980,546
Service revenues – product based		28,812				12,316				88,267				35,237
Product sales		84,298				30,106				227,359				108,491
Other		248				100				577				838
Total revenues and other		763,840				679,044				2,157,945				2,125,112
Equity income, net – related parties		48,506				61,026				159,337				176,788
Operating expenses
Cost of product		83,232				31,739				250,245				153,611
Operation and maintenance		140,838				132,293				434,198				436,670
General and administrative		50,409				41,578				139,973				118,466
Property and other taxes		13,641				19,392				45,992				57,263
Depreciation and amortization		139,002				132,564				407,404				384,688
Long-lived asset and other impairments		1,594				34,640				29,198				200,575
Goodwill impairment		—				—				—				441,017
Total operating expenses		428,716				392,206				1,307,010				1,792,290
Gain (loss) on divestiture and other, net		(364)				(768)				278				(3,651)
Operating income (loss)		383,266				347,096				1,010,550				505,959
Interest income – Anadarko note receivable		—				3,286				—				11,736
Interest expense		(93,257)				(95,571)				(287,040)				(278,811)
Gain (loss) on early extinguishment of debt		(24,655)				1,632				(24,944)				10,372
Other income (expense), net		110				720				(1,013)				612
Income (loss) before income taxes		265,464				257,163				697,553				249,868
Income tax expense (benefit)		1,826				3,028				4,403				3,792
Net income (loss)		263,638				254,135				693,150				246,076
Net income (loss) attributable to noncontrolling interests		7,913				7,524				20,375				(17,045)
Net income (loss) attributable to Western Midstream       Partners, LP		$	255,725			$	246,611			$	672,775			$	263,121
Limited partners' interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners,       LP		$	255,725			$	246,611			$	672,775			$	263,121
General partner interest in net (income) loss		(5,527)				(5,132)				(14,484)				(5,462)
Limited partners' interest in net income (loss)		$	250,198			$	241,479			$	658,291			$	257,659
Net income (loss) per common unit – basic		$	0.61			$	0.55			$	1.60			$	0.58
Net income (loss) per common unit – diluted		$	0.61			$	0.55			$	1.59			$	0.58
Weighted-average common units outstanding – basic		411,909				438,857				412,690				442,255
Weighted-average common units outstanding – diluted		412,714				438,926				413,150				442,275

 

 

Western Midstream Partners, LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
thousands except number of units		September 30, 2021				December 31, 2020
Total current assets		$	756,710			$	943,064
Net property, plant, and equipment		8,524,081				8,709,945
Other assets		2,138,587				2,177,018
Total assets		$	11,419,378			$	11,830,027
Total current liabilities		$	1,307,342			$	960,935
Long-term debt		6,399,874				7,415,832
Asset retirement obligations		271,022				260,283
Other liabilities		344,694				297,765
Total liabilities		8,322,932				8,934,815
Equity and partners' capital
Common units (408,610,916 and 413,839,863 units issued and outstanding at September 30, 2021, and December 31, 2020, respectively)		2,965,944				2,778,339
General partner units (9,060,641 units issued and outstanding at September 30, 2021, and December 31, 2020)		(11,286)				(17,208)
Noncontrolling interests		141,788				134,081
Total liabilities, equity, and partners' capital		$	11,419,378			$	11,830,027

 

 

Western Midstream Partners, LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
		Nine Months Ended  September 30,
thousands		2021				2020
Cash flows from operating activities
Net income (loss)		$	693,150			$	246,076
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:
Depreciation and amortization		407,404				384,688
Long-lived asset and other impairments		29,198				200,575
Goodwill impairment		—				441,017
(Gain) loss on divestiture and other, net		(278)				3,651
(Gain) loss on early extinguishment of debt		24,944				(10,372)
Cash paid to settle interest-rate swaps		—				(19,181)
Change in other items, net		(49,424)				(114,561)
Net cash provided by operating activities		$	1,104,994			$	1,131,893
Cash flows from investing activities
Capital expenditures		$	(217,757)			$	(372,262)
Purchases from related parties		(2,000)				—
Contributions to equity investments - related parties		(3,683)				(19,017)
Distributions from equity investments in excess of cumulative earnings – related parties		30,075				21,750
Proceeds from the sale of assets to third parties		8,002				—
(Increase) decrease in materials and supplies inventory and other		(1,924)				(57,141)
Net cash used in investing activities		$	(187,287)			$	(426,670)
Cash flows from financing activities
Borrowings, net of debt issuance costs		$	400,000			$	3,681,173
Repayments of debt		(1,132,966)				(3,780,390)
Increase (decrease) in outstanding checks		(11,757)				691
Distributions to Partnership unitholders		(398,896)				(563,579)
Distributions to Chipeta noncontrolling interest owner		(2,734)				(3,923)
Distributions to noncontrolling interest owner of WES Operating		(9,934)				(11,545)
Net contributions from (distributions to) related parties		6,673				22,674
Finance lease payments		(5,295)				(12,241)
Unit repurchases		(104,366)				—
Other		(3,492)				—
Net cash provided by (used in) financing activities		$	(1,262,767)			$	(667,140)
Net increase (decrease) in cash and cash equivalents		$	(345,060)			$	38,083
Cash and cash equivalents at beginning of period		444,922				99,962
Cash and cash equivalents at end of period		$	99,862			$	138,045

 

Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES

WES defines Adjusted gross margin attributable to Western Midstream Partners, LP ("Adjusted gross margin") as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interest owners' proportionate share of revenues and cost of product.

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 Western Midstream Partners, LP and other applicable performance measures, such as gross margin or cash flows provided by operating activities.

Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Adjusted Gross Margin
		Three Months Ended
thousands		September 30, 2021				June 30, 2021
Reconciliation of Gross margin to Adjusted gross margin
Total revenues and other		$	763,840			$	719,131
Less:
Cost of product		83,232				78,044
Depreciation and amortization		139,002				137,849
Gross margin		541,606				503,238
Add:
Distributions from equity investments		62,711				70,947
Depreciation and amortization		139,002				137,849
Less:
Reimbursed electricity-related charges recorded as revenues		19,725				17,585
Adjusted gross margin attributable to noncontrolling interests (1)		18,187				17,213
Adjusted gross margin		$	705,407			$	677,236
Adjusted gross margin for natural-gas assets		$	492,708			$	469,409
Adjusted gross margin for crude-oil and NGLs assets		148,939				150,317
Adjusted gross margin for produced-water assets		63,760				57,510

(1)	For all periods presented, includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% Occidental subsidiary-owned limited partner interest in WES Operating, which collectively represent WES's noncontrolling interests.

 

 

Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Adjusted EBITDA
		Three Months Ended
thousands		September 30, 2021				June 30, 2021
Reconciliation of Net income (loss) to Adjusted EBITDA
Net income (loss)		$	263,638			$	238,277
Add:
Distributions from equity investments		62,711				70,947
Non-cash equity-based compensation expense		6,979				7,121
Interest expense		93,257				95,290
Income tax expense		1,826				1,465
Depreciation and amortization		139,002				137,849
Impairments		1,594				12,738
Other expense		4				30
Less:
Gain (loss) on divestiture and other, net		(364)				1,225
Gain (loss) on early extinguishment of debt		(24,655)				—
Equity income, net – related parties		48,506				58,666
Other income		109				84
Adjusted EBITDA attributable to noncontrolling interests (1)		13,835				12,616
Adjusted EBITDA		$	531,580			$	491,126
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA
Net cash provided by operating activities		$	391,333			$	452,111
Interest (income) expense, net		93,257				95,290
Accretion and amortization of long-term obligations, net		(1,871)				(1,914)
Current income tax expense (benefit)		824				749
Other (income) expense, net		(110)				(84)
Distributions from equity investments in excess of cumulative earnings – related parties		8,702				9,232
Changes in assets and liabilities:
Accounts receivable, net		61,609				38,982
Accounts and imbalance payables and accrued liabilities, net		(17,204)				(55,758)
Other items, net		8,875				(34,866)
Adjusted EBITDA attributable to noncontrolling interests (1)		(13,835)				(12,616)
Adjusted EBITDA		$	531,580			$	491,126
Cash flow information
Net cash provided by operating activities		$	391,333			$	452,111
Net cash used in investing activities		(80,883)				(59,932)
Net cash provided by (used in) financing activities		(516,161)				(142,982)

(1)	For all periods presented, includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% Occidental subsidiary-owned limited partner interest in WES Operating, which collectively represent WES's noncontrolling interests.

 

 

Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Free Cash Flow
		Three Months Ended
thousands		September 30, 2021				June 30, 2021
Reconciliation of Net cash provided by operating activities to Free cash flow
Net cash provided by operating activities		$	391,333			$	452,111
Less:
Capital expenditures		79,829				78,145
Contributions to equity investments – related parties		175				3,422
Add:
Distributions from equity investments in excess of cumulative earnings – related parties		8,702				9,232
Free cash flow		$	320,031			$	379,776
Cash flow information
Net cash provided by operating activities		$	391,333			$	452,111
Net cash used in investing activities		(80,883)				(59,932)
Net cash provided by (used in) financing activities		(516,161)				(142,982)

 

 

Western Midstream Partners, LP OPERATING STATISTICS (Unaudited)
	Three Months Ended
		September 30, 2021				June 30, 2021
Throughput for natural-gas assets (MMcf/d)
Gathering, treating, and transportation		378				534
Processing		3,416				3,433
Equity investments (1)		443				457
Total throughput		4,237				4,424
Throughput attributable to noncontrolling interests (2)		156				159
Total throughput attributable to WES for natural-gas assets		4,081				4,265
Throughput for crude-oil and NGLs assets (MBbls/d)
Gathering, treating, and transportation		304				315
Equity investments (3)		350				386
Total throughput		654				701
Throughput attributable to noncontrolling interests (2)		13				14
Total throughput attributable to WES for crude-oil and NGLs assets		641				687
Throughput for produced-water assets (MBbls/d)
Gathering and disposal		750				702
Throughput attributable to noncontrolling interests (2)		15				14
Total throughput attributable to WES for produced-water assets		735				688
Per-Mcf Adjusted gross margin for natural-gas assets (4)		$	1.31			$	1.21
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (5)		2.52				2.40
Per-Bbl Adjusted gross margin for produced-water assets (6)		0.94				0.92

(1)	Represents the 22% share of average Rendezvous throughput, 50% share of average Mi Vida and Ranch Westex throughput, and 30% share of average Red Bluff Express throughput.
(2)	For all periods presented, includes (i) the 2.0% Occidental subsidiary-owned limited partner interest in WES Operating and (ii) for natural- gas assets, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.
(3)	Represents the 10% share of average White Cliffs throughput; 25% share of average Mont Belvieu JV throughput; 20% share of average TEG, TEP, Whitethorn, and Saddlehorn throughput; 33.33% share of average FRP throughput; and 15% share of average Panola and Cactus II throughput.
(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.

 

 

Western Midstream Partners, LP OPERATING STATISTICS (CONTINUED) (Unaudited)
	Three Months Ended
	September 30, 2021			June 30, 2021
Throughput for natural-gas assets (MMcf/d)
Delaware Basin	1,274			1,244
DJ Basin	1,368			1,413
Equity investments	443			457
Other	1,152			1,310
Total throughput for natural-gas assets	4,237			4,424
Throughput for crude-oil and NGLs assets (MBbls/d)
Delaware Basin	185			184
DJ Basin	87			98
Equity investments	350			386
Other	32			33
Total throughput for crude-oil and NGLs assets	654			701
Throughput for produced-water assets (MBbls/d)
Delaware Basin	750			702
Total throughput for produced-water assets	750			702

 

 

 

 

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SOURCE Western Midstream Partners, LP

FAQ

What were the financial results for Western Midstream Partners (WES) in Q3 2021?

WES reported a net income of $250.2 million, Adjusted EBITDA of $531.6 million, and Free cash flow of $320 million.

How much did WES reduce its debt in the recent tender offer?

WES repaid $500 million in Senior notes during the debt tender offer.

What is the per-unit distribution announced by WES for Q3 2021?

WES announced a per-unit distribution of $0.323, reflecting a 1.3% increase over the prior quarter.

What is the current throughput trend for WES?

WES experienced a 4% decrease in natural gas throughput and a 7% decline in crude oil and NGLs throughput in Q3 2021.

What are WES's expectations for Adjusted EBITDA by the end of 2021?

WES expects to finish the year above the high end of its 2021 Adjusted EBITDA range of $1.825 to $1.925 billion.