Western Midstream Announces Third-Quarter 2022 Results
Western Midstream Partners, LP (WES) reported a third-quarter 2022 net income attributable to limited partners of $259.5 million, or $0.67 per common unit. The company achieved Adjusted EBITDA of $524.8 million and Free cash flow of $330.4 million. Highlights included record natural-gas throughput of 1.54 Bcf/d and produced-water throughput of 895 MBbls/d. WES executed amendments to agreements with Occidental and increased its unit repurchase program to $1.25 billion. The third-quarter distribution remains at $0.50 per unit, consistent with the previous quarter.
- Third-quarter 2022 net income of $259.5 million, $0.67 per common unit.
- Adjusted EBITDA of $524.8 million.
- Free cash flow of $330.4 million.
- Record Delaware Basin natural-gas throughput of 1.54 Bcf/d, 3% increase sequentially.
- Increased unit repurchase program from $1.0 billion to $1.25 billion.
- Adjusted EBITDA declined sequentially due to lower natural-gas liquids pricing and increased operational expenses.
-
Reported third-quarter 2022 Net income attributable to limited partners of
, generating third-quarter Adjusted EBITDA(1) of$259.5 million .$524.8 million -
Reported third-quarter 2022 Cash flows provided by operating activities of
, generating third-quarter Free cash flow(1) of$468.8 million .$330.4 million
RECENT HIGHLIGHTS
-
Processed record
Delaware Basin natural-gas throughput of 1.54 Bcf/d for the third quarter, representing a 3-percent sequential-quarter increase. -
Gathered record
Delaware Basin produced-water throughput of 895 MBbls/d for the third quarter, representing a 1-percent sequential-quarter increase. -
After quarter end, executed a long-term amendment to Occidental Petroleum Corporation’s (“Occidental”) oil gathering agreement in the
Delaware Basin to provide up to approximately 57 MBbls/d of peak additional firm-treating capacity supported by significant corresponding minimum-volume commitments. -
After quarter end, executed a long-term amendment to Occidental’s gas-processing agreement in the
Delaware Basin to provide up to 250 MMcf/d of peak additional firm-processing capacity supported by significant corresponding minimum-volume commitments. -
After quarter end, executed several contracts to provide midstream services, including gas gathering, condensate gathering, and condensate stabilization, for new customers in the
Maverick Basin ofSouth Texas . -
After quarter end, sold our 15-percent interest in Cactus II for
.$265 million -
In conjunction with the sale of the equity interest in Cactus II, increased the previously announced
unit repurchase program to$1.0 billion , which runs through$1.25 billion December 31, 2024 . -
Acquired the remaining 50-percent interest in Ranch Westex JV for
, immediately adding 125 MMcf/d of operated natural-gas processing capacity to our$41.0 million West Texas complex. -
Repurchased 18,506,215 common units for aggregate consideration of
year-to-date through$460.7 million October 28, 2022 . The total common units repurchased sinceSeptember 2020 now represents13.5% of total unaffected units outstanding.
On
Third-quarter 2022 total natural-gas throughput(5) averaged 4.3 Bcf/d, remaining flat relative to the prior quarter. Third-quarter 2022 total throughput for crude-oil and NGLs assets(5) averaged 715 MBbls/d, representing a 7-percent sequential-quarter increase. Third-quarter 2022 total throughput for produced-water assets(5) averaged 877 MBbls/d, representing a 2-percent sequential-quarter increase.
“Our well-positioned assets are a competitive advantage that continue to yield results with another record-breaking quarter of natural-gas and produced-water throughput in the
“Our recent M&A activity reflects our team’s focus on strategically pursuing and executing transactions that create substantial value for WES. We are pleased to announce the acquisition of the remaining 50-percent interest in our Ranch Westex joint venture, which adds an incremental 125 MMcf/d of operated natural-gas processing capacity to our
“Additionally, we’re excited to further strengthen our relationship with one of the premier producers in the
UNIT BUYBACK PROGRAM
Previously, the Board authorized a buyback program of up to
The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the Purchase Program will be determined based on ongoing assessments of capital needs, WES’s financial performance, the market price of the common units, and other factors, including organic growth and acquisition opportunities and general market conditions. The Purchase Program does not obligate the Partnership to purchase any specific dollar amount or number of units and may be suspended or discontinued at any time.
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; 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 |
|
||||||||||||||||
|
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
thousands except per-unit amounts |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues and other |
|
|
|
|
|
|
|
|
||||||||
Service revenues – fee based |
|
$ |
666,555 |
|
|
$ |
650,482 |
|
|
$ |
1,954,105 |
|
|
$ |
1,841,742 |
|
Service revenues – product based |
|
|
91,356 |
|
|
|
28,812 |
|
|
|
202,721 |
|
|
|
88,267 |
|
Product sales |
|
|
79,430 |
|
|
|
84,298 |
|
|
|
314,755 |
|
|
|
227,359 |
|
Other |
|
|
227 |
|
|
|
248 |
|
|
|
703 |
|
|
|
577 |
|
Total revenues and other |
|
|
837,568 |
|
|
|
763,840 |
|
|
|
2,472,284 |
|
|
|
2,157,945 |
|
Equity income, net – related parties |
|
|
41,317 |
|
|
|
48,506 |
|
|
|
139,388 |
|
|
|
159,337 |
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
Cost of product |
|
|
106,833 |
|
|
|
83,232 |
|
|
|
328,237 |
|
|
|
250,245 |
|
Operation and maintenance |
|
|
190,514 |
|
|
|
140,838 |
|
|
|
487,643 |
|
|
|
434,198 |
|
General and administrative |
|
|
48,185 |
|
|
|
50,409 |
|
|
|
144,635 |
|
|
|
139,973 |
|
Property and other taxes |
|
|
19,390 |
|
|
|
13,641 |
|
|
|
60,494 |
|
|
|
45,992 |
|
Depreciation and amortization |
|
|
156,837 |
|
|
|
139,002 |
|
|
|
430,455 |
|
|
|
407,404 |
|
Long-lived asset and other impairments |
|
|
4 |
|
|
|
1,594 |
|
|
|
94 |
|
|
|
29,198 |
|
Total operating expenses |
|
|
521,763 |
|
|
|
428,716 |
|
|
|
1,451,558 |
|
|
|
1,307,010 |
|
Gain (loss) on divestiture and other, net |
|
|
(104 |
) |
|
|
(364 |
) |
|
|
(884 |
) |
|
|
278 |
|
Operating income (loss) |
|
|
357,018 |
|
|
|
383,266 |
|
|
|
1,159,230 |
|
|
|
1,010,550 |
|
Interest expense |
|
|
(83,106 |
) |
|
|
(93,257 |
) |
|
|
(249,333 |
) |
|
|
(287,040 |
) |
Gain (loss) on early extinguishment of debt |
|
|
— |
|
|
|
(24,655 |
) |
|
|
91 |
|
|
|
(24,944 |
) |
Other income (expense), net |
|
|
56 |
|
|
|
110 |
|
|
|
117 |
|
|
|
(1,013 |
) |
Income (loss) before income taxes |
|
|
273,968 |
|
|
|
265,464 |
|
|
|
910,105 |
|
|
|
697,553 |
|
Income tax expense (benefit) |
|
|
387 |
|
|
|
1,826 |
|
|
|
3,683 |
|
|
|
4,403 |
|
Net income (loss) |
|
|
273,581 |
|
|
|
263,638 |
|
|
|
906,422 |
|
|
|
693,150 |
|
Net income (loss) attributable to noncontrolling interests |
|
|
7,836 |
|
|
|
7,913 |
|
|
|
25,643 |
|
|
|
20,375 |
|
Net income (loss) attributable to |
|
$ |
265,745 |
|
|
$ |
255,725 |
|
|
$ |
880,779 |
|
|
$ |
672,775 |
|
Limited partners’ interest in net income (loss): |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to |
|
$ |
265,745 |
|
|
$ |
255,725 |
|
|
$ |
880,779 |
|
|
$ |
672,775 |
|
General partner interest in net (income) loss |
|
|
(6,244 |
) |
|
|
(5,527 |
) |
|
|
(19,794 |
) |
|
|
(14,484 |
) |
Limited partners’ interest in net income (loss) |
|
$ |
259,501 |
|
|
$ |
250,198 |
|
|
$ |
860,985 |
|
|
$ |
658,291 |
|
Net income (loss) per common unit – basic |
|
$ |
0.67 |
|
|
$ |
0.61 |
|
|
$ |
2.16 |
|
|
$ |
1.60 |
|
Net income (loss) per common unit – diluted |
|
$ |
0.66 |
|
|
$ |
0.61 |
|
|
$ |
2.15 |
|
|
$ |
1.59 |
|
Weighted-average common units outstanding – basic |
|
|
388,906 |
|
|
|
411,909 |
|
|
|
398,343 |
|
|
|
412,690 |
|
Weighted-average common units outstanding – diluted |
|
|
390,318 |
|
|
|
412,714 |
|
|
|
399,545 |
|
|
|
413,150 |
|
|
||||||||
thousands except number of units |
|
2022 |
|
2021 |
||||
Total current assets |
|
$ |
896,300 |
|
|
$ |
684,764 |
|
Net property, plant, and equipment |
|
|
8,539,683 |
|
|
|
8,512,907 |
|
Other assets |
|
|
2,036,599 |
|
|
|
2,075,408 |
|
Total assets |
|
$ |
11,472,582 |
|
|
$ |
11,273,079 |
|
Total current liabilities |
|
$ |
745,923 |
|
|
$ |
1,140,197 |
|
Long-term debt |
|
|
7,027,361 |
|
|
|
6,400,616 |
|
Asset retirement obligations |
|
|
310,500 |
|
|
|
298,275 |
|
Other liabilities |
|
|
383,112 |
|
|
|
338,231 |
|
Total liabilities |
|
|
8,466,896 |
|
|
|
8,177,319 |
|
Equity and partners’ capital |
|
|
|
|
||||
Common units (385,586,841 and 402,993,919 units issued and outstanding at |
|
|
2,868,665 |
|
|
|
2,966,955 |
|
General partner units (9,060,641 units issued and outstanding at |
|
|
(1,112 |
) |
|
|
(8,882 |
) |
Noncontrolling interests |
|
|
138,133 |
|
|
|
137,687 |
|
Total liabilities, equity, and partners’ capital |
|
$ |
11,472,582 |
|
|
$ |
11,273,079 |
|
|
||||||||
|
|
Nine Months Ended
|
||||||
thousands |
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
||||
Net income (loss) |
|
$ |
906,422 |
|
|
$ |
693,150 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
430,455 |
|
|
|
407,404 |
|
Long-lived asset and other impairments |
|
|
94 |
|
|
|
29,198 |
|
(Gain) loss on divestiture and other, net |
|
|
884 |
|
|
|
(278 |
) |
(Gain) loss on early extinguishment of debt |
|
|
(91 |
) |
|
|
24,944 |
|
Change in other items, net |
|
|
(125,557 |
) |
|
|
(49,424 |
) |
Net cash provided by operating activities |
|
$ |
1,212,207 |
|
|
$ |
1,104,994 |
|
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures |
|
$ |
(341,505 |
) |
|
$ |
(219,757 |
) |
Acquisitions from third parties |
|
|
(41,018 |
) |
|
|
— |
|
Contributions to equity investments - related parties |
|
|
(8,899 |
) |
|
|
(3,683 |
) |
Distributions from equity investments in excess of cumulative earnings – related parties |
|
|
41,058 |
|
|
|
30,075 |
|
Proceeds from the sale of assets to third parties |
|
|
1,111 |
|
|
|
8,002 |
|
(Increase) decrease in materials and supplies inventory and other |
|
|
(6,999 |
) |
|
|
(1,924 |
) |
Net cash used in investing activities |
|
$ |
(356,252 |
) |
|
$ |
(187,287 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Borrowings, net of debt issuance costs |
|
$ |
1,389,010 |
|
|
$ |
400,000 |
|
Repayments of debt |
|
|
(1,268,548 |
) |
|
|
(1,132,966 |
) |
Increase (decrease) in outstanding checks |
|
|
1,459 |
|
|
|
(11,757 |
) |
Distributions to Partnership unitholders |
|
|
(538,690 |
) |
|
|
(398,896 |
) |
Distributions to Chipeta noncontrolling interest owner |
|
|
(5,020 |
) |
|
|
(2,734 |
) |
Distributions to noncontrolling interest owner of WES Operating |
|
|
(20,177 |
) |
|
|
(9,934 |
) |
Net contributions from (distributions to) related parties |
|
|
1,161 |
|
|
|
6,673 |
|
Unit repurchases |
|
|
(447,075 |
) |
|
|
(104,366 |
) |
Other |
|
|
(10,981 |
) |
|
|
(8,787 |
) |
Net cash provided by (used in) financing activities |
|
$ |
(898,861 |
) |
|
$ |
(1,262,767 |
) |
Net increase (decrease) in cash and cash equivalents |
|
$ |
(42,906 |
) |
|
$ |
(345,060 |
) |
Cash and cash equivalents at beginning of period |
|
|
201,999 |
|
|
|
444,922 |
|
Cash and cash equivalents at end of period |
|
$ |
159,093 |
|
|
$ |
99,862 |
|
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
|
||||||
Adjusted Gross Margin |
||||||
|
|
Three Months Ended |
||||
thousands |
|
2022 |
|
2022 |
||
Reconciliation of Gross margin to Adjusted gross margin |
||||||
Total revenues and other |
|
$ |
837,568 |
|
$ |
876,419 |
Less: |
|
|
|
|
||
Cost of product |
|
|
106,833 |
|
|
148,556 |
Depreciation and amortization |
|
|
156,837 |
|
|
139,036 |
Gross margin |
|
|
573,898 |
|
|
588,827 |
Add: |
|
|
|
|
||
Distributions from equity investments |
|
|
58,957 |
|
|
66,016 |
Depreciation and amortization |
|
|
156,837 |
|
|
139,036 |
Less: |
|
|
|
|
||
Reimbursed electricity-related charges recorded as revenues |
|
|
20,741 |
|
|
19,042 |
Adjusted gross margin attributable to noncontrolling interests (1) |
|
|
18,886 |
|
|
19,166 |
Adjusted gross margin |
|
$ |
750,065 |
|
$ |
755,671 |
Adjusted gross margin for natural-gas assets |
|
$ |
521,117 |
|
$ |
528,983 |
Adjusted gross margin for crude-oil and NGLs assets |
|
|
153,225 |
|
|
155,686 |
Adjusted gross margin for produced-water assets |
|
|
75,723 |
|
|
71,002 |
(1) |
For all periods presented, includes (i) the |
|
||||||||
Adjusted EBITDA |
||||||||
|
|
Three Months Ended |
||||||
thousands |
|
2022 |
|
2022 |
||||
Reconciliation of Net income (loss) to Adjusted EBITDA |
||||||||
Net income (loss) |
|
$ |
273,581 |
|
|
$ |
315,171 |
|
Add: |
|
|
|
|
||||
Distributions from equity investments |
|
|
58,957 |
|
|
|
66,016 |
|
Non-cash equity-based compensation expense |
|
|
6,464 |
|
|
|
7,038 |
|
Interest expense |
|
|
83,106 |
|
|
|
80,772 |
|
Income tax expense |
|
|
387 |
|
|
|
1,491 |
|
Depreciation and amortization |
|
|
156,837 |
|
|
|
139,036 |
|
Impairments |
|
|
4 |
|
|
|
90 |
|
Other expense |
|
|
165 |
|
|
|
181 |
|
Less: |
|
|
|
|
||||
Gain (loss) on divestiture and other, net |
|
|
(104 |
) |
|
|
(1,150 |
) |
Gain (loss) on early extinguishment of debt |
|
|
— |
|
|
|
91 |
|
Equity income, net – related parties |
|
|
41,317 |
|
|
|
48,464 |
|
Other income |
|
|
58 |
|
|
|
— |
|
Adjusted EBITDA attributable to noncontrolling interests (1) |
|
|
13,406 |
|
|
|
14,072 |
|
Adjusted EBITDA |
|
$ |
524,824 |
|
|
$ |
548,318 |
|
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA |
||||||||
Net cash provided by operating activities |
|
$ |
468,768 |
|
|
$ |
466,981 |
|
Interest (income) expense, net |
|
|
83,106 |
|
|
|
80,772 |
|
Accretion and amortization of long-term obligations, net |
|
|
(1,773 |
) |
|
|
(1,804 |
) |
Current income tax expense (benefit) |
|
|
550 |
|
|
|
703 |
|
Other (income) expense, net |
|
|
(56 |
) |
|
|
45 |
|
Distributions from equity investments in excess of cumulative earnings – related parties |
|
|
15,651 |
|
|
|
15,482 |
|
Changes in assets and liabilities: |
|
|
|
|
||||
Accounts receivable, net |
|
|
(66,875 |
) |
|
|
114,696 |
|
Accounts and imbalance payables and accrued liabilities, net |
|
|
17,840 |
|
|
|
(97,201 |
) |
Other items, net |
|
|
21,019 |
|
|
|
(17,284 |
) |
Adjusted EBITDA attributable to noncontrolling interests (1) |
|
|
(13,406 |
) |
|
|
(14,072 |
) |
Adjusted EBITDA |
|
$ |
524,824 |
|
|
$ |
548,318 |
|
Cash flow information |
|
|
|
|
||||
Net cash provided by operating activities |
|
$ |
468,768 |
|
|
$ |
466,981 |
|
Net cash used in investing activities |
|
|
(185,305 |
) |
|
|
(99,330 |
) |
Net cash provided by (used in) financing activities |
|
|
(221,804 |
) |
|
|
(518,466 |
) |
(1) |
For all periods presented, includes (i) the |
|
||||||||
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 |
|
$ |
468,768 |
|
|
$ |
466,981 |
|
Less: |
|
|
|
|
||||
Capital expenditures |
|
|
150,148 |
|
|
|
107,386 |
|
Contributions to equity investments – related parties |
|
|
3,859 |
|
|
|
2,970 |
|
Add: |
|
|
|
|
||||
Distributions from equity investments in excess of cumulative earnings – related parties |
|
|
15,651 |
|
|
|
15,482 |
|
Free cash flow |
|
$ |
330,412 |
|
|
$ |
372,107 |
|
Cash flow information |
|
|
|
|
||||
Net cash provided by operating activities |
|
$ |
468,768 |
|
|
$ |
466,981 |
|
Net cash used in investing activities |
|
|
(185,305 |
) |
|
|
(99,330 |
) |
Net cash provided by (used in) financing activities |
|
|
(221,804 |
) |
|
|
(518,466 |
) |
|
||||||
|
|
Three Months Ended |
||||
|
|
2022 |
|
2022 |
||
Throughput for natural-gas assets (MMcf/d) |
|
|
|
|
||
Gathering, treating, and transportation |
|
|
418 |
|
|
410 |
Processing |
|
|
3,544 |
|
|
3,501 |
Equity investments (1) |
|
|
473 |
|
|
516 |
Total throughput |
|
|
4,435 |
|
|
4,427 |
Throughput attributable to noncontrolling interests (2) |
|
|
161 |
|
|
157 |
Total throughput attributable to WES for natural-gas assets |
|
|
4,274 |
|
|
4,270 |
Throughput for crude-oil and NGLs assets (MBbls/d) |
|
|
|
|
||
Gathering, treating, and transportation |
|
|
319 |
|
|
320 |
Equity investments (3) |
|
|
411 |
|
|
360 |
Total throughput |
|
|
730 |
|
|
680 |
Throughput attributable to noncontrolling interests (2) |
|
|
15 |
|
|
14 |
Total throughput attributable to WES for crude-oil and NGLs assets |
|
|
715 |
|
|
666 |
Throughput for produced-water assets (MBbls/d) |
|
|
|
|
||
Gathering and disposal |
|
|
895 |
|
|
882 |
Throughput attributable to noncontrolling interests (2) |
|
|
18 |
|
|
18 |
Total throughput attributable to WES for produced-water assets |
|
|
877 |
|
|
864 |
Per-Mcf Adjusted gross margin for natural-gas assets (4) |
|
$ |
1.33 |
|
$ |
1.36 |
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (5) |
|
|
2.33 |
|
|
2.57 |
Per-Bbl Adjusted gross margin for produced-water assets (6) |
|
|
0.94 |
|
|
0.90 |
(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. |
|
||||
|
Three Months Ended |
|||
|
|
2022 |
|
2022 |
Throughput for natural-gas assets (MMcf/d) |
|
|
|
|
|
|
1,536 |
|
1,493 |
|
|
1,326 |
|
1,336 |
Equity investments |
|
473 |
|
516 |
Other |
|
1,100 |
|
1,082 |
Total throughput for natural-gas assets |
|
4,435 |
|
4,427 |
Throughput for crude-oil and NGLs assets (MBbls/d) |
|
|
|
|
|
|
199 |
|
198 |
|
|
81 |
|
83 |
Equity investments |
|
411 |
|
360 |
Other |
|
39 |
|
39 |
Total throughput for crude-oil and NGLs assets |
|
730 |
|
680 |
Throughput for produced-water assets (MBbls/d) |
|
|
|
|
|
|
895 |
|
882 |
Total throughput for produced-water assets |
|
895 |
|
882 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221101006254/en/
Director, Investor Relations
Daniel.Jenkins@westernmidstream.com
832.636.1009
Manager, Investor Relations
Shelby.Keltner@westernmidstream.com
832.636.1009
Source:
FAQ
What financial results did WES report for Q3 2022?
How much is WES's per-unit distribution for Q3 2022?
What was the natural-gas throughput reported by WES in Q3 2022?
When will WES discuss its Q3 2022 results in a conference call?