Western Midstream Announces Third-Quarter 2023 Results

Rhea-AI Summary

Western Midstream Partners, LP (WES) reported a net income of $270.8 million and adjusted EBITDA of $510.9 million for the third quarter of 2023. Cash flows provided by operating activities were $394.8 million, and free cash flow was $200.4 million. The company announced a 2.2% increase in the base distribution to $0.5750 per unit. They also repurchased 5.1 million common units from Occidental Petroleum Corporation for $127.5 million, reducing Oxy's ownership interest in WES to below 50%. They executed an agreement with a large Delaware Basin customer to increase dedicated acreage and extend the initial term through 2035.

Positive

• WES reported a net income of $270.8 million for Q3 2023.
• Adjusted EBITDA for Q3 2023 was $510.9 million.
• Cash flows provided by operating activities were $394.8 million in Q3 2023.
• WES announced a 2.2% increase in the base distribution to $0.5750 per unit.
• They repurchased 5.1 million common units from Occidental Petroleum Corporation for $127.5 million.
• WES executed an agreement with a large Delaware Basin customer to increase dedicated acreage and extend the initial term through 2035.

Negative

• None.

• Reported third-quarter 2023 Net income attributable to limited partners of $270.8 million, generating third-quarter Adjusted EBITDA⁽¹⁾ of $510.9 million.
• Reported third-quarter 2023 Cash flows provided by operating activities of $394.8 million, generating third-quarter Free cash flow⁽¹⁾ of $200.4 million.
• Announced a third-quarter Base Distribution of $0.5750 per unit, or $2.30 on an annualized basis, which represents a 2.2-percent increase to the prior-quarter’s Base Distribution.
• Repurchased 5.1 million common units from Occidental Petroleum Corporation (“Oxy”) for $127.5 million, reducing Oxy’s total ownership interest in WES to below 50.0% when taking into account both its limited and general partner units.
• Repurchased $159.1 million of near-term senior notes at approximately 94-percent of par during the month of July.
• Subsequent to quarter end, executed an agreement with a large Delaware Basin customer increasing dedicated acreage to approximately 40,000 acres and extending the initial term through 2035, which dedicates existing volumes and supports expected throughput growth.

HOUSTON--(BUSINESS WIRE)-- Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced third-quarter 2023 financial and operating results. Net income (loss) attributable to limited partners for the third quarter of 2023 totaled $270.8 million, or $0.70 per common unit (diluted), with third-quarter 2023 Adjusted EBITDA⁽¹⁾ totaling $510.9 million. Third-quarter 2023 Cash flows provided by operating activities totaled $394.8 million, and third-quarter 2023 Free cash flow⁽¹⁾ totaled $200.4 million.

RECENT HIGHLIGHTS

• Achieved record Delaware Basin natural-gas throughput of 1.67 Bcf/d for the third quarter, representing a 5-percent sequential-quarter increase.
• Gathered record Delaware Basin crude-oil and NGLs throughput of 220 MBbls/d for the third quarter, representing a 6-percent sequential-quarter increase.
• Gathered record Delaware Basin produced-water throughput of 1,101 MBbls/d for the third quarter, representing a 14-percent sequential-quarter increase.
• Averaged over 1.0 Bcf/d of monthly third-party natural-gas volumes in the Delaware Basin during August and September.
• Issued $600 million of 6.35% senior notes due 2029 and used the proceeds to fund a portion of the purchase price for the previously announced acquisition of Meritage Midstream Services II, LLC (“Meritage”) in the Powder River Basin.
• Subsequent to quarter-end, closed the acquisition of Meritage, transforming WES’s Powder River Basin asset base into the largest gatherer and processor in the basin.

On November 13, 2023, WES will pay its third-quarter 2023 per-unit Base Distribution of $0.5750, representing a 2.2-percent sequential-quarter increase to the Partnership’s second-quarter Base Distribution of $0.5625 per unit. This increase is consistent with prior communication regarding a distribution increase upon the close of the Meritage acquisition. Third-quarter 2023 Free cash flow⁽¹⁾ after distributions totaled $(21.0) million. Third-quarter 2023 and year-to-date capital expenditures⁽²⁾ totaled $194.9 million and $558.5 million, respectively.

Third-quarter 2023 natural-gas throughput⁽³⁾ averaged 4.5 Bcf/d, representing a 5-percent sequential-quarter increase. Third-quarter 2023 throughput for crude-oil and NGLs assets⁽³⁾ averaged 667 MBbls/d, representing a 7-percent sequential-quarter increase. Third-quarter 2023 throughput for produced-water assets⁽³⁾ averaged 1,079 MBbls/d, representing a 14-percent sequential-quarter increase.

“During the third quarter, total throughput for natural-gas, crude-oil and NGLs, and produced-water increased on a sequential-quarter basis primarily driven by new production coming online, and continued high facility operability in the Delaware Basin,” said Michael Ure, President and Chief Executive Officer. “We remain focused on creating substantial value for our unitholders by efficiently allocating capital for future growth organically and through accretive M&A.”

Mr. Ure continued, “Overall, portfolio-wide throughput growth drove a sequential-quarter increase in our Adjusted EBITDA, which was partially offset by decreased distributions from our equity investments and increased operation and maintenance expense that was mostly driven by higher utility costs. Despite the prolonged heat across West Texas, our assets maintained high operability rates with minimal downtime.”

“In early September, we announced the acquisition of Meritage in the Powder River Basin in Wyoming for $885 million in cash consideration. The Meritage acquisition transforms WES into the largest gathering and processing operator in the Powder River Basin. Additionally, the transaction further diversifies our customer base and adds numerous long-term contracts to our portfolio, secured by large acreage dedications or substantial minimum-volume commitments. We have also identified numerous cost synergies that we expect to realize over the coming quarters, which should reduce the acquisition multiple and drive additional unitholder value.”

“Finally, in October, we formally announced our second Base Distribution increase for the year of 2.2% to $0.5750 per unit on a quarterly basis, or $2.30 per unit annualized, in connection with the closing of the Meritage acquisition. Our commitment to improving the strength of our balance sheet over the past three years provided WES the opportunity to undertake this accretive transaction, which we expect will contribute to WES’s profitability and Free cash flow for years to come.”

“When considering the growth we experienced in the third quarter, combined with over two months of expected contribution from the Meritage assets, we now anticipate 2023 Adjusted EBITDA⁽⁴⁾ to be towards the high end of our previously announced guidance range of $1.950 billion to $2.050 billion,” concluded Mr. Ure.

CONFERENCE CALL TOMORROW AT 1:00 P.M. CT

WES will host a conference call on Thursday, November 2, 2023, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss its third-quarter 2023 results. To participate, individuals should dial 888-770-7129 (Domestic) or 929-203-2109 (International) ten to fifteen minutes before the scheduled conference call time and enter the participant access code 2187921. 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 its customers under certain contracts.

For more information about Western Midstream Partners, LP, please visit www.westernmidstream.com, and for more information on our sustainability efforts, please visit www.westernmidstream.com/sustainability.

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 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.

______________________________________________________________

(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)		Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta.
(3)		Represents total throughput attributable to WES, which excludes (i) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary and (ii) for natural-gas throughput, the 25% third-party interest in Chipeta, which collectively represent WES’s noncontrolling interests.
(4)		A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income (loss) 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.

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			2023				2022				2023				2022
Revenues and other
Service revenues – fee based		$	695,547			$	666,555			$	2,004,920			$	1,954,105
Service revenues – product based			48,446				91,356				142,212				202,721
Product sales			31,652				79,430				100,336				314,755
Other			368				227				800				703
Total revenues and other			776,013				837,568				2,248,268				2,472,284
Equity income, net – related parties			35,494				41,317				116,839				139,388
Operating expenses
Cost of product			27,590				106,833				123,795				328,237
Operation and maintenance			204,434				190,514				562,104				487,643
General and administrative			55,050				48,185				159,572				144,635
Property and other taxes			14,583				19,390				39,961				60,494
Depreciation and amortization			147,363				156,837				435,481				430,455
Long-lived asset and other impairments			245				4				52,880				94
Total operating expenses			449,265				521,763				1,373,793				1,451,558
Gain (loss) on divestiture and other, net			(1,480	)			(104	)			(3,668	)			(884	)
Operating income (loss)			360,762				357,018				987,646				1,159,230
Interest expense			(82,754	)			(83,106	)			(250,606	)			(249,333	)
Gain (loss) on early extinguishment of debt			8,565				—				15,378				91
Other income (expense), net			(1,270	)			56				2,817				117
Income (loss) before income taxes			285,303				273,968				755,235				910,105
Income tax expense (benefit)			905				387				2,980				3,683
Net income (loss)			284,398				273,581				752,255				906,422
Net income (loss) attributable to noncontrolling interests			7,102				7,836				18,393				25,643
Net income (loss) attributable to Western Midstream Partners, LP		$	277,296			$	265,745			$	733,862			$	880,779
Limited partners’ interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners, LP		$	277,296			$	265,745			$	733,862			$	880,779
General partner interest in net (income) loss			(6,453	)			(6,244	)			(16,960	)			(19,794	)
Limited partners’ interest in net income (loss)		$	270,843			$	259,501			$	716,902			$	860,985
Net income (loss) per common unit – basic		$	0.71			$	0.67			$	1.87			$	2.16
Net income (loss) per common unit – diluted		$	0.70			$	0.66			$	1.86			$	2.15
Weighted-average common units outstanding – basic			383,561				388,906				384,211				398,343
Weighted-average common units outstanding – diluted			384,772				390,318				385,344				399,545

Western Midstream Partners, LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
thousands except number of units		September 30, 2023			December 31, 2022
Total current assets		$	1,135,806		$	900,425
Net property, plant, and equipment			8,664,402			8,541,600
Other assets			1,826,346			1,829,603
Total assets		$	11,626,554		$	11,271,628
Total current liabilities		$	635,900		$	903,857
Long-term debt			7,260,051			6,569,582
Asset retirement obligations			307,945			290,021
Other liabilities			467,566			400,053
Total liabilities			8,671,462			8,163,513
Equity and partners’ capital
Common units (379,516,369 and 384,070,984 units issued and outstanding at September 30, 2023, and December 31, 2022, respectively)			2,821,958			2,969,604
General partner units (9,060,641 units issued and outstanding at September 30, 2023, and December 31, 2022)			1,678			2,105
Noncontrolling interests			131,456			136,406
Total liabilities, equity, and partners’ capital		$	11,626,554		$	11,271,628

Western Midstream Partners, LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
		Nine Months Ended September 30,
thousands			2023				2022
Cash flows from operating activities
Net income (loss)		$	752,255			$	906,422
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:
Depreciation and amortization			435,481				430,455
Long-lived asset and other impairments			52,880				94
(Gain) loss on divestiture and other, net			3,668				884
(Gain) loss on early extinguishment of debt			(15,378	)			(91	)
Change in other items, net			(40,872	)			(125,557	)
Net cash provided by operating activities		$	1,188,034			$	1,212,207
Cash flows from investing activities
Capital expenditures		$	(536,427	)		$	(341,505	)
Acquisitions from third parties			—				(41,018	)
Contributions to equity investments - related parties			(1,153	)			(8,899	)
Distributions from equity investments in excess of cumulative earnings – related parties			31,715				41,058
Proceeds from the sale of assets to third parties			(60	)			1,111
(Increase) decrease in materials and supplies inventory and other			(32,659	)			(6,999	)
Net cash used in investing activities		$	(538,584	)		$	(356,252	)
Cash flows from financing activities
Borrowings, net of debt issuance costs		$	1,801,011			$	1,389,010
Repayments of debt			(1,317,928	)			(1,268,548	)
Increase (decrease) in outstanding checks			(241	)			1,459
Distributions to Partnership unitholders			(754,998	)			(538,690	)
Distributions to Chipeta noncontrolling interest owner			(5,083	)			(5,020	)
Distributions to noncontrolling interest owner of WES Operating			(18,260	)			(20,177	)
Net contributions from (distributions to) related parties			—				1,161
Unit repurchases			(134,602	)			(447,075	)
Other			(16,511	)			(10,981	)
Net cash provided by (used in) financing activities		$	(446,612	)		$	(898,861	)
Net increase (decrease) in cash and cash equivalents		$	202,838			$	(42,906	)
Cash and cash equivalents at beginning of period			286,656				201,999
Cash and cash equivalents at end of period		$	489,494			$	159,093

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) (Unaudited)
Adjusted Gross Margin
		Three Months Ended
thousands		September 30, 2023			June 30, 2023
Reconciliation of Gross margin to Adjusted gross margin
Total revenues and other		$	776,013		$	738,273
Less:
Cost of product			27,590			44,746
Depreciation and amortization			147,363			143,492
Gross margin			601,060			550,035
Add:
Distributions from equity investments			41,562			54,075
Depreciation and amortization			147,363			143,492
Less:
Reimbursed electricity-related charges recorded as revenues			29,981			23,286
Adjusted gross margin attributable to noncontrolling interests (1)			18,095			16,914
Adjusted gross margin		$	741,909		$	707,402
Gross margin
Gross margin for natural-gas assets (2)		$	450,130		$	409,634
Gross margin for crude-oil and NGLs assets (2)			87,911			88,024
Gross margin for produced-water assets (2)			70,353			59,130
Adjusted gross margin
Adjusted gross margin for natural-gas assets		$	518,765		$	489,476
Adjusted gross margin for crude-oil and NGLs assets			139,430			147,036
Adjusted gross margin for produced-water assets			83,714			70,890

(1)		For all periods presented, includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary, which collectively represent WES’s noncontrolling interests.
(2)		Excludes corporate-level depreciation and amortization.

Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited)
Adjusted EBITDA
		Three Months Ended
thousands		September 30, 2023				June 30, 2023
Reconciliation of Net income (loss) to Adjusted EBITDA
Net income (loss)		$	284,398			$	259,516
Add:
Distributions from equity investments			41,562				54,075
Non-cash equity-based compensation expense			7,171				7,665
Interest expense			82,754				86,182
Income tax expense			905				659
Depreciation and amortization			147,363				143,492
Impairments			245				234
Other expense			1,269				199
Less:
Gain (loss) on divestiture and other, net			(1,480	)			(70	)
Gain (loss) on early extinguishment of debt			8,565				6,813
Equity income, net – related parties			35,494				42,324
Other income			27				2,872
Adjusted EBITDA attributable to noncontrolling interests (1)			12,134				11,737
Adjusted EBITDA		$	510,927			$	488,346
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA
Net cash provided by operating activities		$	394,787			$	490,823
Interest (income) expense, net			82,754				86,182
Accretion and amortization of long-term obligations, net			(1,882	)			(2,403	)
Current income tax expense (benefit)			806				728
Other (income) expense, net			1,270				(2,872	)
Distributions from equity investments in excess of cumulative earnings – related parties			8,536				10,813
Changes in assets and liabilities:
Accounts receivable, net			60,614				(4,078	)
Accounts and imbalance payables and accrued liabilities, net			(12,535	)			(36,885	)
Other items, net			(11,289	)			(42,225	)
Adjusted EBITDA attributable to noncontrolling interests (1)			(12,134	)			(11,737	)
Adjusted EBITDA		$	510,927			$	488,346
Cash flow information
Net cash provided by operating activities		$	394,787			$	490,823
Net cash used in investing activities			(207,916	)			(151,490	)
Net cash provided by (used in) financing activities			88,670				(238,025	)

(1)

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

Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited)
Free Cash Flow
		Three Months Ended
thousands		September 30, 2023				June 30, 2023
Reconciliation of Net cash provided by operating activities to Free cash flow
Net cash provided by operating activities		$	394,787			$	490,823
Less:
Capital expenditures			201,857				161,482
Contributions to equity investments – related parties			1,021				22
Add:
Distributions from equity investments in excess of cumulative earnings – related parties			8,536				10,813
Free cash flow		$	200,445			$	340,132
Cash flow information
Net cash provided by operating activities		$	394,787			$	490,823
Net cash used in investing activities			(207,916	)			(151,490	)
Net cash provided by (used in) financing activities			88,670				(238,025	)

Western Midstream Partners, LP OPERATING STATISTICS (Unaudited)
		Three Months Ended
		September 30, 2023			June 30, 2023
Throughput for natural-gas assets (MMcf/d)
Gathering, treating, and transportation			457			395
Processing			3,699			3,567
Equity investments (1)			495			454
Total throughput			4,651			4,416
Throughput attributable to noncontrolling interests (2)			167			162
Total throughput attributable to WES for natural-gas assets			4,484			4,254
Throughput for crude-oil and NGLs assets (MBbls/d)
Gathering, treating, and transportation			334			316
Equity investments (1)			347			323
Total throughput			681			639
Throughput attributable to noncontrolling interests (2)			14			13
Total throughput attributable to WES for crude-oil and NGLs assets			667			626
Throughput for produced-water assets (MBbls/d)
Gathering and disposal			1,101			963
Throughput attributable to noncontrolling interests (2)			22			20
Total throughput attributable to WES for produced-water assets			1,079			943
Per-Mcf Gross margin for natural-gas assets (3)		$	1.05		$	1.02
Per-Bbl Gross margin for crude-oil and NGLs assets (3)			1.40			1.51
Per-Bbl Gross margin for produced-water assets (3)			0.69			0.68
Per-Mcf Adjusted gross margin for natural-gas assets (4)		$	1.26		$	1.26
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (4)			2.27			2.58
Per-Bbl Adjusted gross margin for produced-water assets (4)			0.84			0.83

(1)		Represents our share of average throughput for investments accounted for under the equity method of accounting.
(2)		For all periods presented, includes (i) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary and (ii) for natural-gas assets, the 25% third-party interest in Chipeta, which collectively represent WES’s noncontrolling interests.
(3)		Average for period. Calculated as Gross margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the respective total throughput (MMcf or MBbls) for natural-gas assets, crude-oil and NGLs assets, or produced-water assets.
(4)		Average for period. Calculated as Adjusted gross margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the respective total throughput (MMcf or MBbls) attributable to WES for natural-gas assets, crude-oil and NGLs assets, or produced-water assets.

Western Midstream Partners, LP OPERATING STATISTICS (CONTINUED) (Unaudited)
		Three Months Ended
		September 30, 2023		June 30, 2023
Throughput for natural-gas assets (MMcf/d)
Delaware Basin		1,674		1,592
DJ Basin		1,331		1,309
Equity investments		495		454
Other		1,151		1,061
Total throughput for natural-gas assets		4,651		4,416
Throughput for crude-oil and NGLs assets (MBbls/d)
Delaware Basin		220		208
DJ Basin		68		66
Equity investments		347		323
Other		46		42
Total throughput for crude-oil and NGLs assets		681		639
Throughput for produced-water assets (MBbls/d)
Delaware Basin		1,101		963
Total throughput for produced-water assets		1,101		963

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231031991056/en/

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

Source: Western Midstream Partners, LP.

FAQ

What was the net income for WES in the third quarter of 2023?

$270.8 million

What was the adjusted EBITDA for WES in the third quarter of 2023?

$510.9 million

What was the base distribution per unit announced by WES?

$0.5750

How many common units did WES repurchase from Occidental Petroleum Corporation?

5.1 million

What was the purchase price of the repurchased common units?

$127.5 million

What did WES announce regarding acreage in the Delaware Basin?

They executed an agreement with a large Delaware Basin customer to increase dedicated acreage and extend the initial term through 2035.