WESTERN MIDSTREAM ANNOUNCES THIRD-QUARTER 2024 RESULTS
Western Midstream Partners (NYSE: WES) reported third-quarter 2024 results with net income of $281.8 million and Adjusted EBITDA of $566.9 million. The company generated $551.3 million in operating cash flow and $365.1 million in free cash flow. A base distribution of $0.875 per unit was announced, consistent with the previous quarter. Record throughput was achieved in the Delaware Basin and Powder River Basin. The company issued $800 million in senior notes and plans to repay 2025 notes. Despite strong operational performance, profitability declined due to lower commodity prices and higher expenses. Fourth-quarter guidance includes increased Adjusted EBITDA and steady throughput growth. Western Midstream's leverage ratio met the year-end target of 3.0 times, supporting future capital allocation strategies.
Western Midstream Partners (NYSE: WES) ha riportato i risultati del terzo trimestre del 2024, con un utile netto di 281,8 milioni di dollari e un EBITDA rettificato di 566,9 milioni di dollari. L'azienda ha generato 551,3 milioni di dollari in flusso di cassa operativo e 365,1 milioni di dollari in flusso di cassa libero. È stata annunciata una distribuzione base di 0,875 dollari per unità, in linea con il trimestre precedente. È stato raggiunto un record di passaggio nella Delaware Basin e nella Powder River Basin. L'azienda ha emesso 800 milioni di dollari in note senior e prevede di rimborsare le note del 2025. Nonostante le forti prestazioni operative, la redditività è diminuita a causa dei prezzi delle commodity più bassi e delle spese più elevate. Le previsioni per il quarto trimestre includono un aumento dell'EBITDA rettificato e una crescita costante del passaggio. Il rapporto di indebitamento di Western Midstream ha raggiunto l'obiettivo di fine anno di 3,0 volte, supportando le strategie di allocazione del capitale futuro.
Western Midstream Partners (NYSE: WES) reportó resultados para el tercer trimestre de 2024, con un ingreso neto de 281.8 millones de dólares y un EBITDA ajustado de 566.9 millones de dólares. La compañía generó 551.3 millones de dólares en flujo de efectivo operativo y 365.1 millones de dólares en flujo de efectivo libre. Se anunció una distribución base de 0.875 dólares por unidad, consistente con el trimestre anterior. Se logró un récord de transporte en la cuenca de Delaware y en la cuenca de Powder River. La compañía emitió 800 millones de dólares en notas senior y planea pagar las notas de 2025. A pesar de un sólido rendimiento operativo, la rentabilidad disminuyó debido a precios de materias primas más bajos y mayores gastos. Las proyecciones para el cuarto trimestre incluyen un aumento en el EBITDA ajustado y un crecimiento constante en el transporte. La relación de apalancamiento de Western Midstream cumplió con el objetivo de fin de año de 3.0 veces, apoyando futuras estrategias de asignación de capital.
Western Midstream Partners (NYSE: WES)는 2024년 3분기 실적을 보고하며 순이익이 2억 8180만 달러, 조정 EBITDA가 5억 6690만 달러에 달했다고 발표했습니다. 회사는 영업 현금 흐름으로 5억 5130만 달러, 자유 현금 흐름으로 3억 6510만 달러를 생성했습니다. 기본 배당금으로 주당 0.875달러가 발표됐으며, 이는 이전 분기와 일치합니다. 델라웨어 분지와 파우더 리버 분지에서 처리량이 기록적으로 증가했습니다. 회사는 8억 달러의 고급 사채를 발행했으며 2025년 사채를 상환할 계획입니다. 강력한 운영 성과에도 불구하고 수익성이 감소했으며, 이는 낮은 원자재 가격과 높은 비용 때문입니다. 4분기 안내에는 조정 EBITDA 증가 및 안정적인 처리량 성장이 포함되어 있습니다. Western Midstream의 부채 비율은 연말 목표인 3.0배를 충족하여 향후 자본 배분 전략을 지원합니다.
Western Midstream Partners (NYSE: WES) a publié les résultats du troisième trimestre 2024, avec un revenu net de 281,8 millions de dollars et un EBITDA ajusté de 566,9 millions de dollars. L'entreprise a généré 551,3 millions de dollars en flux de trésorerie d'exploitation et 365,1 millions de dollars en flux de trésorerie libre. Une distribution de base de 0,875 dollar par unité a été annoncée, en cohérence avec le trimestre précédent. Un record de débit a été atteint dans le Delaware Basin et le Powder River Basin. L'entreprise a émis 800 millions de dollars en obligations senior et prévoit de rembourser les obligations de 2025. En dépit d'une solide performance opérationnelle, la rentabilité a diminué en raison de la baisse des prix des matières premières et des coûts plus élevés. Les prévisions pour le quatrième trimestre incluent une augmentation de l'EBITDA ajusté et une croissance stable du débit. Le ratio d'endettement de Western Midstream a atteint l'objectif de fin d'année de 3,0 fois, soutenant les stratégies d'allocation de capital futures.
Western Midstream Partners (NYSE: WES) hat die Ergebnisse für das dritte Quartal 2024 bekannt gegeben, mit einem Nettoeinkommen von 281,8 Millionen Dollar und einem bereinigten EBITDA von 566,9 Millionen Dollar. Das Unternehmen generierte 551,3 Millionen Dollar an operativem Cashflow und 365,1 Millionen Dollar an freier Cashflow. Eine Basisverteilung von 0,875 Dollar pro Einheit wurde bekannt gegeben, was mit dem vorherigen Quartal übereinstimmt. Rekord-Durchsatz wurde im Delaware Basin und im Powder River Basin erreicht. Das Unternehmen gab 800 Millionen Dollar in vorrangigen Anleihen aus und plant, die Anleihen von 2025 zurückzuzahlen. Trotz starker operativer Leistungen ist die Rentabilität gesunken aufgrund niedrigerer Rohstoffpreise und höherer Ausgaben. Die Prognose für das vierte Quartal beinhaltet ein erhöhtes bereinigtes EBITDA und ein stetiges Wachstum des Durchsatzes. Das Verschuldungsverhältnis von Western Midstream erreichte das Jahresziel von 3,0 Mal, was zukünftige Kapitalallokationsstrategien unterstützt.
- Net income of $281.8 million.
- Adjusted EBITDA of $566.9 million.
- Free cash flow of $365.1 million.
- Record throughput in Delaware and Powder River Basins.
- Issued $800 million in senior notes.
- Leverage ratio met year-end target of 3.0 times.
- Declined profitability due to lower commodity prices.
- Higher operation and maintenance expenses.
Insights
Western Midstream's Q3 2024 results show mixed performance. Net income of
The company maintains a healthy Free cash flow of
The Mi Vida joint venture realignment securing 100 MMcf/d of processing capacity provides strategic growth opportunity for 2025.
The operational metrics demonstrate strong execution in key basins. The Delaware Basin achieved record throughput of 1.9 Bcf/d for natural gas and 246 MBbls/d for crude-oil and NGLs. The Powder River Basin showed impressive growth with
System operability above
- Reported third-quarter 2024 Net income attributable to limited partners of
$281.8 million $566.9 million - Reported third-quarter 2024 Cash flows provided by operating activities of
$551.3 million $365.1 million - Announced a third-quarter Base Distribution of
$0.87 5$3.50
RECENT HIGHLIGHTS
- Gathered record natural-gas and crude-oil and NGLs throughput in the
Delaware Basin of 1.9 Bcf/d and 246 MBbls/d, respectively, each representing a 2-percent sequential-quarter increase. - Gathered record natural-gas and crude-oil and NGLs throughput in the Powder River Basin of 505 MMcf/d and 26 MBbls/d, respectively, representing sequential-quarter increases of 19-percent and 4-percent, respectively.
- Achieved increased produced-water throughput in the
Delaware Basin of 1,121 MBbls/d, representing a 2-percent sequential-quarter increase. - Issued
$800.0 million 5.450% senior notes due 2034, the proceeds from which will be used to repay a portion of the Partnership's senior notes due in 2025, and for general partnership purposes. - Maintained strong operational performance and continued flow assurance for our customers, with system operability above 98-percent, despite multiple plant turnarounds in several of our core operating basins.
- Subsequent to quarter-end, executed agreements to realign the commercial structure of the Mi Vida joint venture, which will provide WES with 100 MMcf/d of dedicated natural-gas processing capacity in the
Delaware Basin beginning in mid-2025.
On November 14, 2024, WES will pay its third-quarter 2024 per-unit Base Distribution of
Third-quarter 2024 natural-gas throughput(3) averaged 5.0 Bcf/d, representing a 1-percent sequential quarter increase. Third-quarter 2024 throughput for crude-oil and NGLs assets(3) averaged 506 MBbls/d, representing a 2-percent sequential-quarter decrease. Third-quarter 2024 throughput for produced-water assets(3) averaged 1,099 MBbls/d, representing a 2-percent sequential-quarter increase.
"We achieved another quarter of record natural-gas and crude-oil and NGLs throughput in the
Mr. Brown continued, "Looking to the fourth quarter, we estimate increased Adjusted EBITDA primarily driven by continued steady throughput growth from our core operating basins and lower operation and maintenance expense. While we still expect Adjusted EBITDA to be towards the high end of our previously announced
"In August, we issued
CONFERENCE CALL TOMORROW AT 1:00 P.M. CT
WES will host a conference call on Thursday, November 7, 2024, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss its third-quarter 2024 results. 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 small number of phone lines are available for analysts; individuals should dial 800-836-8184 (Domestic) or 646-357-8785 (International) ten to fifteen minutes before the scheduled conference call time. A replay of the live audio webcast can be accessed on the Partnership's website at www.westernmidstream.com for one year after 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.
2023 SUSTAINABILITY REPORT
Today WES released its annual sustainability report focused on environmental, social, and governance (ESG) issues. The report details the Partnership's continued focus on the 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.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in
For more information about WES, 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; 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 |
(3) | Represents total throughput attributable to WES, which excludes (i) the |
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
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 | 2024 | 2023 | 2024 | 2023 | ||||
Revenues and other | ||||||||
Service revenues – fee based | $ 814,319 | $ 695,547 | $ 2,389,366 | $ 2,004,920 | ||||
Service revenues – product based | 49,115 | 48,446 | 177,321 | 142,212 | ||||
Product sales | 19,673 | 31,652 | 109,076 | 100,336 | ||||
Other | 255 | 368 | 957 | 800 | ||||
Total revenues and other | 883,362 | 776,013 | 2,676,720 | 2,248,268 | ||||
Equity income, net – related parties | 23,977 | 35,494 | 84,227 | 116,839 | ||||
Operating expenses | ||||||||
Cost of product | 32,847 | 27,590 | 132,936 | 123,795 | ||||
Operation and maintenance | 231,066 | 204,434 | 649,324 | 562,104 | ||||
General and administrative | 64,726 | 55,050 | 195,498 | 159,572 | ||||
Property and other taxes | 12,635 | 14,583 | 43,984 | 39,961 | ||||
Depreciation and amortization | 166,015 | 147,363 | 487,438 | 435,481 | ||||
Long-lived asset and other impairments | 4,651 | 245 | 6,204 | 52,880 | ||||
Total operating expenses | 511,940 | 449,265 | 1,515,384 | 1,373,793 | ||||
Gain (loss) on divestiture and other, net | 467 | (1,480) | 299,426 | (3,668) | ||||
Operating income (loss) | 395,866 | 360,762 | 1,544,989 | 987,646 | ||||
Interest expense | (94,149) | (82,754) | (279,177) | (250,606) | ||||
Gain (loss) on early extinguishment of debt | — | 8,565 | 5,403 | 15,378 | ||||
Other income (expense), net | 9,565 | (1,270) | 16,124 | 2,817 | ||||
Income (loss) before income taxes | 311,282 | 285,303 | 1,287,339 | 755,235 | ||||
Income tax expense (benefit) | 15,390 | 905 | 17,667 | 2,980 | ||||
Net income (loss) | 295,892 | 284,398 | 1,269,672 | 752,255 | ||||
Net income (loss) attributable to noncontrolling interests | 7,412 | 7,102 | 29,714 | 18,393 | ||||
Net income (loss) attributable to Western Midstream Partners, LP | $ 288,480 | $ 277,296 | $ 1,239,958 | $ 733,862 | ||||
Limited partners' interest in net income (loss): | ||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ 288,480 | $ 277,296 | $ 1,239,958 | $ 733,862 | ||||
General partner interest in net (income) loss | (6,708) | (6,453) | (28,845) | (16,960) | ||||
Limited partners' interest in net income (loss) | $ 281,772 | $ 270,843 | $ 1,211,113 | $ 716,902 | ||||
Net income (loss) per common unit – basic | $ 0.74 | $ 0.71 | $ 3.18 | $ 1.87 | ||||
Net income (loss) per common unit – diluted | $ 0.74 | $ 0.70 | $ 3.17 | $ 1.86 | ||||
Weighted-average common units outstanding – basic | 380,513 | 383,561 | 380,343 | 384,211 | ||||
Weighted-average common units outstanding – diluted | 382,620 | 384,772 | 382,189 | 385,344 | ||||
Western Midstream Partners, LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
| ||||
thousands except number of units | September 30, | December 31, | ||
Total current assets | $ 1,832,688 | $ 992,410 | ||
Net property, plant, and equipment | 9,695,591 | 9,655,016 | ||
Other assets | 1,452,945 | 1,824,181 | ||
Total assets | $ 12,981,224 | $ 12,471,607 | ||
Total current liabilities | $ 1,646,195 | $ 1,304,056 | ||
Long-term debt | 6,929,212 | 7,283,556 | ||
Asset retirement obligations | 374,646 | 359,185 | ||
Other liabilities | 653,654 | 495,680 | ||
Total liabilities | 9,603,707 | 9,442,477 | ||
Equity and partners' capital | ||||
Common units (380,555,427 and 379,519,983 units issued and outstanding at September 30, | 3,225,855 | 2,894,231 | ||
General partner units (9,060,641 units issued and outstanding at September 30, 2024, and | 10,972 | 3,193 | ||
Noncontrolling interests | 140,690 | 131,706 | ||
Total liabilities, equity, and partners' capital | $ 12,981,224 | $ 12,471,607 | ||
Western Midstream Partners, LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||
Nine Months Ended September 30, | ||||
thousands | 2024 | 2023 | ||
Cash flows from operating activities | ||||
Net income (loss) | $ 1,269,672 | $ 752,255 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities and | ||||
Depreciation and amortization | 487,438 | 435,481 | ||
Long-lived asset and other impairments | 6,204 | 52,880 | ||
(Gain) loss on divestiture and other, net | (299,426) | 3,668 | ||
(Gain) loss on early extinguishment of debt | (5,403) | (15,378) | ||
Change in other items, net | 123,929 | (40,872) | ||
Net cash provided by operating activities | $ 1,582,414 | $ 1,188,034 | ||
Cash flows from investing activities | ||||
Capital expenditures | $ (595,087) | $ (536,427) | ||
Acquisitions from third parties | (443) | — | ||
Contributions to equity investments - related parties | — | (1,153) | ||
Distributions from equity investments in excess of cumulative earnings – related parties | 27,560 | 31,715 | ||
Proceeds from the sale of assets to third parties | 792,241 | (60) | ||
(Increase) decrease in materials and supplies inventory and other | (33,118) | (32,659) | ||
Net cash provided by (used in) investing activities | $ 191,153 | $ (538,584) | ||
Cash flows from financing activities | ||||
Borrowings, net of debt issuance costs | $ 789,193 | $ 1,801,011 | ||
Repayments of debt | (143,852) | (1,317,928) | ||
Commercial paper borrowings (repayments), net | (610,312) | — | ||
Increase (decrease) in outstanding checks | (2,282) | (241) | ||
Distributions to Partnership unitholders | (905,155) | (754,998) | ||
Distributions to Chipeta noncontrolling interest owner | (2,228) | (5,083) | ||
Distributions to noncontrolling interest owner of WES Operating | (18,502) | (18,260) | ||
Unit repurchases | — | (134,602) | ||
Other | (28,479) | (16,511) | ||
Net cash provided by (used in) financing activities | $ (921,617) | $ (446,612) | ||
Net increase (decrease) in cash and cash equivalents | $ 851,950 | $ 202,838 | ||
Cash and cash equivalents at beginning of period | 272,787 | 286,656 | ||
Cash and cash equivalents at end of period | $ 1,124,737 | $ 489,494 | ||
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 attributable to Western Midstream Partners, LP ("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.
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, | June 30, | ||
Reconciliation of Gross margin to Adjusted gross margin | ||||
Total revenues and other | $ 883,362 | $ 905,629 | ||
Less: | ||||
Cost of product | 32,847 | 54,010 | ||
Depreciation and amortization | 166,015 | 163,432 | ||
Gross margin | 684,500 | 688,187 | ||
Add: | ||||
Distributions from equity investments | 29,344 | 32,970 | ||
Depreciation and amortization | 166,015 | 163,432 | ||
Less: | ||||
Reimbursed electricity-related charges recorded as revenues | 32,379 | 28,998 | ||
Adjusted gross margin attributable to noncontrolling interests (1) | 19,986 | 19,741 | ||
Adjusted gross margin | $ 827,494 | $ 835,850 | ||
Gross margin | ||||
Gross margin for natural-gas assets (2) | $ 511,244 | $ 516,253 | ||
Gross margin for crude-oil and NGLs assets (2) | 97,263 | 96,786 | ||
Gross margin for produced-water assets (2) | 83,178 | 82,346 | ||
Adjusted gross margin | ||||
Adjusted gross margin for natural-gas assets | $ 596,459 | $ 601,443 | ||
Adjusted gross margin for crude-oil and NGLs assets | 134,253 | 138,894 | ||
Adjusted gross margin for produced-water assets | 96,782 | 95,513 | ||
(1) | Includes (i) the |
(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, | June 30, | ||
Reconciliation of Net income (loss) to Adjusted EBITDA | ||||
Net income (loss) | $ 295,892 | $ 387,564 | ||
Add: | ||||
Distributions from equity investments | 29,344 | 32,970 | ||
Non-cash equity-based compensation expense | 8,759 | 10,391 | ||
Interest expense | 94,149 | 90,522 | ||
Income tax expense | 15,390 | 755 | ||
Depreciation and amortization | 166,015 | 163,432 | ||
Impairments | 4,651 | 1,530 | ||
Other expense | 90 | 37 | ||
Less: | ||||
Gain (loss) on divestiture and other, net | 467 | 59,342 | ||
Gain (loss) on early extinguishment of debt | — | 4,879 | ||
Equity income, net – related parties | 23,977 | 27,431 | ||
Other income | 9,565 | 4,213 | ||
Adjusted EBITDA attributable to noncontrolling interests (1) | 13,411 | 13,276 | ||
Adjusted EBITDA | $ 566,870 | $ 578,060 | ||
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA | ||||
Net cash provided by operating activities | $ 551,288 | $ 631,418 | ||
Interest (income) expense, net | 94,149 | 90,522 | ||
Accretion and amortization of long-term obligations, net | (2,221) | (2,473) | ||
Current income tax expense (benefit) | 1,471 | 726 | ||
Other (income) expense, net | (9,565) | (4,213) | ||
Distributions from equity investments in excess of cumulative earnings – related parties | 3,257 | 5,270 | ||
Changes in assets and liabilities: | ||||
Accounts receivable, net | (12,683) | (28,436) | ||
Accounts and imbalance payables and accrued liabilities, net | (8,161) | (13,338) | ||
Other items, net | (37,254) | (88,140) | ||
Adjusted EBITDA attributable to noncontrolling interests (1) | (13,411) | (13,276) | ||
Adjusted EBITDA | $ 566,870 | $ 578,060 | ||
Cash flow information | ||||
Net cash provided by operating activities | $ 551,288 | $ 631,418 | ||
Net cash provided by (used in) investing activities | (190,701) | (14,995) | ||
Net cash provided by (used in) financing activities | 420,031 | (567,550) | ||
(1) | Includes (i) the |
Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) | ||||
Free Cash Flow | ||||
Three Months Ended | ||||
thousands | September 30, | June 30, | ||
Reconciliation of Net cash provided by operating activities to Free cash flow | ||||
Net cash provided by operating activities | $ 551,288 | $ 631,418 | ||
Less: | ||||
Capital expenditures | 189,434 | 211,864 | ||
Add: | ||||
Distributions from equity investments in excess of cumulative earnings – related parties | 3,257 | 5,270 | ||
Free cash flow | $ 365,111 | $ 424,824 | ||
Cash flow information | ||||
Net cash provided by operating activities | $ 551,288 | $ 631,418 | ||
Net cash provided by (used in) investing activities | (190,701) | (14,995) | ||
Net cash provided by (used in) financing activities | 420,031 | (567,550) | ||
Western Midstream Partners, LP OPERATING STATISTICS (Unaudited) | ||||||
Three Months Ended | ||||||
September 30, | June 30, | Inc/ (Dec) | ||||
Throughput for natural-gas assets (MMcf/d) | ||||||
Gathering, treating, and transportation | 388 | 438 | (11) % | |||
Processing | 4,298 | 4,209 | 2 % | |||
Equity investments (1) | 503 | 508 | (1) % | |||
Total throughput | 5,189 | 5,155 | 1 % | |||
Throughput attributable to noncontrolling interests (2) | 173 | 167 | 4 % | |||
Total throughput attributable to WES for natural-gas assets | 5,016 | 4,988 | 1 % | |||
Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||
Gathering, treating, and transportation | 393 | 396 | (1) % | |||
Equity investments (1) | 124 | 130 | (5) % | |||
Total throughput | 517 | 526 | (2) % | |||
Throughput attributable to noncontrolling interests (2) | 11 | 11 | — % | |||
Total throughput attributable to WES for crude-oil and NGLs assets | 506 | 515 | (2) % | |||
Throughput for produced-water assets (MBbls/d) | ||||||
Gathering and disposal | 1,121 | 1,102 | 2 % | |||
Throughput attributable to noncontrolling interests (2) | 22 | 22 | — % | |||
Total throughput attributable to WES for produced-water assets | 1,099 | 1,080 | 2 % | |||
Per-Mcf Gross margin for natural-gas assets (3) | $ 1.07 | $ 1.10 | (3) % | |||
Per-Bbl Gross margin for crude-oil and NGLs assets (3) | 2.05 | 2.02 | 1 % | |||
Per-Bbl Gross margin for produced-water assets (3) | 0.81 | 0.82 | (1) % | |||
Per-Mcf Adjusted gross margin for natural-gas assets (4) | $ 1.29 | $ 1.33 | (3) % | |||
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (4) | 2.88 | 2.96 | (3) % | |||
Per-Bbl Adjusted gross margin for produced-water assets (4) | 0.96 | 0.97 | (1) % | |||
(1) | Represents our share of average throughput for investments accounted for under the equity method of accounting. |
(2) | Includes (i) the |
(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, | June 30, | Inc/ (Dec) | ||||
Throughput for natural-gas assets (MMcf/d) | ||||||
Operated | ||||||
1,889 | 1,858 | 2 % | ||||
DJ Basin | 1,418 | 1,452 | (2) % | |||
505 | 426 | 19 % | ||||
Other | 874 | 898 | (3) % | |||
Total operated throughput for natural-gas assets | 4,686 | 4,634 | 1 % | |||
Non-operated | ||||||
Equity investments | 503 | 508 | (1) % | |||
Other | — | 13 | (100) % | |||
Total non-operated throughput for natural-gas assets | 503 | 521 | (3) % | |||
Total throughput for natural-gas assets | 5,189 | 5,155 | 1 % | |||
Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||
Operated | ||||||
246 | 241 | 2 % | ||||
DJ Basin | 87 | 91 | (4) % | |||
26 | 25 | 4 % | ||||
Other | 34 | 39 | (13) % | |||
Total operated throughput for crude-oil and NGLs assets | 393 | 396 | (1) % | |||
Non-operated | ||||||
Equity investments | 124 | 130 | (5) % | |||
Total non-operated throughput for crude-oil and NGLs assets | 124 | 130 | (5) % | |||
Total throughput for crude-oil and NGLs assets | 517 | 526 | (2) % | |||
Throughput for produced-water assets (MBbls/d) | ||||||
Operated | ||||||
1,121 | 1,102 | 2 % | ||||
Total operated throughput for produced-water assets | 1,121 | 1,102 | 2 % | |||
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SOURCE Western Midstream Partners, LP
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