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WESTERN MIDSTREAM APPOINTS OSCAR BROWN AS PRESIDENT AND CHIEF EXECUTIVE OFFICER

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Western Midstream Partners (NYSE: WES) has appointed Oscar K. Brown as President and CEO, replacing Michael Ure who is stepping down after five years of leadership. Brown, an independent director since 2019 with over 30 years of energy sector experience, will remain on the Board. Under Ure's tenure, WES achieved significant organic growth in the Delaware Basin, expanded in the Powder River Basin through the Meritage Midstream acquisition, and returned approximately $4.6 billion to unitholders. The Partnership reaffirmed its 2024 guidance, expecting Adjusted EBITDA of $2.2-2.4 billion and Free Cash Flow of $1.05-1.25 billion, with results anticipated toward the higher end of these ranges.

Western Midstream Partners (NYSE: WES) ha nominato Oscar K. Brown come Presidente e CEO, sostituendo Michael Ure che si dimette dopo cinque anni di leadership. Brown, direttore indipendente dal 2019 con oltre 30 anni di esperienza nel settore energetico, rimarrà nel Consiglio. Sotto la direzione di Ure, WES ha raggiunto una significativa crescita organica nel Delaware Basin, si è espansa nel Powder River Basin attraverso l'acquisizione di Meritage Midstream e ha restituito circa 4,6 miliardi di dollari agli azionisti. La Partnership ha riconfermato le previsioni per il 2024, prevedendo EBITDA rettificato di 2,2-2,4 miliardi di dollari e Flusso di Cassa Libero di 1,05-1,25 miliardi di dollari, con risultati attesi verso il limite superiore di queste fasce.

Western Midstream Partners (NYSE: WES) ha nombrado a Oscar K. Brown como Presidente y CEO, reemplazando a Michael Ure, quien dejará su cargo después de cinco años de liderazgo. Brown, director independiente desde 2019 con más de 30 años de experiencia en el sector energético, permanecerá en la Junta. Durante la gestión de Ure, WES logró un crecimiento orgánico significativo en la cuenca de Delaware, se expandió en la cuenca de Powder River a través de la adquisición de Meritage Midstream, y devolvió aproximadamente 4.6 mil millones de dólares a los accionistas. La Asociación reafirmó su guía para 2024, esperando EBITDA ajustado de 2.2-2.4 mil millones de dólares y Flujo de Caja Libre de 1.05-1.25 mil millones de dólares, con resultados anticipados hacia el extremo superior de estos rangos.

Western Midstream Partners (NYSE: WES)는 Oscar K. Brown을 사장 겸 CEO로 임명하며, 5년간의 리더십을 마친 Michael Ure를 대체했습니다. Brown은 2019년부터 독립 이사로 재직해왔으며, 에너지 부문에서 30년 이상의 경험을 쌓았습니다. 그는 이사회에 남게 됩니다. Ure의 재임 기간 동안 WES는 델라웨어 분지에서 유의미한 유기적 성장을 달성했으며, Meritage Midstream 인수를 통해 파우더 리버 분지로 확장하고, 약 46억 달러를 주주에게 반환했습니다. 파트너십은 2024년 전망을 재확인하며, 조정된 EBITDA가 22억-24억 달러자유 현금 흐름이 10.5억-12.5억 달러을 예상하고 있으며, 이러한 범위의 상단에서 결과가 나올 것으로 기대하고 있습니다.

Western Midstream Partners (NYSE: WES) a nommé Oscar K. Brown comme Président et CEO, remplaçant Michael Ure, qui démissionne après cinq années de leadership. Brown, directeur indépendant depuis 2019 avec plus de 30 ans d'expérience dans le secteur de l'énergie, continuera de siéger au Conseil. Sous la direction d'Ure, WES a réalisé une croissance organique significative dans le Delaware Basin, s'est étendue dans le Powder River Basin grâce à l'acquisition de Meritage Midstream, et a retourné environ 4,6 milliards de dollars aux actionnaires. Le Partenariat a confirmé ses prévisions pour 2024, s'attendant à un EBITDA ajusté de 2,2 à 2,4 milliards de dollars et à un Flux de Trésorerie Disponible de 1,05 à 1,25 milliard de dollars, les résultats étant attendus près du haut de ces plages.

Western Midstream Partners (NYSE: WES) hat Oscar K. Brown zum Präsidenten und CEO ernannt und ersetzt damit Michael Ure, der nach fünf Jahren Führung zurücktritt. Brown ist seit 2019 unabhängiger Direktor mit über 30 Jahren Erfahrung im Energiesektor und wird im Vorstand bleiben. Unter Ures Leitung erzielte WES ein signifikantes organisches Wachstum im Delaware Basin, expandierte im Powder River Basin durch die Übernahme von Meritage Midstream und gab etwa 4,6 Milliarden Dollar an die Aktionäre zurück. Die Partnerschaft bestätigte ihre Prognose für 2024 und rechnet mit bereinigtem EBITDA von 2,2-2,4 Milliarden Dollar sowie Freiem Cashflow von 1,05-1,25 Milliarden Dollar, wobei die Ergebnisse am oberen Ende dieser Spannen erwartet werden.

Positive
  • Returned $4.6 billion to unitholders through distributions and unit repurchases
  • Achieved significant organic growth in Delaware Basin
  • Strategic expansion in Powder River Basin through Meritage Midstream acquisition
  • 2024 guidance projecting strong financial performance with Adjusted EBITDA of $2.2-2.4 billion
  • Reduced leverage significantly under previous management
Negative
  • Unexpected CEO transition could create temporary leadership uncertainty

Michael Ure Steps Down Following Successful Transformation of Western Midstream into Leading Midstream Operator

Partnership Reaffirms 2024 Adjusted EBITDA and Free Cash Flow Guidance

HOUSTON, Oct. 28, 2024 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced Oscar K. Brown, an independent director of Western Midstream Holdings, LLC, WES's general partner (the "General Partner"), has been appointed President and Chief Executive Officer of the General Partner, effective immediately. The Board of Directors of the General Partner (the "Board") and Michael Ure agreed that he will step down from his position, including as Director. To ensure a smooth transition, Mr. Ure will continue as an advisor to the CEO until the end of the year. Mr. Brown will remain a director on the Board.

"The Board identified Mr. Brown as the ideal CEO to lead the Partnership's next chapter," said Jeff Bennett, Chairman of the Board. "He is a seasoned executive who has been a deeply involved member of the Board since 2019. Oscar possesses extensive knowledge of the Partnership's strategy, mission and vision. With more than 30 years of energy and industrial experience, Oscar brings a wealth of knowledge and a proven track record of success."

"On behalf of the entire Board, I would like to thank Michael for his contributions to WES," Mr. Bennett continued. "Under Michael's leadership, WES went through an impressive transformation including significant organic growth in the Delaware Basin and growth in the Powder River Basin through the strategic purchase of Meritage Midstream. The team also lowered costs and prioritized capital-efficient growth, leading to the return of approximately $4.6 billion to unitholders through distributions and unit repurchases and significantly lower leverage. We wish him the best as he shifts his focus to his greatest passions: his faith, his family, and giving back to the community."

"I am truly honored to step into the role of CEO and to lead this exceptional company. I look forward to partnering with our talented team to drive WES's growth and success and continuing to execute against the proven strategies that have strengthened the Partnership. By cultivating a culture focused on upholding its foundational principles and core values, WES has achieved remarkable growth and delivered strong value to its stakeholders," said Mr. Brown.

"It's been a great privilege to lead Western Midstream over the past five years. I want to thank the Board and all of our dedicated team members for their support. I am incredibly proud of all we accomplished together," commented Mr. Ure. "I'm confident that this is the right time to hand over the reins to Oscar, whom I've known for nearly a decade. I know he will work with the exceptional WES team to drive the Partnership forward, continuing to deliver best-in-class solutions for customers."

Mr. Brown has been a director on the General Partner's Board since August 2019, where he served as the Chair of the ESG committee. He has a 30-year history in the energy sector, including senior positions with Occidental Petroleum Corporation and energy-sector roles at several global financial institutions. Previously, he served on the board of directors of Plains All American Pipeline, L.P. Most recently, he served as Chief Financial Officer of FREYR Battery. He holds a BBA in Finance and Marketing from The University of Texas at Austin. He has served on the boards of Houston's Alley Theatre, Junior Achievement of Southeast Texas and The Children's Fund, Inc.

Reaffirming 2024 Adjusted EBITDA and Free Cash Flow Guidance

In addition to today's leadership transition, the Partnership also reaffirmed its previously stated 2024 Adjusted EBITDA and Free Cash Flow guidance ranges of $2.2 billion to $2.4 billion and $1.05 billion to $1.25 billion, respectively, and continues to expect 2024 results to be toward the high end of these ranges.

As previously disclosed, the Partnership plans to report its third-quarter 2024 results after market close on Wednesday, November 6, 2024. Management will host a conference call on Thursday, November 7, 2024, at 1:00 p.m. Central (2:00 p.m. Eastern) to discuss the Partnership's quarterly results.

Please visit the WES website at www.westernmidstream.com for further information on the senior management and Board changes.

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 Texas, New Mexico, Colorado, Utah, and Wyoming, 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 gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.

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.

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 (PRNewsfoto/Western Midstream Partners, LP)

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SOURCE Western Midstream Partners, LP

FAQ

Who is the new CEO of Western Midstream Partners (WES)?

Oscar K. Brown has been appointed as the new President and CEO of Western Midstream Partners, effective immediately. He has been an independent director since 2019 and has over 30 years of energy sector experience.

What is Western Midstream's (WES) 2024 financial guidance?

WES reaffirmed its 2024 guidance with Adjusted EBITDA of $2.2-2.4 billion and Free Cash Flow of $1.05-1.25 billion, expecting results toward the higher end of these ranges.

How much capital has WES returned to unitholders under previous management?

Under Michael Ure's leadership, WES returned approximately $4.6 billion to unitholders through distributions and unit repurchases.

What major acquisitions has WES completed recently?

WES completed the strategic acquisition of Meritage Midstream in the Powder River Basin, expanding their operational footprint.

Western Midstream Partners, LP

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