WESTERN MIDSTREAM ANNOUNCES THIRD-QUARTER 2024 RESULTS

Rhea-AI Summary

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.

Positive

• 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.

Negative

• Declined profitability due to lower commodity prices.
• Higher operation and maintenance expenses.

• Reported third-quarter 2024 Net income attributable to limited partners of $281.8 million, generating third-quarter Adjusted EBITDA⁽¹⁾ of $566.9 million.
• Reported third-quarter 2024 Cash flows provided by operating activities of $551.3 million, generating third-quarter Free cash flow⁽¹⁾ of $365.1 million.
• Announced a third-quarter Base Distribution of $0.875 per unit, or $3.50 per unit on an annualized basis, which is in-line with the prior-quarter's Base Distribution.

HOUSTON, Nov. 6, 2024 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced third-quarter 2024 financial and operating results. Net income (loss) attributable to limited partners for the third quarter of 2024 totaled $281.8 million, or $0.74 per common unit (diluted), with third-quarter 2024 Adjusted EBITDA⁽¹⁾ totaling $566.9 million. Third-quarter 2024 Cash flows provided by operating activities totaled $551.3 million, and third-quarter 2024 Free cash flow⁽¹⁾ totaled $365.1 million.

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 of 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 $0.875, which is in-line with the prior quarter's Base Distribution. Third-quarter 2024 Free cash flow⁽¹⁾ after distributions totaled $24.3 million. Third-quarter 2024 capital expenditures⁽²⁾ totaled $198.1 million.

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 Delaware Basin and experienced continued strong throughput growth in the Powder River Basin as the Meritage Midstream acquisition continues to exceed our expectations," said Oscar Brown, President and Chief Executive Officer. "However, our profitability declined slightly quarter-over-quarter, primarily due to lower natural-gas liquids recoveries and lower commodity prices in the Delaware Basin, lower distributions from our equity investments, and higher operation and maintenance expense, which is typical in the third quarter."

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 $2.2 billion to $2.4 billion guidance range for the year, we are reducing our average year-over-year crude-oil and NGLs and produced-water throughput growth expectations."

"In August, we issued $800.0 million of new senior notes in a highly successful offering that resulted in the best 10-year credit spread in WES's history. Our trailing-twelve-month net leverage ratio has comfortably reached our year-end 2024 threshold of 3.0 times, and we will continue to look for the most efficient ways to allocate capital to generate the best returns for our unitholders. Those options continue to include organic growth opportunities to prudently expand the business, accretive M&A similar to the Meritage Midstream acquisition, and increasing the Base Distribution in-line with the growth of the business. Our strong operating model, improved balance sheet, and transparent capital-return framework, all provide WES with a solid foundation that is well positioned for future success," concluded Mr. Brown.

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 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.

______________________________________________________________

(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.

 

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, 2024		December 31, 2023
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, 2024, and December 31, 2023, respectively)		3,225,855		2,894,231
General partner units (9,060,641 units issued and outstanding at September 30, 2024, and December 31, 2023)		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 changes in assets and liabilities:
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, 2024		June 30, 2024
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 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, 2024		June 30, 2024
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 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, 2024		June 30, 2024
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, 2024		June 30, 2024		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 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, 2024		June 30, 2024		Inc/ (Dec)
Throughput for natural-gas assets (MMcf/d)
Operated
Delaware Basin		1,889		1,858		2 %
DJ Basin		1,418		1,452		(2) %
Powder River Basin		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
Delaware Basin		246		241		2 %
DJ Basin		87		91		(4) %
Powder River Basin		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
Delaware Basin		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

FAQ

What were Western Midstream's third-quarter 2024 earnings?

Western Midstream reported third-quarter 2024 net income of $281.8 million and Adjusted EBITDA of $566.9 million.

What is the third-quarter 2024 base distribution for WES?

The third-quarter 2024 base distribution for WES is $0.875 per unit, consistent with the prior quarter.

How did Western Midstream's throughput perform in the third quarter of 2024?

Western Midstream achieved record throughput in the Delaware Basin and Powder River Basin.

What is Western Midstream's financial outlook for the fourth quarter of 2024?

Western Midstream expects increased Adjusted EBITDA and steady throughput growth for the fourth quarter of 2024.

What was the purpose of Western Midstream issuing $800 million in senior notes?

The $800 million in senior notes will be used to repay a portion of the Partnership's senior notes due in 2025 and for general partnership purposes.