Announces Revised 2023 Guidance
- Reported second-quarter 2023 Net income attributable to limited
partners of $247.1 million, generating second-quarter Adjusted
EBITDA(1) of $488.3 million.
- Reported second-quarter 2023 Cash flows provided by operating
activities of $490.8 million, generating second-quarter Free cash
flow(1) of $340.1 million.
- Announced a second-quarter Base Distribution of $0.5625 per
unit, or $2.25 on an annualized basis, which represents a
12.5-percent increase to the prior-quarter’s Base
Distribution.
- Repurchased $117.6 million of near-term senior notes at
approximately 94-percent of par during the second quarter, and
subsequent to quarter end, repurchased an additional $159.1 million
of senior notes.
- Revised 2023 Adjusted EBITDA(2) guidance to range between
$1.950 billion and $2.050 billion, a reduction of approximately
5-percent at the midpoint.
- Revised 2023 Free cash flow(2) guidance to range between $900.0
million and $1.000 billion as a result of revised Adjusted EBITDA
guidance.
Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the
“Partnership”) announced second-quarter 2023 financial and
operating results. Net income (loss) attributable to limited
partners for the second quarter of 2023 totaled $247.1 million, or
$0.64 per common unit (diluted), with second-quarter 2023 Adjusted
EBITDA(1) totaling $488.3 million. Second-quarter 2023 Cash flows
provided by operating activities totaled $490.8 million, and
second-quarter 2023 Free cash flow(1) totaled $340.1 million.
RECENT HIGHLIGHTS
- Achieved record Delaware Basin natural-gas throughput of 1.59
Bcf/d for the second quarter, representing a 1-percent
sequential-quarter increase.
- Gathered record Delaware Basin crude-oil and NGLs throughput of
208 MBbls/d for the second quarter, representing a 1-percent
sequential-quarter increase.
- Announced a new 250 MMcf/d cryogenic processing plant in the
North Loving area of our West Texas complex (“North Loving Plant”)
underpinned by previously announced commercial agreements
containing significant minimum-volume commitments.
- Obtained full investment-grade ratings after receiving an
upgrade to BBB- from Fitch in May.
On August 14, 2023, WES will pay its second-quarter 2023
per-unit Base Distribution of $0.5625, representing a 12.5-percent
sequential-quarter increase to the Partnership’s first-quarter Base
Distribution. Second-quarter 2023 Free cash flow(1) after
distributions, which included the payment of our first Enhanced
Distribution, totaled $3.1 million. Second-quarter 2023 and
year-to-date capital expenditures(3) totaled $184.3 million and
$363.6 million, respectively.
Second-quarter 2023 natural-gas throughput(4) averaged 4.3
Bcf/d, representing a 4-percent sequential-quarter increase.
Second-quarter 2023 throughput for crude-oil and NGLs assets(4)
averaged 626 MBbls/d, representing a 2-percent sequential-quarter
increase. Second-quarter 2023 throughput for produced-water
assets(4) averaged 943 MBbls/d, representing a 1-percent
sequential-quarter decrease.
“Once again, we experienced record natural-gas and crude-oil and
NGLs throughput in the Delaware Basin,” said Michael Ure, President
and Chief Executive Officer. “Additionally, second-quarter
throughput from our Utah and Wyoming assets increased as inclement
weather experienced during the first quarter subsided, driving an
overall increase in our natural-gas and crude-oil volumes.”
Mr. Ure continued, “Despite these throughput increases,
second-quarter Adjusted EBITDA declined on a sequential-quarter
basis primarily due to an expected seasonal increase in operation
and maintenance expense and normalized property and other
taxes.”
“We still anticipate year-over-year throughput growth across all
three products. However, producer operational challenges appeared
during the second quarter when new wells came online and
outperformed expectations leading to challenges across the
production chain. Based on discussions with our producers and after
analyzing their revised forecasts, we expect these challenges to be
temporary in nature. However, we do expect these challenges to
continue into the second half of 2023, causing year-over-year
growth to be at a slower pace than our initial expectations.”
“These throughput changes, specifically in the Delaware Basin,
have caused us to revise our 2023 Adjusted EBITDA guidance range to
$1.950 billion to $2.050 billion, a reduction of approximately
5-percent at the midpoint. With that said, we continue to believe
that our producers will meet their volume expectations over the
long-run, and the outperformance from the most recent wells further
support our belief that our assets service the best rock in the
Delaware Basin.”
“While we are disappointed in the new outlook for the second
half of 2023, we are confident in the protections that our stable,
long-term contract structures provide. In situations such as these,
when current year cash flow expectations decline due to volumetric
changes, the protections included in our cost-of-service contracts
should benefit WES in future periods, allowing us to still earn our
stated rate of return over the life of the contract.”
“Subsequent to quarter end, we announced a 12.5-percent increase
in the quarterly Base Distribution to $0.5625 per unit. Our ability
to significantly reduce leverage, coupled with numerous commercial
successes, supported this distribution increase. Additionally,
while our growth may be more weighted towards 2024 than originally
anticipated, our confidence in our underlying business and contract
structures reaffirms our decision regarding the Base Distribution
increase and our view that the long-term trajectory of WES remains
strong. Furthermore, our investment-grade balance sheet and strong
financial position continue to provide optionality and allow us to
continue generating long-term value for our stakeholders.”
“WES remains committed to executing on its balanced approach of
returning capital to our stakeholders. During the second quarter,
we utilized a portion of the net proceeds from our $750 million
senior notes issuance in mid-March to repurchase $117.6 million of
near-term maturity senior notes at approximately 94-percent of par.
These activities have continued into the third quarter, and we have
now repurchased a total of $276.7 million of senior notes to date
since the beginning of the second quarter.”
“Moving to operations, in May, we announced the sanctioning of
the 250 MMcf/d North Loving Plant to support our producers’
long-term throughput growth needs in the Delaware Basin. This new
plant is supported by long-term commercial agreements with
significant minimum-volume commitments, and is expected to be
online by the end of 2024, or early 2025. Together with Mentone
Train III, we are growing our Delaware Basin processing capacity by
approximately 36-percent, securing our position as one of the
leading natural-gas processors in the Delaware Basin,” concluded
Mr. Ure.
REVISED 2023 GUIDANCE
Based on the most current production forecast information from
our producer customers, WES is providing revised 2023 guidance as
follows:
- Adjusted EBITDA(2) between $1.950 billion and $2.050
billion.
- Total capital expenditures(3) between $700.0 million to $800.0
million, which is unchanged since our May 2023 North Loving Plant
announcement.
- Free cash flow(2) between $900.0 million and $1.000 billion, in
line with the decrease in Adjusted EBITDA guidance.
- Full-year 2023 Base Distribution of at least $2.1875 per
unit(5), which is unchanged since our July 2023 Base Distribution
increase announcement, excludes the impact of a potential Enhanced
Distribution.
CONFERENCE CALL TOMORROW AT 1:00 P.M. CT
WES will host a conference call on Wednesday, August 9, 2023, at
1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss its
second-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 as an agent for its customers under certain
contracts.
For more information about Western Midstream Partners, LP,
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)
A reconciliation of the Adjusted EBITDA
range to net cash provided by operating activities and net income
(loss), and a reconciliation of the Free cash flow range to net
cash provided by operating activities, is not provided because the
items necessary to estimate such amounts are not reasonably
estimable at this time. These items, net of tax, may include, but
are not limited to, impairments of assets and other charges,
divestiture costs, acquisition costs, or changes in accounting
principles. All of these items could significantly impact such
financial measures. At this time, WES is not able to estimate the
aggregate impact, if any, of these items on future period reported
earnings. Accordingly, WES is not able to provide a corresponding
GAAP equivalent for the Adjusted EBITDA or Free cash flow
ranges.
(3)
Accrual-based, includes equity
investments, excludes capitalized interest, and excludes capital
expenditures associated with the 25% third-party interest in
Chipeta.
(4)
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.
(5)
Subject to Board review and approval on a
quarterly basis based on the needs of the business.
Western Midstream Partners,
LP
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
thousands except per-unit amounts
2023
2022
2023
2022
Revenues and other
Service revenues – fee based
$
661,506
$
655,952
$
1,309,373
$
1,287,550
Service revenues – product based
46,956
70,498
93,766
111,365
Product sales
29,659
149,736
68,684
235,325
Other
152
233
432
476
Total revenues and other
738,273
876,419
1,472,255
1,634,716
Equity income, net – related
parties
42,324
48,464
81,345
98,071
Operating expenses
Cost of product
44,746
148,556
96,205
221,404
Operation and maintenance
183,431
168,153
357,670
297,129
General and administrative
53,405
47,848
104,522
96,450
Property and other taxes
18,547
22,662
25,378
41,104
Depreciation and amortization
143,492
139,036
288,118
273,618
Long-lived asset and other impairments
234
90
52,635
90
Total operating expenses
443,855
526,345
924,528
929,795
Gain (loss) on divestiture and other,
net
(70
)
(1,150
)
(2,188
)
(780
)
Operating income (loss)
336,672
397,388
626,884
802,212
Interest expense
(86,182
)
(80,772
)
(167,852
)
(166,227
)
Gain (loss) on early extinguishment of
debt
6,813
91
6,813
91
Other income (expense), net
2,872
(45
)
4,087
61
Income (loss) before income
taxes
260,175
316,662
469,932
636,137
Income tax expense (benefit)
659
1,491
2,075
3,296
Net income (loss)
259,516
315,171
467,857
632,841
Net income (loss) attributable to
noncontrolling interests
6,595
8,854
11,291
17,807
Net income (loss) attributable to
Western Midstream Partners, LP
$
252,921
$
306,317
$
456,566
$
615,034
Limited partners’ interest in net
income (loss):
Net income (loss) attributable to Western
Midstream Partners, LP
$
252,921
$
306,317
$
456,566
$
615,034
General partner interest in net (income)
loss
(5,821
)
(6,767
)
(10,507
)
(13,550
)
Limited partners’ interest in net income
(loss)
$
247,100
$
299,550
$
446,059
$
601,484
Net income (loss) per common unit –
basic
$
0.64
$
0.74
$
1.16
$
1.49
Net income (loss) per common unit –
diluted
$
0.64
$
0.74
$
1.16
$
1.49
Weighted-average common units
outstanding – basic
384,614
403,027
384,542
403,140
Weighted-average common units
outstanding – diluted
385,510
404,162
385,665
404,280
Western Midstream Partners,
LP
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
thousands except number of units
June 30, 2023
December 31,
2022
Total current assets
$
797,203
$
900,425
Net property, plant, and equipment
8,600,970
8,541,600
Other assets
1,820,777
1,829,603
Total assets
$
11,218,950
$
11,271,628
Total current liabilities
$
621,544
$
903,857
Long-term debt
6,824,214
6,569,582
Asset retirement obligations
301,975
290,021
Other liabilities
449,054
400,053
Total liabilities
8,196,787
8,163,513
Equity and partners’ capital
Common units (384,613,934 and 384,070,984
units issued and outstanding at June 30, 2023, and December 31,
2022, respectively)
2,888,745
2,969,604
General partner units (9,060,641 units
issued and outstanding at June 30, 2023, and December 31, 2022)
322
2,105
Noncontrolling interests
133,096
136,406
Total liabilities, equity, and
partners’ capital
$
11,218,950
$
11,271,628
Western Midstream Partners,
LP
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June
30,
thousands
2023
2022
Cash flows from operating
activities
Net income (loss)
$
467,857
$
632,841
Adjustments to reconcile net income (loss)
to net cash provided by operating activities and changes in assets
and liabilities:
Depreciation and amortization
288,118
273,618
Long-lived asset and other impairments
52,635
90
(Gain) loss on divestiture and other,
net
2,188
780
(Gain) loss on early extinguishment of
debt
(6,813
)
(91
)
Change in other items, net
(10,738
)
(163,799
)
Net cash provided by operating
activities
$
793,247
$
743,439
Cash flows from investing
activities
Capital expenditures
$
(334,570
)
$
(191,357
)
Contributions to equity investments -
related parties
(132
)
(5,040
)
Distributions from equity investments in
excess of cumulative earnings – related parties
23,179
25,407
Proceeds from the sale of assets to third
parties
—
1,096
(Increase) decrease in materials and
supplies inventory and other
(19,145
)
(1,053
)
Net cash used in investing activities
$
(330,668
)
$
(170,947
)
Cash flows from financing
activities
Borrowings, net of debt issuance costs
$
956,225
$
634,010
Repayments of debt
(918,332
)
(883,548
)
Increase (decrease) in outstanding
checks
(2,951
)
13,038
Distributions to Partnership
unitholders
(533,556
)
(340,946
)
Distributions to Chipeta noncontrolling
interest owner
(3,470
)
(3,182
)
Distributions to noncontrolling interest
owner of WES Operating
(11,131
)
(8,812
)
Net contributions from (distributions to)
related parties
—
784
Unit repurchases
(7,102
)
(79,217
)
Other
(14,965
)
(9,184
)
Net cash provided by (used in) financing
activities
$
(535,282
)
$
(677,057
)
Net increase (decrease) in cash and
cash equivalents
$
(72,703
)
$
(104,565
)
Cash and cash equivalents at beginning
of period
286,656
201,999
Cash and cash equivalents at end of
period
$
213,953
$
97,434
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
June 30, 2023
March 31, 2023
Reconciliation of Gross margin to
Adjusted gross margin
Total revenues and other
$
738,273
$
733,982
Less:
Cost of product
44,746
51,459
Depreciation and amortization
143,492
144,626
Gross margin
550,035
537,897
Add:
Distributions from equity investments
54,075
51,975
Depreciation and amortization
143,492
144,626
Less:
Reimbursed electricity-related charges
recorded as revenues
23,286
23,569
Adjusted gross margin attributable to
noncontrolling interests (1)
16,914
15,774
Adjusted gross margin
$
707,402
$
695,155
Gross margin
Gross margin for natural-gas assets
(2)
$
409,634
$
393,673
Gross margin for crude-oil and NGLs
assets (2)
88,024
89,281
Gross margin for produced-water
assets (2)
59,130
59,549
Adjusted gross margin
Adjusted gross margin for natural-gas
assets
$
489,476
$
480,009
Adjusted gross margin for crude-oil and
NGLs assets
147,036
145,577
Adjusted gross margin for produced-water
assets
70,890
69,569
(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
June 30, 2023
March 31, 2023
Reconciliation of Net income (loss) to
Adjusted EBITDA
Net income (loss)
$
259,516
$
208,341
Add:
Distributions from equity investments
54,075
51,975
Non-cash equity-based compensation
expense
7,665
7,199
Interest expense
86,182
81,670
Income tax expense
659
1,416
Depreciation and amortization
143,492
144,626
Impairments
234
52,401
Other expense
199
200
Less:
Gain (loss) on divestiture and other,
net
(70
)
(2,118
)
Gain (loss) on early extinguishment of
debt
6,813
—
Equity income, net – related parties
42,324
39,021
Other income
2,872
1,215
Adjusted EBITDA attributable to
noncontrolling interests (1)
11,737
11,015
Adjusted EBITDA
$
488,346
$
498,695
Reconciliation of Net cash provided by
operating activities to Adjusted EBITDA
Net cash provided by operating
activities
$
490,823
$
302,424
Interest (income) expense, net
86,182
81,670
Accretion and amortization of long-term
obligations, net
(2,403
)
(1,692
)
Current income tax expense (benefit)
728
492
Other (income) expense, net
(2,872
)
(1,215
)
Distributions from equity investments in
excess of cumulative earnings – related parties
10,813
12,366
Changes in assets and liabilities:
Accounts receivable, net
(4,078
)
4,037
Accounts and imbalance payables and
accrued liabilities, net
(36,885
)
136,460
Other items, net
(42,225
)
(24,832
)
Adjusted EBITDA attributable to
noncontrolling interests (1)
(11,737
)
(11,015
)
Adjusted EBITDA
$
488,346
$
498,695
Cash flow information
Net cash provided by operating
activities
$
490,823
$
302,424
Net cash used in investing activities
(151,490
)
(179,178
)
Net cash provided by (used in) financing
activities
(238,025
)
(297,257
)
(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
June 30, 2023
March 31, 2023
Reconciliation of Net cash provided by
operating activities to Free cash flow
Net cash provided by operating
activities
$
490,823
$
302,424
Less:
Capital expenditures
161,482
173,088
Contributions to equity investments –
related parties
22
110
Add:
Distributions from equity investments in
excess of cumulative earnings – related parties
10,813
12,366
Free cash flow
$
340,132
$
141,592
Cash flow information
Net cash provided by operating
activities
$
490,823
$
302,424
Net cash used in investing activities
(151,490
)
(179,178
)
Net cash provided by (used in) financing
activities
(238,025
)
(297,257
)
Western Midstream Partners,
LP
OPERATING STATISTICS
(Unaudited)
Three Months Ended
June 30, 2023
March 31, 2023
Throughput for natural-gas assets
(MMcf/d)
Gathering, treating, and
transportation
395
369
Processing
3,567
3,454
Equity investments (1)
454
423
Total throughput
4,416
4,246
Throughput attributable to noncontrolling
interests (2)
162
139
Total throughput attributable to WES for
natural-gas assets
4,254
4,107
Throughput for crude-oil and NGLs
assets (MBbls/d)
Gathering, treating, and
transportation
316
309
Equity investments (1)
323
314
Total throughput
639
623
Throughput attributable to noncontrolling
interests (2)
13
12
Total throughput attributable to WES for
crude-oil and NGLs assets
626
611
Throughput for produced-water assets
(MBbls/d)
Gathering and disposal
963
977
Throughput attributable to noncontrolling
interests (2)
20
20
Total throughput attributable to WES for
produced-water assets
943
957
Per-Mcf Gross margin for
natural-gas assets (3)
$
1.02
$
1.03
Per-Bbl Gross margin for
crude-oil and NGLs assets (3)
1.51
1.59
Per-Bbl Gross margin for
produced-water assets (3)
0.68
0.68
Per-Mcf Adjusted gross margin for
natural-gas assets (4)
$
1.26
$
1.30
Per-Bbl Adjusted gross margin for
crude-oil and NGLs assets (4)
2.58
2.65
Per-Bbl Adjusted gross margin for
produced-water assets (4)
0.83
0.81
(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
June 30, 2023
March 31, 2023
Throughput for natural-gas assets
(MMcf/d)
Delaware Basin
1,592
1,569
DJ Basin
1,309
1,306
Equity investments
454
423
Other
1,061
948
Total throughput for natural-gas
assets
4,416
4,246
Throughput for crude-oil and NGLs
assets (MBbls/d)
Delaware Basin
208
205
DJ Basin
66
69
Equity investments
323
314
Other
42
35
Total throughput for crude-oil and NGLs
assets
639
623
Throughput for produced-water assets
(MBbls/d)
Delaware Basin
963
977
Total throughput for produced-water
assets
963
977
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230808469408/en/
Daniel Jenkins Director, Investor Relations
Investors@westernmidstream.com 866.512.3523 Rhianna Disch Manager,
Investor Relations Investors@westernmidstream.com 866.512.3523
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