(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading symbol | Name of exchange on which registered | ||||||||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
WESTERN MIDSTREAM PARTNERS, LP | ||||||||||||||
By: | Western Midstream Holdings, LLC, its general partner | |||||||||||||
Dated: | May 8, 2024 | By: | /s/ Kristen S. Shults | |||||||||||
Kristen S. Shults Senior Vice President and Chief Financial Officer |
Three Months Ended March 31, | |||||||||||
thousands except per-unit amounts | 2024 | 2023 | |||||||||
Revenues and other | |||||||||||
Service revenues – fee based | $ | 781,262 | $ | 647,867 | |||||||
Service revenues – product based | 66,740 | 46,810 | |||||||||
Product sales | 39,292 | 39,025 | |||||||||
Other | 435 | 280 | |||||||||
Total revenues and other | 887,729 | 733,982 | |||||||||
Equity income, net – related parties | 32,819 | 39,021 | |||||||||
Operating expenses | |||||||||||
Cost of product | 46,079 | 51,459 | |||||||||
Operation and maintenance | 194,939 | 174,239 | |||||||||
General and administrative | 67,839 | 51,117 | |||||||||
Property and other taxes | 13,920 | 6,831 | |||||||||
Depreciation and amortization | 157,991 | 144,626 | |||||||||
Long-lived asset and other impairments | 23 | 52,401 | |||||||||
Total operating expenses | 480,791 | 480,673 | |||||||||
Gain (loss) on divestiture and other, net | 239,617 | (2,118) | |||||||||
Operating income (loss) | 679,374 | 290,212 | |||||||||
Interest expense | (94,506) | (81,670) | |||||||||
Gain (loss) on early extinguishment of debt | 524 | — | |||||||||
Other income (expense), net | 2,346 | 1,215 | |||||||||
Income (loss) before income taxes | 587,738 | 209,757 | |||||||||
Income tax expense (benefit) | 1,522 | 1,416 | |||||||||
Net income (loss) | 586,216 | 208,341 | |||||||||
Net income (loss) attributable to noncontrolling interests | 13,386 | 4,696 | |||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ | 572,830 | $ | 203,645 | |||||||
Limited partners’ interest in net income (loss): | |||||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ | 572,830 | $ | 203,645 | |||||||
General partner interest in net (income) loss | (13,330) | (4,686) | |||||||||
Limited partners’ interest in net income (loss) | $ | 559,500 | $ | 198,959 | |||||||
Net income (loss) per common unit – basic | $ | 1.47 | $ | 0.52 | |||||||
Net income (loss) per common unit – diluted | $ | 1.47 | $ | 0.52 | |||||||
Weighted-average common units outstanding – basic | 380,024 | 384,468 | |||||||||
Weighted-average common units outstanding – diluted | 381,628 | 385,750 |
thousands except number of units | March 31, 2024 | December 31, 2023 | ||||||||||||
Total current assets | $ | 1,066,347 | $ | 992,410 | ||||||||||
Net property, plant, and equipment | 9,725,292 | 9,655,016 | ||||||||||||
Other assets | 1,473,831 | 1,824,181 | ||||||||||||
Total assets | $ | 12,265,470 | $ | 12,471,607 | ||||||||||
Total current liabilities | $ | 708,139 | $ | 1,304,056 | ||||||||||
Long-term debt | 7,272,079 | 7,283,556 | ||||||||||||
Asset retirement obligations | 366,755 | 359,185 | ||||||||||||
Other liabilities | 542,206 | 495,680 | ||||||||||||
Total liabilities | 8,889,179 | 9,442,477 | ||||||||||||
Equity and partners’ capital | ||||||||||||||
Common units (380,490,138 and 379,519,983 units issued and outstanding at March 31, 2024, and December 31, 2023, respectively) | 3,225,562 | 2,894,231 | ||||||||||||
General partner units (9,060,641 units issued and outstanding at March 31, 2024, and December 31, 2023) | 11,313 | 3,193 | ||||||||||||
Noncontrolling interests | 139,416 | 131,706 | ||||||||||||
Total liabilities, equity, and partners’ capital | $ | 12,265,470 | $ | 12,471,607 |
Three Months Ended March 31, | ||||||||||||||
thousands | 2024 | 2023 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income (loss) | $ | 586,216 | $ | 208,341 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities: | ||||||||||||||
Depreciation and amortization | 157,991 | 144,626 | ||||||||||||
Long-lived asset and other impairments | 23 | 52,401 | ||||||||||||
(Gain) loss on divestiture and other, net | (239,617) | 2,118 | ||||||||||||
(Gain) loss on early extinguishment of debt | (524) | — | ||||||||||||
Change in other items, net | (104,381) | (105,062) | ||||||||||||
Net cash provided by operating activities | $ | 399,708 | $ | 302,424 | ||||||||||
Cash flows from investing activities | ||||||||||||||
Capital expenditures | $ | (193,789) | $ | (173,088) | ||||||||||
Acquisitions from third parties | (443) | — | ||||||||||||
Contributions to equity investments - related parties | — | (110) | ||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 19,033 | 12,366 | ||||||||||||
Proceeds from the sale of assets to third parties | 582,739 | — | ||||||||||||
(Increase) decrease in materials and supplies inventory and other | (10,691) | (18,346) | ||||||||||||
Net cash provided by (used in) investing activities | $ | 396,849 | $ | (179,178) | ||||||||||
Cash flows from financing activities | ||||||||||||||
Borrowings, net of debt issuance costs | $ | — | $ | 220,000 | ||||||||||
Repayments of debt | (14,503) | (313,138) | ||||||||||||
Commercial paper borrowings (repayments), net | (510,379) | — | ||||||||||||
Increase (decrease) in outstanding checks | 766 | 18,768 | ||||||||||||
Distributions to Partnership unitholders | (223,438) | (196,569) | ||||||||||||
Distributions to Chipeta noncontrolling interest owner | (1,085) | (2,240) | ||||||||||||
Distributions to noncontrolling interest owner of WES Operating | (4,591) | (4,271) | ||||||||||||
Unit repurchases | — | (7,061) | ||||||||||||
Other | (20,868) | (12,746) | ||||||||||||
Net cash provided by (used in) financing activities | $ | (774,098) | $ | (297,257) | ||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 22,459 | $ | (174,011) | ||||||||||
Cash and cash equivalents at beginning of period | 272,787 | 286,656 | ||||||||||||
Cash and cash equivalents at end of period | $ | 295,246 | $ | 112,645 |
Three Months Ended | ||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | ||||||||||||
Reconciliation of Gross margin to Adjusted gross margin | ||||||||||||||
Total revenues and other | $ | 887,729 | $ | 858,208 | ||||||||||
Less: | ||||||||||||||
Cost of product | 46,079 | 40,803 | ||||||||||||
Depreciation and amortization | 157,991 | 165,187 | ||||||||||||
Gross margin | 683,659 | 652,218 | ||||||||||||
Add: | ||||||||||||||
Distributions from equity investments | 48,337 | 46,661 | ||||||||||||
Depreciation and amortization | 157,991 | 165,187 | ||||||||||||
Less: | ||||||||||||||
Reimbursed electricity-related charges recorded as revenues | 24,695 | 25,273 | ||||||||||||
Adjusted gross margin attributable to noncontrolling interests (1) | 20,240 | 19,412 | ||||||||||||
Adjusted gross margin | $ | 845,052 | $ | 819,381 | ||||||||||
Gross margin | ||||||||||||||
Gross margin for natural-gas assets (2) | $ | 511,584 | $ | 484,688 | ||||||||||
Gross margin for crude-oil and NGLs assets (2) | 93,578 | 103,228 | ||||||||||||
Gross margin for produced-water assets (2) | 85,041 | 70,509 | ||||||||||||
Adjusted gross margin | ||||||||||||||
Adjusted gross margin for natural-gas assets | $ | 597,163 | $ | 579,278 | ||||||||||
Adjusted gross margin for crude-oil and NGLs assets | 150,269 | 157,048 | ||||||||||||
Adjusted gross margin for produced-water assets | 97,620 | 83,055 |
Three Months Ended | ||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | ||||||||||||
Reconciliation of Net income (loss) to Adjusted EBITDA | ||||||||||||||
Net income (loss) | $ | 586,216 | $ | 295,752 | ||||||||||
Add: | ||||||||||||||
Distributions from equity investments | 48,337 | 46,661 | ||||||||||||
Non-cash equity-based compensation expense | 9,423 | 9,970 | ||||||||||||
Interest expense | 94,506 | 97,622 | ||||||||||||
Income tax expense | 1,522 | 1,405 | ||||||||||||
Depreciation and amortization | 157,991 | 165,187 | ||||||||||||
Impairments | 23 | 4 | ||||||||||||
Other expense | 112 | 71 | ||||||||||||
Less: | ||||||||||||||
Gain (loss) on divestiture and other, net | 239,617 | (6,434) | ||||||||||||
Gain (loss) on early extinguishment of debt | 524 | — | ||||||||||||
Equity income, net – related parties | 32,819 | 36,120 | ||||||||||||
Other income | 2,346 | 2,862 | ||||||||||||
Adjusted EBITDA attributable to noncontrolling interests (1) | 14,415 | 13,459 | ||||||||||||
Adjusted EBITDA | $ | 608,409 | $ | 570,665 | ||||||||||
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA | ||||||||||||||
Net cash provided by operating activities | $ | 399,708 | $ | 473,300 | ||||||||||
Interest (income) expense, net | 94,506 | 97,622 | ||||||||||||
Accretion and amortization of long-term obligations, net | (2,190) | (2,174) | ||||||||||||
Current income tax expense (benefit) | 1,292 | 1,315 | ||||||||||||
Other (income) expense, net | (2,346) | (2,862) | ||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 19,033 | 7,389 | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable, net | 53,714 | 17,773 | ||||||||||||
Accounts and imbalance payables and accrued liabilities, net | 100,383 | (19,021) | ||||||||||||
Other items, net | (41,276) | 10,782 | ||||||||||||
Adjusted EBITDA attributable to noncontrolling interests (1) | (14,415) | (13,459) | ||||||||||||
Adjusted EBITDA | $ | 608,409 | $ | 570,665 | ||||||||||
Cash flow information | ||||||||||||||
Net cash provided by operating activities | $ | 399,708 | $ | 473,300 | ||||||||||
Net cash provided by (used in) investing activities | 396,849 | (1,068,707) | ||||||||||||
Net cash provided by (used in) financing activities | (774,098) | 378,700 |
Three Months Ended | ||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | ||||||||||||
Reconciliation of Net cash provided by operating activities to Free cash flow | ||||||||||||||
Net cash provided by operating activities | $ | 399,708 | $ | 473,300 | ||||||||||
Less: | ||||||||||||||
Capital expenditures | 193,789 | 198,653 | ||||||||||||
Add: | ||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 19,033 | 7,389 | ||||||||||||
Free cash flow | $ | 224,952 | $ | 282,036 | ||||||||||
Cash flow information | ||||||||||||||
Net cash provided by operating activities | $ | 399,708 | $ | 473,300 | ||||||||||
Net cash provided by (used in) investing activities | 396,849 | (1,068,707) | ||||||||||||
Net cash provided by (used in) financing activities | (774,098) | 378,700 |
Three Months Ended | ||||||||||||||||||||
March 31, 2024 | December 31, 2023 | Inc/ (Dec) | ||||||||||||||||||
Throughput for natural-gas assets (MMcf/d) | ||||||||||||||||||||
Gathering, treating, and transportation | 606 | 516 | 17 | % | ||||||||||||||||
Processing | 4,050 | 4,043 | — | % | ||||||||||||||||
Equity investments (1) | 508 | 489 | 4 | % | ||||||||||||||||
Total throughput | 5,164 | 5,048 | 2 | % | ||||||||||||||||
Throughput attributable to noncontrolling interests (2) | 174 | 172 | 1 | % | ||||||||||||||||
Total throughput attributable to WES for natural-gas assets | 4,990 | 4,876 | 2 | % | ||||||||||||||||
Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||||||||||||||||
Gathering, treating, and transportation | 374 | 368 | 2 | % | ||||||||||||||||
Equity investments (1) | 202 | 347 | (42) | % | ||||||||||||||||
Total throughput | 576 | 715 | (19) | % | ||||||||||||||||
Throughput attributable to noncontrolling interests (2) | 11 | 13 | (15) | % | ||||||||||||||||
Total throughput attributable to WES for crude-oil and NGLs assets | 565 | 702 | (20) | % | ||||||||||||||||
Throughput for produced-water assets (MBbls/d) | ||||||||||||||||||||
Gathering and disposal | 1,149 | 1,076 | 7 | % | ||||||||||||||||
Throughput attributable to noncontrolling interests (2) | 23 | 22 | 5 | % | ||||||||||||||||
Total throughput attributable to WES for produced-water assets | 1,126 | 1,054 | 7 | % | ||||||||||||||||
Per-Mcf Gross margin for natural-gas assets (3) | $ | 1.09 | $ | 1.04 | 5 | % | ||||||||||||||
Per-Bbl Gross margin for crude-oil and NGLs assets (3) | 1.78 | 1.57 | 13 | % | ||||||||||||||||
Per-Bbl Gross margin for produced-water assets (3) | 0.81 | 0.71 | 14 | % | ||||||||||||||||
Per-Mcf Adjusted gross margin for natural-gas assets (4) | $ | 1.32 | $ | 1.29 | 2 | % | ||||||||||||||
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (4) | 2.92 | 2.43 | 20 | % | ||||||||||||||||
Per-Bbl Adjusted gross margin for produced-water assets (4) | 0.95 | 0.86 | 10 | % |
Three Months Ended | ||||||||||||||||||||
March 31, 2024 | December 31, 2023 | Inc/ (Dec) | ||||||||||||||||||
Throughput for natural-gas assets (MMcf/d) | ||||||||||||||||||||
Operated | ||||||||||||||||||||
Delaware Basin | 1,761 | 1,704 | 3 | % | ||||||||||||||||
DJ Basin | 1,372 | 1,341 | 2 | % | ||||||||||||||||
Powder River Basin | 406 | 369 | 10 | % | ||||||||||||||||
Other | 978 | 998 | (2) | % | ||||||||||||||||
Total operated throughput for natural-gas assets | 4,517 | 4,412 | 2 | % | ||||||||||||||||
Non-operated | ||||||||||||||||||||
Equity investments | 508 | 489 | 4 | % | ||||||||||||||||
Other | 139 | 147 | (5) | % | ||||||||||||||||
Total non-operated throughput for natural-gas assets | 647 | 636 | 2 | % | ||||||||||||||||
Total throughput for natural-gas assets | 5,164 | 5,048 | 2 | % | ||||||||||||||||
Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||||||||||||||||
Operated | ||||||||||||||||||||
Delaware Basin | 225 | 225 | — | % | ||||||||||||||||
DJ Basin | 87 | 81 | 7 | % | ||||||||||||||||
Powder River Basin | 23 | 20 | 15 | % | ||||||||||||||||
Other | 39 | 42 | (7) | % | ||||||||||||||||
Total operated throughput for crude-oil and NGLs assets | 374 | 368 | 2 | % | ||||||||||||||||
Non-operated | ||||||||||||||||||||
Equity investments | 202 | 347 | (42) | % | ||||||||||||||||
Total non-operated throughput for crude-oil and NGLs assets | 202 | 347 | (42) | % | ||||||||||||||||
Total throughput for crude-oil and NGLs assets | 576 | 715 | (19) | % | ||||||||||||||||
Throughput for produced-water assets (MBbls/d) | ||||||||||||||||||||
Operated | ||||||||||||||||||||
Delaware Basin | 1,149 | 1,076 | 7 | % | ||||||||||||||||
Total operated throughput for produced-water assets | 1,149 | 1,076 | 7 | % |
Cover Page |
May 08, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 08, 2024 |
Entity Registrant Name | WESTERN MIDSTREAM PARTNERS, LP |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-35753 |
Entity Tax Identification Number | 46-0967367 |
Entity Address, Address Line One | 9950 Woodloch Forest Drive, Suite 2800 |
Entity Address, City or Town | The Woodlands |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77380 |
City Area Code | 346 |
Local Phone Number | 786-5000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common units |
Trading Symbol | WES |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001423902 |
Amendment Flag | false |
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