Announces 2023 Guidance and 2022 Enhanced
Distribution Expectation
- Reported fourth-quarter 2022 Net income attributable to limited
partners of $328.6 million, generating fourth-quarter Adjusted
EBITDA(1) of $515.8 million.
- Reported full-year 2022 Net income attributable to limited
partners of $1.190 billion, generating full-year Adjusted EBITDA(1)
of $2.128 billion, achieving the full-year 2022 Adjusted EBITDA
guidance range of $2.125 billion to $2.225 billion.
- Reported fourth-quarter 2022 Cash flows provided by operating
activities of $489.2 million, generating fourth-quarter Free cash
flow(1) of $365.6 million.
- Reported full-year 2022 Cash flows provided by operating
activities of $1.701 billion, generating full-year Free cash
flow(1) of $1.268 billion, achieving the full-year 2022 Free cash
flow guidance range of $1.250 billion to $1.350 billion.
- Achieved year-end 2022 net leverage ratio(2) of 3.1 times.
- Repurchased 19,532,305 common units for aggregate consideration
of $487.6 million through December 31, 2022.
- Provided 2023 Adjusted EBITDA(3) guidance range of $2.050
billion to $2.150 billion and total capital expenditures(4) range
between $575.0 million and $675.0 million.
- Expect to maintain a quarterly Base Distribution of $0.50 per
unit, or $2.00 per unit annualized for full-year 2023.
- Expect to announce an Enhanced Distribution of $140.0 million,
or approximately $0.36 per unit, which if approved, would be paid
in conjunction with the first-quarter 2023 Base
Distribution.(5)
Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the
“Partnership”) announced fourth-quarter and full-year 2022
financial and operating results. Net income (loss) attributable to
limited partners for the fourth quarter of 2022 totaled $328.6
million, or $0.85 per common unit (diluted), with fourth-quarter
2022 Adjusted EBITDA(1) totaling $515.8 million, fourth-quarter
2022 Cash flows provided by operating activities totaling $489.2
million, and fourth-quarter 2022 Free cash flow(1) totaling $365.6
million. Net income (loss) attributable to limited partners for
full-year 2022 totaled $1.190 billion, or $3.01 per common unit
(diluted), with full-year 2022 Adjusted EBITDA(1) totaling $2.128
billion, full-year 2022 Cash flows provided by operating activities
totaling $1.701 billion, and full-year 2022 Free cash flow(1)
totaling $1.268 billion.
2022 HIGHLIGHTS
- Increased average throughput for natural-gas, crude-oil and
NGLs, and produced-water by 1-percent, 3-percent, and 19-percent
year-over-year, respectively.
- Repurchased 19,532,305 common units for aggregate consideration
of $487.6 million through year-end, including 1,549,948 common
units in the fourth quarter for an aggregate consideration of $40.5
million. This represents 39.0-percent of the $1.250 billion common
unit repurchase program, which runs through December 31, 2024. The
total common units repurchased since September 2020 now represent
13.7-percent of total unaffected units outstanding.
- Achieved year-end 2022 net leverage ratio(2) of 3.1 times,
which surpasses the 2022 Enhanced Distribution leverage threshold
of 3.4 times.
- Achieved full-year Base Distribution guidance of $2.00 per
unit.
- Acquired the remaining 50-percent interest in Ranch Westex JV
for $40.1 million and sold our 15-percent interest in Cactus II for
$264.8 million.
- Executed multiple, long-term commercial agreements with some of
our largest producers in the Delaware Basin supported by either
minimum volume commitments or acreage dedications and executed
several agreements with new customers in the Maverick Basin.
On February 13, 2023, WES paid its fourth-quarter 2022 per-unit
distribution of $0.50, which is in line with the prior quarter’s
distribution and is consistent with the Partnership’s previously
announced annualized regular quarterly distribution (“Base
Distribution”) target of $2.00 per unit. Fourth-quarter and
full-year 2022 Free cash flow(1) after distributions totaled $168.5
million and $532.7 million, respectively. Fourth-quarter and
full-year 2022 capital expenditures(4) totaled $156.0 million and
$538.1 million, respectively.
Fourth-quarter 2022 natural-gas throughput(7) averaged 4.2
Bcf/d, representing a 1-percent sequential-quarter decrease and a
1-percent increase from fourth-quarter 2021. Fourth-quarter 2022
throughput for crude-oil and NGLs assets(7) averaged 649 MBbls/d,
representing a 9-percent sequential-quarter decrease and an
8-percent decrease from fourth-quarter 2021. Fourth-quarter 2022
throughput for produced-water assets(7) averaged 851 MBbls/d,
representing a 3-percent sequential-quarter decrease and a
7-percent increase from fourth-quarter 2021.
Full-year 2022 natural-gas throughput(7) averaged 4.2 Bcf/d,
representing a 1-percent increase from full-year 2021. Full-year
2022 throughput for crude-oil and NGLs assets(7) averaged 676
MBbls/d, representing a 3-percent increase from full-year 2021.
Full-year 2022 throughput for produced-water assets(7) averaged 836
MBbls/d, representing a 19-percent increase from full-year
2021.
“2022 was an incredibly successful year for WES. We grew average
year-over-year throughput across all three products and generated
the highest Net income and Adjusted EBITDA in our partnership’s
history,” said Michael Ure, President and Chief Executive Officer.
“Coming into the year, we introduced our capital-return framework,
and we have acted on that framework by increasing our Base
Distribution by 53-percent, buying back just under 50-percent of
our original unit buyback authorization, retiring $504 million of
senior notes, and recommending to pay our first Enhanced
Distribution payment. As we reflect on 2022 in its entirety, I am
very proud of our team’s accomplishments, which include accretive
M&A activity, numerous commercial successes, and meaningful
execution on our capital-return framework that continues to create
substantial value for our stakeholders.”
2022 ENHANCED DISTRIBUTION
“We have been able to meaningfully improve the health of our
balance sheet and reduce net leverage from 4.6 times at year-end
2019 to 3.1 times at year-end 2022, which is significantly below
our 2022 Enhanced Distribution threshold of 3.4 times,” said
Kristen Shults, Senior Vice President and Chief Financial Officer.
“Additionally, we continued to focus on returning capital to
stakeholders through a balanced approach of repurchasing $488
million of common units, paying $736 million in Base Distributions,
and retiring $504 million of senior notes in 2022.”
Ms. Shults continued, “Taking our financial success and current
business needs into consideration, we have recommended that the
Board use its discretion to consider WES’s 2022 net proceeds from
asset sales of $224.2 million as cash flow available for
distribution and consider an Enhanced Distribution for 2022 of
$140.0 million, or approximately $0.36 per unit based on our
current unit count outstanding. WES expects to request formal
approval of this Enhanced Distribution in April and to pay this
distribution in conjunction with its first-quarter 2023
distribution in May.”
“Our recommendation to pay an Enhanced Distribution reflects our
strong Free cash flow profile and the value creation from non-core
asset sales in 2022. We view our financial policy, specifically the
Enhanced Distribution framework, as a way to generate additional
value for our long-term unitholders and to further differentiate
WES relative to its peers,” concluded Ms. Shults.
2023 GUIDANCE
Based on the most current production-forecast information from
our producer customers, WES is providing 2023 guidance as
follows:
- Adjusted EBITDA(3) between $2.050 billion and $2.150
billion.
- Total capital expenditures(4) between $575.0 million and $675.0
million.
- Free cash flow(3) between $1.125 billion and $1.225
billion.
- Full-year 2023 Base Distribution of at least $2.00 per unit(6),
which excludes the impact of any potential Enhanced
Distribution.
“Although our 2023 Adjusted EBITDA outlook is tempered relative
to 2022, we expect our profitability to remain strong.
Additionally, we are confident in our ability to generate
substantial Free cash flow in 2023, even with an expected
year-over-year increase in capital expenditures, which
predominantly relates to the construction of Mentone Train III,”
said Mr. Ure. “Looking to the future, producer activity levels
should remain strong on the acreage we service in the Delaware
Basin, and our remaining capital budget allows us to prepare for
increasing throughput growth in 2024. As our capital needs subside
upon completing Mentone Train III during the fourth quarter of
2023, we will stay focused on creating even more value for our
stakeholders through our capital-return framework.”
Mr. Ure continued, “We remain optimistic regarding our expected
2023 operational and financial performance, even with the current
and expected challenges facing the energy industry. Our premier
asset bases are located within the core of their respective basins,
continue to attract producer capital, and are supported by our
fee-based contract structures. Additionally, our greatly improved
balance sheet puts us in a position of financial strength and
enables us to take advantage of market opportunities to create
additional value for all stakeholders through further debt
reduction, distribution payments, and unit repurchases under our
expanded unit buyback program.”
CONFERENCE CALL TOMORROW AT 1:00 P.M. CT
WES will host a conference call on Thursday, February 23, 2023,
at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss
fourth-quarter and full-year 2022 results. To participate,
individuals should dial 888-330-2354 (Domestic) or 240-789-2706
(International) fifteen minutes before the scheduled conference
call time and enter participant access code 32054. 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.
FILING OF ANNUAL REPORT ON FORM 10-K
Today WES also announced the filing of its Annual Report on Form
10-K for the fiscal year ended December 31, 2022, with the
Securities and Exchange Commission. A copy of the report is
available for viewing and downloading on the Western Midstream
website at www.westernmidstream.com. Unitholders may request hard
copies of the report, which contains WES’s audited financial
statements, free of charge, by emailing
investors@westernmidstream.com, or by submitting a written request
to Western Midstream Partners, LP at the following address: 9950
Woodloch Forest Drive, Suite 2800, The Woodlands, TX 77380,
Attention: Western Midstream Investor Relations.
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)
Debt-to-Adjusted EBITDA (trailing
twelve months).
(3)
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.
(4)
Accrual-based, includes equity
investments, excludes capitalized interest, and excludes capital
expenditures associated with the 25% third-party interest in
Chipeta.
(5)
Board action on any Enhanced
Distribution will be requested in April and is subject to the
Board’s assessment of the needs of the business at that time.
(6)
Subject to Board review and
approval on a quarterly basis based on the needs of the
business.
(7)
Represents total throughput
attributable to WES, which excludes (i) the 2.0% Occidental
subsidiary-owned limited partner interest in WES Operating and (ii)
for natural-gas throughput, the 25% third-party interest in
Chipeta, which collectively represent WES’s noncontrolling
interests.
Western Midstream Partners,
LP
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
thousands except per-unit amounts
2022
2021
2022
2021
Revenues and other
Service revenues – fee based
$
647,948
$
621,093
$
2,602,053
$
2,462,835
Service revenues – product based
46,971
34,317
249,692
122,584
Product sales
84,268
63,588
399,023
290,947
Other
250
212
953
789
Total revenues and other
779,437
719,210
3,251,721
2,877,155
Equity income, net – related
parties
44,095
45,308
183,483
204,645
Operating expenses
Cost of product
92,663
72,040
420,900
322,285
Operation and maintenance
166,923
147,102
654,566
581,300
General and administrative
49,382
55,576
194,017
195,549
Property and other taxes
18,065
18,275
78,559
64,267
Depreciation and amortization
151,910
144,225
582,365
551,629
Long-lived asset and other impairments
20,491
1,345
20,585
30,543
Total operating expenses
499,434
438,563
1,950,992
1,745,573
Gain (loss) on divestiture and other,
net
104,560
(234
)
103,676
44
Operating income (loss)
428,658
325,721
1,587,888
1,336,271
Interest expense
(84,606
)
(89,472
)
(333,939
)
(376,512
)
Gain (loss) on early extinguishment of
debt
—
—
91
(24,944
)
Other income (expense), net
1,486
390
1,603
(623
)
Income (loss) before income
taxes
345,538
236,639
1,255,643
934,192
Income tax expense (benefit)
504
(14,210
)
4,187
(9,807
)
Net income (loss)
345,034
250,849
1,251,456
943,999
Net income (loss) attributable to
noncontrolling interests
8,710
7,332
34,353
27,707
Net income (loss) attributable to
Western Midstream Partners, LP
$
336,324
$
243,517
$
1,217,103
$
916,292
Limited partners’ interest in net
income (loss):
Net income (loss) attributable to Western
Midstream Partners, LP
$
336,324
$
243,517
$
1,217,103
$
916,292
General partner interest in net (income)
loss
(7,747
)
(5,331
)
(27,541
)
(19,815
)
Limited partners’ interest in net income
(loss)
$
328,577
$
238,186
$
1,189,562
$
896,477
Net income (loss) per common unit –
basic
$
0.85
$
0.58
$
3.01
$
2.18
Net income (loss) per common unit –
diluted
$
0.85
$
0.58
$
3.00
$
2.18
Weighted-average common units
outstanding – basic
384,885
407,212
394,951
411,309
Weighted-average common units
outstanding – diluted
386,482
408,454
396,236
412,022
Western Midstream Partners,
LP
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
thousands except number of units
December 31,
2022
December 31,
2021
Total current assets
$
900,425
$
684,764
Net property, plant, and equipment
8,541,600
8,512,907
Other assets
1,829,603
2,075,408
Total assets
$
11,271,628
$
11,273,079
Total current liabilities
$
903,857
$
1,140,197
Long-term debt
6,569,582
6,400,616
Asset retirement obligations
290,021
298,275
Other liabilities
400,053
338,231
Total liabilities
8,163,513
8,177,319
Equity and partners’ capital
Common units (384,070,984 and 402,993,919
units issued and outstanding at December 31, 2022 and 2021,
respectively)
2,969,604
2,966,955
General partner units (9,060,641 units
issued and outstanding at December 31, 2022 and 2021)
2,105
(8,882
)
Noncontrolling interests
136,406
137,687
Total liabilities, equity, and
partners’ capital
$
11,271,628
$
11,273,079
Western Midstream Partners,
LP
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Year Ended
December 31,
thousands
2022
2021
Cash flows from operating
activities
Net income (loss)
$
1,251,456
$
943,999
Adjustments to reconcile net income (loss)
to net cash provided by operating activities and changes in assets
and liabilities:
Depreciation and amortization
582,365
551,629
Long-lived asset and other impairments
20,585
30,543
(Gain) loss on divestiture and other,
net
(103,676
)
(44
)
(Gain) loss on early extinguishment of
debt
(91
)
24,944
Change in other items, net
(49,213
)
215,781
Net cash provided by operating
activities
$
1,701,426
$
1,766,852
Cash flows from investing
activities
Capital expenditures
$
(487,228
)
$
(313,674
)
Acquisitions from third parties
(40,127
)
—
Contributions to equity investments -
related parties
(9,632
)
(4,435
)
Distributions from equity investments in
excess of cumulative earnings – related parties
63,897
41,385
Proceeds from the sale of assets to
related parties
200
—
Proceeds from the sale of assets to third
parties
264,121
8,102
(Increase) decrease in materials and
supplies inventory and other
(9,468
)
11,084
Net cash used in investing activities
$
(218,237
)
$
(257,538
)
Cash flows from financing
activities
Borrowings, net of debt issuance costs
$
1,389,010
$
480,000
Repayments of debt
(1,518,548
)
(1,432,966
)
Increase (decrease) in outstanding
checks
2,206
(21,631
)
Distributions to Partnership
unitholders
(735,755
)
(533,758
)
Distributions to Chipeta noncontrolling
interest owner
(10,736
)
(9,117
)
Distributions to noncontrolling interest
owner of WES Operating
(24,898
)
(14,984
)
Net contributions from (distributions to)
related parties
1,423
8,533
Unit repurchases
(487,590
)
(217,465
)
Other
(13,644
)
(10,849
)
Net cash provided by (used in) financing
activities
$
(1,398,532
)
$
(1,752,237
)
Net increase (decrease) in cash and
cash equivalents
$
84,657
$
(242,923
)
Cash and cash equivalents at beginning
of period
201,999
444,922
Cash and cash equivalents at end of
period
$
286,656
$
201,999
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
Year Ended
thousands
December 31,
2022
September 30,
2022
December 31,
2022
December 31,
2021
Reconciliation of Gross margin to
Adjusted gross margin
Total revenues and other
$
779,437
$
837,568
$
3,251,721
$
2,877,155
Less:
Cost of product
92,663
106,833
420,900
322,285
Depreciation and amortization
151,910
156,837
582,365
551,629
Gross margin
534,864
573,898
2,248,456
2,003,241
Add:
Distributions from equity investments
69,282
58,957
250,050
254,901
Depreciation and amortization
151,910
156,837
582,365
551,629
Less:
Reimbursed electricity-related charges
recorded as revenues
23,577
20,741
81,764
74,405
Adjusted gross margin attributable to
noncontrolling interests (1)
17,490
18,886
73,632
67,850
Adjusted gross margin
$
714,989
$
750,065
$
2,925,475
$
2,667,516
Gross margin
Gross margin for natural-gas assets
(2)
$
403,043
$
422,709
$
1,676,732
$
1,536,163
Gross margin for crude-oil and NGLs
assets (2)
75,690
90,581
346,406
287,391
Gross margin for produced-water
assets (2)
61,189
65,439
245,274
197,821
Adjusted gross margin
Adjusted gross margin for natural-gas
assets
$
492,591
$
521,117
$
2,031,600
$
1,882,726
Adjusted gross margin for crude-oil and
NGLs assets
150,611
153,225
607,769
547,134
Adjusted gross margin for produced-water
assets
71,787
75,723
286,106
237,656
(1)
For all periods presented,
includes (i) the 25% third-party interest in Chipeta and (ii) the
2.0% Occidental subsidiary-owned limited partner interest in WES
Operating, 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
Year Ended
thousands
December 31,
2022
September 30,
2022
December 31,
2022
December 31,
2021
Reconciliation of Net income (loss) to
Adjusted EBITDA
Net income (loss)
$
345,034
$
273,581
$
1,251,456
$
943,999
Add:
Distributions from equity investments
69,282
58,957
250,050
254,901
Non-cash equity-based compensation
expense
6,538
6,464
27,783
27,676
Interest expense
84,606
83,106
333,939
376,512
Income tax expense
504
387
4,187
4,403
Depreciation and amortization
151,910
156,837
582,365
551,629
Impairments
20,491
4
20,585
30,543
Other expense
209
165
555
1,468
Less:
Gain (loss) on divestiture and other,
net
104,560
(104
)
103,676
44
Gain (loss) on early extinguishment of
debt
—
—
91
(24,944
)
Equity income, net – related parties
44,095
41,317
183,483
204,645
Other income
1,484
58
1,648
585
Income tax benefit
—
—
—
14,210
Adjusted EBITDA attributable to
noncontrolling interests (1)
12,654
13,406
54,049
49,901
Adjusted EBITDA
$
515,781
$
524,824
$
2,127,973
$
1,946,690
Reconciliation of Net cash provided by
operating activities to Adjusted EBITDA
Net cash provided by operating
activities
$
489,219
$
468,768
$
1,701,426
$
1,766,852
Interest (income) expense, net
84,606
83,106
333,939
376,512
Accretion and amortization of long-term
obligations, net
(1,783
)
(1,773
)
(7,142
)
(7,635
)
Current income tax expense (benefit)
262
550
2,188
(37
)
Other (income) expense, net
(1,486
)
(56
)
(1,603
)
623
Distributions from equity investments in
excess of cumulative earnings – related parties
22,839
15,651
63,897
41,385
Changes in assets and liabilities:
Accounts receivable, net
(96,659
)
(66,875
)
116,296
(16,366
)
Accounts and imbalance payables and
accrued liabilities, net
72,881
17,840
7,812
(114,887
)
Other items, net
(41,444
)
21,019
(34,791
)
(49,856
)
Adjusted EBITDA attributable to
noncontrolling interests (1)
(12,654
)
(13,406
)
(54,049
)
(49,901
)
Adjusted EBITDA
$
515,781
$
524,824
$
2,127,973
$
1,946,690
Cash flow information
Net cash provided by operating
activities
$
489,219
$
468,768
$
1,701,426
$
1,766,852
Net cash used in investing activities
138,015
(185,305
)
(218,237
)
(257,538
)
Net cash provided by (used in) financing
activities
(499,671
)
(221,804
)
(1,398,532
)
(1,752,237
)
(1)
For all periods presented, includes (i)
the 25% third-party interest in Chipeta and (ii) the 2.0%
Occidental subsidiary-owned limited partner interest in WES
Operating, 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
Year Ended
thousands
December 31,
2022
September 30,
2022
December 31,
2022
December 31,
2021
Reconciliation of Net cash provided by
operating activities to Free cash flow
Net cash provided by operating
activities
$
489,219
$
468,768
$
1,701,426
$
1,766,852
Less:
Capital expenditures
145,723
150,148
487,228
313,674
Contributions to equity investments –
related parties
733
3,859
9,632
4,435
Add:
Distributions from equity investments in
excess of cumulative earnings – related parties
22,839
15,651
63,897
41,385
Free cash flow
$
365,602
$
330,412
$
1,268,463
$
1,490,128
Cash flow information
Net cash provided by operating
activities
$
489,219
$
468,768
$
1,701,426
$
1,766,852
Net cash used in investing activities
138,015
(185,305
)
(218,237
)
(257,538
)
Net cash provided by (used in) financing
activities
(499,671
)
(221,804
)
(1,398,532
)
(1,752,237
)
Western Midstream Partners,
LP
OPERATING STATISTICS
(Unaudited)
Three Months Ended
Year Ended
December 31,
2022
September 30,
2022
December 31,
2022
December 31,
2021
Throughput for natural-gas assets
(MMcf/d)
Gathering, treating, and
transportation
402
418
409
466
Processing
3,520
3,544
3,474
3,374
Equity investments (1)
463
473
483
463
Total throughput
4,385
4,435
4,366
4,303
Throughput attributable to noncontrolling
interests (2)
154
161
156
155
Total throughput attributable to WES for
natural-gas assets
4,231
4,274
4,210
4,148
Throughput for crude-oil and NGLs
assets (MBbls/d)
Gathering, treating, and
transportation
315
319
317
306
Equity investments (1)
347
411
373
366
Total throughput
662
730
690
672
Throughput attributable to noncontrolling
interests (2)
13
15
14
13
Total throughput attributable to WES for
crude-oil and NGLs assets
649
715
676
659
Throughput for produced-water assets
(MBbls/d)
Gathering and disposal
868
895
853
717
Throughput attributable to noncontrolling
interests (2)
17
18
17
14
Total throughput attributable to WES for
produced-water assets
851
877
836
703
Per-Mcf Gross margin for
natural-gas assets (3)
$
1.00
$
1.04
$
1.05
$
0.98
Per-Bbl Gross margin for
crude-oil and NGLs assets (3)
1.24
1.35
1.38
1.17
Per-Bbl Gross margin for
produced-water assets (3)
0.77
0.79
0.79
0.76
Per-Mcf Adjusted gross margin for
natural-gas assets (4)
$
1.27
$
1.33
$
1.32
$
1.24
Per-Bbl Adjusted gross margin for
crude-oil and NGLs assets (4)
2.53
2.33
2.46
2.28
Per-Bbl Adjusted gross margin for
produced-water assets (4)
0.92
0.94
0.94
0.93
(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% Occidental subsidiary-owned limited partner
interest in WES Operating 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
Year Ended
December 31,
2022
September 30,
2022
December 31,
2022
December 31,
2021
Throughput for natural-gas assets
(MMcf/d)
Delaware Basin
1,524
1,536
1,470
1,256
DJ Basin
1,343
1,326
1,331
1,369
Equity investments
463
473
483
463
Other
1,055
1,100
1,082
1,215
Total throughput for natural-gas
assets
4,385
4,435
4,366
4,303
Throughput for crude-oil and NGLs
assets (MBbls/d)
Delaware Basin
203
199
198
183
DJ Basin
77
81
82
90
Equity investments
347
411
373
366
Other
35
39
37
33
Total throughput for crude-oil and NGLs
assets
662
730
690
672
Throughput for produced-water assets
(MBbls/d)
Delaware Basin
868
895
853
717
Total throughput for produced-water
assets
868
895
853
717
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230222005168/en/
Daniel Jenkins Director, Investor Relations
Daniel.Jenkins@westernmidstream.com 832.636.1009
Shelby Keltner Manager, Investor Relations
Shelby.Keltner@westernmidstream.com 832.636.1009
Western Midstream Partners (NYSE:WES)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Western Midstream Partners (NYSE:WES)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024