- Reported first-quarter 2025 Net income attributable to limited
partners of $301.8 million,
generating first-quarter Adjusted EBITDA(1) of
$593.6 million.
- Reported first-quarter 2025 Cash flows provided by operating
activities of $530.8 million,
generating first-quarter Free Cash Flow(1) of
$399.4 million.
- Announced a first-quarter distribution of $0.910 per unit, which is 4-percent higher than
the prior quarter's distribution, or $3.64 per unit on an annualized basis, and
in-line with prior management commentary.
HOUSTON, May 7, 2025
/PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES)
("WES" or the "Partnership") announced first-quarter financial and
operating results. Net income (loss) attributable to limited
partners for the first quarter of 2025 totaled $301.8 million, or $0.79 per common unit (diluted), with
first-quarter 2025 Adjusted EBITDA(1) totaling
$593.6 million. First-quarter 2025
Cash flows provided by operating activities totaled $530.8 million, and first-quarter 2025 Free Cash
Flow(1) totaled $399.4
million. First-quarter 2025 capital
expenditures(3) totaled $163.6
million.
FIRST-QUARTER HIGHLIGHTS
- Gathered record natural-gas throughput in the Delaware Basin of 2.0 Bcf/d, representing
a modest sequential-quarter increase.
- Completed the start-up of the North Loving natural-gas
processing plant in late-February, increasing WES's operated,
nameplate natural-gas processing capacity by 250 MMcf/d to
approximately 2.2 Bcf/d at our West
Texas complex in the Delaware Basin.
- Placed steel pipe order necessary to construct the Pathfinder
Pipeline from a domestic steel mill, protecting the project's
targeted returns by minimizing the impact from tariffs.
- Retired $664 million of senior
notes in January of 2025 with cash on hand.
On May 15, 2025, WES will pay its first-quarter 2025
per-unit distribution of $0.910, or
$3.64 on an annualized basis, which
represents growth of 4-percent over the prior quarter's
distribution and is in-line with prior
commentary. First-quarter 2025 Free Cash Flow(1)
after distributions totaled $58.4
million.
First-quarter 2025 natural-gas throughput(2) averaged
5.1 Bcf/d, representing a 2-percent sequential-quarter decrease.
First-quarter 2025 crude-oil and NGLs throughput(2)
averaged 503 MBbls/d, representing a 6-percent sequential-quarter
decrease. Operated crude-oil and NGLs throughput averaged 411
MBbls/d, representing a 3-percent sequential-quarter decrease.
First-quarter 2025 produced-water throughput(2) averaged
1,166 MBbls/d, representing a 2-percent sequential-quarter
decrease.
"I am pleased to report another successful quarter for WES
marked by strong financial performance and stability," commented
Oscar Brown, President and Chief
Executive Officer. "We also successfully commenced operations at
the North Loving plant in the Delaware Basin ahead of schedule and under
budget in late February. This significant milestone positions WES
for continued growth within the basin and demonstrates our
commitment to operational excellence."
"In the first quarter, our Adjusted EBITDA increased primarily
due to increased NGLs recoveries in combination with higher
commodity pricing, another quarter of record natural-gas throughput
and increased margin contribution from the Delaware Basin, and lower operating expenses.
Notwithstanding the recent market volatility, our 2025 guidance
remains unchanged as we have not observed any significant,
near-term forecast changes by our customers. We still anticipate
throughput growth this year across all products, primarily driven
by the Delaware Basin and the
tie-in of the Altamont pipeline to
our Chipeta plant in Utah.
Additionally, our contract structures provide more predictable cash
flows, even during periods of commodity price volatility."
"We continue to expect capital expenditures to range between
$625 million and $775 million primarily driven by the completion
of the North Loving plant, ongoing Pathfinder project expenses, and
expansion efforts in the Powder River Basin and at our Chipeta
plant in Utah. Additionally, we
already placed orders for the steel required to construct the
Pathfinder Pipeline from a domestic steel mill, which should
protect the project's targeted rate of return by minimizing the
potential impact from the recently announced import tariffs. Should
volatile market conditions persist, and our customers begin
reducing activity levels, we have the ability to flex our capital
spending lower by canceling or deferring certain growth projects to
better align with revised producer forecasts."
"Looking ahead, our investment thesis remains robust,
highlighted by WES's compelling tax deferred distribution yield. We
will continue to focus on the factors within our control, such as
reducing our overall cost structure, maintaining a strong balance
sheet, and allocating capital to growth projects that drive
top-tier unitholder returns. With investment-grade credit ratings,
net leverage below 3.0-times, and $2.4
billion in liquidity, we have the financial flexibility
needed to execute our growth plans. We are also committed to
returning capital to our unitholders, as evidenced by our recent
4-percent distribution increase, and we are confident that our
disciplined approach will continue to create significant long-term
value for our unitholders," concluded Mr. Brown.
CONFERENCE CALL TOMORROW AT 9:00 A.M.
CT
WES will host a conference call on Thursday, May 8, 2025,
at 9:00 a.m. Central Time
(10:00 a.m. Eastern Time) to discuss
its first-quarter 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.
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 residue, 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)
|
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.
|
|
(3)
|
Accrual-based, includes
equity investments, excludes capitalized interest, and excludes
capital expenditures associated with the 25% third-party interest
in Chipeta.
|
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
March
31,
|
|
thousands except
per-unit amounts
|
|
2025
|
|
2024
|
|
Revenues and
other
|
|
|
|
|
|
Service revenues – fee
based
|
|
$
823,197
|
|
$ 781,262
|
|
Service revenues –
product based
|
|
59,252
|
|
66,740
|
|
Product
sales
|
|
34,469
|
|
39,292
|
|
Other
|
|
198
|
|
435
|
|
Total revenues and
other
|
|
917,116
|
|
887,729
|
|
Equity income, net –
related parties
|
|
20,435
|
|
32,819
|
|
Operating
expenses
|
|
|
|
|
|
Cost of
product
|
|
41,492
|
|
46,079
|
|
Operation and
maintenance
|
|
226,514
|
|
194,939
|
|
General and
administrative
|
|
66,786
|
|
67,839
|
|
Property and other
taxes
|
|
17,826
|
|
13,920
|
|
Depreciation and
amortization
|
|
170,460
|
|
157,991
|
|
Long-lived asset and
other impairments
|
|
3
|
|
23
|
|
Total operating
expenses
|
|
523,081
|
|
480,791
|
|
Gain (loss) on
divestiture and other, net
|
|
(4,667)
|
|
239,617
|
|
Operating income
(loss)
|
|
409,803
|
|
679,374
|
|
Interest
expense
|
|
(97,293)
|
|
(94,506)
|
|
Gain (loss) on early
extinguishment of debt
|
|
—
|
|
524
|
|
Other income (expense),
net
|
|
7,477
|
|
2,346
|
|
Income (loss) before
income taxes
|
|
319,987
|
|
587,738
|
|
Income tax expense
(benefit)
|
|
3,435
|
|
1,522
|
|
Net income
(loss)
|
|
316,552
|
|
586,216
|
|
Net income (loss)
attributable to noncontrolling interests
|
|
7,545
|
|
13,386
|
|
Net income (loss)
attributable to Western Midstream Partners, LP
|
|
$
309,007
|
|
$ 572,830
|
|
Limited partners'
interest in net income (loss):
|
|
|
|
|
|
Net income (loss)
attributable to Western Midstream Partners, LP
|
|
$
309,007
|
|
$ 572,830
|
|
General partner
interest in net (income) loss
|
|
(7,170)
|
|
(13,330)
|
|
Limited partners'
interest in net income (loss)
|
|
$
301,837
|
|
$ 559,500
|
|
Net income (loss)
per common unit – basic
|
|
$
0.79
|
|
$
1.47
|
|
Net income (loss)
per common unit – diluted
|
|
$
0.79
|
|
$
1.47
|
|
Weighted-average
common units outstanding – basic
|
|
380,986
|
|
380,024
|
|
Weighted-average
common units outstanding – diluted
|
|
382,494
|
|
381,628
|
|
Western Midstream
Partners, LP
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
thousands except
number of units
|
|
March 31,
2025
|
|
December 31,
2024
|
|
Total current
assets
|
|
$
1,189,894
|
|
$
1,847,190
|
|
Net property, plant,
and equipment
|
|
9,727,094
|
|
9,714,609
|
|
Other assets
|
|
1,539,889
|
|
1,582,986
|
|
Total
assets
|
|
$
12,456,877
|
|
$ 13,144,785
|
|
Total current
liabilities
|
|
$
1,010,929
|
|
$
1,691,694
|
|
Long-term
debt
|
|
6,925,033
|
|
6,926,647
|
|
Asset retirement
obligations
|
|
378,889
|
|
370,195
|
|
Other
liabilities
|
|
808,455
|
|
781,079
|
|
Total
liabilities
|
|
9,123,306
|
|
9,769,615
|
|
Equity and partners'
capital
|
|
|
|
|
|
Common units
(381,327,148 and 380,556,643 units issued and outstanding at
March 31,
2025, and December 31, 2024, respectively)
|
|
3,183,365
|
|
3,224,802
|
|
General partner units
(9,060,641 units issued and outstanding at March 31, 2025,
and
December 31, 2024)
|
|
10,045
|
|
10,803
|
|
Noncontrolling
interests
|
|
140,161
|
|
139,565
|
|
Total liabilities,
equity, and partners' capital
|
|
$
12,456,877
|
|
$ 13,144,785
|
|
Western Midstream
Partners, LP
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
Three Months
Ended
March
31,
|
|
thousands
|
|
2025
|
|
2024
|
|
Cash flows from
operating activities
|
|
|
|
|
|
Net income
(loss)
|
|
$
316,552
|
|
$
586,216
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities and
changes in assets and liabilities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
170,460
|
|
157,991
|
|
Long-lived asset and
other impairments
|
|
3
|
|
23
|
|
(Gain) loss on
divestiture and other, net
|
|
4,667
|
|
(239,617)
|
|
(Gain) loss on early
extinguishment of debt
|
|
—
|
|
(524)
|
|
Change in other items,
net
|
|
39,111
|
|
(104,381)
|
|
Net cash provided by
operating activities
|
|
$
530,793
|
|
$
399,708
|
|
Cash flows from
investing activities
|
|
|
|
|
|
Capital
expenditures
|
|
$ (142,402)
|
|
$ (193,789)
|
|
Acquisitions from third
parties
|
|
—
|
|
(443)
|
|
Distributions from
equity investments in excess of cumulative earnings – related
parties
|
|
11,007
|
|
19,033
|
|
Proceeds from the sale
of assets to third parties
|
|
19
|
|
582,739
|
|
(Increase) decrease in
materials and supplies inventory and other
|
|
(9,414)
|
|
(10,691)
|
|
Net cash provided by
(used in) investing activities
|
|
$ (140,790)
|
|
$
396,849
|
|
Cash flows from
financing activities
|
|
|
|
|
|
Repayments of
debt
|
|
$ (663,831)
|
|
$
(14,503)
|
|
Commercial paper
borrowings (repayments), net
|
|
—
|
|
(510,379)
|
|
Increase (decrease) in
outstanding checks
|
|
(113)
|
|
766
|
|
Distributions to
Partnership unitholders
|
|
(340,996)
|
|
(223,438)
|
|
Distributions to
Chipeta noncontrolling interest owner
|
|
—
|
|
(1,085)
|
|
Distributions to
noncontrolling interest owner of WES Operating
|
|
(6,949)
|
|
(4,591)
|
|
Other
|
|
(20,131)
|
|
(20,868)
|
|
Net cash provided by
(used in) financing activities
|
|
$
(1,032,020)
|
|
$ (774,098)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
$ (642,017)
|
|
$
22,459
|
|
Cash and cash
equivalents at beginning of period
|
|
1,090,464
|
|
272,787
|
|
Cash and cash
equivalents at end of period
|
|
$
448,447
|
|
$
295,246
|
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)
income tax benefit, (v) other income, and (vi) 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
|
|
March 31,
2025
|
|
December 31,
2024
|
|
Reconciliation of
Gross margin to Adjusted Gross Margin
|
|
Total revenues and
other
|
|
$
917,116
|
|
$
928,503
|
|
Less:
|
|
|
|
|
|
Cost of
product
|
|
41,492
|
|
39,315
|
|
Depreciation and
amortization
|
|
170,460
|
|
162,990
|
|
Gross margin
|
|
705,164
|
|
726,198
|
|
Add:
|
|
|
|
|
|
Distributions from
equity investments
|
|
34,344
|
|
31,585
|
|
Depreciation and
amortization
|
|
170,460
|
|
162,990
|
|
Less:
|
|
|
|
|
|
Reimbursed
electricity-related charges recorded as revenues
|
|
29,004
|
|
31,834
|
|
Adjusted Gross Margin
attributable to noncontrolling interests (1)
|
|
20,181
|
|
20,542
|
|
Adjusted Gross
Margin
|
|
$
860,783
|
|
$
868,397
|
|
|
|
|
|
|
Gross
margin
|
|
|
|
|
|
Gross margin for
natural-gas assets (2)
|
|
$
527,144
|
|
$
534,452
|
|
Gross margin for
crude-oil and NGLs assets (2)
|
|
101,275
|
|
108,259
|
|
Gross margin for
produced-water assets (2)
|
|
84,576
|
|
91,219
|
|
Adjusted Gross
Margin
|
|
|
|
|
|
Adjusted Gross Margin
for natural-gas assets
|
|
$
618,452
|
|
$
616,373
|
|
Adjusted Gross Margin
for crude-oil and NGLs assets
|
|
143,475
|
|
147,060
|
|
Adjusted Gross Margin
for produced-water assets
|
|
98,856
|
|
104,964
|
|
(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
|
|
March 31,
2025
|
|
December 31,
2024
|
|
Reconciliation of
Net income (loss) to Adjusted EBITDA
|
|
Net income
(loss)
|
|
$
316,552
|
|
$
341,580
|
|
Add:
|
|
|
|
|
|
Distributions from
equity investments
|
|
34,344
|
|
31,585
|
|
Non-cash equity-based
compensation expense
|
|
8,248
|
|
9,421
|
|
Interest
expense
|
|
97,293
|
|
99,336
|
|
Income tax
expense
|
|
3,435
|
|
444
|
|
Depreciation and
amortization
|
|
170,460
|
|
162,990
|
|
Long-lived
asset and other impairments
|
|
3
|
|
2
|
|
Other
expense
|
|
190
|
|
9
|
|
Less:
|
|
|
|
|
|
Gain (loss) on
divestiture and other, net
|
|
(4,667)
|
|
(2,655)
|
|
Equity income, net –
related parties
|
|
20,435
|
|
28,158
|
|
Other
income
|
|
7,477
|
|
15,617
|
|
Adjusted EBITDA
attributable to noncontrolling interests (1)
|
|
13,708
|
|
13,548
|
|
Adjusted
EBITDA
|
|
$
593,572
|
|
$
590,699
|
|
Reconciliation of
Net cash provided by operating activities to Adjusted
EBITDA
|
|
Net cash provided by
operating activities
|
|
$
530,793
|
|
$
554,446
|
|
Interest (income)
expense, net
|
|
97,293
|
|
99,336
|
|
Accretion and
amortization of long-term obligations, net
|
|
(2,202)
|
|
(2,354)
|
|
Current income tax
expense (benefit)
|
|
1,722
|
|
411
|
|
Other (income) expense,
net
|
|
(7,477)
|
|
(15,617)
|
|
Distributions from
equity investments in excess of cumulative earnings – related
parties
|
|
11,007
|
|
3,290
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
Accounts receivable,
net
|
|
(28,634)
|
|
30,203
|
|
Accounts and imbalance
payables and accrued liabilities, net
|
|
46,684
|
|
(56,949)
|
|
Other items,
net
|
|
(41,906)
|
|
(8,519)
|
|
Adjusted EBITDA
attributable to noncontrolling interests (1)
|
|
(13,708)
|
|
(13,548)
|
|
Adjusted
EBITDA
|
|
$
593,572
|
|
$
590,699
|
|
Cash flow
information
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
530,793
|
|
$
554,446
|
|
Net cash provided by
(used in) investing activities
|
|
(140,790)
|
|
(230,321)
|
|
Net cash provided by
(used in) financing activities
|
|
(1,032,020)
|
|
(358,398)
|
|
(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
|
|
March 31,
2025
|
|
December 31,
2024
|
|
Reconciliation of
Net cash provided by operating activities to Free Cash
Flow
|
|
Net cash provided by
operating activities
|
|
$
530,793
|
|
$
554,446
|
|
Less:
|
|
|
|
|
|
Capital
expenditures
|
|
142,402
|
|
238,769
|
|
Contributions to
equity investments – related parties
|
|
—
|
|
9,690
|
|
Add:
|
|
|
|
|
|
Distributions from
equity investments in excess of cumulative earnings – related
parties
|
|
11,007
|
|
3,290
|
|
Free Cash
Flow
|
|
$
399,398
|
|
$
309,277
|
|
Cash flow
information
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
530,793
|
|
$
554,446
|
|
Net cash provided by
(used in) investing activities
|
|
(140,790)
|
|
(230,321)
|
|
Net cash provided by
(used in) financing activities
|
|
(1,032,020)
|
|
(358,398)
|
|
Western Midstream
Partners, LP
OPERATING
STATISTICS
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March 31,
2025
|
|
December 31,
2024
|
|
Inc/
(Dec)
|
|
Throughput for
natural-gas assets (MMcf/d)
|
|
Gathering, treating,
and transportation
|
|
371
|
|
380
|
|
(2) %
|
|
Processing
|
|
4,370
|
|
4,464
|
|
(2) %
|
|
Equity investments
(1)
|
|
550
|
|
550
|
|
— %
|
|
Total
throughput
|
|
5,291
|
|
5,394
|
|
(2) %
|
|
Throughput
attributable to noncontrolling interests (2)
|
|
181
|
|
181
|
|
— %
|
|
Total throughput
attributable to WES for natural-gas assets
|
|
5,110
|
|
5,213
|
|
(2) %
|
|
Throughput for
crude-oil and NGLs assets (MBbls/d)
|
|
Gathering, treating,
and transportation
|
|
411
|
|
423
|
|
(3) %
|
|
Equity investments
(1)
|
|
103
|
|
121
|
|
(15) %
|
|
Total
throughput
|
|
514
|
|
544
|
|
(6) %
|
|
Throughput
attributable to noncontrolling interests (2)
|
|
11
|
|
10
|
|
10 %
|
|
Total throughput
attributable to WES for crude-oil and NGLs assets
|
|
503
|
|
534
|
|
(6) %
|
|
Throughput for
produced-water assets (MBbls/d)
|
|
Gathering and
disposal
|
|
1,190
|
|
1,216
|
|
(2) %
|
|
Throughput
attributable to noncontrolling interests (2)
|
|
24
|
|
25
|
|
(4) %
|
|
Total throughput
attributable to WES for produced-water assets
|
|
1,166
|
|
1,191
|
|
(2) %
|
|
Per-Mcf Gross
margin for natural-gas assets (3)
|
|
$
1.11
|
|
$
1.08
|
|
3 %
|
|
Per-Bbl Gross
margin for crude-oil and NGLs assets
(3)
|
|
2.19
|
|
2.16
|
|
1 %
|
|
Per-Bbl Gross
margin for produced-water assets (3)
|
|
0.79
|
|
0.82
|
|
(4) %
|
|
|
|
|
|
|
|
|
Per-Mcf Adjusted Gross
Margin for natural-gas assets (4)
|
|
$
1.34
|
|
$
1.29
|
|
4 %
|
|
Per-Bbl Adjusted Gross
Margin for crude-oil and NGLs assets (4)
|
|
3.17
|
|
3.00
|
|
6 %
|
|
Per-Bbl Adjusted Gross
Margin for produced-water assets (4)
|
|
0.94
|
|
0.96
|
|
(2) %
|
|
(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
|
|
|
March 31,
2025
|
|
December 31,
2024
|
|
Inc/
(Dec)
|
|
Throughput for
natural-gas assets (MMcf/d)
|
|
Operated
|
|
|
|
|
|
|
|
Delaware
Basin
|
|
1,975
|
|
1,973
|
|
— %
|
|
DJ Basin
|
|
1,404
|
|
1,502
|
|
(7) %
|
|
Powder River
Basin
|
|
463
|
|
488
|
|
(5) %
|
|
Other
|
|
899
|
|
881
|
|
2 %
|
|
Total operated
throughput for natural-gas assets
|
|
4,741
|
|
4,844
|
|
(2) %
|
|
Non-operated
|
|
|
|
|
|
|
|
Equity
investments
|
|
550
|
|
550
|
|
— %
|
|
Total non-operated
throughput for natural-gas assets
|
|
550
|
|
550
|
|
— %
|
|
Total throughput for
natural-gas assets
|
|
5,291
|
|
5,394
|
|
(2) %
|
|
Throughput for
crude-oil and NGLs assets (MBbls/d)
|
|
Operated
|
|
|
|
|
|
|
|
Delaware
Basin
|
|
256
|
|
260
|
|
(2) %
|
|
DJ Basin
|
|
94
|
|
102
|
|
(8) %
|
|
Powder River
Basin
|
|
25
|
|
27
|
|
(7) %
|
|
Other
|
|
36
|
|
34
|
|
6 %
|
|
Total operated
throughput for crude-oil and NGLs assets
|
|
411
|
|
423
|
|
(3) %
|
|
Non-operated
|
|
|
|
|
|
|
|
Equity
investments
|
|
103
|
|
121
|
|
(15) %
|
|
Total non-operated
throughput for crude-oil and NGLs assets
|
|
103
|
|
121
|
|
(15) %
|
|
Total throughput for
crude-oil and NGLs assets
|
|
514
|
|
544
|
|
(6) %
|
|
Throughput for
produced-water assets (MBbls/d)
|
|
Operated
|
|
|
|
|
|
|
|
Delaware
Basin
|
|
1,190
|
|
1,216
|
|
(2) %
|
|
Total operated
throughput for produced-water assets
|
|
1,190
|
|
1,216
|
|
(2) %
|
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SOURCE Western Midstream Partners, LP
