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WES Investors

Western Midstream Announces Second-Quarter 2019 Results
ANNOUNCES UPDATED 2019 OUTLOOK AND NEW DJ COMMERCIAL CONTRACT

HOUSTON, July 30, 2019 /PRNewswire/ -- Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") today announced second-quarter 2019 financial and operating results. Net income (loss) available to limited partners for the second quarter of 2019 totaled $169.6 million, or $0.37 per common unit (diluted), with second-quarter 2019 Adjusted EBITDA(1) of $432.9 million and second-quarter 2019 Distributable cash flow(1) of $335.5 million. Net income (loss) and Adjusted EBITDA(1) do not include $12.0 million of cash received during the quarter associated with revenue recognition accounting standard ASC 606. Financial and operational information has been recast to include the financial position and results attributable to the assets acquired from Anadarko Petroleum Corporation in February 2019 (the "Anadarko Midstream Assets" or "AMA") as if WES had owned them for all periods presented.

RECENT HIGHLIGHTS

  • Achieved record West Texas Complex gas throughput of 1.18 Bcf/d for second quarter
  • Achieved record DJ Basin Complex gas throughput of 1.27 Bcf/d for second quarter
  • Achieved record DJ Basin oil throughput of 112 MBbls/d for second quarter
  • Entered into accretive third-party processing contract for a portion of Latham II capacity fully backed by minimum volume commitments
  • Enhanced liquidity and financial flexibility by increasing senior unsecured term loan commitments by $1 billion and extending the facility maturity date to December 2020

WES previously declared a quarterly distribution of $0.6180 per unit for the second quarter of 2019. This distribution represented a 1.3% increase relative to the prior quarter's distribution and a 6.1% increase relative to the second-quarter 2018 distribution. The second-quarter 2019 Coverage ratio(1) was 1.20 times.

"After another strong quarter, we continue to be pleased with the complementary assets and robust contract portfolio we have assembled in the Delaware and DJ basins," said Chief Executive Officer, Robin Fielder. "We remain focused on safe and efficient operations as we near construction completion of our Latham plant and further expand our gathering systems in the DJ and Delaware basins."

     

(1)

Please see the tables at the end of this release for a reconciliation of GAAP to non-GAAP measures and calculation of the Coverage ratio.

Total throughput attributable to WES for natural gas assets(1) for the second quarter of 2019 averaged 4.3 Bcf/d, which was a 2% sequential increase and a 10% increase from the second quarter of 2018. Total throughput attributable to WES for crude oil, NGLs and produced water assets(1) for the second quarter of 2019 averaged 1,105 MBbls/d, which was flat sequentially and an 84% increase from the second quarter of 2018. Capital expenditures attributable to WES, including equity investments but excluding acquisitions and capitalized interest, totaled $352.7 million on a cash basis during the second quarter of 2019, with maintenance capital expenditures on a cash basis of $29.9 million.

NEW DJ BASIN GAS PROCESSING CONTRACT

Subsequent to quarter end, and in conjunction with the partial release of contracted affiliate volumes backing the Latham II gas processing plant, the Partnership entered into a seven-year commercial agreement with a third party for the remaining Latham II processing capacity. This contract maintains minimum volume commitments ("MVCs") for 100% of the plant's nameplate processing capacity while increasing the expected value and returns of the Latham investment.

"This accretive third-party commercial contract provides the Partnership valuable MVCs and an increase in contract term with a quality third party," said Chief Operating Officer, Gennifer Kelly. "The completion of Latham trains I and II in the second half of 2019 will add to our premier gathering and processing position within the DJ basin."

REVISED 2019 FULL-YEAR OUTLOOK

The Partnership is revising its 2019 outlook primarily related to the impacts of (i) lower Delaware Basin throughput forecasts due to higher customer field downtime and changing well delivery timing to our systems, (ii) lower natural gas and NGL prices, and (iii) lower estimated revenues from revised revenue recognition forecasts related to cost of service contracts.

"While recognizing the updates to our guidance, we remain confident in the long-term potential of our highly integrated asset base, including our diverse set of equity investments, and the core basins in which we operate," said Fielder.

millions except percentages and Coverage ratio

Previously

Announced

 

Current

Adjusted EBITDA (2)

$1,800

-

$1,900

 

$1,675

-

$1,725

Total Capital Expenditures

$1,300

-

$1,400

 

Unchanged

Maintenance Capital Expenditures

$110

-

$120

 

$130

-

$140

Annual Distribution Growth

6% to 8%

 

5% to 6%

Annual Distribution Coverage

Minimum 1.20x

 

1.15x

                       
     

(1)

Excludes the 25% interest in Chipeta held by a third-party member and the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES's noncontrolling interests as of June 30, 2019.

(2)

A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income is not provided because the items necessary to estimate such amounts are not reasonably accessible or estimable at this time.

   

CONFERENCE CALL TOMORROW AT 8 A.M. CDT

WES will host a conference call on Wednesday, July 31, 2019, at 8:00 a.m. Central Daylight Time (9:00 a.m. Eastern Daylight Time) to discuss second-quarter 2019 results. Individuals who would like to participate should dial 877-883-0383 (Domestic) or 412-902-6506 (International) approximately 15 minutes before the scheduled conference call time, and enter participant access code 3434811. 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 will also be available on the website for two weeks following the call.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP ("WES") is a Delaware master limited partnership formed by Anadarko Petroleum Corporation to acquire, own, develop and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas and New Mexico, 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 Anadarko, as well as for third-party customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs and condensate on behalf of itself and as agent for its customers under certain of its 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 to have been 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 the ability to meet financial guidance or distribution growth expectations; the 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; the 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 and Form 10-Q filed with the Securities and Exchange Commission and in its other public filings and press releases. Western Midstream Partners, LP undertakes no obligation to publicly update or revise any forward-looking statements.

WESTERN MIDSTREAM CONTACT
Jack Spinks
Manager, Investor Relations
jack.spinks@anadarko.com
832.636.6000

Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES

Below are reconciliations of (i) net income (loss) (GAAP) to WES's Distributable cash flow (non-GAAP), (ii) net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA attributable to Western Midstream Partners, LP ("Adjusted EBITDA") (non-GAAP), and (iii) operating income (loss) (GAAP) to Adjusted gross margin attributable to Western Midstream Partners, LP ("Adjusted gross margin") (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that WES's Distributable cash flow, Adjusted EBITDA, Adjusted gross margin, and Coverage ratio are widely accepted financial indicators of WES's financial performance compared to other publicly traded partnerships and are useful in assessing its ability to incur and service debt, fund capital expenditures and make distributions. Distributable cash flow, Adjusted EBITDA, Adjusted gross margin and Coverage ratio, as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES's Distributable cash flow, Adjusted EBITDA, Adjusted gross margin and Coverage ratio should be considered in conjunction with net income (loss) attributable to Western Midstream Partners, LP and other applicable performance measures, such as operating income (loss) or cash flows from operating activities.

WES defines "Distributable cash flow" as Adjusted EBITDA, plus interest income and the net settlement amounts from the sale and/or purchase of natural gas, condensate and NGLs under WES Operating's commodity price swap agreements to the extent such amounts are not recognized as Adjusted EBITDA, less Service revenues – fee based recognized in Adjusted EBITDA (less than) in excess of customer billings, net cash paid (or to be paid) for interest expense (including amortization of deferred debt issuance costs originally paid in cash, offset by non-cash capitalized interest), maintenance capital expenditures, and income taxes and excluding Distributable cash flow attributable to noncontrolling interests to the extent such amounts are not excluded from Adjusted EBITDA.

WES defines Adjusted EBITDA as net income (loss), plus distributions from equity investments, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impairments, and other expense (including lower of cost or market inventory adjustments recorded in cost of product), less gain (loss) on divestiture and other, net, income from equity investments, interest income, income tax benefit, and other income and excluding the noncontrolling interests owners' proportionate share of revenues and expenses.

WES defines 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 interests owners' proportionate share of revenues and cost of product.

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

 

Distributable Cash Flow

 
   

Three Months Ended
 June 30,

 

Six Months Ended
 June 30,

thousands except Coverage ratio

 

2019

 

2018 (1)

 

2019

 

2018 (1)

Reconciliation of Net income (loss) to Distributable cash flow and calculation of the Coverage ratio

               

Net income (loss)

 

$

175,058

   

$

67,167

   

$

387,037

   

$

248,177

 

Add:

               

Distributions from equity investments

 

70,522

   

38,731

   

132,535

   

79,157

 

Non-cash equity-based compensation expense

 

4,343

   

2,000

   

6,141

   

4,152

 

Income tax (benefit) expense

 

1,278

   

10,304

   

11,370

   

21,188

 

Depreciation and amortization

 

121,117

   

88,488

   

235,063

   

173,278

 

Impairments

 

797

   

127,184

   

1,187

   

127,384

 

Above-market component of swap agreements with Anadarko

 

   

13,839

   

7,407

   

28,121

 

Other expense

 

58,639

   

8

   

93,852

   

151

 

Less:

               

Recognized Service revenues – fee based (less than) in excess of customer billings

 

(12,038)

   

1,557

   

(18,296)

   

2,957

 

Gain (loss) on divestiture and other, net

 

(1,061)

   

170

   

(1,651)

   

286

 

Equity income, net – affiliates

 

63,598

   

49,430

   

121,590

   

79,659

 

Cash paid for maintenance capital expenditures

 

29,899

   

27,689

   

65,590

   

48,917

 

Capitalized interest

 

6,342

   

9,872

   

12,547

   

16,834

 

Cash paid for (reimbursement of) income taxes

 

   

   

96

   

(87)

 

Other income

 

   

1,277

   

   

2,094

 

Distributable cash flow attributable to noncontrolling interests (2)

 

9,529

   

8,605

   

19,063

   

17,739

 

Distributable cash flow

 

$

335,485

   

$

249,121

   

$

675,653

   

$

513,209

 

Distributions declared

               

Distributions from WES Operating

 

$

282,319

       

$

559,923

     

Less: Cash reserve for the proper conduct of WES's business

 

2,360

       

3,640

     

Distributions to WES unitholders (3)

 

$

279,959

       

$

556,283

     

Coverage ratio

 

1.20

 

x

   

1.21

 

x

 

(1)

Financial information has been recast to include the financial position and results attributable to AMA.

(2)

For all periods presented, includes (i) the 25% interest in Chipeta held by a third-party member and (ii) the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES's noncontrolling interests as of June 30, 2019.

(3)

Reflects cash distributions of $0.61800 and $1.22800 per unit declared for the three and six months ended June 30, 2019, respectively.

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

 

Adjusted EBITDA

 
   

Three Months Ended
 June 30,

 

Six Months Ended
 June 30,

thousands

 

2019

 

2018 (1)

 

2019

 

2018 (1)

Reconciliation of Net income (loss) to Adjusted EBITDA

               

Net income (loss)

 

$

175,058

   

$

67,167

   

$

387,037

   

$

248,177

 

Add:

               

Distributions from equity investments

 

70,522

   

38,731

   

132,535

   

79,157

 

Non-cash equity-based compensation expense

 

4,343

   

2,000

   

6,141

   

4,152

 

Interest expense

 

79,472

   

42,245

   

145,348

   

80,260

 

Income tax expense

 

1,278

   

10,304

   

11,370

   

21,188

 

Depreciation and amortization

 

121,117

   

88,488

   

235,063

   

173,278

 

Impairments

 

797

   

127,184

   

1,187

   

127,384

 

Other expense

 

58,639

   

8

   

93,852

   

151

 

Less:

               

Gain (loss) on divestiture and other, net

 

(1,061)

   

170

   

(1,651)

   

286

 

Equity income, net – affiliates

 

63,598

   

49,430

   

121,590

   

79,659

 

Interest income – affiliates

 

4,225

   

4,225

   

8,450

   

8,450

 

Other income

 

   

1,277

   

   

2,094

 

Adjusted EBITDA attributable to noncontrolling interests (2)

 

11,544

   

9,881

   

22,894

   

19,974

 

Adjusted EBITDA

 

$

432,920

   

$

311,144

   

$

861,250

   

$

623,284

 

Reconciliation of Net cash provided by operating activities to Adjusted EBITDA

               

Net cash provided by operating activities

 

$

343,458

   

$

329,175

   

$

686,531

   

$

629,326

 

Interest (income) expense, net

 

75,247

   

38,020

   

136,898

   

71,810

 

Uncontributed cash-based compensation awards

 

1,218

   

465

   

648

   

987

 

Accretion and amortization of long-term obligations, net

 

(1,337)

   

(1,273)

   

(2,848)

   

(3,376)

 

Current income tax (benefit) expense

 

458

   

(14,335)

   

6,485

   

(27,670)

 

Other (income) expense, net (3)

 

(470)

   

(1,277)

   

(902)

   

(2,094)

 

Distributions from equity investments in excess of cumulative earnings – affiliates

 

9,260

   

4,782

   

17,052

   

13,632

 

Changes in assets and liabilities:

               

Accounts receivable, net

 

6,818

   

(21,060)

   

(2,668)

   

8,572

 

Accounts and imbalance payables and accrued liabilities, net

 

25,669

   

(13,136)

   

81,198

   

(42,040)

 

Other items, net

 

(15,857)

   

(336)

   

(38,250)

   

(5,889)

 

Adjusted EBITDA attributable to noncontrolling interests (2)

 

(11,544)

   

(9,881)

   

(22,894)

   

(19,974)

 

Adjusted EBITDA

 

$

432,920

   

$

311,144

   

$

861,250

   

$

623,284

 

Cash flow information

               

Net cash provided by operating activities

         

$

686,531

   

$

629,326

 

Net cash used in investing activities

         

(2,865,168)

   

(1,287,904)

 

Net cash provided by (used in) financing activities

         

2,182,290

   

634,307

 

(1)

Financial information has been recast to include the financial position and results attributable to AMA.

(2)

For all periods presented, includes (i) the 25% interest in Chipeta held by a third-party member and (ii) the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES's noncontrolling interests as of June 30, 2019.

(3)

Excludes non-cash losses on interest-rate swaps of $59.0 million and $94.6 million for the three and six months ended June 30, 2019.

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

 

Adjusted Gross Margin

 
 
   

Three Months Ended
 June 30,

 

Six Months Ended
 June 30,

thousands

 

2019

 

2018 (1)

 

2019

 

2018 (1)

Reconciliation of Operating income (loss) to Adjusted gross margin

               

Operating income (loss)

 

$

310,060

   

$

114,214

   

$

628,988

   

$

339,081

 

Add:

               

Distributions from equity investments

 

70,522

   

38,731

   

132,535

   

79,157

 

Operation and maintenance

 

148,431

   

112,789

   

291,260

   

209,584

 

General and administrative

 

30,027

   

15,597

   

52,871

   

31,426

 

Property and other taxes

 

14,282

   

13,750

   

30,567

   

28,350

 

Depreciation and amortization

 

121,117

   

88,488

   

235,063

   

173,278

 

Impairments

 

797

   

127,184

   

1,187

   

127,384

 

Less:

               

Gain (loss) on divestiture and other, net

 

(1,061)

   

170

   

(1,651)

   

286

 

Equity income, net – affiliates

 

63,598

   

49,430

   

121,590

   

79,659

 

Reimbursed electricity-related charges recorded as revenues

 

20,189

   

17,262

   

36,778

   

32,719

 

Adjusted gross margin attributable to noncontrolling interests (2)

 

16,034

   

13,018

   

31,584

   

25,889

 

Adjusted gross margin

 

$

596,476

   

$

430,873

   

$

1,184,170

   

$

849,707

 

Adjusted gross margin for natural gas assets

 

$

412,494

   

$

336,440

   

$

824,922

   

$

672,054

 

Adjusted gross margin for crude oil, NGLs and produced water assets

 

183,982

   

94,433

   

359,248

   

177,653

 

(1)

Financial information has been recast to include the financial position and results attributable to AMA.

(2)

For all periods presented, includes (i) the 25% interest in Chipeta held by a third-party member and (ii) the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES's noncontrolling interests as of June 30, 2019.

 

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

 

2019

 

2018 (1)

 

2019

 

2018 (1)

Revenues and other

               

Service revenues – fee based

 

$

593,544

   

$

431,861

   

$

1,173,518

   

$

825,634

 

Service revenues – product based

 

16,675

   

22,662

   

36,054

   

46,085

 

Product sales

 

74,469

   

63,315

   

146,602

   

146,940

 

Other

 

366

   

240

   

763

   

473

 

Total revenues and other

 

685,054

   

518,078

   

1,356,937

   

1,019,132

 

Equity income, net – affiliates

 

63,598

   

49,430

   

121,590

   

79,659

 

Operating expenses

               

Cost of product

 

122,877

   

95,656

   

236,940

   

189,974

 

Operation and maintenance

 

148,431

   

112,789

   

291,260

   

209,584

 

General and administrative

 

30,027

   

15,597

   

52,871

   

31,426

 

Property and other taxes

 

14,282

   

13,750

   

30,567

   

28,350

 

Depreciation and amortization

 

121,117

   

88,488

   

235,063

   

173,278

 

Impairments

 

797

   

127,184

   

1,187

   

127,384

 

Total operating expenses

 

437,531

   

453,464

   

847,888

   

759,996

 

Gain (loss) on divestiture and other, net

 

(1,061)

   

170

   

(1,651)

   

286

 

Operating income (loss)

 

310,060

   

114,214

   

628,988

   

339,081

 

Interest income – affiliates

 

4,225

   

4,225

   

8,450

   

8,450

 

Interest expense

 

(79,472)

   

(42,245)

   

(145,348)

   

(80,260)

 

Other income (expense), net (2)

 

(58,477)

   

1,277

   

(93,683)

   

2,094

 

Income (loss) before income taxes

 

176,336

   

77,471

   

398,407

   

269,365

 

Income tax expense (benefit)

 

1,278

   

10,304

   

11,370

   

21,188

 

Net income (loss)

 

175,058

   

67,167

   

387,037

   

248,177

 

Net income (loss) attributable to noncontrolling interests

 

5,464

   

(33,017)

   

98,783

   

16,466

 

Net income (loss) attributable to Western Midstream Partners, LP

 

$

169,594

   

$

100,184

   

$

288,254

   

$

231,711

 

Limited partners' interest in net income (loss):

               

Net income (loss) attributable to Western Midstream Partners, LP

 

$

169,594

   

$

100,184

   

$

288,254

   

$

231,711

 

Pre-acquisition net (income) loss allocated to Anadarko

 

(163)

   

(32,604)

   

(29,279)

   

(63,126)

 

Limited partners' interest in net income (loss)

 

$

169,431

   

$

67,580

   

$

258,975

   

$

168,585

 

Net income (loss) per common unit – basic and diluted

 

$

0.37

   

$

0.31

   

$

0.69

   

$

0.77

 

Weighted-average common units outstanding – basic and diluted

 

453,000

   

218,934

   

376,702

   

218,934

 

(1) 

Financial information has been recast to include the financial position and results attributable to AMA.

(2) 

Includes non-cash losses on interest-rate swaps of $59.0 million and $94.6 million for the three and six months ended June 30, 2019, respectively.

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

thousands except number of units

 

June 30,
 2019

 

December 31, 
 2018
(1)

Total current assets

 

$

336,185

   

$

340,362

 

Note receivable – Anadarko

 

260,000

   

260,000

 

Net property, plant and equipment

 

8,793,646

   

8,410,353

 

Other assets

 

2,590,700

   

2,446,490

 

Total assets

 

$

11,980,531

   

$

11,457,205

 

Total current liabilities

 

$

499,316

   

$

637,477

 

Long-term debt

 

7,489,448

   

4,787,381

 

APCWH Note Payable

 

   

427,493

 

Asset retirement obligations

 

320,073

   

300,024

 

Other liabilities

 

180,484

   

412,147

 

Total liabilities

 

8,489,321

   

6,564,522

 

Equity and partners' capital

       

Common units (453,008,854 and 218,937,797 units issued and outstanding at June 30, 2019, and December 31, 2018, respectively)

 

3,338,646

   

951,888

 

Net investment by Anadarko

 

   

1,388,018

 

Noncontrolling interests

 

152,564

   

2,552,777

 

Total liabilities, equity and partners' capital

 

$

11,980,531

   

$

11,457,205

 

(1)  Financial information has been recast to include the financial position and results attributable to AMA.

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 
   

Six Months Ended
 June 30,

thousands

 

2019

 

2018 (1)

Cash flows from operating activities

       

Net income (loss)

 

$

387,037

   

$

248,177

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:

       

Depreciation and amortization

 

235,063

   

173,278

 

Impairments

 

1,187

   

127,384

 

(Gain) loss on divestiture and other, net

 

1,651

   

(286)

 

(Gain) loss on interest-rate swaps

 

94,585

   

 

Change in other items, net

 

(32,992)

   

80,773

 

Net cash provided by operating activities

 

$

686,531

   

$

629,326

 

Cash flows from investing activities

       

Capital expenditures

 

$

(704,425)

   

$

(1,112,474)

 

Acquisitions from affiliates

 

(2,007,501)

   

 

Acquisitions from third parties

 

(93,303)

   

(161,858)

 

Investments in equity affiliates

 

(77,333)

   

(27,490)

 

Distributions from equity investments in excess of cumulative earnings – affiliates

 

17,052

   

13,632

 

Proceeds from the sale of assets to third parties

 

342

   

286

 

Net cash used in investing activities

 

$

(2,865,168)

   

$

(1,287,904)

 

Cash flows from financing activities

       

Borrowings, net of debt issuance costs

 

$

2,710,750

   

$

1,525,439

 

Repayments of debt (3)

 

(467,595)

   

(630,000)

 

Increase (decrease) in outstanding checks

 

(5,662)

   

(5,357)

 

Registration expenses related to the issuance of Partnership common units

 

(855)

   

 

Distributions to Partnership unitholders (4)

 

(408,234)

   

(244,658)

 

Distributions to Chipeta noncontrolling interest owner

 

(3,793)

   

(6,421)

 

Distributions to noncontrolling interest owners of WES Operating

 

(106,666)

   

(190,081)

 

Net contributions from (distributions to) Anadarko

 

456,938

   

157,264

 

Above-market component of swap agreements with Anadarko

 

7,407

   

28,121

 

Net cash provided by (used in) financing activities

 

$

2,182,290

   

$

634,307

 

Net increase (decrease) in cash and cash equivalents

 

$

3,653

   

$

(24,271)

 

Cash and cash equivalents at beginning of period

 

92,142

   

79,588

 

Cash and cash equivalents at end of period

 

$

95,795

   

$

55,317

 

(1)  Financial information has been recast to include the financial position and results attributable to AMA.

 

Western Midstream Partners, LP

OPERATING STATISTICS

(Unaudited)

 
   

Three Months Ended
 June 30,

 

Six Months Ended
 June 30,

   

2019

 

2018 (1)

 

2019

 

2018 (1)

Throughput for natural gas assets (MMcf/d)

               

Gathering, treating and transportation

 

528

   

540

   

527

   

524

 

Processing

 

3,524

   

3,243

   

3,498

   

3,173

 

Equity investment (2)

 

402

   

296

   

390

   

295

 

Total throughput for natural gas assets

 

4,454

   

4,079

   

4,415

   

3,992

 

Throughput attributable to noncontrolling interests for natural gas assets (3)

 

178

   

174

   

177

   

173

 

Total throughput attributable to Western Midstream Partners, LP for natural gas assets

 

4,276

   

3,905

   

4,238

   

3,819

 

Throughput for crude oil, NGLs and produced water assets (MBbls/d)

               

Gathering, treating, transportation and disposal

 

817

   

392

   

819

   

371

 

Equity investment (4)

 

311

   

219

   

308

   

187

 

Total throughput for crude oil, NGLs and produced water assets

 

1,128

   

611

   

1,127

   

558

 

Throughput attributable to noncontrolling interests for crude oil, NGLs and produced water assets (3)

 

23

   

12

   

23

   

11

 

Total throughput attributable to Western Midstream Partners, LP for crude oil, NGLs and produced water assets

 

1,105

   

599

   

1,104

   

547

 

Adjusted gross margin per Mcf for natural gas assets (5)

 

$

1.06

   

$

0.95

   

$

1.08

   

$

0.97

 

Adjusted gross margin per Bbl for crude oil, NGLs and produced water assets (6)

 

1.85

   

1.75

   

1.80

   

1.79

 

(1) 

Throughput and Adjusted gross margin have been recast to include the results attributable to AMA.

(2) 

Represents the 14.81% share of average Fort Union throughput, 22% share of average Rendezvous throughput, 50% share of average Mi Vida and Ranch Westex throughput, and 30% share of average Red Bluff Express throughput.

(3) 

For all periods presented, includes (i) the 25% interest in Chipeta held by a third-party member and (ii) the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES's noncontrolling interests as of June 30, 2019.

(4) 

Represents the 10% share of average White Cliffs throughput, 25% share of average Mont Belvieu JV throughput, 20% share of average TEG, TEP, Whitethorn and Saddlehorn throughput, 33.33% share of average FRP throughput and 15% share of average Panola throughput.

(5) 

Average for period. Calculated as Adjusted gross margin for natural gas assets, divided by total throughput (MMcf/d) attributable to Western Midstream Partners, LP for natural gas assets.

(6) 

Average for period. Calculated as Adjusted gross margin for crude oil, NGLs and produced water assets, divided by total throughput (MBbls/d) attributable to Western Midstream Partners, LP for crude oil, NGLs and produced water assets.

 

Western Midstream Partners, LP

OPERATING STATISTICS (CONTINUED)

(Unaudited)

 
   

Three Months Ended June 30,

   

2019

 

2018 (1)

 

2019

 

2018 (1)

 

2019

 

2018 (1)

   

Natural gas

(MMcf/d)

 

Crude oil & NGLs

(MBbls/d)

Produced water

(MBbls/d)

Delaware Basin

 

1,179

   

1,044

   

141

   

128

   

515

   

99

 

DJ Basin

 

1,266

   

1,119

   

112

   

108

   

   

 

Equity investments

 

402

   

296

   

310

   

219

   

   

 

Other

 

1,607

   

1,620

   

50

   

57

   

   

 

Total throughput

 

4,454

   

4,079

   

613

   

512

   

515

   

99

 

 

   

Six Months Ended June 30,

   

2019

 

2018 (1)

 

2019

 

2018 (1)

 

2019

 

2018 (1)

   

Natural gas

(MMcf/d)

 

Crude oil & NGLs

(MBbls/d)

 

Produced water

(MBbls/d)

Delaware Basin

 

1,178

   

982

   

143

   

120

   

516

   

89

 

DJ Basin

 

1,262

   

1,113

   

107

   

105

   

   

 

Equity investments

 

390

   

295

   

308

   

187

   

   

 

Other

 

1,585

   

1,602

   

53

   

57

   

   

 

Total throughput

 

4,415

   

3,992

   

611

   

469

   

516

   

89

 

(1)  Throughput has been recast to include the results attributable to AMA.

 

(PRNewsfoto/Western Midstream Partners, LP)

 

 

SOURCE Western Midstream Partners, LP


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