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WES Investors

Western Midstream Announces Third-Quarter 2019 Results
ANNOUNCES PRELIMINARY 2020 OUTLOOK

HOUSTON, Nov. 4, 2019 /PRNewswire/ -- Today, Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced third-quarter 2019 financial and operating results. Net income (loss) available to limited partners for the third quarter of 2019 totaled $121.2 million, or $0.27 per common unit (diluted), with third-quarter 2019 Adjusted EBITDA(1) totaling $410.2 million and third-quarter 2019 Distributable cash flow(1) totaling $304.4 million.

RECENT HIGHLIGHTS

  • Achieved record West Texas Complex gas throughput of 1.27 Bcf/d for third quarter, representing an 8% sequential-quarter increase
  • Achieved record Delaware Basin water throughput of 580 MBbls/d for third quarter, representing a 13% sequential-quarter increase
  • Achieved record DJ Basin and West Texas oil throughput of 275 MBbls/d for third quarter, representing a 9% sequential-quarter increase
  • Estimated 2019 total capital expenditures near the 2019 low-end guidance range of $1.3 billion to $1.4 billion
  • Estimated preliminary 2020 outlook to include meaningful year-over-year Adjusted EBITDA growth and a total capital expenditures reduction

For the third quarter of 2019, WES declared a per-unit quarterly distribution of $0.6200. This represents WES's 27th consecutive quarterly distribution increase and is consistent with WES's 2019 annual distribution growth-guidance range of 5% to 6%. The third-quarter 2019 Coverage ratio(1) was 1.08 times.

     

(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.

"We continue to experience strong throughput growth in the DJ and Delaware Basins, where we are well-positioned to support Oxy's future development plans and service our highly valued third-party customers," said Chief Executive Officer, Michael Ure. "Our extensive and highly leverageable assets and dedicated workforce throughout these two basins enable us to pace our growth with that of Oxy and to adopt a renewed focus on attracting meaningful and sustainable third-party business."

Third-quarter 2019 total natural gas throughput(1) averaged 4.2 Bcf/d, representing a 2% sequential-quarter decline and a 6% increase from third-quarter 2018. Excluding the effects of since-resolved downstream constraints impacting our Rockies assets, third-quarter natural gas throughput would have been approximately 110 MMcf/d higher than reported and would have represented a 1% sequential-quarter increase and a 9% increase from third-quarter 2018. Third-quarter 2019 total throughput of crude oil, NGLs, and produced-water assets(1) averaged 1,191 MBbls/d, representing an 8% sequential-quarter increase and a 28% increase from third-quarter 2018. Third-quarter 2019 capital expenditures(2), including equity investments and excluding acquisitions and capitalized interest, totaled $265.2 million on a cash basis and $278.2 million on an accrual basis, with cash maintenance capital expenditures totaling $29.2 million.

PRELIMINARY 2020 OUTLOOK

  • Total capital expenditures are expected to decline 20% – 30%, compared to the midpoint of 2019 guidance
  • Adjusted EBITDA is expected to grow approximately 10% year-over-year
  • Maintenance capital is expected to remain largely consistent as a percentage of Adjusted EBITDA, compared to 2019

"Our 2020 goals will encompass delivering capital-efficient, organic growth from our DJ and Delaware Basin assets," said Michael Ure. "With our backbone infrastructure in place, we remain committed to driving operational efficiencies alongside additional growth that should enable sustained distribution increases."

     

(1) Represents total throughput attributable to WES, which excludes the 25% third-party interest in Chipeta and the 2.0% Occidental subsidiary-owned limited partner interest in WES Operating, which collectively represent WES's noncontrolling interests as of September 30, 2019.

(2) Excludes capital expenditures associated with the 25% third-party interest in Chipeta.

CONFERENCE CALL TOMORROW AT 1 P.M. CST

WES will host a conference call on Tuesday, November 5, 2019, at 1:00 p.m. Central Standard Time (2:00 p.m. Eastern Standard Time) to discuss third-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 1868618. 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 for two weeks following the call.

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 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 Occidental and 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 CONTACTS

Kristen Shults
Vice President, Investor Relations and Communications
Kristen_Shults@Oxy.com
832.636.6000

Jack Spinks
Manager, Investor Relations
Jack_Spinks@Oxy.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 WES's 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 in excess of (less than) 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, income taxes, and 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, other income, and 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

 September 30,

 

Nine Months Ended

 September 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)

 

$

125,223

   

$

198,560

   

$

512,260

   

$

446,737

 

Add:

               

Distributions from equity investments

 

71,005

   

66,493

   

203,540

   

145,650

 

Non-cash equity-based compensation expense

 

4,137

   

1,614

   

10,278

   

5,766

 

Non-cash settled interest expense, net

 

20

   

   

20

   

 

Income tax (benefit) expense

 

1,309

   

15,005

   

12,679

   

36,193

 

Depreciation and amortization

 

127,914

   

97,479

   

362,977

   

270,757

 

Impairments

 

3,107

   

27,902

   

4,294

   

155,286

 

Above-market component of swap agreements with Anadarko

 

   

12,601

   

7,407

   

40,722

 

Other expense

 

67,961

   

33

   

161,813

   

184

 

Less:

               

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

 

(3,934)

   

6,014

   

(22,230)

   

8,971

 

Gain (loss) on divestiture and other, net

 

248

   

65

   

(1,403)

   

351

 

Equity income, net – affiliates

 

53,893

   

54,215

   

175,483

   

133,874

 

Cash paid for maintenance capital expenditures

 

29,298

   

32,620

   

94,888

   

81,537

 

Capitalized interest

 

8,386

   

8,449

   

20,933

   

25,283

 

Cash paid for (reimbursement of) income taxes

 

   

   

96

   

(87)

 

Other income

 

   

655

   

   

2,749

 

Distributable cash flow attributable to noncontrolling interests (2)

 

8,401

   

9,399

   

27,464

   

27,138

 

Distributable cash flow

 

$

304,384

   

$

308,270

   

$

980,037

   

$

821,479

 

Distributions declared

               

Distributions from WES Operating

 

$

283,881

       

$

843,804

     

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

 

3,001

       

6,641

     

Distributions to WES unitholders (3)

 

$

280,880

       

$

837,163

     

Coverage ratio

 

1.08

 

x

   

1.17

 

x

 
   

(1) 

Financial 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").

(2) 

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 as of September 30, 2019.

(3) 

Reflects cash distributions of $0.62000 and $1.84800 per unit declared for the three and nine months ended September 30, 2019, respectively.

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

 

Adjusted EBITDA

 
   

Three Months Ended

 September 30,

 

Nine Months Ended

 September 30,

thousands

 

2019

 

2018 (1)

 

2019

 

2018 (1)

Reconciliation of Net income (loss) to Adjusted EBITDA

               

Net income (loss)

 

$

125,223

   

$

198,560

   

$

512,260

   

$

446,737

 

Add:

               

Distributions from equity investments

 

71,005

   

66,493

   

203,540

   

145,650

 

Non-cash equity-based compensation expense

 

4,137

   

1,614

   

10,278

   

5,766

 

Interest expense

 

78,524

   

48,869

   

223,872

   

129,129

 

Income tax expense

 

1,309

   

15,005

   

12,679

   

36,193

 

Depreciation and amortization

 

127,914

   

97,479

   

362,977

   

270,757

 

Impairments

 

3,107

   

27,902

   

4,294

   

155,286

 

Other expense

 

67,961

   

33

   

161,813

   

184

 

Less:

               

Gain (loss) on divestiture and other, net

 

248

   

65

   

(1,403)

   

351

 

Equity income, net – affiliates

 

53,893

   

54,215

   

175,483

   

133,874

 

Interest income – affiliates

 

4,225

   

4,225

   

12,675

   

12,675

 

Other income

 

   

655

   

   

2,749

 

Adjusted EBITDA attributable to noncontrolling interests (2)

 

10,601

   

10,976

   

33,495

   

30,950

 

Adjusted EBITDA

 

$

410,213

   

$

385,819

   

$

1,271,463

   

$

1,009,103

 

Reconciliation of Net cash provided by operating activities to Adjusted EBITDA

               

Net cash provided by operating activities

 

$

340,154

   

$

335,869

   

$

1,026,685

   

$

965,195

 

Interest (income) expense, net

 

74,299

   

44,644

   

211,197

   

116,454

 

Uncontributed cash-based compensation awards

 

141

   

(55)

   

789

   

932

 

Accretion and amortization of long-term obligations, net

 

(3,651)

   

(1,283)

   

(6,499)

   

(4,659)

 

Current income tax (benefit) expense

 

(407)

   

(19,432)

   

6,078

   

(47,102)

 

Other (income) expense, net (3)

 

(495)

   

(655)

   

(1,397)

   

(2,749)

 

Distributions from equity investments in excess of cumulative earnings – affiliates

 

4,151

   

6,184

   

21,203

   

19,816

 

Changes in assets and liabilities:

               

Accounts receivable, net

 

12,418

   

56,281

   

9,750

   

64,853

 

Accounts and imbalance payables and accrued liabilities, net

 

(11,808)

   

(19,041)

   

69,390

   

(61,081)

 

Other items, net

 

6,012

   

(5,717)

   

(32,238)

   

(11,606)

 

Adjusted EBITDA attributable to noncontrolling interests (2)

 

(10,601)

   

(10,976)

   

(33,495)

   

(30,950)

 

Adjusted EBITDA

 

$

410,213

   

$

385,819

   

$

1,271,463

   

$

1,009,103

 

Cash flow information

               

Net cash provided by operating activities

         

$

1,026,685

   

$

965,195

 

Net cash used in investing activities

         

(3,134,643)

   

(1,798,702)

 

Net cash provided by (used in) financing activities

         

2,133,246

   

886,796

 
   

(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% 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 as of September 30, 2019.

(3) 

Excludes non-cash losses on interest-rate swaps of $68.3 million and $162.9 million for the three and nine months ended September 30, 2019, respectively.

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

 

Adjusted Gross Margin

 
   

Three Months Ended

 September 30,

 

Nine Months Ended

 September 30,

thousands

 

2019

 

2018 (1)

 

2019

 

2018 (1)

Reconciliation of Operating income (loss) to Adjusted gross margin

               

Operating income (loss)

 

$

268,725

   

$

257,554

   

$

897,713

   

$

596,635

 

Add:

               

Distributions from equity investments

 

71,005

   

66,493

   

203,540

   

145,650

 

Operation and maintenance

 

176,572

   

129,042

   

467,832

   

338,626

 

General and administrative

 

30,769

   

16,022

   

83,640

   

47,448

 

Property and other taxes

 

15,281

   

13,146

   

45,848

   

41,496

 

Depreciation and amortization

 

127,914

   

97,479

   

362,977

   

270,757

 

Impairments

 

3,107

   

27,902

   

4,294

   

155,286

 

Less:

               

Gain (loss) on divestiture and other, net

 

248

   

65

   

(1,403)

   

351

 

Equity income, net – affiliates

 

53,893

   

54,215

   

175,483

   

133,874

 

Reimbursed electricity-related charges recorded as revenues

 

23,969

   

17,485

   

60,747

   

50,204

 

Adjusted gross margin attributable to noncontrolling interests (2)

 

15,619

   

14,445

   

47,203

   

40,334

 

Adjusted gross margin

 

$

599,644

   

$

521,428

   

$

1,783,814

   

$

1,371,135

 

Adjusted gross margin for natural gas assets

 

$

401,380

   

$

376,131

   

$

1,226,302

   

$

1,048,185

 

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

 

198,264

   

145,297

   

557,512

   

322,950

 
   

(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% 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 as of September 30, 2019.

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 
   

Three Months Ended

 September 30,

 

Nine Months Ended

 September 30,

thousands except per-unit amounts

 

2019

 

2018 (1)

 

2019

 

2018 (1)

Revenues and other

               

Service revenues – fee based

 

$

587,965

   

$

486,329

   

$

1,761,483

   

$

1,311,963

 

Service revenues – product based

 

9,476

   

23,336

   

45,530

   

69,421

 

Product sales

 

68,248

   

76,999

   

214,850

   

223,939

 

Other

 

338

   

1,236

   

1,101

   

1,709

 

Total revenues and other

 

666,027

   

587,900

   

2,022,964

   

1,607,032

 

Equity income, net – affiliates

 

53,893

   

54,215

   

175,483

   

133,874

 

Operating expenses

               

Cost of product

 

97,800

   

101,035

   

334,740

   

291,009

 

Operation and maintenance

 

176,572

   

129,042

   

467,832

   

338,626

 

General and administrative

 

30,769

   

16,022

   

83,640

   

47,448

 

Property and other taxes

 

15,281

   

13,146

   

45,848

   

41,496

 

Depreciation and amortization

 

127,914

   

97,479

   

362,977

   

270,757

 

Impairments

 

3,107

   

27,902

   

4,294

   

155,286

 

Total operating expenses

 

451,443

   

384,626

   

1,299,331

   

1,144,622

 

Gain (loss) on divestiture and other, net

 

248

   

65

   

(1,403)

   

351

 

Operating income (loss)

 

268,725

   

257,554

   

897,713

   

596,635

 

Interest income – affiliates

 

4,225

   

4,225

   

12,675

   

12,675

 

Interest expense

 

(78,524)

   

(48,869)

   

(223,872)

   

(129,129)

 

Other income (expense), net (2)

 

(67,894)

   

655

   

(161,577)

   

2,749

 

Income (loss) before income taxes

 

126,532

   

213,565

   

524,939

   

482,930

 

Income tax expense (benefit)

 

1,309

   

15,005

   

12,679

   

36,193

 

Net income (loss)

 

125,223

   

198,560

   

512,260

   

446,737

 

Net income (loss) attributable to noncontrolling interests

 

4,006

   

47,203

   

102,789

   

63,669

 

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

 

$

121,217

   

$

151,357

   

$

409,471

   

$

383,068

 

Limited partners' interest in net income (loss):

               

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

 

$

121,217

   

$

151,357

   

$

409,471

   

$

383,068

 

Pre-acquisition net (income) loss allocated to Anadarko

 

   

(43,883)

   

(29,279)

   

(107,009)

 

Limited partners' interest in net income (loss)

 

$

121,217

   

$

107,474

   

$

380,192

   

$

276,059

 

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

 

$

0.27

   

$

0.49

   

$

0.94

   

$

1.26

 

Weighted-average common units outstanding – basic and diluted

 

453,021

   

218,938

   

402,421

   

218,935

 
   

(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 $68.3 million and $162.9 million for the three and nine months ended September 30, 2019, respectively.

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

thousands except number of units

 

September 30,

 2019

 

December 31, 

 2018 (1)

Total current assets

 

$

393,238

   

$

344,764

 

Note receivable – Anadarko

 

260,000

   

260,000

 

Net property, plant, and equipment

 

8,933,834

   

8,410,353

 

Other assets

 

2,591,153

   

2,442,088

 

Total assets

 

$

12,178,225

   

$

11,457,205

 

Total current liabilities

 

$

596,872

   

$

637,477

 

Long-term debt

 

7,730,502

   

4,787,381

 

APCWH Note Payable

 

   

427,493

 

Asset retirement obligations

 

319,178

   

300,024

 

Other liabilities

 

196,598

   

412,147

 

Total liabilities

 

8,843,150

   

6,564,522

 

Equity and partners' capital

       

Common units (453,032,050 and 218,937,797 units issued and outstanding at September 30, 2019, and December 31, 2018, respectively)

 

3,182,917

   

951,888

 

Net investment by Anadarko

 

   

1,388,018

 

Noncontrolling interests

 

152,158

   

2,552,777

 

Total liabilities, equity and partners' capital

 

$

12,178,225

   

$

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)

 
   

Nine Months Ended

 September 30,

thousands

 

2019

 

2018 (1)

Cash flows from operating activities

       

Net income (loss)

 

$

512,260

   

$

446,737

 

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

       

Depreciation and amortization

 

362,977

   

270,757

 

Impairments

 

4,294

   

155,286

 

(Gain) loss on divestiture and other, net

 

1,403

   

(351)

 

(Gain) loss on interest-rate swaps

 

162,974

   

 

Change in other items, net

 

(17,223)

   

92,766

 

Net cash provided by operating activities

 

$

1,026,685

   

$

965,195

 

Cash flows from investing activities

       

Capital expenditures

 

$

(947,266)

   

$

(1,589,653)

 

Acquisitions from affiliates

 

(2,007,501)

   

(254)

 

Acquisitions from third parties

 

(93,303)

   

(161,858)

 

Investments in equity affiliates

 

(108,118)

   

(67,085)

 

Distributions from equity investments in excess of cumulative earnings – affiliates

 

21,203

   

19,816

 

Proceeds from the sale of assets to third parties

 

342

   

332

 

Net cash used in investing activities

 

$

(3,134,643)

   

$

(1,798,702)

 

Cash flows from financing activities

       

Borrowings, net of debt issuance costs

 

$

3,950,750

   

$

2,401,097

 

Repayments of debt

 

(1,467,595)

   

(1,040,000)

 

Increase (decrease) in outstanding checks

 

(9,204)

   

(2,687)

 

Registration expenses related to the issuance of Partnership common units

 

(855)

   

 

Distributions to Partnership unitholders

 

(688,193)

   

(372,189)

 

Distributions to Chipeta noncontrolling interest owner

 

(5,200)

   

(9,446)

 

Distributions to noncontrolling interest owners of WES Operating

 

(112,430)

   

(287,435)

 

Net contributions from (distributions to) Anadarko

 

458,819

   

156,734

 

Above-market component of swap agreements with Anadarko

 

7,407

   

40,722

 

Finance lease payments – affiliates

 

(253)

   

 

Net cash provided by (used in) financing activities

 

$

2,133,246

   

$

886,796

 

Net increase (decrease) in cash and cash equivalents

 

$

25,288

   

$

53,289

 

Cash and cash equivalents at beginning of period

 

92,142

   

79,588

 

Cash and cash equivalents at end of period

 

$

117,430

   

$

132,877

 
   

(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

 September 30,

 

Nine Months Ended

 September 30,

   

2019

 

2018 (1)

 

2019

 

2018 (1)

Throughput for natural gas assets (MMcf/d)

               

Gathering, treating, and transportation

 

523

   

545

   

526

   

531

 

Processing

 

3,458

   

3,273

   

3,484

   

3,206

 

Equity investment (2)

 

390

   

301

   

390

   

297

 

Total throughput for natural gas assets

 

4,371

   

4,119

   

4,400

   

4,034

 

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

 

172

   

168

   

175

   

171

 

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

 

4,199

   

3,951

   

4,225

   

3,863

 

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

               

Gathering, treating, transportation, and disposal

 

908

   

663

   

849

   

470

 

Equity investment (4)

 

307

   

290

   

308

   

222

 

Total throughput for crude oil, NGLs, and produced-water assets

 

1,215

   

953

   

1,157

   

692

 

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

 

24

   

19

   

23

   

14

 

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

 

1,191

   

934

   

1,134

   

678

 

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

 

$

1.04

   

$

1.03

   

$

1.06

   

$

0.99

 

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

 

1.81

   

1.69

   

1.80

   

1.75

 
                                 

(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% 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 as of September 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 September 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

 

1,272

   

1,096

   

147

   

138

   

580

   

361

 

DJ Basin

 

1,124

   

1,119

   

128

   

103

   

   

 

Equity investments

 

391

   

301

   

307

   

290

   

   

 

Other

 

1,584

   

1,603

   

53

   

61

   

   

 

Total throughput

 

4,371

   

4,119

   

635

   

592

   

580

   

361

 
     
   

Nine Months Ended September 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

 

1,210

   

1,020

   

144

   

126

   

538

   

180

 

DJ Basin

 

1,216

   

1,115

   

114

   

104

   

   

 

Equity investments

 

390

   

297

   

308

   

222

   

   

 

Other

 

1,584

   

1,602

   

53

   

60

   

   

 

Total throughput

 

4,400

   

4,034

   

619

   

512

   

538

   

180

 
   

(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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