Loading data...
MENU

WES Investors

Western Midstream Announces Second-Quarter 2020 Results
ANNOUNCES REVISED 2020 GUIDANCE

HOUSTON, Aug. 10, 2020 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced second-quarter 2020 financial and operating results. Net income (loss) available to limited partners for the second quarter of 2020 totaled $267.6 million, or $0.60 per common unit (diluted), with second-quarter 2020 Adjusted EBITDA(1) totaling $514.4 million, second-quarter 2020 Cash flows from operating activities totaling $345.7 million, and second-quarter 2020 Free cash flow(1) totaling $208.6 million.

SECOND-QUARTER HIGHLIGHTS

  • Gathered record Delaware Basin produced-water throughput of 773 MBbls/d, representing an 8-percent sequential-quarter increase
  • Achieved record Delaware oil throughput of 202 MBbls/d, representing a 5-percent sequential-quarter increase
  • Executed open-market repurchases for $64.5 million of Senior Notes due 2021, 2022, and 2023 for an aggregate repurchase price of $63 million

 

 

(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.

In July 2020, WES announced its second-quarter 2020 per-unit distribution of $0.3110, which is unchanged from WES's first-quarter 2020 per-unit distribution. Second-quarter 2020 Free cash flow after distributions totaled $67.7 million.

"Less-than-expected producer curtailments, commercial successes, and realized cost efficiencies underpin our impressive and above-expectation second-quarter results," said Chief Executive Officer, Michael Ure. "Although our sector continues to face significant uncertainty, we are optimistic that activity will increase into 2021 and confident in our ability to generate meaningful free cash flow after distributions while advancing our long-term objectives."

Second-quarter 2020 total natural-gas throughput(1) averaged 4.4 Bcf/d, representing a 1-percent sequential-quarter decrease and a 3-percent increase from second-quarter 2019. Second-quarter 2020 total throughput for crude-oil and NGLs assets(1) averaged 711 MBbls/d, representing a 6-percent sequential-quarter decrease and a 19-percent increase from second-quarter 2019. Second-quarter 2020 total throughput for produced-water assets averaged 773 MBbls/d, representing an 8-percent sequential-quarter increase and a 50-percent increase from second-quarter 2019.

Second-quarter 2020 and year-to-date capital expenditures(2) totaled $69.6 million and $227.6 million, respectively.

 

(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.

(2)

Accrual-based, includes equity investments, and excludes capitalized interest and capital expenditures associated with the 25% third-party interest in Chipeta.

 

REVISED 2020 GUIDANCE
Revised 2020 guidance is based on to-date results and customer-provided production-forecast information obtained by WES. Updated guidance is as follows:

  • Adjusted EBITDA(1) between $1.85 billion and $1.90 billion, which represents a $100 million increase to the midpoint of guidance previously issued with WES's first-quarter 2020 earnings results ("prior guidance")
  • Total capital expenditures(2) between $400 million and $450 million, which represents a $75 million reduction to the prior-guidance midpoint. Total year capital expenditures include capital expenditures attributable to the second Latham train completed during first-quarter 2020 and the addition of approximately 28,750 horsepower of compression, 65 miles of gathering lines, 90 MBbls/d of Delaware Basin saltwater-disposal capacity, and two 30 MBbls/d oil-stabilization trains, also in the Delaware Basin

"Second-quarter commodity-price increases lessened the adverse impact of production curtailments and current commodity prices support continued producer activity," said Chief Financial Officer, Mike Pearl. "We expect incremental drilling and completion activity to continue into 2021 and beyond so long as commodity prices remain supportive. Irrespective of market conditions, we will remain committed to exercising capital discipline and realizing cost savings to maximize Free cash flow after distributions, which we will prioritize toward leverage reduction."

 

(1)

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

(2)

Accrual-based, includes equity investments, and excludes capitalized interest and capital expenditures associated with the 25% third-party interest in Chipeta.

 

CONFERENCE CALL TOMORROW AT 1 P.M. CDT
WES will host a conference call on Tuesday, August 11, 2020, at 1:00 p.m. Central Daylight Time (2:00 p.m. Eastern Daylight Time) to discuss second-quarter 2020 results. To participate, individuals should dial 877-883-0383 (Domestic) or 412-902-6506 (International) 15 minutes before the scheduled conference call time and enter participant access code 2048166. 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 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 the ultimate impact of efforts to fight COVID-19 on the global economy and the timeline for a recovery in commodity demand and prices; 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 and Form 10-Q 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.

WESTERN MIDSTREAM CONTACTS

Kristen S. Shults
Vice President, Investor Relations and Communications
Kristen.Shults@westernmidstream.com
832.636.6000

Abby Dempsey
Investor Relations Supervisor
Abby.Dempsey@westernmidstream.com
832.636.6000

 

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

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.

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 interests owners' proportionate share of revenues and expenses.

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

Below are reconciliations of (i) net cash provided by operating activities (GAAP) to Free cash flow (non-GAAP), (ii) net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA (non-GAAP), and (iii) operating income (loss) (GAAP) to Adjusted gross margin (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that WES's Free cash flow, Adjusted EBITDA, and Adjusted gross margin 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. Free cash flow, Adjusted EBITDA, and Adjusted gross margin as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES's Free cash flow, Adjusted EBITDA, and Adjusted gross margin 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.

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

 

Free Cash Flow

 
   

Three Months Ended 
June 30,

 

Six Months Ended 
June 30,

thousands

 

2020

 

2019

 

2020

 

2019

Reconciliation of Net cash provided by operating activities to Free cash flow

               

Net cash provided by operating activities

 

$

345,688

   

$

343,458

   

$

738,999

   

$

686,531

 

Less:

               

Capital expenditures

 

140,249

   

318,281

   

313,065

   

704,425

 

Contributions to equity investments

 

5,104

   

40,790

   

16,064

   

77,333

 

Add:

               

Distributions from equity investments in excess of cumulative earnings

 

8,288

   

9,260

   

13,340

   

17,052

 

Free cash flow

 

$

208,623

   

$

(6,353)

   

$

423,210

   

$

(78,175)

 

Cash flow information

               

Net cash provided by operating activities

         

$

738,999

   

$

686,531

 

Net cash used in investing activities

         

(355,001)

   

(2,865,168)

 

Net cash provided by (used in) financing activities

         

(424,222)

   

2,182,290

 

 

 

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

 

2020

 

2019

 

2020

 

2019

Reconciliation of Net income (loss) to Adjusted EBITDA

               

Net income (loss)

 

$

281,341

   

$

175,058

   

$

(8,059)

   

$

387,037

 

Add:

               

Distributions from equity investments

 

71,576

   

70,522

   

137,496

   

132,535

 

Non-cash equity-based compensation expense

 

5,677

   

4,343

   

10,911

   

6,141

 

Interest expense

 

94,654

   

79,472

   

183,240

   

145,348

 

Income tax expense

 

5,044

   

1,278

   

5,044

   

11,370

 

Depreciation and amortization

 

119,805

   

121,117

   

252,124

   

235,063

 

Impairments (1)

 

10,150

   

797

   

606,952

   

1,187

 

Other expense

 

(2,098)

   

58,639

   

1,950

   

93,852

 

Less:

               

Gain (loss) on divestiture and other, net

 

(2,843)

   

(1,061)

   

(2,883)

   

(1,651)

 

Gain (loss) on early extinguishment of debt

 

1,395

   

   

8,740

   

 

Equity income, net – related parties

 

54,415

   

63,598

   

115,762

   

121,590

 

Interest income – Anadarko note receivable

 

4,225

   

4,225

   

8,450

   

8,450

 

Other income

 

1,652

   

   

1,652

   

 

Income tax benefit

 

   

   

4,280

   

 

Adjusted EBITDA attributable to noncontrolling interests (2)

 

12,864

   

11,544

   

25,629

   

22,894

 

Adjusted EBITDA

 

$

514,441

   

$

432,920

   

$

1,028,028

   

$

861,250

 

Reconciliation of Net cash provided by operating activities to Adjusted EBITDA

               

Net cash provided by operating activities

 

$

345,688

   

$

343,458

   

$

738,999

   

$

686,531

 

Interest (income) expense, net

 

90,429

   

75,247

   

174,790

   

136,898

 

Uncontributed cash-based compensation awards

 

   

1,218

   

   

648

 

Accretion and amortization of long-term obligations, net

 

(2,197)

   

(1,337)

   

(4,297)

   

(2,848)

 

Current income tax expense (benefit)

 

2,077

   

458

   

(35)

   

6,485

 

Other (income) expense, net (3)

 

(2,173)

   

(470)

   

(412)

   

(902)

 

Cash paid to settle interest-rate swaps

 

12,763

   

   

12,763

   

 

Distributions from equity investments in excess of cumulative earnings – related parties

 

8,288

   

9,260

   

13,340

   

17,052

 

Changes in assets and liabilities:

               

Accounts receivable, net

 

207,838

   

6,818

   

200,136

   

(2,668)

 

Accounts and imbalance payables and accrued liabilities, net

 

(101,247)

   

25,669

   

(72,323)

   

81,198

 

Other items, net

 

(34,161)

   

(15,857)

   

(9,304)

   

(38,250)

 

Adjusted EBITDA attributable to noncontrolling interests (2)

 

(12,864)

   

(11,544)

   

(25,629)

   

(22,894)

 

Adjusted EBITDA

 

$

514,441

   

$

432,920

   

$

1,028,028

   

$

861,250

 

Cash flow information

               

Net cash provided by operating activities

         

$

738,999

   

$

686,531

 

Net cash used in investing activities

         

(355,001)

   

(2,865,168)

 

Net cash provided by (used in) financing activities

         

(424,222)

   

2,182,290

 
   

(1)

Includes goodwill impairment for the six months ended June 30, 2020.

(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.

(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, respectively.

 

 

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

 

2020

 

2019

 

2020

 

2019

Reconciliation of Operating income (loss) to Adjusted gross margin

               

Operating income (loss)

 

$

373,766

   

$

310,060

   

$

158,863

   

$

628,988

 

Add:

               

Distributions from equity investments

 

71,576

   

70,522

   

137,496

   

132,535

 

Operation and maintenance

 

145,186

   

148,431

   

304,377

   

291,260

 

General and administrative

 

36,423

   

30,027

   

76,888

   

52,871

 

Property and other taxes

 

19,395

   

14,282

   

37,871

   

30,567

 

Depreciation and amortization

 

119,805

   

121,117

   

252,124

   

235,063

 

Impairments (1)

 

10,150

   

797

   

606,952

   

1,187

 

Less:

               

Gain (loss) on divestiture and other, net

 

(2,843)

   

(1,061)

   

(2,883)

   

(1,651)

 

Equity income, net – related parties

 

54,415

   

63,598

   

115,762

   

121,590

 

Reimbursed electricity-related charges recorded as revenues

 

21,605

   

20,189

   

40,828

   

36,778

 

Adjusted gross margin attributable to noncontrolling interests (2)

 

16,167

   

16,034

   

32,592

   

31,584

 

Adjusted gross margin

 

$

686,957

   

$

596,476

   

$

1,388,272

   

$

1,184,170

 

Adjusted gross margin for natural-gas assets

 

$

454,476

   

$

412,494

   

$

925,842

   

$

824,922

 

Adjusted gross margin for crude-oil and NGLs assets

 

165,767

   

137,716

   

333,595

   

269,086

 

Adjusted gross margin for produced-water assets

 

66,714

   

46,266

   

128,835

   

90,162

 
   

(1)

Includes goodwill impairment for the six months ended June 30, 2020.

(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.

 

 

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

 

2020

 

2019

 

2020

 

2019

Revenues and other

               

Service revenues – fee based

 

$

642,628

   

$

593,544

   

$

1,344,024

   

$

1,173,518

 

Service revenues – product based

 

7,000

   

16,675

   

22,921

   

36,054

 

Product sales

 

21,736

   

74,469

   

78,385

   

146,602

 

Other

 

391

   

366

   

738

   

763

 

Total revenues and other

 

671,755

   

685,054

   

1,446,068

   

1,356,937

 

Equity income, net – related parties

 

54,415

   

63,598

   

115,762

   

121,590

 

Operating expenses

               

Cost of product

 

18,602

   

122,877

   

121,872

   

236,940

 

Operation and maintenance

 

145,186

   

148,431

   

304,377

   

291,260

 

General and administrative

 

36,423

   

30,027

   

76,888

   

52,871

 

Property and other taxes

 

19,395

   

14,282

   

37,871

   

30,567

 

Depreciation and amortization

 

119,805

   

121,117

   

252,124

   

235,063

 

Long-lived asset impairments

 

10,150

   

797

   

165,935

   

1,187

 

Goodwill impairment

 

   

   

441,017

   

 

Total operating expenses

 

349,561

   

437,531

   

1,400,084

   

847,888

 

Gain (loss) on divestiture and other, net

 

(2,843)

   

(1,061)

   

(2,883)

   

(1,651)

 

Operating income (loss)

 

373,766

   

310,060

   

158,863

   

628,988

 

Interest income – Anadarko note receivable

 

4,225

   

4,225

   

8,450

   

8,450

 

Interest expense

 

(94,654)

   

(79,472)

   

(183,240)

   

(145,348)

 

Gain (loss) on early extinguishment of debt

 

1,395

   

   

8,740

   

 

Other income (expense), net (1)

 

1,653

   

(58,477)

   

(108)

   

(93,683)

 

Income (loss) before income taxes

 

286,385

   

176,336

   

(7,295)

   

398,407

 

Income tax expense (benefit)

 

5,044

   

1,278

   

764

   

11,370

 

Net income (loss)

 

281,341

   

175,058

   

(8,059)

   

387,037

 

Net income (loss) attributable to noncontrolling interests

 

8,304

   

5,464

   

(24,569)

   

98,783

 

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

 

$

273,037

   

$

169,594

   

$

16,510

   

$

288,254

 

Limited partners' interest in net income (loss):

               

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

 

$

273,037

   

$

169,594

   

$

16,510

   

$

288,254

 

Pre-acquisition net (income) loss allocated to Anadarko

 

   

(163)

   

   

(29,279)

 

General partner interest in net (income) loss

 

(5,461)

   

   

(330)

   

 

Limited partners' interest in net income (loss)

 

$

267,576

   

$

169,431

   

$

16,180

   

$

258,975

 

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

 

$

0.60

   

$

0.37

   

$

0.04

   

$

0.69

 

Weighted-average common units outstanding – basic and diluted

 

443,973

   

453,000

   

443,972

   

376,702

 
   

(1)

Includes losses associated with the interest-rate swap agreements for the three and six months ended June 30, 2019.

 

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

thousands except number of units

 

June 30,
2020

 

December 31,
2019

Total current assets

 

$

559,163

   

$

402,412

 

Anadarko note receivable

 

259,481

   

260,000

 

Net property, plant, and equipment

 

8,914,716

   

9,064,931

 

Other assets

 

2,219,883

   

2,619,110

 

Total assets

 

$

11,953,243

   

$

12,346,453

 

Total current liabilities

 

$

891,046

   

$

485,954

 

Long-term debt

 

7,544,396

   

7,951,565

 

Asset retirement obligations

 

327,971

   

336,396

 

Other liabilities

 

254,313

   

227,245

 

Total liabilities

 

9,017,726

   

9,001,160

 

Equity and partners' capital

       

Common units (443,992,499 and 443,971,409 units issued and outstanding at June 30, 2020, and December 31, 2019, respectively)

 

2,820,327

   

3,209,947

 

General partner units (9,060,641 units issued and outstanding at June 30, 2020, and December 31, 2019)

 

(22,347)

   

(14,224)

 

Noncontrolling interests

 

137,537

   

149,570

 

Total liabilities, equity, and partners' capital

 

$

11,953,243

   

$

12,346,453

 

 

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 
   

Six Months Ended 
June 30,

thousands

 

2020

 

2019

Cash flows from operating activities

       

Net income (loss)

 

$

(8,059)

   

$

387,037

 

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

       

Depreciation and amortization

 

252,124

   

235,063

 

Long-lived asset impairments

 

165,935

   

1,187

 

Goodwill impairment

 

441,017

   

 

(Gain) loss on divestiture and other, net

 

2,883

   

1,651

 

(Gain) loss on early extinguishment of debt

 

(8,740)

   

 

(Gain) loss on interest-rate swaps

 

   

94,585

 

Cash paid to settle interest-rate swaps

 

(12,763)

   

 

Change in other items, net

 

(93,398)

   

(32,992)

 

Net cash provided by operating activities

 

$

738,999

   

$

686,531

 

Cash flows from investing activities

       

Capital expenditures

 

$

(313,065)

   

$

(704,425)

 

Acquisitions from related parties

 

   

(2,007,501)

 

Acquisitions from third parties

 

   

(93,303)

 

Contributions to equity investments - related parties

 

(16,064)

   

(77,333)

 

Distributions from equity investments in excess of cumulative earnings – related parties

 

13,340

   

17,052

 

Proceeds from the sale of assets to third parties

 

   

342

 

Other

 

(39,212)

   

 

Net cash used in investing activities

 

$

(355,001)

   

$

(2,865,168)

 

Cash flows from financing activities

       

Borrowings, net of debt issuance costs

 

$

3,586,173

   

$

2,710,750

 

Repayments of debt

 

(3,583,149)

   

(467,595)

 

Increase (decrease) in outstanding checks

 

(4,686)

   

(5,662)

 

Registration expenses related to the issuance of Partnership common units

 

   

(855)

 

Distributions to Partnership unitholders

 

(422,679)

   

(408,234)

 

Distributions to Chipeta noncontrolling interest owner

 

(2,775)

   

(3,793)

 

Distributions to noncontrolling interest owners of WES Operating

 

(8,676)

   

(106,666)

 

Net contributions from (distributions to) related parties

 

21,832

   

456,938

 

Above-market component of swap agreements with Anadarko

 

   

7,407

 

Finance lease payments

 

(10,262)

   

 

Net cash provided by (used in) financing activities

 

$

(424,222)

   

$

2,182,290

 

Net increase (decrease) in cash and cash equivalents

 

$

(40,224)

   

$

3,653

 

Cash and cash equivalents at beginning of period

 

99,962

   

92,142

 

Cash and cash equivalents at end of period

 

$

59,738

   

$

95,795

 

 

 

Western Midstream Partners, LP

OPERATING STATISTICS

(Unaudited)

 
   

Three Months Ended 
June 30,

 

Six Months Ended 
June 30,

   

2020

 

2019

 

2020

 

2019

Throughput for natural-gas assets (MMcf/d)

               

Gathering, treating, and transportation

 

554

   

528

   

547

   

527

 

Processing

 

3,563

   

3,524

   

3,605

   

3,498

 

Equity investments (1)

 

458

   

402

   

451

   

390

 

Total throughput

 

4,575

   

4,454

   

4,603

   

4,415

 

Throughput attributable to noncontrolling interests (2)

 

162

   

178

   

164

   

177

 

Total throughput attributable to WES for natural-gas assets

 

4,413

   

4,276

   

4,439

   

4,238

 

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

               

Gathering, treating, and transportation

 

359

   

302

   

360

   

303

 

Equity investments (3)

 

367

   

311

   

391

   

308

 

Total throughput

 

726

   

613

   

751

   

611

 

Throughput attributable to noncontrolling interests (2)

 

15

   

13

   

15

   

13

 

Total throughput attributable to WES for crude-oil and NGLs assets

 

711

   

600

   

736

   

598

 

Throughput for produced-water assets (MBbls/d)

               

Gathering and disposal

 

773

   

515

   

745

   

516

 

Throughput attributable to noncontrolling interests (2)

 

15

   

10

   

15

   

10

 

Total throughput attributable to WES for produced-water assets

 

758

   

505

   

730

   

506

 

Per-Mcf Adjusted gross margin for natural-gas assets (4)

 

$

1.13

   

$

1.06

   

$

1.15

   

$

1.08

 

Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (5)

 

2.56

   

2.52

   

2.49

   

2.49

 

Per-Bbl Adjusted gross margin for produced-water assets (6)

 

0.97

   

1.01

   

0.97

   

0.98

 
                                 

(1)

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.

(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.

(3)

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 and Cactus II throughput.

(4)

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

(5)

Average for period. Calculated as Adjusted gross margin for crude-oil and NGLs assets, divided by total throughput (MBbls/d) attributable to WES for crude-oil and NGLs assets.

(6)

Average for period. Calculated as Adjusted gross margin for produced-water assets, divided by total throughput (MBbls/d) attributable to WES for produced-water assets.

 

 

Western Midstream Partners, LP

OPERATING STATISTICS (CONTINUED)

(Unaudited)

 
   

Three Months Ended June 30,

   

2020

 

2019

 

2020

 

2019

 

2020

 

2019

   

Natural gas

(MMcf/d)

 

Crude oil & NGLs

(MBbls/d)

 

Produced water

(MBbls/d)

Delaware Basin

 

1,309

   

1,179

   

202

   

141

   

773

   

515

 

DJ Basin

 

1,329

   

1,266

   

113

   

112

   

   

 

Equity investments

 

458

   

402

   

367

   

311

   

   

 

Other

 

1,479

   

1,607

   

44

   

49

   

   

 

Total throughput

 

4,575

   

4,454

   

726

   

613

   

773

   

515

 
 
 
   

Six Months Ended June 30,

   

2020

 

2019

 

2020

 

2019

 

2020

 

2019

   

Natural gas

(MMcf/d)

 

Crude oil & NGLs

(MBbls/d)

 

Produced water

(MBbls/d)

Delaware Basin

 

1,349

   

1,178

   

197

   

143

   

745

   

516

 

DJ Basin

 

1,368

   

1,262

   

120

   

107

   

   

 

Equity investments

 

451

   

390

   

391

   

308

   

   

 

Other

 

1,435

   

1,585

   

43

   

53

   

   

 

Total throughput

 

4,603

   

4,415

   

751

   

611

   

745

   

516

 

 

(PRNewsfoto/Western Midstream Partners, LP)

 

 

SOURCE Western Midstream Partners, LP


TOP
CLOSE