Loading data...
MENU

WES Investors

Western Midstream Announces Fourth-Quarter And Full-Year 2020 Results
Announces 2021 Guidance

HOUSTON, Feb. 23, 2021 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced fourth-quarter and full-year 2020 financial and operating results. Net income (loss) available to limited partners for the fourth quarter of 2020 totaled $258.2 million, or $0.62 per common unit (diluted), with fourth-quarter 2020 Adjusted EBITDA(1) totaling $484.0 million, fourth-quarter 2020 Cash flows from operating activities totaling $505.5 million, and fourth-quarter 2020 Free cash flow(1) totaling $464.7 million. Net income (loss) available to limited partners for 2020 totaled $515.9 million, or $1.18 per common unit (diluted), with full-year 2020 Adjusted EBITDA(1) totaling $2.0 billion, full-year 2020 Cash flows from operating activities totaling $1.6 billion, and full-year 2020 Free cash flow(1) totaling $1.2 billion.

RECENT HIGHLIGHTS

  • Strengthened operational performance by maintaining system availability above 99-percent for full-year 2020
  • Repurchased 2,368,711 common units for aggregate consideration of $32.5 million during the fourth quarter as part of the recently announced buyback program of up to $250 million of the Partnership's common units through December 31, 2021
  • Executed open-market repurchases for $24.5 million of Senior Note due 2023 during the fourth quarter for an aggregate repurchase price of $23.5 million; full-year 2020 repurchases totaled $218.0 million of Senior Notes due 2021, 2022, and 2023 for an aggregate repurchase price of $203.9 million
  • Completed the sale of WES's 14.81-percent equity interest in Fort Union Gas Gathering, LLC, with an option agreement to sell WES's Bison treating facility for upfront consideration of $27.0 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 February 2021, WES paid its fourth-quarter 2020 per-unit distribution of $0.3110, which was unchanged from WES's third-quarter 2020 per-unit distribution. Fourth-quarter and full-year 2020 Free cash flow after distributions totaled $332.4 million and $531.3 million, respectively.

"Despite the unprecedented challenges brought on by the global pandemic and reduced producer activity, Western Midstream significantly outperformed all expectations in 2020 in our first full year as a stand-alone midstream operator," said President, Chief Executive Officer, and Chief Financial Officer, Michael Ure. "This year, we undertook the significant effort of transferring an employee base, separating our systems and processes into a standalone structure, and creating an entrepreneurial culture unique to WES. The organization's ability to achieve operational efficiencies and sustainable cost savings of approximately $175 million while keenly focusing on our customers enabled us to exceed the high end of our pre-COVID full-year Adjusted EBITDA range of $1.975 billion, while reducing capital expenditures to $322 million, which was nearly 50 percent of our originally issued full-year guidance range."

Mr. Ure continued, "I'm incredibly proud of our employees' ability to deliver this level of outperformance despite organizational changes, the ongoing COVID-19 pandemic, and the challenged commodity environment. These results demonstrate the resiliency of our people, quality of our industry-leading assets, and strength and durability of our contract portfolio."

As a result of depressed upstream investment in 2020, our fourth-quarter 2020 volumes declined as expected. Fourth-quarter 2020 total natural-gas throughput(1) averaged 4.0 Bcf/d, representing a 7-percent sequential-quarter decrease and an 8-percent decrease from fourth-quarter 2019. Fourth-quarter 2020 total throughput for crude-oil and NGLs assets(1) averaged 619 MBbls/d, representing a 10-percent sequential-quarter decrease and a 21-percent decrease from fourth-quarter 2019. Fourth-quarter 2020 total throughput for produced-water assets(1) averaged 657 MBbls/d, representing a 2-percent sequential-quarter decrease and a 10-percent increase from fourth-quarter 2019.

Full-year 2020 total natural-gas throughput(1) averaged 4.3 Bcf/d, representing a 1-percent increase from full-year 2019. Full-year 2020 total throughput for crude-oil and NGLs assets(1) averaged 698 MBbls/d, representing a 7-percent increase from full-year 2019. Full-year 2020 total throughput for produced-water assets(1) averaged 698 MBbls/d, representing a 28-percent increase from full-year 2019.

_________________________________________________

(1)

Represents total throughput attributable to WES, which excludes (i) the 2.0% Occidental subsidiary-owned limited partner interest in WES Operating and (ii) for natural-gas throughput, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.

Fourth-quarter and full-year 2020 capital expenditures(1) totaled $58.0 million and $322.1 million, respectively, with full-year capital meaningfully below the low-end of our previously updated 2020 guidance range of $400 million to $450 million.

2021 GUIDANCE

While we are still evaluating the full financial impact of the recent winter storm, our 2021 guidance is unchanged:

  • Adjusted EBITDA(2) between $1.825 billion and $1.925 billion
  • Total capital expenditures(1) between $275 million and $375 million
  • Debt to Trailing Twelve Month ("TTM") Adjusted EBITDA at or below 4.0 times at year-end 2021
  • Full-year 2021 distributions of at least $1.24 per unit(3)

"The organizational and operational changes made during 2020 have become a part of who we are as a company and will continue to generate value for our stakeholders for the foreseeable future," said Michael Ure. "By successfully creating a stand-alone midstream enterprise, we have generated significant momentum leading into 2021 and will continue to focus and refine our approach around realizing further sustainable cost efficiencies, safely delivering superior customer service, and returning value to stakeholders."

Ure continued, "During 2020, we returned over $1.2 billion to stakeholders through debt repurchases, cash distributions, unit buybacks, and units acquired through the Anadarko note exchange.  We remain steadfast in our commitment to responsibly manage our balance sheet by maintaining leverage at or below 4.0 times at year-end 2021 and repaying our 2021 maturities using free cash flow, and based upon today's assessment, we intend to be at or below 3.5 times at year-end 2022. Furthermore, we intend to continue executing our $250 million common unit repurchase program, as market opportunities present themselves. By continuously evaluating and improving our operations, we will ensure our ability to meet these financial goals and further solidify our reputation as a premier midstream operator."

________________________________________________

(1)

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

(2)

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.

(3)

The Board of Directors will continue to evaluate the distribution on a quarterly basis.

CONFERENCE CALL TOMORROW AT 1:00 P.M. CST

WES will host a conference call on Wednesday, February 24, 2021, at 1:00 p.m. Central Standard Time (2:00 p.m. Eastern Standard Time) to discuss fourth-quarter and full-year 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 7882576. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com. A replay of the conference call also will be available on the website following the call.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP ("WES") is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, Wyoming, and Pennsylvania, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and as an agent for its customers under certain contracts.

For more information about Western Midstream Partners, LP, please visit www.westernmidstream.com.

This news release contains forward-looking statements. WES's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations and any impact on such guidance and expectations that may result from disruptions caused by the recent cold-weather events; 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 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.

WESTERN MIDSTREAM CONTACTS

Kristen 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) other income, (vi) income tax benefit, 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 

December 31,

 

Year Ended 

December 31,

thousands

2020

 

2019

 

2020

 

2019

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

             

Net cash provided by operating activities

$

505,525

   

$

297,415

   

$

1,637,418

   

$

1,324,100

 

Less:

             

Capital expenditures

50,829

   

241,563

   

423,091

   

1,188,829

 

Contributions to equity investments – related parties

371

   

20,275

   

19,388

   

128,393

 

Add:

             

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

10,410

   

9,053

   

32,160

   

30,256

 

Free cash flow

$

464,735

   

$

44,630

   

$

1,227,099

   

$

37,134

 

Cash flow information

             

Net cash provided by operating activities

       

$

1,637,418

   

$

1,324,100

 

Net cash used in investing activities

       

(448,254)

   

(3,387,853)

 

Net cash provided by (used in) financing activities

       

(844,204)

   

2,071,573

 

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

 

Adjusted EBITDA

 
 

Three Months Ended 

December 31,

 

Year Ended 

December 31,

thousands

2020

 

2019

 

2020

 

2019

Reconciliation of Net income (loss) to Adjusted EBITDA

             

Net income (loss)

$

270,776

   

$

295,440

   

$

516,852

   

$

807,700

 

Add:

             

Distributions from equity investments

69,231

   

61,288

   

278,797

   

264,828

 

Non-cash equity-based compensation expense

5,935

   

4,114

   

22,462

   

14,392

 

Interest expense

101,247

   

79,414

   

380,058

   

303,286

 

Income tax expense

2,206

   

793

   

10,278

   

13,472

 

Depreciation and amortization

106,398

   

120,278

   

491,086

   

483,255

 

Impairments (1)

3,314

   

1,985

   

644,906

   

6,279

 

Other expense

   

   

1,953

   

161,813

 

Less:

             

Gain (loss) on divestiture and other, net

12,285

   

(3)

   

8,634

   

(1,406)

 

Gain (loss) on early extinguishment of debt

862

   

   

11,234

   

 

Equity income, net – related parties

49,962

   

62,035

   

226,750

   

237,518

 

Interest income – Anadarko note receivable

   

4,225

   

11,736

   

16,900

 

Other income

412

   

37,792

   

2,785

   

37,792

 

Income tax benefit

   

   

4,280

   

 

Adjusted EBITDA attributable to noncontrolling interests (2)

11,606

   

11,636

   

50,607

   

45,131

 

Adjusted EBITDA

$

483,980

   

$

447,627

   

$

2,030,366

   

$

1,719,090

 

Reconciliation of Net cash provided by operating activities to Adjusted EBITDA

             

Net cash provided by operating activities

$

505,525

   

$

297,415

   

$

1,637,418

   

$

1,324,100

 

Interest (income) expense, net

101,247

   

75,189

   

368,322

   

286,386

 

Uncontributed cash-based compensation awards

   

(1,891)

   

   

(1,102)

 

Accretion and amortization of long-term obligations, net

(2,172)

   

(1,942)

   

(8,654)

   

(8,441)

 

Current income tax expense (benefit)

1,303

   

(215)

   

2,702

   

5,863

 

Other (income) expense, net (3)

(413)

   

(152)

   

(1,025)

   

(1,549)

 

Cash paid to settle interest-rate swaps

6,440

   

107,685

   

25,621

   

107,685

 

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

10,410

   

9,053

   

32,160

   

30,256

 

Changes in assets and liabilities:

             

Accounts receivable, net

1,350

   

35,283

   

193,688

   

45,033

 

Accounts and imbalance payables and accrued liabilities, net

(106,623)

   

(38,524)

   

(144,437)

   

30,866

 

Other items, net

(21,481)

   

(22,638)

   

(24,822)

   

(54,876)

 

Adjusted EBITDA attributable to noncontrolling interests (2)

(11,606)

   

(11,636)

   

(50,607)

   

(45,131)

 

Adjusted EBITDA

$

483,980

   

$

447,627

   

$

2,030,366

   

$

1,719,090

 

Cash flow information

             

Net cash provided by operating activities

       

$

1,637,418

   

$

1,324,100

 

Net cash used in investing activities

       

(448,254)

   

(3,387,853)

 

Net cash provided by (used in) financing activities

       

(844,204)

   

2,071,573

 
   

(1)

Includes goodwill impairment for the year ended December 31, 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 $25.6 million, paid in 2020, for the three months and year ended December 31, 2019.

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

 

Adjusted Gross Margin

 
 

Three Months Ended 

December 31,

 

Year Ended 

December 31,

thousands

2020

 

2019

 

2020

 

2019

Reconciliation of Operating income (loss) to Adjusted gross margin

             

Operating income (loss)

$

372,954

   

$

333,630

   

$

878,913

   

$

1,231,343

 

Add:

             

Distributions from equity investments

69,231

   

61,288

   

278,797

   

264,828

 

Operation and maintenance

144,204

   

173,387

   

580,874

   

641,219

 

General and administrative

37,303

   

30,951

   

155,769

   

114,591

 

Property and other taxes

11,077

   

15,504

   

68,340

   

61,352

 

Depreciation and amortization

106,398

   

120,278

   

491,086

   

483,255

 

Impairments (1)

3,314

   

1,985

   

644,906

   

6,279

 

Less:

             

Gain (loss) on divestiture and other, net

12,285

   

(3)

   

8,634

   

(1,406)

 

Equity income, net – related parties

49,962

   

62,035

   

226,750

   

237,518

 

Reimbursed electricity-related charges recorded as revenues

18,161

   

13,882

   

79,261

   

74,629

 

Adjusted gross margin attributable to noncontrolling interests (2)

15,669

   

16,846

   

65,835

   

64,049

 

Adjusted gross margin

$

648,404

   

$

644,263

   

$

2,718,205

   

$

2,428,077

 

Adjusted gross margin for natural-gas assets

$

436,294

   

$

429,739

   

$

1,820,926

   

$

1,656,041

 

Adjusted gross margin for crude-oil and NGLs assets

152,909

   

161,196

   

647,390

   

578,100

 

Adjusted gross margin for produced-water assets

59,201

   

53,328

   

249,889

   

193,936

 
   

(1)

Includes goodwill impairment for the year ended December 31, 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 

December 31,

 

Year Ended 

December 31,

thousands except per-unit amounts

2020

 

2019

 

2020

 

2019

Revenues and other

             

Service revenues – fee based

$

603,777

   

$

626,708

   

$

2,584,323

   

$

2,388,191

 

Service revenues – product based

13,132

   

24,597

   

48,369

   

70,127

 

Product sales

30,068

   

71,538

   

138,559

   

286,388

 

Other

503

   

367

   

1,341

   

1,468

 

Total revenues and other

647,480

   

723,210

   

2,772,592

   

2,746,174

 

Equity income, net – related parties

49,962

   

62,035

   

226,750

   

237,518

 

Operating expenses

             

Cost of product

34,477

   

109,507

   

188,088

   

444,247

 

Operation and maintenance

144,204

   

173,387

   

580,874

   

641,219

 

General and administrative

37,303

   

30,951

   

155,769

   

114,591

 

Property and other taxes

11,077

   

15,504

   

68,340

   

61,352

 

Depreciation and amortization

106,398

   

120,278

   

491,086

   

483,255

 

Long-lived asset and other impairments

3,314

   

1,985

   

203,889

   

6,279

 

Goodwill impairment

   

   

441,017

   

 

Total operating expenses

336,773

   

451,612

   

2,129,063

   

1,750,943

 

Gain (loss) on divestiture and other, net

12,285

   

(3)

   

8,634

   

(1,406)

 

Operating income (loss)

372,954

   

333,630

   

878,913

   

1,231,343

 

Interest income – Anadarko note receivable

   

4,225

   

11,736

   

16,900

 

Interest expense

(101,247)

   

(79,414)

   

(380,058)

   

(303,286)

 

Gain (loss) on early extinguishment of debt

862

   

   

11,234

   

 

Other income (expense), net (1)

413

   

37,792

   

1,025

   

(123,785)

 

Income (loss) before income taxes

272,982

   

296,233

   

522,850

   

821,172

 

Income tax expense (benefit)

2,206

   

793

   

5,998

   

13,472

 

Net income (loss)

270,776

   

295,440

   

516,852

   

807,700

 

Net income (loss) attributable to noncontrolling interests

6,885

   

7,670

   

(10,160)

   

110,459

 

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

$

263,891

   

$

287,770

   

$

527,012

   

$

697,241

 

Limited partners' interest in net income (loss):

             

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

$

263,891

   

$

287,770

   

$

527,012

   

$

697,241

 

Pre-acquisition net (income) loss allocated to Anadarko

   

   

   

(29,279)

 

General partner interest in net (income) loss

(5,642)

   

(5,637)

   

(11,104)

   

(5,637)

 

Limited partners' interest in net income (loss)

$

258,249

   

$

282,133

   

$

515,908

   

$

662,325

 

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

$

0.62

   

$

0.62

   

$

1.18

   

$

1.59

 

Weighted-average common units outstanding – basic and diluted

415,597

   

452,934

   

435,554

   

415,794

 
   

(1)

Includes losses associated with the interest-rate swap agreements for the year ended December 31, 2019.

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

               

thousands except number of units

December 31,

2020

 

December 31,

2019

Total current assets

$

943,064

   

$

402,412

 

Anadarko note receivable

   

260,000

 

Net property, plant, and equipment

8,709,945

   

9,064,931

 

Other assets

2,177,018

   

2,619,110

 

Total assets

$

11,830,027

   

$

12,346,453

 

Total current liabilities

$

960,935

   

$

485,954

 

Long-term debt

7,415,832

   

7,951,565

 

Asset retirement obligations

260,283

   

336,396

 

Other liabilities

297,765

   

227,245

 

Total liabilities

8,934,815

   

9,001,160

 

Equity and partners' capital

     

Common units (413,839,863 and 443,971,409 units issued and outstanding at December 31, 2020 and 2019, respectively)

2,778,339

   

3,209,947

 

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

(17,208)

   

(14,224)

 

Noncontrolling interests

134,081

   

149,570

 

Total liabilities, equity, and partners' capital

$

11,830,027

   

$

12,346,453

 

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 
 

Year Ended 

December 31,

thousands

2020

 

2019

Cash flows from operating activities

     

Net income (loss)

$

516,852

   

$

807,700

 

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

     

Depreciation and amortization

491,086

   

483,255

 

Long-lived asset and other impairments

203,889

   

6,279

 

Goodwill impairment

441,017

   

 

(Gain) loss on divestiture and other, net

(8,634)

   

1,406

 

(Gain) loss on early extinguishment of debt

(11,234)

   

 

(Gain) loss on interest-rate swaps

   

125,334

 

Cash paid to settle interest-rate swaps

(25,621)

   

(107,685)

 

Change in other items, net

30,063

   

7,811

 

Net cash provided by operating activities

$

1,637,418

   

$

1,324,100

 

Cash flows from investing activities

     

Capital expenditures

$

(423,091)

   

$

(1,188,829)

 

Acquisitions from related parties

   

(2,007,926)

 

Acquisitions from third parties

(511)

   

(93,303)

 

Contributions to equity investments - related parties

(19,388)

   

(128,393)

 

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

32,160

   

30,256

 

Proceeds from the sale of assets to third parties

20,333

   

342

 

Additions to materials and supplies inventory and other

(57,757)

   

 

Net cash used in investing activities

$

(448,254)

   

$

(3,387,853)

 

Cash flows from financing activities

     

Borrowings, net of debt issuance costs

$

3,681,173

   

$

4,169,695

 

Repayments of debt

(3,803,888)

   

(1,467,595)

 

Increase (decrease) in outstanding checks

20,699

   

1,571

 

Registration expenses related to the issuance of Partnership common units

   

(855)

 

Distributions to Partnership unitholders

(695,834)

   

(969,073)

 

Distributions to Chipeta noncontrolling interest owner

(8,644)

   

(9,663)

 

Distributions to noncontrolling interest owners of WES Operating

(15,434)

   

(118,225)

 

Net contributions from (distributions to) related parties

24,466

   

458,819

 

Above-market component of swap agreements with Anadarko

   

7,407

 

Finance lease payments

(14,207)

   

(508)

 

Unit repurchases

(32,535)

   

 

Net cash provided by (used in) financing activities

$

(844,204)

   

$

2,071,573

 

Net increase (decrease) in cash and cash equivalents

$

344,960

   

$

7,820

 

Cash and cash equivalents at beginning of period

99,962

   

92,142

 

Cash and cash equivalents at end of period

$

444,922

   

$

99,962

 

 

Western Midstream Partners, LP

OPERATING STATISTICS

(Unaudited)

 
 

Three Months Ended 

December 31,

 

Year Ended 

December 31,

 

2020

 

2019

 

2020

 

2019

Throughput for natural-gas assets (MMcf/d)

             

Gathering, treating, and transportation

521

   

534

   

543

   

528

 

Processing

3,170

   

3,532

   

3,445

   

3,497

 

Equity investments (1)

429

   

423

   

445

   

398

 

Total throughput

4,120

   

4,489

   

4,433

   

4,423

 

Throughput attributable to noncontrolling interests (2)

149

   

174

   

159

   

175

 

Total throughput attributable to WES for natural-gas assets

3,971

   

4,315

   

4,274

   

4,248

 

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

             

Gathering, treating, and transportation

292

   

347

   

331

   

320

 

Equity investments (3)

339

   

449

   

381

   

343

 

Total throughput

631

   

796

   

712

   

663

 

Throughput attributable to noncontrolling interests (2)

12

   

16

   

14

   

13

 

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

619

   

780

   

698

   

650

 

Throughput for produced-water assets (MBbls/d)

             

Gathering and disposal

670

   

610

   

712

   

556

 

Throughput attributable to noncontrolling interests (2)

13

   

12

   

14

   

11

 

Total throughput attributable to WES for produced-water assets

657

   

598

   

698

   

545

 

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

$

1.19

   

$

1.08

   

$

1.16

   

$

1.07

 

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

2.69

   

2.27

   

2.54

   

2.44

 

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

0.98

   

0.97

   

0.98

   

0.97

 
   

(1)

Represents the 14.81% share of average Fort Union throughput (until divested in October 2020), 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 2.0% Occidental subsidiary-owned limited partner interest in WES Operating and (ii) for natural-gas assets, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.

(3)

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 December 31,

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

 

Natural gas

(MMcf/d)

 

Crude oil & NGLs

(MBbls/d)

 

Produced water

(MBbls/d)

Delaware Basin

1,196

   

1,274

   

178

   

168

   

670

   

610

 

DJ Basin

1,197

   

1,295

   

78

   

129

   

   

 

Equity investments

429

   

423

   

339

   

449

   

   

 

Other

1,298

   

1,497

   

36

   

50

   

   

 

Total throughput

4,120

   

4,489

   

631

   

796

   

670

   

610

 
 
 
 

Year Ended December 31,

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

 

Natural gas

(MMcf/d)

 

Crude oil & NGLs

(MBbls/d)

 

Produced water

(MBbls/d)

Delaware Basin

1,297

   

1,226

   

189

   

150

   

712

   

556

 

DJ Basin

1,305

   

1,236

   

101

   

118

   

   

 

Equity investments

445

   

398

   

381

   

343

   

   

 

Other

1,386

   

1,563

   

41

   

52

   

   

 

Total throughput

4,433

   

4,423

   

712

   

663

   

712

   

556

 

 

(PRNewsfoto/Western Midstream Partners, LP)

 

 

SOURCE Western Midstream Partners, LP


TOP
CLOSE