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Western Midstream Announces Second-Quarter 2022 Results

08/03/2022
  • Reported second-quarter 2022 Net income attributable to limited partners of $299.6 million, generating second-quarter record-breaking Adjusted EBITDA(1) of $548.3 million.
  • Reported second-quarter 2022 Cash flows provided by operating activities of $467.0 million, generating second-quarter Free cash flow(1) of $372.1 million.
  • Repurchased 17.1 million common units for aggregate consideration of $425.4 million year-to-date through July 29, 2022.

Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced second-quarter 2022 financial and operating results. Net income (loss) attributable to limited partners for the second quarter of 2022 totaled $299.6 million, or $0.74 per common unit (diluted), with second-quarter 2022 Adjusted EBITDA(1) totaling $548.3 million, second-quarter 2022 Cash flows provided by operating activities totaling $467.0 million, and second-quarter 2022 Free cash flow(1) totaling $372.1 million.

RECENT HIGHLIGHTS

  • Processed record Delaware Basin natural-gas throughput of 1.5 Bcf/d for the second quarter, representing a 13-percent sequential-quarter increase.
  • Gathered record Delaware Basin produced-water throughput of 864 MBbls/d for the second quarter, representing a 15-percent sequential-quarter increase.
  • Repurchased 17,115,367 common units for aggregate consideration of $425.4 million year-to-date through July 29, 2022, which includes 10,000,000 common units purchased from Occidental on July 21, 2022, as part of the previously announced buyback program of up to $1.0 billion of the Partnership’s common units through December 31, 2024. Total common units repurchased since September 2020 now represents 13.2% of total unaffected units outstanding.
  • Retired $502.2 million of Senior notes due 2022 on April 1, 2022, and repurchased an additional $1.4 million of senior notes through open-market transactions by quarter end. Total senior notes repurchased since January 2020 now exceeds $1.65 billion.

On August 12, 2022, WES will pay its second-quarter 2022 per-unit distribution of $0.50, which is in line with the prior quarter’s distribution and is consistent with the Partnership’s previously announced annualized regular quarterly distribution (“Base Distribution”) target of $2.00 per unit. Second-quarter 2022 Free cash flow after distributions totaled $165.9 million. Second-quarter 2022 and year-to-date capital expenditures(3) totaled $124.1 million and $210.7 million, respectively.

Second-quarter 2022 total natural-gas throughput(5) averaged 4.3 Bcf/d, representing a 5-percent sequential-quarter increase. Second-quarter 2022 total throughput for crude-oil and NGLs assets(5) averaged 666 MBbls/d, representing a 1-percent sequential-quarter decrease. Second-quarter 2022 total throughput for produced-water assets(5) averaged 864 MBbls/d, representing a 15-percent sequential-quarter increase.

“WES continued its track record of strong operational and financial performance by achieving record-breaking Adjusted EBITDA for the second straight quarter and generating substantial Free cash flow,” said Michael Ure, President and Chief Executive Officer. “Our second-quarter success was primarily driven by increased throughput across all three products in the Delaware Basin and higher distributions from our equity investments, partially offset by higher operation and maintenance expense. With our substantial asset footprint in the Delaware Basin and strong producer activity levels, we expect continued throughput growth through the remainder of 2022 and into 2023.”

Mr. Ure continued, “Over the last two years, we have focused on efficiently allocating capital and improving the health of our balance sheet. By increasing our financial flexibility, we have been well positioned to capitalize on recent market dynamics and opportunistically return a significant amount of capital to our unitholders. As of July 29th, we have now completed approximately 43-percent of our $1.0 billion unit buyback program that continues through year-end 2024. Inclusive of these additional unit repurchases post quarter end, our Debt-to-Trailing Twelve Month Adjusted EBITDA ratio remains below our year-end net leverage threshold of 3.4x, which puts us in a strong position to assess other opportunities to return additional capital to our unitholders.”

2021 - 2022 SUSTAINABILITY REPORT

Today WES released its third-annual Sustainability Report focused on environmental, social, and governance (ESG) issues. The report details the Partnership’s continued focus on its three core pillars of its ESG approach - supporting sustainable environments, focusing on people, and operating responsibly. To download and read the full report, please click on the Sustainability section of our website at www.westernmidstream.com.

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

WES will host a conference call on Thursday, August 4, 2022, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss second-quarter 2022 results. To participate, individuals should dial 888-330-2354 (Domestic) or 240-789-2706 (International) fifteen minutes before the scheduled conference call time and enter participant access code 32054. 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.

For additional details on WES’s financial and operational performance, please refer to the earnings slides and updated investor presentation available at www.westernmidstream.com.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP (“WES”) is a 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; the ultimate impact of efforts to fight COVID-19 on the global economy and any related impact on 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 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.

________________________________________

(1)

Please see the definitions of the Partnership’s non-GAAP measures at the end of this release and reconciliation of GAAP to non-GAAP measures.

(2)

A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income (loss), and a reconciliation of the Free cash flow range to net cash provided by operating activities, is not provided because the items necessary to estimate such amounts are not reasonably estimable at this time. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures. At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corresponding GAAP equivalent for the Adjusted EBITDA or Free cash flow ranges.

(3)

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

(4)

Subject to Board review and approval on a quarterly basis based on the needs of the business.

(5)

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.

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

June 30,

June 30,

thousands except per-unit amounts

 

2022

 

2021

 

2022

 

2021

Revenues and other

 

 

 

 

 

 

 

 

Service revenues – fee based

 

$

655,952

 

 

$

618,985

 

 

$

1,287,550

 

 

$

1,191,260

 

Service revenues – product based

 

 

70,498

 

 

 

27,803

 

 

 

111,365

 

 

 

59,455

 

Product sales

 

 

149,736

 

 

 

72,256

 

 

 

235,325

 

 

 

143,061

 

Other

 

 

233

 

 

 

87

 

 

 

476

 

 

 

329

 

Total revenues and other

 

 

876,419

 

 

 

719,131

 

 

 

1,634,716

 

 

 

1,394,105

 

Equity income, net – related parties

 

 

48,464

 

 

 

58,666

 

 

 

98,071

 

 

 

110,831

 

Operating expenses

 

 

 

 

 

 

 

 

Cost of product

 

 

148,556

 

 

 

78,044

 

 

 

221,404

 

 

 

167,013

 

Operation and maintenance

 

 

168,153

 

 

 

153,028

 

 

 

297,129

 

 

 

293,360

 

General and administrative

 

 

47,848

 

 

 

44,448

 

 

 

96,450

 

 

 

89,564

 

Property and other taxes

 

 

22,662

 

 

 

17,967

 

 

 

41,104

 

 

 

32,351

 

Depreciation and amortization

 

 

139,036

 

 

 

137,849

 

 

 

273,618

 

 

 

268,402

 

Long-lived asset and other impairments

 

 

90

 

 

 

12,738

 

 

 

90

 

 

 

27,604

 

Total operating expenses

 

 

526,345

 

 

 

444,074

 

 

 

929,795

 

 

 

878,294

 

Gain (loss) on divestiture and other, net

 

 

(1,150

)

 

 

1,225

 

 

 

(780

)

 

 

642

 

Operating income (loss)

 

 

397,388

 

 

 

334,948

 

 

 

802,212

 

 

 

627,284

 

Interest expense

 

 

(80,772

)

 

 

(95,290

)

 

 

(166,227

)

 

 

(193,783

)

Gain (loss) on early extinguishment of debt

 

 

91

 

 

 

 

 

 

91

 

 

 

(289

)

Other income (expense), net

 

 

(45

)

 

 

84

 

 

 

61

 

 

 

(1,123

)

Income (loss) before income taxes

 

 

316,662

 

 

 

239,742

 

 

 

636,137

 

 

 

432,089

 

Income tax expense (benefit)

 

 

1,491

 

 

 

1,465

 

 

 

3,296

 

 

 

2,577

 

Net income (loss)

 

 

315,171

 

 

 

238,277

 

 

 

632,841

 

 

 

429,512

 

Net income (loss) attributable to noncontrolling interests

 

 

8,854

 

 

 

7,018

 

 

 

17,807

 

 

 

12,462

 

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

 

$

306,317

 

 

$

231,259

 

 

$

615,034

 

 

$

417,050

 

Limited partners’ interest in net income (loss):

 

 

 

 

 

 

 

 

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

 

$

306,317

 

 

$

231,259

 

 

$

615,034

 

 

$

417,050

 

General partner interest in net (income) loss

 

 

(6,767

)

 

 

(4,964

)

 

 

(13,550

)

 

 

(8,957

)

Limited partners’ interest in net income (loss)

 

$

299,550

 

 

$

226,295

 

 

$

601,484

 

 

$

408,093

 

Net income (loss) per common unit – basic

 

$

0.74

 

 

$

0.55

 

 

$

1.49

 

 

$

0.99

 

Net income (loss) per common unit – diluted

 

$

0.74

 

 

$

0.55

 

 

$

1.49

 

 

$

0.99

 

Weighted-average common units outstanding – basic

 

 

403,027

 

 

 

413,070

 

 

 

403,140

 

 

 

413,087

 

Weighted-average common units outstanding – diluted

 

 

404,162

 

 

 

413,720

 

 

 

404,280

 

 

 

413,557

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

June 30,

 

December 31,

thousands except number of units

2022

2021

Total current assets

 

$

863,443

 

 

$

684,764

 

Net property, plant, and equipment

 

 

8,477,567

 

 

 

8,512,907

 

Other assets

 

 

2,047,849

 

 

 

2,075,408

 

Total assets

 

$

11,388,859

 

 

$

11,273,079

 

Total current liabilities

 

$

754,677

 

 

$

1,140,197

 

Long-term debt

 

 

6,656,123

 

 

 

6,400,616

 

Asset retirement obligations

 

 

303,548

 

 

 

298,275

 

Other liabilities

 

 

369,508

 

 

 

338,231

 

Total liabilities

 

 

8,083,856

 

 

 

8,177,319

 

Equity and partners’ capital

 

 

 

 

Common units (400,248,341 and 402,993,919 units issued and outstanding at June 30, 2022,

and December 31, 2021, respectively)

 

 

3,164,328

 

 

 

2,966,955

 

General partner units (9,060,641 units issued and outstanding at June 30, 2022, and

December 31, 2021)

 

 

(2,825

)

 

 

(8,882

)

Noncontrolling interests

 

 

143,500

 

 

 

137,687

 

Total liabilities, equity, and partners’ capital

 

$

11,388,859

 

 

$

11,273,079

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Six Months Ended

June 30,

thousands

 

2022

 

2021

Cash flows from operating activities

 

 

 

 

Net income (loss)

 

$

632,841

 

 

$

429,512

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities and

changes in assets and liabilities:

 

 

 

 

Depreciation and amortization

 

 

273,618

 

 

 

268,402

 

Long-lived asset and other impairments

 

 

90

 

 

 

27,604

 

(Gain) loss on divestiture and other, net

 

 

780

 

 

 

(642

)

(Gain) loss on early extinguishment of debt

 

 

(91

)

 

 

289

 

Change in other items, net

 

 

(163,799

)

 

 

(11,504

)

Net cash provided by operating activities

 

$

743,439

 

 

$

713,661

 

Cash flows from investing activities

 

 

 

 

Capital expenditures

 

$

(191,357

)

 

$

(139,928

)

Contributions to equity investments - related parties

 

 

(5,040

)

 

 

(3,508

)

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

 

 

25,407

 

 

 

21,373

 

Proceeds from the sale of assets to third parties

 

 

1,096

 

 

 

8,003

 

(Increase) decrease in materials and supplies inventory and other

 

 

(1,053

)

 

 

7,656

 

Net cash used in investing activities

 

$

(170,947

)

 

$

(106,404

)

Cash flows from financing activities

 

 

 

 

Borrowings, net of debt issuance costs

 

$

634,010

 

 

$

100,000

 

Repayments of debt

 

 

(883,548

)

 

 

(531,085

)

Increase (decrease) in outstanding checks

 

 

13,038

 

 

 

(29,102

)

Distributions to Partnership unitholders

 

 

(340,946

)

 

 

(264,234

)

Distributions to Chipeta noncontrolling interest owner

 

 

(3,182

)

 

 

(1,521

)

Distributions to noncontrolling interest owner of WES Operating

 

 

(8,812

)

 

 

(5,292

)

Net contributions from (distributions to) related parties

 

 

784

 

 

 

4,508

 

Unit repurchases

 

 

(79,217

)

 

 

(16,241

)

Other

 

 

(9,184

)

 

 

(3,639

)

Net cash provided by (used in) financing activities

 

$

(677,057

)

 

$

(746,606

)

Net increase (decrease) in cash and cash equivalents

 

$

(104,565

)

 

$

(139,349

)

Cash and cash equivalents at beginning of period

 

 

201,999

 

 

 

444,922

 

Cash and cash equivalents at end of period

 

$

97,434

 

 

$

305,573

 

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

WES defines Adjusted gross margin attributable to Western Midstream Partners, LP (“Adjusted gross margin”) as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interest owners’ proportionate share of revenues and cost of product.

WES defines Adjusted EBITDA 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 interest owners’ proportionate share of revenues and expenses.

WES defines Free cash flow as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in excess of cumulative earnings. 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.

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

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Adjusted Gross Margin

 

 

Three Months Ended

 

 

June 30,

 

March 31,

thousands

2022

2022

Reconciliation of Gross margin to Adjusted gross margin

Total revenues and other

 

$

876,419

 

$

758,297

Less:

 

 

 

 

Cost of product

 

 

148,556

 

 

72,848

Depreciation and amortization

 

 

139,036

 

 

134,582

Gross margin

 

 

588,827

 

 

550,867

Add:

 

 

 

 

Distributions from equity investments

 

 

66,016

 

 

55,795

Depreciation and amortization

 

 

139,036

 

 

134,582

Less:

 

 

 

 

Reimbursed electricity-related charges recorded as revenues

 

 

19,042

 

 

18,404

Adjusted gross margin attributable to noncontrolling interests (1)

 

 

19,166

 

 

18,090

Adjusted gross margin

 

$

755,671

 

$

704,750

Adjusted gross margin for natural-gas assets

 

$

528,983

 

$

488,909

Adjusted gross margin for crude-oil and NGLs assets

 

 

155,686

 

 

148,247

Adjusted gross margin for produced-water assets

 

 

71,002

 

 

67,594

(1)

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

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Adjusted EBITDA

 

 

 

Three Months Ended

 

June 30,

 

March 31,

thousands

2022

2022

Reconciliation of Net income (loss) to Adjusted EBITDA

Net income (loss)

 

$

315,171

 

 

$

317,670

 

Add:

 

 

 

 

Distributions from equity investments

 

 

66,016

 

 

 

55,795

 

Non-cash equity-based compensation expense

 

 

7,038

 

 

 

7,743

 

Interest expense

 

 

80,772

 

 

 

85,455

 

Income tax expense

 

 

1,491

 

 

 

1,805

 

Depreciation and amortization

 

 

139,036

 

 

 

134,582

 

Impairments

 

 

90

 

 

 

 

Other expense

 

 

181

 

 

 

 

Less:

 

 

 

 

Gain (loss) on divestiture and other, net

 

 

(1,150

)

 

 

370

 

Gain (loss) on early extinguishment of debt

 

 

91

 

 

 

 

Equity income, net – related parties

 

 

48,464

 

 

 

49,607

 

Other income

 

 

 

 

 

106

 

Adjusted EBITDA attributable to noncontrolling interests (1)

 

 

14,072

 

 

 

13,917

 

Adjusted EBITDA

 

$

548,318

 

 

$

539,050

 

Reconciliation of Net cash provided by operating activities to Adjusted EBITDA

Net cash provided by operating activities

 

$

466,981

 

 

$

276,458

 

Interest (income) expense, net

 

 

80,772

 

 

 

85,455

 

Accretion and amortization of long-term obligations, net

 

 

(1,804

)

 

 

(1,782

)

Current income tax expense (benefit)

 

 

703

 

 

 

673

 

Other (income) expense, net

 

 

45

 

 

 

(106

)

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

 

 

15,482

 

 

 

9,925

 

Changes in assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

114,696

 

 

 

165,134

 

Accounts and imbalance payables and accrued liabilities, net

 

 

(97,201

)

 

 

14,292

 

Other items, net

 

 

(17,284

)

 

 

2,918

 

Adjusted EBITDA attributable to noncontrolling interests (1)

 

 

(14,072

)

 

 

(13,917

)

Adjusted EBITDA

 

$

548,318

 

 

$

539,050

 

Cash flow information

 

 

 

 

Net cash provided by operating activities

 

$

466,981

 

 

$

276,458

 

Net cash used in investing activities

 

 

(99,330

)

 

 

(71,617

)

Net cash provided by (used in) financing activities

 

 

(518,466

)

 

 

(158,591

)

(1)

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

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Free Cash Flow

 

 

 

Three Months Ended

 

 

June 30,

 

March 31,

thousands

2022

2022

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

Net cash provided by operating activities

 

$

466,981

 

 

$

276,458

 

Less:

 

 

 

 

Capital expenditures

 

 

107,386

 

 

 

83,971

 

Contributions to equity investments – related parties

 

 

2,970

 

 

 

2,070

 

Add:

 

 

 

 

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

 

 

15,482

 

 

 

9,925

 

Free cash flow

 

$

372,107

 

 

$

200,342

 

Cash flow information

 

 

 

 

Net cash provided by operating activities

 

$

466,981

 

 

$

276,458

 

Net cash used in investing activities

 

 

(99,330

)

 

 

(71,617

)

Net cash provided by (used in) financing activities

 

 

(518,466

)

 

 

(158,591

)

Western Midstream Partners, LP

OPERATING STATISTICS

(Unaudited)

 

 

 

Three Months Ended

 

 

June 30,

 

March 31,

2022

2022

Throughput for natural-gas assets (MMcf/d)

 

 

 

 

Gathering, treating, and transportation

 

 

410

 

 

406

Processing

 

 

3,501

 

 

3,325

Equity investments (1)

 

 

516

 

 

479

Total throughput

 

 

4,427

 

 

4,210

Throughput attributable to noncontrolling interests (2)

 

 

157

 

 

152

Total throughput attributable to WES for natural-gas assets

 

 

4,270

 

 

4,058

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

Gathering, treating, and transportation

 

 

320

 

 

315

Equity investments (3)

 

 

360

 

 

374

Total throughput

 

 

680

 

 

689

Throughput attributable to noncontrolling interests (2)

 

 

14

 

 

14

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

 

 

666

 

 

675

Throughput for produced-water assets (MBbls/d)

 

 

 

 

Gathering and disposal

 

 

882

 

 

766

Throughput attributable to noncontrolling interests (2)

 

 

18

 

 

15

Total throughput attributable to WES for produced-water assets

 

 

864

 

 

751

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

 

$

1.36

 

$

1.34

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

 

 

2.57

 

 

2.44

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

 

 

0.90

 

 

1.00

(1)

Represents the 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

 

 

June 30,

 

March 31,

2022

2022

Throughput for natural-gas assets (MMcf/d)

 

 

 

 

Delaware Basin

 

1,493

 

1,326

DJ Basin

 

1,336

 

1,321

Equity investments

 

516

 

479

Other

 

1,082

 

1,084

Total throughput for natural-gas assets

 

4,427

 

4,210

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

Delaware Basin

 

198

 

192

DJ Basin

 

83

 

88

Equity investments

 

360

 

374

Other

 

39

 

35

Total throughput for crude-oil and NGLs assets

 

680

 

689

Throughput for produced-water assets (MBbls/d)

Delaware Basin

 

882

 

766

Total throughput for produced-water assets

 

882

 

766

 

Daniel Jenkins
Director, Investor Relations
Daniel.Jenkins@westernmidstream.com
832.636.1009

Shelby Keltner
Manager, Investor Relations
Shelby.Keltner@westernmidstream.com
832.636.1009

Source: Western Midstream Partners, LP.

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