WES
$13.70
Western Midstream Partners LP
($.40)
(2.84%)
Earnings Details
3rd Quarter September 2020
Monday, November 09, 2020 4:05:00 PM
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Summary

Western Midstream Partners LP Beats

Western Midstream Partners LP (WES) reported 3rd Quarter September 2020 earnings of $0.55 per share on revenue of $679.0 million. The consensus earnings estimate was $0.51 per share. The Earnings Whisper number was $0.52 per share. Revenue grew 2.0% on a year-over-year basis.

The company said it now expects 2020 Adjusted EBITDA to be at the high-end of its initial guidance range $1.875 billion to $1.975 billion given in February. The company's previous guidance was Adjusted EBITDA of $1.85 billion to $1.90 billion for the year ending December 31, 2020.

Western Gas Partners, LP is engaged in gathering, processing, compressing, treating and transporting natural gas, condensate, NGLs and crude oil for its subsidiaries as well as third-party producers and customers.

Results
Reported Earnings
$0.55
Earnings Whisper
$0.52
Consensus Estimate
$0.51
Reported Revenue
$679.0 Mil
Revenue Estimate
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Western Midstream Announces Third-Quarter 2020 Results

HOUSTON, Nov. 9, 2020 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced third-quarter 2020 financial and operating results. Net income (loss) available to limited partners for the third quarter of 2020 totaled $241.5 million, or $0.55 per common unit (diluted), with third-quarter 2020 Adjusted EBITDA(1) totaling $518.4 million, third-quarter 2020 Cash flows from operating activities totaling $392.9 million, and third-quarter 2020 Free cash flow(1) totaling $339.2 million.

RECENT HIGHLIGHTS

  • Commenced operations of Loving ROTF Train IV on the DBM oil system, adding 30 MBbls/d of treating capacity; completed project ahead of schedule for approximately 35% less than our previous North Loving Trains
  • Exchanged WES's interest in the $260 million note receivable from Anadarko Petroleum Corporation, a wholly owned subsidiary of Occidental Petroleum Corporation (NYSE: OXY) ("Occidental"), for 27.855 million WES common units owned by Occidental
  • Executed open-market repurchases for $29.0 million of Senior Notes due 2022 and 2023 for an aggregate repurchase price of $27.2 million
  • In October 2020, WES completed the sale of its 14.81% equity interest in Fort Union Gas Gathering, LLC and entered into an option agreement to sell the Partnership's Bison treating facility during the first quarter of 2021 for upfront consideration of $27.0 million

In October 2020, WES announced its third-quarter 2020 per-unit distribution of $0.3110, which is unchanged from WES's second-quarter 2020 per-unit distribution. Third-quarter 2020 Free cash flow after distributions totaled $198.3 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.

"As evidenced by our outstanding third-quarter and year-to-date financial and operational results, the WES team continues to surpass expectations as we adapt and respond to market challenges," said President, Chief Executive Officer, and Chief Financial Officer, Michael Ure. "Producer outperformance, the pursuit of operational efficiencies and sustainable cost savings, and continued commercial achievements contributed to the highest quarterly Adjusted EBITDA in WES's history. As a result of the incredible outperformance achieved thus far and anticipated continued success, we expect full-year Adjusted EBITDA above the high-end of our originally issued guidance range of $1.875 billion to $1.975 billion and capital expenditures meaningfully below the low-end of our previously updated 2020 guidance range of $400 million to $450 million."

Ure continued, "The establishment of WES as a stand-alone midstream business has generated improved efficiencies between our commercial, engineering, and operations teams, enabling our organization to maximize the operability of our assets and realize operating and capital savings. Notwithstanding the significant challenges faced this year, we expect to realize approximately $175 million in sustainable annual operating cost and G&A savings compared to our originally issued guidance."

As a result of depressed upstream investment, our third-quarter 2020 volumes declined as expected. Third-quarter 2020 total natural-gas throughput(1) averaged 4.3 Bcf/d, representing a 4-percent sequential-quarter decrease and a 1-percent increase from third-quarter 2019. Third-quarter 2020 total throughput for crude-oil and NGLs assets(1) averaged 689 MBbls/d, representing a 4-percent sequential-quarter decrease and an 11-percent increase from third-quarter 2019. Third-quarter 2020 total throughput for produced-water assets(1) averaged 673 MBbls/d, representing an 11-percent sequential-quarter decrease and an 18-percent increase from third-quarter 2019.

Third-quarter 2020 and year-to-date capital expenditures(2) totaled $36.5 million and $264.1 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.

PRELIMINARY 2021 GUIDANCE

Based on current production-forecast information from our customers, WES is providing preliminary 2021 guidance as follows:

  • Adjusted EBITDA(1) between $1.825 billion and $1.925 billion
  • Total capital expenditures(2) between $275 million and $375 million, which represents a $100 million reduction from the midpoint of our previously updated 2020 guidance
  • 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)
  • Repay 2021 debt maturity with free cash flow

$250 MILLION UNIT BUYBACK PROGRAM

The board of directors of the Partnership's general partner has authorized the Partnership to commence a buyback program of up to $250 million of the Partnership's common units through December 31, 2021 (the "Purchase Program").

The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined based on ongoing assessments of capital needs, WES's financial performance, the market price of the common units and other factors, including organic growth and acquisition opportunities and general market conditions. The Purchase Program does not obligate the Partnership to purchase any specific dollar amount or number of units and may be suspended or discontinued at any time.

"Over the last year, we have reexamined each aspect of our operations and discovered ways to operate in a more cost-effective manner to generate incremental free cash flow and increase stakeholder value," said Michael Ure. "This year, following our third-quarter distribution, we will have returned over $1.15 billion, approximately 10% of our enterprise value, to stakeholders through debt repurchases, cash distributions, and units acquired through the Anadarko note exchange. Additionally, by prioritizing leverage reduction with Debt-to-TTM Adjusted EBITDA currently at 4.0 times, we have already exceeded our year-end 2020 target of at or below 4.5 times and met our year-end 2021 target of at or below 4.0 times. We expect to achieve strong 2021 financial results with minimal capital by further refining and enhancing our business model while continuing to operate safely, deliver exceptional customer service, and return cash to stakeholders."


(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.

(3)

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

CONFERENCE CALL TOMORROW AT 1 P.M. CST

WES will host a conference call on Tuesday, November 10, 2020, at 1:00 p.m. Central Standard Time (2:00 p.m. Eastern Standard Time) to discuss third-quarter 2020 results and preliminary 2021 guidance. 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 7476557. 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 our ability to meet financial guidance or distribution expectations; 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 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 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 
September 30,


Nine Months Ended 
September 30,

thousands


2020


2019


2020


2019

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









Net cash provided by operating activities


$

392,894



$

340,154



$

1,131,893



$

1,026,685


Less:









Capital expenditures


59,197



242,841



372,262



947,266


Contributions to equity investments


2,953



30,785



19,017



108,118


Add:









Distributions from equity investments in excess of cumulative
earnings


8,410



4,151



21,750



21,203


Free cash flow


$

339,154



$

70,679



$

762,364



$

(7,496)


Cash flow information









Net cash provided by operating activities






$

1,131,893



$

1,026,685


Net cash used in investing activities






(426,670)



(3,134,643)


Net cash provided by (used in) financing activities






(667,140)



2,133,246


 

 

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


2020


2019


2020


2019

Reconciliation of Net income (loss) to Adjusted EBITDA









Net income (loss)


$

254,135



$

125,223



$

246,076



$

512,260


Add:









Distributions from equity investments


72,070



71,005



209,566



203,540


Non-cash equity-based compensation expense


5,616



4,137



16,527



10,278


Interest expense


95,571



78,524



278,811



223,872


Income tax expense


3,028



1,309



8,072



12,679


Depreciation and amortization


132,564



127,914



384,688



362,977


Impairments (1)


34,640



3,107



641,592



4,294


Other expense


3



67,961



1,953



161,813


Less:









Gain (loss) on divestiture and other, net


(768)



248



(3,651)



(1,403)


Gain (loss) on early extinguishment of debt


1,632





10,372




Equity income, net – related parties


61,026



53,893



176,788



175,483


Interest income – Anadarko note receivable


3,286



4,225



11,736



12,675


Other income


721





2,373




Income tax benefit






4,280




Adjusted EBITDA attributable to noncontrolling interests (2)


13,372



10,601



39,001



33,495


Adjusted EBITDA


$

518,358



$

410,213



$

1,546,386



$

1,271,463


Reconciliation of Net cash provided by operating activities to 
     Adjusted EBITDA









Net cash provided by operating activities


$

392,894



$

340,154



$

1,131,893



$

1,026,685


Interest (income) expense, net


92,285



74,299



267,075



211,197


Uncontributed cash-based compensation awards




141





789


Accretion and amortization of long-term obligations, net


(2,185)



(3,651)



(6,482)



(6,499)


Current income tax expense (benefit)


1,434



(407)



1,399



6,078


Other (income) expense, net (3)


(200)



(495)



(612)



(1,397)


Cash paid to settle interest-rate swaps


6,418





19,181




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


8,410



4,151



21,750



21,203


Changes in assets and liabilities:









Accounts receivable, net


(7,798)



12,418



192,338



9,750


Accounts and imbalance payables and accrued liabilities, net


34,509



(11,808)



(37,814)



69,390


Other items, net


5,963



6,012



(3,341)



(32,238)


Adjusted EBITDA attributable to noncontrolling interests (2)


(13,372)



(10,601)



(39,001)



(33,495)


Adjusted EBITDA


$

518,358



$

410,213



$

1,546,386



$

1,271,463


Cash flow information









Net cash provided by operating activities






$

1,131,893



$

1,026,685


Net cash used in investing activities






(426,670)



(3,134,643)


Net cash provided by (used in) financing activities






(667,140)



2,133,246


(1)  Includes goodwill impairment for the nine months ended September 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 $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


2020


2019


2020


2019

Reconciliation of Operating income (loss) to Adjusted gross margin









Operating income (loss)


$

347,096



$

268,725



$

505,959



$

897,713


Add:









Distributions from equity investments


72,070



71,005



209,566



203,540


Operation and maintenance


132,293



176,572



436,670



467,832


General and administrative


41,578



30,769



118,466



83,640


Property and other taxes


19,392



15,281



57,263



45,848


Depreciation and amortization


132,564



127,914



384,688



362,977


Impairments (1)


34,640



3,107



641,592



4,294


Less:









Gain (loss) on divestiture and other, net


(768)



248



(3,651)



(1,403)


Equity income, net – related parties


61,026



53,893



176,788



175,483


Reimbursed electricity-related charges recorded as revenues


20,272



23,969



61,100



60,747


Adjusted gross margin attributable to noncontrolling interests (2)


17,574



15,619



50,166



47,203


Adjusted gross margin


$

681,529



$

599,644



$

2,069,801



$

1,783,814


Adjusted gross margin for natural-gas assets


$

458,790



$

401,380



$

1,384,632



$

1,226,302


Adjusted gross margin for crude-oil and NGLs assets


160,886



147,818



494,481



416,904


Adjusted gross margin for produced-water assets


61,853



50,446



190,688



140,608


(1)  Includes goodwill impairment for the nine months ended September 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 
September 30,


Nine Months Ended 
September 30,

thousands except per-unit amounts


2020


2019


2020


2019

Revenues and other









Service revenues – fee based


$

636,522



$

587,965



$

1,980,546



$

1,761,483


Service revenues – product based


12,316



9,476



35,237



45,530


Product sales


30,106



68,248



108,491



214,850


Other


100



338



838



1,101


Total revenues and other


679,044



666,027



2,125,112



2,022,964


Equity income, net – related parties


61,026



53,893



176,788



175,483


Operating expenses









Cost of product


31,739



97,800



153,611



334,740


Operation and maintenance


132,293



176,572



436,670



467,832


General and administrative


41,578



30,769



118,466



83,640


Property and other taxes


19,392



15,281



57,263



45,848


Depreciation and amortization


132,564



127,914



384,688



362,977


Long-lived asset and other impairments


34,640



3,107



200,575



4,294


Goodwill impairment






441,017




Total operating expenses


392,206



451,443



1,792,290



1,299,331


Gain (loss) on divestiture and other, net


(768)



248



(3,651)



(1,403)


Operating income (loss)


347,096



268,725



505,959



897,713


Interest income – Anadarko note receivable


3,286



4,225



11,736



12,675


Interest expense


(95,571)



(78,524)



(278,811)



(223,872)


Gain (loss) on early extinguishment of debt


1,632





10,372




Other income (expense), net (1)


720



(67,894)



612



(161,577)


Income (loss) before income taxes


257,163



126,532



249,868



524,939


Income tax expense (benefit)


3,028



1,309



3,792



12,679


Net income (loss)


254,135



125,223



246,076



512,260


Net income (loss) attributable to noncontrolling interests


7,524



4,006



(17,045)



102,789


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


$

246,611



$

121,217



$

263,121



$

409,471


Limited partners' interest in net income (loss):









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


$

246,611



$

121,217



$

263,121



$

409,471


Pre-acquisition net (income) loss allocated to Anadarko








(29,279)


General partner interest in net (income) loss


(5,132)





(5,462)




Limited partners' interest in net income (loss)


$

241,479



$

121,217



$

257,659



$

380,192


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


$

0.55



$

0.27



$

0.58



$

0.94


Weighted-average common units outstanding – basic and 
     diluted


438,857



453,021



442,255



402,421


(1)  Includes losses associated with the interest-rate swap agreements for the three and nine months ended September 30, 2019.

 

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


thousands except number of units


September 30,
2020


December 31,
2019

Total current assets


$

643,933



$

402,412


Anadarko note receivable




260,000


Net property, plant, and equipment


8,825,139



9,064,931


Other assets


2,220,603



2,619,110


Total assets


$

11,689,675



$

12,346,453


Total current liabilities


$

837,429



$

485,954


Long-term debt


7,440,394



7,951,565


Asset retirement obligations


327,285



336,396


Other liabilities


294,111



227,245


Total liabilities


8,899,219



9,001,160


Equity and partners' capital





Common units (416,196,092 and 443,971,409 units issued and outstanding at September 30
     2020, and December 31, 2019, respectively)


2,674,682



3,209,947


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


(20,032)



(14,224)


Noncontrolling interests


135,806



149,570


Total liabilities, equity, and partners' capital


$

11,689,675



$

12,346,453


 

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Nine Months Ended 
September 30,

thousands


2020


2019

Cash flows from operating activities





Net income (loss)


$

246,076



$

512,260


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





Depreciation and amortization


384,688



362,977


Long-lived asset and other impairments


200,575



4,294


Goodwill impairment


441,017




(Gain) loss on divestiture and other, net


3,651



1,403


(Gain) loss on early extinguishment of debt


(10,372)




(Gain) loss on interest-rate swaps




162,974


Cash paid to settle interest-rate swaps


(19,181)




Change in other items, net


(114,561)



(17,223)


Net cash provided by operating activities


$

1,131,893



$

1,026,685


Cash flows from investing activities





Capital expenditures


$

(372,262)



$

(947,266)


Acquisitions from related parties




(2,007,501)


Acquisitions from third parties




(93,303)


Contributions to equity investments - related parties


(19,017)



(108,118)


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


21,750



21,203


Proceeds from the sale of assets to third parties




342


Additions to materials and supplies inventory and other


(57,141)




Net cash used in investing activities


$

(426,670)



$

(3,134,643)


Cash flows from financing activities





Borrowings, net of debt issuance costs


$

3,681,173



$

3,950,750


Repayments of debt


(3,780,390)



(1,467,595)


Increase (decrease) in outstanding checks


691



(9,204)


Registration expenses related to the issuance of Partnership common units




(855)


Distributions to Partnership unitholders


(563,579)



(688,193)


Distributions to Chipeta noncontrolling interest owner


(3,923)



(5,200)


Distributions to noncontrolling interest owners of WES Operating


(11,545)



(112,430)


Net contributions from (distributions to) related parties


22,674



458,819


Above-market component of swap agreements with Anadarko




7,407


Finance lease payments


(12,241)



(253)


Net cash provided by (used in) financing activities


$

(667,140)



$

2,133,246


Net increase (decrease) in cash and cash equivalents


$

38,083



$

25,288


Cash and cash equivalents at beginning of period


99,962



92,142


Cash and cash equivalents at end of period


$

138,045



$

117,430


 

 

Western Midstream Partners, LP

OPERATING STATISTICS

(Unaudited)




Three Months Ended 
September 30,


Nine Months Ended 
September 30,



2020


2019


2020


2019

Throughput for natural-gas assets (MMcf/d)









Gathering, treating, and transportation


558



523



551



526


Processing


3,404



3,458



3,537



3,484


Equity investments (1)


450



390



451



390


Total throughput


4,412



4,371



4,539



4,400


Throughput attributable to noncontrolling interests (2)


159



172



162



175


Total throughput attributable to WES for natural-gas assets


4,253



4,199



4,377



4,225


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









Gathering, treating, and transportation


310



328



343



311


Equity investments (3)


393



307



395



308


Total throughput


703



635



738



619


Throughput attributable to noncontrolling interests (2)


14



12



15



12


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


689



623



723



607


Throughput for produced-water assets (MBbls/d)









Gathering and disposal


687



580



726



538


Throughput attributable to noncontrolling interests (2)


14



12



15



11


Total throughput attributable to WES for produced-water assets


673



568



711



527


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


$

1.17



$

1.04



$

1.15



$

1.06


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


2.54



2.58



2.50



2.52


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


1.00



0.97



0.98



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 September 30,



2020


2019


2020


2019


2020


2019



Natural gas

(MMcf/d)


Crude oil & NGLs

(MBbls/d)


Produced water

(MBbls/d)

Delaware Basin


1,294



1,272



183



147



687



580


DJ Basin


1,290



1,124



86



128






Equity investments


450



390



393



307






Other


1,378



1,585



41



53






Total throughput


4,412



4,371



703



635



687



580






Nine Months Ended September 30,



2020


2019


2020


2019


2020


2019



Natural gas

(MMcf/d)


Crude oil & NGLs

(MBbls/d)


Produced water

(MBbls/d)

Delaware Basin


1,330



1,210



192



144



726



538


DJ Basin


1,342



1,216



109



114






Equity investments


451



390



395



308






Other


1,416



1,584



42



53






Total throughput


4,539



4,400



738



619



726



538


 

(PRNewsfoto/Western Midstream Partners, LP)

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SOURCE Western Midstream Partners, LP