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WKN: A2PE37 | ISIN: US9586691035 | Ticker-Symbol: N/A
NASDAQ
24.05.24
21:54 Uhr
37,450 US-Dollar
+0,080
+0,21 %
1-Jahres-Chart
WESTERN MIDSTREAM PARTNERS LP Chart 1 Jahr
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WESTERN MIDSTREAM PARTNERS LP 5-Tage-Chart
PR Newswire
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(2)

Western Midstream Partners, LP: Western Midstream Announces Fourth-Quarter And Full-Year 2023 Results

  • Reported fourth-quarter 2023 Net income attributable to limited partners of $281.6 million, generating fourth-quarter Adjusted EBITDA(1) of $570.7 million.
  • Reported full-year 2023 Net income attributable to limited partners of $998.5 million, generating full-year Adjusted EBITDA(1) of $2.069 billion, and exceeding the revised full-year 2023 Adjusted EBITDA range of $1.950 billion to $2.050 billion.
  • Reported fourth-quarter 2023 Cash flows provided by operating activities of $473.3 million, generating fourth-quarter Free cash flow(1) of $282.0 million.
  • Reported full-year 2023 Cash flows provided by operating activities of $1.661 billion, generating full-year Free cash flow(1) of $964.2 million, and falling within the full-year 2023 Free cash flow guidance range of $900.0 million to $1.000 billion.
  • Announced a fourth-quarter Base Distribution of $0.575 per unit, which is consistent with the third-quarter Base Distribution, or $2.30 on an annualized basis.

HOUSTON, Feb. 21, 2024 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced fourth-quarter and full-year 2023 financial and operating results. Net income (loss) attributable to limited partners for the fourth quarter of 2023 totaled $281.6 million, or $0.74 per common unit (diluted), with fourth-quarter 2023 Adjusted EBITDA(1) totaling $570.7 million. Fourth-quarter Adjusted EBITDA(1) includes approximately $20.4 million of positive revenue recognition adjustments associated with our cost-of-service agreements in South Texas and on our DJ Basin oil system. Fourth-quarter 2023 Cash flows provided by operating activities totaled $473.3 million, and fourth-quarter 2023 Free cash flow(1) totaled $282.0 million.

Net income (loss) attributable to limited partners for full-year 2023 totaled $998.5 million, or $2.60 per common unit (diluted), with full-year 2023 Adjusted EBITDA(1) totaling $2.069 billion. Full-year 2023 Cash flows provided by operating activities totaled $1.661 billion, and full-year 2023 Free cash flow(1) totaled $964.2 million.

FOURTH-QUARTER AND FULL-YEAR 2023 HIGHLIGHTS

  • Achieved record annual natural-gas throughput of 4.4 Bcf/d, representing a 5-percent year-over-year increase(2), in-line with our revised 2023 expectations of mid-single-digits growth.
  • Gathered record annual crude-oil and NGLs throughput of 652 MBbls/d, representing a 7-percent year-over-year increase(3), exceeding our 2023 expectations of low-single-digits growth.
  • Gathered record annual produced-water throughput of 1,009 MBbls/d, representing a 21-percent year-over-year increase, exceeding our revised 2023 expectations of upper-teens growth.
  • Achieved year-over-year throughput growth across all products in the Delaware Basin of 11-percent, 8-percent, and 21-percent, for natural gas, crude oil and NGLs, and produced water, respectively.
  • Sanctioned the 250 MMcf/d North Loving processing plant in May 2023, and materially progressed construction of the 300 MMcf/d Mentone III processing train, both of which are underpinned by commercial agreements containing either acreage dedications or significant minimum-volume commitments.
  • Announced and closed the acquisition of Meritage Midstream Services II, LLC ("Meritage"), expanding WES's position to the largest gathering and processing footprint in the Powder River Basin.
  • Executed on our capital return framework by returning $978.4 million in distributions, inclusive of two Base Distribution increases and the payment of our first Enhanced Distribution, and $134.6 million in unit repurchases, which represents approximately 15-percent of WES's unaffected common unit count since becoming a standalone entity in early 2020.
  • Obtained full investment-grade ratings in May 2023 and raised $1.350 billion through two bond offerings to partially fund the Meritage acquisition, refinance existing borrowings, and enhance the partnership's overall liquidity.

On February 13, 2024, WES paid its fourth-quarter 2023 per-unit Base Distribution of $0.575, consistent with the Partnership's third-quarter Base Distribution. Fourth-quarter and full-year 2023 Free cash flow(1) after distributions totaled $58.6 million and negative $14.2 million, respectively. Fourth-quarter and full-year 2023 capital expenditures(4) totaled $180.7 million and $739.1 million, respectively.

Fourth-quarter 2023 natural-gas throughput(5) averaged 4.9 Bcf/d, representing a 9-percent sequential-quarter increase(2). Fourth-quarter 2023 throughput for crude-oil and NGLs assets(5) averaged 702 MBbls/d, representing a 5-percent sequential-quarter increase(3). Fourth-quarter 2023 throughput for produced-water assets(5) averaged 1,054 MBbls/d, representing a 2-percent sequential-quarter decrease.

Full-year 2023 natural-gas throughput(5) averaged 4.4 Bcf/d, representing a 5-percent year-over-year increase(2). Full-year 2023 throughput for crude-oil and NGLs assets(5) averaged 652 MBbls/d, representing a 7-percent year-over-year increase(3). Full-year 2023 throughput for produced-water assets(5) averaged 1,009 MBbls/d, representing a 21-percent year-over-year increase.

"2023 was a successful, pivotal year for WES as we achieved operated throughput growth of approximately 7-percent, 5-percent, and 21-percent for natural gas, crude-oil and NGLs, and produced water, respectively. We also continued to diversify our asset and customer base through accretive M&A in the Powder River Basin, all while returning $1.113 billion to unitholders through our capital-return framework. Our ability to successfully capture significant Delaware Basin throughput growth, efficiently expand our asset footprint, and maintain cost and capital discipline, positions WES to enter 2024 on solid financial footing with significant operational tailwinds," said Michael Ure, President and Chief Executive Officer.

"Focusing on the Delaware Basin, this was an extremely successful year for WES as throughput increased across all three products resulting in record annual throughput from the basin for our partnership. We also extended the duration of our agreements and our firm-processing commitments with Occidental through 2035 and continued to diversify our customer base in the basin by adding 12 new third-party customers across our natural-gas and produced-water businesses. These accomplishments have resulted in meaningful growth and have helped WES grow its natural-gas volumes at a rate more than double the rate of throughput growth in the basin since early 2021. Our commercial successes were the primary drivers behind the sanctioning of both Mentone III and the North Loving plant, which together will increase our total operated processing capacity in the basin by 34-percent compared to year-end 2023 and maintain WES's position as one of the top natural-gas processors in the Delaware Basin. In addition to advancing our strong Delaware Basin position, we remained focused on growing the entirety of our business. Our expansion in the Powder River Basin and volume growth expectations in the DJ Basin place our partnership in a position of strength as we enter 2024," Mr. Ure continued.

"Additionally, concurrent with this release, we are announcing that we have entered into a series of agreements to sell WES's equity interests in multiple non-core assets for aggregate proceeds of $790.0 million and for an aggregate multiple of approximately 9.6 times 2023 Adjusted EBITDA. These divestitures are in line with our strategy of divesting non-core, non-operated assets and redeploying that capital into our operated asset base with the goal of driving operational efficiencies alongside throughput growth and creating incremental value for our unitholders," concluded Mr. Ure.

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

WES will host a conference call on Thursday, February 22, 2024, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss its fourth-quarter and full-year 2023 results. 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 small number of phone lines are available for analysts; individuals should dial 888-390-0546 (Domestic) or 617-892-4906 (International) ten to fifteen minutes before the scheduled conference call time. A replay of the live audio webcast can be accessed on the Partnership's website at www.westernmidstream.com for one year after 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.

FILING OF ANNUAL REPORT ON FORM 10-K

Today WES announced the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, with the Securities and Exchange Commission. A copy of the report is available for viewing and downloading on the Western Midstream website at www.westernmidstream.com. Unitholders may request hard copies of the report, which contains WES's audited financial statements, free of charge, by emailing [email protected], or by submitting a written request to Western Midstream Partners, LP at the following address: 9950 Woodloch Forest Drive, Suite 2800, The Woodlands, TX 77380, Attention: Western Midstream Investor Relations.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, 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 its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.

For more information about WES, 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; 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; the successful closing of the divestitures noted above; 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.

_____________________________________________________________




(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)

For the quarter- and year-ended December 31, 2023, includes an average of 331 MMcf/d and 83 MMcf/d, respectively, of throughput associated with the Meritage acquisition in the fourth quarter of 2023.




(3)

For the quarter- and year-ended December 31, 2022, excludes an average of 27 MBbls/d and 65 MBbls/d, respectively, of throughput associated with the sale of Cactus II in the fourth quarter of 2022. For the quarter and year-ended December 31, 2023, includes an average of 20 MBbls/d and 5 MBbls/d, respectively, of throughput associated with the Meritage acquisition in the fourth quarter of 2023.




(4)

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




(5)

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




WESTERN MIDSTREAM CONTACTS

Daniel Jenkins
Director, Investor Relations
[email protected]
866.512.3523

Rhianna Disch
Manager, Investor Relations
[email protected]
866.512.3523

Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)




Three Months Ended
December 31,


Year Ended
December 31,

thousands except per-unit amounts


2023


2022


2023


2022

Revenues and other









Service revenues - fee based

$

763,837

$

647,948

$

2,768,757

$

2,602,053

Service revenues - product based


49,515


46,971


191,727


249,692

Product sales


44,688


84,268


145,024


399,023

Other


168


250


968


953

Total revenues and other


858,208


779,437


3,106,476


3,251,721

Equity income, net - related parties


36,120


44,095


152,959


183,483

Operating expenses









Cost of product


40,803


92,663


164,598


420,900

Operation and maintenance


200,426


166,923


762,530


654,566

General and administrative


73,060


49,382


232,632


194,017

Property and other taxes


16,497


18,065


56,458


78,559

Depreciation and amortization


165,187


151,910


600,668


582,365

Long-lived asset and other impairments


4


20,491


52,884


20,585

Total operating expenses


495,977


499,434


1,869,770


1,950,992

Gain (loss) on divestiture and other, net


(6,434)


104,560


(10,102)


103,676

Operating income (loss)


391,917


428,658


1,379,563


1,587,888

Interest expense


(97,622)


(84,606)


(348,228)


(333,939)

Gain (loss) on early extinguishment of debt


-


-


15,378


91

Other income (expense), net


2,862


1,486


5,679


1,603

Income (loss) before income taxes


297,157


345,538


1,052,392


1,255,643

Income tax expense (benefit)


1,405


504


4,385


4,187

Net income (loss)


295,752


345,034


1,048,007


1,251,456

Net income (loss) attributable to noncontrolling interests


7,398


8,710


25,791


34,353

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

$

288,354

$

336,324

$

1,022,216

$

1,217,103

Limited partners' interest in net income (loss):









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

$

288,354

$

336,324

$

1,022,216

$

1,217,103

General partner interest in net (income) loss


(6,724)


(7,747)


(23,684)


(27,541)

Limited partners' interest in net income (loss)

$

281,630

$

328,577

$

998,532

$

1,189,562

Net income (loss) per common unit - basic

$

0.74

$

0.85

$

2.61

$

3.01

Net income (loss) per common unit - diluted

$

0.74

$

0.85

$

2.60

$

3.00

Weighted-average common units outstanding - basic


379,517


384,885


383,028


394,951

Weighted-average common units outstanding - diluted


381,140


386,482


384,408


396,236

Western Midstream Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)




December 31,

thousands except number of units


2023


2022

Total current assets

$

992,410

$

900,425

Net property, plant, and equipment


9,655,016


8,541,600

Other assets


1,824,181


1,829,603

Total assets

$

12,471,607

$

11,271,628

Total current liabilities

$

1,304,056

$

903,857

Long-term debt


7,283,556


6,569,582

Asset retirement obligations


359,185


290,021

Other liabilities


495,680


400,053

Total liabilities


9,442,477


8,163,513

Equity and partners' capital





Common units (379,519,983 and 384,070,984 units issued and outstanding at December 31,
2023 and 2022, respectively)


2,894,231


2,969,604

General partner units (9,060,641 units issued and outstanding at December 31, 2023 and
2022)


3,193


2,105

Noncontrolling interests


131,706


136,406

Total liabilities, equity, and partners' capital

$

12,471,607

$

11,271,628

Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)




Year Ended
December 31,

thousands


2023


2022

Cash flows from operating activities





Net income (loss)

$

1,048,007

$

1,251,456

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





Depreciation and amortization


600,668


582,365

Long-lived asset and other impairments


52,884


20,585

(Gain) loss on divestiture and other, net


10,102


(103,676)

(Gain) loss on early extinguishment of debt


(15,378)


(91)

Change in other items, net


(34,949)


(49,213)

Net cash provided by operating activities

$

1,661,334

$

1,701,426

Cash flows from investing activities





Capital expenditures

$

(735,080)

$

(487,228)

Acquisitions from third parties


(877,746)


(40,127)

Contributions to equity investments - related parties


(1,153)


(9,632)

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


39,104


63,897

Proceeds from the sale of assets to related parties


-


200

Proceeds from the sale of assets to third parties


(87)


264,121

(Increase) decrease in materials and supplies inventory and other


(32,329)


(9,468)

Net cash used in investing activities

$

(1,607,291)

$

(218,237)

Cash flows from financing activities





Borrowings, net of debt issuance costs

$

2,448,733

$

1,389,010

Repayments of debt


(1,967,928)


(1,518,548)

Commercial paper borrowings (repayments), net


609,916


-

Increase (decrease) in outstanding checks


3,516


2,206

Distributions to Partnership unitholders


(978,430)


(735,755)

Distributions to Chipeta noncontrolling interest owner


(7,641)


(10,736)

Distributions to noncontrolling interest owner of WES Operating


(22,850)


(24,898)

Net contributions from (distributions to) related parties


-


1,423

Unit repurchases


(134,602)


(487,590)

Other


(18,626)


(13,644)

Net cash provided by (used in) financing activities

$

(67,912)

$

(1,398,532)

Net increase (decrease) in cash and cash equivalents

$

(13,869)

$

84,657

Cash and cash equivalents at beginning of period


286,656


201,999

Cash and cash equivalents at end of period

$

272,787

$

286,656

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


Year Ended

thousands


December 31,
2023


September 30,
2023


December 31,
2023


December 31,
2022

Reconciliation of Gross margin to Adjusted gross
margin









Total revenues and other


$ 858,208


$ 776,013


$ 3,106,476


$ 3,251,721

Less:









Cost of product


40,803


27,590


164,598


420,900

Depreciation and amortization


165,187


147,363


600,668


582,365

Gross margin


652,218


601,060


2,341,210


2,248,456

Add:









Distributions from equity investments


46,661


41,562


194,273


250,050

Depreciation and amortization


165,187


147,363


600,668


582,365

Less:









Reimbursed electricity-related charges recorded as
revenues


25,273


29,981


102,109


81,764

Adjusted gross margin attributable to noncontrolling
interests (1)


19,412


18,095


70,195


73,632

Adjusted gross margin


$ 819,381


$ 741,909


$ 2,963,847


$ 2,925,475










Gross margin









Gross margin for natural-gas assets (2)


$ 484,688


$ 450,130


$ 1,738,125


$ 1,676,732

Gross margin for crude-oil and NGLs assets (2)


103,228


87,911


368,444


346,406

Gross margin for produced-water assets (2)


70,509


70,353


259,541


245,274

Adjusted gross margin









Adjusted gross margin for natural-gas assets


$ 579,278


$ 518,765


$ 2,067,528


$ 2,031,600

Adjusted gross margin for crude-oil and NGLs assets


157,048


139,430


589,091


607,769

Adjusted gross margin for produced-water assets


83,055


83,714


307,228


286,106

(1)

For all periods presented, includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% limited partner interest in WES Operating
owned by an Occidental subsidiary, which collectively represent WES's noncontrolling interests.




(2)

Excludes corporate-level depreciation and amortization.




Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
(Unaudited)


Adjusted EBITDA



Three Months Ended


Year Ended

thousands


December 31,
2023


September 30,
2023


December 31,
2023


December 31,
2022

Reconciliation of Net income (loss) to Adjusted
EBITDA









Net income (loss)


$ 295,752


$ 284,398


$ 1,048,007


$ 1,251,456

Add:









Distributions from equity investments


46,661


41,562


194,273


250,050

Non-cash equity-based compensation expense


9,970


7,171


32,005


27,783

Interest expense


97,622


82,754


348,228


333,939

Income tax expense


1,405


905


4,385


4,187

Depreciation and amortization


165,187


147,363


600,668


582,365

Impairments


4


245


52,884


20,585

Other expense


71


1,269


1,739


555

Less:









Gain (loss) on divestiture and other, net


(6,434)


(1,480)


(10,102)


103,676

Gain (loss) on early extinguishment of debt


-


8,565


15,378


91

Equity income, net - related parties


36,120


35,494


152,959


183,483

Other income


2,862


27


6,976


1,648

Adjusted EBITDA attributable to noncontrolling
interests (1)


13,459


12,134


48,345


54,049

Adjusted EBITDA


$ 570,665


$ 510,927


$ 2,068,633


$ 2,127,973

Reconciliation of Net cash provided by operating
activities to Adjusted EBITDA









Net cash provided by operating activities


$ 473,300


$ 394,787


$ 1,661,334


$ 1,701,426

Interest (income) expense, net


97,622


82,754


348,228


333,939

Accretion and amortization of long-term obligations, net


(2,174)


(1,882)


(8,151)


(7,142)

Current income tax expense (benefit)


1,315


806


3,341


2,188

Other (income) expense, net


(2,862)


1,270


(5,679)


(1,603)

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


7,389


8,536


39,104


63,897

Changes in assets and liabilities:









Accounts receivable, net


17,773


60,614


78,346


116,296

Accounts and imbalance payables and accrued
liabilities, net


(19,021)


(12,535)


68,019


7,812

Other items, net


10,782


(11,289)


(67,564)


(34,791)

Adjusted EBITDA attributable to noncontrolling
interests (1)


(13,459)


(12,134)


(48,345)


(54,049)

Adjusted EBITDA


$ 570,665


$ 510,927


$ 2,068,633


$ 2,127,973

Cash flow information









Net cash provided by operating activities


$ 473,300


$ 394,787


$ 1,661,334


$ 1,701,426

Net cash used in investing activities


(1,068,707)


(207,916)


(1,607,291)


(218,237)

Net cash provided by (used in) financing activities


378,700


88,670


(67,912)


(1,398,532)

(1)

For all periods presented, includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% limited partner interest in WES Operating
owned by an Occidental subsidiary, 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


Year Ended

thousands


December 31,
2023


September 30,
2023


December 31,
2023


December 31,
2022

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









Net cash provided by operating activities


$ 473,300


$ 394,787


$ 1,661,334


$ 1,701,426

Less:









Capital expenditures


198,653


201,857


735,080


487,228

Contributions to equity investments - related parties


-


1,021


1,153


9,632

Add:









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


7,389


8,536


39,104


63,897

Free cash flow


$ 282,036


$ 200,445


$ 964,205


$ 1,268,463

Cash flow information









Net cash provided by operating activities


$ 473,300


$ 394,787


$ 1,661,334


$ 1,701,426

Net cash used in investing activities


(1,068,707)


(207,916)


(1,607,291)


(218,237)

Net cash provided by (used in) financing activities


378,700


88,670


(67,912)


(1,398,532)

Western Midstream Partners, LP
OPERATING STATISTICS
(Unaudited)




Three Months Ended


Year Ended



December 31,
2023


September 30,
2023


December 31,
2023


December 31,
2022

Throughput for natural-gas assets (MMcf/d)









Gathering, treating, and transportation


516


457


435


409

Processing


4,043


3,699


3,692


3,474

Equity investments (1)


489


495


466


483

Total throughput


5,048


4,651


4,593


4,366

Throughput attributable to noncontrolling interests (2)


172


167


161


156

Total throughput attributable to WES for natural-gas
assets


4,876


4,484


4,432


4,210

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









Gathering, treating, and transportation


368


334


332


317

Equity investments (1)


347


347


333


373

Total throughput


715


681


665


690

Throughput attributable to noncontrolling interests (2)


13


14


13


14

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


702


667


652


676

Throughput for produced-water assets (MBbls/d)









Gathering and disposal


1,076


1,101


1,029


853

Throughput attributable to noncontrolling interests (2)


22


22


20


17

Total throughput attributable to WES for produced-
water assets


1,054


1,079


1,009


836

Per-Mcf Gross margin for natural-gas assets (3)


$ 1.04


$ 1.05


$ 1.04


$ 1.05

Per-Bbl Gross margin for crude-oil and NGLs assets (3)


1.57


1.40


1.52


1.38

Per-Bbl Gross margin for produced-water assets (3)


0.71


0.69


0.69


0.79










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


$ 1.29


$ 1.26


$ 1.28


$ 1.32

Per-Bbl Adjusted gross margin for crude-oil and NGLs
assets (4)


2.43


2.27


2.48


2.46

Per-Bbl Adjusted gross margin for produced-water assets
(4)


0.86


0.84


0.83


0.94

(1)

Represents our share of average throughput for investments accounted for under the equity method of accounting.

(2)

For all periods presented, includes (i) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary and (ii) for
natural-gas assets, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.

(3)

Average for period. Calculated as Gross margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the
respective total throughput (MMcf or MBbls) for natural-gas assets, crude-oil and NGLs assets, or produced-water assets.

(4)

Average for period. Calculated as Adjusted gross margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided
by the respective total throughput (MMcf or MBbls) attributable to WES for natural-gas assets, crude-oil and NGLs assets, or produced-
water assets.

Western Midstream Partners, LP
OPERATING STATISTICS (CONTINUED)
(Unaudited)




Three Months Ended


Year Ended



December 31,
2023


September 30,
2023


Inc/

(Dec)


December 31,
2023


December 31,
2022


Inc/

(Dec)

Throughput for natural-gas assets (MMcf/d)

Operated













Delaware Basin


1,704


1,674


2 %


1,635


1,470


11 %

DJ Basin


1,341


1,331


1 %


1,322


1,331


(1) %

Powder River Basin


369


40


NM


120


33


NM

Other


998


990


1 %


930


914


2 %

Total operated throughput for natural-
gas assets


4,412


4,035


9 %


4,007


3,748


7 %

Non-operated













Equity investments


489


495


(1) %


466


483


(4) %

Other


147


121


21 %


120


135


(11) %

Total non-operated throughput for
natural-gas assets


636


616


3 %


586


618


(5) %

Total throughput for natural-gas assets


5,048


4,651


9 %


4,593


4,366


5 %

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

Operated













Delaware Basin


225


220


2 %


214


198


8 %

DJ Basin


81


68


19 %


71


82


(13) %

Powder River Basin


20


-


100 %


5


-


100 %

Other


42


46


(9) %


42


37


14 %

Total operated throughput for crude-
oil and NGLs assets


368


334


10 %


332


317


5 %

Non-operated













Equity investments


347


347


- %


333


373


(11) %

Total non-operated throughput for crude-
oil and NGLs assets


347


347


- %


333


373


(11) %

Total throughput for crude-oil and NGLs assets


715


681


5 %


665


690


(4) %

Throughput for produced-water assets (MBbls/d)

Operated













Delaware Basin


1,076


1,101


(2) %


1,029


853


21 %

Total operated throughput for
produced-water assets


1,076


1,101


(2) %


1,029


853


21 %


NM-Not meaningful

SOURCE Western Midstream Partners, LP

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