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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): May 8, 2024
WESTERN MIDSTREAM PARTNERS, LP
(Exact name of registrant as specified in its charter)
 
Delaware001-3575346-0967367
(State or other jurisdiction
of incorporation or organization)		(Commission
File Number)		(IRS Employer
Identification No.)
 9950 Woodloch Forest Drive, Suite 2800
The Woodlands, Texas 77380
(Address of principal executive office) (Zip Code)
 
(346) 786-5000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of exchange
on which registered
Common unitsWESNew York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).    Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐



Item 2.02 Results of Operations and Financial Condition.

On May 8, 2024, Western Midstream Partners, LP issued a press release announcing first-quarter 2024 results. The Partnership also simultaneously made the slide presentation for tomorrow’s earnings call available on the Western Midstream website, www.westernmidstream.com. The press release is included in this report as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
WESTERN MIDSTREAM PARTNERS, LP
By:Western Midstream Holdings, LLC,
its general partner
Dated:May 8, 2024By:/s/ Kristen S. Shults
Kristen S. Shults
Senior Vice President and Chief Financial Officer


EXHIBIT 99.1
wesprlogoa.jpg

WESTERN MIDSTREAM ANNOUNCES
FIRST-QUARTER 2024 RESULTS
•Reported record first-quarter 2024 Net income attributable to limited partners of $559.5 million, generating record first-quarter Adjusted EBITDA(1) of $608.4 million.
•Reported first-quarter 2024 Cash flows provided by operating activities of $399.7 million, generating first-quarter Free cash flow(1) of $225.0 million.
•Announced a first-quarter Base Distribution of $0.875 per unit, or $3.50 per unit on an annualized basis, which represents a 52-percent increase over the prior-quarter’s distribution.
•Completed the start-up of Mentone Train III (“Mentone III”) at our West Texas complex in early April.
•Year-to-date, repurchased a total of $150.0 million of senior notes at approximately 96-percent of par.

HOUSTON—(PR NEWSWIRE)—May 8, 2024 – Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced first-quarter 2024 financial and operating results. Net income (loss) attributable to limited partners for the first quarter of 2024 totaled $559.5 million, or $1.47 per common unit (diluted), with first-quarter 2024 Adjusted EBITDA(1) totaling $608.4 million. First-quarter 2024 Cash flows provided by operating activities totaled $399.7 million, and first-quarter 2024 Free cash flow(1) totaled $225.0 million.
RECENT HIGHLIGHTS
•Gathered record natural-gas throughput across our asset base and in the Delaware Basin of 5.2 Bcf/d and 1.8 Bcf/d, respectively, representing a 2-percent and 3-percent sequential-quarter increase, respectively.
•Achieved operated asset crude-oil and NGLs throughput of 374 MBbls/d, representing a 2-percent sequential-quarter increase.


•Gathered record Delaware Basin produced-water throughput of 1,149 MBbls/d, representing a 7-percent sequential-quarter increase.
•Achieved sequential-quarter throughput growth for both natural-gas and crude-oil and NGLs in the DJ Basin of 2-percent and 7-percent, respectively.
•Closed all five previously announced non-core asset sales for total aggregate proceeds of $794.8 million, including $5.9 million in pro-rata distributions through closing, during and shortly after the end of the first quarter.
•Completed the start-up of Mentone III, increasing WES’s operated, nameplate natural-gas processing capacity by 300 MMcf/d to approximately 1.9 Bcf/d at our West Texas complex in the Delaware Basin.
•Repurchased $15.1 million of senior notes through open-market transactions during the first quarter, and repurchased an additional $134.9 million to date in the second quarter, all at approximately 96-percent of par.
On May 15, 2024, WES will pay its first-quarter 2024 per-unit Base Distribution of $0.875, which is an increase of 52-percent compared to the prior quarter’s distribution. First-quarter 2024 Free cash flow(1) after distributions totaled $1.5 million. First-quarter 2024 capital expenditures(2) totaled $205.4 million.
First-quarter 2024 natural-gas throughput(3) averaged 5.0 Bcf/d, representing a 2-percent sequential-quarter increase. First-quarter 2024 throughput for crude-oil and NGLs assets(3) averaged 565 MBbls/d, representing a 20-percent sequential-quarter decrease as a result of the previously announced equity-investment asset sales. When focusing specifically on operated throughput, crude-oil and NGLs assets averaged 374 MBbls/d, representing a 2-percent sequential-quarter increase. First-quarter 2024 throughput for produced-water assets(3) averaged 1,126 MBbls/d, representing a 7-percent sequential-quarter increase.
“The first quarter was very successful for WES as we generated the highest quarterly Net income and Adjusted EBITDA in our partnership’s history,” said Michael Ure, President and Chief Executive Officer. “These records were primarily driven by increased throughput across all operated assets and across all products. We also set new gathering records for natural-gas and produced-water throughput in the Delaware Basin, and we continued to experience natural-gas and crude-oil and NGLs throughput growth in the DJ Basin.”

2

“These strong results, coupled with increased throughput expectations predominately in the Delaware Basin, have caused us to increase our average year-over-year throughput growth expectations for 2024. Additionally, this improved outlook puts WES in a strong position to achieve the high-end of our previously announced 2024 Adjusted EBITDA and Free cash flow guidance ranges.”
“I am also extremely pleased to announce that Mentone III at our West Texas complex in the Delaware Basin is now in service and has reached nameplate capacity of 300 MMcf/d. I would like to thank and congratulate the teams that worked so diligently to bring this project to fruition. The addition of Mentone III will bring WES’s operated natural-gas processing capacity in the Delaware Basin to approximately 1.9 Bcf/d and represents our first, major new-build construction project since becoming a standalone enterprise in early 2020.”
“We also have now successfully closed on all five of the previously announced non-core asset sales, which enabled us to accelerate the deleveraging process following the fully debt-financed Meritage Midstream acquisition that closed in the fourth quarter of 2023. As of the end of the first quarter, WES’s net leverage ratio on a trailing-twelve-month basis was approximately 3.3 times, which incorporates our five-and-a-half months ownership of Meritage as well as the proceeds received from the non-core asset sales that closed during the first quarter, and we expect to reduce leverage to, or below, our 3.0 times leverage threshold by year-end,” continued Mr. Ure.
“Additionally, we remain committed to our strong capital-return framework, and we continue to have line of sight to returning incremental capital to stakeholders as the business performs and Free cash flow continues to grow. Our consistent focus on prudently allocating capital, targeting strong returns, and generating meaningful amounts of Free cash flow has optimized the MLP model and transformed WES into a leader within the midstream space. The adoption of strong operating philosophies combined with our low leverage, robust Free cash flow, and diversified asset base has resulted in a more viable partnership with a strong financial foundation that is well positioned to survive through challenging commodity cycles and market conditions,” concluded Mr. Ure.

CONFERENCE CALL TOMORROW AT 1:00 P.M. CT
WES will host a conference call on Thursday, May 9, 2024, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss its first-quarter 2024 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 800-836-8184 (Domestic) or 646-357-8785 (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.
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; 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)Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta.
(3)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.


# # #
Source: Western Midstream Partners, LP

WESTERN MIDSTREAM CONTACTS

Daniel Jenkins
Director, Investor Relations
Investors@westernmidstream.com
866.512.3523

Rhianna Disch
Manager, Investor Relations
Investors@westernmidstream.com
866.512.3523
3

Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months Ended 
March 31,
thousands except per-unit amounts20242023
Revenues and other
Service revenues – fee based
$781,262 $647,867 
Service revenues – product based
66,740 46,810 
Product sales39,292 39,025 
Other435 280 
Total revenues and other887,729 733,982 
Equity income, net – related parties32,819 39,021 
Operating expenses
Cost of product46,079 51,459 
Operation and maintenance194,939 174,239 
General and administrative67,839 51,117 
Property and other taxes13,920 6,831 
Depreciation and amortization157,991 144,626 
Long-lived asset and other impairments23 52,401 
Total operating expenses480,791 480,673 
Gain (loss) on divestiture and other, net239,617 (2,118)
Operating income (loss)679,374 290,212 
Interest expense(94,506)(81,670)
Gain (loss) on early extinguishment of debt524 — 
Other income (expense), net2,346 1,215 
Income (loss) before income taxes587,738 209,757 
Income tax expense (benefit)1,522 1,416 
Net income (loss)586,216 208,341 
Net income (loss) attributable to noncontrolling interests13,386 4,696 
Net income (loss) attributable to Western Midstream Partners, LP
$572,830 $203,645 
Limited partners’ interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners, LP
$572,830 $203,645 
General partner interest in net (income) loss(13,330)(4,686)
Limited partners’ interest in net income (loss)$559,500 $198,959 
Net income (loss) per common unit – basic$1.47 $0.52 
Net income (loss) per common unit – diluted$1.47 $0.52 
Weighted-average common units outstanding – basic380,024 384,468 
Weighted-average common units outstanding – diluted381,628 385,750 

4

Western Midstream Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except number of unitsMarch 31,
2024		December 31,
2023
Total current assets$1,066,347 $992,410 
Net property, plant, and equipment9,725,292 9,655,016 
Other assets1,473,831 1,824,181 
Total assets$12,265,470 $12,471,607 
Total current liabilities$708,139 $1,304,056 
Long-term debt7,272,079 7,283,556 
Asset retirement obligations366,755 359,185 
Other liabilities542,206 495,680 
Total liabilities8,889,179 9,442,477 
Equity and partners’ capital
Common units (380,490,138 and 379,519,983 units issued and outstanding at March 31, 2024, and December 31, 2023, respectively)3,225,562 2,894,231 
General partner units (9,060,641 units issued and outstanding at March 31, 2024, and December 31, 2023) 11,313 3,193 
Noncontrolling interests139,416 131,706 
Total liabilities, equity, and partners’ capital$12,265,470 $12,471,607 

5

Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months Ended 
March 31,
thousands20242023
Cash flows from operating activities
Net income (loss)$586,216 $208,341 
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:
Depreciation and amortization157,991 144,626 
Long-lived asset and other impairments23 52,401 
(Gain) loss on divestiture and other, net(239,617)2,118 
(Gain) loss on early extinguishment of debt(524)— 
Change in other items, net(104,381)(105,062)
Net cash provided by operating activities$399,708 $302,424 
Cash flows from investing activities
Capital expenditures$(193,789)$(173,088)
Acquisitions from third parties(443)— 
Contributions to equity investments - related parties— (110)
Distributions from equity investments in excess of cumulative earnings – related parties19,033 12,366 
Proceeds from the sale of assets to third parties582,739 — 
(Increase) decrease in materials and supplies inventory and other(10,691)(18,346)
Net cash provided by (used in) investing activities$396,849 $(179,178)
Cash flows from financing activities
Borrowings, net of debt issuance costs$— $220,000 
Repayments of debt(14,503)(313,138)
Commercial paper borrowings (repayments), net(510,379)— 
Increase (decrease) in outstanding checks766 18,768 
Distributions to Partnership unitholders(223,438)(196,569)
Distributions to Chipeta noncontrolling interest owner(1,085)(2,240)
Distributions to noncontrolling interest owner of WES Operating(4,591)(4,271)
Unit repurchases— (7,061)
Other(20,868)(12,746)
Net cash provided by (used in) financing activities$(774,098)$(297,257)
Net increase (decrease) in cash and cash equivalents$22,459 $(174,011)
Cash and cash equivalents at beginning of period272,787 286,656 
Cash and cash equivalents at end of period$295,246 $112,645 
6

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 represents the amount of cash that is available in aggregate 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.
7

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

Adjusted Gross Margin
Three Months Ended
thousandsMarch 31,
2024		December 31,
2023
Reconciliation of Gross margin to Adjusted gross margin
Total revenues and other$887,729 $858,208 
Less:
Cost of product46,079 40,803 
Depreciation and amortization
157,991 165,187 
Gross margin683,659 652,218 
Add:
Distributions from equity investments48,337 46,661 
Depreciation and amortization
157,991 165,187 
Less:
Reimbursed electricity-related charges recorded as revenues24,695 25,273 
Adjusted gross margin attributable to noncontrolling interests (1)
20,240 19,412 
Adjusted gross margin
$845,052 $819,381 
Gross margin
Gross margin for natural-gas assets (2)
$511,584 $484,688 
Gross margin for crude-oil and NGLs assets (2)
93,578 103,228 
Gross margin for produced-water assets (2)
85,041 70,509 
Adjusted gross margin
Adjusted gross margin for natural-gas assets
$597,163 $579,278 
Adjusted gross margin for crude-oil and NGLs assets
150,269 157,048 
Adjusted gross margin for produced-water assets97,620 83,055 
(1)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.

8

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

Adjusted EBITDA
Three Months Ended
thousandsMarch 31,
2024		December 31,
2023
Reconciliation of Net income (loss) to Adjusted EBITDA
Net income (loss)$586,216 $295,752 
Add:
Distributions from equity investments48,337 46,661 
Non-cash equity-based compensation expense9,423 9,970 
Interest expense94,506 97,622 
Income tax expense1,522 1,405 
Depreciation and amortization157,991 165,187 
Impairments23 4 
Other expense112 71 
Less:
Gain (loss) on divestiture and other, net239,617 (6,434)
Gain (loss) on early extinguishment of debt524 — 
Equity income, net – related parties32,819 36,120 
Other income2,346 2,862 
Adjusted EBITDA attributable to noncontrolling interests (1)
14,415 13,459 
Adjusted EBITDA$608,409 $570,665 
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA
Net cash provided by operating activities$399,708 $473,300 
Interest (income) expense, net94,506 97,622 
Accretion and amortization of long-term obligations, net(2,190)(2,174)
Current income tax expense (benefit)1,292 1,315 
Other (income) expense, net(2,346)(2,862)
Distributions from equity investments in excess of cumulative earnings – related parties19,033 7,389 
Changes in assets and liabilities:
Accounts receivable, net53,714 17,773 
Accounts and imbalance payables and accrued liabilities, net100,383 (19,021)
Other items, net(41,276)10,782 
Adjusted EBITDA attributable to noncontrolling interests (1)
(14,415)(13,459)
Adjusted EBITDA$608,409 $570,665 
Cash flow information
Net cash provided by operating activities$399,708 $473,300 
Net cash provided by (used in) investing activities396,849 (1,068,707)
Net cash provided by (used in) financing activities(774,098)378,700 
(1)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.
9

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

Free Cash Flow
Three Months Ended
thousandsMarch 31,
2024		December 31,
2023
Reconciliation of Net cash provided by operating activities to Free cash flow
Net cash provided by operating activities$399,708 $473,300 
Less:
Capital expenditures193,789 198,653 
Add:
Distributions from equity investments in excess of cumulative earnings – related parties19,033 7,389 
Free cash flow$224,952 $282,036 
Cash flow information
Net cash provided by operating activities$399,708 $473,300 
Net cash provided by (used in) investing activities396,849 (1,068,707)
Net cash provided by (used in) financing activities(774,098)378,700 

10

Western Midstream Partners, LP
OPERATING STATISTICS
(Unaudited)
 Three Months Ended
March 31,
2024		December 31,
2023		Inc/
(Dec)
Throughput for natural-gas assets (MMcf/d)
Gathering, treating, and transportation606 516 17 %
Processing4,050 4,043 — %
Equity investments (1)
508 489 4 %
Total throughput5,164 5,048 2 %
Throughput attributable to noncontrolling interests (2)
174 172 1 %
Total throughput attributable to WES for natural-gas assets4,990 4,876 2 %
Throughput for crude-oil and NGLs assets (MBbls/d)
Gathering, treating, and transportation374 368 2 %
Equity investments (1)
202 347 (42)%
Total throughput576 715 (19)%
Throughput attributable to noncontrolling interests (2)
11 13 (15)%
Total throughput attributable to WES for crude-oil and NGLs assets565 702 (20)%
Throughput for produced-water assets (MBbls/d)
Gathering and disposal1,149 1,076 7 %
Throughput attributable to noncontrolling interests (2)
23 22 5 %
Total throughput attributable to WES for produced-water assets1,126 1,054 7 %
Per-Mcf Gross margin for natural-gas assets (3)
$1.09 $1.04 5 %
Per-Bbl Gross margin for crude-oil and NGLs assets (3)
1.78 1.57 13 %
Per-Bbl Gross margin for produced-water assets (3)
0.81 0.71 14 %
Per-Mcf Adjusted gross margin for natural-gas assets (4)
$1.32 $1.29 2 %
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (4)
2.92 2.43 20 %
Per-Bbl Adjusted gross margin for produced-water assets (4)
0.95 0.86 10 %
(1)Represents our share of average throughput for investments accounted for under the equity method of accounting.
(2)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.

11

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

Three Months Ended
March 31,
2024		December 31,
2023		Inc/
(Dec)
Throughput for natural-gas assets (MMcf/d)
Operated
Delaware Basin1,761 1,704 3 %
DJ Basin1,372 1,341 2 %
Powder River Basin406 369 10 %
Other978 998 (2)%
Total operated throughput for natural-gas assets4,517 4,412 2 %
Non-operated
Equity investments508 489 4 %
Other139 147 (5)%
Total non-operated throughput for natural-gas assets647 636 2 %
Total throughput for natural-gas assets 5,164 5,048 2 %
Throughput for crude-oil and NGLs assets (MBbls/d)
Operated
Delaware Basin225 225 — %
DJ Basin87 81 7 %
Powder River Basin23 20 15 %
Other39 42 (7)%
Total operated throughput for crude-oil and NGLs assets374 368 2 %
Non-operated
Equity investments202 347 (42)%
Total non-operated throughput for crude-oil and NGLs assets202 347 (42)%
Total throughput for crude-oil and NGLs assets576 715 (19)%
Throughput for produced-water assets (MBbls/d)
Operated
Delaware Basin1,149 1,076 7 %
Total operated throughput for produced-water assets1,149 1,076 7 %

12
v3.24.1.u1
Cover Page
May 08, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 08, 2024
Entity Registrant Name WESTERN MIDSTREAM PARTNERS, LP
Entity Incorporation, State or Country Code DE
Entity File Number 001-35753
Entity Tax Identification Number 46-0967367
Entity Address, Address Line One 9950 Woodloch Forest Drive, Suite 2800
Entity Address, City or Town The Woodlands
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77380
City Area Code 346
Local Phone Number 786-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common units
Trading Symbol WES
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001423902
Amendment Flag false
Western Midstream Partners (NYSE:WES)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024 Western Midstream Partners 차트를 더 보려면 여기를 클릭.
Western Midstream Partners (NYSE:WES)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024 Western Midstream Partners 차트를 더 보려면 여기를 클릭.