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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024

Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to      
WESTERN MIDSTREAM PARTNERS, LP
WESTERN MIDSTREAM OPERATING, LP
(Exact name of registrant as specified in its charter)
Commission file number:State or other jurisdiction of incorporation or organization:I.R.S. Employer Identification No.:
Western Midstream Partners, LP001-35753Delaware46-0967367
Western Midstream Operating, LP001-34046Delaware26-1075808
Address of principal executive offices:Zip Code:Registrant’s telephone number, including area code:
Western Midstream Partners, LP9950 Woodloch Forest Drive, Suite 2800The Woodlands,Texas77380(346)786-5000
Western Midstream Operating, LP9950 Woodloch Forest Drive, Suite 2800The Woodlands,Texas77380(346)786-5000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of exchange
on which registered
Common units outstanding as of May 3, 2024:
Western Midstream Partners, LPCommon unitsWESNew York Stock Exchange380,490,963
Western Midstream Operating, LPNoneNoneNoneNone
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Western Midstream Partners, LPYes
þ
No
¨
Western Midstream Operating, LPYes
þ
No
¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Western Midstream Partners, LPYes
þ
No
¨
Western Midstream Operating, LPYes
þ
No
¨




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Western Midstream Partners, LPLarge Accelerated FilerAccelerated FilerNon-accelerated FilerSmaller Reporting CompanyEmerging Growth Company
þ
Western Midstream Operating, LPLarge Accelerated FilerAccelerated FilerNon-accelerated FilerSmaller Reporting CompanyEmerging Growth Company
þ
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.
Western Midstream Partners, LP¨
Western Midstream Operating, LP¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Western Midstream Partners, LPYesNo
þ
Western Midstream Operating, LPYes
No
þ

FILING FORMAT

This quarterly report on Form 10-Q is a combined report being filed by two separate registrants: Western Midstream Partners, LP and Western Midstream Operating, LP. Western Midstream Operating, LP is a consolidated subsidiary of Western Midstream Partners, LP that has publicly traded debt, but does not have any publicly traded equity securities. Information contained herein related to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrant.

Part I, Item 1 of this quarterly report includes separate financial statements (i.e., consolidated statements of operations, consolidated balance sheets, consolidated statements of equity and partners’ capital, and consolidated statements of cash flows) for Western Midstream Partners, LP and Western Midstream Operating, LP. The accompanying Notes to Consolidated Financial Statements, which are included under Part I, Item 1 of this quarterly report, and Management’s Discussion and Analysis of Financial Condition and Results of Operations, which is included under Part I, Item 2 of this quarterly report, are presented on a combined basis for each registrant, with any material differences between the registrants disclosed separately.



TABLE OF CONTENTS
PAGE
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
3


COMMONLY USED ABBREVIATIONS AND TERMS

References to “we,” “us,” “our,” “WES,” “the Partnership,” or “Western Midstream Partners, LP” refer to Western Midstream Partners, LP (formerly Western Gas Equity Partners, LP) and its subsidiaries. The following list of abbreviations and terms are used in this document:

Defined TermDefinition
AnadarkoAnadarko Petroleum Corporation and its subsidiaries, excluding our general partner, which became a wholly owned subsidiary of Occidental upon closing of the Occidental Merger on August 8, 2019.
Barrel, Bbl, Bbls/d, MBbls/d42 U.S. gallons measured at 60 degrees Fahrenheit, barrels per day, thousand barrels per day.
BoardThe board of directors of WES’s general partner.
ChipetaChipeta Processing, LLC, in which we are the managing member of and own a 75% interest.
CondensateA natural-gas liquid with a low vapor pressure compared to drip condensate, mainly composed of propane, butane, pentane, and heavier hydrocarbon fractions.
DBM water systemsProduced-water gathering and disposal systems in West Texas.
DJ Basin complex
The Platte Valley, Fort Lupton, Wattenberg, Lancaster, and Latham processing plants, and the Wattenberg gathering system.
EBITDA
Earnings before interest, taxes, depreciation, and amortization. For a definition of “Adjusted EBITDA,” see Reconciliation of Non-GAAP Financial Measures under Part I, Item 2 of this Form 10-Q.
Exchange ActThe Securities Exchange Act of 1934, as amended.
FRP
Front Range Pipeline LLC, in which we own a 33.33% interest.
GAAP
Generally accepted accounting principles in the United States.
General partner
Western Midstream Holdings, LLC, the general partner of the Partnership.
Imbalance
Imbalances result from (i) differences between gas and NGLs volumes nominated by customers and gas and NGLs volumes received from those customers and (ii) differences between gas and NGLs volumes received from customers and gas and NGLs volumes delivered to those customers.
Marcellus Interest
The 33.75% interest in the Larry’s Creek, Seely, and Warrensville gas-gathering systems and related facilities located in northern Pennsylvania that we sold in April 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
Mcf, MMcf, MMcf/d
Thousand cubic feet, million cubic feet, million cubic feet per day.
Meritage
Meritage Midstream Services II, LLC, which was acquired by the Partnership on October 13, 2023.
Mi Vida
Mi Vida JV LLC, in which we own a 50% interest.
MLP
Master limited partnership.
Mont Belvieu JV
Enterprise EF78 LLC, in which we owned a 25% interest that we sold in February 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
Natural-gas liquid(s) or NGL(s)
The combination of ethane, propane, normal butane, isobutane, and natural gasolines that, when removed from natural gas, become liquid under various levels of pressure and temperature.
Occidental
Occidental Petroleum Corporation and, as the context requires, its subsidiaries, excluding our general partner.
Panola
Panola Pipeline Company, LLC, in which we owned a 15% interest that we sold in March 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
Powder River Basin complex
The Hilight system and assets acquired from Meritage, which includes a gathering system, processing plants, and the Thunder Creek NGL pipeline (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
Produced water
Byproduct associated with the production of crude oil and natural gas that often contains a number of dissolved solids and other materials found in oil and gas reservoirs.
RCF
WES Operating’s $2.0 billion senior unsecured revolving credit facility.
Red Bluff Express
Red Bluff Express Pipeline, LLC, in which we own a 30% interest.
Related parties
Occidental, the Partnership’s equity interests (see Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q), and the Partnership and WES Operating for transactions that eliminate upon consolidation.
Rendezvous
Rendezvous Gas Services, LLC, in which we own a 22% interest.
4


Defined TermDefinition
Residue
The natural gas remaining after the unprocessed natural-gas stream has been processed or treated.
Saddlehorn
Saddlehorn Pipeline Company, LLC, in which we owned a 20% interest that we sold in March 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
SEC
U.S. Securities and Exchange Commission.
Services Agreement
That certain amended and restated Services, Secondment, and Employee Transfer Agreement, dated as of December 31, 2019, by and among Occidental, Anadarko, and WES Operating GP.
Skim oil
A crude-oil byproduct that is recovered during the produced-water gathering and disposal process.
Springfield system
The Springfield gas-gathering system and Springfield oil-gathering system.
TEG
Texas Express Gathering LLC, in which we own a 20% interest.
TEP
Texas Express Pipeline LLC, in which we own a 20% interest.
WES Operating
Western Midstream Operating, LP, formerly known as Western Gas Partners, LP, and its subsidiaries.
WES Operating GP
Western Midstream Operating GP, LLC, the general partner of WES Operating.
West Texas complex
The Delaware Basin Midstream complex and DBJV and Haley systems.
WGRAH
WGR Asset Holding Company LLC, a subsidiary of Occidental.
White Cliffs
White Cliffs Pipeline, LLC, in which we own a 10% interest.
Whitethorn LLC
Whitethorn Pipeline Company LLC, in which we owned a 20% interest that we sold in February 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
Whitethorn
A crude-oil and condensate pipeline, and related storage facilities, owned by Whitethorn LLC.
$1.25 billion Purchase Program
The $1.25 billion buyback program ending December 31, 2024. The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions.

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Table of Contents
PART I. FINANCIAL INFORMATION (UNAUDITED)

Item 1.  Financial Statements

WESTERN MIDSTREAM PARTNERS, LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended 
March 31,
thousands except per-unit amounts
20242023
Revenues and other
Service revenues – fee based$781,262 $647,867 
Service revenues – product based66,740 46,810 
Product sales39,292 39,025 
Other435 280 
Total revenues and other (1)
887,729 733,982 
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 impairments (2)
23 52,401 
Total operating expenses (3)
480,791 480,673 
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) (4)
559,500 198,959 
Net income (loss) per common unit – basic (4)
$1.47 $0.52 
Net income (loss) per common unit – diluted (4)
$1.47 $0.52 
Weighted-average common units outstanding – basic (4)
380,024 384,468 
Weighted-average common units outstanding – diluted (4)
381,628 385,750 
_________________________________________________________________________________________
(1)Total revenues and other includes related-party amounts of $499.8 million and $448.8 million for the three months ended March 31, 2024 and 2023, respectively. See Note 6.
(2)See Note 8.
(3)Total operating expenses includes related-party amounts of $(26.0) million and $(3.1) million for the three months ended March 31, 2024 and 2023, respectively, all primarily related to changes in imbalance positions. See Note 6.
(4)See Note 5.
6

Table of Contents
WESTERN MIDSTREAM PARTNERS, LP
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
thousands except number of unitsMarch 31,
2024
December 31,
2023
ASSETS
Current assets
Cash and cash equivalents$295,246 $272,787 
Accounts receivable, net720,351 666,637 
Other current assets50,750 52,986 
Total current assets1,066,347 992,410 
Property, plant, and equipment
Cost15,157,635 14,945,431 
Less accumulated depreciation5,432,343 5,290,415 
Net property, plant, and equipment9,725,292 9,655,016 
Goodwill4,783 4,783 
Other intangible assets673,491 681,408 
Equity investments546,078 904,535 
Other assets (1)
249,479 233,455 
Total assets (2)
$12,265,470 $12,471,607 
LIABILITIES, EQUITY, AND PARTNERS’ CAPITAL
Current liabilities
Accounts and imbalance payables$377,499 $362,451 
Short-term debt
108,394 617,748 
Accrued ad valorem taxes48,525 61,285 
Accrued liabilities173,721 262,572 
Total current liabilities708,139 1,304,056 
Long-term liabilities
Long-term debt
7,272,079 7,283,556 
Deferred income taxes15,698 15,468 
Asset retirement obligations366,755 359,185 
Other liabilities526,508 480,212 
Total long-term liabilities
8,181,040 8,138,421 
Total liabilities (3)
8,889,179 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 
Total partners’ capital3,236,875 2,897,424 
Noncontrolling interests139,416 131,706 
Total equity and partners’ capital3,376,291 3,029,130 
Total liabilities, equity, and partners’ capital$12,265,470 $12,471,607 
________________________________________________________________________________________
(1)Other assets includes $5.5 million and $5.7 million of NGLs line-fill inventory as of March 31, 2024, and December 31, 2023, respectively. Other assets also includes $107.1 million and $96.3 million of materials and supplies inventory as of March 31, 2024, and December 31, 2023, respectively.
(2)Total assets includes related-party amounts of $982.6 million and $1.3 billion as of March 31, 2024, and December 31, 2023, respectively, which includes related-party Accounts receivable, net of $389.7 million and $358.1 million as of March 31, 2024, and December 31, 2023, respectively. See Note 6.
(3)Total liabilities includes related-party amounts of $406.4 million and $378.8 million as of March 31, 2024, and December 31, 2023, respectively. See Note 6.

See accompanying Notes to Consolidated Financial Statements.
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WESTERN MIDSTREAM PARTNERS, LP
CONSOLIDATED STATEMENTS OF EQUITY AND PARTNERS’ CAPITAL
(UNAUDITED)
Partners’ Capital
thousandsCommon
Units
General Partner
Units
Noncontrolling
Interests
Total
Balance at December 31, 2023$2,894,231 $3,193 $131,706 $3,029,130 
Net income (loss)559,500 13,330 13,386 586,216 
Distributions to Chipeta noncontrolling interest owner  (1,085)(1,085)
Distributions to noncontrolling interest owner of WES Operating  (4,591)(4,591)
Distributions to Partnership unitholders(218,228)(5,210) (223,438)
Equity-based compensation expense
9,423   9,423 
Other(19,364)  (19,364)
Balance at March 31, 2024$3,225,562 $11,313 $139,416 $3,376,291 

Partners’ Capital
thousandsCommon
Units
General Partner
Units
Noncontrolling
Interests
Total
Balance at December 31, 2022$2,969,604 $2,105 $136,406 $3,108,115 
Net income (loss)198,959 4,686 4,696 208,341 
Distributions to Chipeta noncontrolling interest owner— — (2,240)(2,240)
Distributions to noncontrolling interest owner of WES Operating— — (4,271)(4,271)
Distributions to Partnership unitholders(192,039)(4,530)— (196,569)
Unit repurchases (1)
(7,061)— — (7,061)
Equity-based compensation expense
7,199 — — 7,199 
Other(11,950)— — (11,950)
Balance at March 31, 2023$2,964,712 $2,261 $134,591 $3,101,564 
_________________________________________________________________________________________
(1)See Note 5.
See accompanying Notes to Consolidated Financial Statements.
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Table of Contents
WESTERN MIDSTREAM PARTNERS, LP
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:
Depreciation and amortization157,991 144,626 
Long-lived asset and other impairments
23 52,401 
Non-cash equity-based compensation expense
9,423 7,199 
Deferred income taxes230 924 
Accretion and amortization of long-term obligations, net
2,190 1,692 
Equity income, net – related parties(32,819)(39,021)
Distributions from equity-investment earnings – related parties
29,304 39,609 
(Gain) loss on divestiture and other, net(239,617)2,118 
(Gain) loss on early extinguishment of debt(524) 
Other112 200 
Changes in assets and liabilities:
(Increase) decrease in accounts receivable, net(53,714)(4,037)
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net(100,383)(136,460)
Change in other items, net41,276 24,832 
Net cash provided by operating activities399,708 302,424 
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 (1)
(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 equivalents22,459 (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 
Supplemental disclosures
Interest paid, net of capitalized interest$130,885 $133,245 
Income taxes paid (reimbursements received) 1,270 
Accrued capital expenditures116,751 91,067 
_________________________________________________________________________________________
(1)Includes related-party amounts. See Note 6.
See accompanying Notes to Consolidated Financial Statements.
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Table of Contents
WESTERN MIDSTREAM OPERATING, LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended 
March 31,
thousands 20242023
Revenues and other
Service revenues – fee based$781,262 $647,867 
Service revenues – product based66,740 46,810 
Product sales39,292 39,025 
Other435 280 
Total revenues and other (1)
887,729 733,982 
Equity income, net – related parties32,819 39,021 
Operating expenses
Cost of product46,079 51,459 
Operation and maintenance194,939 174,239 
General and administrative67,479 50,885 
Property and other taxes13,920 6,831 
Depreciation and amortization157,991 144,626 
Long-lived asset and other impairments (2)
23 52,401 
Total operating expenses (3)
480,431 480,441 
Gain (loss) on divestiture and other, net239,617 (2,118)
Operating income (loss)679,734 290,444 
Interest expense(94,506)(81,670)
Gain (loss) on early extinguishment of debt524  
Other income (expense), net2,287 1,190 
Income (loss) before income taxes588,039 209,964 
Income tax expense (benefit)1,522 1,416 
Net income (loss)586,517 208,548 
Net income (loss) attributable to noncontrolling interest1,686 535 
Net income (loss) attributable to Western Midstream Operating, LP$584,831 $208,013 
________________________________________________________________________________________
(1)Total revenues and other includes related-party amounts of $499.8 million and $448.8 million for the three months ended March 31, 2024 and 2023, respectively. See Note 6.
(2)See Note 8.
(3)Total operating expenses includes related-party amounts of $(24.7) million and $(1.9) million for the three months ended March 31, 2024 and 2023, respectively, all primarily related to changes in imbalance positions. See Note 6.

See accompanying Notes to Consolidated Financial Statements.
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Table of Contents
WESTERN MIDSTREAM OPERATING, LP
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
thousands except number of unitsMarch 31,
2024
December 31,
2023
ASSETS
Current assets
Cash and cash equivalents$289,464 $268,184 
Accounts receivable, net738,487 666,615 
Other current assets48,888 50,468 
Total current assets1,076,839 985,267 
Property, plant, and equipment
Cost15,157,635 14,945,431 
Less accumulated depreciation5,432,343 5,290,415 
Net property, plant, and equipment9,725,292 9,655,016 
Goodwill4,783 4,783 
Other intangible assets673,491 681,408 
Equity investments546,078 904,535 
Other assets (1)
246,053 231,644 
Total assets (2)
$12,272,536 $12,462,653 
LIABILITIES, EQUITY, AND PARTNERS’ CAPITAL
Current liabilities
Accounts and imbalance payables$377,358 $392,752 
Short-term debt
108,394 617,748 
Accrued ad valorem taxes48,525 61,285 
Accrued liabilities143,026 203,461 
Total current liabilities677,303 1,275,246 
Long-term liabilities
Long-term debt
7,272,079 7,283,556 
Deferred income taxes15,698 15,468 
Asset retirement obligations366,755 359,185 
Other liabilities523,083 476,844 
Total long-term liabilities
8,177,615 8,135,053 
Total liabilities (3)
8,854,918 9,410,299 
Equity and partners’ capital
Common units (318,675,578 units issued and outstanding at March 31, 2024, and December 31, 2023)
3,391,694 3,027,031 
Total partners’ capital3,391,694 3,027,031 
Noncontrolling interest25,924 25,323 
Total equity and partners’ capital3,417,618 3,052,354 
Total liabilities, equity, and partners’ capital$12,272,536 $12,462,653 
_________________________________________________________________________________________
(1)Other assets includes $5.5 million and $5.7 million of NGLs line-fill inventory as of March 31, 2024, and December 31, 2023, respectively. Other assets also includes $107.1 million and $96.3 million of materials and supplies inventory as of March 31, 2024, and December 31, 2023, respectively.
(2)Total assets includes related-party amounts of $997.3 million and $1.3 billion as of March 31, 2024, and December 31, 2023, respectively, which includes related-party Accounts receivable, net of $407.9 million and $358.1 million as of March 31, 2024, and December 31, 2023, respectively. See Note 6.
(3)Total liabilities includes related-party amounts of $406.0 million and $409.5 million as of March 31, 2024, and December 31, 2023, respectively. See Note 6.
See accompanying Notes to Consolidated Financial Statements.
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Table of Contents
WESTERN MIDSTREAM OPERATING, LP
CONSOLIDATED STATEMENTS OF EQUITY AND PARTNERS’ CAPITAL
(UNAUDITED)
thousandsCommon
Units
Noncontrolling
Interest
Total
Balance at December 31, 2023$3,027,031 $25,323 $3,052,354 
Net income (loss)584,831 1,686 586,517 
Distributions to Chipeta noncontrolling interest owner (1,085)(1,085)
Distributions to WES Operating unitholders(229,446) (229,446)
Contributions of equity-based compensation from WES
9,278  9,278 
Balance at March 31, 2024$3,391,694 $25,924 $3,417,618 

thousandsCommon
Units
Noncontrolling
Interest
Total
Balance at December 31, 2022$3,092,012 $28,095 $3,120,107 
Net income (loss)208,013 535 208,548 
Distributions to Chipeta noncontrolling interest owner— (2,240)(2,240)
Distributions to WES Operating unitholders(213,513)— (213,513)
Contributions of equity-based compensation from WES
7,058 — 7,058 
Balance at March 31, 2023$3,093,570 $26,390 $3,119,960 
See accompanying Notes to Consolidated Financial Statements.
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Table of Contents
WESTERN MIDSTREAM OPERATING, LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Three Months Ended 
March 31,
thousands20242023
Cash flows from operating activities
Net income (loss)$586,517 $208,548 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization157,991 144,626 
Long-lived asset and other impairments
23 52,401 
Non-cash equity-based compensation expense
9,278 7,058 
Deferred income taxes230 924 
Accretion and amortization of long-term obligations, net
2,190 1,692 
Equity income, net – related parties(32,819)(39,021)
Distributions from equity-investment earnings – related parties
29,304 39,609 
(Gain) loss on divestiture and other, net(239,617)2,118 
(Gain) loss on early extinguishment of debt(524) 
Other112 200 
Changes in assets and liabilities:
(Increase) decrease in accounts receivable, net(71,872)(5,048)
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net(102,341)(148,148)
Change in other items, net42,177 26,009 
Net cash provided by operating activities380,649 290,968 
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 checks699 18,726 
Distributions to WES Operating unitholders (1)
(229,446)(213,513)
Distributions to Chipeta noncontrolling interest owner(1,085)(2,240)
Other(1,504)(796)
Net cash provided by (used in) financing activities(756,218)(290,961)
Net increase (decrease) in cash and cash equivalents21,280 (179,171)
Cash and cash equivalents at beginning of period268,184 286,101 
Cash and cash equivalents at end of period$289,464 $106,930 
Supplemental disclosures
Interest paid, net of capitalized interest$130,885 $133,245 
Income taxes paid (reimbursements received) 1,270 
Accrued capital expenditures116,751 91,067 
________________________________________________________________________________________
(1)Includes related-party amounts. See Note 6.
See accompanying Notes to Consolidated Financial Statements.
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Table of Contents
WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

General. Western Midstream Partners, LP is a Delaware master limited partnership formed in September 2012. Western Midstream Operating, LP (together with its subsidiaries, “WES Operating”) is a Delaware limited partnership formed in 2007 to acquire, own, develop, and operate midstream assets. Western Midstream Partners, LP owns, directly and indirectly, a 98.0% limited partner interest in WES Operating, and directly owns all of the outstanding equity interests of Western Midstream Operating GP, LLC, which holds the entire non-economic general partner interest in WES Operating.
For purposes of these consolidated financial statements, the “Partnership” refers to Western Midstream Partners, LP in its individual capacity or to Western Midstream Partners, LP and its subsidiaries, including Western Midstream Operating GP, LLC and WES Operating, as the context requires. “WES Operating GP” refers to Western Midstream Operating GP, LLC, individually as the general partner of WES Operating. The Partnership’s general partner, Western Midstream Holdings, LLC (the “general partner”), is a wholly owned subsidiary of Occidental Petroleum Corporation. “Occidental” refers to Occidental Petroleum Corporation, as the context requires, and its subsidiaries, excluding the general partner. “Anadarko” refers to Anadarko Petroleum Corporation and its subsidiaries, excluding Western Midstream Holdings, LLC. Anadarko became a wholly owned subsidiary of Occidental as a result of Occidental’s acquisition by merger of Anadarko on August 8, 2019. “Related parties” refers to Occidental (see Note 6), the Partnership’s investments accounted for under the equity method of accounting (see Note 7), and the Partnership and WES Operating for transactions that eliminate upon consolidation (see Note 6).
The Partnership is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids (“NGLs”), and crude oil; and gathering and disposing of produced water. In its capacity as a natural-gas processor, the Partnership also buys and sells natural gas, NGLs, and condensate on behalf of itself and its customers under certain contracts. As of March 31, 2024, the Partnership’s assets and investments consisted of the following:
Wholly
Owned and
Operated
Operated
Interests
Non-Operated
Interests
Equity
Interests
Gathering systems (1)
18 2 3 1 
Treating facilities38 3 — — 
Natural-gas processing plants/trains
24 3 — 1 
NGLs pipelines3 — — 4 
Natural-gas pipelines
6 — — 1 
Crude-oil pipelines
3 1 — 1 
_________________________________________________________________________________________
(1)Includes the DBM water systems.

These assets and investments are located in Texas, New Mexico, the Rocky Mountains (Colorado, Utah, and Wyoming), and North-central Pennsylvania.
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Table of Contents
WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Basis of presentation. The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of the Partnership and entities in which it holds a controlling financial interest, including WES Operating, WES Operating GP, proportionately consolidated interests, and equity investments (see table below). All significant intercompany transactions have been eliminated.
The following table outlines the ownership interests and the accounting method of consolidation used in the consolidated financial statements for entities not wholly owned (see Note 7):
Percentage Interest
Full consolidation
Chipeta (1)
75.00 %
Proportionate consolidation (2)
Springfield system50.10 %
Marcellus Interest systems33.75 %
Equity investments (3)
Mi Vida JV LLC (“Mi Vida”)50.00 %
Front Range Pipeline LLC (“FRP”)33.33 %
Red Bluff Express Pipeline, LLC (“Red Bluff Express”)30.00 %
Rendezvous Gas Services, LLC (“Rendezvous”)22.00 %
Texas Express Pipeline LLC (“TEP”)20.00 %
Texas Express Gathering LLC (“TEG”)20.00 %
White Cliffs Pipeline, LLC (“White Cliffs”)10.00 %
_________________________________________________________________________________________
(1)The 25% third-party interest in Chipeta Processing LLC (“Chipeta”) is reflected within noncontrolling interests in the consolidated financial statements. See Noncontrolling interests below.
(2)The Partnership proportionately consolidates its associated share of the assets, liabilities, revenues, and expenses attributable to these assets.
(3)Investments in non-controlled entities over which the Partnership exercises significant influence are accounted for under the equity method of accounting. “Equity-investment throughput” refers to the Partnership’s share of average throughput for these investments.

Certain information and note disclosures commonly included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying consolidated financial statements and notes should be read in conjunction with the Partnership’s 2023 Form 10-K, as filed with the SEC on February 21, 2024. Management believes that the disclosures made are adequate to make the information not misleading.
The consolidated financial results of WES Operating are included in the Partnership’s consolidated financial statements. Throughout these notes to consolidated financial statements, and to the extent material, any differences between the consolidated financial results of the Partnership and WES Operating are discussed separately. The Partnership’s consolidated financial statements differ from those of WES Operating primarily as a result of (i) the presentation of noncontrolling interest ownership (see Noncontrolling interests below), (ii) the elimination of WES Operating GP’s investment in WES Operating with WES Operating GP’s underlying capital account, (iii) the general and administrative expenses incurred by the Partnership, which are separate from, and in addition to, those incurred by WES Operating, (iv) the inclusion of the impact of Partnership equity balances and Partnership distributions, and (v) transactions between the Partnership and WES Operating that eliminate upon consolidation.
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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Presentation of the Partnership’s assets. The Partnership’s assets include assets owned and ownership interests accounted for by the Partnership under the equity method of accounting, through its 98.0% partnership interest in WES Operating, as of March 31, 2024 (see Note 7). The Partnership also owns and controls the entire non-economic general partner interest in WES Operating GP, and the Partnership’s general partner is owned by Occidental.

Use of estimates. In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, using historical experience and other reasonable methods. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Effects on the business, financial condition, and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information included herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements.

Noncontrolling interests. The Partnership’s noncontrolling interests in the consolidated financial statements consist of (i) the 25% third-party interest in Chipeta and (ii) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary. WES Operating’s noncontrolling interest in the consolidated financial statements consists of the 25% third-party interest in Chipeta. See Note 5.

Segments. The Partnership’s operations continue to be organized into a single operating segment, the assets of which gather, compress, treat, process, and transport natural gas; gather, stabilize, and transport condensate, NGLs, and crude oil; and gather and dispose of produced water in the United States.
In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The standard improves reportable segment disclosure requirements for public business entities primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit (referred to as the “significant expense principle”). The standard will become effective for the Partnership for the fiscal year 2024 annual financial statements and interim financial statements thereafter and will be applied retrospectively for all prior periods presented in the financial statements, with early adoption permitted. The Partnership plans to adopt the standard when it becomes effective beginning with the fiscal year 2024 annual financial statements. The Partnership is currently evaluating the impact this guidance will have on disclosures in the Notes to Consolidated Financial Statements. This standard will have no impact to the Partnership’s financial statements, but will result in additional disclosure.

Equity-based compensation. During the three months ended March 31, 2024, the Partnership issued 970,155 common units under its long-term incentive plans. Compensation expense was $9.4 million and $7.2 million for the three months ended March 31, 2024 and 2023, respectively.
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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
2. REVENUE FROM CONTRACTS WITH CUSTOMERS

The following table summarizes revenue from contracts with customers:
 Three Months Ended 
March 31,
thousands20242023
Revenue from customers
Service revenues – fee based$781,262 $647,867 
Service revenues – product based66,740 46,810 
Product sales39,292 39,025 
Total revenue from customers887,294 733,702
Revenue from other than customers
Other435 280 
Total revenues and other$887,729 $733,982 

Contract balances. Receivables from customers, which are included in Accounts receivable, net on the consolidated balance sheets were $711.0 million and $661.6 million as of March 31, 2024, and December 31, 2023, respectively.
Contract assets primarily relate to (i) revenue accrued but not yet billed under cost-of-service contracts with fixed and variable fees and (ii) accrued deficiency fees the Partnership expects to charge customers once the related performance periods are completed. The following table summarizes activity related to contract assets from contracts with customers:
thousands
Contract assets balance at December 31, 2023
$39,292 
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period(1,928)
Additional estimated revenues recognized1,974 
Contract assets balance at March 31, 2024
$39,338 
Contract assets at March 31, 2024
Other current assets$8,708 
Other assets30,630 
Total contract assets from contracts with customers$39,338 
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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
2. REVENUE FROM CONTRACTS WITH CUSTOMERS

Contract liabilities primarily relate to (i) fixed and variable fees under cost-of-service contracts that are received from customers for which revenue recognition is deferred, (ii) aid-in-construction payments received from customers that must be recognized over the expected period of customer benefit, and (iii) fees that are charged to customers for only a portion of the contract term and must be recognized as revenues over the expected period of customer benefit. The following table summarizes activity related to contract liabilities from contracts with customers:
thousands
Contract liabilities balance at December 31, 2023
$445,499 
Cash received or receivable, excluding revenues recognized during the period36,960 
Revenues recognized that were included in the contract liability balance at the beginning of the period(11,715)
Contract liabilities balance at March 31, 2024
$470,744 
Contract liabilities at March 31, 2024
Accrued liabilities$11,875 
Other liabilities458,869 
Total contract liabilities from contracts with customers$470,744 

Transaction price allocated to remaining performance obligations. Revenues expected to be recognized from certain performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2024, are presented in the table below. The Partnership applies the optional exemptions in Revenue from Contracts with Customers (Topic 606) and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied (or partially unsatisfied) performance obligations. Therefore, the following table represents only a portion of expected future revenues from existing contracts as most future revenues from customers are dependent on future variable customer volumes and, in some cases, variable commodity prices for those volumes.
thousands
Remainder of 2024
$881,845 
20251,113,716 
20261,029,954 
2027919,010 
2028712,825 
Thereafter2,001,043 
Total$6,658,393 

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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
3. ACQUISITIONS AND DIVESTITURES

Mont Belvieu JV, Whitethorn LLC, Panola, and Saddlehorn. During the first quarter of 2024, the Partnership closed on the sale of the following equity investments to third parties: (i) the 25.00% interest in Enterprise EF78 LLC (the “Mont Belvieu JV”), (ii) the 20.00% interest in Whitethorn Pipeline Company LLC (“Whitethorn LLC”), (iii) the 15.00% interest in Panola Pipeline Company, LLC (“Panola”), and (iv) the 20.00% interest in Saddlehorn Pipeline Company, LLC (“Saddlehorn”). The combined proceeds received in the first quarter of 2024 of $588.6 million includes $5.9 million in pro-rata distributions through closing, resulting in a net gain on sale of $239.7 million that was recorded as Gain (loss) on divestiture and other, net in the consolidated statement of operations. The sale of the interests in the Mont Belvieu JV and Whitethorn LLC also resolved outstanding legal proceedings associated with those assets.

Marcellus Interest systems. In April 2024, the Partnership closed on the sale of its 33.75% interest in the Marcellus Interest systems for proceeds of $206.2 million, resulting in an estimated net gain on sale of approximately $65.0 million that will be recorded as Gain (loss) on divestiture and other, net in the consolidated statement of operations during the second quarter of 2024. As of March 31, 2024, the Marcellus Interest systems satisfied criteria to be considered held for sale. At March 31, 2024, the consolidated balance sheet included current assets of $6.6 million, long-term assets of $142.7 million, current liabilities of $5.9 million, and long-term liabilities of $2.1 million associated with assets held for sale.

Meritage. On October 13, 2023, the Partnership closed on the acquisition of Meritage Midstream Services II, LLC (“Meritage”) for $885.0 million (subject to certain customary post-closing adjustments) funded with cash, including proceeds from the Partnership’s $600.0 million senior note issuance in September 2023 (see Note 10) and borrowings on the senior unsecured revolving credit facility (“RCF”). The cash purchase price, adjusted for working capital and certain customary post-closing adjustments and reduced by the $38.4 million of cash acquired (as presented in the table below), was $878.2 million.
The assets acquired, located in Converse, Campbell, and Johnson counties, Wyoming, include approximately 1,500 miles of high- and low-pressure natural-gas gathering pipelines, approximately 380 MMcf/d of natural-gas processing capacity, and the Thunder Creek NGL pipeline, which is a 120 mile, 38 MBbls/d FERC-regulated NGL pipeline that connects to the processing facility. The acquisition expands the Partnership’s existing Powder River Basin asset base, increasing total natural-gas processing capacity in that region to 440 MMcf/d.
The Meritage acquisition has been accounted for under the acquisition method of accounting. The assets acquired and liabilities assumed in the Meritage acquisition were recorded in the consolidated balance sheet at their estimated fair values as of the acquisition date. Results of operations attributable to the Meritage acquisition were included in the Partnership’s consolidated statements of operations beginning on the acquisition date in the fourth quarter of 2023.

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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
3. ACQUISITIONS AND DIVESTITURES

The following is the final acquisition-date fair value for the assets acquired and liabilities assumed in the Meritage acquisition on October 13, 2023.

thousands
Assets acquired:
Cash and cash equivalents$38,412 
Accounts receivable, net34,060 
Other current assets1,980 
Property, plant, and equipment926,347 
Other assets6,498 
Total assets acquired1,007,297 
Liabilities assumed:
Accounts payable and accrued liabilities
34,733 
Other current liabilities5,451 
Asset retirement obligation22,156 
Other liabilities28,356 
Total liabilities assumed
90,696 
Net assets acquired$916,601 

The acquisition-date fair values are based on an assessment of the fair value of the assets acquired and liabilities assumed in the Meritage acquisition using inputs that are not observable in the market and thus represent Level 3 inputs. The fair values of the processing plants, gathering system, and related facilities and equipment are based on market and cost approaches.

4. PARTNERSHIP DISTRIBUTIONS

Partnership distributions. Under its partnership agreement, the Partnership distributes all of its available cash to unitholders of record on the applicable record date within 55 days following each quarter’s end. The amount of available cash (beyond proper reserves as defined in the partnership agreement) generally is all cash on hand at the end of the quarter, plus, at the discretion of the general partner, working capital borrowings made subsequent to the end of such quarter, less the amount of cash reserves established by the general partner to provide for the proper conduct of the Partnership’s business, including (i) to fund future capital expenditures; (ii) to comply with applicable laws, debt instruments, or other agreements; or (iii) to provide funds for unitholder distributions for any one or more of the next four quarters. Working capital borrowings generally include borrowings made under a credit facility or similar financing arrangement and are intended to be repaid or refinanced within 12 months. In all cases, working capital borrowings are used solely for working capital purposes or to fund unitholder distributions.


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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
4. PARTNERSHIP DISTRIBUTIONS

The Board of Directors of the general partner (the “Board”) declared the following cash distributions to the Partnership’s unitholders for the periods presented:
thousands except per-unit amounts
Quarters Ended
Total Quarterly
Per-unit
Distribution
Total Quarterly
Cash Distribution
Distribution
Date
Record
Date
2023
March 31 (1)
$0.856 $336,987 May 15, 2023May 1, 2023
June 300.5625 221,442 August 14, 2023July 31, 2023
September 300.575 223,432 November 13, 2023November 1, 2023
December 310.575 223,438 February 13, 2024February 1, 2024
2024
March 31$0.875 $340,858 May 15, 2024May 1, 2024
_________________________________________________________________________________________
(1)Includes the regular quarterly distribution of $0.500 per unit, or $196.8 million, as well as the Enhanced Distribution of $0.356 per unit discussed below.

To facilitate the distribution of available cash, during 2022 the Partnership adopted a financial policy that provided for an additional distribution (“Enhanced Distribution”) to be paid in conjunction with the regular first-quarter distribution of the following year (beginning in 2023), in a target amount equal to Free cash flow generated in the prior year after subtracting Free cash flow used for the prior year’s debt repayments, regular-quarter distributions, and unit repurchases. In April 2023, the Board approved an Enhanced Distribution of $0.356 per unit, or $140.1 million, related to the Partnership’s 2022 performance, which was paid in conjunction with the regular first-quarter 2023 distribution on May 15, 2023.

WES Operating partnership distributions. WES Operating makes quarterly cash distributions to the Partnership and WGR Asset Holding Company LLC (“WGRAH”), a subsidiary of Occidental, in proportion to their share of limited partner interests in WES Operating. See Note 5. WES Operating made and/or declared the following cash distributions to its limited partners for the periods presented:
thousands
Quarters Ended
Total Quarterly
Cash Distribution
Distribution
Date
2023
March 31 (1)
$342,895 May 2023
June 30226,260 August 2023
September 30229,446 November 2023
December 31229,446 February 2024
2024
March 31$