0001423902-19-000052.txt : 20190730 0001423902-19-000052.hdr.sgml : 20190730 20190730162434 ACCESSION NUMBER: 0001423902-19-000052 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190730 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190730 DATE AS OF CHANGE: 20190730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Western Midstream Partners, LP CENTRAL INDEX KEY: 0001423902 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] IRS NUMBER: 261075656 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35753 FILM NUMBER: 19985783 BUSINESS ADDRESS: STREET 1: 1201 LAKE ROBBINS DRIVE CITY: THE WOODLANDS STATE: TX ZIP: 77380-7046 BUSINESS PHONE: 832-636-1000 MAIL ADDRESS: STREET 1: 1201 LAKE ROBBINS DRIVE CITY: THE WOODLANDS STATE: TX ZIP: 77380-7046 FORMER COMPANY: FORMER CONFORMED NAME: Western Gas Equity Partners, LP DATE OF NAME CHANGE: 20121023 FORMER COMPANY: FORMER CONFORMED NAME: WGR Holdings LLC DATE OF NAME CHANGE: 20080115 8-K 1 wes2019q28-kxer.htm WES FORM 8-K Document
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): July 30, 2019

WESTERN MIDSTREAM PARTNERS, LP
(Exact name of registrant as specified in its charter)
 
Delaware
(State or other jurisdiction
of incorporation or organization)
001-35753
(Commission
File Number)
46-0967367
(IRS Employer
Identification No.)
 
 
 
1201 Lake Robbins Drive
The Woodlands, Texas 77380-1046
(Address of principal executive office) (Zip Code)
 
 
 
(832) 636-6000
(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 class
 
Trading symbol
 
Name of exchange
on which registered
Common units
 
WES
 
New 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 July 30, 2019, Western Midstream Partners, LP issued a press release announcing second-quarter 2019 results. The press release is included in this report as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.



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:
July 30, 2019
By:
/s/ Robin H. Fielder
 
 
 
Robin H. Fielder
President and Chief Executive Officer


 EX-99.1 2 wes2019q28-kxerxex991.htm EXHIBIT 99.1 Exhibit


EXHIBIT 99.1
wesprlogo.jpg
WESTERN MIDSTREAM ANNOUNCES
SECOND-QUARTER 2019 RESULTS
ANNOUNCES UPDATED 2019 OUTLOOK AND NEW DJ COMMERCIAL CONTRACT
HOUSTON, July 30, 2019 – Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) today announced second-quarter 2019 financial and operating results. Net income (loss) available to limited partners for the second quarter of 2019 totaled $169.6 million, or $0.37 per common unit (diluted), with second-quarter 2019 Adjusted EBITDA(1) of $432.9 million and second-quarter 2019 Distributable cash flow(1) of $335.5 million. Net income (loss) and Adjusted EBITDA(1) do not include $12.0 million of cash received during the quarter associated with revenue recognition accounting standard ASC 606. Financial and operational information has been recast to include the financial position and results attributable to the assets acquired from Anadarko Petroleum Corporation in February 2019 (the “Anadarko Midstream Assets” or “AMA”) as if WES had owned them for all periods presented.
RECENT HIGHLIGHTS
•
Achieved record West Texas Complex gas throughput of 1.18 Bcf/d for second quarter
•
Achieved record DJ Basin Complex gas throughput of 1.27 Bcf/d for second quarter
•
Achieved record DJ Basin oil throughput of 112 MBbls/d for second quarter
•
Entered into accretive third-party processing contract for a portion of Latham II capacity fully backed by minimum volume commitments
•
Enhanced liquidity and financial flexibility by increasing senior unsecured term loan commitments by $1 billion and extending the facility maturity date to December 2020
WES previously declared a quarterly distribution of $0.6180 per unit for the second quarter of 2019. This distribution represented a 1.3% increase relative to the prior quarter’s distribution and a 6.1% increase relative to the second-quarter 2018 distribution. The second-quarter 2019 Coverage ratio(1) was 1.20 times.
“After another strong quarter, we continue to be pleased with the complementary assets and robust contract portfolio we have assembled in the Delaware and DJ basins,” said Chief Executive Officer, Robin Fielder. “We remain focused on safe and efficient operations as we near construction completion of our Latham plant and further expand our gathering systems in the DJ and Delaware basins.”
 
 
 
(1) Please see the tables at the end of this release for a reconciliation of GAAP to non-GAAP measures and calculation of the Coverage ratio.

1


Total throughput attributable to WES for natural gas assets(1) for the second quarter of 2019 averaged 4.3 Bcf/d, which was a 2% sequential increase and a 10% increase from the second quarter of 2018. Total throughput attributable to WES for crude oil, NGLs and produced water assets(1) for the second quarter of 2019 averaged 1,105 MBbls/d, which was flat sequentially and an 84% increase from the second quarter of 2018. Capital expenditures attributable to WES, including equity investments but excluding acquisitions and capitalized interest, totaled $352.7 million on a cash basis during the second quarter of 2019, with maintenance capital expenditures on a cash basis of $29.9 million.
NEW DJ BASIN GAS PROCESSING CONTRACT
Subsequent to quarter end, and in conjunction with the partial release of contracted affiliate volumes backing the Latham II gas processing plant, the Partnership entered into a seven-year commercial agreement with a third party for the remaining Latham II processing capacity. This contract maintains minimum volume commitments (“MVCs”) for 100% of the plant’s nameplate processing capacity while increasing the expected value and returns of the Latham investment.
“This accretive third-party commercial contract provides the Partnership valuable MVCs and an increase in contract term with a quality third party,” said Chief Operating Officer, Gennifer Kelly. “The completion of Latham trains I and II in the second half of 2019 will add to our premier gathering and processing position within the DJ basin.”
REVISED 2019 FULL-YEAR OUTLOOK
The Partnership is revising its 2019 outlook primarily related to the impacts of (i) lower Delaware Basin throughput forecasts due to higher customer field downtime and changing well delivery timing to our systems, (ii) lower natural gas and NGL prices, and (iii) lower estimated revenues from revised revenue recognition forecasts related to cost of service contracts.
“While recognizing the updates to our guidance, we remain confident in the long-term potential of our highly integrated asset base, including our diverse set of equity investments, and the core basins in which we operate,” said Fielder.
millions except percentages and Coverage ratio
Previously
Announced
 
Current
Adjusted EBITDA (2)
$1,800
-
$1,900
 
$1,675
-
$1,725
Total Capital Expenditures
$1,300
-
$1,400
 
Unchanged
Maintenance Capital Expenditures
$110
-
$120
 
$130
-
$140
Annual Distribution Growth
6% to 8%
 
5% to 6%
Annual Distribution Coverage
Minimum 1.20x
 
1.15x
 
 
 
(1) Excludes the 25% interest in Chipeta held by a third-party member and the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES’s noncontrolling interests as of June 30, 2019.
(2) A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income is not provided because the items necessary to estimate such amounts are not reasonably accessible or estimable at this time.

2


CONFERENCE CALL TOMORROW AT 8 A.M. CDT
WES will host a conference call on Wednesday, July 31, 2019, at 8:00 a.m. Central Daylight Time (9:00 a.m. Eastern Daylight Time) to discuss second-quarter 2019 results. Individuals who would like to participate should dial 877-883-0383 (Domestic) or 412-902-6506 (International) approximately 15 minutes before the scheduled conference call time, and enter participant access code 3434811. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership’s website at www.westernmidstream.com. A replay of the conference call will also be available on the website for two weeks following the call.
ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP (“WES”) is a Delaware master limited partnership formed by Anadarko Petroleum Corporation to acquire, own, develop and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing and transporting natural gas; gathering, stabilizing and transporting condensate, natural gas liquids and crude oil; and gathering and disposing of produced water for Anadarko, as well as for third-party customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs and condensate on behalf of itself and as agent for its customers under certain of its contracts.

For more information about Western Midstream Partners, LP, please visit www.westernmidstream.com.

This news release contains forward-looking statements. WES’s management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been 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 the ability to meet financial guidance or distribution growth expectations; the 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 ability to meet projected in-service dates for capital growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the “Risk Factors” section of WES’s most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission and in its other public filings and press releases. Western Midstream Partners, LP undertakes no obligation to publicly update or revise any forward-looking statements.
# # #

WESTERN MIDSTREAM CONTACT
Jack Spinks
Manager, Investor Relations
jack.spinks@anadarko.com
832.636.6000


3


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

Below are reconciliations of (i) net income (loss) (GAAP) to WES’s Distributable cash flow (non-GAAP), (ii) net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA attributable to Western Midstream Partners, LP (“Adjusted EBITDA”) (non-GAAP), and (iii) operating income (loss) (GAAP) to Adjusted gross margin attributable to Western Midstream Partners, LP (“Adjusted gross margin”) (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that WES’s Distributable cash flow, Adjusted EBITDA, Adjusted gross margin, and Coverage ratio are widely accepted financial indicators of WES’s financial performance compared to other publicly traded partnerships and are useful in assessing its ability to incur and service debt, fund capital expenditures and make distributions. Distributable cash flow, Adjusted EBITDA, Adjusted gross margin and Coverage ratio, as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES’s Distributable cash flow, Adjusted EBITDA, Adjusted gross margin and Coverage ratio should be considered in conjunction with net income (loss) attributable to Western Midstream Partners, LP and other applicable performance measures, such as operating income (loss) or cash flows from operating activities.
WES defines “Distributable cash flow” as Adjusted EBITDA, plus interest income and the net settlement amounts from the sale and/or purchase of natural gas, condensate and NGLs under WES Operating’s commodity price swap agreements to the extent such amounts are not recognized as Adjusted EBITDA, less Service revenues – fee based recognized in Adjusted EBITDA (less than) in excess of customer billings, net cash paid (or to be paid) for interest expense (including amortization of deferred debt issuance costs originally paid in cash, offset by non-cash capitalized interest), maintenance capital expenditures, and income taxes and excluding Distributable cash flow attributable to noncontrolling interests to the extent such amounts are not excluded from Adjusted EBITDA.
WES defines Adjusted EBITDA as net income (loss), plus distributions from equity investments, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impairments, and other expense (including lower of cost or market inventory adjustments recorded in cost of product), less gain (loss) on divestiture and other, net, income from equity investments, interest income, income tax benefit, and other income and excluding the noncontrolling interests owners’ proportionate share of revenues and expenses.
WES defines Adjusted gross margin as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interests owners’ proportionate share of revenues and cost of product.


4


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

Distributable Cash Flow
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
thousands except Coverage ratio
 
2019
 
2018 (1)
 
2019
 
2018 (1)
Reconciliation of Net income (loss) to Distributable cash flow and calculation of the Coverage ratio
 
 
 
 
 
 
 
 
Net income (loss)
 
$
175,058

 
$
67,167

 
$
387,037

 
$
248,177

Add:
 
 
 
 
 
 
 
 
Distributions from equity investments
 
70,522

 
38,731

 
132,535

 
79,157

Non-cash equity-based compensation expense
 
4,343

 
2,000

 
6,141

 
4,152

Income tax (benefit) expense
 
1,278

 
10,304

 
11,370

 
21,188

Depreciation and amortization
 
121,117

 
88,488

 
235,063

 
173,278

Impairments
 
797

 
127,184

 
1,187

 
127,384

Above-market component of swap agreements with Anadarko
 
—

 
13,839

 
7,407

 
28,121

Other expense
 
58,639

 
8

 
93,852

 
151

Less:
 
 
 
 
 
 
 
 
Recognized Service revenues – fee based (less than) in excess of customer billings
 
(12,038
)
 
1,557

 
(18,296
)
 
2,957

Gain (loss) on divestiture and other, net
 
(1,061
)
 
170

 
(1,651
)
 
286

Equity income, net – affiliates
 
63,598

 
49,430

 
121,590

 
79,659

Cash paid for maintenance capital expenditures
 
29,899

 
27,689

 
65,590

 
48,917

Capitalized interest
 
6,342

 
9,872

 
12,547

 
16,834

Cash paid for (reimbursement of) income taxes
 
—

 
—

 
96

 
(87
)
Other income
 
—

 
1,277

 
—

 
2,094

Distributable cash flow attributable to noncontrolling interests (2)
 
9,529

 
8,605

 
19,063

 
17,739

Distributable cash flow
 
$
335,485

 
$
249,121

 
$
675,653

 
$
513,209

Distributions declared
 
 
 
 
 
 
 
 
Distributions from WES Operating
 
$
282,319

 
 
 
$
559,923

 
 
Less: Cash reserve for the proper conduct of WES’s business
 
2,360

 
 
 
3,640

 
 
Distributions to WES unitholders (3)
 
$
279,959

 
 
 
$
556,283

 
 
Coverage ratio
 
1.20

x
 
 
1.21

x
 
(1) 
Financial information has been recast to include the financial position and results attributable to AMA.
(2) 
For all periods presented, includes (i) the 25% interest in Chipeta held by a third-party member and (ii) the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES’s noncontrolling interests as of June 30, 2019.
(3) 
Reflects cash distributions of $0.61800 and $1.22800 per unit declared for the three and six months ended June 30, 2019, respectively.


5


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

Adjusted EBITDA
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
thousands
 
2019
 
2018 (1)
 
2019
 
2018 (1)
Reconciliation of Net income (loss) to Adjusted EBITDA
 
 
 
 
 
 
 
 
Net income (loss)
 
$
175,058

 
$
67,167

 
$
387,037

 
$
248,177

Add:
 
 
 
 
 
 
 
 
Distributions from equity investments
 
70,522

 
38,731

 
132,535

 
79,157

Non-cash equity-based compensation expense
 
4,343

 
2,000

 
6,141

 
4,152

Interest expense
 
79,472

 
42,245

 
145,348

 
80,260

Income tax expense
 
1,278

 
10,304

 
11,370

 
21,188

Depreciation and amortization
 
121,117

 
88,488

 
235,063

 
173,278

Impairments
 
797

 
127,184

 
1,187

 
127,384

Other expense
 
58,639

 
8

 
93,852

 
151

Less:
 
 
 
 
 
 
 
 
Gain (loss) on divestiture and other, net
 
(1,061
)
 
170

 
(1,651
)
 
286

Equity income, net – affiliates
 
63,598

 
49,430

 
121,590

 
79,659

Interest income – affiliates
 
4,225

 
4,225

 
8,450

 
8,450

Other income
 
—

 
1,277

 
—

 
2,094

Adjusted EBITDA attributable to noncontrolling interests (2)
 
11,544

 
9,881

 
22,894

 
19,974

Adjusted EBITDA
 
$
432,920

 
$
311,144

 
$
861,250

 
$
623,284

Reconciliation of Net cash provided by operating activities to Adjusted EBITDA
 
 
 
 
 
 
 
 
Net cash provided by operating activities
 
$
343,458

 
$
329,175

 
$
686,531

 
$
629,326

Interest (income) expense, net
 
75,247

 
38,020

 
136,898

 
71,810

Uncontributed cash-based compensation awards
 
1,218

 
465

 
648

 
987

Accretion and amortization of long-term obligations, net
 
(1,337
)
 
(1,273
)
 
(2,848
)
 
(3,376
)
Current income tax (benefit) expense
 
458

 
(14,335
)
 
6,485

 
(27,670
)
Other (income) expense, net (3)
 
(470
)
 
(1,277
)
 
(902
)
 
(2,094
)
Distributions from equity investments in excess of cumulative earnings – affiliates
 
9,260

 
4,782

 
17,052

 
13,632

Changes in assets and liabilities:
 
 
 
 
 
 
 
 
Accounts receivable, net
 
6,818

 
(21,060
)
 
(2,668
)
 
8,572

Accounts and imbalance payables and accrued liabilities, net
 
25,669

 
(13,136
)
 
81,198

 
(42,040
)
Other items, net
 
(15,857
)
 
(336
)
 
(38,250
)
 
(5,889
)
Adjusted EBITDA attributable to noncontrolling interests (2)
 
(11,544
)
 
(9,881
)
 
(22,894
)
 
(19,974
)
Adjusted EBITDA
 
$
432,920

 
$
311,144

 
$
861,250

 
$
623,284

Cash flow information
 
 
 
 
 
 
 
 
Net cash provided by operating activities
 
 
 
 
 
$
686,531

 
$
629,326

Net cash used in investing activities
 
 
 
 
 
(2,865,168
)
 
(1,287,904
)
Net cash provided by (used in) financing activities
 
 
 
 
 
2,182,290

 
634,307

(1) 
Financial information has been recast to include the financial position and results attributable to AMA.
(2) 
For all periods presented, includes (i) the 25% interest in Chipeta held by a third-party member and (ii) the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES’s noncontrolling interests as of June 30, 2019.
(3) 
Excludes non-cash losses on interest-rate swaps of $59.0 million and $94.6 million for the three and six months ended June 30, 2019.

6


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

Adjusted Gross Margin
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
thousands
 
2019
 
2018 (1)
 
2019
 
2018 (1)
Reconciliation of Operating income (loss) to Adjusted gross margin
 
 
 
 
 
 
 
 
Operating income (loss)
 
$
310,060

 
$
114,214

 
$
628,988

 
$
339,081

Add:
 
 
 
 
 
 
 
 
Distributions from equity investments
 
70,522

 
38,731

 
132,535

 
79,157

Operation and maintenance
 
148,431

 
112,789

 
291,260

 
209,584

General and administrative
 
30,027

 
15,597

 
52,871

 
31,426

Property and other taxes
 
14,282

 
13,750

 
30,567

 
28,350

Depreciation and amortization
 
121,117

 
88,488

 
235,063

 
173,278

Impairments
 
797

 
127,184

 
1,187

 
127,384

Less:
 
 
 
 
 
 
 
 
Gain (loss) on divestiture and other, net
 
(1,061
)
 
170

 
(1,651
)
 
286

Equity income, net – affiliates
 
63,598

 
49,430

 
121,590

 
79,659

Reimbursed electricity-related charges recorded as revenues
 
20,189

 
17,262

 
36,778

 
32,719

Adjusted gross margin attributable to noncontrolling interests (2)
 
16,034

 
13,018

 
31,584

 
25,889

Adjusted gross margin
 
$
596,476

 
$
430,873

 
$
1,184,170

 
$
849,707

Adjusted gross margin for natural gas assets
 
$
412,494

 
$
336,440

 
$
824,922

 
$
672,054

Adjusted gross margin for crude oil, NGLs and produced water assets
 
183,982

 
94,433

 
359,248

 
177,653

(1) 
Financial information has been recast to include the financial position and results attributable to AMA.
(2) 
For all periods presented, includes (i) the 25% interest in Chipeta held by a third-party member and (ii) the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES’s noncontrolling interests as of June 30, 2019.

7


Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
thousands except per-unit amounts
 
2019
 
2018 (1)
 
2019
 
2018 (1)
Revenues and other
 
 
 
 
 
 
 
 
Service revenues – fee based
 
$
593,544

 
$
431,861

 
$
1,173,518

 
$
825,634

Service revenues – product based
 
16,675

 
22,662

 
36,054

 
46,085

Product sales
 
74,469

 
63,315

 
146,602

 
146,940

Other
 
366

 
240

 
763

 
473

Total revenues and other
 
685,054

 
518,078

 
1,356,937

 
1,019,132

Equity income, net – affiliates
 
63,598

 
49,430

 
121,590

 
79,659

Operating expenses
 
 
 
 
 
 
 
 
Cost of product
 
122,877

 
95,656

 
236,940

 
189,974

Operation and maintenance
 
148,431

 
112,789

 
291,260

 
209,584

General and administrative
 
30,027

 
15,597

 
52,871

 
31,426

Property and other taxes
 
14,282

 
13,750

 
30,567

 
28,350

Depreciation and amortization
 
121,117

 
88,488

 
235,063

 
173,278

Impairments
 
797

 
127,184

 
1,187

 
127,384

Total operating expenses
 
437,531

 
453,464

 
847,888

 
759,996

Gain (loss) on divestiture and other, net
 
(1,061
)
 
170

 
(1,651
)
 
286

Operating income (loss)
 
310,060

 
114,214

 
628,988

 
339,081

Interest income – affiliates
 
4,225

 
4,225

 
8,450

 
8,450

Interest expense
 
(79,472
)
 
(42,245
)
 
(145,348
)
 
(80,260
)
Other income (expense), net (2)
 
(58,477
)
 
1,277

 
(93,683
)
 
2,094

Income (loss) before income taxes
 
176,336

 
77,471

 
398,407

 
269,365

Income tax expense (benefit)
 
1,278

 
10,304

 
11,370

 
21,188

Net income (loss)
 
175,058

 
67,167

 
387,037

 
248,177

Net income (loss) attributable to noncontrolling interests
 
5,464

 
(33,017
)
 
98,783

 
16,466

Net income (loss) attributable to Western Midstream Partners, LP
 
$
169,594

 
$
100,184

 
$
288,254

 
$
231,711

Limited partners’ interest in net income (loss):
 
 
 
 
 
 
 
 
Net income (loss) attributable to Western Midstream Partners, LP
 
$
169,594

 
$
100,184

 
$
288,254

 
$
231,711

Pre-acquisition net (income) loss allocated to Anadarko
 
(163
)
 
(32,604
)
 
(29,279
)
 
(63,126
)
Limited partners’ interest in net income (loss)
 
$
169,431

 
$
67,580

 
$
258,975

 
$
168,585

Net income (loss) per common unit – basic and diluted
 
$
0.37

 
$
0.31

 
$
0.69

 
$
0.77

Weighted-average common units outstanding – basic and diluted
 
453,000

 
218,934

 
376,702

 
218,934

(1) 
Financial information has been recast to include the financial position and results attributable to AMA.
(2) 
Includes non-cash losses on interest-rate swaps of $59.0 million and $94.6 million for the three and six months ended June 30, 2019, respectively.

8


Western Midstream Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except number of units
 
June 30, 
 2019
 
December 31, 
 2018 (1)
Total current assets
 
$
336,185

 
$
340,362

Note receivable – Anadarko
 
260,000

 
260,000

Net property, plant and equipment
 
8,793,646

 
8,410,353

Other assets
 
2,590,700

 
2,446,490

Total assets
 
$
11,980,531

 
$
11,457,205

Total current liabilities
 
$
499,316

 
$
637,477

Long-term debt
 
7,489,448

 
4,787,381

APCWH Note Payable
 
—

 
427,493

Asset retirement obligations
 
320,073

 
300,024

Other liabilities
 
180,484

 
412,147

Total liabilities
 
8,489,321

 
6,564,522

Equity and partners’ capital
 
 
 
 
Common units (453,008,854 and 218,937,797 units issued and outstanding at June 30, 2019, and December 31, 2018, respectively)
 
3,338,646

 
951,888

Net investment by Anadarko
 
—

 
1,388,018

Noncontrolling interests
 
152,564

 
2,552,777

Total liabilities, equity and partners’ capital
 
$
11,980,531

 
$
11,457,205

(1) 
Financial information has been recast to include the financial position and results attributable to AMA.

9


Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
Six Months Ended 
 June 30,
thousands
 
2019
 
2018 (1)
Cash flows from operating activities
 
 
 
 
Net income (loss)
 
$
387,037

 
$
248,177

Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:
 
 
 
 
Depreciation and amortization
 
235,063

 
173,278

Impairments
 
1,187

 
127,384

(Gain) loss on divestiture and other, net
 
1,651

 
(286
)
(Gain) loss on interest-rate swaps
 
94,585

 
—

Change in other items, net
 
(32,992
)
 
80,773

Net cash provided by operating activities
 
$
686,531

 
$
629,326

Cash flows from investing activities
 
 
 
 
Capital expenditures
 
$
(704,425
)
 
$
(1,112,474
)
Acquisitions from affiliates
 
(2,007,501
)
 
—

Acquisitions from third parties
 
(93,303
)
 
(161,858
)
Investments in equity affiliates
 
(77,333
)
 
(27,490
)
Distributions from equity investments in excess of cumulative earnings – affiliates
 
17,052

 
13,632

Proceeds from the sale of assets to third parties
 
342

 
286

Net cash used in investing activities
 
$
(2,865,168
)
 
$
(1,287,904
)
Cash flows from financing activities
 
 
 
 
Borrowings, net of debt issuance costs
 
$
2,710,750

 
$
1,525,439

Repayments of debt (3)
 
(467,595
)
 
(630,000
)
Increase (decrease) in outstanding checks
 
(5,662
)
 
(5,357
)
Registration expenses related to the issuance of Partnership common units
 
(855
)
 
—

Distributions to Partnership unitholders (4)
 
(408,234
)
 
(244,658
)
Distributions to Chipeta noncontrolling interest owner
 
(3,793
)
 
(6,421
)
Distributions to noncontrolling interest owners of WES Operating
 
(106,666
)
 
(190,081
)
Net contributions from (distributions to) Anadarko
 
456,938

 
157,264

Above-market component of swap agreements with Anadarko
 
7,407

 
28,121

Net cash provided by (used in) financing activities
 
$
2,182,290

 
$
634,307

Net increase (decrease) in cash and cash equivalents
 
$
3,653

 
$
(24,271
)
Cash and cash equivalents at beginning of period
 
92,142

 
79,588

Cash and cash equivalents at end of period
 
$
95,795

 
$
55,317

(1) 
Financial information has been recast to include the financial position and results attributable to AMA.

10


Western Midstream Partners, LP
OPERATING STATISTICS
(Unaudited)
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2019
 
2018 (1)
 
2019
 
2018 (1)
Throughput for natural gas assets (MMcf/d)
 
 
 
 
 
 
 
 
Gathering, treating and transportation
 
528

 
540

 
527

 
524

Processing
 
3,524

 
3,243

 
3,498

 
3,173

Equity investment (2)
 
402

 
296

 
390

 
295

Total throughput for natural gas assets
 
4,454

 
4,079

 
4,415

 
3,992

Throughput attributable to noncontrolling interests for natural gas assets (3)
 
178

 
174

 
177

 
173

Total throughput attributable to Western Midstream Partners, LP for natural gas assets
 
4,276

 
3,905

 
4,238

 
3,819

Throughput for crude oil, NGLs and produced water assets (MBbls/d)
 
 
 
 
 
 
 
 
Gathering, treating, transportation and disposal
 
817

 
392

 
819

 
371

Equity investment (4)
 
311

 
219

 
308

 
187

Total throughput for crude oil, NGLs and produced water assets
 
1,128

 
611

 
1,127

 
558

Throughput attributable to noncontrolling interests for crude oil, NGLs and produced water assets (3)
 
23

 
12

 
23

 
11

Total throughput attributable to Western Midstream Partners, LP for crude oil, NGLs and produced water assets
 
1,105

 
599

 
1,104

 
547

Adjusted gross margin per Mcf for natural gas assets (5)
 
$
1.06

 
$
0.95

 
$
1.08

 
$
0.97

Adjusted gross margin per Bbl for crude oil, NGLs and produced water assets (6)
 
1.85

 
1.75

 
1.80

 
1.79

(1) 
Throughput and Adjusted gross margin have been recast to include the results attributable to AMA.
(2) 
Represents the 14.81% share of average Fort Union throughput, 22% share of average Rendezvous throughput, 50% share of average Mi Vida and Ranch Westex throughput, and 30% share of average Red Bluff Express throughput.
(3) 
For all periods presented, includes (i) the 25% interest in Chipeta held by a third-party member and (ii) the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES’s noncontrolling interests as of June 30, 2019.
(4) 
Represents the 10% share of average White Cliffs throughput, 25% share of average Mont Belvieu JV throughput, 20% share of average TEG, TEP, Whitethorn and Saddlehorn throughput, 33.33% share of average FRP throughput and 15% share of average Panola throughput.
(5) 
Average for period. Calculated as Adjusted gross margin for natural gas assets, divided by total throughput (MMcf/d) attributable to Western Midstream Partners, LP for natural gas assets.
(6) 
Average for period. Calculated as Adjusted gross margin for crude oil, NGLs and produced water assets, divided by total throughput (MBbls/d) attributable to Western Midstream Partners, LP for crude oil, NGLs and produced water assets.


11


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

 
 
Three Months Ended June 30,
 
 
2019
 
2018 (1)
 
2019
 
2018 (1)
 
2019
 
2018 (1)
 
 
Natural gas
(MMcf/d)
 
Crude oil & NGLs
(MBbls/d)
Produced water
(MBbls/d)
Delaware Basin
 
1,179

 
1,044

 
141

 
128

 
515

 
99

DJ Basin
 
1,266

 
1,119

 
112

 
108

 
—

 
—

Equity investments
 
402

 
296

 
310

 
219

 
—

 
—

Other
 
1,607

 
1,620

 
50

 
57

 
—

 
—

Total throughput
 
4,454

 
4,079

 
613

 
512

 
515

 
99

 
 
Six Months Ended June 30,
 
 
2019
 
2018 (1)
 
2019
 
2018 (1)
 
2019
 
2018 (1)
 
 
Natural gas
(MMcf/d)
 
Crude oil & NGLs
(MBbls/d)
 
Produced water
(MBbls/d)
Delaware Basin
 
1,178

 
982

 
143

 
120

 
516

 
89

DJ Basin
 
1,262

 
1,113

 
107

 
105

 
—

 
—

Equity investments
 
390

 
295

 
308

 
187

 
—

 
—

Other
 
1,585

 
1,602

 
53

 
57

 
—

 
—

Total throughput
 
4,415

 
3,992

 
611

 
469

 
516

 
89

(1) 
Throughput has been recast to include the results attributable to AMA.


12
 GRAPHIC 3 wesprlogo.jpg begin 644 wesprlogo.jpg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end