(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading symbol | Name of exchange on which registered | ||||||||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
WESTERN MIDSTREAM PARTNERS, LP | ||||||||||||||
By: | Western Midstream Holdings, LLC, its general partner | |||||||||||||
Dated: | February 23, 2021 | By: | /s/ Michael P. Ure | |||||||||||
Michael P. Ure President, Chief Executive Officer and Chief Financial Officer |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
thousands | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Reconciliation of Net cash provided by operating activities to Free cash flow | ||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 505,525 | $ | 297,415 | $ | 1,637,418 | $ | 1,324,100 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Capital expenditures | 50,829 | 241,563 | 423,091 | 1,188,829 | ||||||||||||||||||||||
Contributions to equity investments – related parties | 371 | 20,275 | 19,388 | 128,393 | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 10,410 | 9,053 | 32,160 | 30,256 | ||||||||||||||||||||||
Free cash flow | $ | 464,735 | $ | 44,630 | $ | 1,227,099 | $ | 37,134 | ||||||||||||||||||
Cash flow information | ||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,637,418 | $ | 1,324,100 | ||||||||||||||||||||||
Net cash used in investing activities | (448,254) | (3,387,853) | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (844,204) | 2,071,573 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
thousands | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Reconciliation of Net income (loss) to Adjusted EBITDA | ||||||||||||||||||||||||||
Net income (loss) | $ | 270,776 | $ | 295,440 | $ | 516,852 | $ | 807,700 | ||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Distributions from equity investments | 69,231 | 61,288 | 278,797 | 264,828 | ||||||||||||||||||||||
Non-cash equity-based compensation expense | 5,935 | 4,114 | 22,462 | 14,392 | ||||||||||||||||||||||
Interest expense | 101,247 | 79,414 | 380,058 | 303,286 | ||||||||||||||||||||||
Income tax expense | 2,206 | 793 | 10,278 | 13,472 | ||||||||||||||||||||||
Depreciation and amortization | 106,398 | 120,278 | 491,086 | 483,255 | ||||||||||||||||||||||
Impairments (1) | 3,314 | 1,985 | 644,906 | 6,279 | ||||||||||||||||||||||
Other expense | — | — | 1,953 | 161,813 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gain (loss) on divestiture and other, net | 12,285 | (3) | 8,634 | (1,406) | ||||||||||||||||||||||
Gain (loss) on early extinguishment of debt | 862 | — | 11,234 | — | ||||||||||||||||||||||
Equity income, net – related parties | 49,962 | 62,035 | 226,750 | 237,518 | ||||||||||||||||||||||
Interest income – Anadarko note receivable | — | 4,225 | 11,736 | 16,900 | ||||||||||||||||||||||
Other income | 412 | 37,792 | 2,785 | 37,792 | ||||||||||||||||||||||
Income tax benefit | — | — | 4,280 | — | ||||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests (2) | 11,606 | 11,636 | 50,607 | 45,131 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 483,980 | $ | 447,627 | $ | 2,030,366 | $ | 1,719,090 | ||||||||||||||||||
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA | ||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 505,525 | $ | 297,415 | $ | 1,637,418 | $ | 1,324,100 | ||||||||||||||||||
Interest (income) expense, net | 101,247 | 75,189 | 368,322 | 286,386 | ||||||||||||||||||||||
Uncontributed cash-based compensation awards | — | (1,891) | — | (1,102) | ||||||||||||||||||||||
Accretion and amortization of long-term obligations, net | (2,172) | (1,942) | (8,654) | (8,441) | ||||||||||||||||||||||
Current income tax expense (benefit) | 1,303 | (215) | 2,702 | 5,863 | ||||||||||||||||||||||
Other (income) expense, net (3) | (413) | (152) | (1,025) | (1,549) | ||||||||||||||||||||||
Cash paid to settle interest-rate swaps | 6,440 | 107,685 | 25,621 | 107,685 | ||||||||||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 10,410 | 9,053 | 32,160 | 30,256 | ||||||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||||
Accounts receivable, net | 1,350 | 35,283 | 193,688 | 45,033 | ||||||||||||||||||||||
Accounts and imbalance payables and accrued liabilities, net | (106,623) | (38,524) | (144,437) | 30,866 | ||||||||||||||||||||||
Other items, net | (21,481) | (22,638) | (24,822) | (54,876) | ||||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests (2) | (11,606) | (11,636) | (50,607) | (45,131) | ||||||||||||||||||||||
Adjusted EBITDA | $ | 483,980 | $ | 447,627 | $ | 2,030,366 | $ | 1,719,090 | ||||||||||||||||||
Cash flow information | ||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,637,418 | $ | 1,324,100 | ||||||||||||||||||||||
Net cash used in investing activities | (448,254) | (3,387,853) | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (844,204) | 2,071,573 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
thousands | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Reconciliation of Operating income (loss) to Adjusted gross margin | ||||||||||||||||||||||||||
Operating income (loss) | $ | 372,954 | $ | 333,630 | $ | 878,913 | $ | 1,231,343 | ||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Distributions from equity investments | 69,231 | 61,288 | 278,797 | 264,828 | ||||||||||||||||||||||
Operation and maintenance | 144,204 | 173,387 | 580,874 | 641,219 | ||||||||||||||||||||||
General and administrative | 37,303 | 30,951 | 155,769 | 114,591 | ||||||||||||||||||||||
Property and other taxes | 11,077 | 15,504 | 68,340 | 61,352 | ||||||||||||||||||||||
Depreciation and amortization | 106,398 | 120,278 | 491,086 | 483,255 | ||||||||||||||||||||||
Impairments (1) | 3,314 | 1,985 | 644,906 | 6,279 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gain (loss) on divestiture and other, net | 12,285 | (3) | 8,634 | (1,406) | ||||||||||||||||||||||
Equity income, net – related parties | 49,962 | 62,035 | 226,750 | 237,518 | ||||||||||||||||||||||
Reimbursed electricity-related charges recorded as revenues | 18,161 | 13,882 | 79,261 | 74,629 | ||||||||||||||||||||||
Adjusted gross margin attributable to noncontrolling interests (2) | 15,669 | 16,846 | 65,835 | 64,049 | ||||||||||||||||||||||
Adjusted gross margin | $ | 648,404 | $ | 644,263 | $ | 2,718,205 | $ | 2,428,077 | ||||||||||||||||||
Adjusted gross margin for natural-gas assets | $ | 436,294 | $ | 429,739 | $ | 1,820,926 | $ | 1,656,041 | ||||||||||||||||||
Adjusted gross margin for crude-oil and NGLs assets | 152,909 | 161,196 | 647,390 | 578,100 | ||||||||||||||||||||||
Adjusted gross margin for produced-water assets | 59,201 | 53,328 | 249,889 | 193,936 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
thousands except per-unit amounts | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Revenues and other | ||||||||||||||||||||||||||
Service revenues – fee based | $ | 603,777 | $ | 626,708 | $ | 2,584,323 | $ | 2,388,191 | ||||||||||||||||||
Service revenues – product based | 13,132 | 24,597 | 48,369 | 70,127 | ||||||||||||||||||||||
Product sales | 30,068 | 71,538 | 138,559 | 286,388 | ||||||||||||||||||||||
Other | 503 | 367 | 1,341 | 1,468 | ||||||||||||||||||||||
Total revenues and other | 647,480 | 723,210 | 2,772,592 | 2,746,174 | ||||||||||||||||||||||
Equity income, net – related parties | 49,962 | 62,035 | 226,750 | 237,518 | ||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Cost of product | 34,477 | 109,507 | 188,088 | 444,247 | ||||||||||||||||||||||
Operation and maintenance | 144,204 | 173,387 | 580,874 | 641,219 | ||||||||||||||||||||||
General and administrative | 37,303 | 30,951 | 155,769 | 114,591 | ||||||||||||||||||||||
Property and other taxes | 11,077 | 15,504 | 68,340 | 61,352 | ||||||||||||||||||||||
Depreciation and amortization | 106,398 | 120,278 | 491,086 | 483,255 | ||||||||||||||||||||||
Long-lived asset and other impairments | 3,314 | 1,985 | 203,889 | 6,279 | ||||||||||||||||||||||
Goodwill impairment | — | — | 441,017 | — | ||||||||||||||||||||||
Total operating expenses | 336,773 | 451,612 | 2,129,063 | 1,750,943 | ||||||||||||||||||||||
Gain (loss) on divestiture and other, net | 12,285 | (3) | 8,634 | (1,406) | ||||||||||||||||||||||
Operating income (loss) | 372,954 | 333,630 | 878,913 | 1,231,343 | ||||||||||||||||||||||
Interest income – Anadarko note receivable | — | 4,225 | 11,736 | 16,900 | ||||||||||||||||||||||
Interest expense | (101,247) | (79,414) | (380,058) | (303,286) | ||||||||||||||||||||||
Gain (loss) on early extinguishment of debt | 862 | — | 11,234 | — | ||||||||||||||||||||||
Other income (expense), net (1) | 413 | 37,792 | 1,025 | (123,785) | ||||||||||||||||||||||
Income (loss) before income taxes | 272,982 | 296,233 | 522,850 | 821,172 | ||||||||||||||||||||||
Income tax expense (benefit) | 2,206 | 793 | 5,998 | 13,472 | ||||||||||||||||||||||
Net income (loss) | 270,776 | 295,440 | 516,852 | 807,700 | ||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 6,885 | 7,670 | (10,160) | 110,459 | ||||||||||||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ | 263,891 | $ | 287,770 | $ | 527,012 | $ | 697,241 | ||||||||||||||||||
Limited partners’ interest in net income (loss): | ||||||||||||||||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ | 263,891 | $ | 287,770 | $ | 527,012 | $ | 697,241 | ||||||||||||||||||
Pre-acquisition net (income) loss allocated to Anadarko | — | — | — | (29,279) | ||||||||||||||||||||||
General partner interest in net (income) loss | (5,642) | (5,637) | (11,104) | (5,637) | ||||||||||||||||||||||
Limited partners’ interest in net income (loss) | $ | 258,249 | $ | 282,133 | $ | 515,908 | $ | 662,325 | ||||||||||||||||||
Net income (loss) per common unit – basic and diluted | $ | 0.62 | $ | 0.62 | $ | 1.18 | $ | 1.59 | ||||||||||||||||||
Weighted-average common units outstanding – basic and diluted | 415,597 | 452,934 | 435,554 | 415,794 |
thousands except number of units | December 31, 2020 | December 31, 2019 | ||||||||||||
Total current assets | $ | 943,064 | $ | 402,412 | ||||||||||
Anadarko note receivable | — | 260,000 | ||||||||||||
Net property, plant, and equipment | 8,709,945 | 9,064,931 | ||||||||||||
Other assets | 2,177,018 | 2,619,110 | ||||||||||||
Total assets | $ | 11,830,027 | $ | 12,346,453 | ||||||||||
Total current liabilities | $ | 960,935 | $ | 485,954 | ||||||||||
Long-term debt | 7,415,832 | 7,951,565 | ||||||||||||
Asset retirement obligations | 260,283 | 336,396 | ||||||||||||
Other liabilities | 297,765 | 227,245 | ||||||||||||
Total liabilities | 8,934,815 | 9,001,160 | ||||||||||||
Equity and partners’ capital | ||||||||||||||
Common units (413,839,863 and 443,971,409 units issued and outstanding at December 31, 2020 and 2019, respectively) | 2,778,339 | 3,209,947 | ||||||||||||
General partner units (9,060,641 units issued and outstanding at December 31, 2020 and 2019) | (17,208) | (14,224) | ||||||||||||
Noncontrolling interests | 134,081 | 149,570 | ||||||||||||
Total liabilities, equity, and partners’ capital | $ | 11,830,027 | $ | 12,346,453 |
Year Ended December 31, | ||||||||||||||
thousands | 2020 | 2019 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income (loss) | $ | 516,852 | $ | 807,700 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities: | ||||||||||||||
Depreciation and amortization | 491,086 | 483,255 | ||||||||||||
Long-lived asset and other impairments | 203,889 | 6,279 | ||||||||||||
Goodwill impairment | 441,017 | — | ||||||||||||
(Gain) loss on divestiture and other, net | (8,634) | 1,406 | ||||||||||||
(Gain) loss on early extinguishment of debt | (11,234) | — | ||||||||||||
(Gain) loss on interest-rate swaps | — | 125,334 | ||||||||||||
Cash paid to settle interest-rate swaps | (25,621) | (107,685) | ||||||||||||
Change in other items, net | 30,063 | 7,811 | ||||||||||||
Net cash provided by operating activities | $ | 1,637,418 | $ | 1,324,100 | ||||||||||
Cash flows from investing activities | ||||||||||||||
Capital expenditures | $ | (423,091) | $ | (1,188,829) | ||||||||||
Acquisitions from related parties | — | (2,007,926) | ||||||||||||
Acquisitions from third parties | (511) | (93,303) | ||||||||||||
Contributions to equity investments - related parties | (19,388) | (128,393) | ||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 32,160 | 30,256 | ||||||||||||
Proceeds from the sale of assets to third parties | 20,333 | 342 | ||||||||||||
Additions to materials and supplies inventory and other | (57,757) | — | ||||||||||||
Net cash used in investing activities | $ | (448,254) | $ | (3,387,853) | ||||||||||
Cash flows from financing activities | ||||||||||||||
Borrowings, net of debt issuance costs | $ | 3,681,173 | $ | 4,169,695 | ||||||||||
Repayments of debt | (3,803,888) | (1,467,595) | ||||||||||||
Increase (decrease) in outstanding checks | 20,699 | 1,571 | ||||||||||||
Registration expenses related to the issuance of Partnership common units | — | (855) | ||||||||||||
Distributions to Partnership unitholders | (695,834) | (969,073) | ||||||||||||
Distributions to Chipeta noncontrolling interest owner | (8,644) | (9,663) | ||||||||||||
Distributions to noncontrolling interest owners of WES Operating | (15,434) | (118,225) | ||||||||||||
Net contributions from (distributions to) related parties | 24,466 | 458,819 | ||||||||||||
Above-market component of swap agreements with Anadarko | — | 7,407 | ||||||||||||
Finance lease payments | (14,207) | (508) | ||||||||||||
Unit repurchases | (32,535) | — | ||||||||||||
Net cash provided by (used in) financing activities | $ | (844,204) | $ | 2,071,573 | ||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 344,960 | $ | 7,820 | ||||||||||
Cash and cash equivalents at beginning of period | 99,962 | 92,142 | ||||||||||||
Cash and cash equivalents at end of period | $ | 444,922 | $ | 99,962 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Throughput for natural-gas assets (MMcf/d) | ||||||||||||||||||||||||||
Gathering, treating, and transportation | 521 | 534 | 543 | 528 | ||||||||||||||||||||||
Processing | 3,170 | 3,532 | 3,445 | 3,497 | ||||||||||||||||||||||
Equity investments (1) | 429 | 423 | 445 | 398 | ||||||||||||||||||||||
Total throughput | 4,120 | 4,489 | 4,433 | 4,423 | ||||||||||||||||||||||
Throughput attributable to noncontrolling interests (2) | 149 | 174 | 159 | 175 | ||||||||||||||||||||||
Total throughput attributable to WES for natural-gas assets | 3,971 | 4,315 | 4,274 | 4,248 | ||||||||||||||||||||||
Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||||||||||||||||||||||
Gathering, treating, and transportation | 292 | 347 | 331 | 320 | ||||||||||||||||||||||
Equity investments (3) | 339 | 449 | 381 | 343 | ||||||||||||||||||||||
Total throughput | 631 | 796 | 712 | 663 | ||||||||||||||||||||||
Throughput attributable to noncontrolling interests (2) | 12 | 16 | 14 | 13 | ||||||||||||||||||||||
Total throughput attributable to WES for crude-oil and NGLs assets | 619 | 780 | 698 | 650 | ||||||||||||||||||||||
Throughput for produced-water assets (MBbls/d) | ||||||||||||||||||||||||||
Gathering and disposal | 670 | 610 | 712 | 556 | ||||||||||||||||||||||
Throughput attributable to noncontrolling interests (2) | 13 | 12 | 14 | 11 | ||||||||||||||||||||||
Total throughput attributable to WES for produced-water assets | 657 | 598 | 698 | 545 | ||||||||||||||||||||||
Per-Mcf Adjusted gross margin for natural-gas assets (4) | $ | 1.19 | $ | 1.08 | $ | 1.16 | $ | 1.07 | ||||||||||||||||||
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (5) | 2.69 | 2.27 | 2.54 | 2.44 | ||||||||||||||||||||||
Per-Bbl Adjusted gross margin for produced-water assets (6) | 0.98 | 0.97 | 0.98 | 0.97 |
Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Natural gas (MMcf/d) | Crude oil & NGLs (MBbls/d) | Produced water (MBbls/d) | ||||||||||||||||||||||||||||||||||||
Delaware Basin | 1,196 | 1,274 | 178 | 168 | 670 | 610 | ||||||||||||||||||||||||||||||||
DJ Basin | 1,197 | 1,295 | 78 | 129 | — | — | ||||||||||||||||||||||||||||||||
Equity investments | 429 | 423 | 339 | 449 | — | — | ||||||||||||||||||||||||||||||||
Other | 1,298 | 1,497 | 36 | 50 | — | — | ||||||||||||||||||||||||||||||||
Total throughput | 4,120 | 4,489 | 631 | 796 | 670 | 610 | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Natural gas (MMcf/d) | Crude oil & NGLs (MBbls/d) | Produced water (MBbls/d) | ||||||||||||||||||||||||||||||||||||
Delaware Basin | 1,297 | 1,226 | 189 | 150 | 712 | 556 | ||||||||||||||||||||||||||||||||
DJ Basin | 1,305 | 1,236 | 101 | 118 | — | — | ||||||||||||||||||||||||||||||||
Equity investments | 445 | 398 | 381 | 343 | — | — | ||||||||||||||||||||||||||||||||
Other | 1,386 | 1,563 | 41 | 52 | — | — | ||||||||||||||||||||||||||||||||
Total throughput | 4,433 | 4,423 | 712 | 663 | 712 | 556 | ||||||||||||||||||||||||||||||||
Cover Page |
Feb. 23, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 23, 2021 |
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 | 832 |
Local Phone Number | 636-1009 |
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 |
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