(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: | May 10, 2021 | By: | /s/ Michael P. Ure | |||||||||||
Michael P. Ure President, Chief Executive Officer and Chief Financial Officer |
Three Months Ended | ||||||||||||||
thousands | March 31, 2021 | December 31, 2020 | ||||||||||||
Reconciliation of Operating income (loss) to Adjusted gross margin | ||||||||||||||
Operating income (loss) | $ | 292,336 | $ | 372,954 | ||||||||||
Add: | ||||||||||||||
Distributions from equity investments | 61,189 | 69,231 | ||||||||||||
Operation and maintenance | 140,332 | 144,204 | ||||||||||||
General and administrative | 45,116 | 37,303 | ||||||||||||
Property and other taxes | 14,384 | 11,077 | ||||||||||||
Depreciation and amortization | 130,553 | 106,398 | ||||||||||||
Impairments | 14,866 | 3,314 | ||||||||||||
Less: | ||||||||||||||
Gain (loss) on divestiture and other, net | (583) | 12,285 | ||||||||||||
Equity income, net – related parties | 52,165 | 49,962 | ||||||||||||
Reimbursed electricity-related charges recorded as revenues | 17,312 | 18,161 | ||||||||||||
Adjusted gross margin attributable to noncontrolling interests (1) | 15,258 | 15,669 | ||||||||||||
Adjusted gross margin | $ | 614,624 | $ | 648,404 | ||||||||||
Adjusted gross margin for natural-gas assets | $ | 432,389 | $ | 436,294 | ||||||||||
Adjusted gross margin for crude-oil and NGLs assets | 133,145 | 152,909 | ||||||||||||
Adjusted gross margin for produced-water assets | 49,090 | 59,201 |
Three Months Ended | ||||||||||||||
thousands | March 31, 2021 | December 31, 2020 | ||||||||||||
Reconciliation of Net income (loss) to Adjusted EBITDA | ||||||||||||||
Net income (loss) | $ | 191,235 | $ | 270,776 | ||||||||||
Add: | ||||||||||||||
Distributions from equity investments | 61,189 | 69,231 | ||||||||||||
Non-cash equity-based compensation expense | 6,734 | 5,935 | ||||||||||||
Interest expense | 98,493 | 101,247 | ||||||||||||
Income tax expense | 1,112 | 2,206 | ||||||||||||
Depreciation and amortization | 130,553 | 106,398 | ||||||||||||
Impairments | 14,866 | 3,314 | ||||||||||||
Other expense | 1,218 | — | ||||||||||||
Less: | ||||||||||||||
Gain (loss) on divestiture and other, net | (583) | 12,285 | ||||||||||||
Gain (loss) on early extinguishment of debt | (289) | 862 | ||||||||||||
Equity income, net – related parties | 52,165 | 49,962 | ||||||||||||
Other income | — | 412 | ||||||||||||
Adjusted EBITDA attributable to noncontrolling interests (1) | 10,997 | 11,606 | ||||||||||||
Adjusted EBITDA | $ | 443,110 | $ | 483,980 | ||||||||||
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA | ||||||||||||||
Net cash provided by operating activities | $ | 261,550 | $ | 505,525 | ||||||||||
Interest (income) expense, net | 98,493 | 101,247 | ||||||||||||
Accretion and amortization of long-term obligations, net | (2,088) | (2,172) | ||||||||||||
Current income tax expense (benefit) | 555 | 1,303 | ||||||||||||
Other (income) expense, net | 1,207 | (413) | ||||||||||||
Cash paid to settle interest-rate swaps | — | 6,440 | ||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 12,141 | 10,410 | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable, net | 30,182 | 1,350 | ||||||||||||
Accounts and imbalance payables and accrued liabilities, net | 16,467 | (106,623) | ||||||||||||
Other items, net | 35,600 | (21,481) | ||||||||||||
Adjusted EBITDA attributable to noncontrolling interests (1) | (10,997) | (11,606) | ||||||||||||
Adjusted EBITDA | $ | 443,110 | $ | 483,980 | ||||||||||
Cash flow information | ||||||||||||||
Net cash provided by operating activities | $ | 261,550 | ||||||||||||
Net cash used in investing activities | (46,472) | |||||||||||||
Net cash provided by (used in) financing activities | (603,624) |
Three Months Ended | ||||||||||||||
thousands | March 31, 2021 | December 31, 2020 | ||||||||||||
Reconciliation of Net cash provided by operating activities to Free cash flow | ||||||||||||||
Net cash provided by operating activities | $ | 261,550 | $ | 505,525 | ||||||||||
Less: | ||||||||||||||
Capital expenditures | 59,783 | 50,829 | ||||||||||||
Contributions to equity investments – related parties | 86 | 371 | ||||||||||||
Add: | ||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 12,141 | 10,410 | ||||||||||||
Free cash flow | $ | 213,822 | $ | 464,735 | ||||||||||
Cash flow information | ||||||||||||||
Net cash provided by operating activities | $ | 261,550 | ||||||||||||
Net cash used in investing activities | (46,472) | |||||||||||||
Net cash provided by (used in) financing activities | (603,624) |
Three Months Ended | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Throughput for natural-gas assets (MMcf/d) | ||||||||||||||
Gathering, treating, and transportation | 519 | 521 | ||||||||||||
Processing | 3,237 | 3,170 | ||||||||||||
Equity investments (1) | 439 | 429 | ||||||||||||
Total throughput | 4,195 | 4,120 | ||||||||||||
Throughput attributable to noncontrolling interests (2) | 150 | 149 | ||||||||||||
Total throughput attributable to WES for natural-gas assets | 4,045 | 3,971 | ||||||||||||
Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||||||||||
Gathering, treating, and transportation | 279 | 292 | ||||||||||||
Equity investments (3) | 337 | 339 | ||||||||||||
Total throughput | 616 | 631 | ||||||||||||
Throughput attributable to noncontrolling interests (2) | 12 | 12 | ||||||||||||
Total throughput attributable to WES for crude-oil and NGLs assets | 604 | 619 | ||||||||||||
Throughput for produced-water assets (MBbls/d) | ||||||||||||||
Gathering and disposal | 607 | 670 | ||||||||||||
Throughput attributable to noncontrolling interests (2) | 12 | 13 | ||||||||||||
Total throughput attributable to WES for produced-water assets | 595 | 657 | ||||||||||||
Per-Mcf Adjusted gross margin for natural-gas assets (4) | $ | 1.19 | $ | 1.19 | ||||||||||
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (5) | 2.45 | 2.69 | ||||||||||||
Per-Bbl Adjusted gross margin for produced-water assets (6) | 0.92 | 0.98 |
Three Months Ended | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Throughput for natural-gas assets (MMcf/d) | |||||||||||
Delaware Basin | 1,133 | 1,196 | |||||||||
DJ Basin | 1,344 | 1,197 | |||||||||
Equity investments | 439 | 429 | |||||||||
Other | 1,279 | 1,298 | |||||||||
Total throughput for natural-gas assets | 4,195 | 4,120 | |||||||||
Throughput for crude-oil and NGLs assets (MBbls/d) | |||||||||||
Delaware Basin | 162 | 178 | |||||||||
DJ Basin | 82 | 78 | |||||||||
Equity investments | 337 | 339 | |||||||||
Other | 35 | 36 | |||||||||
Total throughput for crude-oil and NGLs assets | 616 | 631 | |||||||||
Throughput for produced-water assets (MBbls/d) | |||||||||||
Delaware Basin | 607 | 670 | |||||||||
Total throughput for produced-water assets | 607 | 670 |
Three Months Ended March 31, | ||||||||||||||
thousands except per-unit amounts | 2021 | 2020 | ||||||||||||
Revenues and other | ||||||||||||||
Service revenues – fee based | $ | 572,275 | $ | 701,396 | ||||||||||
Service revenues – product based | 31,652 | 15,921 | ||||||||||||
Product sales | 70,805 | 56,649 | ||||||||||||
Other | 242 | 347 | ||||||||||||
Total revenues and other | 674,974 | 774,313 | ||||||||||||
Equity income, net – related parties | 52,165 | 61,347 | ||||||||||||
Operating expenses | ||||||||||||||
Cost of product | 88,969 | 103,270 | ||||||||||||
Operation and maintenance | 140,332 | 159,191 | ||||||||||||
General and administrative | 45,116 | 40,465 | ||||||||||||
Property and other taxes | 14,384 | 18,476 | ||||||||||||
Depreciation and amortization | 130,553 | 132,319 | ||||||||||||
Long-lived asset and other impairments | 14,866 | 155,785 | ||||||||||||
Goodwill impairment | — | 441,017 | ||||||||||||
Total operating expenses | 434,220 | 1,050,523 | ||||||||||||
Gain (loss) on divestiture and other, net | (583) | (40) | ||||||||||||
Operating income (loss) | 292,336 | (214,903) | ||||||||||||
Interest income – Anadarko note receivable | — | 4,225 | ||||||||||||
Interest expense | (98,493) | (88,586) | ||||||||||||
Gain (loss) on early extinguishment of debt | (289) | 7,345 | ||||||||||||
Other income (expense), net (1) | (1,207) | (1,761) | ||||||||||||
Income (loss) before income taxes | 192,347 | (293,680) | ||||||||||||
Income tax expense (benefit) | 1,112 | (4,280) | ||||||||||||
Net income (loss) | 191,235 | (289,400) | ||||||||||||
Net income (loss) attributable to noncontrolling interests | 5,444 | (32,873) | ||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ | 185,791 | $ | (256,527) | ||||||||||
Limited partners’ interest in net income (loss): | ||||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ | 185,791 | $ | (256,527) | ||||||||||
General partner interest in net (income) loss | (3,993) | 5,131 | ||||||||||||
Limited partners’ interest in net income (loss) | $ | 181,798 | $ | (251,396) | ||||||||||
Net income (loss) per common unit – basic and diluted | $ | 0.44 | $ | (0.57) | ||||||||||
Weighted-average common units outstanding – basic and diluted | 413,104 | 443,971 |
thousands except number of units | March 31, 2021 | December 31, 2020 | ||||||||||||
Total current assets | $ | 611,160 | $ | 943,064 | ||||||||||
Net property, plant, and equipment | 8,639,538 | 8,709,945 | ||||||||||||
Other assets | 2,184,345 | 2,177,018 | ||||||||||||
Total assets | $ | 11,435,043 | $ | 11,830,027 | ||||||||||
Total current liabilities | $ | 490,262 | $ | 960,935 | ||||||||||
Long-term debt | 7,416,001 | 7,415,832 | ||||||||||||
Asset retirement obligations | 267,962 | 260,283 | ||||||||||||
Other liabilities | 318,698 | 297,765 | ||||||||||||
Total liabilities | 8,492,923 | 8,934,815 | ||||||||||||
Equity and partners’ capital | ||||||||||||||
Common units (413,062,133 and 413,839,863 units issued and outstanding at March 31, 2021, and December 31, 2020, respectively) | 2,821,455 | 2,778,339 | ||||||||||||
General partner units (9,060,641 units issued and outstanding at March 31, 2021, and December 31, 2020) | (16,033) | (17,208) | ||||||||||||
Noncontrolling interests | 136,698 | 134,081 | ||||||||||||
Total liabilities, equity, and partners’ capital | $ | 11,435,043 | $ | 11,830,027 |
Three Months Ended March 31, | ||||||||||||||
thousands | 2021 | 2020 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income (loss) | $ | 191,235 | $ | (289,400) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities: | ||||||||||||||
Depreciation and amortization | 130,553 | 132,319 | ||||||||||||
Long-lived asset and other impairments | 14,866 | 155,785 | ||||||||||||
Goodwill impairment | — | 441,017 | ||||||||||||
(Gain) loss on divestiture and other, net | 583 | 40 | ||||||||||||
(Gain) loss on early extinguishment of debt | 289 | (7,345) | ||||||||||||
Change in other items, net | (75,976) | (39,105) | ||||||||||||
Net cash provided by operating activities | $ | 261,550 | $ | 393,311 | ||||||||||
Cash flows from investing activities | ||||||||||||||
Capital expenditures | $ | (59,783) | $ | (172,816) | ||||||||||
Acquisitions from related parties | (2,000) | — | ||||||||||||
Contributions to equity investments - related parties | (86) | (10,960) | ||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 12,141 | 5,052 | ||||||||||||
Decreases to materials and supplies inventory and other | 3,256 | — | ||||||||||||
Net cash used in investing activities | $ | (46,472) | $ | (178,724) | ||||||||||
Cash flows from financing activities | ||||||||||||||
Borrowings, net of debt issuance costs | $ | 100,000 | $ | 3,586,173 | ||||||||||
Repayments of debt | (531,085) | (3,470,139) | ||||||||||||
Increase (decrease) in outstanding checks | (22,017) | (7,308) | ||||||||||||
Distributions to Partnership unitholders | (131,265) | (281,786) | ||||||||||||
Distributions to Chipeta noncontrolling interest owner | (276) | (1,738) | ||||||||||||
Distributions to noncontrolling interest owners of WES Operating | (2,551) | (5,807) | ||||||||||||
Net contributions from (distributions to) related parties | 1,627 | 20,489 | ||||||||||||
Finance lease payments | (1,816) | (2,151) | ||||||||||||
Unit repurchases | (16,241) | — | ||||||||||||
Net cash provided by (used in) financing activities | $ | (603,624) | $ | (162,267) | ||||||||||
Net increase (decrease) in cash and cash equivalents | $ | (388,546) | $ | 52,320 | ||||||||||
Cash and cash equivalents at beginning of period | 444,922 | 99,962 | ||||||||||||
Cash and cash equivalents at end of period | $ | 56,376 | $ | 152,282 |
Cover Page |
May 10, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 10, 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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