(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 3, 2023 | By: | /s/ Kristen S. Shults | |||||||||||
Kristen S. Shults Senior Vice President and Chief Financial Officer |
Three Months Ended March 31, | ||||||||||||||
thousands except per-unit amounts | 2023 | 2022 | ||||||||||||
Revenues and other | ||||||||||||||
Service revenues – fee based | $ | 647,867 | $ | 631,598 | ||||||||||
Service revenues – product based | 46,810 | 40,867 | ||||||||||||
Product sales | 39,025 | 85,589 | ||||||||||||
Other | 280 | 243 | ||||||||||||
Total revenues and other | 733,982 | 758,297 | ||||||||||||
Equity income, net – related parties | 39,021 | 49,607 | ||||||||||||
Operating expenses | ||||||||||||||
Cost of product | 51,459 | 72,848 | ||||||||||||
Operation and maintenance | 174,239 | 128,976 | ||||||||||||
General and administrative | 51,117 | 48,602 | ||||||||||||
Property and other taxes | 6,831 | 18,442 | ||||||||||||
Depreciation and amortization | 144,626 | 134,582 | ||||||||||||
Long-lived asset and other impairments | 52,401 | — | ||||||||||||
Total operating expenses | 480,673 | 403,450 | ||||||||||||
Gain (loss) on divestiture and other, net | (2,118) | 370 | ||||||||||||
Operating income (loss) | 290,212 | 404,824 | ||||||||||||
Interest expense | (81,670) | (85,455) | ||||||||||||
Other income (expense), net | 1,215 | 106 | ||||||||||||
Income (loss) before income taxes | 209,757 | 319,475 | ||||||||||||
Income tax expense (benefit) | 1,416 | 1,805 | ||||||||||||
Net income (loss) | 208,341 | 317,670 | ||||||||||||
Net income (loss) attributable to noncontrolling interests | 4,696 | 8,953 | ||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ | 203,645 | $ | 308,717 | ||||||||||
Limited partners’ interest in net income (loss): | ||||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ | 203,645 | $ | 308,717 | ||||||||||
General partner interest in net (income) loss | (4,686) | (6,783) | ||||||||||||
Limited partners’ interest in net income (loss) | $ | 198,959 | $ | 301,934 | ||||||||||
Net income (loss) per common unit – basic | $ | 0.52 | $ | 0.75 | ||||||||||
Net income (loss) per common unit – diluted | $ | 0.52 | $ | 0.75 | ||||||||||
Weighted-average common units outstanding – basic | 384,468 | 403,254 | ||||||||||||
Weighted-average common units outstanding – diluted | 385,750 | 404,460 |
thousands except number of units | March 31, 2023 | December 31, 2022 | ||||||||||||
Total current assets | $ | 735,298 | $ | 900,425 | ||||||||||
Net property, plant, and equipment | 8,541,222 | 8,541,600 | ||||||||||||
Other assets | 1,835,968 | 1,829,603 | ||||||||||||
Total assets | $ | 11,112,488 | $ | 11,271,628 | ||||||||||
Total current liabilities | $ | 581,327 | $ | 903,857 | ||||||||||
Long-term debt | 6,693,941 | 6,569,582 | ||||||||||||
Asset retirement obligations | 293,718 | 290,021 | ||||||||||||
Other liabilities | 441,938 | 400,053 | ||||||||||||
Total liabilities | 8,010,924 | 8,163,513 | ||||||||||||
Equity and partners’ capital | ||||||||||||||
Common units (384,615,227 and 384,070,984 units issued and outstanding at March 31, 2023, and December 31, 2022, respectively) | 2,964,712 | 2,969,604 | ||||||||||||
General partner units (9,060,641 units issued and outstanding at March 31, 2023, and December 31, 2022) | 2,261 | 2,105 | ||||||||||||
Noncontrolling interests | 134,591 | 136,406 | ||||||||||||
Total liabilities, equity, and partners’ capital | $ | 11,112,488 | $ | 11,271,628 |
Three Months Ended March 31, | ||||||||||||||
thousands | 2023 | 2022 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income (loss) | $ | 208,341 | $ | 317,670 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities: | ||||||||||||||
Depreciation and amortization | 144,626 | 134,582 | ||||||||||||
Long-lived asset and other impairments | 52,401 | — | ||||||||||||
(Gain) loss on divestiture and other, net | 2,118 | (370) | ||||||||||||
Change in other items, net | (105,062) | (175,424) | ||||||||||||
Net cash provided by operating activities | $ | 302,424 | $ | 276,458 | ||||||||||
Cash flows from investing activities | ||||||||||||||
Capital expenditures | $ | (173,088) | $ | (83,971) | ||||||||||
Contributions to equity investments - related parties | (110) | (2,070) | ||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 12,366 | 9,925 | ||||||||||||
Proceeds from the sale of assets to third parties | — | 383 | ||||||||||||
(Increase) decrease in materials and supplies inventory and other | (18,346) | 4,116 | ||||||||||||
Net cash used in investing activities | $ | (179,178) | $ | (71,617) | ||||||||||
Cash flows from financing activities | ||||||||||||||
Borrowings, net of debt issuance costs | $ | 220,000 | $ | — | ||||||||||
Repayments of debt | (313,138) | — | ||||||||||||
Increase (decrease) in outstanding checks | 18,768 | (7,088) | ||||||||||||
Distributions to Partnership unitholders | (196,569) | (134,749) | ||||||||||||
Distributions to Chipeta noncontrolling interest owner | (2,240) | (1,984) | ||||||||||||
Distributions to noncontrolling interest owner of WES Operating | (4,271) | (2,805) | ||||||||||||
Net contributions from (distributions to) related parties | — | 409 | ||||||||||||
Unit repurchases | (7,061) | (5,149) | ||||||||||||
Other | (12,746) | (7,225) | ||||||||||||
Net cash provided by (used in) financing activities | $ | (297,257) | $ | (158,591) | ||||||||||
Net increase (decrease) in cash and cash equivalents | $ | (174,011) | $ | 46,250 | ||||||||||
Cash and cash equivalents at beginning of period | 286,656 | 201,999 | ||||||||||||
Cash and cash equivalents at end of period | $ | 112,645 | $ | 248,249 |
Three Months Ended | ||||||||||||||
thousands | March 31, 2023 | December 31, 2022 | ||||||||||||
Reconciliation of Gross margin to Adjusted gross margin | ||||||||||||||
Total revenues and other | $ | 733,982 | $ | 779,437 | ||||||||||
Less: | ||||||||||||||
Cost of product | 51,459 | 92,663 | ||||||||||||
Depreciation and amortization | 144,626 | 151,910 | ||||||||||||
Gross margin | 537,897 | 534,864 | ||||||||||||
Add: | ||||||||||||||
Distributions from equity investments | 51,975 | 69,282 | ||||||||||||
Depreciation and amortization | 144,626 | 151,910 | ||||||||||||
Less: | ||||||||||||||
Reimbursed electricity-related charges recorded as revenues | 23,569 | 23,577 | ||||||||||||
Adjusted gross margin attributable to noncontrolling interests (1) | 15,774 | 17,490 | ||||||||||||
Adjusted gross margin | $ | 695,155 | $ | 714,989 | ||||||||||
Gross margin | ||||||||||||||
Gross margin for natural-gas assets (2) | $ | 393,673 | $ | 403,043 | ||||||||||
Gross margin for crude-oil and NGLs assets (2) | 89,281 | 75,690 | ||||||||||||
Gross margin for produced-water assets (2) | 59,549 | 61,189 | ||||||||||||
Adjusted gross margin | ||||||||||||||
Adjusted gross margin for natural-gas assets | $ | 480,009 | $ | 492,591 | ||||||||||
Adjusted gross margin for crude-oil and NGLs assets | 145,577 | 150,611 | ||||||||||||
Adjusted gross margin for produced-water assets | 69,569 | 71,787 |
Three Months Ended | ||||||||||||||
thousands | March 31, 2023 | December 31, 2022 | ||||||||||||
Reconciliation of Net income (loss) to Adjusted EBITDA | ||||||||||||||
Net income (loss) | $ | 208,341 | $ | 345,034 | ||||||||||
Add: | ||||||||||||||
Distributions from equity investments | 51,975 | 69,282 | ||||||||||||
Non-cash equity-based compensation expense | 7,199 | 6,538 | ||||||||||||
Interest expense | 81,670 | 84,606 | ||||||||||||
Income tax expense | 1,416 | 504 | ||||||||||||
Depreciation and amortization | 144,626 | 151,910 | ||||||||||||
Impairments | 52,401 | 20,491 | ||||||||||||
Other expense | 200 | 209 | ||||||||||||
Less: | ||||||||||||||
Gain (loss) on divestiture and other, net | (2,118) | 104,560 | ||||||||||||
Equity income, net – related parties | 39,021 | 44,095 | ||||||||||||
Other income | 1,215 | 1,484 | ||||||||||||
Adjusted EBITDA attributable to noncontrolling interests (1) | 11,015 | 12,654 | ||||||||||||
Adjusted EBITDA | $ | 498,695 | $ | 515,781 | ||||||||||
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA | ||||||||||||||
Net cash provided by operating activities | $ | 302,424 | $ | 489,219 | ||||||||||
Interest (income) expense, net | 81,670 | 84,606 | ||||||||||||
Accretion and amortization of long-term obligations, net | (1,692) | (1,783) | ||||||||||||
Current income tax expense (benefit) | 492 | 262 | ||||||||||||
Other (income) expense, net | (1,215) | (1,486) | ||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 12,366 | 22,839 | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable, net | 4,037 | (96,659) | ||||||||||||
Accounts and imbalance payables and accrued liabilities, net | 136,460 | 72,881 | ||||||||||||
Other items, net | (24,832) | (41,444) | ||||||||||||
Adjusted EBITDA attributable to noncontrolling interests (1) | (11,015) | (12,654) | ||||||||||||
Adjusted EBITDA | $ | 498,695 | $ | 515,781 | ||||||||||
Cash flow information | ||||||||||||||
Net cash provided by operating activities | $ | 302,424 | $ | 489,219 | ||||||||||
Net cash used in investing activities | (179,178) | 138,015 | ||||||||||||
Net cash provided by (used in) financing activities | (297,257) | (499,671) |
Three Months Ended | ||||||||||||||
thousands | March 31, 2023 | December 31, 2022 | ||||||||||||
Reconciliation of Net cash provided by operating activities to Free cash flow | ||||||||||||||
Net cash provided by operating activities | $ | 302,424 | $ | 489,219 | ||||||||||
Less: | ||||||||||||||
Capital expenditures | 173,088 | 145,723 | ||||||||||||
Contributions to equity investments – related parties | 110 | 733 | ||||||||||||
Add: | ||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 12,366 | 22,839 | ||||||||||||
Free cash flow | $ | 141,592 | $ | 365,602 | ||||||||||
Cash flow information | ||||||||||||||
Net cash provided by operating activities | $ | 302,424 | $ | 489,219 | ||||||||||
Net cash used in investing activities | (179,178) | 138,015 | ||||||||||||
Net cash provided by (used in) financing activities | (297,257) | (499,671) |
Three Months Ended | ||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
Throughput for natural-gas assets (MMcf/d) | ||||||||||||||
Gathering, treating, and transportation | 369 | 402 | ||||||||||||
Processing | 3,454 | 3,520 | ||||||||||||
Equity investments (1) | 423 | 463 | ||||||||||||
Total throughput | 4,246 | 4,385 | ||||||||||||
Throughput attributable to noncontrolling interests (2) | 139 | 154 | ||||||||||||
Total throughput attributable to WES for natural-gas assets | 4,107 | 4,231 | ||||||||||||
Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||||||||||
Gathering, treating, and transportation | 309 | 315 | ||||||||||||
Equity investments (1) | 314 | 347 | ||||||||||||
Total throughput | 623 | 662 | ||||||||||||
Throughput attributable to noncontrolling interests (2) | 12 | 13 | ||||||||||||
Total throughput attributable to WES for crude-oil and NGLs assets | 611 | 649 | ||||||||||||
Throughput for produced-water assets (MBbls/d) | ||||||||||||||
Gathering and disposal | 977 | 868 | ||||||||||||
Throughput attributable to noncontrolling interests (2) | 20 | 17 | ||||||||||||
Total throughput attributable to WES for produced-water assets | 957 | 851 | ||||||||||||
Per-Mcf Gross margin for natural-gas assets (3) | $ | 1.03 | $ | 1.00 | ||||||||||
Per-Bbl Gross margin for crude-oil and NGLs assets (3) | 1.59 | 1.24 | ||||||||||||
Per-Bbl Gross margin for produced-water assets (3) | 0.68 | 0.77 | ||||||||||||
Per-Mcf Adjusted gross margin for natural-gas assets (4) | $ | 1.30 | $ | 1.27 | ||||||||||
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (4) | 2.65 | 2.53 | ||||||||||||
Per-Bbl Adjusted gross margin for produced-water assets (4) | 0.81 | 0.92 |
Three Months Ended | ||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
Throughput for natural-gas assets (MMcf/d) | ||||||||||||||
Delaware Basin | 1,569 | 1,524 | ||||||||||||
DJ Basin | 1,306 | 1,343 | ||||||||||||
Equity investments | 423 | 463 | ||||||||||||
Other | 948 | 1,055 | ||||||||||||
Total throughput for natural-gas assets | 4,246 | 4,385 | ||||||||||||
Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||||||||||
Delaware Basin | 205 | 203 | ||||||||||||
DJ Basin | 69 | 77 | ||||||||||||
Equity investments | 314 | 347 | ||||||||||||
Other | 35 | 35 | ||||||||||||
Total throughput for crude-oil and NGLs assets | 623 | 662 | ||||||||||||
Throughput for produced-water assets (MBbls/d) | ||||||||||||||
Delaware Basin | 977 | 868 | ||||||||||||
Total throughput for produced-water assets | 977 | 868 |
Cover Page |
May 03, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 03, 2023 |
Entity Registrant Name | WESTERN MIDSTREAM PARTNERS, LP |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-35753 |
Entity Tax Identification Number | 46-0967367 |
Entity Address, Address Line One | 9950 Woodloch Forest Drive, Suite 2800 |
Entity Address, City or Town | The Woodlands |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77380 |
City Area Code | 346 |
Local Phone Number | 786-5000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common units |
Trading Symbol | WES |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001423902 |
Amendment Flag | false |
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