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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues and other        
Revenues and other [1] $ 883,362 $ 776,013 $ 2,676,720 $ 2,248,268
Equity income, net – related parties 23,977 35,494 84,227 116,839
Operating expenses        
Cost of product 32,847 27,590 132,936 123,795
Operation and maintenance 231,066 204,434 649,324 562,104
General and administrative 64,726 55,050 195,498 159,572
Property and other taxes 12,635 14,583 43,984 39,961
Depreciation and amortization 166,015 147,363 487,438 435,481
Long-lived asset and other impairments [2] 4,651 245 6,204 52,880
Total operating expenses [3] 511,940 449,265 1,515,384 1,373,793
Gain (loss) on divestiture and other, net 467 (1,480) 299,426 (3,668)
Operating income (loss) 395,866 360,762 1,544,989 987,646
Interest expense (94,149) (82,754) (279,177) (250,606)
Gain (loss) on early extinguishment of debt 0 8,565 5,403 15,378
Other income (expense), net 9,565 (1,270) 16,124 2,817
Income (loss) before income taxes 311,282 285,303 1,287,339 755,235
Income tax expense (benefit) 15,390 905 17,667 2,980
Net income (loss) 295,892 284,398 1,269,672 752,255
Net income (loss) attributable to noncontrolling interests 7,412 7,102 29,714 18,393
Net income (loss) attributable to Western Midstream Partners, LP 288,480 277,296 1,239,958 733,862
Limited partners' interest in net income (loss):        
Net income (loss) attributable to Western Midstream Partners, LP 288,480 277,296 1,239,958 733,862
General partner interest in net (income) loss (6,708) (6,453) (28,845) (16,960)
Limited partners' interest in net income (loss) [4] $ 281,772 $ 270,843 $ 1,211,113 $ 716,902
Net income (loss) per common unit - basic [4] $ 0.74 $ 0.71 $ 3.18 $ 1.87
Net income (loss) per common unit - diluted [4] $ 0.74 $ 0.70 $ 3.17 $ 1.86
Weighted-average common units outstanding - basic [4] 380,513 383,561 380,343 384,211
Weighted-average common units outstanding - diluted [4] 382,620 384,772 382,189 385,344
Service Revenues - Fee Based [Member]        
Revenues and other        
Revenues and other $ 814,319 $ 695,547 $ 2,389,366 $ 2,004,920
Service Revenues - Product Based [Member]        
Revenues and other        
Revenues and other 49,115 48,446 177,321 142,212
Product Sales [Member]        
Revenues and other        
Revenues and other 19,673 31,652 109,076 100,336
Other [Member]        
Revenues and other        
Revenues and other $ 255 $ 368 $ 957 $ 800
[1] Total revenues and other includes related-party amounts of $545.2 million and $1.6 billion for the three and nine months ended September 30, 2024, respectively, and $463.6 million and $1.4 billion for the three and nine months ended September 30, 2023, respectively. See Note 6.
[2] See Note 8.
[3] Total operating expenses includes related-party amounts of $(12.1) million and $(37.7) million for the three and nine months ended September 30, 2024, respectively, and $(35.8) million and $(53.0) million for the three and nine months ended September 30, 2023, respectively, all primarily related to changes in imbalance positions. See Note 6.
[4] See Note 5.