QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
WESTERN MIDSTREAM PARTNERS, LP | ||
WESTERN MIDSTREAM OPERATING, LP | ||
(Exact name of registrant as specified in its charter) |
Commission file number: | |||||||||||
incorporation or organization: | Identification No. : | ||||||||||
Western Midstream Partners, LP | 001-35753 | Delaware | 46-0967367 | ||||||||
001-34046 | |||||||||||
Address of principal executive offices: | Zip Code: | Registrant’s telephone number, including area code: | ||||||||||||||||||
Western Midstream Partners, LP | 9950 Woodloch Forest Drive, Suite 2800 | The Woodlands, | Texas | 77380 | (346) | 786-5000 | ||||||||||||||
Western Midstream Operating, LP | 9950 Woodloch Forest Drive, Suite 2800 | The Woodlands, | Texas | 77380 | (346) | 786-5000 |
Title of each class | Trading symbol | Name of exchange on which registered | Common units outstanding as of May 3, 2024: | |||||||||||
Western Midstream Partners, LP | Common units | WES | New York Stock Exchange | 380,490,963 | ||||||||||
Western Midstream Operating, LP | None | None | None | None |
Western Midstream Partners, LP | Yes | þ | No | ¨ | |||||||||||||
Western Midstream Operating, LP | Yes | þ | No | ¨ |
Western Midstream Partners, LP | Yes | þ | No | ¨ | |||||||||||||
Western Midstream Operating, LP | Yes | þ | No | ¨ |
Western Midstream Partners, LP | Large Accelerated Filer | Accelerated Filer | Non-accelerated Filer | Smaller Reporting Company | Emerging Growth Company | ||||||||||||||||
þ | ☐ | ☐ | ☐ | ☐ | |||||||||||||||||
Western Midstream Operating, LP | Large | Accelerated Filer | Smaller Reporting Company | Emerging Growth Company | |||||||||||||||||
☐ | ☐ | þ | ☐ | ☐ |
Western Midstream Partners, LP | ¨ | ||||
Western Midstream Operating, LP | ¨ |
Western Midstream Partners, LP | Yes | ☐ | No | þ | |||||||||||||
Western Midstream Operating, LP | Yes | ☐ | No | þ |
TABLE OF CONTENTS | ||||||||||||
PAGE | ||||||||||||
PART I | ||||||||||||
Item 1. | ||||||||||||
Item 2. | ||||||||||||
Item 3. | ||||||||||||
Item 4. | ||||||||||||
PART II | ||||||||||||
Item 1. | ||||||||||||
Item 1A. | ||||||||||||
Item | ||||||||||||
Item 5. | ||||||||||||
Item 6. |
Defined Term | Definition | ||||||||||
Anadarko | Anadarko Petroleum Corporation and its subsidiaries, excluding our general partner, which became a wholly owned subsidiary of Occidental upon closing of the Occidental Merger on August 8, 2019. | ||||||||||
Barrel, Bbl, Bbls/d, MBbls/d | 42 U.S. gallons measured at 60 degrees Fahrenheit, barrels per day, thousand barrels per day. | ||||||||||
Board | The board of directors of WES’s general partner. | ||||||||||
Chipeta | Chipeta Processing, LLC, in which we are the managing member of and own a 75% interest. | ||||||||||
Condensate | A natural-gas liquid with a low vapor pressure compared to drip condensate, mainly composed of propane, butane, pentane, and heavier hydrocarbon fractions. | ||||||||||
DBM water systems | Produced-water gathering and disposal systems in West Texas. | ||||||||||
DJ Basin complex | The Platte Valley, Fort Lupton, Wattenberg, Lancaster, and Latham processing plants, and the Wattenberg gathering system. | ||||||||||
EBITDA | Earnings before interest, taxes, depreciation, and amortization. For a definition of “Adjusted EBITDA,” see Reconciliation of Non-GAAP Financial Measures under Part I, Item 2 of this Form 10-Q. | ||||||||||
Exchange Act | The Securities Exchange Act of 1934, as amended. | ||||||||||
FRP | Front Range Pipeline LLC, in which we own a 33.33% interest. | ||||||||||
GAAP | Generally accepted accounting principles in the United States. | ||||||||||
General partner | Western Midstream Holdings, LLC, the general partner of the Partnership. | ||||||||||
Imbalance | Imbalances result from (i) differences between gas and NGLs volumes nominated by customers and gas and NGLs volumes received from those customers and (ii) differences between gas and NGLs volumes received from customers and gas and NGLs volumes delivered to those customers. | ||||||||||
Marcellus Interest | The 33.75% interest in the Larry’s Creek, Seely, and Warrensville gas-gathering systems and related facilities located in northern Pennsylvania that we sold in April 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q). | ||||||||||
Mcf, MMcf, MMcf/d | Thousand cubic feet, million cubic feet, million cubic feet per day. | ||||||||||
Meritage | Meritage Midstream Services II, LLC, which was acquired by the Partnership on October 13, 2023. | ||||||||||
Mi Vida | Mi Vida JV LLC, in which we own a 50% interest. | ||||||||||
MLP | Master limited partnership. | ||||||||||
Mont Belvieu JV | Enterprise EF78 LLC, in which we owned a 25% interest that we sold in February 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q). | ||||||||||
Natural-gas liquid(s) or NGL(s) | The combination of ethane, propane, normal butane, isobutane, and natural gasolines that, when removed from natural gas, become liquid under various levels of pressure and temperature. | ||||||||||
Occidental | Occidental Petroleum Corporation and, as the context requires, its subsidiaries, excluding our general partner. | ||||||||||
Panola | Panola Pipeline Company, LLC, in which we owned a 15% interest that we sold in March 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q). | ||||||||||
Powder River Basin complex | The Hilight system and assets acquired from Meritage, which includes a gathering system, processing plants, and the Thunder Creek NGL pipeline (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q). | ||||||||||
Produced water | Byproduct associated with the production of crude oil and natural gas that often contains a number of dissolved solids and other materials found in oil and gas reservoirs. | ||||||||||
RCF | WES Operating’s $2.0 billion senior unsecured revolving credit facility. | ||||||||||
Red Bluff Express | Red Bluff Express Pipeline, LLC, in which we own a 30% interest. | ||||||||||
Related parties | Occidental, the Partnership’s equity interests (see Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q), and the Partnership and WES Operating for transactions that eliminate upon consolidation. | ||||||||||
Rendezvous | Rendezvous Gas Services, LLC, in which we own a 22% interest. |
Defined Term | Definition | ||||||||||
Residue | The natural gas remaining after the unprocessed natural-gas stream has been processed or treated. | ||||||||||
Saddlehorn | Saddlehorn Pipeline Company, LLC, in which we owned a 20% interest that we sold in March 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q). | ||||||||||
SEC | U.S. Securities and Exchange Commission. | ||||||||||
Services Agreement | That certain amended and restated Services, Secondment, and Employee Transfer Agreement, dated as of December 31, 2019, by and among Occidental, Anadarko, and WES Operating GP. | ||||||||||
Skim oil | A crude-oil byproduct that is recovered during the produced-water gathering and disposal process. | ||||||||||
Springfield system | The Springfield gas-gathering system and Springfield oil-gathering system. | ||||||||||
TEG | Texas Express Gathering LLC, in which we own a 20% interest. | ||||||||||
TEP | Texas Express Pipeline LLC, in which we own a 20% interest. | ||||||||||
WES Operating | Western Midstream Operating, LP, formerly known as Western Gas Partners, LP, and its subsidiaries. | ||||||||||
WES Operating GP | Western Midstream Operating GP, LLC, the general partner of WES Operating. | ||||||||||
West Texas complex | The Delaware Basin Midstream complex and DBJV and Haley systems. | ||||||||||
WGRAH | WGR Asset Holding Company LLC, a subsidiary of Occidental. | ||||||||||
White Cliffs | White Cliffs Pipeline, LLC, in which we own a 10% interest. | ||||||||||
Whitethorn LLC | Whitethorn Pipeline Company LLC, in which we owned a 20% interest that we sold in February 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q). | ||||||||||
Whitethorn | A crude-oil and condensate pipeline, and related storage facilities, owned by Whitethorn LLC. | ||||||||||
$1.25 billion Purchase Program | The $1.25 billion buyback program ending December 31, 2024. The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
thousands except per-unit amounts | 2024 | 2023 | ||||||||||||||||||||||||||||||
Revenues and other | ||||||||||||||||||||||||||||||||
Service revenues – fee based | $ | 781,262 | $ | 647,867 | ||||||||||||||||||||||||||||
Service revenues – product based | 66,740 | 46,810 | ||||||||||||||||||||||||||||||
Product sales | 39,292 | 39,025 | ||||||||||||||||||||||||||||||
Other | 435 | 280 | ||||||||||||||||||||||||||||||
Total revenues and other (1) | 887,729 | 733,982 | ||||||||||||||||||||||||||||||
Equity income, net – related parties | 32,819 | 39,021 | ||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||
Cost of product | 46,079 | 51,459 | ||||||||||||||||||||||||||||||
Operation and maintenance | 194,939 | 174,239 | ||||||||||||||||||||||||||||||
General and administrative | 67,839 | 51,117 | ||||||||||||||||||||||||||||||
Property and other taxes | 13,920 | 6,831 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 157,991 | 144,626 | ||||||||||||||||||||||||||||||
Long-lived asset and other impairments (2) | 23 | 52,401 | ||||||||||||||||||||||||||||||
Total operating expenses (3) | 480,791 | 480,673 | ||||||||||||||||||||||||||||||
Gain (loss) on divestiture and other, net | 239,617 | (2,118) | ||||||||||||||||||||||||||||||
Operating income (loss) | 679,374 | 290,212 | ||||||||||||||||||||||||||||||
Interest expense | (94,506) | (81,670) | ||||||||||||||||||||||||||||||
Gain (loss) on early extinguishment of debt | 524 | — | ||||||||||||||||||||||||||||||
Other income (expense), net | 2,346 | 1,215 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 587,738 | 209,757 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1,522 | 1,416 | ||||||||||||||||||||||||||||||
Net income (loss) | 586,216 | 208,341 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 13,386 | 4,696 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ | 572,830 | $ | 203,645 | ||||||||||||||||||||||||||||
Limited partners’ interest in net income (loss): | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ | 572,830 | $ | 203,645 | ||||||||||||||||||||||||||||
General partner interest in net (income) loss | (13,330) | (4,686) | ||||||||||||||||||||||||||||||
Limited partners’ interest in net income (loss) (4) | 559,500 | 198,959 | ||||||||||||||||||||||||||||||
Net income (loss) per common unit – basic (4) | $ | 1.47 | $ | 0.52 | ||||||||||||||||||||||||||||
Net income (loss) per common unit – diluted (4) | $ | 1.47 | $ | 0.52 | ||||||||||||||||||||||||||||
Weighted-average common units outstanding – basic (4) | 380,024 | 384,468 | ||||||||||||||||||||||||||||||
Weighted-average common units outstanding – diluted (4) | 381,628 | 385,750 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
thousands except per-unit amounts | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues and other – affiliates | ||||||||||||||||
Gathering, processing and transportation | $ | 157,303 | $ | 189,465 | $ | 484,601 | $ | 563,916 | ||||||||
Natural gas and natural gas liquids sales | 185,002 | 135,847 | 489,172 | 336,385 | ||||||||||||
Other | 8,822 | — | 8,822 | — | ||||||||||||
Total revenues and other – affiliates | 351,127 | 325,312 | 982,595 | 900,301 | ||||||||||||
Revenues and other – third parties | ||||||||||||||||
Gathering, processing and transportation | 148,884 | 125,727 | 428,835 | 346,416 | ||||||||||||
Natural gas and natural gas liquids sales | 74,139 | 28,189 | 201,318 | 43,200 | ||||||||||||
Other | 545 | 2,417 | 3,590 | 3,533 | ||||||||||||
Total revenues and other – third parties | 223,568 | 156,333 | 633,743 | 393,149 | ||||||||||||
Total revenues and other | 574,695 | 481,645 | 1,616,338 | 1,293,450 | ||||||||||||
Equity income, net – affiliates | 21,519 | 20,294 | 62,708 | 56,801 | ||||||||||||
Operating expenses | ||||||||||||||||
Cost of product (1) | 239,223 | 145,643 | 631,859 | 326,959 | ||||||||||||
Operation and maintenance (1) | 79,536 | 74,755 | 229,444 | 226,141 | ||||||||||||
General and administrative (1) | 12,922 | 12,112 | 37,595 | 36,514 | ||||||||||||
Property and other taxes | 11,215 | 10,670 | 35,433 | 33,113 | ||||||||||||
Depreciation and amortization | 72,539 | 67,246 | 216,272 | 199,646 | ||||||||||||
Impairments | 2,159 | 2,392 | 170,079 | 11,313 | ||||||||||||
Total operating expenses | 417,594 | 312,818 | 1,320,682 | 833,686 | ||||||||||||
Gain (loss) on divestiture and other, net | 72 | (6,230 | ) | 135,017 | (8,769 | ) | ||||||||||
Proceeds from business interruption insurance claims | — | 13,667 | 29,882 | 16,270 | ||||||||||||
Operating income (loss) | 178,692 | 196,558 | 523,263 | 524,066 | ||||||||||||
Interest income – affiliates | 4,225 | 4,225 | 12,675 | 12,675 | ||||||||||||
Interest expense (2) | (36,117 | ) | (31,301 | ) | (108,447 | ) | (76,869 | ) | ||||||||
Other income (expense), net | 311 | 165 | 1,029 | 270 | ||||||||||||
Income (loss) before income taxes | 147,111 | 169,647 | 428,520 | 460,142 | ||||||||||||
Income tax (benefit) expense | 510 | 472 | 4,905 | 7,431 | ||||||||||||
Net income (loss) | 146,601 | 169,175 | 423,615 | 452,711 | ||||||||||||
Net income (loss) attributable to noncontrolling interests | 50,399 | 77,778 | 146,529 | 190,635 | ||||||||||||
Net income (loss) attributable to Western Gas Equity Partners, LP | $ | 96,202 | $ | 91,397 | $ | 277,086 | $ | 262,076 | ||||||||
Limited partners’ interest in net income (loss): | ||||||||||||||||
Net income (loss) attributable to Western Gas Equity Partners, LP | $ | 96,202 | $ | 91,397 | $ | 277,086 | $ | 262,076 | ||||||||
Pre-acquisition net (income) loss allocated to Anadarko | — | — | — | (11,326 | ) | |||||||||||
Limited partners’ interest in net income (loss) (3) | 96,202 | 91,397 | 277,086 | 250,750 | ||||||||||||
Net income (loss) per common unit – basic and diluted | $ | 0.44 | $ | 0.42 | $ | 1.27 | $ | 1.15 | ||||||||
Weighted-average common units outstanding – basic and diluted | 218,933 | 218,922 | 218,931 | 218,921 |
(3)Total operating expenses includes related-party amounts of $(26.0) million and $(3.1) million for the three months ended March 31, 2024 and 2023, respectively, all primarily related to changes in imbalance positions. See Note 6. (4)See Note 5. 6 WESTERN MIDSTREAM PARTNERS, LP CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(1)Other assets includes $5.5 million and $5.7 million of NGLs line-fill inventory as of March 31, 2024, and December 31, 2023, respectively. Other assets also includes $107.1 million and $96.3 million of materials and supplies inventory as of March 31, 2024, and December 31, 2023, respectively. (2)Total assets includes related-party amounts of $982.6 million and $1.3 billion as of March 31, 2024, and December 31, 2023, respectively, which includes related-party Accounts receivable, net of $389.7 million and $358.1 million as of March 31, 2024, and December 31, 2023, respectively. See Note 6. (3)Total liabilities includes related-party amounts of $406.4 million and $378.8 million as of March 31, 2024, and December 31, 2023, respectively. See Note 6. |
Partners’ Capital | ||||||||||||||||||||||||||
thousands | Common Units | General Partner Units | Noncontrolling Interests | Total | ||||||||||||||||||||||
Balance at December 31, 2023 | $ | 2,894,231 | $ | 3,193 | $ | 131,706 | $ | 3,029,130 | ||||||||||||||||||
Net income (loss) | 559,500 | 13,330 | 13,386 | 586,216 | ||||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | — | (1,085) | (1,085) | ||||||||||||||||||||||
Distributions to noncontrolling interest owner of WES Operating | — | — | (4,591) | (4,591) | ||||||||||||||||||||||
Distributions to Partnership unitholders | (218,228) | (5,210) | — | (223,438) | ||||||||||||||||||||||
Equity-based compensation expense | 9,423 | — | — | 9,423 | ||||||||||||||||||||||
Other | (19,364) | — | — | (19,364) | ||||||||||||||||||||||
Balance at March 31, 2024 | $ | 3,225,562 | $ | 11,313 | $ | 139,416 | $ | 3,376,291 | ||||||||||||||||||
thousands except number of units | September 30, 2017 | December 31, 2016 | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 153,036 | $ | 359,072 | ||||
Accounts receivable, net (1) | 192,437 | 223,021 | ||||||
Other current assets | 13,497 | 13,498 | ||||||
Total current assets | 358,970 | 595,591 | ||||||
Note receivable – Anadarko | 260,000 | 260,000 | ||||||
Property, plant and equipment | ||||||||
Cost | 7,582,178 | 6,861,942 | ||||||
Less accumulated depreciation | 2,074,464 | 1,812,010 | ||||||
Net property, plant and equipment | 5,507,714 | 5,049,932 | ||||||
Goodwill | 417,610 | 417,610 | ||||||
Other intangible assets | 782,376 | 803,698 | ||||||
Equity investments | 573,622 | 594,208 | ||||||
Other assets | 15,627 | 15,058 | ||||||
Total assets | $ | 7,915,919 | $ | 7,736,097 | ||||
LIABILITIES, EQUITY AND PARTNERS’ CAPITAL | ||||||||
Current liabilities | ||||||||
Accounts and imbalance payables (2) | $ | 302,848 | $ | 247,076 | ||||
Accrued ad valorem taxes | 33,020 | 23,121 | ||||||
Accrued liabilities (3) | 57,699 | 45,190 | ||||||
Total current liabilities | 393,567 | 315,387 | ||||||
Long-term debt | 3,371,886 | 3,119,461 | ||||||
Deferred income taxes | 10,284 | 6,402 | ||||||
Asset retirement obligations and other | 146,248 | 142,641 | ||||||
Deferred purchase price obligation – Anadarko (4) | — | 41,440 | ||||||
Total long-term liabilities | 3,528,418 | 3,309,944 | ||||||
Total liabilities | 3,921,985 | 3,625,331 | ||||||
Equity and partners’ capital | ||||||||
Common units (218,933,141 and 218,928,570 units issued and outstanding at September 30, 2017, and December 31, 2016, respectively) | 1,067,269 | 1,048,143 | ||||||
Total partners’ capital | 1,067,269 | 1,048,143 | ||||||
Noncontrolling interests | 2,926,665 | 3,062,623 | ||||||
Total equity and partners’ capital | 3,993,934 | 4,110,766 | ||||||
Total liabilities, equity and partners’ capital | $ | 7,915,919 | $ | 7,736,097 |
Partners’ Capital | ||||||||||||||||||||||||||
thousands | Common Units | General Partner Units | Noncontrolling Interests | Total | ||||||||||||||||||||||
Balance at December 31, 2022 | $ | 2,969,604 | $ | 2,105 | $ | 136,406 | $ | 3,108,115 | ||||||||||||||||||
Net income (loss) | 198,959 | 4,686 | 4,696 | 208,341 | ||||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | — | (2,240) | (2,240) | ||||||||||||||||||||||
Distributions to noncontrolling interest owner of WES Operating | — | — | (4,271) | (4,271) | ||||||||||||||||||||||
Distributions to Partnership unitholders | (192,039) | (4,530) | — | (196,569) | ||||||||||||||||||||||
Unit repurchases (1) | (7,061) | — | — | (7,061) | ||||||||||||||||||||||
Equity-based compensation expense | 7,199 | — | — | 7,199 | ||||||||||||||||||||||
Other | (11,950) | — | — | (11,950) | ||||||||||||||||||||||
Balance at March 31, 2023 | $ | 2,964,712 | $ | 2,261 | $ | 134,591 | $ | 3,101,564 | ||||||||||||||||||
(1)See Note 5. |
Partners’ Capital | ||||||||||||||||
thousands | Net Investment by Anadarko | Common Units | Noncontrolling Interests | Total | ||||||||||||
Balance at December 31, 2016 | $ | — | $ | 1,048,143 | $ | 3,062,623 | $ | 4,110,766 | ||||||||
Net income (loss) | — | 277,086 | 146,529 | 423,615 | ||||||||||||
Above-market component of swap agreements with Anadarko (1) | — | 46,719 | — | 46,719 | ||||||||||||
WES equity transactions, net (2) | — | 10,800 | (10,983 | ) | (183 | ) | ||||||||||
Distributions to Chipeta noncontrolling interest owner | — | — | (9,049 | ) | (9,049 | ) | ||||||||||
Distributions to noncontrolling interest owners of WES | — | — | (262,888 | ) | (262,888 | ) | ||||||||||
Distributions to WGP unitholders | — | (324,290 | ) | — | (324,290 | ) | ||||||||||
Acquisitions from affiliates | (30 | ) | 30 | — | — | |||||||||||
Revision to Deferred purchase price obligation – Anadarko (3) | — | 4,165 | — | 4,165 | ||||||||||||
Contributions of equity-based compensation to WES by Anadarko | — | 3,333 | — | 3,333 | ||||||||||||
Net pre-acquisition contributions from (distributions to) Anadarko | 30 | — | — | 30 | ||||||||||||
Net contributions from (distributions to) Anadarko of other assets | — | 1,373 | — | 1,373 | ||||||||||||
Other | — | (90 | ) | 433 | 343 | |||||||||||
Balance at September 30, 2017 | $ | — | $ | 1,067,269 | $ | 2,926,665 | $ | 3,993,934 |
Three Months Ended March 31, | ||||||||||||||||||||
thousands | 2024 | 2023 | ||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income (loss) | $ | 586,216 | $ | 208,341 | ||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 157,991 | 144,626 | ||||||||||||||||||
Long-lived asset and other impairments | 23 | 52,401 | ||||||||||||||||||
Non-cash equity-based compensation expense | 9,423 | 7,199 | ||||||||||||||||||
Deferred income taxes | 230 | 924 | ||||||||||||||||||
Accretion and amortization of long-term obligations, net | 2,190 | 1,692 | ||||||||||||||||||
Equity income, net – related parties | (32,819) | (39,021) | ||||||||||||||||||
Distributions from equity-investment earnings – related parties | 29,304 | 39,609 | ||||||||||||||||||
(Gain) loss on divestiture and other, net | (239,617) | 2,118 | ||||||||||||||||||
(Gain) loss on early extinguishment of debt | (524) | — | ||||||||||||||||||
Other | 112 | 200 | ||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
(Increase) decrease in accounts receivable, net | (53,714) | (4,037) | ||||||||||||||||||
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | (100,383) | (136,460) | ||||||||||||||||||
Change in other items, net | 41,276 | 24,832 | ||||||||||||||||||
Net cash provided by operating activities | 399,708 | 302,424 | ||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (193,789) | (173,088) | ||||||||||||||||||
Acquisitions from third parties | (443) | — | ||||||||||||||||||
Contributions to equity investments – related parties | — | (110) | ||||||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 19,033 | 12,366 | ||||||||||||||||||
Proceeds from the sale of assets to third parties | 582,739 | — | ||||||||||||||||||
(Increase) decrease in materials and supplies inventory and other | (10,691) | (18,346) | ||||||||||||||||||
Net cash provided by (used in) investing activities | 396,849 | (179,178) | ||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Borrowings, net of debt issuance costs | — | 220,000 | ||||||||||||||||||
Repayments of debt | (14,503) | (313,138) | ||||||||||||||||||
Commercial paper borrowings (repayments), net | (510,379) | — | ||||||||||||||||||
Increase (decrease) in outstanding checks | 766 | 18,768 | ||||||||||||||||||
Distributions to Partnership unitholders (1) | (223,438) | (196,569) | ||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | (1,085) | (2,240) | ||||||||||||||||||
Distributions to noncontrolling interest owner of WES Operating | (4,591) | (4,271) | ||||||||||||||||||
Unit repurchases | — | (7,061) | ||||||||||||||||||
Other | (20,868) | (12,746) | ||||||||||||||||||
Net cash provided by (used in) financing activities | (774,098) | (297,257) | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 22,459 | (174,011) | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 272,787 | 286,656 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 295,246 | $ | 112,645 | ||||||||||||||||
Supplemental disclosures | ||||||||||||||||||||
Interest paid, net of capitalized interest | $ | 130,885 | $ | 133,245 | ||||||||||||||||
Income taxes paid (reimbursements received) | — | 1,270 | ||||||||||||||||||
Accrued capital expenditures | 116,751 | 91,067 |
Nine Months Ended September 30, | ||||||||
thousands | 2017 | 2016 | ||||||
Cash flows from operating activities | ||||||||
Net income (loss) | $ | 423,615 | $ | 452,711 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 216,272 | 199,646 | ||||||
Impairments | 170,079 | 11,313 | ||||||
Non-cash equity-based compensation expense | 3,751 | 3,759 | ||||||
Deferred income taxes | 3,882 | 2,321 | ||||||
Accretion and amortization of long-term obligations, net | 3,701 | (8,820 | ) | |||||
Equity income, net – affiliates | (62,708 | ) | (56,801 | ) | ||||
Distributions from equity investment earnings – affiliates | 64,313 | 59,671 | ||||||
(Gain) loss on divestiture and other, net | (135,017 | ) | 8,769 | |||||
Lower of cost or market inventory adjustments | 140 | 41 | ||||||
Changes in assets and liabilities: | ||||||||
(Increase) decrease in accounts receivable, net | (47,137 | ) | (41,266 | ) | ||||
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | 4,127 | 24,227 | ||||||
Change in other items, net | (2,549 | ) | (871 | ) | ||||
Net cash provided by operating activities | 642,469 | 654,700 | ||||||
Cash flows from investing activities | ||||||||
Capital expenditures | (419,193 | ) | (372,725 | ) | ||||
Contributions in aid of construction costs from affiliates | 1,386 | 4,927 | ||||||
Acquisitions from affiliates | (3,910 | ) | (716,465 | ) | ||||
Acquisitions from third parties | (155,298 | ) | — | |||||
Investments in equity affiliates | (384 | ) | 139 | |||||
Distributions from equity investments in excess of cumulative earnings – affiliates | 16,255 | 16,592 | ||||||
Proceeds from the sale of assets to affiliates | — | 623 | ||||||
Proceeds from the sale of assets to third parties | 23,370 | 7,819 | ||||||
Proceeds from property insurance claims | 22,977 | 18,398 | ||||||
Net cash used in investing activities | (514,797 | ) | (1,040,692 | ) | ||||
Cash flows from financing activities | ||||||||
Borrowings, net of debt issuance costs | 249,989 | 1,120,580 | ||||||
Repayments of debt | — | (880,000 | ) | |||||
Settlement of the Deferred purchase price obligation – Anadarko (1) | (37,346 | ) | — | |||||
Increase (decrease) in outstanding checks | 3,310 | (1,070 | ) | |||||
Proceeds from the issuance of WES common units, net of offering expenses | (183 | ) | — | |||||
Proceeds from the issuance of WES Series A Preferred units, net of offering expenses | — | 686,937 | ||||||
Distributions to WGP unitholders (2) | (324,290 | ) | (276,114 | ) | ||||
Distributions to Chipeta noncontrolling interest owner | (9,049 | ) | (11,257 | ) | ||||
Distributions to noncontrolling interest owners of WES | (262,888 | ) | (211,877 | ) | ||||
Net contributions from (distributions to) Anadarko | 30 | (29,335 | ) | |||||
Above-market component of swap agreements with Anadarko (2) | 46,719 | 34,782 | ||||||
Net cash provided by (used in) financing activities | (333,708 | ) | 432,646 | |||||
Net increase (decrease) in cash and cash equivalents | (206,036 | ) | 46,654 | |||||
Cash and cash equivalents at beginning of period | 359,072 | 99,694 | ||||||
Cash and cash equivalents at end of period | $ | 153,036 | $ | 146,348 | ||||
Supplemental disclosures | ||||||||
Accretion expense and revisions to the Deferred purchase price obligation – Anadarko (1) | $ | (4,094 | ) | $ | (172,249 | ) | ||
Net distributions to (contributions from) Anadarko of other assets | (1,373 | ) | 581 | |||||
Interest paid, net of capitalized interest | 98,956 | 83,352 | ||||||
Taxes paid | 189 | 67 | ||||||
Accrued capital expenditures | 165,732 | 49,328 | ||||||
Fair value of properties and equipment from non-cash third party transactions (1) | 551,453 | — |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
thousands | 2024 | 2023 | ||||||||||||||||||||||||||||||
Revenues and other | ||||||||||||||||||||||||||||||||
Service revenues – fee based | $ | 781,262 | $ | 647,867 | ||||||||||||||||||||||||||||
Service revenues – product based | 66,740 | 46,810 | ||||||||||||||||||||||||||||||
Product sales | 39,292 | 39,025 | ||||||||||||||||||||||||||||||
Other | 435 | 280 | ||||||||||||||||||||||||||||||
Total revenues and other (1) | 887,729 | 733,982 | ||||||||||||||||||||||||||||||
Equity income, net – related parties | 32,819 | 39,021 | ||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||
Cost of product | 46,079 | 51,459 | ||||||||||||||||||||||||||||||
Operation and maintenance | 194,939 | 174,239 | ||||||||||||||||||||||||||||||
General and administrative | 67,479 | 50,885 | ||||||||||||||||||||||||||||||
Property and other taxes | 13,920 | 6,831 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 157,991 | 144,626 | ||||||||||||||||||||||||||||||
Long-lived asset and other impairments (2) | 23 | 52,401 | ||||||||||||||||||||||||||||||
Total operating expenses (3) | 480,431 | 480,441 | ||||||||||||||||||||||||||||||
Gain (loss) on divestiture and other, net | 239,617 | (2,118) | ||||||||||||||||||||||||||||||
Operating income (loss) | 679,734 | 290,444 | ||||||||||||||||||||||||||||||
Interest expense | (94,506) | (81,670) | ||||||||||||||||||||||||||||||
Gain (loss) on early extinguishment of debt | 524 | — | ||||||||||||||||||||||||||||||
Other income (expense), net | 2,287 | 1,190 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 588,039 | 209,964 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1,522 | 1,416 | ||||||||||||||||||||||||||||||
Net income (loss) | 586,517 | 208,548 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | 1,686 | 535 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to Western Midstream Operating, LP | $ | 584,831 | $ | 208,013 |
thousands except number of units | March 31, 2024 | December 31, 2023 | ||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 289,464 | $ | 268,184 | ||||||||||
Accounts receivable, net | 738,487 | 666,615 | ||||||||||||
Other current assets | 48,888 | 50,468 | ||||||||||||
Total current assets | 1,076,839 | 985,267 | ||||||||||||
Property, plant, and equipment | ||||||||||||||
Cost | 15,157,635 | 14,945,431 | ||||||||||||
Less accumulated depreciation | 5,432,343 | 5,290,415 | ||||||||||||
Net property, plant, and equipment | 9,725,292 | 9,655,016 | ||||||||||||
Goodwill | 4,783 | 4,783 | ||||||||||||
Other intangible assets | 673,491 | 681,408 | ||||||||||||
Equity investments | 546,078 | 904,535 | ||||||||||||
Other assets (1) | 246,053 | 231,644 | ||||||||||||
Total assets (2) | $ | 12,272,536 | $ | 12,462,653 | ||||||||||
LIABILITIES, EQUITY, AND PARTNERS’ CAPITAL | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts and imbalance payables | $ | 377,358 | $ | 392,752 | ||||||||||
Short-term debt | 108,394 | 617,748 | ||||||||||||
Accrued ad valorem taxes | 48,525 | 61,285 | ||||||||||||
Accrued liabilities | 143,026 | 203,461 | ||||||||||||
Total current liabilities | 677,303 | 1,275,246 | ||||||||||||
Long-term liabilities | ||||||||||||||
Long-term debt | 7,272,079 | 7,283,556 | ||||||||||||
Deferred income taxes | 15,698 | 15,468 | ||||||||||||
Asset retirement obligations | 366,755 | 359,185 | ||||||||||||
Other liabilities | 523,083 | 476,844 | ||||||||||||
Total long-term liabilities | 8,177,615 | 8,135,053 | ||||||||||||
Total liabilities (3) | 8,854,918 | 9,410,299 | ||||||||||||
Equity and partners’ capital | ||||||||||||||
Common units (318,675,578 units issued and outstanding at March 31, 2024, and December 31, 2023) | 3,391,694 | 3,027,031 | ||||||||||||
Total partners’ capital | 3,391,694 | 3,027,031 | ||||||||||||
Noncontrolling interest | 25,924 | 25,323 | ||||||||||||
Total equity and partners’ capital | 3,417,618 | 3,052,354 | ||||||||||||
Total liabilities, equity, and partners’ capital | $ | 12,272,536 | $ | 12,462,653 |
thousands | Common Units | Noncontrolling Interest | Total | |||||||||||||||||
Balance at December 31, 2023 | $ | 3,027,031 | $ | 25,323 | $ | 3,052,354 | ||||||||||||||
Net income (loss) | 584,831 | 1,686 | 586,517 | |||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | (1,085) | (1,085) | |||||||||||||||||
Distributions to WES Operating unitholders | (229,446) | — | (229,446) | |||||||||||||||||
Contributions of equity-based compensation from WES | 9,278 | — | 9,278 | |||||||||||||||||
Balance at March 31, 2024 | $ | 3,391,694 | $ | 25,924 | $ | 3,417,618 | ||||||||||||||
thousands | Common Units | Noncontrolling Interest | Total | |||||||||||||||||
Balance at December 31, 2022 | $ | 3,092,012 | $ | 28,095 | $ | 3,120,107 | ||||||||||||||
Net income (loss) | 208,013 | 535 | 208,548 | |||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | (2,240) | (2,240) | |||||||||||||||||
Distributions to WES Operating unitholders | (213,513) | — | (213,513) | |||||||||||||||||
Contributions of equity-based compensation from WES | 7,058 | — | 7,058 | |||||||||||||||||
Balance at March 31, 2023 | $ | 3,093,570 | $ | 26,390 | $ | 3,119,960 | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
thousands | 2024 | 2023 | ||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income (loss) | $ | 586,517 | $ | 208,548 | ||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 157,991 | 144,626 | ||||||||||||||||||
Long-lived asset and other impairments | 23 | 52,401 | ||||||||||||||||||
Non-cash equity-based compensation expense | 9,278 | 7,058 | ||||||||||||||||||
Deferred income taxes | 230 | 924 | ||||||||||||||||||
Accretion and amortization of long-term obligations, net | 2,190 | 1,692 | ||||||||||||||||||
Equity income, net – related parties | (32,819) | (39,021) | ||||||||||||||||||
Distributions from equity-investment earnings – related parties | 29,304 | 39,609 | ||||||||||||||||||
(Gain) loss on divestiture and other, net | (239,617) | 2,118 | ||||||||||||||||||
(Gain) loss on early extinguishment of debt | (524) | — | ||||||||||||||||||
Other | 112 | 200 | ||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
(Increase) decrease in accounts receivable, net | (71,872) | (5,048) | ||||||||||||||||||
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | (102,341) | (148,148) | ||||||||||||||||||
Change in other items, net | 42,177 | 26,009 | ||||||||||||||||||
Net cash provided by operating activities | 380,649 | 290,968 | ||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (193,789) | (173,088) | ||||||||||||||||||
Acquisitions from third parties | (443) | — | ||||||||||||||||||
Contributions to equity investments – related parties | — | (110) | ||||||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 19,033 | 12,366 | ||||||||||||||||||
Proceeds from the sale of assets to third parties | 582,739 | — | ||||||||||||||||||
(Increase) decrease in materials and supplies inventory and other | (10,691) | (18,346) | ||||||||||||||||||
Net cash provided by (used in) investing activities | 396,849 | (179,178) | ||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Borrowings, net of debt issuance costs | — | 220,000 | ||||||||||||||||||
Repayments of debt | (14,503) | (313,138) | ||||||||||||||||||
Commercial paper borrowings (repayments), net | (510,379) | — | ||||||||||||||||||
Increase (decrease) in outstanding checks | 699 | 18,726 | ||||||||||||||||||
Distributions to WES Operating unitholders (1) | (229,446) | (213,513) | ||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | (1,085) | (2,240) | ||||||||||||||||||
Other | (1,504) | (796) | ||||||||||||||||||
Net cash provided by (used in) financing activities | (756,218) | (290,961) | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 21,280 | (179,171) | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 268,184 | 286,101 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 289,464 | $ | 106,930 | ||||||||||||||||
Supplemental disclosures | ||||||||||||||||||||
Interest paid, net of capitalized interest | $ | 130,885 | $ | 133,245 | ||||||||||||||||
Income taxes paid (reimbursements received) | — | 1,270 | ||||||||||||||||||
Accrued capital expenditures | 116,751 | 91,067 |
Wholly Owned and Operated | Operated Interests | Non-Operated Interests | Equity Interests | |||||||||||||||||||||||||||||
Gathering systems (1) | 18 | 2 | 3 | 1 | ||||||||||||||||||||||||||||
Treating facilities | 38 | 3 | — | — | ||||||||||||||||||||||||||||
Natural-gas processing plants/trains | 24 | 3 | — | 1 | ||||||||||||||||||||||||||||
NGLs pipelines | 3 | — | — | 4 | ||||||||||||||||||||||||||||
Natural-gas pipelines | 6 | — | — | 1 | ||||||||||||||||||||||||||||
Crude-oil pipelines | 3 | 1 | — | 1 |
Owned and Operated | Operated Interests | Non-Operated Interests | Equity Interests | |||||||||
Gathering systems | 12 | 3 | 3 | 2 | ||||||||
Treating facilities | 19 | 3 | — | 3 | ||||||||
Natural gas processing plants/trains | 19 | 5 | — | 2 | ||||||||
NGL pipelines | 2 | — | — | 3 | ||||||||
Natural gas pipelines | 5 | — | — | — | ||||||||
Oil pipelines | — | 1 | — | 1 |
Percentage Interest | ||||||||
Full consolidation | ||||||||
Chipeta (1) | 75.00 | % | ||||||
Proportionate consolidation (2) | ||||||||
Springfield system | 50.10 | % | ||||||
Marcellus Interest systems | 33.75 | % | ||||||
Equity investments(3) | ||||||||
Mi Vida JV LLC (“Mi Vida”) | 50.00 | % | ||||||
Front Range Pipeline LLC (“FRP”) | 33.33 | % | ||||||
Red Bluff Express Pipeline, LLC (“Red Bluff Express”) | 30.00 | % | ||||||
Rendezvous Gas Services, LLC (“Rendezvous”) | 22.00 | % | ||||||
Texas Express Pipeline LLC (“TEP”) | 20.00 | % | ||||||
Texas Express Gathering LLC (“TEG”) | 20.00 | % | ||||||
White Cliffs Pipeline, LLC (“White Cliffs”) | 10.00 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
thousands | 2024 | 2023 | ||||||||||||||||||||||||||||||
Revenue from customers | ||||||||||||||||||||||||||||||||
Service revenues – fee based | $ | 781,262 | $ | 647,867 | ||||||||||||||||||||||||||||
Service revenues – product based | 66,740 | 46,810 | ||||||||||||||||||||||||||||||
Product sales | 39,292 | 39,025 | ||||||||||||||||||||||||||||||
Total revenue from customers | 887,294 | 733,702 | ||||||||||||||||||||||||||||||
Revenue from other than customers | ||||||||||||||||||||||||||||||||
Other | 435 | 280 | ||||||||||||||||||||||||||||||
Total revenues and other | $ | 887,729 | $ | 733,982 |
thousands | ||||||||||||||
Contract assets balance at December 31, 2023 | $ | 39,292 | ||||||||||||
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period | (1,928) | |||||||||||||
Additional estimated revenues recognized | 1,974 | |||||||||||||
Contract assets balance at March 31, 2024 | $ | 39,338 | ||||||||||||
Contract assets at March 31, 2024 | ||||||||||||||
Other current assets | $ | 8,708 | ||||||||||||
Other assets | 30,630 | |||||||||||||
Total contract assets from contracts with customers | $ | 39,338 |
thousands | ||||||||||||||
Contract liabilities balance at December 31, 2023 | $ | 445,499 | ||||||||||||
Cash received or receivable, excluding revenues recognized during the period | 36,960 | |||||||||||||
Revenues recognized that were included in the contract liability balance at the beginning of the period | (11,715) | |||||||||||||
Contract liabilities balance at March 31, 2024 | $ | 470,744 | ||||||||||||
Contract liabilities at March 31, 2024 | ||||||||||||||
Accrued liabilities | $ | 11,875 | ||||||||||||
Other liabilities | 458,869 | |||||||||||||
Total contract liabilities from contracts with customers | $ | 470,744 |
thousands | ||||||||
Remainder of 2024 | $ | 881,845 | ||||||
2025 | 1,113,716 | |||||||
2026 | 1,029,954 | |||||||
2027 | 919,010 | |||||||
2028 | 712,825 | |||||||
Thereafter | 2,001,043 | |||||||
Total | $ | 6,658,393 |
thousands except unit and percent amounts | Acquisition Date | Percentage Acquired | Borrowings | Cash On Hand | WES Common Units Issued | WES Series A Preferred Units Issued | |||||||||||||
Springfield system (1) | 03/14/2016 | 50.1 | % | $ | 247,500 | $ | — | 2,089,602 | 14,030,611 | ||||||||||
DBJV system (2) | 03/17/2017 | 50 | % | — | 155,000 | — | — |
Deferred purchase price obligation - Anadarko | Estimated future payment obligation (1) | |||||||
Balance at December 31, 2016 | $ | 41,440 | $ | 56,455 | ||||
Accretion expense (2) | 71 | |||||||
Revision to Deferred purchase price obligation – Anadarko (3) | (4,165 | ) | ||||||
Settlement of the Deferred purchase price obligation – Anadarko | (37,346 | ) | ||||||
Balance at September 30, 2017 | $ | — | $ | — |
thousands | ||||||||
Assets acquired: | ||||||||
Cash and cash equivalents | $ | 38,412 | ||||||
Accounts receivable, net | 34,060 | |||||||
Other current assets | 1,980 | |||||||
Property, plant, and equipment | 926,347 | |||||||
Other assets | 6,498 | |||||||
Total assets acquired | 1,007,297 | |||||||
Liabilities assumed: | ||||||||
Accounts payable and accrued liabilities | 34,733 | |||||||
Other current liabilities | 5,451 | |||||||
Asset retirement obligation | 22,156 | |||||||
Other liabilities | 28,356 | |||||||
Total liabilities assumed | 90,696 | |||||||
Net assets acquired | $ | 916,601 |
thousands except per-unit amounts Quarters Ended | Total Quarterly Distribution per Unit | Total Quarterly Cash Distribution | Date of Distribution | ||||||||
2016 | |||||||||||
March 31 | $ | 0.42375 | $ | 92,767 | May 2016 | ||||||
June 30 | 0.43375 | 94,958 | August 2016 | ||||||||
September 30 | 0.44750 | 97,968 | November 2016 | ||||||||
December 31 | 0.46250 | 101,254 | February 2017 | ||||||||
2017 | |||||||||||
March 31 | $ | 0.49125 | $ | 107,549 | May 2017 | ||||||
June 30 | 0.52750 | 115,487 | August 2017 | ||||||||
September 30 (1) | 0.53750 | 117,677 | November 2017 |
thousands except per-unit amounts Quarters Ended | Total Quarterly Distribution per Unit | Total Quarterly Cash Distribution | Date of Distribution | ||||||||
2016 | |||||||||||
March 31 | $ | 0.815 | $ | 158,905 | May 2016 | ||||||
June 30 | 0.830 | 162,827 | August 2016 | ||||||||
September 30 | 0.845 | 166,742 | November 2016 | ||||||||
December 31 | 0.860 | 170,657 | February 2017 | ||||||||
2017 | |||||||||||
March 31 | $ | 0.875 | $ | 188,753 | May 2017 | ||||||
June 30 | 0.890 | 207,491 | August 2017 | ||||||||
September 30 (1) | 0.905 | 212,038 | November 2017 |
thousands except per-unit amounts Quarters Ended | Total Quarterly Distribution per Unit | Total Quarterly Cash Distribution | Date of Distribution | ||||||||
2016 | |||||||||||
March 31 (1) | $ | 0.68 | $ | 1,887 | May 2016 | ||||||
June 30 (2) | 0.68 | 14,082 | August 2016 | ||||||||
September 30 | 0.68 | 14,907 | November 2016 | ||||||||
December 31 | 0.68 | 14,908 | February 2017 | ||||||||
2017 | |||||||||||
March 31 | $ | 0.68 | $ | 7,453 | May 2017 |
thousands except per-unit amounts Quarters Ended | Total Quarterly Per-unit Distribution | Total Quarterly Cash Distribution | Distribution Date | Record Date | |||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||
March 31 (1) | $ | 0.856 | $ | 336,987 | May 15, 2023 | May 1, 2023 | |||||||||||||||||||||||
June 30 | 0.5625 | 221,442 | August 14, 2023 | July 31, 2023 | |||||||||||||||||||||||||
September 30 | 0.575 | 223,432 | November 13, 2023 | November 1, 2023 | |||||||||||||||||||||||||
December 31 | 0.575 | 223,438 | February 13, 2024 | February 1, 2024 | |||||||||||||||||||||||||
2024 | |||||||||||||||||||||||||||||
March 31 | $ | 0.875 | $ | 340,858 | May 15, 2024 | May 1, 2024 | |||||||||||||||||||||||
thousands Quarters Ended | Total Quarterly Cash Distribution | Distribution Date | |||||||||||||||
2023 | |||||||||||||||||
March 31 (1) | $ | 342,895 | May 2023 | ||||||||||||||
June 30 | 226,260 | August 2023 | |||||||||||||||
September 30 | 229,446 | November 2023 | |||||||||||||||
December 31 | 229,446 | February 2024 | |||||||||||||||
2024 | |||||||||||||||||
March 31 | $ | 347,675 | May 2024 | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
thousands except per-unit amounts | 2024 | 2023 | ||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||
Limited partners’ interest in net income (loss) | $ | 559,500 | $ | 198,959 | ||||||||||||||||||||||||||||
Weighted-average common units outstanding | ||||||||||||||||||||||||||||||||
Basic | 380,024 | 384,468 | ||||||||||||||||||||||||||||||
Dilutive effect of non-vested phantom units | 1,604 | 1,282 | ||||||||||||||||||||||||||||||
Diluted | 381,628 | 385,750 | ||||||||||||||||||||||||||||||
Excluded due to anti-dilutive effect | 279 | 663 | ||||||||||||||||||||||||||||||
Net income (loss) per common unit | ||||||||||||||||||||||||||||||||
Basic | $ | 1.47 | $ | 0.52 | ||||||||||||||||||||||||||||
Diluted | $ | 1.47 | $ | 0.52 |
Consolidated statements of operations | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
thousands | 2024 | 2023 | ||||||||||||||||||||||||||||||
Revenues and other | ||||||||||||||||||||||||||||||||
Service revenues – fee based | $ | 489,729 | $ | 423,501 | ||||||||||||||||||||||||||||
Service revenues – product based | 14,057 | 8,116 | ||||||||||||||||||||||||||||||
Product sales | (3,977) | 17,168 | ||||||||||||||||||||||||||||||
Total revenues and other | 499,809 | 448,785 | ||||||||||||||||||||||||||||||
Equity income, net – related parties (1) | 32,819 | 39,021 | ||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||
Cost of product (2) | (27,412) | (3,947) | ||||||||||||||||||||||||||||||
Operation and maintenance | 1,439 | 747 | ||||||||||||||||||||||||||||||
General and administrative | — | 67 | ||||||||||||||||||||||||||||||
Total operating expenses | (25,973) | (3,133) | ||||||||||||||||||||||||||||||
Consolidated balance sheets | ||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | ||||||||||||
Assets | ||||||||||||||
Accounts receivable, net | $ | 389,721 | $ | 358,141 | ||||||||||
Other current assets | 3,277 | 1,260 | ||||||||||||
Equity investments (1) | 546,078 | 904,535 | ||||||||||||
Other assets | 43,534 | 43,216 | ||||||||||||
Total assets | 982,610 | 1,307,152 | ||||||||||||
Liabilities | ||||||||||||||
Accounts and imbalance payables | 38,739 | 38,541 | ||||||||||||
Accrued liabilities | 5,009 | 4,979 | ||||||||||||
Other liabilities (2) | 362,604 | 335,320 | ||||||||||||
Total liabilities | 406,352 | 378,840 |
WES Common Units | WES Class C Units | WES Series A Preferred Units | WES General Partner Units | Total | |||||||||||
Balance at December 31, 2016 | 130,671,970 | 12,358,123 | 21,922,831 | 2,583,068 | 167,535,992 | ||||||||||
PIK Class C units | — | 619,510 | — | — | 619,510 | ||||||||||
Conversion of Series A Preferred units | 21,922,831 | — | (21,922,831 | ) | — | — | |||||||||
Long-Term Incentive Plan award vestings | 7,304 | — | — | — | 7,304 | ||||||||||
Balance at September 30, 2017 | 152,602,105 | 12,977,633 | — | 2,583,068 | 168,162,806 |
Consolidated statements of cash flows | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
thousands | 2024 | 2023 | ||||||||||||||||||
Distributions from equity-investment earnings – related parties | $ | 29,304 | $ | 39,609 | ||||||||||||||||
Contributions to equity investments – related parties | — | (110) | ||||||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 19,033 | 12,366 | ||||||||||||||||||
Distributions to Partnership unitholders (1) | (111,689) | (99,671) | ||||||||||||||||||
Distributions to WES Operating unitholders (2) | (4,591) | (4,271) | ||||||||||||||||||
Consolidated statements of operations | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
thousands | 2024 | 2023 | ||||||||||||||||||||||||||||||
General and administrative (1) | $ | 1,306 | $ | 1,281 | ||||||||||||||||||||||||||||
Consolidated balance sheets | ||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | ||||||||||||
Accounts receivable, net (1) | $ | 407,881 | $ | 358,141 | ||||||||||
Other current assets | 3,218 | 1,235 | ||||||||||||
Other assets | 40,108 | 41,405 | ||||||||||||
Accounts and imbalance payables | 38,739 | 69,472 | ||||||||||||
Accrued liabilities | 4,692 | 4,662 |
Consolidated statements of cash flows | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
thousands | 2024 | 2023 | ||||||||||||||||||||||||||||||
Distributions to WES Operating unitholders (1) | $ | (229,446) | $ | (213,513) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
thousands | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Gains (losses) on commodity price swap agreements related to sales: (1) | ||||||||||||||||
Natural gas sales | $ | 6,284 | $ | 719 | $ | 12,022 | $ | 12,962 | ||||||||
Natural gas liquids sales | (7,210 | ) | 15,939 | (9,680 | ) | 56,489 | ||||||||||
Total | (926 | ) | 16,658 | 2,342 | 69,451 | |||||||||||
Gains (losses) on commodity price swap agreements related to purchases (2) | (117 | ) | (9,248 | ) | (2,928 | ) | (45,032 | ) | ||||||||
Net gains (losses) on commodity price swap agreements | $ | (1,043 | ) | $ | 7,410 | $ | (586 | ) | $ | 24,419 |
DJ Basin Complex | ||||||||||||
per barrel except natural gas | 2016 - 2017 Swap Prices | 2016 Market Prices (1) | 2017 Market Prices (1) | |||||||||
Ethane | $ | 18.41 | $ | 0.60 | $ | 5.09 | ||||||
Propane | 47.08 | 10.98 | 18.85 | |||||||||
Isobutane | 62.09 | 17.23 | 26.83 | |||||||||
Normal butane | 54.62 | 16.86 | 26.20 | |||||||||
Natural gasoline | 72.88 | 26.15 | 41.84 | |||||||||
Condensate | 76.47 | 34.65 | 45.40 | |||||||||
Natural gas (per MMBtu) | 5.96 | 2.11 | 3.05 |
MGR Assets | ||||||||
per barrel except natural gas | 2016 - 2017 Swap Prices | 2017 Market Prices (1) | ||||||
Ethane | $ | 23.11 | $ | 4.08 | ||||
Propane | 52.90 | 19.24 | ||||||
Isobutane | 73.89 | 25.79 | ||||||
Normal butane | 64.93 | 25.16 | ||||||
Natural gasoline | 81.68 | 45.01 | ||||||
Condensate | 81.68 | 53.55 | ||||||
Natural gas (per MMBtu) | 4.87 | 3.05 |
Nine Months Ended September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
thousands | Purchases | Sales | ||||||||||||||
Cash consideration | $ | 3,910 | $ | 3,965 | $ | — | $ | 623 | ||||||||
Net carrying value | (5,283 | ) | (3,366 | ) | — | (605 | ) | |||||||||
Partners’ capital adjustment | $ | (1,373 | ) | $ | 599 | $ | — | $ | 18 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
thousands | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues and other (1) | $ | 351,127 | $ | 325,312 | $ | 982,595 | $ | 900,301 | ||||||||
Equity income, net – affiliates (1) | 21,519 | 20,294 | 62,708 | 56,801 | ||||||||||||
Cost of product (1) | 22,902 | 21,254 | 60,497 | 67,979 | ||||||||||||
Operation and maintenance (2) | 18,110 | 15,052 | 53,661 | 50,688 | ||||||||||||
General and administrative (3) | 10,414 | 9,655 | 29,637 | 28,179 | ||||||||||||
Operating expenses | 51,426 | 45,961 | 143,795 | 146,846 | ||||||||||||
Interest income (4) | 4,225 | 4,225 | 12,675 | 12,675 | ||||||||||||
Interest expense (5) | — | (1,173 | ) | 71 | (12,097 | ) | ||||||||||
Settlement of the Deferred purchase price obligation – Anadarko (6) | — | — | (37,346 | ) | — | |||||||||||
Distributions to WGP unitholders (7) | 94,205 | 77,462 | 264,533 | 235,587 | ||||||||||||
Distributions to WES unitholders (8) | 1,790 | 1,670 | 5,280 | 3,915 | ||||||||||||
Above-market component of swap agreements with Anadarko | 18,049 | 18,417 | 46,719 | 34,782 |
thousands | Balance at December 31, 2023 | Equity income, net | Distributions | Distributions in excess of cumulative earnings (1) | Acquisitions and Divestitures (2) | Balance at March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
White Cliffs | $ | 13,248 | $ | 1,285 | $ | (1,285) | $ | (843) | $ | — | $ | 12,405 | ||||||||||||||||||||||||||||||||||||||||||||
Rendezvous | 10,815 | (578) | (237) | (464) | — | 9,536 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mont Belvieu JV | 88,556 | 51 | (442) | (6,047) | (82,118) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
TEG | 15,185 | 169 | (175) | (200) | — | 14,979 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TEP | 172,559 | 7,218 | (7,281) | (635) | — | 171,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||
FRP | 186,551 | 11,727 | (11,770) | (1,803) | — | 184,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Whitethorn LLC | 144,799 | 1,185 | 3,326 | (4,924) | (144,386) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Saddlehorn | 101,760 | 4,200 | (4,124) | (3,096) | (98,740) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Panola | 18,716 | 74 | (74) | (1,021) | (17,695) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mi Vida | 45,424 | 2,068 | (2,050) | — | — | 45,442 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Red Bluff Express | 106,922 | 5,420 | (5,192) | — | — | 107,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 904,535 | $ | 32,819 | $ | (29,304) | $ | (19,033) | $ | (342,939) | $ | 546,078 |
thousands | Estimated Useful Life | March 31, 2024 | December 31, 2023 | |||||||||||||||||
Land | N/A | $ | 12,442 | $ | 12,504 | |||||||||||||||
Gathering systems – pipelines | 30 years | 5,935,848 | 5,890,607 | |||||||||||||||||
Gathering systems – compressors | 15 years | 2,602,110 | 2,553,602 | |||||||||||||||||
Processing complexes and treating facilities | 25 years | 3,775,379 | 3,745,332 | |||||||||||||||||
Transportation pipeline and equipment | 3 to 48 years | 259,227 | 259,314 | |||||||||||||||||
Produced-water disposal systems | 20 years | 1,103,001 | 1,098,616 | |||||||||||||||||
Assets under construction | N/A | 560,417 | 479,368 | |||||||||||||||||
Other | 3 to 40 years | 909,211 | 906,088 | |||||||||||||||||
Total property, plant, and equipment | 15,157,635 | 14,945,431 | ||||||||||||||||||
Less accumulated depreciation | 5,432,343 | 5,290,415 | ||||||||||||||||||
Net property, plant, and equipment | $ | 9,725,292 | $ | 9,655,016 |
thousands | Estimated Useful Life | September 30, 2017 | December 31, 2016 | |||||||
Land | n/a | $ | 4,271 | $ | 4,012 | |||||
Gathering systems and processing complexes | 3 to 47 years | 6,972,302 | 6,462,053 | |||||||
Pipelines and equipment | 15 to 45 years | 139,344 | 139,646 | |||||||
Assets under construction | n/a | 434,432 | 226,626 | |||||||
Other | 3 to 40 years | 31,829 | 29,605 | |||||||
Total property, plant and equipment | 7,582,178 | 6,861,942 | ||||||||
Accumulated depreciation | 2,074,464 | 1,812,010 | ||||||||
Net property, plant and equipment | $ | 5,507,714 | $ | 5,049,932 |
Equity Investments | |||||||||||||||||||||||||||||||
thousands | Fort Union | White Cliffs | Rendezvous | Mont Belvieu JV | TEG | TEP | FRP | Total | |||||||||||||||||||||||
Balance at December 31, 2016 | $ | 12,833 | $ | 47,319 | $ | 46,739 | $ | 112,805 | $ | 15,846 | $ | 189,194 | $ | 169,472 | $ | 594,208 | |||||||||||||||
Investment earnings (loss), net of amortization | 2,964 | 9,984 | 840 | 20,430 | 2,325 | 13,332 | 12,833 | 62,708 | |||||||||||||||||||||||
Impairment expense (1) | (3,110 | ) | — | — | — | — | — | — | (3,110 | ) | |||||||||||||||||||||
Contributions | — | 277 | — | — | — | 107 | — | 384 | |||||||||||||||||||||||
Distributions | (3,359 | ) | (9,548 | ) | (2,296 | ) | (20,459 | ) | (2,167 | ) | (13,520 | ) | (12,964 | ) | (64,313 | ) | |||||||||||||||
Distributions in excess of cumulative earnings (2) | (1,662 | ) | (2,325 | ) | (1,616 | ) | (2,316 | ) | — | (6,091 | ) | (2,245 | ) | (16,255 | ) | ||||||||||||||||
Balance at September 30, 2017 | $ | 7,666 | $ | 45,707 | $ | 43,667 | $ | 110,460 | $ | 16,004 | $ | 183,022 | $ | 167,096 | $ | 573,622 |
The Partnership | WES Operating | |||||||||||||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Trade receivables, net | $ | 720,169 | $ | 665,892 | $ | 738,328 | $ | 665,892 | ||||||||||||||||||
Other receivables, net | 182 | 745 | 159 | 723 | ||||||||||||||||||||||
Total accounts receivable, net | $ | 720,351 | $ | 666,637 | $ | 738,487 | $ | 666,615 |
thousands | September 30, 2017 | December 31, 2016 | ||||||
Trade receivables, net | $ | 192,394 | $ | 192,606 | ||||
Other receivables, net | 43 | 30,415 | ||||||
Total accounts receivable, net | $ | 192,437 | $ | 223,021 |
The Partnership | WES Operating | |||||||||||||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
NGLs inventory | $ | 2,650 | $ | 2,557 | $ | 2,650 | $ | 2,557 | ||||||||||||||||||
Imbalance receivables | 8,125 | 5,056 | 8,125 | 5,056 | ||||||||||||||||||||||
Prepaid insurance | 15,707 | 21,065 | 13,904 | 18,571 | ||||||||||||||||||||||
Contract assets | 8,708 | 9,595 | 8,708 | 9,595 | ||||||||||||||||||||||
Other | 15,560 | 14,713 | 15,501 | 14,689 | ||||||||||||||||||||||
Total other current assets | $ | 50,750 | $ | 52,986 | $ | 48,888 | $ | 50,468 |
thousands | September 30, 2017 | December 31, 2016 | ||||||
Natural gas liquids inventory | $ | 8,459 | $ | 7,126 | ||||
Imbalance receivables | 2,103 | 3,483 | ||||||
Prepaid insurance | 2,935 | 2,889 | ||||||
Total other current assets | $ | 13,497 | $ | 13,498 |
The Partnership | WES Operating | |||||||||||||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Accrued interest expense | $ | 86,369 | $ | 124,937 | $ | 86,369 | $ | 124,937 | ||||||||||||||||||
Short-term asset retirement obligations | 3,790 | 7,606 | 3,790 | 7,606 | ||||||||||||||||||||||
Short-term remediation and reclamation obligations | 1,790 | 5,490 | 1,790 | 5,490 | ||||||||||||||||||||||
Income taxes payable | 4,201 | 2,908 | 4,201 | 2,908 | ||||||||||||||||||||||
Contract liabilities | 11,875 | 16,866 | 11,875 | 16,866 | ||||||||||||||||||||||
Accrued payroll and benefits | 30,598 | 55,237 | — | 2,243 | ||||||||||||||||||||||
Other | 35,098 | 49,528 | 35,001 | 43,411 | ||||||||||||||||||||||
Total accrued liabilities | $ | 173,721 | $ | 262,572 | $ | 143,026 | $ | 203,461 |
thousands | September 30, 2017 | December 31, 2016 | ||||||
Accrued interest expense | $ | 45,624 | $ | 39,834 | ||||
Short-term asset retirement obligations | 3,976 | 3,114 | ||||||
Short-term remediation and reclamation obligations | 630 | 630 | ||||||
Income taxes payable | 1,024 | 1,006 | ||||||
Other | 6,445 | 606 | ||||||
Total accrued liabilities | $ | 57,699 | $ | 45,190 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||
thousands | Principal | Carrying Value | Fair Value (1) | Principal | Carrying Value | Fair Value (1) | ||||||||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | 100,000 | $ | 99,933 | $ | 99,933 | $ | 613,885 | $ | 610,312 | $ | 610,312 | ||||||||||||||||||||||||||
Finance lease liabilities | 8,461 | 8,461 | 8,461 | 7,436 | 7,436 | 7,436 | ||||||||||||||||||||||||||||||||
Total short-term debt | $ | 108,461 | $ | 108,394 | $ | 108,394 | $ | 621,321 | $ | 617,748 | $ | 617,748 | ||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||||||||||||
3.100% Senior Notes due 2025 | $ | 663,831 | $ | 662,804 | $ | 649,658 | $ | 666,481 | $ | 665,145 | $ | 650,765 | ||||||||||||||||||||||||||
3.950% Senior Notes due 2025 | 348,645 | 347,631 | 341,763 | 349,163 | 347,938 | 341,415 | ||||||||||||||||||||||||||||||||
4.650% Senior Notes due 2026 | 467,204 | 465,848 | 458,425 | 467,204 | 465,705 | 459,617 | ||||||||||||||||||||||||||||||||
4.500% Senior Notes due 2028 | 350,175 | 347,923 | 338,199 | 357,094 | 354,665 | 346,121 | ||||||||||||||||||||||||||||||||
4.750% Senior Notes due 2028 | 381,848 | 379,816 | 370,935 | 382,888 | 380,747 | 374,767 | ||||||||||||||||||||||||||||||||
6.350% Senior Notes due 2029 | 600,000 | 593,364 | 622,248 | 600,000 | 593,069 | 626,994 | ||||||||||||||||||||||||||||||||
4.050% Senior Notes due 2030 | 1,100,612 | 1,093,906 | 1,025,726 | 1,104,593 | 1,097,609 | 1,036,097 | ||||||||||||||||||||||||||||||||
6.150% Senior Notes due 2033 | 750,000 | 741,302 | 769,373 | 750,000 | 741,125 | 780,203 | ||||||||||||||||||||||||||||||||
5.450% Senior Notes due 2044 | 600,000 | 594,070 | 551,802 | 600,000 | 594,031 | 545,154 | ||||||||||||||||||||||||||||||||
5.300% Senior Notes due 2048 | 700,000 | 687,798 | 611,492 | 700,000 | 687,735 | 614,082 | ||||||||||||||||||||||||||||||||
5.500% Senior Notes due 2048 | 350,000 | 342,947 | 310,674 | 350,000 | 342,913 | 312,365 | ||||||||||||||||||||||||||||||||
5.250% Senior Notes due 2050 | 1,000,000 | 984,276 | 895,150 | 1,000,000 | 984,206 | 895,440 | ||||||||||||||||||||||||||||||||
Finance lease liabilities | 30,394 | 30,394 | 30,394 | 28,668 | 28,668 | 28,668 | ||||||||||||||||||||||||||||||||
Total long-term debt | $ | 7,342,709 | $ | 7,272,079 | $ | 6,975,839 | $ | 7,356,091 | $ | 7,283,556 | $ | 7,011,688 | ||||||||||||||||||||||||||
thousands | Carrying Value | |||||||
Balance at December 31, 2023 | $ | 7,901,304 | ||||||
Commercial paper borrowings (repayments), net (1) | (510,379) | |||||||
Repayment of 3.100% Senior Notes due 2025 | (2,650) | |||||||
Repayment of 3.950% Senior Notes due 2025 | (518) | |||||||
Repayment of 4.500% Senior Notes due 2028 | (6,919) | |||||||
Repayment of 4.750% Senior Notes due 2028 | (1,040) | |||||||
Repayment of 4.050% Senior Notes due 2030 | (3,981) | |||||||
Finance lease liabilities | 2,751 | |||||||
Other | 1,905 | |||||||
Balance at March 31, 2024 | $ | 7,380,473 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
thousands | Principal | Carrying Value | Fair Value (1) | Principal | Carrying Value | Fair Value (1) | ||||||||||||||||||
WGP RCF | $ | 28,000 | $ | 28,000 | $ | 28,000 | $ | 28,000 | $ | 28,000 | $ | 28,000 | ||||||||||||
2021 Notes | 500,000 | 495,541 | 536,712 | 500,000 | 494,734 | 536,252 | ||||||||||||||||||
2022 Notes | 670,000 | 668,795 | 693,789 | 670,000 | 668,634 | 681,723 | ||||||||||||||||||
2018 Notes | 350,000 | 349,558 | 351,770 | 350,000 | 349,188 | 351,531 | ||||||||||||||||||
2044 Notes | 600,000 | 593,206 | 634,283 | 600,000 | 593,132 | 615,753 | ||||||||||||||||||
2025 Notes | 500,000 | 491,653 | 503,322 | 500,000 | 490,971 | 492,499 | ||||||||||||||||||
2026 Notes | 500,000 | 495,133 | 525,069 | 500,000 | 494,802 | 518,441 | ||||||||||||||||||
WES RCF | 250,000 | 250,000 | 250,000 | — | — | — | ||||||||||||||||||
Total long-term debt | $ | 3,398,000 | $ | 3,371,886 | $ | 3,522,945 | $ | 3,148,000 | $ | 3,119,461 | $ | 3,224,199 |
thousands | Carrying Value | |||
Balance at December 31, 2016 | $ | 3,119,461 | ||
WES RCF borrowings | 250,000 | |||
Other | 2,425 | |||
Balance at September 30, 2017 | $ | 3,371,886 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
thousands | 2024 | 2023 | ||||||||||||||||||||||||||||||
Long-term and short-term debt | $ | (95,956) | $ | (81,151) | ||||||||||||||||||||||||||||
Finance lease liabilities | (677) | (163) | ||||||||||||||||||||||||||||||
Commitment fees and amortization of debt-related costs | (3,200) | (2,881) | ||||||||||||||||||||||||||||||
Capitalized interest | 5,327 | 2,525 | ||||||||||||||||||||||||||||||
Interest expense | $ | (94,506) | $ | (81,670) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
thousands | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Third parties | ||||||||||||||||
Long-term debt | $ | (36,223 | ) | $ | (31,795 | ) | $ | (106,412 | ) | $ | (88,123 | ) | ||||
Amortization of debt issuance costs and commitment fees | (2,009 | ) | (2,022 | ) | (5,955 | ) | (5,517 | ) | ||||||||
Capitalized interest | 2,115 | 1,343 | 3,991 | 4,674 | ||||||||||||
Total interest expense – third parties | (36,117 | ) | (32,474 | ) | (108,376 | ) | (88,966 | ) | ||||||||
Affiliates | ||||||||||||||||
Deferred purchase price obligation – Anadarko (1) | — | 1,173 | (71 | ) | 12,097 | |||||||||||
Total interest expense – affiliates | — | 1,173 | (71 | ) | 12,097 | |||||||||||
Interest expense | $ | (36,117 | ) | $ | (31,301 | ) | $ | (108,447 | ) | $ | (76,869 | ) |
Wholly Owned and Operated | Operated Interests | Non-Operated Interests | Equity Interests | |||||||||||||||||||||||
Gathering systems (1) | 18 | 2 | 3 | 1 | ||||||||||||||||||||||
Treating facilities | 38 | 3 | — | — | ||||||||||||||||||||||
Natural-gas processing plants/trains | 24 | 3 | — | 1 | ||||||||||||||||||||||
NGLs pipelines | 3 | — | — | 4 | ||||||||||||||||||||||
Natural-gas pipelines | 6 | — | — | 1 | ||||||||||||||||||||||
Crude-oil pipelines | 3 | 1 | — | 1 |
Owned and Operated | Operated Interests | Non-Operated Interests | Equity Interests | |||||||||
Gathering systems | 12 | 3 | 3 | 2 | ||||||||
Treating facilities | 19 | 3 | — | 3 | ||||||||
Natural gas processing plants/trains | 19 | 5 | — | 2 | ||||||||
NGL pipelines | 2 | — | — | 3 | ||||||||
Natural gas pipelines | 5 | — | — | — | ||||||||
Oil pipelines | — | 1 | — | 1 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | Inc/ (Dec) | March 31, 2023 | Inc/ (Dec) | ||||||||||||||||||||||||||||||||||||||||||||||
Throughput for natural-gas assets (MMcf/d) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware Basin | 1,761 | 1,704 | 3 | % | 1,569 | 12 | % | |||||||||||||||||||||||||||||||||||||||||||
DJ Basin | 1,372 | 1,341 | 2 | % | 1,306 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||
Powder River Basin | 406 | 369 | 10 | % | 33 | NM | ||||||||||||||||||||||||||||||||||||||||||||
Equity investments | 508 | 489 | 4 | % | 423 | 20 | % | |||||||||||||||||||||||||||||||||||||||||||
Other | 1,117 | 1,145 | (2) | % | 915 | 22 | % | |||||||||||||||||||||||||||||||||||||||||||
Total throughput for natural-gas assets | 5,164 | 5,048 | 2 | % | 4,246 | 22 | % | |||||||||||||||||||||||||||||||||||||||||||
Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware Basin | 225 | 225 | — | % | 205 | 10 | % | |||||||||||||||||||||||||||||||||||||||||||
DJ Basin | 87 | 81 | 7 | % | 69 | 26 | % | |||||||||||||||||||||||||||||||||||||||||||
Powder River Basin | 23 | 20 | 15 | % | — | NM | ||||||||||||||||||||||||||||||||||||||||||||
Equity investments | 202 | 347 | (42) | % | 314 | (36) | % | |||||||||||||||||||||||||||||||||||||||||||
Other | 39 | 42 | (7) | % | 35 | 11 | % | |||||||||||||||||||||||||||||||||||||||||||
Total throughput for crude-oil and NGLs assets | 576 | 715 | (19) | % | 623 | (8) | % | |||||||||||||||||||||||||||||||||||||||||||
Throughput for produced-water assets (MBbls/d) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware Basin | 1,149 | 1,076 | 7 | % | 977 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||
Total throughput for produced-water assets | 1,149 | 1,076 | 7 | % | 977 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||
thousands except unit and percent amounts | Acquisition Date | Percentage Acquired | Borrowings | Cash On Hand | WES Common Units Issued | WES Series A Preferred Units Issued | |||||||||||||
Springfield system (1) | 03/14/2016 | 50.1 | % | $ | 247,500 | $ | — | 2,089,602 | 14,030,611 | ||||||||||
DBJV system (2) | 03/17/2017 | 50 | % | — | 155,000 | — | — |
Three Months Ended | ||||||||||||||||||||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||
Total revenues and other (1) | $ | 887,729 | $ | 858,208 | $ | 733,982 | ||||||||||||||||||||||||||
Equity income, net – related parties | 32,819 | 36,120 | 39,021 | |||||||||||||||||||||||||||||
Total operating expenses (1) | 480,791 | 495,977 | 480,673 | |||||||||||||||||||||||||||||
Gain (loss) on divestiture and other, net | 239,617 | (6,434) | (2,118) | |||||||||||||||||||||||||||||
Operating income (loss) | 679,374 | 391,917 | 290,212 | |||||||||||||||||||||||||||||
Interest expense | (94,506) | (97,622) | (81,670) | |||||||||||||||||||||||||||||
Gain (loss) on early extinguishment of debt | 524 | — | — | |||||||||||||||||||||||||||||
Other income (expense), net | 2,346 | 2,862 | 1,215 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 587,738 | 297,157 | 209,757 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 1,522 | 1,405 | 1,416 | |||||||||||||||||||||||||||||
Net income (loss) | 586,216 | 295,752 | 208,341 | |||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 13,386 | 7,398 | 4,696 | |||||||||||||||||||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP (2) | $ | 572,830 | $ | 288,354 | $ | 203,645 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | Inc/ (Dec) | March 31, 2023 | Inc/ (Dec) | ||||||||||||||||||||||||||||||||||||||||||||||
Throughput for natural-gas assets (MMcf/d) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gathering, treating, and transportation | 606 | 516 | 17 | % | 369 | 64 | % | |||||||||||||||||||||||||||||||||||||||||||
Processing | 4,050 | 4,043 | — | % | 3,454 | 17 | % | |||||||||||||||||||||||||||||||||||||||||||
Equity investments (1) | 508 | 489 | 4 | % | 423 | 20 | % | |||||||||||||||||||||||||||||||||||||||||||
Total throughput | 5,164 | 5,048 | 2 | % | 4,246 | 22 | % | |||||||||||||||||||||||||||||||||||||||||||
Throughput attributable to noncontrolling interests (2) | 174 | 172 | 1 | % | 139 | 25 | % | |||||||||||||||||||||||||||||||||||||||||||
Total throughput attributable to WES for natural-gas assets | 4,990 | 4,876 | 2 | % | 4,107 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||
Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gathering, treating, and transportation | 374 | 368 | 2 | % | 309 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||
Equity investments (1) | 202 | 347 | (42) | % | 314 | (36) | % | |||||||||||||||||||||||||||||||||||||||||||
Total throughput | 576 | 715 | (19) | % | 623 | (8) | % | |||||||||||||||||||||||||||||||||||||||||||
Throughput attributable to noncontrolling interests (2) | 11 | 13 | (15) | % | 12 | (8) | % | |||||||||||||||||||||||||||||||||||||||||||
Total throughput attributable to WES for crude-oil and NGLs assets | 565 | 702 | (20) | % | 611 | (8) | % | |||||||||||||||||||||||||||||||||||||||||||
Throughput for produced-water assets (MBbls/d) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gathering and disposal | 1,149 | 1,076 | 7 | % | 977 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||
Throughput attributable to noncontrolling interests (2) | 23 | 22 | 5 | % | 20 | 15 | % | |||||||||||||||||||||||||||||||||||||||||||
Total throughput attributable to WES for produced-water assets | 1,126 | 1,054 | 7 | % | 957 | 18 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
thousands except percentages | March 31, 2024 | December 31, 2023 | Inc/ (Dec) | March 31, 2023 | Inc/ (Dec) | |||||||||||||||||||||||||||||||||||||||||||||
Service revenues – fee based | $ | 781,262 | $ | 763,837 | 2 | % | $ | 647,867 | 21 | % | ||||||||||||||||||||||||||||||||||||||||
Service revenues – product based | 66,740 | 49,515 | 35 | % | 46,810 | 43 | % | |||||||||||||||||||||||||||||||||||||||||||
Total service revenues | $ | 848,002 | $ | 813,352 | 4 | % | $ | 694,677 | 22 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
thousands except percentages and per-unit amounts | March 31, 2024 | December 31, 2023 | Inc/ (Dec) | March 31, 2023 | Inc/ (Dec) | |||||||||||||||||||||||||||||||||||||||||||||
Natural-gas sales | $ | 3,194 | $ | 14,213 | (78) | % | $ | 2,775 | 15 | % | ||||||||||||||||||||||||||||||||||||||||
NGLs sales | 36,098 | 30,475 | 18 | % | 36,250 | — | % | |||||||||||||||||||||||||||||||||||||||||||
Total Product sales | $ | 39,292 | $ | 44,688 | (12) | % | $ | 39,025 | 1 | % | ||||||||||||||||||||||||||||||||||||||||
Per-unit gross average sales price: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas (per Mcf) | $ | 1.25 | $ | 1.63 | (23) | % | $ | 1.75 | (29) | % | ||||||||||||||||||||||||||||||||||||||||
NGLs (per Bbl) | 30.93 | 31.62 | (2) | % | 28.78 | 7 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
thousands except percentages | March 31, 2024 | December 31, 2023 | Inc/ (Dec) | March 31, 2023 | Inc/ (Dec) | |||||||||||||||||||||||||||||||||||||||||||||
Equity income, net – related parties | $ | 32,819 | $ | 36,120 | (9) | % | $ | 39,021 | (16) | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
thousands except percentages | March 31, 2024 | December 31, 2023 | Inc/ (Dec) | March 31, 2023 | Inc/ (Dec) | |||||||||||||||||||||||||||||||||||||||||||||
Residue purchases | $ | 9,228 | $ | 7,931 | 16 | % | $ | 15,638 | (41) | % | ||||||||||||||||||||||||||||||||||||||||
NGLs purchases | 70,425 | 60,303 | 17 | % | 51,829 | 36 | % | |||||||||||||||||||||||||||||||||||||||||||
Other | (33,574) | (27,431) | (22) | % | (16,008) | (110) | % | |||||||||||||||||||||||||||||||||||||||||||
Cost of product | 46,079 | 40,803 | 13 | % | 51,459 | (10) | % | |||||||||||||||||||||||||||||||||||||||||||
Operation and maintenance | 194,939 | 200,426 | (3) | % | 174,239 | 12 | % | |||||||||||||||||||||||||||||||||||||||||||
Total Cost of product and Operation and maintenance expenses | $ | 241,018 | $ | 241,229 | — | % | $ | 225,698 | 7 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
thousands except percentages | March 31, 2024 | December 31, 2023 | Inc/ (Dec) | March 31, 2023 | Inc/ (Dec) | |||||||||||||||||||||||||||||||||||||||||||||
General and administrative | $ | 67,839 | $ | 73,060 | (7) | % | $ | 51,117 | 33 | % | ||||||||||||||||||||||||||||||||||||||||
Property and other taxes | 13,920 | 16,497 | (16) | % | 6,831 | 104 | % | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 157,991 | 165,187 | (4) | % | 144,626 | 9 | % | |||||||||||||||||||||||||||||||||||||||||||
Long-lived asset and other impairments | 23 | 4 | NM | 52,401 | (100) | % | ||||||||||||||||||||||||||||||||||||||||||||
Total other operating expenses | $ | 239,773 | $ | 254,748 | (6) | % | $ | 254,975 | (6) | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
thousands except percentages | March 31, 2024 | December 31, 2023 | Inc/ (Dec) | March 31, 2023 | Inc/ (Dec) | |||||||||||||||||||||||||||||||||||||||||||||
Long-term and short-term debt | $ | (95,956) | $ | (98,977) | (3) | % | $ | (81,151) | 18 | % | ||||||||||||||||||||||||||||||||||||||||
Finance lease liabilities | (677) | (467) | 45 | % | (163) | NM | ||||||||||||||||||||||||||||||||||||||||||||
Commitment fees and amortization of debt-related costs | (3,200) | (3,196) | — | % | (2,881) | 11 | % | |||||||||||||||||||||||||||||||||||||||||||
Capitalized interest | 5,327 | 5,018 | 6 | % | 2,525 | 111 | % | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | (94,506) | $ | (97,622) | (3) | % | $ | (81,670) | 16 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||
Reconciliation of Gross margin to Adjusted gross margin | ||||||||||||||||||||||||||||||||
Total revenues and other | $ | 887,729 | $ | 858,208 | $ | 733,982 | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Cost of product | 46,079 | 40,803 | 51,459 | |||||||||||||||||||||||||||||
Depreciation and amortization | 157,991 | 165,187 | 144,626 | |||||||||||||||||||||||||||||
Gross margin | 683,659 | 652,218 | 537,897 | |||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Distributions from equity investments | 48,337 | 46,661 | 51,975 | |||||||||||||||||||||||||||||
Depreciation and amortization | 157,991 | 165,187 | 144,626 | |||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Reimbursed electricity-related charges recorded as revenues | 24,695 | 25,273 | 23,569 | |||||||||||||||||||||||||||||
Adjusted gross margin attributable to noncontrolling interests (1) | 20,240 | 19,412 | 15,774 | |||||||||||||||||||||||||||||
Adjusted gross margin | $ | 845,052 | $ | 819,381 | $ | 695,155 |
Three Months Ended | ||||||||||||||||||||||||||||||||
thousands except per-unit amounts | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||
Gross margin | ||||||||||||||||||||||||||||||||
Gross margin for natural-gas assets (1) | $ | 511,584 | $ | 484,688 | $ | 393,673 | ||||||||||||||||||||||||||
Gross margin for crude-oil and NGLs assets (1) | 93,578 | 103,228 | 89,281 | |||||||||||||||||||||||||||||
Gross margin for produced-water assets (1) | 85,041 | 70,509 | 59,549 | |||||||||||||||||||||||||||||
Per-Mcf Gross margin for natural-gas assets (2) | 1.09 | 1.04 | 1.03 | |||||||||||||||||||||||||||||
Per-Bbl Gross margin for crude-oil and NGLs assets (2) | 1.78 | 1.57 | 1.59 | |||||||||||||||||||||||||||||
Per-Bbl Gross margin for produced-water assets (2) | 0.81 | 0.71 | 0.68 | |||||||||||||||||||||||||||||
Adjusted gross margin | ||||||||||||||||||||||||||||||||
Adjusted gross margin for natural-gas assets | $ | 597,163 | $ | 579,278 | $ | 480,009 | ||||||||||||||||||||||||||
Adjusted gross margin for crude-oil and NGLs assets | 150,269 | 157,048 | 145,577 | |||||||||||||||||||||||||||||
Adjusted gross margin for produced-water assets | 97,620 | 83,055 | 69,569 | |||||||||||||||||||||||||||||
Per-Mcf Adjusted gross margin for natural-gas assets (3) | 1.32 | 1.29 | 1.30 | |||||||||||||||||||||||||||||
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (3) | 2.92 | 2.43 | 2.65 | |||||||||||||||||||||||||||||
Per-Bbl Adjusted gross margin for produced-water assets (3) | 0.95 | 0.86 | 0.81 |
Three Months Ended | ||||||||||||||||||||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||
Reconciliation of Net income (loss) to Adjusted EBITDA | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 586,216 | $ | 295,752 | $ | 208,341 | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Distributions from equity investments | 48,337 | 46,661 | 51,975 | |||||||||||||||||||||||||||||
Non-cash equity-based compensation expense | 9,423 | 9,970 | 7,199 | |||||||||||||||||||||||||||||
Interest expense | 94,506 | 97,622 | 81,670 | |||||||||||||||||||||||||||||
Income tax expense | 1,522 | 1,405 | 1,416 | |||||||||||||||||||||||||||||
Depreciation and amortization | 157,991 | 165,187 | 144,626 | |||||||||||||||||||||||||||||
Impairments | 23 | 4 | 52,401 | |||||||||||||||||||||||||||||
Other expense | 112 | 71 | 200 | |||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Gain (loss) on divestiture and other, net | 239,617 | (6,434) | (2,118) | |||||||||||||||||||||||||||||
Gain (loss) on early extinguishment of debt | 524 | — | — | |||||||||||||||||||||||||||||
Equity income, net – related parties | 32,819 | 36,120 | 39,021 | |||||||||||||||||||||||||||||
Other income | 2,346 | 2,862 | 1,215 | |||||||||||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests (1) | 14,415 | 13,459 | 11,015 | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 608,409 | $ | 570,665 | $ | 498,695 | ||||||||||||||||||||||||||
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 399,708 | $ | 473,300 | $ | 302,424 | ||||||||||||||||||||||||||
Interest (income) expense, net | 94,506 | 97,622 | 81,670 | |||||||||||||||||||||||||||||
Accretion and amortization of long-term obligations, net | (2,190) | (2,174) | (1,692) | |||||||||||||||||||||||||||||
Current income tax expense (benefit) | 1,292 | 1,315 | 492 | |||||||||||||||||||||||||||||
Other (income) expense, net | (2,346) | (2,862) | (1,215) | |||||||||||||||||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 19,033 | 7,389 | 12,366 | |||||||||||||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||||||||||
Accounts receivable, net | 53,714 | 17,773 | 4,037 | |||||||||||||||||||||||||||||
Accounts and imbalance payables and accrued liabilities, net | 100,383 | (19,021) | 136,460 | |||||||||||||||||||||||||||||
Other items, net | (41,276) | 10,782 | (24,832) | |||||||||||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests (1) | (14,415) | (13,459) | (11,015) | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 608,409 | $ | 570,665 | $ | 498,695 | ||||||||||||||||||||||||||
Cash flow information | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 399,708 | $ | 473,300 | $ | 302,424 | ||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 396,849 | (1,068,707) | (179,178) | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (774,098) | 378,700 | (297,257) |
Three Months Ended | ||||||||||||||||||||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||
Reconciliation of Net cash provided by operating activities to Free cash flow | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 399,708 | $ | 473,300 | $ | 302,424 | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Capital expenditures | 193,789 | 198,653 | 173,088 | |||||||||||||||||||||||||||||
Contributions to equity investments – related parties | — | — | 110 | |||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 19,033 | 7,389 | 12,366 | |||||||||||||||||||||||||||||
Free cash flow | $ | 224,952 | $ | 282,036 | $ | 141,592 | ||||||||||||||||||||||||||
Cash flow information | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 399,708 | $ | 473,300 | $ | 302,424 | ||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 396,849 | (1,068,707) | (179,178) | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (774,098) | 378,700 | (297,257) | |||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
thousands except percentages and per-unit amounts | March 31, 2024 | December 31, 2023 | Inc/ (Dec) | March 31, 2023 | Inc/ (Dec) | |||||||||||||||||||||||||||||||||||||||||||||
Adjusted gross margin | $ | 845,052 | $ | 819,381 | 3 | % | $ | 695,155 | 22 | % | ||||||||||||||||||||||||||||||||||||||||
Per-Mcf Adjusted gross margin for natural-gas assets (1) | 1.32 | 1.29 | 2 | % | 1.30 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (1) | 2.92 | 2.43 | 20 | % | 2.65 | 10 | % | |||||||||||||||||||||||||||||||||||||||||||
Per-Bbl Adjusted gross margin for produced-water assets (1) | 0.95 | 0.86 | 10 | % | 0.81 | 17 | % | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 608,409 | 570,665 | 7 | % | 498,695 | 22 | % | |||||||||||||||||||||||||||||||||||||||||||
Free cash flow | 224,952 | 282,036 | (20) | % | 141,592 | 59 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
thousands | 2017 | 2016 | 2017 | 2016 | ||||||||||||
General and administrative expenses | $ | 131 | $ | 64 | $ | 197 | $ | 192 | ||||||||
Public company expenses | 386 | 408 | 1,452 | 2,062 | ||||||||||||
Total reimbursement | $ | 517 | $ | 472 | $ | 1,649 | $ | 2,254 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
thousands | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) attributable to WES | $ | 143,506 | $ | 167,746 | $ | 418,846 | $ | 448,327 | ||||||||
Limited partner interests in WES not held by WGP (1) | (45,992 | ) | (75,098 | ) | (137,974 | ) | (182,128 | ) | ||||||||
General and administrative expenses (2) | (764 | ) | (730 | ) | (2,193 | ) | (2,972 | ) | ||||||||
Other income (expense), net | 25 | 12 | 60 | 46 | ||||||||||||
Property and other taxes | — | — | — | (15 | ) | |||||||||||
Interest expense | (573 | ) | (533 | ) | (1,653 | ) | (1,182 | ) | ||||||||
Net income (loss) attributable to WGP | $ | 96,202 | $ | 91,397 | $ | 277,086 | $ | 262,076 |
Nine Months Ended September 30, | ||||||||
thousands | 2017 | 2016 | ||||||
WES net cash provided by operating activities | $ | 645,099 | $ | 657,738 | ||||
General and administrative expenses (1) | (2,193 | ) | (2,972 | ) | ||||
Non-cash equity-based compensation expense | 178 | 189 | ||||||
Changes in working capital | 471 | 540 | ||||||
Other income (expense), net | 60 | 46 | ||||||
Property and other taxes | — | (15 | ) | |||||
Interest expense | (1,653 | ) | (1,182 | ) | ||||
Debt related amortization and other items, net | 507 | 356 | ||||||
WGP net cash provided by operating activities | $ | 642,469 | $ | 654,700 | ||||
WES net cash provided by (used in) financing activities | $ | (335,792 | ) | $ | 429,368 | |||
Proceeds from the issuance of WES common units, net of offering expenses (2) | — | (25,000 | ) | |||||
Distributions to WGP unitholders (3) | (324,290 | ) | (276,114 | ) | ||||
Distributions to WGP from WES (4) | 326,374 | 278,412 | ||||||
WGP RCF borrowings, net of issuance costs | — | 25,980 | ||||||
WGP net cash provided by (used in) financing activities | $ | (333,708 | ) | $ | 432,646 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
thousands | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Total revenues and other (1) | $ | 574,695 | $ | 481,645 | $ | 1,616,338 | $ | 1,293,450 | ||||||||
Equity income, net – affiliates | 21,519 | 20,294 | 62,708 | 56,801 | ||||||||||||
Total operating expenses (1) | 416,830 | 312,088 | 1,318,489 | 830,699 | ||||||||||||
Gain (loss) on divestiture and other, net | 72 | (6,230 | ) | 135,017 | (8,769 | ) | ||||||||||
Proceeds from business interruption insurance claims (2) | — | 13,667 | 29,882 | 16,270 | ||||||||||||
Operating income (loss) | 179,456 | 197,288 | 525,456 | 527,053 | ||||||||||||
Interest income – affiliates | 4,225 | 4,225 | 12,675 | 12,675 | ||||||||||||
Interest expense | (35,544 | ) | (30,768 | ) | (106,794 | ) | (75,687 | ) | ||||||||
Other income (expense), net | 286 | 153 | 969 | 224 | ||||||||||||
Income (loss) before income taxes | 148,423 | 170,898 | 432,306 | 464,265 | ||||||||||||
Income tax (benefit) expense | 510 | 472 | 4,905 | 7,431 | ||||||||||||
Net income (loss) | 147,913 | 170,426 | 427,401 | 456,834 | ||||||||||||
Net income attributable to noncontrolling interest | 4,407 | 2,680 | 8,555 | 8,507 | ||||||||||||
Net income (loss) attributable to Western Gas Partners, LP (3) | $ | 143,506 | $ | 167,746 | $ | 418,846 | $ | 448,327 | ||||||||
Key performance metrics (4) | ||||||||||||||||
Adjusted gross margin attributable to Western Gas Partners, LP | $ | 344,416 | $ | 343,981 | $ | 1,009,520 | $ | 984,459 | ||||||||
Adjusted EBITDA attributable to Western Gas Partners, LP | 257,835 | 278,170 | 787,664 | 759,834 | ||||||||||||
Distributable cash flow | 231,859 | 237,315 | 695,587 | 628,602 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2017 | 2016 | Inc/ (Dec) | 2017 | 2016 | Inc/ (Dec) | |||||||||||||
Throughput for natural gas assets (MMcf/d) | ||||||||||||||||||
Gathering, treating and transportation | 784 | 1,562 | (50 | )% | 1,029 | 1,556 | (34 | )% | ||||||||||
Processing | 2,588 | 2,448 | 6 | % | 2,528 | 2,301 | 10 | % | ||||||||||
Equity investment (1) | 159 | 179 | (11 | )% | 160 | 178 | (10 | )% | ||||||||||
Total throughput for natural gas assets | 3,531 | 4,189 | (16 | )% | 3,717 | 4,035 | (8 | )% | ||||||||||
Throughput attributable to noncontrolling interest for natural gas assets | 104 | 119 | (13 | )% | 107 | 127 | (16 | )% | ||||||||||
Total throughput attributable to Western Gas Partners, LP for natural gas assets | 3,427 | 4,070 | (16 | )% | 3,610 | 3,908 | (8 | )% | ||||||||||
Throughput for crude, NGL and produced water assets (MBbls/d) | ||||||||||||||||||
Gathering, treating and transportation | 77 | 58 | 33 | % | 57 | 59 | (3 | )% | ||||||||||
Equity investment (2) | 132 | 127 | 4 | % | 130 | 126 | 3 | % | ||||||||||
Total throughput for crude, NGL and produced water assets | 209 | 185 | 13 | % | 187 | 185 | 1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
thousands except percentages | 2017 | 2016 | Inc/ (Dec) | 2017 | 2016 | Inc/ (Dec) | ||||||||||||||||
Gathering, processing and transportation revenues | $ | 306,187 | $ | 315,192 | (3 | )% | $ | 913,436 | $ | 910,332 | — | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
thousands except percentages and per-unit amounts | 2017 | 2016 | Inc/ (Dec) | 2017 | 2016 | Inc/ (Dec) | ||||||||||||||||
Natural gas sales (1) | $ | 100,395 | $ | 72,658 | 38 | % | $ | 273,256 | $ | 155,251 | 76 | % | ||||||||||
Natural gas liquids sales (1) | 158,746 | 91,378 | 74 | % | 417,234 | 224,334 | 86 | % | ||||||||||||||
Total | $ | 259,141 | $ | 164,036 | 58 | % | $ | 690,490 | $ | 379,585 | 82 | % | ||||||||||
Average price per unit (1): | ||||||||||||||||||||||
Natural gas (per Mcf) | $ | 2.89 | $ | 2.70 | 7 | % | $ | 2.96 | $ | 2.41 | 23 | % | ||||||||||
Natural gas liquids (per Bbl) | 22.99 | 19.10 | 20 | % | 21.63 | 19.45 | 11 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
thousands except percentages | 2017 | 2016 | Inc/ (Dec) | 2017 | 2016 | Inc/ (Dec) | ||||||||||||||
Other revenues | $ | 9,367 | $ | 2,417 | NM | $ | 12,412 | $ | 3,533 | NM |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
thousands except percentages | 2017 | 2016 | Inc/ (Dec) | 2017 | 2016 | Inc/ (Dec) | ||||||||||||||||
Equity income, net – affiliates | $ | 21,519 | $ | 20,294 | 6 | % | $ | 62,708 | $ | 56,801 | 10 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
thousands except percentages | 2017 | 2016 | Inc/ (Dec) | 2017 | 2016 | Inc/ (Dec) | ||||||||||||||||
NGL purchases (1) | $ | 136,636 | $ | 66,822 | 104 | % | $ | 359,616 | $ | 149,547 | 140 | % | ||||||||||
Residue purchases (1) | 90,264 | 70,376 | 28 | % | 256,387 | 156,774 | 64 | % | ||||||||||||||
Other | 12,323 | 8,445 | 46 | % | 15,856 | 20,638 | (23 | )% | ||||||||||||||
Cost of product | 239,223 | 145,643 | 64 | % | 631,859 | 326,959 | 93 | % | ||||||||||||||
Operation and maintenance | 79,536 | 74,755 | 6 | % | 229,444 | 226,141 | 1 | % | ||||||||||||||
Total cost of product and operation and maintenance expenses | $ | 318,759 | $ | 220,398 | 45 | % | $ | 861,303 | $ | 553,100 | 56 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
thousands except percentages | 2017 | 2016 | Inc/ (Dec) | 2017 | 2016 | Inc/ (Dec) | ||||||||||||||||
General and administrative | $ | 12,158 | $ | 11,382 | 7 | % | $ | 35,402 | $ | 33,542 | 6 | % | ||||||||||
Property and other taxes | 11,215 | 10,670 | 5 | % | 35,433 | 33,098 | 7 | % | ||||||||||||||
Depreciation and amortization | 72,539 | 67,246 | 8 | % | 216,272 | 199,646 | 8 | % | ||||||||||||||
Impairments | 2,159 | 2,392 | (10 | )% | 170,079 | 11,313 | NM | |||||||||||||||
Total other operating expenses | $ | 98,071 | $ | 91,690 | 7 | % | $ | 457,186 | $ | 277,599 | 65 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
thousands except percentages | 2017 | 2016 | Inc/ (Dec) | 2017 | 2016 | Inc/ (Dec) | ||||||||||||||||
Note receivable – Anadarko | $ | 4,225 | $ | 4,225 | — | % | $ | 12,675 | $ | 12,675 | — | % | ||||||||||
Interest income – affiliates | $ | 4,225 | $ | 4,225 | — | % | $ | 12,675 | $ | 12,675 | — | % | ||||||||||
Third parties | ||||||||||||||||||||||
Long-term debt | $ | (35,992 | ) | $ | (31,612 | ) | 14 | % | $ | (105,772 | ) | $ | (87,711 | ) | 21 | % | ||||||
Amortization of debt issuance costs and commitment fees | (1,667 | ) | (1,672 | ) | — | % | (4,942 | ) | (4,747 | ) | 4 | % | ||||||||||
Capitalized interest | 2,115 | 1,343 | 57 | % | 3,991 | 4,674 | (15 | )% | ||||||||||||||
Affiliates | ||||||||||||||||||||||
Deferred purchase price obligation – Anadarko (1) | — | 1,173 | (100 | )% | (71 | ) | 12,097 | (101 | )% | |||||||||||||
Interest expense | $ | (35,544 | ) | $ | (30,768 | ) | 16 | % | $ | (106,794 | ) | $ | (75,687 | ) | 41 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
thousands except percentages | 2017 | 2016 | Inc/ (Dec) | 2017 | 2016 | Inc/ (Dec) | ||||||||||||||||
Income (loss) before income taxes | $ | 148,423 | $ | 170,898 | (13 | )% | $ | 432,306 | $ | 464,265 | (7 | )% | ||||||||||
Income tax (benefit) expense | 510 | 472 | 8 | % | 4,905 | 7,431 | (34 | )% | ||||||||||||||
Effective tax rate | — | % | — | % | 1 | % | 2 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
thousands except percentages and per-unit amounts | 2017 | 2016 | Inc/ (Dec) | 2017 | 2016 | Inc/ (Dec) | ||||||||||||||||
Adjusted gross margin attributable to Western Gas Partners, LP for natural gas assets (1) | $ | 305,337 | $ | 306,393 | — | % | $ | 904,620 | $ | 877,583 | 3 | % | ||||||||||
Adjusted gross margin for crude, NGL and produced water assets (2) | 39,079 | 37,588 | 4 | % | 104,900 | 106,876 | (2 | )% | ||||||||||||||
Adjusted gross margin attributable to Western Gas Partners, LP (3) | 344,416 | 343,981 | — | % | 1,009,520 | 984,459 | 3 | % | ||||||||||||||
Adjusted gross margin per Mcf attributable to Western Gas Partners, LP for natural gas assets (4) | 0.97 | 0.82 | 18 | % | 0.92 | 0.82 | 12 | % | ||||||||||||||
Adjusted gross margin per Bbl for crude, NGL and produced water assets (5) | 2.03 | 2.20 | (8 | )% | 2.05 | 2.10 | (2 | )% | ||||||||||||||
Adjusted EBITDA attributable to Western Gas Partners, LP (3) | 257,835 | 278,170 | (7 | )% | 787,664 | 759,834 | 4 | % | ||||||||||||||
Distributable cash flow (3) | 231,859 | 237,315 | (2 | )% | 695,587 | 628,602 | 11 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
thousands | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Reconciliation of Operating income (loss) to Adjusted gross margin attributable to Western Gas Partners, LP | ||||||||||||||||
Operating income (loss) | $ | 179,456 | $ | 197,288 | $ | 525,456 | $ | 527,053 | ||||||||
Add: | ||||||||||||||||
Distributions from equity investments | 29,145 | 27,133 | 80,568 | 76,263 | ||||||||||||
Operation and maintenance | 79,536 | 74,755 | 229,444 | 226,141 | ||||||||||||
General and administrative | 12,158 | 11,382 | 35,402 | 33,542 | ||||||||||||
Property and other taxes | 11,215 | 10,670 | 35,433 | 33,098 | ||||||||||||
Depreciation and amortization | 72,539 | 67,246 | 216,272 | 199,646 | ||||||||||||
Impairments | 2,159 | 2,392 | 170,079 | 11,313 | ||||||||||||
Less: | ||||||||||||||||
Gain (loss) on divestiture and other, net | 72 | (6,230 | ) | 135,017 | (8,769 | ) | ||||||||||
Proceeds from business interruption insurance claims | — | 13,667 | 29,882 | 16,270 | ||||||||||||
Equity income, net – affiliates | 21,519 | 20,294 | 62,708 | 56,801 | ||||||||||||
Reimbursed electricity-related charges recorded as revenues | 14,323 | 15,170 | 42,338 | 45,707 | ||||||||||||
Adjusted gross margin attributable to noncontrolling interest | 5,878 | 3,984 | 13,189 | 12,588 | ||||||||||||
Adjusted gross margin attributable to Western Gas Partners, LP | $ | 344,416 | $ | 343,981 | $ | 1,009,520 | $ | 984,459 | ||||||||
Adjusted gross margin attributable to Western Gas Partners, LP for natural gas assets | $ | 305,337 | $ | 306,393 | $ | 904,620 | $ | 877,583 | ||||||||
Adjusted gross margin for crude, NGL and produced water assets | 39,079 | 37,588 | 104,900 | 106,876 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
thousands | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Reconciliation of Net income (loss) attributable to Western Gas Partners, LP to Adjusted EBITDA attributable to Western Gas Partners, LP | ||||||||||||||||
Net income (loss) attributable to Western Gas Partners, LP | $ | 143,506 | $ | 167,746 | $ | 418,846 | $ | 448,327 | ||||||||
Add: | ||||||||||||||||
Distributions from equity investments | 29,145 | 27,133 | 80,568 | 76,263 | ||||||||||||
Non-cash equity-based compensation expense | 1,258 | 1,469 | 3,479 | 4,018 | ||||||||||||
Interest expense | 35,544 | 30,768 | 106,794 | 75,687 | ||||||||||||
Income tax expense | 510 | 472 | 4,905 | 7,431 | ||||||||||||
Depreciation and amortization (1) | 71,812 | 66,589 | 214,213 | 197,678 | ||||||||||||
Impairments | 2,159 | 2,392 | 170,079 | 11,313 | ||||||||||||
Other expense (1) | — | 40 | 140 | 96 | ||||||||||||
Less: | ||||||||||||||||
Gain (loss) on divestiture and other, net | 72 | (6,230 | ) | 135,017 | (8,769 | ) | ||||||||||
Equity income, net – affiliates | 21,519 | 20,294 | 62,708 | 56,801 | ||||||||||||
Interest income – affiliates | 4,225 | 4,225 | 12,675 | 12,675 | ||||||||||||
Other income (1) | 283 | 150 | 960 | 272 | ||||||||||||
Adjusted EBITDA attributable to Western Gas Partners, LP | $ | 257,835 | $ | 278,170 | $ | 787,664 | $ | 759,834 | ||||||||
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA attributable to Western Gas Partners, LP | ||||||||||||||||
Net cash provided by operating activities | $ | 211,947 | $ | 263,872 | $ | 645,099 | $ | 657,738 | ||||||||
Interest (income) expense, net | 31,319 | 26,543 | 94,119 | 63,012 | ||||||||||||
Uncontributed cash-based compensation awards | 78 | 290 | (94 | ) | 448 | |||||||||||
Accretion and amortization of long-term obligations, net | (1,055 | ) | 121 | (3,194 | ) | 9,176 | ||||||||||
Current income tax (benefit) expense | 395 | 131 | 1,023 | 5,110 | ||||||||||||
Other (income) expense, net | (286 | ) | (153 | ) | (969 | ) | (224 | ) | ||||||||
Distributions from equity investments in excess of cumulative earnings – affiliates | 7,034 | 5,981 | 16,255 | 16,592 | ||||||||||||
Changes in operating working capital of Western Gas Partners, LP: | ||||||||||||||||
Accounts receivable, net | 56,335 | 7,866 | 46,972 | 41,108 | ||||||||||||
Accounts and imbalance payables and accrued liabilities, net | (45,982 | ) | (26,330 | ) | (4,007 | ) | (24,103 | ) | ||||||||
Other | 3,181 | 3,184 | 3,065 | 1,445 | ||||||||||||
Adjusted EBITDA attributable to noncontrolling interest of Western Gas Partners, LP | (5,131 | ) | (3,335 | ) | (10,605 | ) | (10,468 | ) | ||||||||
Adjusted EBITDA attributable to Western Gas Partners, LP | $ | 257,835 | $ | 278,170 | $ | 787,664 | $ | 759,834 | ||||||||
Cash flow information of Western Gas Partners, LP | ||||||||||||||||
Net cash provided by operating activities | $ | 645,099 | $ | 657,738 | ||||||||||||
Net cash used in investing activities | (514,797 | ) | (1,040,692 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (335,792 | ) | 429,368 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
thousands except Coverage ratio | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Reconciliation of Net income (loss) attributable to Western Gas Partners, LP to Distributable cash flow and calculation of the Coverage ratio | ||||||||||||||||
Net income (loss) attributable to Western Gas Partners, LP | $ | 143,506 | $ | 167,746 | $ | 418,846 | $ | 448,327 | ||||||||
Add: | ||||||||||||||||
Distributions from equity investments | 29,145 | 27,133 | 80,568 | 76,263 | ||||||||||||
Non-cash equity-based compensation expense | 1,258 | 1,469 | 3,479 | 4,018 | ||||||||||||
Non-cash settled - interest expense, net (1) | — | (1,173 | ) | 71 | (12,097 | ) | ||||||||||
Income tax (benefit) expense | 510 | 472 | 4,905 | 7,431 | ||||||||||||
Depreciation and amortization (2) | 71,812 | 66,589 | 214,213 | 197,678 | ||||||||||||
Impairments | 2,159 | 2,392 | 170,079 | 11,313 | ||||||||||||
Above-market component of swap agreements with Anadarko (3) | 18,049 | 18,417 | 46,719 | 34,782 | ||||||||||||
Other expense (2) | — | 40 | 140 | 96 | ||||||||||||
Less: | ||||||||||||||||
Gain (loss) on divestiture and other, net | 72 | (6,230 | ) | 135,017 | (8,769 | ) | ||||||||||
Equity income, net – affiliates | 21,519 | 20,294 | 62,708 | 56,801 | ||||||||||||
Cash paid for maintenance capital expenditures (2) | 10,591 | 15,306 | 33,115 | 55,288 | ||||||||||||
Capitalized interest | 2,115 | 1,343 | 3,991 | 4,674 | ||||||||||||
Cash paid for (reimbursement of) income taxes | — | — | 189 | 67 | ||||||||||||
Series A Preferred unit distributions | — | 14,907 | 7,453 | 30,876 | ||||||||||||
Other income (2) | 283 | 150 | 960 | 272 | ||||||||||||
Distributable cash flow | $ | 231,859 | $ | 237,315 | $ | 695,587 | $ | 628,602 | ||||||||
Distributions declared (4) | ||||||||||||||||
Limited partners of WES – common units | $ | 138,105 | $ | 397,850 | ||||||||||||
General partner of WES | 73,933 | 210,432 | ||||||||||||||
Total | $ | 212,038 | $ | 608,282 | ||||||||||||
Coverage ratio | 1.09 | x | 1.14 | x |
Three Months Ended March 31, | ||||||||||||||||||||
thousands | 2024 | 2023 | ||||||||||||||||||
Acquisitions | $ | 443 | $ | — | ||||||||||||||||
Capital expenditures (1) | 193,789 | 173,088 | ||||||||||||||||||
Capital incurred (1) | 210,930 | 181,803 |
Nine Months Ended September 30, | ||||||||
thousands | 2017 | 2016 | ||||||
Acquisitions | $ | 159,208 | $ | 716,465 | ||||
Expansion capital expenditures | $ | 384,416 | $ | 312,505 | ||||
Maintenance capital expenditures | 33,391 | 55,293 | ||||||
Total capital expenditures (1) (2) | $ | 417,807 | $ | 367,798 | ||||
Capital incurred (2) | $ | 504,286 | $ | 355,674 |
Three Months Ended March 31, | ||||||||||||||||||||
thousands | 2024 | 2023 | ||||||||||||||||||
Net cash provided by (used in): | ||||||||||||||||||||
Operating activities | $ | 399,708 | $ | 302,424 | ||||||||||||||||
Investing activities | 396,849 | (179,178) | ||||||||||||||||||
Financing activities | (774,098) | (297,257) | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 22,459 | $ | (174,011) |
Nine Months Ended September 30, | ||||||||
thousands | 2017 | 2016 | ||||||
Net cash provided by (used in): | ||||||||
Operating activities | $ | 645,099 | $ | 657,738 | ||||
Investing activities | (514,797 | ) | (1,040,692 | ) | ||||
Financing activities | (335,792 | ) | 429,368 | |||||
Net increase (decrease) in cash and cash equivalents | $ | (205,490 | ) | $ | 46,414 |
Three Months Ended | ||||||||||||||||||||||||||||||||
thousands | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||
Net income (loss) attributable to WES | $ | 572,830 | $ | 288,354 | $ | 203,645 | ||||||||||||||||||||||||||
Limited partner interest in WES Operating not held by WES (1) | 11,700 | 5,906 | 4,161 | |||||||||||||||||||||||||||||
General and administrative expenses (2) | 360 | 1,016 | 232 | |||||||||||||||||||||||||||||
Other income (expense), net | (59) | (61) | (25) | |||||||||||||||||||||||||||||
Income taxes | — | 6 | — | |||||||||||||||||||||||||||||
Net income (loss) attributable to WES Operating | $ | 584,831 | $ | 295,221 | $ | 208,013 |
Three Months Ended March 31, | ||||||||||||||||||||
thousands | 2024 | 2023 | ||||||||||||||||||
WES net cash provided by operating activities | $ | 399,708 | $ | 302,424 | ||||||||||||||||
General and administrative expenses (1) | 360 | 232 | ||||||||||||||||||
Non-cash equity-based compensation expense | (145) | (141) | ||||||||||||||||||
Changes in working capital | (19,215) | (11,522) | ||||||||||||||||||
Other income (expense), net | (59) | (25) | ||||||||||||||||||
WES Operating net cash provided by operating activities | $ | 380,649 | $ | 290,968 | ||||||||||||||||
WES net cash provided by (used in) financing activities | $ | (774,098) | $ | (297,257) | ||||||||||||||||
Distributions to WES unitholders (2) | 223,438 | 196,569 | ||||||||||||||||||
Distributions to WES from WES Operating (3) | (224,855) | (209,242) | ||||||||||||||||||
Increase (decrease) in outstanding checks | (67) | (42) | ||||||||||||||||||
Unit repurchases | — | 7,061 | ||||||||||||||||||
Other | 19,364 | 11,950 | ||||||||||||||||||
WES Operating net cash provided by (used in) financing activities | $ | (756,218) | $ | (290,961) |
Period | Total number of units purchased | Average price paid per unit | Total number of units purchased as part of publicly announced plans or programs (1) | Approximate dollar value of units that may yet be purchased under the plans or programs(1) | ||||||||||||||||||||||
January 1-31, 2024 | — | $ | — | — | $ | 627,807,310 | ||||||||||||||||||||
February 1-29, 2024 | — | — | — | 627,807,310 | ||||||||||||||||||||||
March 1-31, 2024 | — | — | — | 627,807,310 | ||||||||||||||||||||||
Total | — | — | — |
Exhibit Number | Description | ||||||||||||||||
# | 2. | 1 | |||||||||||||||
3. | 1 | ||||||||||||||||
3. | 2 | ||||||||||||||||
3. | 3 | ||||||||||||||||
3. | 4 | ||||||||||||||||
3. | 5 | ||||||||||||||||
3. | 6 | ||||||||||||||||
3. | 7 | ||||||||||||||||
3. | 8 | ||||||||||||||||
3. | 9 | ||||||||||||||||
3. | 10 | ||||||||||||||||
3. | 11 | ||||||||||||||||
3. | 12 | ||||||||||||||||
3. | 13 | ||||||||||||||||
Exhibit Number | Description | ||||||||||||||||
4. | 1 | ||||||||||||||||
4. | 2 | ||||||||||||||||
4. | 3 | ||||||||||||||||
4. | 4 | ||||||||||||||||
4. | 5 | ||||||||||||||||
4. | 6 | ||||||||||||||||
4. | 7 | ||||||||||||||||
4. | 8 | ||||||||||||||||
4. | 9 | ||||||||||||||||
4. | 10 | ||||||||||||||||
4. | 11 | ||||||||||||||||
4. | 12 | ||||||||||||||||
4. | 13 | ||||||||||||||||
4. | 14 | ||||||||||||||||
4. | 15 | ||||||||||||||||
4. | 16 |
Exhibit Number | Description | ||||||||||||||||
4. | 17 | ||||||||||||||||
4. | 18 | ||||||||||||||||
4. | 19 | ||||||||||||||||
4. | 20 | ||||||||||||||||
4. | 21 | ||||||||||||||||
4. | 22 | ||||||||||||||||
4. | 23 | ||||||||||||||||
4. | 24 | ||||||||||||||||
4. | 25 | ||||||||||||||||
4. | 26 | ||||||||||||||||
* | 10. | 1 | |||||||||||||||
* | 10. | 2 | |||||||||||||||
* | 10. | 3 | |||||||||||||||
* | 31. | 1 | |||||||||||||||
* | 31. | 2 | |||||||||||||||
* | 31. | 3 | |||||||||||||||
* | 31. | 4 | |||||||||||||||
** | 32. | 1 | |||||||||||||||
** | 32. | 2 | |||||||||||||||
Exhibit Number | Description | ||||||||||||||||
* | 101. | ||||||||||||||||
XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | |||||||||||||||||
101. | SCH | Inline XBRL Schema Document | |||||||||||||||
101. | CAL | Inline XBRL Calculation Linkbase Document | |||||||||||||||
101. | DEF | Inline XBRL Definition Linkbase Document | |||||||||||||||
101. | LAB | Inline XBRL Label Linkbase Document | |||||||||||||||
101. | PRE | Inline XBRL Presentation Linkbase Document | |||||||||||||||
* | 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
# | Pursuant to Item 601(b)(2) of Regulation S-K, the registrant agrees to furnish supplementally a copy of any omitted schedule to the Securities and Exchange Commission upon request. | ||||
WESTERN MIDSTREAM PARTNERS, LP | |||||
May 8, 2024 | |||||
/s/ Michael P. Ure | |||||
President and Chief Executive Officer Western (as general partner of Western | |||||
May 8, 2024 | |||||
/s/ Kristen S. Shults | |||||
Senior Vice President and Chief Financial Officer Western (as general partner of Western | |||||
WESTERN MIDSTREAM OPERATING, LP | |||||
May 8, 2024 | |||||
/s/ Michael P. Ure | |||||
Michael P. Ure President and Chief Executive Officer Western Midstream Operating GP, LLC (as general partner of Western Midstream Operating, LP) | |||||
May 8, 2024 | |||||
/s/ Kristen S. Shults | |||||
Kristen S. Shults Senior Vice President and Chief Financial Officer Western Midstream Operating GP, LLC (as general partner of Western Midstream Operating, LP) |