Western Midstream Announces Third-Quarter 2019 Results
HOUSTON, Nov. 4, 2019 /PRNewswire/ -- Today, Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced third-quarter 2019 financial and operating results. Net income (loss) available to limited partners for the third quarter of 2019 totaled $121.2 million, or $0.27 per common unit (diluted), with third-quarter 2019 Adjusted EBITDA((1)) totaling $410.2 million and third-quarter 2019 Distributable cash flow((1)) totaling $304.4 million.
RECENT HIGHLIGHTS
-- Achieved record West Texas Complex gas throughput of 1.27 Bcf/d for
third quarter, representing an 8% sequential-quarter increase
-- Achieved record Delaware Basin water throughput of 580 MBbls/d for third
quarter, representing a 13% sequential-quarter increase
-- Achieved record DJ Basin and West Texas oil throughput of 275 MBbls/d
for third quarter, representing a 9% sequential-quarter increase
-- Estimated 2019 total capital expenditures near the 2019 low-end guidance
range of $1.3 billion to $1.4 billion
-- Estimated preliminary 2020 outlook to include meaningful year-over-year
Adjusted EBITDA growth and a total capital expenditures reduction
For the third quarter of 2019, WES declared a per-unit quarterly distribution of $0.6200. This represents WES's 27(th) consecutive quarterly distribution increase and is consistent with WES's 2019 annual distribution growth-guidance range of 5% to 6%. The third-quarter 2019 Coverage ratio((1)) was 1.08 times.
(1) Please see the tables at the
end of this release for a
reconciliation of GAAP to non-
GAAP measures and calculation of
the Coverage ratio.
"We continue to experience strong throughput growth in the DJ and Delaware Basins, where we are well-positioned to support Oxy's future development plans and service our highly valued third-party customers," said Chief Executive Officer, Michael Ure. "Our extensive and highly leverageable assets and dedicated workforce throughout these two basins enable us to pace our growth with that of Oxy and to adopt a renewed focus on attracting meaningful and sustainable third-party business."
Third-quarter 2019 total natural gas throughput((1)) averaged 4.2 Bcf/d, representing a 2% sequential-quarter decline and a 6% increase from third-quarter 2018. Excluding the effects of since-resolved downstream constraints impacting our Rockies assets, third-quarter natural gas throughput would have been approximately 110 MMcf/d higher than reported and would have represented a 1% sequential-quarter increase and a 9% increase from third-quarter 2018. Third-quarter 2019 total throughput of crude oil, NGLs, and produced-water assets((1)) averaged 1,191 MBbls/d, representing an 8% sequential-quarter increase and a 28% increase from third-quarter 2018. Third-quarter 2019 capital expenditures((2)), including equity investments and excluding acquisitions and capitalized interest, totaled $265.2 million on a cash basis and $278.2 million on an accrual basis, with cash maintenance capital expenditures totaling $29.2 million.
PRELIMINARY 2020 OUTLOOK
-- Total capital expenditures are expected to decline 20% - 30%, compared
to the midpoint of 2019 guidance
-- Adjusted EBITDA is expected to grow approximately 10% year-over-year
-- Maintenance capital is expected to remain largely consistent as a
percentage of Adjusted EBITDA, compared to 2019
"Our 2020 goals will encompass delivering capital-efficient, organic growth from our DJ and Delaware Basin assets," said Michael Ure. "With our backbone infrastructure in place, we remain committed to driving operational efficiencies alongside additional growth that should enable sustained distribution increases."
(1) Represents total throughput
attributable to WES, which excludes
the 25% third-party interest in
Chipeta and the 2.0% Occidental
subsidiary-owned limited partner
interest in WES Operating, which
collectively represent WES's
noncontrolling interests as of
September 30, 2019.
(2) Excludes capital expenditures
associated with the 25% third-
party interest in Chipeta.
CONFERENCE CALL TOMORROW AT 1 P.M. CST
WES will host a conference call on Tuesday, November 5, 2019, at 1:00 p.m. Central Standard Time (2:00 p.m. Eastern Standard Time) to discuss third-quarter 2019 results. Individuals who would like to participate should dial 877-883-0383 (Domestic) or 412-902-6506 (International) approximately 15 minutes before the scheduled conference call time and enter participant access code 1868618. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com. A replay of the conference call also will be available on the website for two weeks following the call.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP ("WES") is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids, and crude oil; and gathering and disposing of produced water for Occidental and third-party customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs, and condensate on behalf of itself and as agent for its customers under certain of its contracts.
For more information about Western Midstream Partners, LP, please visit www.westernmidstream.com.
This news release contains forward-looking statements. WES's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release. These factors include the ability to meet financial guidance or distribution growth expectations; the ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; the ability to meet projected in-service dates for capital growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" section of WES's most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission and in its other public filings and press releases. Western Midstream Partners, LP undertakes no obligation to publicly update or revise any forward-looking statements.
WESTERN MIDSTREAM CONTACTS
Kristen Shults
Vice President, Investor Relations and Communications
Kristen_Shults@Oxy.com
832.636.6000
Jack Spinks
Manager, Investor Relations
Jack_Spinks@Oxy.com
832.636.6000
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
Below are reconciliations of (i) net income (loss) (GAAP) to WES's Distributable cash flow (non-GAAP), (ii) net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA attributable to Western Midstream Partners, LP ("Adjusted EBITDA") (non-GAAP), and (iii) operating income (loss) (GAAP) to Adjusted gross margin attributable to Western Midstream Partners, LP ("Adjusted gross margin") (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that WES's Distributable cash flow, Adjusted EBITDA, Adjusted gross margin, and Coverage ratio are widely accepted financial indicators of WES's financial performance compared to other publicly traded partnerships and are useful in assessing WES's ability to incur and service debt, fund capital expenditures, and make distributions. Distributable cash flow, Adjusted EBITDA, Adjusted gross margin, and Coverage ratio, as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES's Distributable cash flow, Adjusted EBITDA, Adjusted gross margin, and Coverage ratio should be considered in conjunction with net income (loss) attributable to Western Midstream Partners, LP and other applicable performance measures, such as operating income (loss) or cash flows from operating activities.
WES defines "Distributable cash flow" as Adjusted EBITDA, plus interest income and the net settlement amounts from the sale and/or purchase of natural gas, condensate, and NGLs under WES Operating's commodity-price swap agreements to the extent such amounts are not recognized as Adjusted EBITDA, less Service revenues - fee based recognized in Adjusted EBITDA in excess of (less than) customer billings, net cash paid (or to be paid) for interest expense (including amortization of deferred debt issuance costs originally paid in cash, offset by non-cash capitalized interest), maintenance capital expenditures, income taxes, and Distributable cash flow attributable to noncontrolling interests to the extent such amounts are not excluded from Adjusted EBITDA.
WES defines Adjusted EBITDA as net income (loss), plus distributions from equity investments, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impairments, and other expense (including lower of cost or market inventory adjustments recorded in cost of product), less gain (loss) on divestiture and other, net, income from equity investments, interest income, income tax benefit, other income, and the noncontrolling interests owners' proportionate share of revenues and expenses.
WES defines Adjusted gross margin as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interests owners' proportionate share of revenues and cost of product.
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Distributable Cash Flow
Three Months Ended Nine Months Ended
September 30,
September 30,
thousands except Coverage ratio 2019 2018 (1) 2019 2018 (1)
---
Reconciliation of Net income
(loss) to Distributable cash
flow and calculation of the
Coverage ratio
Net income (loss) $
125,223 $
198,560 $
512,260 $
446,737
Add:
Distributions from equity
investments 71,005 66,493 203,540 145,650
Non-cash equity-based
compensation expense 4,137 1,614 10,278 5,766
Non-cash settled interest
expense, net 20 20
Income tax (benefit) expense 1,309 15,005 12,679 36,193
Depreciation and amortization 127,914 97,479 362,977 270,757
Impairments 3,107 27,902 4,294 155,286
Above-market component of swap
agreements with Anadarko 12,601 7,407 40,722
Other expense 67,961 33 161,813 184
Less:
Recognized Service revenues - fee
based in excess of (less than)
customer billings (3,934) 6,014 (22,230) 8,971
Gain (loss) on divestiture and
other, net 248 65 (1,403) 351
Equity income, net - affiliates 53,893 54,215 175,483 133,874
Cash paid for maintenance capital
expenditures 29,298 32,620 94,888 81,537
Capitalized interest 8,386 8,449 20,933 25,283
Cash paid for (reimbursement of)
income taxes 96 (87)
Other income 655 2,749
Distributable cash flow
attributable to noncontrolling
interests (2) 8,401 9,399 27,464 27,138
Distributable cash flow $
304,384 $
308,270 $
980,037 $
821,479
---
Distributions declared
Distributions from WES Operating $
283,881 $
843,804
Less: Cash reserve for the proper
conduct of WES's business 3,001 6,641
Distributions to WES unitholders
(3) $
280,880 $
837,163
---
Coverage ratio 1.08 x 1.17 x
---
(1) Financial information has been
recast to include the financial
position and results attributable
to the assets acquired from
Anadarko Petroleum Corporation in
February 2019 (the "Anadarko
Midstream Assets" or "AMA").
(2) For all periods presented, includes
(i) the 25% third-party interest
in Chipeta and (ii) the 2.0%
Occidental subsidiary-owned
limited partner interest in WES
Operating, which collectively
represent WES's noncontrolling
interests as of September 30, 2019.
(3) Reflects cash distributions of
$0.62000 and $1.84800 per unit
declared for the three and nine
months ended September 30, 2019,
respectively.
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Adjusted EBITDA
Three Months Ended
Nine Months Ended
September 30,
September 30,
thousands 2019 2018 (1) 2019 2018 (1)
---
Reconciliation of Net income
(loss) to Adjusted EBITDA
Net income (loss) $
125,223 $
198,560 $
512,260 $
446,737
Add:
Distributions from equity
investments 71,005 66,493 203,540 145,650
Non-cash equity-based
compensation expense 4,137 1,614 10,278 5,766
Interest expense 78,524 48,869 223,872 129,129
Income tax expense 1,309 15,005 12,679 36,193
Depreciation and amortization 127,914 97,479 362,977 270,757
Impairments 3,107 27,902 4,294 155,286
Other expense 67,961 33 161,813 184
Less:
Gain (loss) on divestiture and
other, net 248 65 (1,403) 351
Equity income, net -
affiliates 53,893 54,215 175,483 133,874
Interest income - affiliates 4,225 4,225 12,675 12,675
Other income 655 2,749
Adjusted EBITDA attributable
to noncontrolling interests
(2) 10,601 10,976 33,495 30,950
Adjusted EBITDA $
410,213 $
385,819 $
1,271,463 $
1,009,103
---
Reconciliation of Net cash
provided by operating
activities to Adjusted EBITDA
Net cash provided by operating
activities $
340,154 $
335,869 $
1,026,685 $
965,195
Interest (income) expense, net 74,299 44,644 211,197 116,454
Uncontributed cash-based
compensation awards 141 (55) 789 932
Accretion and amortization of
long-term obligations, net (3,651) (1,283) (6,499) (4,659)
Current income tax (benefit)
expense (407) (19,432) 6,078 (47,102)
Other (income) expense, net
(3) (495) (655) (1,397) (2,749)
Distributions from equity
investments in excess of
cumulative earnings -
affiliates 4,151 6,184 21,203 19,816
Changes in assets and
liabilities:
Accounts receivable, net 12,418 56,281 9,750 64,853
Accounts and imbalance
payables and accrued
liabilities, net (11,808) (19,041) 69,390 (61,081)
Other items, net 6,012 (5,717) (32,238) (11,606)
Adjusted EBITDA attributable
to noncontrolling interests
(2) (10,601) (10,976) (33,495) (30,950)
Adjusted EBITDA $
410,213 $
385,819 $
1,271,463 $
1,009,103
---
Cash flow information
Net cash provided by operating
activities $
1,026,685 $
965,195
Net cash used in investing
activities (3,134,643) (1,798,702)
Net cash provided by (used in)
financing activities 2,133,246 886,796
---
(1) Financial information has been
recast to include the financial
position and results attributable
to AMA.
(2) For all periods presented, includes
(i) the 25% third-party interest
in Chipeta and (ii) the 2.0%
Occidental subsidiary-owned
limited partner interest in WES
Operating, which collectively
represent WES's noncontrolling
interests as of September 30, 2019.
(3) Excludes non-cash losses on
interest-rate swaps of $68.3
million and $162.9 million for the
three and nine months ended
September 30, 2019, respectively.
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Adjusted Gross Margin
Three Months Ended
Nine Months Ended
September 30,
September 30,
thousands 2019 2018 (1) 2019 2018 (1)
---
Reconciliation of Operating
income (loss) to Adjusted
gross margin
Operating income (loss) $
268,725 $
257,554 $
897,713 $
596,635
Add:
Distributions from equity
investments 71,005 66,493 203,540 145,650
Operation and maintenance 176,572 129,042 467,832 338,626
General and administrative 30,769 16,022 83,640 47,448
Property and other taxes 15,281 13,146 45,848 41,496
Depreciation and amortization 127,914 97,479 362,977 270,757
Impairments 3,107 27,902 4,294 155,286
Less:
Gain (loss) on divestiture and
other, net 248 65 (1,403) 351
Equity income, net -
affiliates 53,893 54,215 175,483 133,874
Reimbursed electricity-
related charges recorded as
revenues 23,969 17,485 60,747 50,204
Adjusted gross margin
attributable to
noncontrolling interests (2) 15,619 14,445 47,203 40,334
Adjusted gross margin $
599,644 $
521,428 $
1,783,814 $
1,371,135
---
Adjusted gross margin for
natural gas assets $
401,380 $
376,131 $
1,226,302 $
1,048,185
Adjusted gross margin for
crude oil, NGLs, and
produced-water assets 198,264 145,297 557,512 322,950
---
(1) Financial information has been
recast to include the financial
position and results attributable
to AMA.
(2) For all periods presented, includes
(i) the 25% third-party interest
in Chipeta and (ii) the 2.0%
Occidental subsidiary-owned
limited partner interest in WES
Operating, which collectively
represent WES's noncontrolling
interests as of September 30, 2019.
Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
thousands except per-unit 2019 2018 2019 2018
amounts (1) (1)
---
Revenues and other
Service revenues - fee based $
587,965 $
486,329 $
1,761,483 $
1,311,963
Service revenues - product
based 9,476 23,336 45,530 69,421
Product sales 68,248 76,999 214,850 223,939
Other 338 1,236 1,101 1,709
---
Total revenues and other 666,027 587,900 2,022,964 1,607,032
Equity income, net -
affiliates 53,893 54,215 175,483 133,874
Operating expenses
Cost of product 97,800 101,035 334,740 291,009
Operation and maintenance 176,572 129,042 467,832 338,626
General and administrative 30,769 16,022 83,640 47,448
Property and other taxes 15,281 13,146 45,848 41,496
Depreciation and
amortization 127,914 97,479 362,977 270,757
Impairments 3,107 27,902 4,294 155,286
---
Total operating expenses 451,443 384,626 1,299,331 1,144,622
Gain (loss) on divestiture
and other, net 248 65 (1,403) 351
---
Operating income (loss) 268,725 257,554 897,713 596,635
Interest income - affiliates 4,225 4,225 12,675 12,675
Interest expense (78,524) (48,869) (223,872) (129,129)
Other income (expense), net
(2) (67,894) 655 (161,577) 2,749
---
Income (loss) before income
taxes 126,532 213,565 524,939 482,930
Income tax expense (benefit) 1,309 15,005 12,679 36,193
---
Net income (loss) 125,223 198,560 512,260 446,737
Net income (loss)
attributable to
noncontrolling interests 4,006 47,203 102,789 63,669
Net income (loss)
attributable to Western
Midstream Partners, LP $
121,217 $
151,357 $
409,471 $
383,068
Limited partners' interest
in net income (loss):
Net income (loss)
attributable to Western
Midstream Partners, LP $
121,217 $
151,357 $
409,471 $
383,068
Pre-acquisition net
(income) loss allocated to
Anadarko (43,883) (29,279) (107,009)
---
Limited partners' interest
in net income (loss) $
121,217 $
107,474 $
380,192 $
276,059
Net income (loss) per common
unit - basic and diluted $
0.27 $
0.49 $
0.94 $
1.26
Weighted-average common
units outstanding - basic
and diluted 453,021 218,938 402,421 218,935
---
(1) Financial information has been
recast to include the financial
position and results
attributable to AMA.
(2) Includes non-cash losses on
interest-rate swaps of $68.3
million and $162.9 million for
the three and nine months ended
September 30, 2019,
respectively.
Western Midstream Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except number of
units September 30, December 31,
2019 2018 (1)
---
Total current assets $
393,238 $
344,764
Note receivable - Anadarko 260,000 260,000
Net property, plant, and
equipment 8,933,834 8,410,353
Other assets 2,591,153 2,442,088
Total assets $
12,178,225 $
11,457,205
---
Total current liabilities $
596,872 $
637,477
Long-term debt 7,730,502 4,787,381
APCWH Note Payable 427,493
Asset retirement
obligations 319,178 300,024
Other liabilities 196,598 412,147
Total liabilities 8,843,150 6,564,522
---
Equity and partners'
capital
Common units (453,032,050
and 218,937,797 units
issued and outstanding at
September 30, 2019, and
December 31, 2018,
respectively) 3,182,917 951,888
Net investment by Anadarko 1,388,018
Noncontrolling interests 152,158 2,552,777
Total liabilities, equity
and partners' capital $
12,178,225 $
11,457,205
---
(1) Financial information has
been recast to include the
financial position and
results attributable to AMA.
Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30,
thousands 2019 2018 (1)
---
Cash flows from operating
activities
Net income (loss) $
512,260 $
446,737
Adjustments to reconcile net
income (loss) to net cash
provided by operating
activities and changes in
assets and liabilities:
Depreciation and
amortization 362,977 270,757
Impairments 4,294 155,286
(Gain) loss on divestiture
and other, net 1,403 (351)
(Gain) loss on interest-
rate swaps 162,974
Change in other items, net (17,223) 92,766
Net cash provided by
operating activities $
1,026,685 $
965,195
---
Cash flows from investing
activities
Capital expenditures $
(947,266) $
(1,589,653)
Acquisitions from affiliates (2,007,501) (254)
Acquisitions from third
parties (93,303) (161,858)
Investments in equity
affiliates (108,118) (67,085)
Distributions from equity
investments in excess of
cumulative earnings -
affiliates 21,203 19,816
Proceeds from the sale of
assets to third parties 342 332
Net cash used in investing
activities $
(3,134,643) $
(1,798,702)
---
Cash flows from financing
activities
Borrowings, net of debt
issuance costs $
3,950,750 $
2,401,097
Repayments of debt (1,467,595) (1,040,000)
Increase (decrease) in
outstanding checks (9,204) (2,687)
Registration expenses
related to the issuance of
Partnership common units (855)
Distributions to Partnership
unitholders (688,193) (372,189)
Distributions to Chipeta
noncontrolling interest
owner (5,200) (9,446)
Distributions to
noncontrolling interest
owners of WES Operating (112,430) (287,435)
Net contributions from
(distributions to) Anadarko 458,819 156,734
Above-market component of
swap agreements with
Anadarko 7,407 40,722
Finance lease payments -
affiliates (253)
Net cash provided by (used
in) financing activities $
2,133,246 $
886,796
---
Net increase (decrease) in
cash and cash equivalents $
25,288 $
53,289
Cash and cash equivalents at
beginning of period 92,142 79,588
Cash and cash equivalents at
end of period $
117,430 $
132,877
---
(1) Financial information has
been recast to include the
financial position and
results attributable to AMA.
Western Midstream Partners, LP
OPERATING STATISTICS
(Unaudited)
Three Months Ended Nine Months Ended
September 30,
September 30,
2019 2018 2019 2018
(1) (1)
Throughput for natural gas
assets (MMcf/d)
Gathering, treating, and
transportation 523 545 526 531
Processing 3,458 3,273 3,484 3,206
Equity investment (2) 390 301 390 297
Total throughput for natural gas
assets 4,371 4,119 4,400 4,034
Throughput attributable to
noncontrolling interests for
natural gas assets (3) 172 168 175 171
Total throughput attributable to
Western Midstream Partners, LP
for natural gas assets 4,199 3,951 4,225 3,863
---
Throughput for crude oil, NGLs,
and produced-water assets
(MBbls/d)
Gathering, treating,
transportation, and disposal 908 663 849 470
Equity investment (4) 307 290 308 222
Total throughput for crude oil,
NGLs, and produced-water
assets 1,215 953 1,157 692
Throughput attributable to
noncontrolling interests for
crude oil, NGLs, and produced-
water assets (3) 24 19 23 14
Total throughput attributable to
Western Midstream Partners, LP
for crude oil, NGLs, and
produced-water assets 1,191 934 1,134 678
Adjusted gross margin per Mcf
for natural gas assets (5) $
1.04 $
1.03 $
1.06 $
0.99
Adjusted gross margin per Bbl
for crude oil, NGLs, and
produced-water assets (6) 1.81 1.69 1.80 1.75
---
(1) Throughput and Adjusted gross margin
have been recast to include the
results attributable to AMA.
(2) Represents the 14.81% share of
average Fort Union throughput, 22%
share of average Rendezvous
throughput, 50% share of average Mi
Vida and Ranch Westex throughput,
and 30% share of average Red Bluff
Express throughput.
(3) For all periods presented, includes
(i) the 25% third-party interest
in Chipeta and (ii) the 2.0%
Occidental subsidiary-owned
limited partner interest in WES
Operating, which collectively
represent WES's noncontrolling
interests as of September 30, 2019.
(4) Represents the 10% share of average
White Cliffs throughput, 25% share
of average Mont Belvieu JV
throughput, 20% share of average
TEG, TEP, Whitethorn and Saddlehorn
throughput, 33.33% share of average
FRP throughput, and 15% share of
average Panola throughput.
(5) Average for period. Calculated as
Adjusted gross margin for natural
gas assets, divided by total
throughput (MMcf/d) attributable
to Western Midstream Partners, LP
for natural gas assets.
(6) Average for period. Calculated as
Adjusted gross margin for crude
oil, NGLs, and produced-water
assets, divided by total throughput
(MBbls/d) attributable to Western
Midstream Partners, LP for crude
oil, NGLs, and produced-water
assets.
Western Midstream Partners, LP
OPERATING STATISTICS (CONTINUED)
(Unaudited)
Three Months Ended September 30,
2019 2018 2019 2018 2019 2018
(1) (1) (1)
Natural gas Crude oil & NGLs Produced water
(MMcf/d)
(MBbls/d)
(MBbls/d)
Delaware Basin 1,272 1,096 147 138 580 361
DJ Basin 1,124 1,119 128 103
Equity investments 391 301 307 290
Other 1,584 1,603 53 61
Total throughput 4,371 4,119 635 592 580 361
---
Nine Months Ended September 30,
2019 2018 2019 2018 2019 2018
(1) (1) (1)
Natural gas Crude oil & NGLs Produced water
(MMcf/d)
(MBbls/d)
(MBbls/d)
Delaware Basin 1,210 1,020 144 126 538 180
DJ Basin 1,216 1,115 114 104
Equity investments 390 297 308 222
Other 1,584 1,602 53 60
Total throughput 4,400 4,034 619 512 538 180
---
(1) Throughput has been recast to
include the results
attributable to AMA.
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SOURCE Western Midstream Partners, LP
