Western Midstream Announces Fourth-Quarter And Full-Year 2019 Results
HOUSTON, Feb. 27, 2020 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced fourth-quarter and full-year 2019 financial and operating results. Net income (loss) available to limited partners for the fourth quarter of 2019 totaled $282.1 million, or $0.62 per common unit (diluted), with fourth-quarter 2019 Adjusted EBITDA((1)) totaling $447.6 million and fourth-quarter 2019 Distributable cash flow((1)) totaling $345.4 million. Net income (loss) available to limited partners for 2019 totaled $662.3 million, or $1.59 per common unit (diluted), with full-year 2019 Adjusted EBITDA((1)) of $1.719 billion and full-year 2019 Distributable cash flow((1)) of $1.325 billion. Financial and operational results are presented as if WES owned the assets acquired in February 2019 for all periods reported.
RECENT HIGHLIGHTS
-- Processed record DJ Basin Complex gas throughput of 1.30 Bcf/d for the
fourth quarter, representing a 15-percent sequential-quarter increase as
third-quarter downstream constraints were resolved and did not impact
fourth-quarter operations
-- Gathered record Delaware Basin produced-water throughput of 610 MBbls/d
for the fourth quarter, representing a 5-percent sequential-quarter
increase
-- Achieved record Delaware and DJ Basin oil throughput of 297 MBbls/d for
the fourth quarter, representing an 8-percent sequential-quarter
increase
-- Delivered full-year 2019 Adjusted EBITDA((1)) of $1.719 billion,
representing a 17-percent increase from 2018
-- Realized capital expenditures below low-end 2019 guidance range
-- Finalized service and governance agreements with Occidental that will
position WES to operate as a stand-alone enterprise
-- Priced a $3.5 billion four-tranche senior notes offering that was 6.2x
oversubscribed with each tranche pricing at WES's lowest historical
coupon for like-tenor notes
For the fourth quarter of 2019, WES paid a per-unit quarterly distribution of $0.6220. The full-year 2019 per-unit distribution of $2.47 represents a more than 5-percent increase over the full-year 2018 per-unit distribution of $2.35. This marks WES's 28(th) consecutive quarterly distribution increase and achieves WES's 2019 annual distribution-growth guidance range of 5 percent to 6 percent. The fourth-quarter 2019 Coverage ratio((1)) was 1.23 times. The full-year 2019 Coverage ratio((1) )was 1.18 times.
"I'm pleased with our fourth-quarter results," said Chief Executive Officer, Michael Ure. "In 2019, we placed the first Latham train and the second Mentone train into service; grew Adjusted EBITDA 17-percent year-over-year as a result of increased throughput across all products; and entered into new service, operating, and governing agreements at year end that enable us to operate more fully as an independent midstream company. This was a productive and successful year for WES, and we are ideally positioned to deliver strong results in 2020."
Fourth-quarter 2019 total natural-gas throughput((2)) averaged 4.3 Bcf/d, representing a 3-percent sequential-quarter increase and an 8-percent increase from fourth-quarter 2018. Fourth-quarter 2019 total throughput for crude-oil, NGLs, and produced-water assets((2)) averaged 1,378 MBbls/d, representing a 16-percent sequential-quarter increase and a 38-percent increase from fourth-quarter 2018. Full-year 2019 total natural-gas throughput((2) )averaged 4.2 Bcf/d, representing a 9-percent increase from full-year 2018. Full-year 2019 total throughput for crude-oil, NGLs, and produced-water assets((2)) averaged 1,195 MBbls/d, representing a 57-percent increase from full-year 2018.
(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.
(2) 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
December 31, 2019.
Fourth-quarter 2019 capital expenditures((1)), including equity investments and excluding capitalized interest, totaled $242.6 million, with cash maintenance capital expenditures totaling $29.6 million. For full-year 2019, capital expenditures((1)), including equity investments((2)) and excluding capitalized interest, totaled $1.249 billion, which is approximately $100 million below the 2019 guidance midpoint of $1.35 billion. For full-year 2019, cash maintenance capital expenditures totaled $124.4 million, which is approximately $11 million below the 2019 guidance midpoint of $135 million.
2020 GUIDANCE
-- Adjusted EBITDA between $1.875 billion and $1.975 billion
-- Total capital expenditures between $875 million and $950 million,
including costs associated with over 60,000 horsepower of compression,
over 140 miles of gathering, the completion of the second Latham train
during first-quarter 2020, and the addition of two 30 MBbl/d
oil-stabilization trains and approximately 180 MBbl/d of saltwater
disposal capacity in the Delaware Basin by year-end 2020
-- Total maintenance capital expenditures between $125 million and $135
million
-- Coverage ratio of at least 1.25x with ~1-percent year-over-year
distribution increase from full-year 2019 per-unit distributions of
$2.47 per unit
"Our 2020 guidance demonstrates our continued focus on capital-efficient organic growth and the strength of our balance sheet," said Chief Financial Officer, Mike Pearl. "We are focused on generating long-term value for all our stakeholders by maintaining our investment-grade credit profile, delivering exceptional customer service, and driving operational efficiencies throughout the organization."
(1) Accrual-based and excludes
capital expenditures associated
with the 25% third-party interest
in Chipeta.
(2) Acquisitions and contributions.
CONFERENCE CALL TOMORROW AT 1 P.M. CST
WES will host a conference call on Friday, February 28, 2020, at 1:00 p.m. Central Standard Time (2:00 p.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2019 results. To participate, individuals should dial 877-883-0383 (Domestic) or 412-902-6506 (International) 15 minutes before the scheduled conference call time and enter participant access code 0032829. 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 its customers. In its capacity as a natural-gas processor, WES also buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and as an agent for its customers under certain contracts.
WESTERN MIDSTREAM ANNUAL REPORT AVAILABLE
WES has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, with the Securities and Exchange Commission. A copy of the report is available for viewing and downloading on the Western Midstream web site at www.westernmidstream.com. Unitholders may request hard copies of the report, which contains WES's audit financial statements, free of charge, by emailing investors@westernmidstream.com or by submitting a written request to Western Midstream Partners, LP at the following address: P.O. Box 1330, Houston, TX 77251-1330, Attention: Investor Relations.
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 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 our ability to meet financial guidance or distribution-growth expectations; our 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; our 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 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 S. Shults
Vice President, Investor Relations and Communications
Kristen.Shults@westernmidstream.com
832.636.6000
Abby Dempsey
Investor Relations
Abby.Dempsey@westernmidstream.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 and offset by non-cash capitalized interest), maintenance capital expenditures, WES Operating Series A Preferred unit distributions, 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
Year Ended
December 31,
December 31,
thousands except Coverage ratio 2019 2018 2019 2018
---
Reconciliation of Net income
(loss) to Distributable cash flow
and calculation of the Coverage
ratio
Net income (loss) $
295,440 $
183,917 $
807,700 $
630,654
Add:
Distributions from equity
investments 61,288 71,327 264,828 216,977
Non-cash equity-based
compensation expense 4,114 1,544 14,392 7,310
Non-cash settled interest
expense, net 19 39
Income tax (benefit) expense 793 22,741 13,472 58,934
Depreciation and amortization 120,278 118,407 483,255 389,164
Impairments 1,985 75,298 6,279 230,584
Above-market component of swap
agreements with Anadarko 10,896 7,407 51,618
Other expense 8,080 161,813 8,264
Less:
Recognized Service revenues - fee
based in excess of (less than)
customer billings (6,534) 53,527 (28,764) 62,498
Gain (loss) on divestiture and
other, net (3) 961 (1,406) 1,312
Equity income, net - affiliates 62,035 61,595 237,518 195,469
Cash paid for maintenance capital
expenditures 29,660 39,328 124,548 120,865
Capitalized interest 6,047 7,196 26,980 32,479
Cash paid for (reimbursement of)
income taxes 2,495 96 2,408
Other income 37,792 37,792 2,749
Distributable cash flow
attributable to noncontrolling
interests (1) 9,512 9,000 36,976 36,138
Distributable cash flow (2) $
345,408 $
318,108 $
1,325,445 $
1,139,587
---
Distributions declared
Distributions from WES Operating $
284,505 $
1,128,309
Less: Cash reserve for the proper
conduct of WES's business 2,719 9,360
Distributions to WES unitholders
(3) $
281,786 $
1,118,949
---
Coverage ratio 1.23 x 1.18 x
---
(1) 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 December 31, 2019.
(2) For the three months and year ended
December 31, 2019, excludes cash
payments of $107.7 million related
to the settlement of interest-
rate swap agreements.
(3) Reflects cash distributions of
$0.62200 and $2.47000 per unit
declared for the three months and
year ended December 31, 2019,
respectively.
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Adjusted EBITDA
Three Months Ended
Year Ended
December 31,
December 31,
thousands 2019 2018 2019 2018
---
Reconciliation of Net income
(loss) to Adjusted EBITDA
Net income (loss) $
295,440 $
183,917 $
807,700 $
630,654
Add:
Distributions from equity
investments 61,288 71,327 264,828 216,977
Non-cash equity-based
compensation expense 4,114 1,544 14,392 7,310
Interest expense 79,414 54,702 303,286 183,831
Income tax expense 793 22,741 13,472 58,934
Depreciation and amortization 120,278 118,407 483,255 389,164
Impairments 1,985 75,298 6,279 230,584
Other expense 8,080 161,813 8,264
Less:
Gain (loss) on divestiture and
other, net (3) 961 (1,406) 1,312
Equity income, net -
affiliates 62,035 61,595 237,518 195,469
Interest income - affiliates 4,225 4,225 16,900 16,900
Other income 37,792 37,792 2,749
Adjusted EBITDA attributable
to noncontrolling interests
(1) 11,636 11,893 45,131 42,843
Adjusted EBITDA $
447,627 $
457,342 $
1,719,090 $
1,466,445
---
Reconciliation of Net cash
provided by operating
activities to Adjusted EBITDA
Net cash provided by operating
activities $
297,415 $
382,980 $
1,324,100 $
1,348,175
Interest (income) expense, net 75,189 50,477 286,386 166,931
Uncontributed cash-based
compensation awards (1,891) (53) (1,102) 879
Accretion and amortization of
long-term obligations, net (1,942) (1,284) (8,441) (5,943)
Current income tax (benefit)
expense (215) (33,012) 5,863 (80,114)
Other (income) expense, net
(2) 107,533 (460) 106,136 (3,209)
Distributions from equity
investments in excess of
cumulative earnings -
affiliates 9,053 9,769 30,256 29,585
Changes in assets and
liabilities:
Accounts receivable, net 35,283 (4,351) 45,033 60,502
Accounts and imbalance
payables and accrued
liabilities, net (38,524) 15,476 30,866 (45,605)
Other items, net (22,638) 49,693 (54,876) 38,087
Adjusted EBITDA attributable
to noncontrolling interests
(1) (11,636) (11,893) (45,131) (42,843)
Adjusted EBITDA $
447,627 $
457,342 $
1,719,090 $
1,466,445
---
Cash flow information
Net cash provided by operating
activities $
1,324,100 $
1,348,175
Net cash used in investing
activities (3,387,853) (2,210,813)
Net cash provided by (used in)
financing activities 2,071,573 875,192
---
(1) 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 December 31, 2019.
(2) Excludes interest-rate swap losses
of $25.6 million that will be paid
in 2020 for the three months and
year ended December 31, 2019, and
$8.0 million for the three months
and year ended December 31, 2018.
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Adjusted Gross Margin
Three Months Ended
Year Ended
December 31,
December 31,
thousands 2019 2018 2019 2018
---
Reconciliation of Operating
income (loss) to Adjusted
gross margin
Operating income (loss) $
333,630 $
264,647 $
1,231,343 $
861,282
Add:
Distributions from equity
investments 61,288 71,327 264,828 216,977
Operation and maintenance 173,387 142,235 641,219 480,861
General and administrative 30,951 19,747 114,591 67,195
Property and other taxes 15,504 10,352 61,352 51,848
Depreciation and amortization 120,278 118,407 483,255 389,164
Impairments 1,985 75,298 6,279 230,584
Less:
Gain (loss) on divestiture and
other, net (3) 961 (1,406) 1,312
Equity income, net -
affiliates 62,035 61,595 237,518 195,469
Reimbursed electricity-
related charges recorded as
revenues 13,882 16,474 74,629 66,678
Adjusted gross margin
attributable to
noncontrolling interests (1) 16,846 15,913 64,049 56,247
Adjusted gross margin $
644,263 $
607,070 $
2,428,077 $
1,978,205
---
Adjusted gross margin for
natural-gas assets $
429,739 $
395,281 $
1,656,041 $
1,443,466
Adjusted gross margin for
crude-oil, NGLs, and
produced-water assets 214,524 211,789 772,036 534,739
---
(1) 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 December 31, 2019.
Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
thousands except per-unit
amounts 2019 2018 2019 2018
---
Revenues and other
Service revenues - fee
based $
626,708 $
593,765 $
2,388,191 $
1,905,728
Service revenues - product
based 24,597 19,364 70,127 88,785
Product sales 71,538 79,081 286,388 303,020
Other 367 416 1,468 2,125
---
Total revenues and other 723,210 692,626 2,746,174 2,299,658
Equity income, net -
affiliates 62,035 61,595 237,518 195,469
Operating expenses
Cost of product 109,507 124,496 444,247 415,505
Operation and maintenance 173,387 142,235 641,219 480,861
General and administrative 30,951 19,747 114,591 67,195
Property and other taxes 15,504 10,352 61,352 51,848
Depreciation and
amortization 120,278 118,407 483,255 389,164
Impairments 1,985 75,298 6,279 230,584
---
Total operating expenses 451,612 490,535 1,750,943 1,635,157
Gain (loss) on divestiture
and other, net (3) 961 (1,406) 1,312
---
Operating income (loss) 333,630 264,647 1,231,343 861,282
Interest income -
affiliates 4,225 4,225 16,900 16,900
Interest expense (79,414) (54,702) (303,286) (183,831)
Other income (expense), net
(1) 37,792 (7,512) (123,785) (4,763)
---
Income (loss) before income
taxes 296,233 206,658 821,172 689,588
Income tax expense
(benefit) 793 22,741 13,472 58,934
---
Net income (loss) 295,440 183,917 807,700 630,654
Net income (loss)
attributable to
noncontrolling interests 7,670 15,414 110,459 79,083
Net income (loss)
attributable to Western
Midstream Partners, LP $
287,770 $
168,503 $
697,241 $
551,571
Limited partners' interest
in net income (loss):
Net income (loss)
attributable to Western
Midstream Partners, LP $
287,770 $
168,503 $
697,241 $
551,571
Pre-acquisition net
(income) loss allocated to
Anadarko (75,133) (29,279) (182,142)
General partner interest in
net income (loss) (5,637) (5,637)
---
Limited partners' interest
in net income (loss) $
282,133 $
93,370 $
662,325 $
369,429
Net income (loss) per
common unit - basic and
diluted $
0.62 $
0.43 $
1.59 $
1.69
Weighted-average common
units outstanding - basic
and diluted 452,934 218,938 415,794 218,936
---
(1) Includes net gains (losses) on
interest-rate swaps of $37.6
million and ($125.3) million for
the three months and year ended
December 31, 2019, respectively,
and ($8.0) million for the three
months and year ended December 31,
2018.
Western Midstream Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31,
thousands except number of
units 2019 2018
Total current assets $
402,412 $
344,764
Note receivable - Anadarko 260,000 260,000
Net property, plant, and
equipment 9,064,931 8,410,353
Other assets 2,619,110 2,442,088
Total assets $
12,346,453 $
11,457,205
---
Total current liabilities $
485,954 $
637,477
Long-term debt 7,951,565 4,787,381
APCWH Note Payable 427,493
Asset retirement obligations 336,396 300,024
Other liabilities 227,245 412,147
Total liabilities 9,001,160 6,564,522
---
Equity and partners' capital
Common units (443,971,409
and 218,937,797 units
issued and outstanding at
December 31, 2019 and 2018,
respectively) 3,209,947 951,888
General partner units
(9,060,641 and zero units
issued and outstanding at
December 31, 2019 and 2018,
respectively) (14,224)
Net investment by Anadarko 1,388,018
Noncontrolling interests 149,570 2,552,777
Total liabilities, equity
and partners' capital $
12,346,453 $
11,457,205
---
Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Year Ended
December 31,
thousands 2019 2018
---
Cash flows from operating
activities
Net income (loss) $
807,700 $
630,654
Adjustments to reconcile
net income (loss) to net
cash provided by operating
activities and changes in
assets and liabilities:
Depreciation and
amortization 483,255 389,164
Impairments 6,279 230,584
(Gain) loss on divestiture
and other, net 1,406 (1,312)
(Gain) loss on interest-
rate swaps 125,334 7,972
Cash paid to settle
interest-rate swaps (107,685)
Change in other items, net 7,811 91,113
Net cash provided by
operating activities $
1,324,100 $
1,348,175
---
Cash flows from investing
activities
Capital expenditures $
(1,188,829) $
(1,948,595)
Acquisitions from
affiliates (2,007,926) (254)
Acquisitions from third
parties (93,303) (161,858)
Investments in equity
affiliates (128,393) (133,629)
Distributions from equity
investments in excess of
cumulative earnings -
affiliates 30,256 29,585
Proceeds from the sale of
assets to third parties 342 3,938
Net cash used in investing
activities $
(3,387,853) $
(2,210,813)
---
Cash flows from financing
activities
Borrowings, net of debt
issuance costs $
4,169,695 $
2,671,337
Repayments of debt (1,467,595) (1,040,000)
Increase (decrease) in
outstanding checks 1,571 (3,206)
Registration expenses
related to the issuance of
Partnership common units (855)
Distributions to
Partnership unitholders (969,073) (502,457)
Distributions to Chipeta
noncontrolling interest
owner (9,663) (13,529)
Distributions to
noncontrolling interest
owners of WES Operating (118,225) (386,326)
Net contributions from
(distributions to)
Anadarko 458,819 97,755
Above-market component of
swap agreements with
Anadarko 7,407 51,618
Finance lease payments -
affiliates (508)
Net cash provided by (used
in) financing activities $
2,071,573 $
875,192
---
Net increase (decrease) in
cash and cash equivalents $
7,820 $
12,554
Cash and cash equivalents
at beginning of period 92,142 79,588
Cash and cash equivalents
at end of period $
99,962 $
92,142
---
Western Midstream Partners, LP
OPERATING STATISTICS
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2019 2018 2019 2018
Throughput for natural-gas assets (MMcf/d)
Gathering, treating, and
transportation 534 589 528 546
Processing 3,532 3,307 3,497 3,231
Equity investment (1) 423 272 398 291
Total throughput 4,489 4,168 4,423 4,068
Throughput attributable to
noncontrolling interests (2) 174 166 175 170
Total throughput attributable
to WES for natural-gas assets 4,315 4,002 4,248 3,898
---
Throughput for crude-oil, NGLs, and produced-water assets (MBbls/d)
Gathering, treating,
transportation, and disposal 957 723 876 534
Equity investment (3) 449 298 343 241
Total throughput 1,406 1,021 1,219 775
Throughput attributable to
noncontrolling interests (2) 28 20 24 15
Total throughput attributable
to WES for crude-oil, NGLs,
and produced-water assets 1,378 1,001 1,195 760
Per-Mcf Adjusted gross margin
for natural-gas assets (4) $
1.08 $
1.07 $
1.07 $
1.01
Per-Bbl Adjusted gross margin
for crude-oil, NGLs, and
produced-water assets (5) 1.69 2.30 1.77 1.93
---
(1) 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.
(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 December 31, 2019.
(3) 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
and Cactus II throughput.
(4) Average for period. Calculated as
Adjusted gross margin for natural-
gas assets, divided by total
throughput (MMcf/d) attributable
to WES for natural-gas assets.
(5) Average for period. Calculated as
Adjusted gross margin for crude-
oil, NGLs, and produced-water
assets, divided by total
throughput (MBbls/d) attributable
to WES for crude-oil, NGLs, and
produced-water assets.
Western Midstream Partners, LP
OPERATING STATISTICS (CONTINUED)
(Unaudited)
Three Months Ended December 31,
2019 2018 2019 2018 2019 2018
Natural gas Crude oil & NGLs Produced water
(MMcf/d) (MBbls/d) (MBbls/d)
Delaware Basin 1,274 1,101 168 148 610 413
DJ Basin 1,295 1,185 129 107
Equity investments 423 272 449 298
Other 1,497 1,610 50 55
Total throughput 4,489 4,168 796 608 610 413
---
Year Ended December 31,
2019 2018 2019 2018 2019 2018
Natural gas Crude oil & NGLs Produced water
(MMcf/d) (MBbls/d) (MBbls/d)
Delaware Basin 1,226 1,041 150 132 556 239
DJ Basin 1,236 1,133 118 105
Equity
investments 398 291 343 241
Other 1,563 1,603 52 58
Total
throughput 4,423 4,068 663 536 556 239
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SOURCE Western Midstream Partners, LP
