Western Midstream Announces First-Quarter 2020 Results
HOUSTON, May 5, 2020 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced first-quarter 2020 financial and operating results. Net income (loss) available to limited partners for the first quarter of 2020 totaled $(251.4) million, or a loss of $0.57 per common unit (diluted), with first-quarter 2020 Adjusted EBITDA((1)) totaling $513.6 million, first-quarter Cash flows from operating activities totaling $393.3 million, and first-quarter 2020 Free cash flow((1)) totaling $214.6 million. The net loss includes $596.8 million of non-cash impairments of goodwill and long-lived assets primarily resulting from lower sustained commodity prices and forecasted in-basin producer activity reductions following the worldwide outbreak of the coronavirus ("COVID-19"). In total, non-cash impairments reduced first-quarter 2020 net income by $1.34 per common unit (diluted).
RECENT HIGHLIGHTS
-- Gathered record Delaware Basin produced-water throughput of 717 MBbls/d
for the first quarter, representing an 18-percent sequential-quarter
increase
-- Achieved record Delaware oil throughput of 192 MBbls/d for the first
quarter, representing a 14-percent sequential-quarter increase
-- Processed record Delaware and DJ Basin gas throughput of 2.8 Bcf/d for
the first quarter, representing a 9-percent sequential-quarter increase
-- Commenced operations of Latham Train II at the DJ Basin complex and
Loving ROTF Train III at the DBM oil system
-- Repurchased $100 million of Senior Notes due 2021 and 2022 for an
aggregate price of $90.1 million via open-market repurchases
(1) Please see
the
definitions
of the
Partnership's
non-GAAP
measures at
the end of
this release
and
reconciliation
of GAAP to
non-GAAP
measures.
"WES's first-quarter results attest to the high-quality of our asset portfolio," said Chief Executive Officer, Michael Ure. "COVID-19 and the resulting precipitous decline in commodity prices have created significant near-to-medium-term uncertainty, but we remain steadfast in our belief that our high-quality assets and the contracts underpinning the financial stability of our portfolio position WES to manage through this unprecedented cycle. Our first-quarter results demonstrate the strength of our assets in a normalized environment, and our employees' ability to operate efficiently as a dedicated midstream workforce capable of producing improved results."
First-quarter 2020 total natural-gas throughput((1)) averaged 4.5 Bcf/d, representing a 3-percent sequential-quarter increase and a 6-percent increase from first-quarter 2019. First-quarter 2020 total throughput for crude-oil and NGLs assets((1)) averaged 760 MBbls/d, representing a 3-percent sequential-quarter decrease and a 28-percent increase from first-quarter 2019. First-quarter 2020 total throughput for produced-water assets averaged 717 MBbls/d, representing an 18-percent sequential-quarter increase and a 38-percent increase from first-quarter 2019.
First-quarter 2020 Free cash flow((2)), which is calculated as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in excess of cumulative earnings, totaled $214.6 million, representing nearly a fourfold increase to fourth-quarter 2019 Free cash flow. For the first quarter of 2020, WES declared a per-unit quarterly distribution of $0.3110, which represents a 50-percent decrease from the fourth-quarter 2019 per-unit distribution and an aggregate quarterly distribution of $140.9 million.
(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.
(2) Please see the
definitions
of the
Partnership's
non-GAAP
measures at
the end of
this release
and
reconciliation
of GAAP to
non-GAAP
measures.
REVISED 2020 GUIDANCE
Our revised guidance is based on information obtained through direct discussions with a large majority of our customers. We will continue monitoring producer activity levels and may adjust our 2020 guidance and future distribution levels based on additional curtailments and other changes to producer-planned activities that may be communicated to us throughout the balance of 2020. Notwithstanding and based on known changes to producer activity, our updated guidance is as follows:
-- Adjusted EBITDA between $1.725 billion and $1.825 billion, which
includes previously announced cost reductions of approximately $75
million attributable to estimated operating and maintenance and general
and administrative expense cost savings
-- Total capital expenditures between $450 million and $550 million,
representing a 45-percent reduction to prior guidance, including costs
associated with approximately 15,000 horsepower of compression, over 65
miles of gathering, the completion of the second Latham train during
first-quarter 2020, and the addition of two 30 MBbls/d oil-stabilization
trains and approximately 120 MBbls/d of saltwater disposal capacity in
the Delaware Basin by year-end 2020
-- 50-percent distribution decrease from fourth-quarter 2019 per-unit
distribution of $0.622
"Our revised 2020 guidance demonstrates our continued focus on exercising capital discipline to create long-term value for stakeholders by generating positive free cash flow after distributions, while continuing to deliver exceptional customer service in a safe and responsible manner," said Chief Financial Officer, Mike Pearl. "Our timely and highly successful bond offering earlier this year coupled with our recent 50-percent distribution reduction results in no near-term need to access the capital markets. Although our largely undrawn $2.0 billion revolver provides us ample liquidity to manage through the current economic downturn, we expect that our full-year 2020 operational and financial performance and distribution reduction will result in the generation of meaningful 2020 Free cash flow after distributions. Our ability to generate near-term Free cash flow after distributions allows us to strengthen our balance sheet through leverage reduction so that we are positioned to be financially flexible and opportunistic as current market conditions abate."
CONFERENCE CALL TOMORROW AT 1 P.M. CDT
WES will host a conference call on Wednesday, May 6, 2020, at 1:00 p.m. Central Daylight Time (2:00 p.m. Eastern Daylight Time) to discuss first-quarter 2020 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 2731323. 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.
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 the ultimate impact of efforts to fight COVID-19 on the global economy and the timeline for a recovery in commodity demand and prices; our ability to meet financial guidance or distribution 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. WES 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
WES defines "Free cash flow" as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in excess of cumulative earnings. In prior periods, management considered "Distributable cash flow," defined as Adjusted EBITDA attributable to Western Midstream Partners, LP ("Adjusted EBITDA"), plus (i) interest income and (ii) 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 were not recognized as Adjusted EBITDA, less (i) Service revenues - fee based recognized in Adjusted EBITDA in excess of (less than) customer billings, (ii) 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), (iii) maintenance capital expenditures, (iv) income taxes, and (v) Distributable cash flow attributable to noncontrolling interests to the extent such amounts are not excluded from Adjusted EBITDA, as a viable performance-measurement and distribution-assessment tool. Although management continues to recognize Distributable cash flow as a useful metric for purposes of comparing our operating and financial performance against that of its peers, management considers Free cash flow as a superior and improved performance-measurement tool in light of an ongoing transition within the midstream industry that has shifted investor focus from distribution-growth to capital discipline, cost efficiency, and balance-sheet strength. Henceforth, Free cash flow will be the metric that we use to assess our ability to make distributions to our unitholders; however, this measure should not be viewed as indicative of the actual amount of cash that is available for distributions or planned for distributions for a given period. Instead, Free cash flow should be considered indicative of the amount of cash that is available for distributions, debt repayments, and other general partnership purposes.
WES defines Adjusted EBITDA as net income (loss), plus (i) distributions from equity investments, (ii) non-cash equity-based compensation expense, (iii) interest expense, (iv) income tax expense, (v) depreciation and amortization, (vi) impairments, and (vii) other expense (including lower of cost or market inventory adjustments recorded in cost of product), less (i) gain (loss) on divestiture and other, net, (ii) gain (loss) on early extinguishment of debt, (iii) income from equity investments, (iv) interest income, (v) income tax benefit, (vi) other income, and (vii) the noncontrolling interests owners' proportionate share of revenues and expenses.
WES defines Adjusted gross margin attributable to Western Midstream Partners, LP ("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.
Below are reconciliations of (i) net cash provided by operating activities (GAAP) to Free cash flow (non-GAAP), (ii) net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA (non-GAAP), and (iii) operating income (loss) (GAAP) to Adjusted gross margin (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that WES's Free cash flow, Adjusted EBITDA, and Adjusted gross margin 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. Free cash flow, Adjusted EBITDA, and Adjusted gross margin as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES's Free cash flow, Adjusted EBITDA, and Adjusted gross margin 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.
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Free Cash Flow
Three Months Ended
March 31,
thousands 2020 2019
---
Reconciliation of Net cash provided by operating activities to Free cash flow
Net cash provided by operating activities $
393,311 $
343,073
Less:
Capital expenditures 172,816 386,144
Contributions to equity investments 10,960 36,543
Add:
Distributions from equity investments in excess of cumulative earnings 5,052 7,792
---
Free cash flow $
214,587 $
(71,822)
---
Cash flow information
Net cash provided by operating activities $
393,311 $
343,073
Net cash used in investing activities (178,724) (2,515,732)
Net cash provided by (used in) financing activities (162,267) 2,180,564
---
Three Months Ended
thousands June 30, September 30, December 31,
2019 2019 2019
---
Reconciliation of Net cash
provided by operating
activities to Free cash flow
Net cash provided by operating
activities $
343,458 $
340,154 $
297,415
Less:
Capital expenditures 318,281 242,841 241,563
Contributions to equity
investments 40,790 30,785 20,275
Add:
Distributions from equity
investments in excess of
cumulative earnings 9,260 4,151 9,053
---
Free cash flow $
(6,353) $
70,679 $
44,630
---
Cash flow information
Net cash provided by operating
activities $
343,458 $
340,154 $
297,415
Net cash used in investing
activities (349,436) (269,475) (253,210)
Net cash provided by (used in)
financing activities 1,726 (49,044) (61,673)
---
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Adjusted EBITDA
Three Months Ended
March 31,
thousands 2020 2019
---
Reconciliation of Net income
(loss) to Adjusted EBITDA
Net income (loss) $
(289,400) $
211,979
Add:
Distributions from equity
investments 65,920 62,013
Non-cash equity-based
compensation expense 5,234 1,798
Interest expense 88,586 65,876
Income tax expense 10,092
Depreciation and amortization 132,319 113,946
Impairments (1) 596,802 390
Other expense 4,048 35,213
Less:
Gain (loss) on divestiture and
other, net (40) (590)
Gain (loss) on early
extinguishment of debt 7,345
Equity income, net - related
parties 61,347 57,992
Interest income - related parties 4,225 4,225
Income tax benefit 4,280
Adjusted EBITDA attributable to
noncontrolling interests (2) 12,765 11,350
Adjusted EBITDA $
513,587 $
428,330
---
Reconciliation of Net cash
provided by operating activities
to Adjusted EBITDA
Net cash provided by operating
activities $
393,311 $
343,073
Interest (income) expense, net 84,361 61,651
Uncontributed cash-based
compensation awards (570)
Accretion and amortization of
long-term obligations, net (2,100) (1,511)
Current income tax (benefit)
expense (2,112) 6,027
Other (income) expense, net (3) 1,761 (432)
Distributions from equity
investments in excess of
cumulative earnings - related
parties 5,052 7,792
Changes in assets and
liabilities:
Accounts receivable, net (7,702) (9,486)
Accounts and imbalance payables
and accrued liabilities, net 28,924 55,529
Other items, net 24,857 (22,393)
Adjusted EBITDA attributable to
noncontrolling interests (2) (12,765) (11,350)
Adjusted EBITDA $
513,587 $
428,330
---
Cash flow information
Net cash provided by operating
activities $
393,311 $
343,073
Net cash used in investing
activities (178,724) (2,515,732)
Net cash provided by (used in)
financing activities (162,267) 2,180,564
---
(1) Includes goodwill impairment for
the three months ended March 31,
2020.
(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.
(3) Excludes the non-cash loss on
interest-rate swaps of $35.6
million for the three months ended
March 31, 2019.
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Adjusted Gross Margin
Three Months Ended
March 31,
thousands 2020 2019
---
Reconciliation of Operating
income (loss) to Adjusted gross
margin
Operating income (loss) $
(214,903) $
318,928
Add:
Distributions from equity
investments 65,920 62,013
Operation and maintenance 159,191 142,829
General and administrative 40,465 22,844
Property and other taxes 18,476 16,285
Depreciation and amortization 132,319 113,946
Impairments (1) 596,802 390
Less:
Gain (loss) on divestiture and
other, net (40) (590)
Equity income, net - related
parties 61,347 57,992
Reimbursed electricity-related
charges recorded as revenues 19,223 16,589
Adjusted gross margin
attributable to noncontrolling
interests (2) 16,425 15,550
Adjusted gross margin $
701,315 $
587,694
---
Adjusted gross margin for
natural-gas assets $
471,366 $
412,428
Adjusted gross margin for crude-
oil and NGLs assets 167,828 131,370
Adjusted gross margin for
produced-water assets 62,121 43,896
---
(1) Includes goodwill impairment for
the three months ended March 31,
2020.
(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.
Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
thousands except per-unit
amounts 2020 2019
---
Revenues and other
Service revenues - fee based $
701,396 $
579,974
Service revenues - product
based 15,921 19,379
Product sales 56,649 72,133
Other 347 397
---
Total revenues and other 774,313 671,883
Equity income, net - related
parties 61,347 57,992
Operating expenses
Cost of product 103,270 114,063
Operation and maintenance 159,191 142,829
General and administrative 40,465 22,844
Property and other taxes 18,476 16,285
Depreciation and amortization 132,319 113,946
Long-lived asset impairments 155,785 390
Goodwill impairment 441,017
---
Total operating expenses 1,050,523 410,357
Gain (loss) on divestiture and
other, net (40) (590)
---
Operating income (loss) (214,903) 318,928
Interest income - related
parties 4,225 4,225
Interest expense (88,586) (65,876)
Gain (loss) on early
extinguishment of debt 7,345
Other income (expense), net (1) (1,761) (35,206)
---
Income (loss) before income
taxes (293,680) 222,071
Income tax expense (benefit) (4,280) 10,092
---
Net income (loss) (289,400) 211,979
Net income (loss) attributable
to noncontrolling interests (32,873) 93,319
Net income (loss) attributable
to Western Midstream Partners,
LP $
(256,527) $
118,660
Limited partners' interest in
net income (loss):
Net income (loss) attributable
to Western Midstream Partners,
LP $
(256,527) $
118,660
Pre-acquisition net (income)
loss allocated to Anadarko (29,116)
General partner interest in net
income (loss) 5,131
---
Limited partners' interest in
net income (loss) $
(251,396) $
89,544
Net income (loss) per common
unit - basic and diluted $
(0.57) $
0.30
Weighted-average common units
outstanding - basic and
diluted 443,971 299,556
---
(1) Includes losses associated
with the interest-rate swap
agreements for the three
months ended March 31, 2019.
Western Midstream Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except number of
units March 31, December 31,
2020 2019
---
Total current assets $
490,548 $
402,412
Note receivable - Anadarko 257,885 260,000
Net property, plant, and
equipment 8,986,731 9,064,931
Other assets 2,173,834 2,619,110
Total assets $
11,908,998 $
12,346,453
---
Total current liabilities $
449,725 $
485,954
Long-term debt 8,088,761 7,951,565
Asset retirement obligations 339,454 336,396
Other liabilities 238,773 227,245
Total liabilities 9,116,713 9,001,160
---
Equity and partners' capital
Common units (443,971,409
units issued and outstanding
at March 31, 2020, and
December 31, 2019) 2,684,136 3,209,947
General partner units
(9,060,641 units issued and
outstanding at March 31,
2020, and December 31, 2019) (24,990) (14,224)
Noncontrolling interests 133,139 149,570
Total liabilities, equity, and
partners' capital $
11,908,998 $
12,346,453
---
Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
thousands 2020 2019
---
Cash flows from operating
activities
Net income (loss) $
(289,400) $
211,979
Adjustments to reconcile net
income (loss) to net cash
provided by operating activities
and changes in assets and
liabilities:
Depreciation and amortization 132,319 113,946
Long-lived asset impairments 155,785 390
Goodwill impairment 441,017
(Gain) loss on divestiture and
other, net 40 590
(Gain) loss on early
extinguishment of debt (7,345)
(Gain) loss on interest-rate
swaps 35,638
Change in other items, net (39,105) (19,470)
Net cash provided by operating
activities $
393,311 $
343,073
---
Cash flows from investing
activities
Capital expenditures $
(172,816) $
(386,144)
Acquisitions from related parties (2,007,501)
Acquisitions from third parties (93,303)
Contributions to equity
investments -related parties (10,960) (36,543)
Distributions from equity
investments in excess of
cumulative earnings - related
parties 5,052 7,792
Proceeds from the sale of assets
to third parties (33)
Net cash used in investing
activities $
(178,724) $
(2,515,732)
---
Cash flows from financing
activities
Borrowings, net of debt issuance
costs $
3,586,173 $
2,430,750
Repayments of debt (3,470,139) (467,595)
Increase (decrease) in
outstanding checks (7,308) (5,890)
Registration expenses related to
the issuance of Partnership
common units (855)
Distributions to Partnership
unitholders (281,786) (131,910)
Distributions to Chipeta
noncontrolling interest owner (1,738) (1,935)
Distributions to noncontrolling
interest owners of WES Operating (5,807) (100,999)
Net contributions from
(distributions to) related
parties 20,489 451,591
Above-market component of swap
agreements with Anadarko 7,407
Finance lease payments (2,151)
Net cash provided by (used in)
financing activities $
(162,267) $
2,180,564
---
Net increase (decrease) in cash
and cash equivalents $
52,320 $
7,905
Cash and cash equivalents at
beginning of period 99,962 92,142
Cash and cash equivalents at end
of period $
152,282 $
100,047
---
Western Midstream Partners, LP
OPERATING STATISTICS
(Unaudited)
Three Months Ended
March 31,
2020 2019
Throughput for natural-gas
assets (MMcf/d)
Gathering, treating, and
transportation 539 527
Processing 3,649 3,471
Equity investment (1) 444 377
Total throughput 4,632 4,375
---
Throughput attributable to
noncontrolling interests (2) 166 176
Total throughput attributable to
WES for natural-gas assets 4,466 4,199
---
Throughput for crude-oil and
NGLs assets (MBbls/d)
Gathering, treating, and
transportation 361 302
Equity investment (3) 414 304
Total throughput 775 606
Throughput attributable to
noncontrolling interests (2) 15 12
Total throughput attributable to
WES for crude-oil and NGLs
assets 760 594
Throughput for produced-water
assets (MBbls/d)
Gathering and disposal 717 518
Throughput attributable to
noncontrolling interests (2) 14 10
---
Total throughput attributable to
WES for produced-water assets 703 508
---
Per-Mcf Adjusted gross margin
for natural-gas assets (4) $
1.16 $
1.09
Per-Bbl Adjusted gross margin
for crude-oil and NGLs assets
(5) 2.43 2.46
Per-Bbl Adjusted gross margin
for produced-water assets (6) 0.97 0.96
---
(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.
(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 and NGLs assets, divided by
total throughput (MBbls/d)
attributable to WES for crude-oil
and NGLs assets.
(6) Average for period. Calculated as
Adjusted gross margin for
produced-water assets, divided by
total throughput (MBbls/d)
attributable to WES for produced-
water assets.
Western Midstream Partners, LP
OPERATING STATISTICS (CONTINUED)
(Unaudited)
Three Months Ended March 31,
2020 2019 2020 2019 2020 2019
Natural gas Crude oil & NGLs Produced water
(MMcf/d) (MBbls/d) (MBbls/d)
Delaware Basin 1,389 1,178 192 145 717 518
DJ Basin 1,407 1,258 128 102
Equity investments 444 377 414 304
Other 1,392 1,562 41 55
Total throughput 4,632 4,375 775 606 717 518
---
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SOURCE Western Midstream Partners, LP
