Western Midstream Announces Third-Quarter 2020 Results
HOUSTON, Nov. 9, 2020 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced third-quarter 2020 financial and operating results. Net income (loss) available to limited partners for the third quarter of 2020 totaled $241.5 million, or $0.55 per common unit (diluted), with third-quarter 2020 Adjusted EBITDA((1)) totaling $518.4 million, third-quarter 2020 Cash flows from operating activities totaling $392.9 million, and third-quarter 2020 Free cash flow((1)) totaling $339.2 million.
RECENT HIGHLIGHTS
-- Commenced operations of Loving ROTF Train IV on the DBM oil system,
adding 30 MBbls/d of treating capacity; completed project ahead of
schedule for approximately 35% less than our previous North Loving
Trains
-- Exchanged WES's interest in the $260 million note receivable from
Anadarko Petroleum Corporation, a wholly owned subsidiary of Occidental
Petroleum Corporation (NYSE: OXY) ("Occidental"), for 27.855 million WES
common units owned by Occidental
-- Executed open-market repurchases for $29.0 million of Senior Notes due
2022 and 2023 for an aggregate repurchase price of $27.2 million
-- In October 2020, WES completed the sale of its 14.81% equity interest in
Fort Union Gas Gathering, LLC and entered into an option agreement to
sell the Partnership's Bison treating facility during the first quarter
of 2021 for upfront consideration of $27.0 million
In October 2020, WES announced its third-quarter 2020 per-unit distribution of $0.3110, which is unchanged from WES's second-quarter 2020 per-unit distribution. Third-quarter 2020 Free cash flow after distributions totaled $198.3 million.
(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.
"As evidenced by our outstanding third-quarter and year-to-date financial and operational results, the WES team continues to surpass expectations as we adapt and respond to market challenges," said President, Chief Executive Officer, and Chief Financial Officer, Michael Ure. "Producer outperformance, the pursuit of operational efficiencies and sustainable cost savings, and continued commercial achievements contributed to the highest quarterly Adjusted EBITDA in WES's history. As a result of the incredible outperformance achieved thus far and anticipated continued success, we expect full-year Adjusted EBITDA above the high-end of our originally issued guidance range of $1.875 billion to $1.975 billion and capital expenditures meaningfully below the low-end of our previously updated 2020 guidance range of $400 million to $450 million."
Ure continued, "The establishment of WES as a stand-alone midstream business has generated improved efficiencies between our commercial, engineering, and operations teams, enabling our organization to maximize the operability of our assets and realize operating and capital savings. Notwithstanding the significant challenges faced this year, we expect to realize approximately $175 million in sustainable annual operating cost and G&A savings compared to our originally issued guidance."
As a result of depressed upstream investment, our third-quarter 2020 volumes declined as expected. Third-quarter 2020 total natural-gas throughput((1)) averaged 4.3 Bcf/d, representing a 4-percent sequential-quarter decrease and a 1-percent increase from third-quarter 2019. Third-quarter 2020 total throughput for crude-oil and NGLs assets((1)) averaged 689 MBbls/d, representing a 4-percent sequential-quarter decrease and an 11-percent increase from third-quarter 2019. Third-quarter 2020 total throughput for produced-water assets((1)) averaged 673 MBbls/d, representing an 11-percent sequential-quarter decrease and an 18-percent increase from third-quarter 2019.
Third-quarter 2020 and year-to-date capital expenditures((2) )totaled $36.5 million and $264.1 million, respectively.
(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) Accrual-based, includes equity
investments, and excludes
capitalized interest and capital
expenditures associated with the
25% third-party interest in
Chipeta.
PRELIMINARY 2021 GUIDANCE
Based on current production-forecast information from our customers, WES is providing preliminary 2021 guidance as follows:
-- Adjusted EBITDA((1)) between $1.825 billion and $1.925 billion
-- Total capital expenditures((2)) between $275 million and $375 million,
which represents a $100 million reduction from the midpoint of our
previously updated 2020 guidance
-- Debt to Trailing Twelve Month ("TTM") Adjusted EBITDA at or below 4.0
times at year-end 2021
-- Full-year 2021 distributions of at least $1.24 per unit((3))
-- Repay 2021 debt maturity with free cash flow
$250 MILLION UNIT BUYBACK PROGRAM
The board of directors of the Partnership's general partner has authorized the Partnership to commence a buyback program of up to $250 million of the Partnership's common units through December 31, 2021 (the "Purchase Program").
The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined based on ongoing assessments of capital needs, WES's financial performance, the market price of the common units and other factors, including organic growth and acquisition opportunities and general market conditions. The Purchase Program does not obligate the Partnership to purchase any specific dollar amount or number of units and may be suspended or discontinued at any time.
"Over the last year, we have reexamined each aspect of our operations and discovered ways to operate in a more cost-effective manner to generate incremental free cash flow and increase stakeholder value," said Michael Ure. "This year, following our third-quarter distribution, we will have returned over $1.15 billion, approximately 10% of our enterprise value, to stakeholders through debt repurchases, cash distributions, and units acquired through the Anadarko note exchange. Additionally, by prioritizing leverage reduction with Debt-to-TTM Adjusted EBITDA currently at 4.0 times, we have already exceeded our year-end 2020 target of at or below 4.5 times and met our year-end 2021 target of at or below 4.0 times. We expect to achieve strong 2021 financial results with minimal capital by further refining and enhancing our business model while continuing to operate safely, deliver exceptional customer service, and return cash to stakeholders."
(1) A reconciliation of the Adjusted
EBITDA range to net cash
provided by operating activities
and net income (loss) is not
provided because the items
necessary to estimate such
amounts are not reasonably
estimable at this time.
(2) Accrual-based, includes equity
investments, and excludes
capitalized interest and capital
expenditures associated with the
25% third-party interest in
Chipeta.
(3) The Board of Directors will
continue to evaluate the
distribution on a quarterly
basis.
CONFERENCE CALL TOMORROW AT 1 P.M. CST
WES will host a conference call on Tuesday, November 10, 2020, at 1:00 p.m. Central Standard Time (2:00 p.m. Eastern Standard Time) to discuss third-quarter 2020 results and preliminary 2021 guidance. 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 7476557. 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 our ability to meet financial guidance or distribution expectations; 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 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 Shults
Vice President, Investor Relations and Communications
Kristen.Shults@WesternMidstream.com
832.636.6000
Abby Dempsey
Investor Relations Supervisor
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. Management considers Free cash flow an appropriate metric for assessing capital discipline, cost efficiency, and balance-sheet strength. Although Free cash flow is the metric used to assess WES's ability to make distributions to unitholders, 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) other income, (vi) income tax benefit, 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
Nine Months Ended
September 30,
September 30,
thousands 2020 2019 2020 2019
---
Reconciliation of Net cash provided by operating activities to Free
cash flow
Net cash provided by operating activities $
392,894 $
340,154 $
1,131,893 $
1,026,685
Less:
Capital expenditures 59,197 242,841 372,262 947,266
Contributions to equity investments 2,953 30,785 19,017 108,118
Add:
Distributions from equity investments in excess of cumulative 8,410 4,151 21,750 21,203
earnings
---
Free cash flow $
339,154 $
70,679 $
762,364 $
(7,496)
---
Cash flow information
Net cash provided by operating activities $
1,131,893 $
1,026,685
Net cash used in investing activities (426,670) (3,134,643)
Net cash provided by (used in) financing activities (667,140) 2,133,246
---
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 2020 2019 2020 2019
---
Reconciliation of Net income (loss) to Adjusted EBITDA
Net income (loss) $
254,135 $
125,223 $
246,076 $
512,260
Add:
Distributions from equity investments 72,070 71,005 209,566 203,540
Non-cash equity-based compensation expense 5,616 4,137 16,527 10,278
Interest expense 95,571 78,524 278,811 223,872
Income tax expense 3,028 1,309 8,072 12,679
Depreciation and amortization 132,564 127,914 384,688 362,977
Impairments (1) 34,640 3,107 641,592 4,294
Other expense 3 67,961 1,953 161,813
Less:
Gain (loss) on divestiture and other, net (768) 248 (3,651) (1,403)
Gain (loss) on early extinguishment of debt 1,632 10,372
Equity income, net - related parties 61,026 53,893 176,788 175,483
Interest income - Anadarko note receivable 3,286 4,225 11,736 12,675
Other income 721 2,373
Income tax benefit 4,280
Adjusted EBITDA attributable to noncontrolling interests (2) 13,372 10,601 39,001 33,495
---
Adjusted EBITDA $
518,358 $
410,213 $
1,546,386 $
1,271,463
---
Reconciliation of Net cash provided by operating activities to
Adjusted EBITDA
Net cash provided by operating activities $
392,894 $
340,154 $
1,131,893 $
1,026,685
Interest (income) expense, net 92,285 74,299 267,075 211,197
Uncontributed cash-based compensation awards 141 789
Accretion and amortization of long-term obligations, net (2,185) (3,651) (6,482) (6,499)
Current income tax expense (benefit) 1,434 (407) 1,399 6,078
Other (income) expense, net (3) (200) (495) (612) (1,397)
Cash paid to settle interest-rate swaps 6,418 19,181
Distributions from equity investments in excess of cumulative earnings 8,410 4,151 21,750 21,203
- related parties
Changes in assets and liabilities:
Accounts receivable, net (7,798) 12,418 192,338 9,750
Accounts and imbalance payables and accrued liabilities, net 34,509 (11,808) (37,814) 69,390
Other items, net 5,963 6,012 (3,341) (32,238)
Adjusted EBITDA attributable to noncontrolling interests (2) (13,372) (10,601) (39,001) (33,495)
---
Adjusted EBITDA $
518,358 $
410,213 $
1,546,386 $
1,271,463
---
Cash flow information
Net cash provided by operating activities $
1,131,893 $
1,026,685
Net cash used in investing activities (426,670) (3,134,643)
Net cash provided by (used in) financing activities (667,140) 2,133,246
---
(1) Includes goodwill impairment for the nine months ended September 30, 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 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 2020 2019 2020 2019
---
Reconciliation of Operating income (loss) to Adjusted gross margin
Operating income (loss) $
347,096 $
268,725 $
505,959 $
897,713
Add:
Distributions from equity investments 72,070 71,005 209,566 203,540
Operation and maintenance 132,293 176,572 436,670 467,832
General and administrative 41,578 30,769 118,466 83,640
Property and other taxes 19,392 15,281 57,263 45,848
Depreciation and amortization 132,564 127,914 384,688 362,977
Impairments (1) 34,640 3,107 641,592 4,294
Less:
Gain (loss) on divestiture and other, net (768) 248 (3,651) (1,403)
Equity income, net - related parties 61,026 53,893 176,788 175,483
Reimbursed electricity-related charges recorded as revenues 20,272 23,969 61,100 60,747
Adjusted gross margin attributable to noncontrolling interests (2) 17,574 15,619 50,166 47,203
---
Adjusted gross margin $
681,529 $
599,644 $
2,069,801 $
1,783,814
---
Adjusted gross margin for natural-gas assets $
458,790 $
401,380 $
1,384,632 $
1,226,302
Adjusted gross margin for crude-oil and NGLs assets 160,886 147,818 494,481 416,904
Adjusted gross margin for produced-water assets 61,853 50,446 190,688 140,608
---
(1) Includes goodwill impairment for the nine months ended September 30, 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
Nine Months Ended
September 30,
September 30,
thousands except per-unit amounts 2020 2019 2020 2019
---
Revenues and other
Service revenues - fee based $
636,522 $
587,965 $
1,980,546 $
1,761,483
Service revenues - product based 12,316 9,476 35,237 45,530
Product sales 30,106 68,248 108,491 214,850
Other 100 338 838 1,101
---
Total revenues and other 679,044 666,027 2,125,112 2,022,964
Equity income, net - related parties 61,026 53,893 176,788 175,483
Operating expenses
Cost of product 31,739 97,800 153,611 334,740
Operation and maintenance 132,293 176,572 436,670 467,832
General and administrative 41,578 30,769 118,466 83,640
Property and other taxes 19,392 15,281 57,263 45,848
Depreciation and amortization 132,564 127,914 384,688 362,977
Long-lived asset and other impairments 34,640 3,107 200,575 4,294
Goodwill impairment 441,017
---
Total operating expenses 392,206 451,443 1,792,290 1,299,331
Gain (loss) on divestiture and other, net (768) 248 (3,651) (1,403)
---
Operating income (loss) 347,096 268,725 505,959 897,713
Interest income - Anadarko note receivable 3,286 4,225 11,736 12,675
Interest expense (95,571) (78,524) (278,811) (223,872)
Gain (loss) on early extinguishment of debt 1,632 10,372
Other income (expense), net (1) 720 (67,894) 612 (161,577)
---
Income (loss) before income taxes 257,163 126,532 249,868 524,939
Income tax expense (benefit) 3,028 1,309 3,792 12,679
---
Net income (loss) 254,135 125,223 246,076 512,260
Net income (loss) attributable to noncontrolling interests 7,524 4,006 (17,045) 102,789
---
Net income (loss) attributable to Western Midstream $
246,611 $
121,217 $
263,121 $
409,471
Partners, LP
Limited partners' interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners, LP $
246,611 $
121,217 $
263,121 $
409,471
Pre-acquisition net (income) loss allocated to Anadarko (29,279)
General partner interest in net (income) loss (5,132) (5,462)
---
Limited partners' interest in net income (loss) $
241,479 $
121,217 $
257,659 $
380,192
Net income (loss) per common unit - basic and diluted $
0.55 $
0.27 $
0.58 $
0.94
Weighted-average common units outstanding - basic and 438,857 453,021 442,255 402,421
diluted
---
(1) Includes losses associated with the interest-rate swap agreements for the three and nine months ended September 30, 2019.
Western Midstream Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except number of units September 30, December 31,
2020 2019
---
Total current assets $
643,933 $
402,412
Anadarko note receivable 260,000
Net property, plant, and equipment 8,825,139 9,064,931
Other assets 2,220,603 2,619,110
---
Total assets $
11,689,675 $
12,346,453
---
Total current liabilities $
837,429 $
485,954
Long-term debt 7,440,394 7,951,565
Asset retirement obligations 327,285 336,396
Other liabilities 294,111 227,245
---
Total liabilities 8,899,219 9,001,160
---
Equity and partners' capital
Common units (416,196,092 and 443,971,409 units issued and outstanding at September 30, 2,674,682 3,209,947
2020, and December 31, 2019, respectively)
General partner units (9,060,641 units issued and outstanding at September 30, 2020, and (20,032) (14,224)
December 31, 2019)
Noncontrolling interests 135,806 149,570
---
Total liabilities, equity, and partners' capital $
11,689,675 $
12,346,453
---
Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30,
thousands 2020 2019
---
Cash flows from operating activities
Net income (loss) $
246,076 $
512,260
Adjustments to reconcile net income (loss) to net cash provided by operating activities and
changes in assets and liabilities:
Depreciation and amortization 384,688 362,977
Long-lived asset and other impairments 200,575 4,294
Goodwill impairment 441,017
(Gain) loss on divestiture and other, net 3,651 1,403
(Gain) loss on early extinguishment of debt (10,372)
(Gain) loss on interest-rate swaps 162,974
Cash paid to settle interest-rate swaps (19,181)
Change in other items, net (114,561) (17,223)
---
Net cash provided by operating activities $
1,131,893 $
1,026,685
---
Cash flows from investing activities
Capital expenditures $
(372,262) $
(947,266)
Acquisitions from related parties (2,007,501)
Acquisitions from third parties (93,303)
Contributions to equity investments - related parties (19,017) (108,118)
Distributions from equity investments in excess of cumulative earnings - related parties 21,750 21,203
Proceeds from the sale of assets to third parties 342
Additions to materials and supplies inventory and other (57,141)
---
Net cash used in investing activities $
(426,670) $
(3,134,643)
---
Cash flows from financing activities
Borrowings, net of debt issuance costs $
3,681,173 $
3,950,750
Repayments of debt (3,780,390) (1,467,595)
Increase (decrease) in outstanding checks 691 (9,204)
Registration expenses related to the issuance of Partnership common units (855)
Distributions to Partnership unitholders (563,579) (688,193)
Distributions to Chipeta noncontrolling interest owner (3,923) (5,200)
Distributions to noncontrolling interest owners of WES Operating (11,545) (112,430)
Net contributions from (distributions to) related parties 22,674 458,819
Above-market component of swap agreements with Anadarko 7,407
Finance lease payments (12,241) (253)
---
Net cash provided by (used in) financing activities $
(667,140) $
2,133,246
---
Net increase (decrease) in cash and cash equivalents $
38,083 $
25,288
Cash and cash equivalents at beginning of period 99,962 92,142
---
Cash and cash equivalents at end of period $
138,045 $
117,430
---
Western Midstream Partners, LP
OPERATING STATISTICS
(Unaudited)
Three Months Ended Nine Months Ended
September 30,
September 30,
2020 2019 2020 2019
Throughput for natural-gas assets (MMcf/d)
Gathering, treating, and transportation 558 523 551 526
Processing 3,404 3,458 3,537 3,484
Equity investments (1) 450 390 451 390
---
Total throughput 4,412 4,371 4,539 4,400
Throughput attributable to noncontrolling interests (2) 159 172 162 175
---
Total throughput attributable to WES for natural-gas assets 4,253 4,199 4,377 4,225
---
Throughput for crude-oil and NGLs assets (MBbls/d)
Gathering, treating, and transportation 310 328 343 311
Equity investments (3) 393 307 395 308
---
Total throughput 703 635 738 619
Throughput attributable to noncontrolling interests (2) 14 12 15 12
---
Total throughput attributable to WES for crude-oil and NGLs assets 689 623 723 607
---
Throughput for produced-water assets (MBbls/d)
Gathering and disposal 687 580 726 538
Throughput attributable to noncontrolling interests (2) 14 12 15 11
---
Total throughput attributable to WES for produced-water assets 673 568 711 527
---
Per-Mcf Adjusted gross margin for natural-gas assets (4) $
1.17 $
1.04 $
1.15 $
1.06
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (5) 2.54 2.58 2.50 2.52
Per-Bbl Adjusted gross margin for produced-water assets (6) 1.00 0.97 0.98 0.98
---
(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 September 30,
2020 2019 2020 2019 2020 2019
Natural gas Crude oil & NGLs Produced water
(MMcf/d)
(MBbls/d)
(MBbls/d)
Delaware Basin 1,294 1,272 183 147 687 580
DJ Basin 1,290 1,124 86 128
Equity investments 450 390 393 307
Other 1,378 1,585 41 53
---
Total throughput 4,412 4,371 703 635 687 580
---
Nine Months Ended September 30,
---
2020 2019 2020 2019 2020 2019
Natural gas Crude oil & NGLs Produced water
(MMcf/d)
(MBbls/d)
(MBbls/d)
Delaware Basin 1,330 1,210 192 144 726 538
DJ Basin 1,342 1,216 109 114
Equity investments 451 390 395 308
Other 1,416 1,584 42 53
---
Total throughput 4,539 4,400 738 619 726 538
---
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SOURCE Western Midstream Partners, LP
