Western Midstream Announces Fourth-Quarter And Full-Year 2020 Results
HOUSTON, Feb. 23, 2021 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced fourth-quarter and full-year 2020 financial and operating results. Net income (loss) available to limited partners for the fourth quarter of 2020 totaled $258.2 million, or $0.62 per common unit (diluted), with fourth-quarter 2020 Adjusted EBITDA((1)) totaling $484.0 million, fourth-quarter 2020 Cash flows from operating activities totaling $505.5 million, and fourth-quarter 2020 Free cash flow((1)) totaling $464.7 million. Net income (loss) available to limited partners for 2020 totaled $515.9 million, or $1.18 per common unit (diluted), with full-year 2020 Adjusted EBITDA((1)) totaling $2.0 billion, full-year 2020 Cash flows from operating activities totaling $1.6 billion, and full-year 2020 Free cash flow((1)) totaling $1.2 billion.
RECENT HIGHLIGHTS
-- Strengthened operational performance by maintaining system availability
above 99-percent for full-year 2020
-- Repurchased 2,368,711 common units for aggregate consideration of $32.5
million during the fourth quarter as part of the recently announced
buyback program of up to $250 million of the Partnership's common units
through December 31, 2021
-- Executed open-market repurchases for $24.5 million of Senior Note due
2023 during the fourth quarter for an aggregate repurchase price of
$23.5 million; full-year 2020 repurchases totaled $218.0 million of
Senior Notes due 2021, 2022, and 2023 for an aggregate repurchase price
of $203.9 million
-- Completed the sale of WES's 14.81-percent equity interest in Fort Union
Gas Gathering, LLC, with an option agreement to sell WES's Bison
treating facility for upfront consideration of $27.0 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.
In February 2021, WES paid its fourth-quarter 2020 per-unit distribution of $0.3110, which was unchanged from WES's third-quarter 2020 per-unit distribution. Fourth-quarter and full-year 2020 Free cash flow after distributions totaled $332.4 million and $531.3 million, respectively.
"Despite the unprecedented challenges brought on by the global pandemic and reduced producer activity, Western Midstream significantly outperformed all expectations in 2020 in our first full year as a stand-alone midstream operator," said President, Chief Executive Officer, and Chief Financial Officer, Michael Ure. "This year, we undertook the significant effort of transferring an employee base, separating our systems and processes into a standalone structure, and creating an entrepreneurial culture unique to WES. The organization's ability to achieve operational efficiencies and sustainable cost savings of approximately $175 million while keenly focusing on our customers enabled us to exceed the high end of our pre-COVID full-year Adjusted EBITDA range of $1.975 billion, while reducing capital expenditures to $322 million, which was nearly 50 percent of our originally issued full-year guidance range."
Mr. Ure continued, "I'm incredibly proud of our employees' ability to deliver this level of outperformance despite organizational changes, the ongoing COVID-19 pandemic, and the challenged commodity environment. These results demonstrate the resiliency of our people, quality of our industry-leading assets, and strength and durability of our contract portfolio."
As a result of depressed upstream investment in 2020, our fourth-quarter 2020 volumes declined as expected. Fourth-quarter 2020 total natural-gas throughput((1)) averaged 4.0 Bcf/d, representing a 7-percent sequential-quarter decrease and an 8-percent decrease from fourth-quarter 2019. Fourth-quarter 2020 total throughput for crude-oil and NGLs assets((1)) averaged 619 MBbls/d, representing a 10-percent sequential-quarter decrease and a 21-percent decrease from fourth-quarter 2019. Fourth-quarter 2020 total throughput for produced-water assets((1)) averaged 657 MBbls/d, representing a 2-percent sequential-quarter decrease and a 10-percent increase from fourth-quarter 2019.
Full-year 2020 total natural-gas throughput((1) )averaged 4.3 Bcf/d, representing a 1-percent increase from full-year 2019. Full-year 2020 total throughput for crude-oil and NGLs assets((1)) averaged 698 MBbls/d, representing a 7-percent increase from full-year 2019. Full-year 2020 total throughput for produced-water assets((1)) averaged 698 MBbls/d, representing a 28-percent increase from full-year 2019.
_________________________________________________
---
(1) Represents total throughput attributable to WES, which excludes (i) the 2.0% Occidental subsidiary-owned limited
partner interest in WES Operating and (ii) for natural-gas throughput, the 25% third-party interest in Chipeta,
which collectively represent WES's noncontrolling interests.
Fourth-quarter and full-year 2020 capital expenditures((1) )totaled $58.0 million and $322.1 million, respectively, with full-year capital meaningfully below the low-end of our previously updated 2020 guidance range of $400 million to $450 million.
2021 GUIDANCE
While we are still evaluating the full financial impact of the recent winter storm, our 2021 guidance is unchanged:
-- Adjusted EBITDA((2)) between $1.825 billion and $1.925 billion
-- Total capital expenditures((1)) between $275 million and $375 million
-- 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))
"The organizational and operational changes made during 2020 have become a part of who we are as a company and will continue to generate value for our stakeholders for the foreseeable future," said Michael Ure. "By successfully creating a stand-alone midstream enterprise, we have generated significant momentum leading into 2021 and will continue to focus and refine our approach around realizing further sustainable cost efficiencies, safely delivering superior customer service, and returning value to stakeholders."
Ure continued, "During 2020, we returned over $1.2 billion to stakeholders through debt repurchases, cash distributions, unit buybacks, and units acquired through the Anadarko note exchange. We remain steadfast in our commitment to responsibly manage our balance sheet by maintaining leverage at or below 4.0 times at year-end 2021 and repaying our 2021 maturities using free cash flow, and based upon today's assessment, we intend to be at or below 3.5 times at year-end 2022. Furthermore, we intend to continue executing our $250 million common unit repurchase program, as market opportunities present themselves. By continuously evaluating and improving our operations, we will ensure our ability to meet these financial goals and further solidify our reputation as a premier midstream operator."
________________________________________________
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(1) Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures
associated with the 25% third-party interest in Chipeta.
(2) 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.
(3)
The Board of Directors will continue to evaluate the distribution on a quarterly basis.
CONFERENCE CALL TOMORROW AT 1:00 P.M. CST
WES will host a conference call on Wednesday, February 24, 2021, at 1:00 p.m. Central Standard Time (2:00 p.m. Eastern Standard Time) to discuss fourth-quarter and full-year 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 7882576. 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 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 Texas, New Mexico, Colorado, Utah, Wyoming, and Pennsylvania, 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 and any impact on such guidance and expectations that may result from disruptions caused by the recent cold-weather events; 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 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
Year Ended
December 31,
December 31,
---
thousands 2020 2019 2020 2019
--- ---
Reconciliation of Net cash provided by
operating activities to Free cash flow
Net cash provided by
operating activities $
505,525 $
297,415 $
1,637,418 $
1,324,100
Less:
Capital expenditures 50,829 241,563 423,091 1,188,829
Contributions to
equity investments -
related parties 371 20,275 19,388 128,393
Add:
Distributions from
equity investments in
excess of cumulative
earnings - related
parties 10,410 9,053 32,160 30,256
---
Free cash flow $
464,735 $
44,630 $
1,227,099 $
37,134
---
Cash flow information
Net cash provided by operating
activities $
1,637,418 $
1,324,100
Net cash used in investing activities (448,254) (3,387,853)
Net cash provided by (used in) financing
activities (844,204) 2,071,573
---
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Adjusted EBITDA
Three Months Ended
Year Ended
December 31,
December 31,
thousands 2020 2019 2020 2019
--- ---
Reconciliation of Net income (loss) to
Adjusted EBITDA
Net income (loss) $
270,776 $
295,440 $
516,852 $
807,700
Add:
Distributions from equity
investments 69,231 61,288 278,797 264,828
Non-cash equity-based
compensation expense 5,935 4,114 22,462 14,392
Interest expense 101,247 79,414 380,058 303,286
Income tax expense 2,206 793 10,278 13,472
Depreciation and
amortization 106,398 120,278 491,086 483,255
Impairments (1) 3,314 1,985 644,906 6,279
Other expense - 1,953 161,813
Less:
Gain (loss) on divestiture
and other, net 12,285 (3) 8,634 (1,406)
Gain (loss) on early
extinguishment of debt 862 11,234
Equity income, net -
related parties 49,962 62,035 226,750 237,518
Interest income - Anadarko
note receivable - 4,225 11,736 16,900
Other income 412 37,792 2,785 37,792
Income tax benefit - 4,280
Adjusted EBITDA
attributable to
noncontrolling interests
(2) 11,606 11,636 50,607 45,131
---
Adjusted EBITDA $
483,980 $
447,627 $
2,030,366 $
1,719,090
---
Reconciliation of Net cash provided by
operating activities to Adjusted EBITDA
Net cash provided by
operating activities $
505,525 $
297,415 $
1,637,418 $
1,324,100
Interest (income) expense,
net 101,247 75,189 368,322 286,386
Uncontributed cash-based
compensation awards - (1,891) (1,102)
Accretion and amortization
of long-term
obligations, net (2,172) (1,942) (8,654) (8,441)
Current income tax expense
(benefit) 1,303 (215) 2,702 5,863
Other (income) expense,
net (3) (413) (152) (1,025) (1,549)
Cash paid to settle
interest-rate swaps 6,440 107,685 25,621 107,685
Distributions from equity
investments in excess of
cumulative earnings -
related parties 10,410 9,053 32,160 30,256
Changes in assets and liabilities:
Accounts receivable, net 1,350 35,283 193,688 45,033
Accounts and imbalance
payables and accrued
liabilities, net (106,623) (38,524) (144,437) 30,866
Other items, net (21,481) (22,638) (24,822) (54,876)
Adjusted EBITDA
attributable to
noncontrolling interests
(2) (11,606) (11,636) (50,607) (45,131)
---
Adjusted EBITDA $
483,980 $
447,627 $
2,030,366 $
1,719,090
---
Cash flow information
Net cash provided by operating activities $
1,637,418 $
1,324,100
Net cash used in investing activities (448,254) (3,387,853)
Net cash provided by (used in) financing
activities (844,204) 2,071,573
---
(1) Includes goodwill impairment for
the year ended December 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 non-cash losses on
interest-rate swaps of $25.6
million, paid in 2020, for the
three months and year ended
December 31, 2019.
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 2020 2019 2020 2019
--- ---
Reconciliation of Operating income (loss)
to Adjusted gross margin
Operating income (loss) $
372,954 $
333,630 $
878,913 $
1,231,343
Add:
Distributions from
equity investments 69,231 61,288 278,797 264,828
Operation and
maintenance 144,204 173,387 580,874 641,219
General and
administrative 37,303 30,951 155,769 114,591
Property and other taxes 11,077 15,504 68,340 61,352
Depreciation and
amortization 106,398 120,278 491,086 483,255
Impairments (1) 3,314 1,985 644,906 6,279
Less:
Gain (loss) on
divestiture and other,
net 12,285 (3) 8,634 (1,406)
Equity income, net -
related parties 49,962 62,035 226,750 237,518
Reimbursed electricity-
related charges
recorded as revenues 18,161 13,882 79,261 74,629
Adjusted gross margin
attributable to
noncontrolling
interests (2) 15,669 16,846 65,835 64,049
---
Adjusted gross margin $
648,404 $
644,263 $
2,718,205 $
2,428,077
---
Adjusted gross margin
for natural-gas assets $
436,294 $
429,739 $
1,820,926 $
1,656,041
Adjusted gross margin
for crude-oil and NGLs
assets 152,909 161,196 647,390 578,100
Adjusted gross margin
for produced-water
assets 59,201 53,328 249,889 193,936
---
(1) Includes goodwill impairment for
the year ended December 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
Year Ended
December 31,
December 31,
---
thousands except per-
unit amounts 2020 2019 2020 2019
--- ---
Revenues and other
Service revenues - fee
based $
603,777 $
626,708 $
2,584,323 $
2,388,191
Service revenues -
product based 13,132 24,597 48,369 70,127
Product sales 30,068 71,538 138,559 286,388
Other 503 367 1,341 1,468
---
Total revenues and
other 647,480 723,210 2,772,592 2,746,174
Equity income, net -
related parties 49,962 62,035 226,750 237,518
Operating expenses
Cost of product 34,477 109,507 188,088 444,247
Operation and
maintenance 144,204 173,387 580,874 641,219
General and
administrative 37,303 30,951 155,769 114,591
Property and other
taxes 11,077 15,504 68,340 61,352
Depreciation and
amortization 106,398 120,278 491,086 483,255
Long-lived asset and
other impairments 3,314 1,985 203,889 6,279
Goodwill impairment - 441,017
---
Total operating
expenses 336,773 451,612 2,129,063 1,750,943
Gain (loss) on
divestiture and
other, net 12,285 (3) 8,634 (1,406)
---
Operating income
(loss) 372,954 333,630 878,913 1,231,343
Interest income -
Anadarko note
receivable - 4,225 11,736 16,900
Interest expense (101,247) (79,414) (380,058) (303,286)
Gain (loss) on early
extinguishment of
debt 862 11,234
Other income
(expense), net (1) 413 37,792 1,025 (123,785)
---
Income (loss) before
income taxes 272,982 296,233 522,850 821,172
Income tax expense
(benefit) 2,206 793 5,998 13,472
---
Net income (loss) 270,776 295,440 516,852 807,700
Net income (loss)
attributable to
noncontrolling
interests 6,885 7,670 (10,160) 110,459
---
Net income (loss)
attributable to
Western Midstream
Partners, LP $
263,891 $
287,770 $
527,012 $
697,241
Limited partners' interest in net
income (loss):
Net income (loss)
attributable to
Western Midstream
Partners, LP $
263,891 $
287,770 $
527,012 $
697,241
Pre-acquisition net
(income) loss
allocated to Anadarko - (29,279)
General partner
interest in net
(income) loss (5,642) (5,637) (11,104) (5,637)
---
Limited partners'
interest in net
income (loss) $
258,249 $
282,133 $
515,908 $
662,325
Net income (loss) per
common unit - basic
and diluted $
0.62 $
0.62 $
1.18 $
1.59
Weighted-average
common units
outstanding - basic
and diluted 415,597 452,934 435,554 415,794
---
(1) Includes losses associated
with the interest-rate swap
agreements for the year ended
December 31, 2019.
Western Midstream Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except
number of units December 31, December 31,
2020 2019
--- ---
Total current assets $
943,064 $
402,412
Anadarko note
receivable - 260,000
Net property, plant,
and equipment 8,709,945 9,064,931
Other assets 2,177,018 2,619,110
---
Total assets $
11,830,027 $
12,346,453
---
Total current
liabilities $
960,935 $
485,954
Long-term debt 7,415,832 7,951,565
Asset retirement
obligations 260,283 336,396
Other liabilities 297,765 227,245
---
Total liabilities 8,934,815 9,001,160
---
Equity and partners' capital
Common units
(413,839,863 and
443,971,409 units
issued and
outstanding at
December 31, 2020
and 2019,
respectively) 2,778,339 3,209,947
General partner
units (9,060,641
units issued and
outstanding at
December 31, 2020
and 2019) (17,208) (14,224)
Noncontrolling
interests 134,081 149,570
---
Total liabilities,
equity, and
partners' capital $
11,830,027 $
12,346,453
---
Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Year Ended
December 31,
thousands 2020 2019
--- ---
Cash flows from operating activities
Net income (loss) $
516,852 $
807,700
Adjustments to reconcile net income (loss) to
net cash provided by operating activities and
changes in assets and liabilities:
Depreciation and
amortization 491,086 483,255
Long-lived asset and other
impairments 203,889 6,279
Goodwill impairment 441,017
(Gain) loss on divestiture
and other, net (8,634) 1,406
(Gain) loss on early
extinguishment of debt (11,234)
(Gain) loss on interest-
rate swaps - 125,334
Cash paid to settle
interest-rate swaps (25,621) (107,685)
Change in other items, net 30,063 7,811
---
Net cash provided by
operating activities $
1,637,418 $
1,324,100
---
Cash flows from investing activities
Capital expenditures $
(423,091) $
(1,188,829)
Acquisitions from related
parties - (2,007,926)
Acquisitions from third
parties (511) (93,303)
Contributions to equity
investments -related
parties (19,388) (128,393)
Distributions from equity
investments in excess of
cumulative earnings -
related parties 32,160 30,256
Proceeds from the sale of
assets to third parties 20,333 342
Additions to materials and
supplies inventory and
other (57,757)
---
Net cash used in investing
activities $
(448,254) $
(3,387,853)
---
Cash flows from financing activities
Borrowings, net of debt
issuance costs $
3,681,173 $
4,169,695
Repayments of debt (3,803,888) (1,467,595)
Increase (decrease) in
outstanding checks 20,699 1,571
Registration expenses
related to the issuance of
Partnership common units - (855)
Distributions to
Partnership unitholders (695,834) (969,073)
Distributions to Chipeta
noncontrolling interest
owner (8,644) (9,663)
Distributions to
noncontrolling interest
owners of WES Operating (15,434) (118,225)
Net contributions from
(distributions to) related
parties 24,466 458,819
Above-market component of
swap agreements with
Anadarko - 7,407
Finance lease payments (14,207) (508)
Unit repurchases (32,535)
---
Net cash provided by (used
in) financing activities $
(844,204) $
2,071,573
Net increase (decrease) in
cash and cash equivalents $
344,960 $
7,820
Cash and cash equivalents
at beginning of period 99,962 92,142
---
Cash and cash equivalents
at end of period $
444,922 $
99,962
---
Western Midstream Partners, LP
OPERATING STATISTICS
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
---
2020 2019 2020 2019
---
Throughput for natural-gas assets (MMcf/
d)
Gathering, treating, and
transportation 521 534 543 528
Processing 3,170 3,532 3,445 3,497
Equity investments (1) 429 423 445 398
---
Total throughput 4,120 4,489 4,433 4,423
Throughput attributable to
noncontrolling interests (2) 149 174 159 175
---
Total throughput attributable
to WES for natural-gas
assets 3,971 4,315 4,274 4,248
---
Throughput for crude-oil and NGLs assets
(MBbls/d)
Gathering, treating, and
transportation 292 347 331 320
Equity investments (3) 339 449 381 343
---
Total throughput 631 796 712 663
Throughput attributable to
noncontrolling interests (2) 12 16 14 13
---
Total throughput attributable
to WES for crude-oil and
NGLs assets 619 780 698 650
---
Throughput for produced-water assets
(MBbls/d)
Gathering and disposal 670 610 712 556
Throughput attributable to
noncontrolling interests (2) 13 12 14 11
---
Total throughput attributable
to WES for produced-water
assets 657 598 698 545
---
Per-Mcf Adjusted gross
margin for natural-gas
assets (4) $
1.19 $
1.08 $
1.16 $
1.07
Per-Bbl Adjusted gross
margin for crude-oil and
NGLs assets (5) 2.69 2.27 2.54 2.44
Per-Bbl Adjusted gross
margin for produced-water
assets (6) 0.98 0.97 0.98 0.97
---
(1) Represents the 14.81% share of
average Fort Union throughput
(until divested in October 2020),
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 2.0% Occidental
subsidiary-owned limited partner
interest in WES Operating and (ii)
for natural-gas assets, the 25%
third-party interest in Chipeta,
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 December 31,
2020 2019 2020 2019 2020 2019
---
Natural gas Crude oil & NGLs Produced water
(MMcf/d) (MBbls/d) (MBbls/d)
---
Delaware Basin 1,196 1,274 178 168 670 610
DJ Basin 1,197 1,295 78 129
Equity investments 429 423 339 449
Other 1,298 1,497 36 50
---
Total throughput 4,120 4,489 631 796 670 610
---
Year Ended December 31,
2020 2019 2020 2019 2020 2019
---
Natural gas Crude oil & NGLs Produced water
(MMcf/d) (MBbls/d) (MBbls/d)
---
Delaware Basin 1,297 1,226 189 150 712 556
DJ Basin 1,305 1,236 101 118
Equity investments 445 398 381 343
Other 1,386 1,563 41 52
---
Total throughput 4,433 4,423 712 663 712 556
---
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SOURCE Western Midstream Partners, LP
