WESTERN MIDSTREAM ANNOUNCES SECOND-QUARTER 2024 RESULTS
-- Reported second-quarter 2024 Net income attributable to limited partners
of $369.8 million, generating second-quarter Adjusted EBITDA((1)) of
$578.1 million.
-- Reported second-quarter 2024 Cash flows provided by operating activities
of $631.4 million, generating second-quarter Free cash flow((1)) of
$424.8 million.
-- Announced a second-quarter Base Distribution of $0.875 per unit, or
$3.50 per unit on an annualized basis, which is in-line with the
prior-quarter's Base Distribution.
HOUSTON, Aug. 7, 2024 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced second-quarter 2024 financial and operating results. Net income (loss) attributable to limited partners for the second quarter of 2024 totaled $369.8 million, or $0.97 per common unit (diluted), with second-quarter 2024 Adjusted EBITDA((1)) totaling $578.1 million. Second-quarter 2024 Cash flows provided by operating activities totaled $631.4 million, and second-quarter 2024 Free cash flow((1)) totaled $424.8 million.
RECENT HIGHLIGHTS
-- Gathered record natural-gas throughput in the Delaware and DJ Basins of
1.9 Bcf/d and 1.5 Bcf/d, respectively, representing 6-percent
sequential-quarter increases from both basins.
-- Gathered record total operated crude-oil and NGLs throughput of 396
MBbls/d, representing a 6-percent sequential-quarter increase.
-- Gathered record Delaware Basin crude-oil and NGLs throughput of 241
MBbls/d, representing a 7-percent sequential-quarter increase.
-- Achieved sequential-quarter throughput growth for crude-oil and NGLs in
the DJ Basin of 5-percent.
-- Executed multiple commercial agreements with new and existing
third-party customers for natural-gas and produced-water gathering in
the Delaware Basin.
-- Executed an amendment to DCP Midstream's, now Phillips 66's ("P66"),
natural-gas processing agreement in the DJ Basin to extend the original
firm-processing capacity of 175 MMcf/d from 2027 to 2029. Additionally,
this multi-year amendment provides P66 with an incremental 200 MMcf/d of
firm-processing capacity, primarily supported by minimum-volume
commitments, starting in 2026.
-- Subsequent to quarter-end, executed agreements with various customers
supporting The Williams Companies' Mountain West Pipeline expansion to
provide up to 110 MMcf/d of natural-gas firm-processing capacity at our
Chipeta facility in the Uinta Basin.
-- Subsequent to quarter-end, executed a multi-year natural-gas processing
agreement with Kinder Morgan, Inc. ("Kinder Morgan") in support of its
Altamont Green River Pipeline project providing for up to 150 MMcf/d of
firm-processing capacity at our Chipeta processing facility in the Uinta
Basin.
-- As previously announced, closed the sale of the Marcellus Interest
gathering system early in the second-quarter.
-- As previously announced, repurchased $134.9 million of senior notes in
the open market during the second quarter, bringing the year-to-date
total to $150.0 million at an average of 96% of par.
-- Reduced total debt by $762.6 million since year-end 2023 with asset sale
proceeds, which helped achieve our long-term net leverage threshold of
3.0x earlier than expected.
On August 14, 2024, WES will pay its second-quarter 2024 per-unit Base Distribution of $0.875, which is in-line with the prior quarter's Base Distribution. Second-quarter 2024 Free cash flow((1)) after distributions totaled $84.0 million. Second-quarter 2024 capital expenditures((2) )totaled $207.5 million.
Second-quarter 2024 natural-gas throughput((3)) averaged 5.0 Bcf/d, flat quarter-over-quarter due to strong throughput growth in our core basins offset by the sale of the Marcellus assets early in the second-quarter. Second-quarter 2024 operated throughput from natural-gas assets averaged 4.6 Bcf/d, representing a 3-percent sequential-quarter increase. Second-quarter 2024 throughput for crude-oil and NGLs assets((3)) averaged 515 MBbls/d, representing a 9-percent sequential-quarter decrease as a result of the equity investments asset sales which closed throughout the first quarter. Second-quarter 2024 operated throughput from crude-oil and NGLs assets averaged 396 MBbls/d, representing a 6-percent sequential-quarter increase. Second-quarter 2024 throughput for produced-water assets((3)) averaged 1,080 MBbls/d, representing a 4-percent sequential-quarter decrease.
"The second quarter was another strong quarter operationally for WES, with robust system operability contributing to operated natural-gas and crude-oil and NGLs throughput growth," said Michael Ure, President and Chief Executive Officer. "As a result, we experienced several throughput records during the quarter including record throughput for natural-gas in both the Delaware and DJ Basins, record total operated crude-oil and NGLs throughput, and record Delaware Basin crude-oil and NGLs throughput. Additionally, we experienced sequential-quarter throughput growth for both natural-gas and crude-oil and NGLs from our Powder River Basin assets of 5-percent and 9-percent, respectively. When taken together, this continued growth gives us confidence in our increased throughput expectations for all products for the year."
"As expected, second-quarter Adjusted EBITDA declined 5-percent sequentially due to lower distributions from equity investments as a result of the previously announced asset divestitures, higher seasonally-driven operation and maintenance expense, and more normalized property and other taxes. We anticipate throughput to continue to grow throughout the remainder of the year, which will drive 2024 Adjusted EBITDA and Free cash flow towards the high end of our previously disclosed guidance ranges."
"During the second quarter, our commercial teams successfully executed numerous agreements with both new and existing customers in our most active basins. In the Delaware Basin, we executed several third-party natural-gas and produced-water gathering agreements, which will begin to benefit WES in the second half of 2024, and to a larger extent, in 2025. Additionally, we executed numerous agreements in both the DJ and Uinta Basins. We are excited to see a return to growth in these basins, and in fact, if these agreements are fully utilized, we could potentially see our plants reach full utilization starting in 2026. In the Powder River Basin, we continue to experience increased throughput from existing customers on our system as we fully integrate the Meritage assets, and customers begin to allocate incremental capital to the basin."
"Focusing on our capital-return framework, since our January 2020 bond offering, we have reduced our senior notes on a net basis by $942.6 million, paid out approximately $3.5 billion to unitholders through Base and Enhanced Distributions, and bought back over $1.1 billion of our common units, or 15-percent of the unaffected unit count. Going forward, we will continue to prudently allocate capital to efficiently grow our business through expansion-oriented capital spending and accretive M&A. Finally, we expect to use the Base Distribution, and our Enhanced Distribution framework, as the primary tools for returning incremental capital to unitholders. We believe our strong operating model, prudent capital allocation principles, and our transparent capital-return framework will further position WES as a leader within the midstream space," concluded Mr. Ure.
CONFERENCE CALL TOMORROW AT 1:00 P.M. CT
WES will host a conference call on Thursday, August 8, 2024, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss its second-quarter 2024 results. 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 small number of phone lines are available for analysts; individuals should dial 800-836-8184 (Domestic) or 646-357-8785 (International) ten to fifteen minutes before the scheduled conference call time. A replay of the live audio webcast can be accessed on the Partnership's website at www.westernmidstream.com for one year after the call.
For additional details on WES's financial and operational performance, please refer to the earnings slides and updated investor presentation available at www.westernmidstream.com.
AUGUST CONFERENCE PARTICIPATION
Members of the WES management and investor relations teams will participate in the Citi One-on-One Midstream / Energy Infrastructure Conference in Las Vegas, Nevada on August 13 - 14, 2024. We will provide information on our conference participation for the remainder of the third quarter over the coming weeks.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, 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 its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.
For more information about WES, 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; 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.
______________________________________________________________
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(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.
(2)
Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta.
(3)
Represents total throughput attributable to WES, which excludes (i) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary and (ii) for natural-gas throughput, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.
WESTERN MIDSTREAM CONTACTS
Daniel Jenkins
Director, Investor Relations
Investors@westernmidstream.com
866.512.3523
Rhianna Disch
Manager, Investor Relations
Investors@westernmidstream.com
866.512.3523
Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
thousands except per-unit amounts 2024 2023 2024 2023
Revenues and other
Service revenues - fee based $793,785 $661,506 $1,575,047 $1,309,373
Service revenues - product based 61,466 46,956 128,206 93,766
Product sales 50,111 29,659 89,403 68,684
Other 267 152 702 432
Total revenues and other 905,629 738,273 1,793,358 1,472,255
Equity income, net - related parties 27,431 42,324 60,250 81,345
Operating expenses
Cost of product 54,010 44,746 100,089 96,205
Operation and maintenance 223,319 183,431 418,258 357,670
General and administrative 62,933 53,405 130,772 104,522
Property and other taxes 17,429 18,547 31,349 25,378
Depreciation and amortization 163,432 143,492 321,423 288,118
Long-lived asset and other impairments 1,530 234 1,553 52,635
Total operating expenses 522,653 443,855 1,003,444 924,528
Gain (loss) on divestiture and other, net 59,342 (70) 298,959 (2,188)
Operating income (loss) 469,749 336,672 1,149,123 626,884
Interest expense (90,522) (86,182) (185,028) (167,852)
Gain (loss) on early extinguishment of debt 4,879 6,813 5,403 6,813
Other income (expense), net 4,213 2,872 6,559 4,087
Income (loss) before income taxes 388,319 260,175 976,057 469,932
Income tax expense (benefit) 755 659 2,277 2,075
Net income (loss) 387,564 259,516 973,780 467,857
Net income (loss) attributable to noncontrolling interests 8,916 6,595 22,302 11,291
Net income (loss) attributable to Western Midstream Partners, LP $378,648 $252,921 $951,478 $456,566
Limited partners' interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners, LP $378,648 $252,921 $951,478 $456,566
General partner interest in net (income) loss (8,807) (5,821) (22,137) (10,507)
Limited partners' interest in net income (loss) $369,841 $247,100 $929,341 $446,059
Net income (loss) per common unit - basic $0.97 $0.64 $2.44 $1.16
Net income (loss) per common unit - diluted $0.97 $0.64 $2.43 $1.16
Weighted-average common units outstanding - basic 380,491 384,614 380,258 384,542
Weighted-average common units outstanding - diluted 382,253 385,510 381,933 385,665
Western Midstream Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except number of units June 30, December 31,
2024 2023
Total current assets $1,068,290 $992,410
Net property, plant, and equipment 9,644,413 9,655,016
Other assets 1,467,798 1,824,181
Total assets $12,180,501 $12,471,607
Total current liabilities $634,120 $1,304,056
Long-term debt 7,138,092 7,283,556
Asset retirement obligations 371,501 359,185
Other liabilities 612,779 495,680
Total liabilities 8,756,492 9,442,477
Equity and partners' capital
Common units (380,491,374 and 379,519,983 units issued and outstanding at June 30, 2024, 3,271,033 2,894,231
and December 31, 2023, respectively)
General partner units (9,060,641 units issued and outstanding at June 30, 2024, and 12,192 3,193
December 31, 2023)
Noncontrolling interests 140,784 131,706
Total liabilities, equity, and partners' capital $12,180,501 $12,471,607
Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
June 30,
thousands 2024 2023
Cash flows from operating activities
Net income (loss) $973,780 $467,857
Adjustments to reconcile net income (loss) to net cash provided by operating activities and
changes in assets and liabilities:
Depreciation and amortization 321,423 288,118
Long-lived asset and other impairments 1,553 52,635
(Gain) loss on divestiture and other, net (298,959) 2,188
(Gain) loss on early extinguishment of debt (5,403) (6,813)
Change in other items, net 38,732 (10,738)
Net cash provided by operating activities $1,031,126 $793,247
Cash flows from investing activities
Capital expenditures $(405,653) $(334,570)
Acquisitions from third parties (443)
Contributions to equity investments - related parties (132)
Distributions from equity investments in excess of cumulative earnings - related parties 24,303 23,179
Proceeds from the sale of assets to third parties 788,941
(Increase) decrease in materials and supplies inventory and other (25,294) (19,145)
Net cash provided by (used in) investing activities $381,854 $(330,668)
Cash flows from financing activities
Borrowings, net of debt issuance costs $(1,206) $956,225
Repayments of debt (143,852) (918,332)
Commercial paper borrowings (repayments), net (610,312)
Increase (decrease) in outstanding checks 14,172 (2,951)
Distributions to Partnership unitholders (564,296) (533,556)
Distributions to Chipeta noncontrolling interest owner (1,678) (3,470)
Distributions to noncontrolling interest owner of WES Operating (11,546) (11,131)
Unit repurchases (7,102)
Other (22,930) (14,965)
Net cash provided by (used in) financing activities $(1,341,648) $(535,282)
Net increase (decrease) in cash and cash equivalents $71,332 $(72,703)
Cash and cash equivalents at beginning of period 272,787 286,656
Cash and cash equivalents at end of period $344,119 $213,953
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
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 interest owners' proportionate share of revenues and cost of product.
WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP ("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 interest owners' proportionate share of revenues and expenses.
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.
Below are reconciliations of (i) gross margin (GAAP) to Adjusted gross margin (non-GAAP), (ii) net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA (non-GAAP), and (iii) net cash provided by operating activities (GAAP) to Free cash flow (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that Adjusted gross margin, Adjusted EBITDA, and Free cash flow 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. Adjusted gross margin, Adjusted EBITDA, and Free cash flow as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES's Adjusted gross margin, Adjusted EBITDA, and Free cash flow should be considered in conjunction with net income (loss) attributable to Western Midstream Partners, LP and other applicable performance measures, such as gross margin or cash flows provided by operating activities.
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
(Unaudited)
Adjusted Gross Margin
Three Months Ended
thousands June 30, March 31,
2024 2024
Reconciliation of Gross margin to Adjusted gross margin
Total revenues and other $905,629 $887,729
Less:
Cost of product 54,010 46,079
Depreciation and amortization 163,432 157,991
Gross margin 688,187 683,659
Add:
Distributions from equity investments 32,970 48,337
Depreciation and amortization 163,432 157,991
Less:
Reimbursed electricity-related charges recorded as revenues 28,998 24,695
Adjusted gross margin attributable to noncontrolling interests (1) 19,741 20,240
Adjusted gross margin $835,850 $845,052
Gross margin
Gross margin for natural-gas assets (2) $516,253 $511,584
Gross margin for crude-oil and NGLs assets (2) 96,786 93,578
Gross margin for produced-water assets (2) 82,346 85,041
Adjusted gross margin
Adjusted gross margin for natural-gas assets $601,443 $597,163
Adjusted gross margin for crude-oil and NGLs assets 138,894 150,269
Adjusted gross margin for produced-water assets 95,513 97,620
(1)
Includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary, which collectively represent WES's noncontrolling interests.
(2)
Excludes corporate-level depreciation and amortization.
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
(Unaudited)
Adjusted EBITDA
Three Months Ended
thousands June 30, March 31,
2024 2024
Reconciliation of Net income (loss) to Adjusted EBITDA
Net income (loss) $387,564 $586,216
Add:
Distributions from equity investments 32,970 48,337
Non-cash equity-based compensation expense 10,391 9,423
Interest expense 90,522 94,506
Income tax expense 755 1,522
Depreciation and amortization 163,432 157,991
Impairments 1,530 23
Other expense 37 112
Less:
Gain (loss) on divestiture and other, net 59,342 239,617
Gain (loss) on early extinguishment of debt 4,879 524
Equity income, net - related parties 27,431 32,819
Other income 4,213 2,346
Adjusted EBITDA attributable to noncontrolling interests (1) 13,276 14,415
Adjusted EBITDA $578,060 $608,409
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA
Net cash provided by operating activities $631,418 $399,708
Interest (income) expense, net 90,522 94,506
Accretion and amortization of long-term obligations, net (2,473) (2,190)
Current income tax expense (benefit) 726 1,292
Other (income) expense, net (4,213) (2,346)
Distributions from equity investments in excess of cumulative earnings - related parties 5,270 19,033
Changes in assets and liabilities:
Accounts receivable, net (28,436) 53,714
Accounts and imbalance payables and accrued liabilities, net (13,338) 100,383
Other items, net (88,140) (41,276)
Adjusted EBITDA attributable to noncontrolling interests (1) (13,276) (14,415)
Adjusted EBITDA $578,060 $608,409
Cash flow information
Net cash provided by operating activities $631,418 $399,708
Net cash provided by (used in) investing activities (14,995) 396,849
Net cash provided by (used in) financing activities (567,550) (774,098)
(1)
Includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary, which collectively represent WES's noncontrolling interests.
Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
(Unaudited)
Free Cash Flow
Three Months Ended
thousands June 30, March 31,
2024 2024
Reconciliation of Net cash provided by operating activities to Free cash flow
Net cash provided by operating activities $631,418 $399,708
Less:
Capital expenditures 211,864 193,789
Add:
Distributions from equity investments in excess of cumulative earnings - related parties 5,270 19,033
Free cash flow $424,824 $224,952
Cash flow information
Net cash provided by operating activities $631,418 $399,708
Net cash provided by (used in) investing activities (14,995) 396,849
Net cash provided by (used in) financing activities (567,550) (774,098)
Western Midstream Partners, LP
OPERATING STATISTICS
(Unaudited)
Three Months Ended
June 30, March 31,
2024 2024 Inc/
(Dec)
Throughput for natural-gas assets (MMcf/d)
Gathering, treating, and transportation 438 606 (28) %
Processing 4,209 4,050 4 %
Equity investments (1) 508 508 - %
Total throughput 5,155 5,164 - %
Throughput attributable to noncontrolling interests (2) 167 174 (4) %
Total throughput attributable to WES for natural-gas assets 4,988 4,990 - %
Throughput for crude-oil and NGLs assets (MBbls/d)
Gathering, treating, and transportation 396 374 6 %
Equity investments (1) 130 202 (36) %
Total throughput 526 576 (9) %
Throughput attributable to noncontrolling interests (2) 11 11 - %
Total throughput attributable to WES for crude-oil and NGLs assets 515 565 (9) %
Throughput for produced-water assets (MBbls/d)
Gathering and disposal 1,102 1,149 (4) %
Throughput attributable to noncontrolling interests (2) 22 23 (4) %
Total throughput attributable to WES for produced-water assets 1,080 1,126 (4) %
Per-Mcf Gross margin for natural-gas assets (3) $1.10 $1.09 1 %
Per-Bbl Gross margin for crude-oil and NGLs assets (3) 2.02 1.78 13 %
Per-Bbl Gross margin for produced-water assets (3) 0.82 0.81 1 %
Per-Mcf Adjusted gross margin for natural-gas assets (4) $1.33 $1.32 1 %
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (4) 2.96 2.92 1 %
Per-Bbl Adjusted gross margin for produced-water assets (4) 0.97 0.95 2 %
(1)
Represents our share of average throughput for investments accounted for under the equity method of accounting.
(2)
Includes (i) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary and (ii) for natural-gas assets, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.
(3) A
verage for period. Calculated as Gross margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the respective total throughput (MMcf or MBbls) for natural-gas assets, crude-oil and NGLs assets, or produced-water assets.
(4)
Average for period. Calculated as Adjusted gross margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the respective total throughput (MMcf or MBbls) attributable to WES for natural-gas assets, crude-oil and NGLs assets, or produced-water assets.
Western Midstream Partners, LP
OPERATING STATISTICS (CONTINUED)
(Unaudited)
Three Months Ended
June 30, March 31,
2024
2024 Inc/
(Dec)
Throughput for natural-gas assets (MMcf/d)
Operated
Delaware Basin 1,858 1,761 6 %
DJ Basin 1,452 1,372 6 %
Powder River Basin 426 406 5 %
Other 898 978 (8) %
Total operated throughput for natural-gas assets 4,634 4,517 3 %
Non-operated
Equity investments 508 508 - %
Other 13 139 (91) %
Total non-operated throughput for natural-gas assets 521 647 (19) %
Total throughput for natural-gas assets 5,155 5,164 - %
Throughput for crude-oil and NGLs assets (MBbls/d)
Operated
Delaware Basin 241 225 7 %
DJ Basin 91 87 5 %
Powder River Basin 25 23 9 %
Other 39 39 - %
Total operated throughput for crude-oil and NGLs assets 396 374 6 %
Non-operated
Equity investments 130 202 (36) %
Total non-operated throughput for crude-oil and NGLs assets 130 202 (36) %
Total throughput for crude-oil and NGLs assets 526 576 (9) %
Throughput for produced-water assets (MBbls/d)
Operated
Delaware Basin 1,102 1,149 (4) %
Total operated throughput for produced-water assets 1,102 1,149 (4) %
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SOURCE Western Midstream Partners, LP
