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Western Midstream Announces Fourth-Quarter And Full-Year 2020 Results

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·16 min read
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Announces 2021 Guidance

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."

________________________________________________

(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

December 31,


Year Ended

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

December 31,


Year Ended

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

December 31,


Year Ended

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

December 31,


Year Ended

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,

2020


December 31,

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

December 31,


Year Ended

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

(MMcf/d)


Crude oil & NGLs

(MBbls/d)


Produced water

(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

(MMcf/d)


Crude oil & NGLs

(MBbls/d)


Produced water

(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


(PRNewsfoto/Western Midstream Partners, LP)
(PRNewsfoto/Western Midstream Partners, LP)
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SOURCE Western Midstream Partners, LP