WESTERN MIDSTREAM ANNOUNCES SECOND-QUARTER 2025 RESULTS
EXECUTING ON CORE GROWTH STRATEGY AND REAFFIRMING 2025 FINANCIAL GUIDANCE RANGES
- Reported second-quarter 2025 Net income attributable to limited partners of
$333.8 million , generating record second-quarter Adjusted EBITDA(1) of$617.9 million . - Reported second-quarter 2025 Cash flows provided by operating activities of
$564.0 million , generating second-quarter Free Cash Flow(1) of$388.4 million . - Announced a second-quarter distribution of
$0.910 per unit, which is consistent with the prior quarter's distribution, or$3.64 per unit on an annualized basis. - Executing on growth strategy by announcing an agreement to acquire
Aris Water Solutions , Inc.Delaware Basin . - Reaffirming 2025 Adjusted EBITDA(2), total capital expenditures(3), and Free Cash Flow(2) guidance ranges of
$2.350 billion to$2.550 billion ,$625 million to$775 million , and$1.275 billion to$1.475 billion , respectively.
RECENT HIGHLIGHTS
- Achieved sequential throughput growth across all products of 3-percent, 6-percent, and 4-percent for natural gas, crude oil and NGLs, and produced water, respectively.
- Gathered record
Delaware Basin natural-gas throughput of 2.1 Bcf/d for the second quarter, representing a 7-percent sequential-quarter increase. - Gathered record
Delaware Basin crude-oil and NGLs throughput of 269 MBbls/d for the second quarter, representing a 5-percent sequential-quarter increase. - Gathered record
Delaware Basin produced-water throughput of 1,242 MBbls/d for the second quarter, representing a 4-percent sequential-quarter increase. - Retired
$337 million of senior notes in June of 2025 with cash on hand. - Subsequent to quarter end, sanctioned a new 300 MMcf/d cryogenic processing train in the North Loving area of our
West Texas complex ("North Loving Train II") with an expected in-service date early in the second quarter of 2027. - Subsequent to quarter end, and as announced earlier today, executed an agreement to acquire
Aris Water Solutions, Inc. ("Aris") (NYSE: ARIS) in a transaction with an enterprise value of approximately$2.0 billion , which is expected to close during the fourth quarter of 2025.
On
Second-quarter 2025 natural-gas throughput(4) averaged 5.3 Bcf/d, representing a 3-percent sequential-quarter increase. Second-quarter 2025 crude-oil and NGLs throughput(4) averaged 532 MBbls/d, representing a 6-percent sequential-quarter increase. Second-quarter 2025 produced-water throughput(4) averaged 1,217 MBbls/d, representing a 4-percent sequential-quarter increase.
"WES had a successful second quarter as we generated the highest quarterly Adjusted EBITDA in our partnership's history, delivered increased throughput across all core operating basins and across all products, and executed on numerous significant growth initiatives," commented
"After evaluating multi-year throughput forecasts and conducting numerous discussions with our customers in
"Today, we also announced WES's acquisition of Aris in a transaction with an enterprise value of approximately
"Finally, we will remain focused on diligently executing our growth strategy, as the Aris acquisition, North Loving Train II, and other organic expansion projects, such as the Pathfinder pipeline, greatly support our growth outlook in 2026, 2027, and beyond. Our long-term contract portfolio, strong balance sheet, and investment-grade credit ratings all provide the financial flexibility needed to support our expansion plans over the coming years and generate value for our unitholders," concluded
GUIDANCE
Given the expected timing of closing within the fourth quarter, WES is not updating its 2025 financial guidance ranges and expects to incorporate the impact of the Aris acquisition into its 2026 guidance projections that will be announced in late February of 2026 in conjunction with WES's fourth-quarter 2025 earnings report.
CONFERENCE CALL TOMORROW AT
WES will host a conference call on
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.
ABOUT
For more information about WES, please visit www.westernmidstream.com.
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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. |
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(2) |
This release contains certain forward-looking non-GAAP measure such as the Adjusted EBITDA range and Free Cash Flow range for year ending |
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(3) |
Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta. |
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(4) |
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. |
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NO OFFER OR SOLICITATION
This communication relates to a proposed business combination transaction (the "Transaction") between
IMPORTANT ADDITIONAL INFORMATION
In connection with the Transaction, WES intends to file with the
Investors and security holders will be able to obtain free copies of the registration statement and the proxy statement/prospectus (when available) and all other documents filed or that will be filed with the
PARTICIPANTS IN THE SOLICITATION
WES, its general partner and its general partner's director and officers and Aris and its directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the Transaction.
Information regarding directors and executive officers of WES's general partner, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth (i) in WES's Annual Report on 10-K for the year ended
Information regarding Aris's executive officers and directors, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth (i) in Aris's definitive proxy statement for its 2025 Annual Meeting of Stockholders, including under the headings "Proposal One — Election of Directors," "Executive Officers," "Executive Compensation," "Certain Relationships and Related Party Transactions" and "Beneficial Ownership of Securities," which was filed with the
Investors may obtain additional information regarding the direct and indirect interests of those persons and other persons who may be deemed participants in the Transaction by reading the proxy statement/prospectus regarding the Transaction and other relevant materials to be filed with the
FORWARD-LOOKING STATEMENTS AND CAUTIONARY STATEMENTS
The foregoing contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included in this communication that address activities, events or developments that WES or Aris expects, believes or anticipates will or may occur in the future are forward-looking statements. Words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "create," "intend," "could," "may," "should," "foresee," "plan," "will," "guidance," "outlook," "goal," "future," "assume," "forecast," "focus," "work," "continue" or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements include, but are not limited to, statements regarding the Transaction, the parties' ability to complete the Transaction and expected timing of completion, descriptions of the combined company and its operations, integration and transition plans, synergies, opportunities and anticipated future performance. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These include the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction that could reduce anticipated benefits or cause the parties to abandon the Transaction, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the possibility that stockholders of Aris may not approve the merger agreement, the risk that the parties may not be able to satisfy the conditions under the merger agreement in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the Transaction, the risk that any announcements relating to the Transaction could have adverse effects on the market price of WES's common units or Aris's Class A common stock, the risk that the Transaction and its announcement could have an adverse effect on the ability of WES and Aris to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally, the risk the pending Transaction could distract management of both entities and they will incur substantial costs, the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, the risk that the combined company may be unable to achieve synergies or it may take longer than expected to achieve those synergies and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond WES's or Aris's control, including those detailed in WES's most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that are available on its website at investors.westernmidstream.com and on the
Source:
WESTERN MIDSTREAM CONTACTS
Director, Investor Relations
Investors@westernmidstream.com
866.512.3523
Manager, Investor Relations
Investors@westernmidstream.com
866.512.3523
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
thousands except per-unit amounts |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenues and other |
|
|
|
|
|
|
|
|
|
Service revenues – fee based |
|
$ 851,419 |
|
$ 793,785 |
|
$ 1,674,616 |
|
$ 1,575,047 |
|
Service revenues – product based |
|
50,442 |
|
61,466 |
|
109,694 |
|
128,206 |
|
Product sales |
|
40,280 |
|
50,111 |
|
74,749 |
|
89,403 |
|
Other |
|
181 |
|
267 |
|
379 |
|
702 |
|
Total revenues and other |
|
942,322 |
|
905,629 |
|
1,859,438 |
|
1,793,358 |
|
Equity income, net – related parties |
|
27,128 |
|
27,431 |
|
47,563 |
|
60,250 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Cost of product |
|
42,681 |
|
54,010 |
|
84,173 |
|
100,089 |
|
Operation and maintenance |
|
224,629 |
|
223,319 |
|
451,143 |
|
418,258 |
|
General and administrative |
|
66,146 |
|
62,933 |
|
132,932 |
|
130,772 |
|
Property and other taxes |
|
17,805 |
|
17,429 |
|
35,631 |
|
31,349 |
|
Depreciation and amortization |
|
172,113 |
|
163,432 |
|
342,573 |
|
321,423 |
|
Long-lived asset and other impairments |
|
686 |
|
1,530 |
|
689 |
|
1,553 |
|
Total operating expenses |
|
524,060 |
|
522,653 |
|
1,047,141 |
|
1,003,444 |
|
Gain (loss) on divestiture and other, net |
|
(911) |
|
59,342 |
|
(5,578) |
|
298,959 |
|
Operating income (loss) |
|
444,479 |
|
469,749 |
|
854,282 |
|
1,149,123 |
|
Interest expense |
|
(95,170) |
|
(90,522) |
|
(192,463) |
|
(185,028) |
|
Gain (loss) on early extinguishment of debt |
|
— |
|
4,879 |
|
— |
|
5,403 |
|
Other income (expense), net |
|
3,692 |
|
4,213 |
|
11,169 |
|
6,559 |
|
Income (loss) before income taxes |
|
353,001 |
|
388,319 |
|
672,988 |
|
976,057 |
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Income tax expense (benefit) |
|
2,239 |
|
755 |
|
5,674 |
|
2,277 |
|
Net income (loss) |
|
350,762 |
|
387,564 |
|
667,314 |
|
973,780 |
|
Net income (loss) attributable to noncontrolling interests |
|
9,082 |
|
8,916 |
|
16,627 |
|
22,302 |
|
Net income (loss) attributable to |
|
$ 341,680 |
|
$ 378,648 |
|
$ 650,687 |
|
$ 951,478 |
|
Limited partners' interest in net income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to |
|
$ 341,680 |
|
$ 378,648 |
|
$ 650,687 |
|
$ 951,478 |
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General partner interest in net (income) loss |
|
(7,930) |
|
(8,807) |
|
(15,100) |
|
(22,137) |
|
Limited partners' interest in net income (loss) |
|
$ 333,750 |
|
$ 369,841 |
|
$ 635,587 |
|
$ 929,341 |
|
Net income (loss) per common unit – basic |
|
$ 0.88 |
|
$ 0.97 |
|
$ 1.67 |
|
$ 2.44 |
|
Net income (loss) per common unit – diluted |
|
$ 0.87 |
|
$ 0.97 |
|
$ 1.66 |
|
$ 2.43 |
|
Weighted-average common units outstanding – basic |
|
381,328 |
|
380,491 |
|
381,158 |
|
380,258 |
|
Weighted-average common units outstanding – diluted |
|
382,326 |
|
382,253 |
|
382,398 |
|
381,933 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
|
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|
thousands except number of units |
|
|
|
|
|
Total current assets |
|
$ 905,007 |
|
$ 1,847,190 |
|
Net property, plant, and equipment |
|
9,740,204 |
|
9,714,609 |
|
Other assets |
|
1,514,318 |
|
1,582,986 |
|
Total assets |
|
$ 12,159,529 |
|
$ 13,144,785 |
|
Total current liabilities |
|
$ 694,799 |
|
$ 1,691,694 |
|
Long-term debt |
|
6,924,108 |
|
6,926,647 |
|
Asset retirement obligations |
|
385,224 |
|
370,195 |
|
Other liabilities |
|
821,961 |
|
781,079 |
|
Total liabilities |
|
8,826,092 |
|
9,769,615 |
|
Equity and partners' capital |
|
|
|
|
|
Common units (381,328,604 and 380,556,643 units issued and outstanding at
and |
|
3,179,232 |
|
3,224,802 |
|
General partner units (9,060,641 units issued and outstanding at
|
|
9,730 |
|
10,803 |
|
Noncontrolling interests |
|
144,475 |
|
139,565 |
|
Total liabilities, equity, and partners' capital |
|
$ 12,159,529 |
|
$ 13,144,785 |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||
|
|
|
Six Months Ended
|
||
|
thousands |
|
2025 |
|
2024 |
|
Cash flows from operating activities |
|
|
|
|
|
Net income (loss) |
|
$ 667,314 |
|
$ 973,780 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities: |
|
|
|
|
|
Depreciation and amortization |
|
342,573 |
|
321,423 |
|
Long-lived asset and other impairments |
|
689 |
|
1,553 |
|
(Gain) loss on divestiture and other, net |
|
5,578 |
|
(298,959) |
|
(Gain) loss on early extinguishment of debt |
|
— |
|
(5,403) |
|
Change in other items, net |
|
78,616 |
|
38,732 |
|
Net cash provided by operating activities |
|
$ 1,094,770 |
|
$ 1,031,126 |
|
Cash flows from investing activities |
|
|
|
|
|
Capital expenditures |
|
$ (321,025) |
|
$ (405,653) |
|
Acquisitions from third parties |
|
— |
|
(443) |
|
Distributions from equity investments in excess of cumulative earnings – related parties |
|
14,047 |
|
24,303 |
|
Proceeds from the sale of assets to third parties |
|
34 |
|
788,941 |
|
(Increase) decrease in materials and supplies inventory and other |
|
(7,820) |
|
(25,294) |
|
Net cash provided by (used in) investing activities |
|
$ (314,764) |
|
$ 381,854 |
|
Cash flows from financing activities |
|
|
|
|
|
Borrowings, net of debt issuance costs |
|
$ (1,171) |
|
$ (1,206) |
|
Repayments of debt |
|
$ (1,000,589) |
|
$ (143,852) |
|
Commercial paper borrowings (repayments), net |
|
— |
|
(610,312) |
|
Increase (decrease) in outstanding checks |
|
(7,656) |
|
14,172 |
|
Distributions to Partnership unitholders |
|
(696,249) |
|
(564,296) |
|
Distributions to Chipeta noncontrolling interest owner |
|
— |
|
(1,678) |
|
Distributions to noncontrolling interest owner of WES Operating |
|
(14,217) |
|
(11,546) |
|
Other |
|
(20,856) |
|
(22,930) |
|
Net cash provided by (used in) financing activities |
|
$ (1,740,738) |
|
$ (1,341,648) |
|
Net increase (decrease) in cash and cash equivalents |
|
$ (960,732) |
|
$ 71,332 |
|
Cash and cash equivalents at beginning of period |
|
1,090,464 |
|
272,787 |
|
Cash and cash equivalents at end of period |
|
$ 129,732 |
|
$ 344,119 |
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
WES defines Adjusted Gross Margin attributable to
WES defines Adjusted EBITDA attributable to
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
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited)
|
||||
|
Adjusted Gross Margin |
||||
|
|
|
Three Months Ended |
||
|
thousands |
|
|
|
|
|
Reconciliation of Gross margin to Adjusted Gross Margin |
||||
|
Total revenues and other |
|
$ 942,322 |
|
$ 917,116 |
|
Less: |
|
|
|
|
|
Cost of product |
|
42,681 |
|
41,492 |
|
Depreciation and amortization |
|
172,113 |
|
170,460 |
|
Gross margin |
|
727,528 |
|
705,164 |
|
Add: |
|
|
|
|
|
Distributions from equity investments |
|
31,122 |
|
34,344 |
|
Depreciation and amortization |
|
172,113 |
|
170,460 |
|
Less: |
|
|
|
|
|
Reimbursed electricity-related charges recorded as revenues |
|
30,256 |
|
29,004 |
|
Adjusted Gross Margin attributable to noncontrolling interests (1) |
|
21,439 |
|
20,181 |
|
Adjusted Gross Margin |
|
$ 879,068 |
|
$ 860,783 |
|
|
|
|
|
|
|
Gross margin |
|
|
|
|
|
Gross margin for natural-gas assets (2) |
|
$ 539,462 |
|
$ 527,144 |
|
Gross margin for crude-oil and NGLs assets (2) |
|
106,839 |
|
101,275 |
|
Gross margin for produced-water assets (2) |
|
89,341 |
|
84,576 |
|
Adjusted Gross Margin |
|
|
|
|
|
Adjusted Gross Margin for natural-gas assets |
|
$ 629,093 |
|
$ 618,452 |
|
Adjusted Gross Margin for crude-oil and NGLs assets |
|
146,128 |
|
143,475 |
|
Adjusted Gross Margin for produced-water assets |
|
103,847 |
|
98,856 |
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(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. |
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(2) |
Excludes corporate-level depreciation and amortization. |
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RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited)
|
||||
|
Adjusted EBITDA |
||||
|
|
|
Three Months Ended |
||
|
thousands |
|
|
|
|
|
Reconciliation of Net income (loss) to Adjusted EBITDA |
||||
|
Net income (loss) |
|
$ 350,762 |
|
$ 316,552 |
|
Add: |
|
|
|
|
|
Distributions from equity investments |
|
31,122 |
|
34,344 |
|
Non-cash equity-based compensation expense |
|
10,713 |
|
8,248 |
|
Interest expense |
|
95,170 |
|
97,293 |
|
Income tax expense |
|
2,239 |
|
3,435 |
|
Depreciation and amortization |
|
172,113 |
|
170,460 |
|
Long-lived asset and other impairments |
|
686 |
|
3 |
|
Other expense |
|
43 |
|
190 |
|
Less: |
|
|
|
|
|
Gain (loss) on divestiture and other, net |
|
(911) |
|
(4,667) |
|
Equity income, net – related parties |
|
27,128 |
|
20,435 |
|
Other income |
|
3,692 |
|
7,477 |
|
Adjusted EBITDA attributable to noncontrolling interests (1) |
|
15,063 |
|
13,708 |
|
Adjusted EBITDA |
|
$ 617,876 |
|
$ 593,572 |
|
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA |
||||
|
Net cash provided by operating activities |
|
$ 563,977 |
|
$ 530,793 |
|
Interest (income) expense, net |
|
95,170 |
|
97,293 |
|
Accretion and amortization of long-term obligations, net |
|
(2,032) |
|
(2,202) |
|
Current income tax expense (benefit) |
|
1,940 |
|
1,722 |
|
Other (income) expense, net |
|
(3,692) |
|
(7,477) |
|
Distributions from equity investments in excess of cumulative earnings – related parties |
|
3,040 |
|
11,007 |
|
Changes in assets and liabilities: |
|
|
|
|
|
Accounts receivable, net |
|
31,425 |
|
(28,634) |
|
Accounts and imbalance payables and accrued liabilities, net |
|
(31,039) |
|
46,684 |
|
Other items, net |
|
(25,850) |
|
(41,906) |
|
Adjusted EBITDA attributable to noncontrolling interests (1) |
|
(15,063) |
|
(13,708) |
|
Adjusted EBITDA |
|
$ 617,876 |
|
$ 593,572 |
|
Cash flow information |
|
|
|
|
|
Net cash provided by operating activities |
|
$ 563,977 |
|
$ 530,793 |
|
Net cash provided by (used in) investing activities |
|
(173,974) |
|
(140,790) |
|
Net cash provided by (used in) financing activities |
|
(708,718) |
|
(1,032,020) |
|
(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. |
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited)
|
||||
|
Free Cash Flow |
||||
|
|
|
Three Months Ended |
||
|
thousands |
|
|
|
|
|
Reconciliation of Net cash provided by operating activities to Free Cash Flow |
||||
|
Net cash provided by operating activities |
|
$ 563,977 |
|
$ 530,793 |
|
Less: |
|
|
|
|
|
Capital expenditures |
|
178,623 |
|
142,402 |
|
Add: |
|
|
|
|
|
Distributions from equity investments in excess of cumulative earnings – related parties |
|
3,040 |
|
11,007 |
|
Free Cash Flow |
|
$ 388,394 |
|
$ 399,398 |
|
Cash flow information |
|
|
|
|
|
Net cash provided by operating activities |
|
$ 563,977 |
|
$ 530,793 |
|
Net cash provided by (used in) investing activities |
|
(173,974) |
|
(140,790) |
|
Net cash provided by (used in) financing activities |
|
(708,718) |
|
(1,032,020) |
|
OPERATING STATISTICS (Unaudited)
|
||||||
|
|
|
Three Months Ended |
||||
|
|
|
|
|
|
|
Inc/ (Dec) |
|
Throughput for natural-gas assets (MMcf/d) |
||||||
|
Gathering, treating, and transportation |
|
354 |
|
371 |
|
(5) % |
|
Processing |
|
4,504 |
|
4,370 |
|
3 % |
|
Equity investments (1) |
|
575 |
|
550 |
|
5 % |
|
Total throughput |
|
5,433 |
|
5,291 |
|
3 % |
|
Throughput attributable to noncontrolling interests (2) |
|
182 |
|
181 |
|
1 % |
|
Total throughput attributable to WES for natural-gas assets |
|
5,251 |
|
5,110 |
|
3 % |
|
Throughput for crude-oil and NGLs assets (MBbls/d) |
||||||
|
Gathering, treating, and transportation |
|
431 |
|
411 |
|
5 % |
|
Equity investments (1) |
|
112 |
|
103 |
|
9 % |
|
Total throughput |
|
543 |
|
514 |
|
6 % |
|
Throughput attributable to noncontrolling interests (2) |
|
11 |
|
11 |
|
— % |
|
Total throughput attributable to WES for crude-oil and NGLs assets |
|
532 |
|
503 |
|
6 % |
|
Throughput for produced-water assets (MBbls/d) |
||||||
|
Gathering and disposal |
|
1,242 |
|
1,190 |
|
4 % |
|
Throughput attributable to noncontrolling interests (2) |
|
25 |
|
24 |
|
4 % |
|
Total throughput attributable to WES for produced-water assets |
|
1,217 |
|
1,166 |
|
4 % |
|
Per-Mcf Gross margin for natural-gas assets (3) |
|
$ 1.09 |
|
$ 1.11 |
|
(2) % |
|
Per-Bbl Gross margin for crude-oil and NGLs assets (3) |
|
2.16 |
|
2.19 |
|
(1) % |
|
Per-Bbl Gross margin for produced-water assets (3) |
|
0.79 |
|
0.79 |
|
— % |
|
|
|
|
|
|
|
|
|
Per-Mcf Adjusted Gross Margin for natural-gas assets (4) |
|
$ 1.32 |
|
$ 1.34 |
|
(1) % |
|
Per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets (4) |
|
3.02 |
|
3.17 |
|
(5) % |
|
Per-Bbl Adjusted Gross Margin for produced-water assets (4) |
|
0.94 |
|
0.94 |
|
— % |
|
(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) |
Average 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. |
|
OPERATING STATISTICS (CONTINUED) (Unaudited)
|
||||||
|
|
|
Three Months Ended |
||||
|
|
|
|
|
|
|
Inc/ (Dec) |
|
Throughput for natural-gas assets (MMcf/d) |
||||||
|
Operated |
|
|
|
|
|
|
|
|
|
2,104 |
|
1,975 |
|
7 % |
|
|
|
1,447 |
|
1,404 |
|
3 % |
|
|
|
479 |
|
463 |
|
3 % |
|
Other |
|
828 |
|
899 |
|
(8) % |
|
Total operated throughput for natural-gas assets |
|
4,858 |
|
4,741 |
|
2 % |
|
Non-operated |
|
|
|
|
|
|
|
Equity investments |
|
575 |
|
550 |
|
5 % |
|
Total non-operated throughput for natural-gas assets |
|
575 |
|
550 |
|
5 % |
|
Total throughput for natural-gas assets |
|
5,433 |
|
5,291 |
|
3 % |
|
Throughput for crude-oil and NGLs assets (MBbls/d) |
||||||
|
Operated |
|
|
|
|
|
|
|
|
|
269 |
|
256 |
|
5 % |
|
|
|
96 |
|
94 |
|
2 % |
|
|
|
28 |
|
25 |
|
12 % |
|
Other |
|
38 |
|
36 |
|
6 % |
|
Total operated throughput for crude-oil and NGLs assets |
|
431 |
|
411 |
|
5 % |
|
Non-operated |
|
|
|
|
|
|
|
Equity investments |
|
112 |
|
103 |
|
9 % |
|
Total non-operated throughput for crude-oil and NGLs assets |
|
112 |
|
103 |
|
9 % |
|
Total throughput for crude-oil and NGLs assets |
|
543 |
|
514 |
|
6 % |
|
Throughput for produced-water assets (MBbls/d) |
||||||
|
Operated |
|
|
|
|
|
|
|
|
|
1,242 |
|
1,190 |
|
4 % |
|
Total operated throughput for produced-water assets |
|
1,242 |
|
1,190 |
|
4 % |
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