Western Midstream Announces Fourth-Quarter And Full-Year 201

|Feb 27|magazine59 min read

HOUSTON, Feb. 27, 2020 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced fourth-quarter and full-year 2019 financial and operating results. Net income (loss) available to limited partners for the fourth quarter of 2019 totaled $282.1 million, or $0.62 per common unit (diluted), with fourth-quarter 2019 Adjusted EBITDA(1) totaling $447.6 million and fourth-quarter 2019 Distributable cash flow(1) totaling $345.4 million. Net income (loss) available to limited partners for 2019 totaled $662.3 million, or $1.59 per common unit (diluted), with full-year 2019 Adjusted EBITDA(1) of $1.719 billion and full-year 2019 Distributable cash flow(1) of $1.325 billion. Financial and operational results are presented as if WES owned the assets acquired in February 2019 for all periods reported.

RECENT HIGHLIGHTS

  • Processed record DJ Basin Complex gas throughput of 1.30 Bcf/d for the fourth quarter, representing a 15-percent sequential-quarter increase as third-quarter downstream constraints were resolved and did not impact fourth-quarter operations
  • Gathered record Delaware Basin produced-water throughput of 610 MBbls/d for the fourth quarter, representing a 5-percent sequential-quarter increase
  • Achieved record Delaware and DJ Basin oil throughput of 297 MBbls/d for the fourth quarter, representing an 8-percent sequential-quarter increase
  • Delivered full-year 2019 Adjusted EBITDA(1) of $1.719 billion, representing a 17-percent increase from 2018
  • Realized capital expenditures below low-end 2019 guidance range
  • Finalized service and governance agreements with Occidental that will position WES to operate as a stand-alone enterprise
  • Priced a $3.5 billion four-tranche senior notes offering that was 6.2x oversubscribed with each tranche pricing at WES's lowest historical coupon for like-tenor notes

For the fourth quarter of 2019, WES paid a per-unit quarterly distribution of $0.6220. The full-year 2019 per-unit distribution of $2.47 represents a more than 5-percent increase over the full-year 2018 per-unit distribution of $2.35. This marks WES's 28th consecutive quarterly distribution increase and achieves WES's 2019 annual distribution-growth guidance range of 5 percent to 6 percent. The fourth-quarter 2019 Coverage ratio(1) was 1.23 times. The full-year 2019 Coverage ratio(1) was 1.18 times.

"I'm pleased with our fourth-quarter results," said Chief Executive Officer, Michael Ure. "In 2019, we placed the first Latham train and the second Mentone train into service; grew Adjusted EBITDA 17-percent year-over-year as a result of increased throughput across all products; and entered into new service, operating, and governing agreements at year end that enable us to operate more fully as an independent midstream company. This was a productive and successful year for WES, and we are ideally positioned to deliver strong results in 2020."

Fourth-quarter 2019 total natural-gas throughput(2) averaged 4.3 Bcf/d, representing a 3-percent sequential-quarter increase and an 8-percent increase from fourth-quarter 2018. Fourth-quarter 2019 total throughput for crude-oil, NGLs, and produced-water assets(2) averaged 1,378 MBbls/d, representing a 16-percent sequential-quarter increase and a 38-percent increase from fourth-quarter 2018. Full-year 2019 total natural-gas throughput(2) averaged 4.2 Bcf/d, representing a 9-percent increase from full-year 2018. Full-year 2019 total throughput for crude-oil, NGLs, and produced-water assets(2) averaged 1,195 MBbls/d, representing a 57-percent increase from full-year 2018.




(1) Please see the tables at the end of this release for a reconciliation of GAAP to non-GAAP measures and calculation of the Coverage ratio.

(2) Represents total throughput attributable to WES, which excludes the 25% third-party interest in Chipeta and the 2.0% Occidental subsidiary-owned limited partner interest in WES Operating, which collectively represent WES's noncontrolling interests as of December 31, 2019.

Fourth-quarter 2019 capital expenditures(1), including equity investments and excluding capitalized interest, totaled $242.6 million, with cash maintenance capital expenditures totaling $29.6 million. For full-year 2019, capital expenditures(1), including equity investments(2) and excluding capitalized interest, totaled $1.249 billion, which is approximately $100 million below the 2019 guidance midpoint of $1.35 billion. For full-year 2019, cash maintenance capital expenditures totaled $124.4 million, which is approximately $11 million below the 2019 guidance midpoint of $135 million.

2020 GUIDANCE

  • Adjusted EBITDA between $1.875 billion and $1.975 billion
  • Total capital expenditures between $875 million and $950 million, including costs associated with over 60,000 horsepower of compression, over 140 miles of gathering, the completion of the second Latham train during first-quarter 2020, and the addition of two 30 MBbl/d oil-stabilization trains and approximately 180 MBbl/d of saltwater disposal capacity in the Delaware Basin by year-end 2020
  • Total maintenance capital expenditures between $125 million and $135 million
  • Coverage ratio of at least 1.25x with ~1-percent year-over-year distribution increase from full-year 2019 per-unit distributions of $2.47 per unit

"Our 2020 guidance demonstrates our continued focus on capital-efficient organic growth and the strength of our balance sheet," said Chief Financial Officer, Mike Pearl. "We are focused on generating long-term value for all our stakeholders by maintaining our investment-grade credit profile, delivering exceptional customer service, and driving operational efficiencies throughout the organization."




(1) Accrual-based and excludes capital expenditures associated with the 25% third-party interest in Chipeta.

(2) Acquisitions and contributions.

CONFERENCE CALL TOMORROW AT 1 P.M. CST

WES will host a conference call on Friday, February 28, 2020, at 1:00 p.m. Central Standard Time (2:00 p.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2019 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 0032829. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com. A replay of the conference call also will be available on the website for two weeks following the call.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP ("WES") is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and as an agent for its customers under certain contracts.

WESTERN MIDSTREAM ANNUAL REPORT AVAILABLE

WES has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, with the Securities and Exchange Commission. A copy of the report is available for viewing and downloading on the Western Midstream web site at www.westernmidstream.com. Unitholders may request hard copies of the report, which contains WES's audit financial statements, free of charge, by emailing [email protected] or by submitting a written request to Western Midstream Partners, LP at the following address: P.O. Box 1330, Houston, TX 77251-1330, Attention: Investor Relations.

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-growth 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 and Form 10-Q filed with the Securities and Exchange Commission and other public filings and press releases. Western Midstream Partners, LP undertakes no obligation to publicly update or revise any forward-looking statements.

WESTERN MIDSTREAM CONTACTS

Kristen S. Shults
Vice President, Investor Relations and Communications
[email protected]
832.636.6000

Abby Dempsey
Investor Relations
[email protected]
832.636.6000

Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES

Below are reconciliations of (i) net income (loss) (GAAP) to WES's Distributable cash flow (non-GAAP), (ii) net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA attributable to Western Midstream Partners, LP ("Adjusted EBITDA") (non-GAAP), and (iii) operating income (loss) (GAAP) to Adjusted gross margin attributable to Western Midstream Partners, LP ("Adjusted gross margin") (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that WES's Distributable cash flow, Adjusted EBITDA, Adjusted gross margin, and Coverage ratio 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. Distributable cash flow, Adjusted EBITDA, Adjusted gross margin, and Coverage ratio, as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES's Distributable cash flow, Adjusted EBITDA, Adjusted gross margin, and Coverage ratio 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.

WES defines "Distributable cash flow" as Adjusted EBITDA, plus interest income and the net settlement amounts from the sale and/or purchase of natural gas, condensate, and NGLs under WES Operating's commodity-price swap agreements to the extent such amounts are not recognized as Adjusted EBITDA, less Service revenues – fee based recognized in Adjusted EBITDA in excess of (less than) customer billings, net cash paid (or to be paid) for interest expense (including amortization of deferred debt issuance costs originally paid in cash and offset by non-cash capitalized interest), maintenance capital expenditures, WES Operating Series A Preferred unit distributions, income taxes, and Distributable cash flow attributable to noncontrolling interests to the extent such amounts are not excluded from Adjusted EBITDA.

WES defines Adjusted EBITDA as net income (loss), plus distributions from equity investments, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impairments, and other expense (including lower of cost or market inventory adjustments recorded in cost of product), less gain (loss) on divestiture and other, net, income from equity investments, interest income, income tax benefit, other income, and the noncontrolling interests owners' proportionate share of revenues and expenses.

WES defines 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.

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)


Distributable Cash Flow




Three Months Ended 
 December 31,


Year Ended 
 December 31,

thousands except Coverage ratio


2019


2018


2019


2018

Reconciliation of Net income (loss) to Distributable cash flow and calculation of the Coverage ratio









Net income (loss)


$

295,440



$

183,917



$

807,700



$

630,654


Add:









Distributions from equity investments


61,288



71,327



264,828



216,977


Non-cash equity-based compensation expense


4,114



1,544



14,392



7,310


Non-cash settled interest expense, net


19





39




Income tax (benefit) expense


793



22,741



13,472



58,934


Depreciation and amortization


120,278



118,407



483,255



389,164


Impairments


1,985



75,298



6,279



230,584


Above-market component of swap agreements with Anadarko




10,896



7,407



51,618


Other expense




8,080



161,813



8,264


Less:









Recognized Service revenues – fee based in excess of (less than) customer billings


(6,534)



53,527



(28,764)



62,498


Gain (loss) on divestiture and other, net


(3)



961



(1,406)



1,312


Equity income, net – affiliates


62,035



61,595



237,518



195,469


Cash paid for maintenance capital expenditures


29,660



39,328



124,548



120,865


Capitalized interest


6,047



7,196



26,980



32,479


Cash paid for (reimbursement of) income taxes




2,495



96



2,408


Other income


37,792





37,792



2,749


Distributable cash flow attributable to noncontrolling interests (1)


9,512



9,000



36,976



36,138


Distributable cash flow (2)


$

345,408



$

318,108



$

1,325,445



$

1,139,587


Distributions declared









Distributions from WES Operating


$

284,505





$

1,128,309




Less: Cash reserve for the proper conduct of WES's business


2,719





9,360




Distributions to WES unitholders (3)


$

281,786





$

1,118,949




Coverage ratio


1.23


x



1.18


x




(1) 

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 as of December 31, 2019.

(2) 

For the three months and year ended December 31, 2019, excludes cash payments of $107.7 million related to the settlement of interest-rate swap agreements.

(3) 

Reflects cash distributions of $0.62200 and $2.47000 per unit declared for the three months and year ended December 31, 2019, respectively.

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)


Adjusted EBITDA




Three Months Ended 
 December 31,


Year Ended 
 December 31,

thousands


2019


2018


2019


2018

Reconciliation of Net income (loss) to Adjusted EBITDA









Net income (loss)


$

295,440



$

183,917



$

807,700



$

630,654


Add:









Distributions from equity investments


61,288



71,327



264,828



216,977


Non-cash equity-based compensation expense


4,114



1,544



14,392



7,310


Interest expense


79,414



54,702



303,286



183,831


Income tax expense


793



22,741



13,472



58,934


Depreciation and amortization


120,278



118,407



483,255



389,164


Impairments


1,985



75,298



6,279



230,584


Other expense




8,080



161,813



8,264


Less:









Gain (loss) on divestiture and other, net


(3)



961



(1,406)



1,312


Equity income, net – affiliates


62,035



61,595



237,518



195,469


Interest income – affiliates


4,225



4,225



16,900



16,900


Other income


37,792





37,792



2,749


Adjusted EBITDA attributable to noncontrolling interests (1)


11,636



11,893



45,131



42,843


Adjusted EBITDA


$

447,627



$

457,342



$

1,719,090



$

1,466,445


Reconciliation of Net cash provided by operating activities to Adjusted EBITDA









Net cash provided by operating activities


$

297,415



$

382,980



$

1,324,100



$

1,348,175


Interest (income) expense, net


75,189



50,477



286,386



166,931


Uncontributed cash-based compensation awards


(1,891)



(53)



(1,102)



879


Accretion and amortization of long-term obligations, net


(1,942)



(1,284)



(8,441)



(5,943)


Current income tax (benefit) expense


(215)



(33,012)



5,863



(80,114)


Other (income) expense, net (2)


107,533



(460)



106,136



(3,209)


Distributions from equity investments in excess of cumulative earnings – affiliates


9,053



9,769



30,256



29,585


Changes in assets and liabilities:









Accounts receivable, net


35,283



(4,351)



45,033



60,502


Accounts and imbalance payables and accrued liabilities, net


(38,524)



15,476



30,866



(45,605)


Other items, net


(22,638)



49,693



(54,876)



38,087


Adjusted EBITDA attributable to noncontrolling interests (1)


(11,636)



(11,893)



(45,131)



(42,843)


Adjusted EBITDA


$

447,627



$

457,342



$

1,719,090



$

1,466,445


Cash flow information









Net cash provided by operating activities






$

1,324,100



$

1,348,175


Net cash used in investing activities






(3,387,853)



(2,210,813)


Net cash provided by (used in) financing activities






2,071,573



875,192




(1) 

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 as of December 31, 2019.

(2) 

Excludes interest-rate swap losses of $25.6 million that will be paid in 2020 for the three months and year ended December 31, 2019, and $8.0 million for the three months and year ended December 31, 2018.

 

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


2019


2018


2019


2018

Reconciliation of Operating income (loss) to Adjusted gross margin









Operating income (loss)


$

333,630



$

264,647



$

1,231,343



$

861,282


Add:









Distributions from equity investments


61,288



71,327



264,828



216,977


Operation and maintenance


173,387



142,235



641,219



480,861


General and administrative


30,951



19,747



114,591



67,195


Property and other taxes


15,504



10,352



61,352



51,848


Depreciation and amortization


120,278



118,407



483,255



389,164


Impairments


1,985



75,298



6,279



230,584


Less:









Gain (loss) on divestiture and other, net


(3)



961



(1,406)



1,312


Equity income, net – affiliates


62,035



61,595



237,518



195,469


Reimbursed electricity-related charges recorded as revenues


13,882



16,474



74,629



66,678


Adjusted gross margin attributable to noncontrolling interests (1)


16,846



15,913



64,049



56,247


Adjusted gross margin


$

644,263



$

607,070



$

2,428,077



$

1,978,205


Adjusted gross margin for natural-gas assets


$

429,739



$

395,281



$

1,656,041



$

1,443,466


Adjusted gross margin for crude-oil, NGLs, and produced-water assets


214,524



211,789



772,036



534,739




(1) 

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 as of December 31, 2019.

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)




Three Months Ended 
 December 31,


Year Ended 
 December 31,

thousands except per-unit amounts


2019


2018


2019


2018

Revenues and other









Service revenues – fee based


$

626,708



$

593,765



$

2,388,191



$

1,905,728


Service revenues – product based


24,597



19,364



70,127



88,785


Product sales


71,538



79,081



286,388



303,020


Other


367



416



1,468



2,125


Total revenues and other


723,210



692,626



2,746,174



2,299,658


Equity income, net – affiliates


62,035



61,595



237,518



195,469


Operating expenses









Cost of product


109,507



124,496



444,247



415,505


Operation and maintenance


173,387



142,235



641,219



480,861


General and administrative


30,951



19,747



114,591



67,195


Property and other taxes


15,504



10,352



61,352



51,848


Depreciation and amortization


120,278



118,407



483,255



389,164


Impairments


1,985



75,298



6,279



230,584


Total operating expenses


451,612



490,535



1,750,943



1,635,157


Gain (loss) on divestiture and other, net


(3)



961



(1,406)



1,312


Operating income (loss)


333,630



264,647



1,231,343



861,282


Interest income – affiliates


4,225



4,225



16,900



16,900


Interest expense


(79,414)



(54,702)



(303,286)



(183,831)


Other income (expense), net (1)


37,792



(7,512)



(123,785)



(4,763)


Income (loss) before income taxes


296,233



206,658



821,172



689,588


Income tax expense (benefit)


793



22,741



13,472



58,934


Net income (loss)


295,440



183,917



807,700



630,654


Net income (loss) attributable to noncontrolling interests


7,670



15,414



110,459



79,083


Net income (loss) attributable to Western Midstream Partners, LP


$

287,770



$

168,503



$

697,241



$

551,571


Limited partners' interest in net income (loss):









Net income (loss) attributable to Western Midstream Partners, LP


$

287,770



$

168,503



$

697,241



$

551,571


Pre-acquisition net (income) loss allocated to Anadarko




(75,133)



(29,279)



(182,142)


General partner interest in net income (loss)


(5,637)





(5,637)




Limited partners' interest in net income (loss)


$

282,133



$

93,370



$

662,325



$

369,429


Net income (loss) per common unit – basic and diluted


$

0.62



$

0.43



$

1.59



$

1.69


Weighted-average common units outstanding – basic and diluted


452,934



218,938



415,794



218,936




(1) 

Includes net gains (losses) on interest-rate swaps of $37.6 million and ($125.3) million for the three months and year ended December 31, 2019, respectively, and ($8.0) million for the three months and year ended December 31, 2018.

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)




December 31,

thousands except number of units


2019


2018

Total current assets


$

402,412



$

344,764


Note receivable – Anadarko


260,000



260,000


Net property, plant, and equipment


9,064,931



8,410,353


Other assets


2,619,110



2,442,088


Total assets


$

12,346,453



$

11,457,205


Total current liabilities


$

485,954



$

637,477


Long-term debt


7,951,565



4,787,381


APCWH Note Payable




427,493


Asset retirement obligations


336,396



300,024


Other liabilities


227,245



412,147


Total liabilities


9,001,160



6,564,522


Equity and partners' capital





Common units (443,971,409 and 218,937,797 units issued and outstanding at December 31, 2019 and 2018, respectively)


3,209,947



951,888


General partner units (9,060,641 and zero units issued and outstanding at December 31, 2019 and 2018, respectively)


(14,224)




Net investment by Anadarko




1,388,018


Noncontrolling interests


149,570



2,552,777


Total liabilities, equity and partners' capital


$

12,346,453



$

11,457,205


 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Year Ended 
 December 31,

thousands


2019


2018

Cash flows from operating activities





Net income (loss)


$

807,700



$

630,654


Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:





Depreciation and amortization


483,255



389,164


Impairments


6,279



230,584


(Gain) loss on divestiture and other, net


1,406



(1,312)


(Gain) loss on interest-rate swaps


125,334



7,972


Cash paid to settle interest-rate swaps


(107,685)




Change in other items, net


7,811



91,113


Net cash provided by operating activities


$

1,324,100



$

1,348,175


Cash flows from investing activities





Capital expenditures


$

(1,188,829)



$

(1,948,595)


Acquisitions from affiliates


(2,007,926)



(254)


Acquisitions from third parties


(93,303)



(161,858)


Investments in equity affiliates


(128,393)



(133,629)


Distributions from equity investments in excess of cumulative earnings – affiliates


30,256



29,585


Proceeds from the sale of assets to third parties


342



3,938


Net cash used in investing activities


$

(3,387,853)



$

(2,210,813)


Cash flows from financing activities





Borrowings, net of debt issuance costs


$

4,169,695



$

2,671,337


Repayments of debt


(1,467,595)



(1,040,000)


Increase (decrease) in outstanding checks


1,571



(3,206)


Registration expenses related to the issuance of Partnership common units


(855)




Distributions to Partnership unitholders


(969,073)



(502,457)


Distributions to Chipeta noncontrolling interest owner


(9,663)



(13,529)


Distributions to noncontrolling interest owners of WES Operating


(118,225)



(386,326)


Net contributions from (distributions to) Anadarko


458,819



97,755


Above-market component of swap agreements with Anadarko


7,407



51,618


Finance lease payments – affiliates


(508)




Net cash provided by (used in) financing activities


$

2,071,573



$

875,192


Net increase (decrease) in cash and cash equivalents


$

7,820



$

12,554


Cash and cash equivalents at beginning of period


92,142



79,588


Cash and cash equivalents at end of period


$

99,962



$

92,142


 

Western Midstream Partners, LP

OPERATING STATISTICS

(Unaudited)




Three Months Ended 
 December 31,


Year Ended 
 December 31,



2019


2018


2019


2018

Throughput for natural-gas assets (MMcf/d)

Gathering, treating, and transportation


534



589



528



546


Processing


3,532



3,307



3,497



3,231


Equity investment (1)


423



272



398



291


Total throughput


4,489



4,168



4,423



4,068


Throughput attributable to noncontrolling interests (2)


174



166



175



170


Total throughput attributable to WES for natural-gas assets


4,315



4,002



4,248



3,898


Throughput for crude-oil, NGLs, and produced-water assets (MBbls/d)

Gathering, treating, transportation, and disposal


957



723



876



534


Equity investment (3)


449



298



343



241


Total throughput


1,406



1,021



1,219



775


Throughput attributable to noncontrolling interests (2)


28



20



24



15


Total throughput attributable to WES for crude-oil, NGLs, and produced-water assets


1,378



1,001



1,195



760


Per-Mcf Adjusted gross margin for natural-gas assets (4)


$

1.08



$

1.07



$

1.07



$

1.01


Per-Bbl Adjusted gross margin for crude-oil, NGLs, and produced-water assets (5)


1.69



2.30



1.77



1.93



















(1) 

Represents the 14.81% share of average Fort Union throughput, 22% share of average Rendezvous throughput, 50% share of average Mi Vida and Ranch Westex throughput, and 30% share of average Red Bluff Express throughput.

(2) 

For all periods presented, includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% Occidental subsidiary-owned limited partner interest in WES Operating, which collectively represent WES's noncontrolling interests as of December 31, 2019.

(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, NGLs, and produced-water assets, divided by total throughput (MBbls/d) attributable to WES for crude-oil, NGLs, and produced-water assets.

 

Western Midstream Partners, LP

OPERATING STATISTICS (CONTINUED)

(Unaudited)




Three Months Ended December 31,



2019


2018


2019


2018


2019


2018



Natural gas

(MMcf/d)


Crude oil & NGLs

(MBbls/d)


Produced water

(MBbls/d)

Delaware Basin


1,274



1,101



168



148



610



413


DJ Basin


1,295



1,185



129



107






Equity investments


423



272



449



298






Other


1,497



1,610



50



55






Total throughput


4,489



4,168



796



608



610



413




Year Ended December 31,



2019


2018


2019


2018


2019


2018



Natural gas

(MMcf/d)


Crude oil & NGLs

(MBbls/d)


Produced water

(MBbls/d)

Delaware Basin


1,226



1,041



150



132



556



239


DJ Basin


1,236



1,133



118



105






Equity investments


398



291



343



241






Other


1,563



1,603



52



58






Total throughput


4,423



4,068



663



536



556



239


 

 

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SOURCE Western Midstream Partners, LP