July 30, 2019 - 4:15 PM EDT
Print Email Article Font Down Font Up Charts

Western Midstream Announces Second-Quarter 2019 Results

ANNOUNCES UPDATED 2019 OUTLOOK AND NEW DJ COMMERCIAL CONTRACT

HOUSTON, July 30, 2019 /PRNewswire/ -- Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") today announced second-quarter 2019 financial and operating results. Net income (loss) available to limited partners for the second quarter of 2019 totaled $169.6 million, or $0.37 per common unit (diluted), with second-quarter 2019 Adjusted EBITDA(1) of $432.9 million and second-quarter 2019 Distributable cash flow(1) of $335.5 million. Net income (loss) and Adjusted EBITDA(1) do not include $12.0 million of cash received during the quarter associated with revenue recognition accounting standard ASC 606. Financial and operational information has been recast to include the financial position and results attributable to the assets acquired from Anadarko Petroleum Corporation in February 2019 (the "Anadarko Midstream Assets" or "AMA") as if WES had owned them for all periods presented.

RECENT HIGHLIGHTS

  • Achieved record West Texas Complex gas throughput of 1.18 Bcf/d for second quarter
  • Achieved record DJ Basin Complex gas throughput of 1.27 Bcf/d for second quarter
  • Achieved record DJ Basin oil throughput of 112 MBbls/d for second quarter
  • Entered into accretive third-party processing contract for a portion of Latham II capacity fully backed by minimum volume commitments
  • Enhanced liquidity and financial flexibility by increasing senior unsecured term loan commitments by $1 billion and extending the facility maturity date to December 2020

WES previously declared a quarterly distribution of $0.6180 per unit for the second quarter of 2019. This distribution represented a 1.3% increase relative to the prior quarter's distribution and a 6.1% increase relative to the second-quarter 2018 distribution. The second-quarter 2019 Coverage ratio(1) was 1.20 times.

"After another strong quarter, we continue to be pleased with the complementary assets and robust contract portfolio we have assembled in the Delaware and DJ basins," said Chief Executive Officer, Robin Fielder. "We remain focused on safe and efficient operations as we near construction completion of our Latham plant and further expand our gathering systems in the DJ and Delaware basins."




(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.

Total throughput attributable to WES for natural gas assets(1) for the second quarter of 2019 averaged 4.3 Bcf/d, which was a 2% sequential increase and a 10% increase from the second quarter of 2018. Total throughput attributable to WES for crude oil, NGLs and produced water assets(1) for the second quarter of 2019 averaged 1,105 MBbls/d, which was flat sequentially and an 84% increase from the second quarter of 2018. Capital expenditures attributable to WES, including equity investments but excluding acquisitions and capitalized interest, totaled $352.7 million on a cash basis during the second quarter of 2019, with maintenance capital expenditures on a cash basis of $29.9 million.

NEW DJ BASIN GAS PROCESSING CONTRACT

Subsequent to quarter end, and in conjunction with the partial release of contracted affiliate volumes backing the Latham II gas processing plant, the Partnership entered into a seven-year commercial agreement with a third party for the remaining Latham II processing capacity. This contract maintains minimum volume commitments ("MVCs") for 100% of the plant's nameplate processing capacity while increasing the expected value and returns of the Latham investment.

"This accretive third-party commercial contract provides the Partnership valuable MVCs and an increase in contract term with a quality third party," said Chief Operating Officer, Gennifer Kelly. "The completion of Latham trains I and II in the second half of 2019 will add to our premier gathering and processing position within the DJ basin."

REVISED 2019 FULL-YEAR OUTLOOK

The Partnership is revising its 2019 outlook primarily related to the impacts of (i) lower Delaware Basin throughput forecasts due to higher customer field downtime and changing well delivery timing to our systems, (ii) lower natural gas and NGL prices, and (iii) lower estimated revenues from revised revenue recognition forecasts related to cost of service contracts.

"While recognizing the updates to our guidance, we remain confident in the long-term potential of our highly integrated asset base, including our diverse set of equity investments, and the core basins in which we operate," said Fielder.

millions except percentages and Coverage ratio

Previously

Announced


Current

Adjusted EBITDA (2)

$1,800

-

$1,900


$1,675

-

$1,725

Total Capital Expenditures

$1,300

-

$1,400


Unchanged

Maintenance Capital Expenditures

$110

-

$120


$130

-

$140

Annual Distribution Growth

6% to 8%


5% to 6%

Annual Distribution Coverage

Minimum 1.20x


1.15x
















(1)

Excludes the 25% interest in Chipeta held by a third-party member and the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES's noncontrolling interests as of June 30, 2019.

(2)

A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income is not provided because the items necessary to estimate such amounts are not reasonably accessible or estimable at this time.



CONFERENCE CALL TOMORROW AT 8 A.M. CDT

WES will host a conference call on Wednesday, July 31, 2019, at 8:00 a.m. Central Daylight Time (9:00 a.m. Eastern Daylight Time) to discuss second-quarter 2019 results. Individuals who would like to participate should dial 877-883-0383 (Domestic) or 412-902-6506 (International) approximately 15 minutes before the scheduled conference call time, and enter participant access code 3434811. 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 will also 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 by Anadarko Petroleum Corporation 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 Anadarko, as well as for third-party customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs and condensate on behalf of itself and as agent for its customers under certain of its 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 to have been 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 the ability to meet financial guidance or distribution growth expectations; the 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; the 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 in its other public filings and press releases. Western Midstream Partners, LP undertakes no obligation to publicly update or revise any forward-looking statements.

WESTERN MIDSTREAM CONTACT
Jack Spinks
Manager, 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 its 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 (less than) in excess of customer billings, net cash paid (or to be paid) for interest expense (including amortization of deferred debt issuance costs originally paid in cash, offset by non-cash capitalized interest), maintenance capital expenditures, and income taxes and excluding 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, and other income and excluding 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
 June 30,


Six Months Ended
 June 30,

thousands except Coverage ratio


2019


2018 (1)


2019


2018 (1)

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









Net income (loss)


$

175,058



$

67,167



$

387,037



$

248,177


Add:









Distributions from equity investments


70,522



38,731



132,535



79,157


Non-cash equity-based compensation expense


4,343



2,000



6,141



4,152


Income tax (benefit) expense


1,278



10,304



11,370



21,188


Depreciation and amortization


121,117



88,488



235,063



173,278


Impairments


797



127,184



1,187



127,384


Above-market component of swap agreements with Anadarko




13,839



7,407



28,121


Other expense


58,639



8



93,852



151


Less:









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


(12,038)



1,557



(18,296)



2,957


Gain (loss) on divestiture and other, net


(1,061)



170



(1,651)



286


Equity income, net – affiliates


63,598



49,430



121,590



79,659


Cash paid for maintenance capital expenditures


29,899



27,689



65,590



48,917


Capitalized interest


6,342



9,872



12,547



16,834


Cash paid for (reimbursement of) income taxes






96



(87)


Other income




1,277





2,094


Distributable cash flow attributable to noncontrolling interests (2)


9,529



8,605



19,063



17,739


Distributable cash flow


$

335,485



$

249,121



$

675,653



$

513,209


Distributions declared









Distributions from WES Operating


$

282,319





$

559,923




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


2,360





3,640




Distributions to WES unitholders (3)


$

279,959





$

556,283




Coverage ratio


1.20


x



1.21


x


(1)

Financial information has been recast to include the financial position and results attributable to AMA.

(2)

For all periods presented, includes (i) the 25% interest in Chipeta held by a third-party member and (ii) the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES's noncontrolling interests as of June 30, 2019.

(3)

Reflects cash distributions of $0.61800 and $1.22800 per unit declared for the three and six months ended June 30, 2019, respectively.

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)


Adjusted EBITDA




Three Months Ended
 June 30,


Six Months Ended
 June 30,

thousands


2019


2018 (1)


2019


2018 (1)

Reconciliation of Net income (loss) to Adjusted EBITDA









Net income (loss)


$

175,058



$

67,167



$

387,037



$

248,177


Add:









Distributions from equity investments


70,522



38,731



132,535



79,157


Non-cash equity-based compensation expense


4,343



2,000



6,141



4,152


Interest expense


79,472



42,245



145,348



80,260


Income tax expense


1,278



10,304



11,370



21,188


Depreciation and amortization


121,117



88,488



235,063



173,278


Impairments


797



127,184



1,187



127,384


Other expense


58,639



8



93,852



151


Less:









Gain (loss) on divestiture and other, net


(1,061)



170



(1,651)



286


Equity income, net – affiliates


63,598



49,430



121,590



79,659


Interest income – affiliates


4,225



4,225



8,450



8,450


Other income




1,277





2,094


Adjusted EBITDA attributable to noncontrolling interests (2)


11,544



9,881



22,894



19,974


Adjusted EBITDA


$

432,920



$

311,144



$

861,250



$

623,284


Reconciliation of Net cash provided by operating activities to Adjusted EBITDA









Net cash provided by operating activities


$

343,458



$

329,175



$

686,531



$

629,326


Interest (income) expense, net


75,247



38,020



136,898



71,810


Uncontributed cash-based compensation awards


1,218



465



648



987


Accretion and amortization of long-term obligations, net


(1,337)



(1,273)



(2,848)



(3,376)


Current income tax (benefit) expense


458



(14,335)



6,485



(27,670)


Other (income) expense, net (3)


(470)



(1,277)



(902)



(2,094)


Distributions from equity investments in excess of cumulative earnings – affiliates


9,260



4,782



17,052



13,632


Changes in assets and liabilities:









Accounts receivable, net


6,818



(21,060)



(2,668)



8,572


Accounts and imbalance payables and accrued liabilities, net


25,669



(13,136)



81,198



(42,040)


Other items, net


(15,857)



(336)



(38,250)



(5,889)


Adjusted EBITDA attributable to noncontrolling interests (2)


(11,544)



(9,881)



(22,894)



(19,974)


Adjusted EBITDA


$

432,920



$

311,144



$

861,250



$

623,284


Cash flow information









Net cash provided by operating activities






$

686,531



$

629,326


Net cash used in investing activities






(2,865,168)



(1,287,904)


Net cash provided by (used in) financing activities






2,182,290



634,307


(1)

Financial information has been recast to include the financial position and results attributable to AMA.

(2)

For all periods presented, includes (i) the 25% interest in Chipeta held by a third-party member and (ii) the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES's noncontrolling interests as of June 30, 2019.

(3)

Excludes non-cash losses on interest-rate swaps of $59.0 million and $94.6 million for the three and six months ended June 30, 2019.

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)


Adjusted Gross Margin





Three Months Ended
 June 30,


Six Months Ended
 June 30,

thousands


2019


2018 (1)


2019


2018 (1)

Reconciliation of Operating income (loss) to Adjusted gross margin









Operating income (loss)


$

310,060



$

114,214



$

628,988



$

339,081


Add:









Distributions from equity investments


70,522



38,731



132,535



79,157


Operation and maintenance


148,431



112,789



291,260



209,584


General and administrative


30,027



15,597



52,871



31,426


Property and other taxes


14,282



13,750



30,567



28,350


Depreciation and amortization


121,117



88,488



235,063



173,278


Impairments


797



127,184



1,187



127,384


Less:









Gain (loss) on divestiture and other, net


(1,061)



170



(1,651)



286


Equity income, net – affiliates


63,598



49,430



121,590



79,659


Reimbursed electricity-related charges recorded as revenues


20,189



17,262



36,778



32,719


Adjusted gross margin attributable to noncontrolling interests (2)


16,034



13,018



31,584



25,889


Adjusted gross margin


$

596,476



$

430,873



$

1,184,170



$

849,707


Adjusted gross margin for natural gas assets


$

412,494



$

336,440



$

824,922



$

672,054


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


183,982



94,433



359,248



177,653


(1)

Financial information has been recast to include the financial position and results attributable to AMA.

(2)

For all periods presented, includes (i) the 25% interest in Chipeta held by a third-party member and (ii) the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES's noncontrolling interests as of June 30, 2019.

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)




Three Months Ended
 June 30,


Six Months Ended
 June 30,

thousands except per-unit amounts


2019


2018 (1)


2019


2018 (1)

Revenues and other









Service revenues – fee based


$

593,544



$

431,861



$

1,173,518



$

825,634


Service revenues – product based


16,675



22,662



36,054



46,085


Product sales


74,469



63,315



146,602



146,940


Other


366



240



763



473


Total revenues and other


685,054



518,078



1,356,937



1,019,132


Equity income, net – affiliates


63,598



49,430



121,590



79,659


Operating expenses









Cost of product


122,877



95,656



236,940



189,974


Operation and maintenance


148,431



112,789



291,260



209,584


General and administrative


30,027



15,597



52,871



31,426


Property and other taxes


14,282



13,750



30,567



28,350


Depreciation and amortization


121,117



88,488



235,063



173,278


Impairments


797



127,184



1,187



127,384


Total operating expenses


437,531



453,464



847,888



759,996


Gain (loss) on divestiture and other, net


(1,061)



170



(1,651)



286


Operating income (loss)


310,060



114,214



628,988



339,081


Interest income – affiliates


4,225



4,225



8,450



8,450


Interest expense


(79,472)



(42,245)



(145,348)



(80,260)


Other income (expense), net (2)


(58,477)



1,277



(93,683)



2,094


Income (loss) before income taxes


176,336



77,471



398,407



269,365


Income tax expense (benefit)


1,278



10,304



11,370



21,188


Net income (loss)


175,058



67,167



387,037



248,177


Net income (loss) attributable to noncontrolling interests


5,464



(33,017)



98,783



16,466


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


$

169,594



$

100,184



$

288,254



$

231,711


Limited partners' interest in net income (loss):









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


$

169,594



$

100,184



$

288,254



$

231,711


Pre-acquisition net (income) loss allocated to Anadarko


(163)



(32,604)



(29,279)



(63,126)


Limited partners' interest in net income (loss)


$

169,431



$

67,580



$

258,975



$

168,585


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


$

0.37



$

0.31



$

0.69



$

0.77


Weighted-average common units outstanding – basic and diluted


453,000



218,934



376,702



218,934


(1) 

Financial information has been recast to include the financial position and results attributable to AMA.

(2) 

Includes non-cash losses on interest-rate swaps of $59.0 million and $94.6 million for the three and six months ended June 30, 2019, respectively.

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


thousands except number of units


June 30,
 2019


December 31, 
 2018
(1)

Total current assets


$

336,185



$

340,362


Note receivable – Anadarko


260,000



260,000


Net property, plant and equipment


8,793,646



8,410,353


Other assets


2,590,700



2,446,490


Total assets


$

11,980,531



$

11,457,205


Total current liabilities


$

499,316



$

637,477


Long-term debt


7,489,448



4,787,381


APCWH Note Payable




427,493


Asset retirement obligations


320,073



300,024


Other liabilities


180,484



412,147


Total liabilities


8,489,321



6,564,522


Equity and partners' capital





Common units (453,008,854 and 218,937,797 units issued and outstanding at June 30, 2019, and December 31, 2018, respectively)


3,338,646



951,888


Net investment by Anadarko




1,388,018


Noncontrolling interests


152,564



2,552,777


Total liabilities, equity and partners' capital


$

11,980,531



$

11,457,205


(1)  Financial information has been recast to include the financial position and results attributable to AMA.

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Six Months Ended
 June 30,

thousands


2019


2018 (1)

Cash flows from operating activities





Net income (loss)


$

387,037



$

248,177


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





Depreciation and amortization


235,063



173,278


Impairments


1,187



127,384


(Gain) loss on divestiture and other, net


1,651



(286)


(Gain) loss on interest-rate swaps


94,585




Change in other items, net


(32,992)



80,773


Net cash provided by operating activities


$

686,531



$

629,326


Cash flows from investing activities





Capital expenditures


$

(704,425)



$

(1,112,474)


Acquisitions from affiliates


(2,007,501)




Acquisitions from third parties


(93,303)



(161,858)


Investments in equity affiliates


(77,333)



(27,490)


Distributions from equity investments in excess of cumulative earnings – affiliates


17,052



13,632


Proceeds from the sale of assets to third parties


342



286


Net cash used in investing activities


$

(2,865,168)



$

(1,287,904)


Cash flows from financing activities





Borrowings, net of debt issuance costs


$

2,710,750



$

1,525,439


Repayments of debt (3)


(467,595)



(630,000)


Increase (decrease) in outstanding checks


(5,662)



(5,357)


Registration expenses related to the issuance of Partnership common units


(855)




Distributions to Partnership unitholders (4)


(408,234)



(244,658)


Distributions to Chipeta noncontrolling interest owner


(3,793)



(6,421)


Distributions to noncontrolling interest owners of WES Operating


(106,666)



(190,081)


Net contributions from (distributions to) Anadarko


456,938



157,264


Above-market component of swap agreements with Anadarko


7,407



28,121


Net cash provided by (used in) financing activities


$

2,182,290



$

634,307


Net increase (decrease) in cash and cash equivalents


$

3,653



$

(24,271)


Cash and cash equivalents at beginning of period


92,142



79,588


Cash and cash equivalents at end of period


$

95,795



$

55,317


(1)  Financial information has been recast to include the financial position and results attributable to AMA.

 

Western Midstream Partners, LP

OPERATING STATISTICS

(Unaudited)




Three Months Ended
 June 30,


Six Months Ended
 June 30,



2019


2018 (1)


2019


2018 (1)

Throughput for natural gas assets (MMcf/d)









Gathering, treating and transportation


528



540



527



524


Processing


3,524



3,243



3,498



3,173


Equity investment (2)


402



296



390



295


Total throughput for natural gas assets


4,454



4,079



4,415



3,992


Throughput attributable to noncontrolling interests for natural gas assets (3)


178



174



177



173


Total throughput attributable to Western Midstream Partners, LP for natural gas assets


4,276



3,905



4,238



3,819


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









Gathering, treating, transportation and disposal


817



392



819



371


Equity investment (4)


311



219



308



187


Total throughput for crude oil, NGLs and produced water assets


1,128



611



1,127



558


Throughput attributable to noncontrolling interests for crude oil, NGLs and produced water assets (3)


23



12



23



11


Total throughput attributable to Western Midstream Partners, LP for crude oil, NGLs and produced water assets


1,105



599



1,104



547


Adjusted gross margin per Mcf for natural gas assets (5)


$

1.06



$

0.95



$

1.08



$

0.97


Adjusted gross margin per Bbl for crude oil, NGLs and produced water assets (6)


1.85



1.75



1.80



1.79


(1) 

Throughput and Adjusted gross margin have been recast to include the results attributable to AMA.

(2) 

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.

(3) 

For all periods presented, includes (i) the 25% interest in Chipeta held by a third-party member and (ii) the 2.0% limited partner interest in WES Operating held by a subsidiary of Anadarko, which collectively represent WES's noncontrolling interests as of June 30, 2019.

(4) 

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 throughput.

(5) 

Average for period. Calculated as Adjusted gross margin for natural gas assets, divided by total throughput (MMcf/d) attributable to Western Midstream Partners, LP for natural gas assets.

(6) 

Average for period. Calculated as Adjusted gross margin for crude oil, NGLs and produced water assets, divided by total throughput (MBbls/d) attributable to Western Midstream Partners, LP for crude oil, NGLs and produced water assets.

 

Western Midstream Partners, LP

OPERATING STATISTICS (CONTINUED)

(Unaudited)




Three Months Ended June 30,



2019


2018 (1)


2019


2018 (1)


2019


2018 (1)



Natural gas

(MMcf/d)


Crude oil & NGLs

(MBbls/d)

Produced water

(MBbls/d)

Delaware Basin


1,179



1,044



141



128



515



99


DJ Basin


1,266



1,119



112



108






Equity investments


402



296



310



219






Other


1,607



1,620



50



57






Total throughput


4,454



4,079



613



512



515



99


 



Six Months Ended June 30,



2019


2018 (1)


2019


2018 (1)


2019


2018 (1)



Natural gas

(MMcf/d)


Crude oil & NGLs

(MBbls/d)


Produced water

(MBbls/d)

Delaware Basin


1,178



982



143



120



516



89


DJ Basin


1,262



1,113



107



105






Equity investments


390



295



308



187






Other


1,585



1,602



53



57






Total throughput


4,415



3,992



611



469



516



89


(1)  Throughput has been recast to include the results attributable to AMA.

 

(PRNewsfoto/Western Midstream Partners, LP)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/western-midstream-announces-second-quarter-2019-results-300893529.html

SOURCE Western Midstream Partners, LP


Source: PR Newswire (July 30, 2019 - 4:15 PM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice