Western Midstream Announces Fourth-Quarter and Full-Year 2021 Results
Announces 2022 Guidance and Annual Enhanced Distribution Framework
HOUSTON–(BUSINESS WIRE)–Western Midstream Partners, LP (NYSE: WES):
- Reported fourth-quarter 2021 Net income attributable to limited partners of $238.2 million, generating fourth-quarter Adjusted EBITDA(1) of $480.9 million, which included $26.2 million of an unfavorable non-cash revenue adjustment.
- Reported full-year 2021 Net income attributable to limited partners of $896.5 million, generating full-year Adjusted EBITDA(1) of $1.947 billion, exceeding the high end of full-year 2021 Adjusted EBITDA guidance range of $1.825 billion to $1.925 billion.
- Reported fourth-quarter 2021 Cash flows provided by operating activities of $661.9 million, generating fourth-quarter Free cash flow(1) of $576.5 million.
- Reported full-year 2021 Cash flows provided by operating activities of $1.767 billion, generating full-year Free cash flow(1) of $1.490 billion.
- Achieved year-end 2021 leverage ratio(2) of approximately 3.6 times, or 3.5 times on a net(3) basis.
- Provided 2022 Adjusted EBITDA(4) guidance range of $1.925 billion to $2.025 billion and total capital expenditures(5) range between $375 million and $475 million.
- Expect to declare a 53-percent distribution increase effective first-quarter 2022.
- Immediately commencing a new $1.0 billion opportunistic unit repurchase program to complement a new annual enhanced distribution framework commencing in first-quarter 2023.
|
_____________________________________________________________________________________________ |
||
|
(1) |
|
Please see the definitions of the Partnership’s non-GAAP measures at the end of this release and reconciliation of GAAP to non-GAAP measures. |
|
(2) |
|
Debt-to-Adjusted EBITDA (trailing twelve months). |
|
(3) |
|
The ratio of Net Debt (defined as total principal debt outstanding less total cash on-hand as of the end of the period) to Adjusted EBITDA (trailing twelve months). |
|
(4) |
|
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. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures. At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corresponding GAAP equivalent for the Adjusted EBITDA range. |
|
(5) |
|
Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta. |
Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced fourth-quarter and full-year 2021 financial and operating results. Net income (loss) attributable to limited partners for the fourth quarter of 2021 totaled $238.2 million, or $0.58 per common unit (diluted), with fourth-quarter 2021 Adjusted EBITDA(1) totaling $480.9 million, fourth-quarter 2021 Cash flows provided by operating activities totaling $661.9 million, and fourth-quarter 2021 Free cash flow(1) totaling $576.5 million. Net income (loss) attributable to limited partners for full-year 2021 totaled $896.5 million, or $2.18 per common unit (diluted), with full-year 2021 Adjusted EBITDA(1) totaling $1.947 billion, full-year 2021 Cash flows provided by operating activities totaling $1.767 billion, and full-year 2021 Free cash flow(1) totaling $1.490 billion.
RECENT HIGHLIGHTS
- Surpassed projected year-end exit-rate throughput for all product lines, driven by increased producer activity levels in the Delaware Basin.
- Maintained strong operational performance, with system availability above 99% for the second consecutive year.
- Repurchased 5,621,450 common units for aggregate consideration of $113.1 million during the fourth quarter, inclusive of 2,500,000 common units repurchased from Occidental, completing the Partnership’s $250.0 million common unit repurchase program through December 31, 2021. Since third-quarter 2020, repurchased a total of 41,431,978 common units which represents approximately 9% of total outstanding unit count as of August 31, 2020.
- Surpassed year-end leverage ratio(2) target of 4.0 times through the retirement of $431.1 million of Senior Notes due 2021 and the repurchase of $500.0 million of other Senior Notes, achieving a year-end leverage ratio(2) of approximately 3.6 times, or 3.5 times on a net(3) basis.
- Achieved full-year cash distribution guidance of $1.24 per unit or greater, resulting in the payment of $533.8 million(4) in total distributions to unitholders.
- Received an upgrade for WES Operating’s long-term debt to “BBB-” from Standard & Poor’s, returning the Partnership to investment-grade.
|
______________________________________________________________________________________________ |
||
|
(1) |
|
Please see the definitions of the Partnership’s non-GAAP measures at the end of this release and reconciliation of GAAP to non-GAAP measures. |
|
(2) |
|
Debt-to-Adjusted EBITDA (trailing twelve months). |
|
(3) |
|
The ratio of Net Debt (defined as total principal debt outstanding less total cash on-hand as of the end of the period) to Adjusted EBITDA (trailing twelve months). |
|
(4) |
|
Represents cash distributions paid during 2021. |
On February 14, 2022, WES paid its fourth-quarter 2021 per-unit distribution of $0.327, which represents a 1.2-percent increase over the prior quarter’s distribution and is consistent with an annualized distribution growth of 5-percent. Fourth-quarter and full-year 2021 Free cash flow after distributions totaled $441.6 million and $956.4 million, respectively. Fourth-quarter and full-year 2021 capital expenditures(1) totaled $99.7 million and $324.0 million, respectively.
Net income (loss) attributable to limited partners and Adjusted EBITDA for the fourth quarter of 2021 include a non-cash decrease to revenue of approximately $26.2 million associated with revenue recognition cumulative adjustments related to certain cost-of-service contracts.
“WES surpassed all of our financial metric expectations for 2021 through continued producer outperformance in the Delaware Basin, commercial success in contracting additional third-party volumes, and sustainable cost savings,” said Michael Ure, President and Chief Executive Officer. “We exceeded the high end of our full-year 2021 Adjusted EBITDA guidance range of $1.825 billion to $1.925 billion, despite the negative effects from winter storm Uri in the first half of the year. Our outperformance was aided by throughput increasing across all three products in the Delaware Basin for the fourth consecutive quarter, highlighting our superior asset base and expanding portfolio of producer relationships.”
Mr. Ure continued, “Additionally, due to cost and capital efficiencies, and some projects moving into 2022, we achieved the mid-point of our capital expenditure guidance range of $275 million to $375 million, coming in under our revised expectations from last quarter. We also increased our distribution by 5-percent year over year, exceeding our $1.24 per-unit expectation for 2021, and reduced debt by $931 million, meaningfully surpassing our year-end 2021 leverage ratio target of 4.0 times and achieving a 2021 leverage ratio of 3.5 times on a net basis.”
|
____________________________________________________________________________________________ |
||
|
(1) |
|
Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta. |
Fourth-quarter 2021 total natural-gas throughput(1) averaged 4.2 Bcf/d, representing a 3-percent sequential-quarter increase and a 6-percent increase from fourth-quarter 2020. Fourth-quarter 2021 total throughput for crude-oil and NGLs assets(1) averaged 702 MBbls/d, representing a 10-percent sequential-quarter increase and a 13-percent increase from fourth-quarter 2020. Fourth-quarter 2021 total throughput for produced-water assets(1) averaged 792 MBbls/d, representing an 8-percent sequential-quarter increase and a 21-percent increase from fourth-quarter 2020.
Full-year 2021 total natural-gas throughput(1) averaged 4.1 Bcf/d, representing a 3-percent decrease from full-year 2020. Full-year 2021 total throughput for crude-oil and NGLs assets(1) averaged 659 MBbls/d, representing a 6-percent decrease from full-year 2020. Full-year 2021 total throughput for produced-water assets(1) averaged 703 MBbls/d, representing a 1-percent increase from full-year 2020.
2022 GUIDANCE
Based on the most current production-forecast information from our producer customers, WES is providing 2022 guidance as follows:
- Adjusted EBITDA(2) between $1.925 billion and $2.025 billion
- Total capital expenditures(3) between $375 million and $475 million
- Free cash flow(2) between $1.200 billion and $1.300 billion
- Full-year 2022 distributions of at least $2.00 per unit(4)
“We expect strong producer activity levels to continue in the Delaware Basin, leading to increased throughput during 2022,” said Mr. Ure. “Our 2022 guidance includes the impact of the reduced cost-of-service rates and allocates additional capital spending in preparation for expected increased Delaware Basin activity beginning in 2023.” Mr. Ure continued, “We are also investing capital in technologies necessary for a maturing stand-alone organization designed to enhance employee development and safety, increase operational efficiencies, and minimize our environmental impact. We remain committed to maintaining a disciplined approach to capital spending, operating our assets safely, and delivering exceptional customer service.”
|
____________________________________________________________________________________________ |
||
|
(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. |
|
(2) |
|
A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income (loss), and a reconciliation of the Free cash flow range to net cash provided by operating activities, is not provided because the items necessary to estimate such amounts are not reasonably estimable at this time. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures. At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corresponding GAAP equivalent for the Adjusted EBITDA or Free cash flow ranges. |
|
(3) |
|
Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta. |
|
(4) |
|
Subject to Board review and approval on a quarterly basis based on the needs of the business. |
FINANCIAL POLICY AND ENHANCED DISTRIBUTION FRAMEWORK
Additionally, WES has recently refined its financial policy, including establishing a framework for paying an annual enhanced distribution (“Enhanced Distribution”) in conjunction with the regular first-quarter distribution (beginning in 2023), contingent on attainment of certain prior-year financial metrics. WES expects to generate substantial value for all stakeholders through three core pillars of reducing leverage, increasing distributions, and repurchasing units. As such, WES anticipates taking the following actions:
- Retiring $715 million of aggregate principal amount of Senior Notes due 2022 and 2023.
- Based on current conditions and estimates, targeting approximately a 53-percent step-up in the Partnership’s regular quarterly distribution (“Base Distribution”) effective first-quarter 2022.
- Commencing a new $1.0 billion common unit repurchase program to be executed opportunistically through 2024 as a complement to the Enhanced Distribution.
- Establishing a framework whereby an annual Enhanced Distribution would be payable in conjunction with the first-quarter Base Distribution each year (beginning in 2023) in a target amount equal to Free cash flow generated in the prior year after subtracting the prior year’s debt repayments, Base Distributions, and unit repurchases. This Enhanced Distribution is contingent on the attainment of prior year-end net leverage(1) levels, after taking the Enhanced Distribution for such prior year into effect, of 3.4 times in 2022, 3.2 times in 2023, and 3.0 times in 2024(2).
“Since becoming a stand-alone midstream enterprise, we’ve made significant changes throughout the organization that have greatly improved our financial performance and positioned us for continued success,” said Mr. Ure. “We’re excited to now be in a place where we can continue to reduce leverage while simultaneously returning meaningful capital to unitholders through unit repurchases and distributions.”
Mr. Ure continued, “Through the actions taken since our bond offering in 2020, we have returned approximately 18-percent(3) of our enterprise value through retired debt, repurchased units, and paid distributions. With our superior asset base, outstanding customer portfolio, and strong financial policy, we believe we’re in a great position to continue our financial success and return incremental value back to unitholders.”
|
______________________________________________________________________________________________ |
||
|
(1) |
|
The ratio of Net Debt (defined as total principal debt outstanding less total cash on-hand as of the end of the period) to Adjusted EBITDA (trailing twelve months). |
|
(2) |
|
The enhanced distribution is subject to any continuing cash reserve requirements as determined by the Board. |
|
(3) |
|
Calculated using limited and general partner unit counts and total enterprise value as of December 31, 2021. Does not include any market-driven appreciation of unit price. |
As part of the Partnership’s financial policy, the Board has authorized a buyback program of up to $1.0 billion of the Partnership’s common units through December 31, 2024 (the “Purchase Program”).
The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the Purchase Program will be determined based on ongoing assessments of capital needs, WES’s financial performance, the market price of the common units, and other factors, including organic growth and acquisition opportunities and general market conditions. The Purchase Program does not obligate the Partnership to purchase any specific dollar amount or number of units and may be suspended or discontinued at any time.
CONFERENCE CALL TOMORROW AT 1:00 P.M. CT
WES will host a conference call on Thursday, February 24, 2022, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss fourth-quarter and full-year 2021 results. To participate, individuals should dial 844-200-6205 (Domestic) or 929-526-1599 (International) 15 minutes before the scheduled conference call time and enter participant access code 271823. 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.
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.
FILING OF ANNUAL REPORT ON FORM 10-K
Today WES also announced the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, with the Securities and Exchange Commission. A copy of the report is available for viewing and downloading on the Western Midstream website at www.westernmidstream.com. Unitholders may request hard copies of the report, which contains WES’s audited financial statements, free of charge, by emailing investors@westernmidstream.com, or by submitting a written request to Western Midstream Partners, LP at the following address: 9950 Woodloch Forest Drive, Suite 2800, The Woodlands, TX 77380, Attention: Western Midstream Investor Relations.
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; the ultimate impact of efforts to fight COVID-19 on the global economy and any related impact on 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 Partners, LP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
thousands except per-unit amounts |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Revenues and other |
|
|
|
|
|
|
|
|
||||||||
|
Service revenues – fee based |
|
$ |
621,093 |
|
|
$ |
603,777 |
|
|
$ |
2,462,835 |
|
|
$ |
2,584,323 |
|
|
Service revenues – product based |
|
|
34,317 |
|
|
|
13,132 |
|
|
|
122,584 |
|
|
|
48,369 |
|
|
Product sales |
|
|
63,588 |
|
|
|
30,068 |
|
|
|
290,947 |
|
|
|
138,559 |
|
|
Other |
|
|
212 |
|
|
|
503 |
|
|
|
789 |
|
|
|
1,341 |
|
|
Total revenues and other |
|
|
719,210 |
|
|
|
647,480 |
|
|
|
2,877,155 |
|
|
|
2,772,592 |
|
|
Equity income, net – related parties |
|
|
45,308 |
|
|
|
49,962 |
|
|
|
204,645 |
|
|
|
226,750 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
|
Cost of product |
|
|
72,040 |
|
|
|
34,477 |
|
|
|
322,285 |
|
|
|
188,088 |
|
|
Operation and maintenance |
|
|
147,102 |
|
|
|
144,204 |
|
|
|
581,300 |
|
|
|
580,874 |
|
|
General and administrative |
|
|
55,576 |
|
|
|
37,303 |
|
|
|
195,549 |
|
|
|
155,769 |
|
|
Property and other taxes |
|
|
18,275 |
|
|
|
11,077 |
|
|
|
64,267 |
|
|
|
68,340 |
|
|
Depreciation and amortization |
|
|
144,225 |
|
|
|
106,398 |
|
|
|
551,629 |
|
|
|
491,086 |
|
|
Long-lived asset and other impairments |
|
|
1,345 |
|
|
|
3,314 |
|
|
|
30,543 |
|
|
|
203,889 |
|
|
Goodwill impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
441,017 |
|
|
Total operating expenses |
|
|
438,563 |
|
|
|
336,773 |
|
|
|
1,745,573 |
|
|
|
2,129,063 |
|
|
Gain (loss) on divestiture and other, net |
|
|
(234 |
) |
|
|
12,285 |
|
|
|
44 |
|
|
|
8,634 |
|
|
Operating income (loss) |
|
|
325,721 |
|
|
|
372,954 |
|
|
|
1,336,271 |
|
|
|
878,913 |
|
|
Interest income – Anadarko note receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,736 |
|
|
Interest expense |
|
|
(89,472 |
) |
|
|
(101,247 |
) |
|
|
(376,512 |
) |
|
|
(380,058 |
) |
|
Gain (loss) on early extinguishment of debt |
|
|
— |
|
|
|
862 |
|
|
|
(24,944 |
) |
|
|
11,234 |
|
|
Other income (expense), net |
|
|
390 |
|
|
|
413 |
|
|
|
(623 |
) |
|
|
1,025 |
|
|
Income (loss) before income taxes |
|
|
236,639 |
|
|
|
272,982 |
|
|
|
934,192 |
|
|
|
522,850 |
|
|
Income tax expense (benefit) |
|
|
(14,210 |
) |
|
|
2,206 |
|
|
|
(9,807 |
) |
|
|
5,998 |
|
|
Net income (loss) |
|
|
250,849 |
|
|
|
270,776 |
|
|
|
943,999 |
|
|
|
516,852 |
|
|
Net income (loss) attributable to noncontrolling interests |
|
|
7,332 |
|
|
|
6,885 |
|
|
|
27,707 |
|
|
|
(10,160 |
) |
|
Net income (loss) attributable to Western Midstream Partners, LP |
|
$ |
243,517 |
|
|
$ |
263,891 |
|
|
$ |
916,292 |
|
|
$ |
527,012 |
|
|
Limited partners’ interest in net income (loss): |
|
|
|
|
|
|
|
|
||||||||
|
Net income (loss) attributable to Western Midstream Partners, LP |
|
$ |
243,517 |
|
|
$ |
263,891 |
|
|
$ |
916,292 |
|
|
$ |
527,012 |
|
|
General partner interest in net (income) loss |
|
|
(5,331 |
) |
|
|
(5,642 |
) |
|
|
(19,815 |
) |
|
|
(11,104 |
) |
|
Limited partners’ interest in net income (loss) |
|
$ |
238,186 |
|
|
$ |
258,249 |
|
|
$ |
896,477 |
|
|
$ |
515,908 |
|
|
Net income (loss) per common unit – basic |
|
$ |
0.58 |
|
|
$ |
0.62 |
|
|
$ |
2.18 |
|
|
$ |
1.18 |
|
|
Net income (loss) per common unit – diluted |
|
$ |
0.58 |
|
|
$ |
0.62 |
|
|
$ |
2.18 |
|
|
$ |
1.18 |
|
|
Weighted-average common units outstanding – basic |
|
|
407,212 |
|
|
|
415,597 |
|
|
|
411,309 |
|
|
|
435,554 |
|
|
Weighted-average common units outstanding – diluted |
|
|
408,454 |
|
|
|
415,907 |
|
|
|
412,022 |
|
|
|
435,624 |
|
|
Western Midstream Partners, LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
|
|
|
December 31, |
||||||
|
thousands except number of units |
|
2021 |
|
2020 |
||||
|
Total current assets |
|
$ |
684,764 |
|
|
$ |
943,064 |
|
|
Net property, plant, and equipment |
|
|
8,512,907 |
|
|
|
8,709,945 |
|
|
Other assets |
|
|
2,075,408 |
|
|
|
2,177,018 |
|
|
Total assets |
|
$ |
11,273,079 |
|
|
$ |
11,830,027 |
|
|
Total current liabilities |
|
$ |
1,140,197 |
|
|
$ |
960,935 |
|
|
Long-term debt |
|
|
6,400,616 |
|
|
|
7,415,832 |
|
|
Asset retirement obligations |
|
|
298,275 |
|
|
|
260,283 |
|
|
Other liabilities |
|
|
338,231 |
|
|
|
297,765 |
|
|
Total liabilities |
|
|
8,177,319 |
|
|
|
8,934,815 |
|
|
Equity and partners’ capital |
|
|
|
|
||||
|
Common units (402,993,919 and 413,839,863 units issued and outstanding at December 31, 2021 and 2020, respectively) |
|
|
2,966,955 |
|
|
|
2,778,339 |
|
|
General partner units (9,060,641 units issued and outstanding at December 31, 2021 and 2020) |
|
|
(8,882 |
) |
|
|
(17,208 |
) |
|
Noncontrolling interests |
|
|
137,687 |
|
|
|
134,081 |
|
|
Total liabilities, equity, and partners’ capital |
|
$ |
11,273,079 |
|
|
$ |
11,830,027 |
|
|
Western Midstream Partners, LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||
|
|
|
Year Ended December 31, |
||||||
|
thousands |
|
2021 |
|
2020 |
||||
|
Cash flows from operating activities |
|
|
|
|
||||
|
Net income (loss) |
|
$ |
943,999 |
|
|
$ |
516,852 |
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities: |
|
|
|
|
||||
|
Depreciation and amortization |
|
|
551,629 |
|
|
|
491,086 |
|
|
Long-lived asset and other impairments |
|
|
30,543 |
|
|
|
203,889 |
|
|
Goodwill impairment |
|
|
— |
|
|
|
441,017 |
|
|
(Gain) loss on divestiture and other, net |
|
|
(44 |
) |
|
|
(8,634 |
) |
|
(Gain) loss on early extinguishment of debt |
|
|
24,944 |
|
|
|
(11,234 |
) |
|
Cash paid to settle interest-rate swaps |
|
|
— |
|
|
|
(25,621 |
) |
|
Change in other items, net |
|
|
215,781 |
|
|
|
30,063 |
|
|
Net cash provided by operating activities |
|
$ |
1,766,852 |
|
|
$ |
1,637,418 |
|
|
Cash flows from investing activities |
|
|
|
|
||||
|
Capital expenditures |
|
$ |
(313,674 |
) |
|
$ |
(423,602 |
) |
|
Contributions to equity investments – related parties |
|
|
(4,435 |
) |
|
|
(19,388 |
) |
|
Distributions from equity investments in excess of cumulative earnings – related parties |
|
|
41,385 |
|
|
|
32,160 |
|
|
Proceeds from the sale of assets to third parties |
|
|
8,102 |
|
|
|
20,333 |
|
|
(Increase) decrease in materials and supplies inventory and other |
|
|
11,084 |
|
|
|
(57,757 |
) |
|
Net cash used in investing activities |
|
$ |
(257,538 |
) |
|
$ |
(448,254 |
) |
|
Cash flows from financing activities |
|
|
|
|
||||
|
Borrowings, net of debt issuance costs |
|
$ |
480,000 |
|
|
$ |
3,681,173 |
|
|
Repayments of debt |
|
|
(1,432,966 |
) |
|
|
(3,803,888 |
) |
|
Increase (decrease) in outstanding checks |
|
|
(21,631 |
) |
|
|
20,699 |
|
|
Distributions to Partnership unitholders |
|
|
(533,758 |
) |
|
|
(695,834 |
) |
|
Distributions to Chipeta noncontrolling interest owner |
|
|
(9,117 |
) |
|
|
(8,644 |
) |
|
Distributions to noncontrolling interest owner of WES Operating |
|
|
(14,984 |
) |
|
|
(15,434 |
) |
|
Net contributions from (distributions to) related parties |
|
|
8,533 |
|
|
|
24,466 |
|
|
Finance lease payments |
|
|
(6,513 |
) |
|
|
(14,207 |
) |
|
Unit repurchases |
|
|
(217,465 |
) |
|
|
(32,535 |
) |
|
Other |
|
|
(4,336 |
) |
|
|
— |
|
|
Net cash provided by (used in) financing activities |
|
$ |
(1,752,237 |
) |
|
$ |
(844,204 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
$ |
(242,923 |
) |
|
$ |
344,960 |
|
|
Cash and cash equivalents at beginning of period |
|
|
444,922 |
|
|
|
99,962 |
|
|
Cash and cash equivalents at end of period |
|
$ |
201,999 |
|
|
$ |
444,922 |
|
Contacts
Kristen Shults
Senior Vice President, Finance and Sustainability
Kristen.Shults@westernmidstream.com
832.636.1009
Daniel Jenkins
Director, Investor Relations
Daniel.Jenkins@westernmidstream.com
832.636.1009
Shelby Keltner
Manager, Investor Relations
Shelby.Keltner@westernmidstream.com
832.636.1009
