WES Western Midstream Partners LP

• Reported first-quarter 2023 Net income attributable to limited partners of $199.0 million, generating first-quarter Adjusted EBITDA(1) of $498.7 million.
• Reported first-quarter 2023 Cash flows provided by operating activities of $302.4 million, generating first-quarter Free cash flow(1) of $141.6 million.
• Announced a first-quarter distribution of $0.856 per unit, which includes the Partnership’s Base Distribution of $0.500 per unit, as well as an Enhanced Distribution of $0.356 per unit.

Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced first-quarter 2023 financial and operating results. Net income (loss) attributable to limited partners for the first quarter of 2023 totaled $199.0 million, or $0.52 per common unit (diluted), with first-quarter 2023 Adjusted EBITDA(1) totaling $498.7 million. First-quarter 2023 Cash flows provided by operating activities totaled $302.4 million, and first-quarter 2023 Free cash flow(1) totaled $141.6 million.

RECENT HIGHLIGHTS

• Processed record Delaware Basin natural-gas throughput of 1.57 Bcf/d for the first quarter, representing a 3-percent sequential-quarter increase.
• Gathered record Delaware Basin produced-water throughput of 977 MBbls/d for the first quarter, representing a 13-percent sequential-quarter increase.
• After quarter end, executed a long-term amendment to Occidental’s natural-gas processing agreement in the Delaware Basin to provide up to 300 MMcf/d of additional firm-processing capacity supported by significant corresponding minimum-volume commitments.
• In conjunction with the Delaware Basin processing agreement amendment, executed an amendment to Occidental’s natural-gas gathering agreement in the Delaware Basin extending the original term by three years through 2035.
• Obtained investment-grade status, and subsequent to quarter end, closed an offering of $750.0 million in aggregate principal amount of 6.150% senior notes due 2033.
• Retired $213.1 million of floating rate senior notes in January of 2023.
• After quarter end, executed an amendment to the revolving credit facility extending the maturity to April of 2028 for an aggregate principal amount of up to $2.0 billion, which currently is undrawn.

On May 15, 2023, WES will pay its first-quarter 2023 per-unit distribution of $0.856, which includes the Partnership’s quarterly Base Distribution of $0.500 per unit and an Enhanced Distribution of $0.356 per unit pertaining to the Partnership’s 2022 financial performance. Through quarter-end, total common unit repurchases increased to $494.7 million of the $1.250 billion repurchase program, which runs through December 31, 2024. First-quarter 2023 Free cash flow(1) after distributions totaled $(55.0) million. First-quarter 2023 capital expenditures(2) totaled $179.3 million.

First-quarter 2023 natural-gas throughput(3) averaged 4.1 Bcf/d, representing a 3-percent sequential-quarter decrease. First-quarter 2023 throughput for crude-oil and NGLs assets(3) averaged 611 MBbls/d, representing a 6-percent sequential-quarter decrease. First-quarter 2023 throughput for produced-water assets(3) averaged 957 MBbls/d, representing a 12-percent sequential-quarter increase.

“In the Delaware Basin, strong producer activity levels led to increased throughput across all three products and resulted in record natural-gas and produced-water throughput,” said Michael Ure, President and Chief Executive Officer. “Despite continued growth in the Delaware Basin, overall natural-gas and crude-oil throughput declined sequentially due to expected declines in the DJ Basin, reduced throughput from our equity investments, and inclement weather that impacted our legacy Rocky Mountain assets in Utah and Wyoming. Additionally, increased sequential gross margin from the Delaware Basin was offset by the expected reduction in deficiency revenue and margin from non-core assets and reduced gross margin contribution from equity investments, primarily due to the sale of Cactus II in 2022. With that said, we expect quarterly profitability to gradually improve as throughput increases for the remainder of the year.”

Mr. Ure continued, “Our commercial team continues to generate substantial value for our partnership. Since this time last year, and inclusive of the new amendments with Occidental, we have now executed agreements providing up to 950 MMcf/d of firm processing commitments with some of our largest customers.”

“Additionally, we continue to see strong producer forecasts from our Delaware Basin customers, which may require us to increase our processing capacity at our West Texas complex to satisfy future volume growth. We will update the market in due time of any changes that could potentially affect our previously disclosed capital expenditures and Free cash flow guidance ranges. With that said, we are committed to safely meeting the processing needs of our customers, growing our Delaware Basin footprint, and continuing to generate meaningful value for our stakeholders,” concluded Mr. Ure.

CONFERENCE CALL TOMORROW AT 1:00 P.M. CT

WES will host a conference call on Thursday, May 4, 2023, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss first-quarter 2023 results. To participate, individuals should dial 888-770-7129 (Domestic) or 929-203-2109 (International) ten to fifteen minutes before the scheduled conference call time and enter the participant access code of 2187921. 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.

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; 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.

______________________________________________________________

(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)

Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta.

(3)

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.

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

March 31,

thousands except per-unit amounts

 

 

2023

 

 

 

2022

 

Revenues and other

 

 

 

 

Service revenues – fee based

 

$

647,867

 

 

$

631,598

 

Service revenues – product based

 

 

46,810

 

 

 

40,867

 

Product sales

 

 

39,025

 

 

 

85,589

 

Other

 

 

280

 

 

 

243

 

Total revenues and other

 

 

733,982

 

 

 

758,297

 

Equity income, net – related parties

 

 

39,021

 

 

 

49,607

 

Operating expenses

 

 

 

 

Cost of product

 

 

51,459

 

 

 

72,848

 

Operation and maintenance

 

 

174,239

 

 

 

128,976

 

General and administrative

 

 

51,117

 

 

 

48,602

 

Property and other taxes

 

 

6,831

 

 

 

18,442

 

Depreciation and amortization

 

 

144,626

 

 

 

134,582

 

Long-lived asset and other impairments

 

 

52,401

 

 

 

—

 

Total operating expenses

 

 

480,673

 

 

 

403,450

 

Gain (loss) on divestiture and other, net

 

 

(2,118

)

 

 

370

 

Operating income (loss)

 

 

290,212

 

 

 

404,824

 

Interest expense

 

 

(81,670

)

 

 

(85,455

)

Other income (expense), net

 

 

1,215

 

 

 

106

 

Income (loss) before income taxes

 

 

209,757

 

 

 

319,475

 

Income tax expense (benefit)

 

 

1,416

 

 

 

1,805

 

Net income (loss)

 

 

208,341

 

 

 

317,670

 

Net income (loss) attributable to noncontrolling interests

 

 

4,696

 

 

 

8,953

 

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

 

$

203,645

 

 

$

308,717

 

Limited partners’ interest in net income (loss):

 

 

 

 

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

 

$

203,645

 

 

$

308,717

 

General partner interest in net (income) loss

 

 

(4,686

)

 

 

(6,783

)

Limited partners’ interest in net income (loss)

 

$

198,959

 

 

$

301,934

 

Net income (loss) per common unit – basic

 

$

0.52

 

 

$

0.75

 

Net income (loss) per common unit – diluted

 

$

0.52

 

 

$

0.75

 

Weighted-average common units outstanding – basic

 

 

384,468

 

 

 

403,254

 

Weighted-average common units outstanding – diluted

 

 

385,750

 

 

 

404,460

 

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

thousands except number of units

 

March 31, 2023

 

December 31, 2022

Total current assets

 

$

735,298

 

$

900,425

Net property, plant, and equipment

 

 

8,541,222

 

 

8,541,600

Other assets

 

 

1,835,968

 

 

1,829,603

Total assets

 

$

11,112,488

 

$

11,271,628

Total current liabilities

 

$

581,327

 

$

903,857

Long-term debt

 

 

6,693,941

 

 

6,569,582

Asset retirement obligations

 

 

293,718

 

 

290,021

Other liabilities

 

 

441,938

 

 

400,053

Total liabilities

 

 

8,010,924

 

 

8,163,513

Equity and partners’ capital

 

 

 

 

Common units (384,615,227 and 384,070,984 units issued and outstanding at March 31, 2023, and December 31, 2022, respectively)

 

 

2,964,712

 

 

2,969,604

General partner units (9,060,641 units issued and outstanding at March 31, 2023, and December 31, 2022)

 

 

2,261

 

 

2,105

Noncontrolling interests

 

 

134,591

 

 

136,406

Total liabilities, equity, and partners’ capital

 

$

11,112,488

 

$

11,271,628

 

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Three Months Ended

March 31,

thousands

 

 

2023

 

 

 

2022

 

Cash flows from operating activities

 

 

 

 

Net income (loss)

 

$

208,341

 

 

$

317,670

 

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

 

 

 

 

Depreciation and amortization

 

 

144,626

 

 

 

134,582

 

Long-lived asset and other impairments

 

 

52,401

 

 

 

—

 

(Gain) loss on divestiture and other, net

 

 

2,118

 

 

 

(370

)

Change in other items, net

 

 

(105,062

)

 

 

(175,424

)

Net cash provided by operating activities

 

$

302,424

 

 

$

276,458

 

Cash flows from investing activities

 

 

 

 

Capital expenditures

 

$

(173,088

)

 

$

(83,971

)

Contributions to equity investments - related parties

 

 

(110

)

 

 

(2,070

)

Distributions from equity investments in excess of cumulative earnings – related parties

 

 

12,366

 

 

 

9,925

 

Proceeds from the sale of assets to third parties

 

 

—

 

 

 

383

 

(Increase) decrease in materials and supplies inventory and other

 

 

(18,346

)

 

 

4,116

 

Net cash used in investing activities

 

$

(179,178

)

 

$

(71,617

)

Cash flows from financing activities

 

 

 

 

Borrowings, net of debt issuance costs

 

$

220,000

 

 

$

—

 

Repayments of debt

 

 

(313,138

)

 

 

—

 

Increase (decrease) in outstanding checks

 

 

18,768

 

 

 

(7,088

)

Distributions to Partnership unitholders

 

 

(196,569

)

 

 

(134,749

)

Distributions to Chipeta noncontrolling interest owner

 

 

(2,240

)

 

 

(1,984

)

Distributions to noncontrolling interest owner of WES Operating

 

 

(4,271

)

 

 

(2,805

)

Net contributions from (distributions to) related parties

 

 

—

 

 

 

409

 

Unit repurchases

 

 

(7,061

)

 

 

(5,149

)

Other

 

 

(12,746

)

 

 

(7,225

)

Net cash provided by (used in) financing activities

 

$

(297,257

)

 

$

(158,591

)

Net increase (decrease) in cash and cash equivalents

 

$

(174,011

)

 

$

46,250

 

Cash and cash equivalents at beginning of period

 

 

286,656

 

 

 

201,999

 

Cash and cash equivalents at end of period

 

$

112,645

 

 

$

248,249

 

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

WES defines Adjusted gross margin attributable to Western Midstream Partners, LP (“Adjusted gross margin”) as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interest owners’ proportionate share of revenues and cost of product.

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

WES defines Free cash flow as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in excess of cumulative earnings. Management considers Free cash flow an appropriate metric for assessing capital discipline, cost efficiency, and balance-sheet strength. Although Free cash flow is the metric used to assess WES’s ability to make distributions to unitholders, this measure should not be viewed as indicative of the actual amount of cash that is available for distributions or planned for distributions for a given period. Instead, Free cash flow should be considered indicative of the amount of cash that is available for distributions, debt repayments, and other general partnership purposes.

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 Western Midstream Partners, LP and other applicable performance measures, such as gross margin or cash flows provided by operating activities.

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Adjusted Gross Margin

 

 

Three Months Ended

thousands

 

March 31, 2023

 

December 31, 2022

Reconciliation of Gross margin to Adjusted gross margin

 

 

 

 

Total revenues and other

 

$

733,982

 

$

779,437

Less:

 

 

 

 

Cost of product

 

 

51,459

 

 

92,663

Depreciation and amortization

 

 

144,626

 

 

151,910

Gross margin

 

 

537,897

 

 

534,864

Add:

 

 

 

 

Distributions from equity investments

 

 

51,975

 

 

69,282

Depreciation and amortization

 

 

144,626

 

 

151,910

Less:

 

 

 

 

Reimbursed electricity-related charges recorded as revenues

 

 

23,569

 

 

23,577

Adjusted gross margin attributable to noncontrolling interests (1)

 

 

15,774

 

 

17,490

Adjusted gross margin

 

$

695,155

 

$

714,989

 

 

 

 

 

Gross margin

 

 

 

 

Gross margin for natural-gas assets (2)

 

$

393,673

 

$

403,043

Gross margin for crude-oil and NGLs assets (2)

 

 

89,281

 

 

75,690

Gross margin for produced-water assets (2)

 

 

59,549

 

 

61,189

Adjusted gross margin

 

 

 

 

Adjusted gross margin for natural-gas assets

 

$

480,009

 

$

492,591

Adjusted gross margin for crude-oil and NGLs assets

 

 

145,577

 

 

150,611

Adjusted gross margin for produced-water assets

 

 

69,569

 

 

71,787

(1)

For all periods presented, 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.

(2)

Excludes corporate-level depreciation and amortization.

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

 

Adjusted EBITDA

 

 

Three Months Ended

thousands

 

March 31, 2023

 

December 31, 2022

Reconciliation of Net income (loss) to Adjusted EBITDA

 

 

 

 

Net income (loss)

 

$

208,341

 

 

$

345,034

 

Add:

 

 

 

 

Distributions from equity investments

 

 

51,975

 

 

 

69,282

 

Non-cash equity-based compensation expense

 

 

7,199

 

 

 

6,538

 

Interest expense

 

 

81,670

 

 

 

84,606

 

Income tax expense

 

 

1,416

 

 

 

504

 

Depreciation and amortization

 

 

144,626

 

 

 

151,910

 

Impairments

 

 

52,401

 

 

 

20,491

 

Other expense

 

 

200

 

 

 

209

 

Less:

 

 

 

 

Gain (loss) on divestiture and other, net

 

 

(2,118

)

 

 

104,560

 

Equity income, net – related parties

 

 

39,021

 

 

 

44,095

 

Other income

 

 

1,215

 

 

 

1,484

 

Adjusted EBITDA attributable to noncontrolling interests (1)

 

 

11,015

 

 

 

12,654

 

Adjusted EBITDA

 

$

498,695

 

 

$

515,781

 

Reconciliation of Net cash provided by operating activities to Adjusted EBITDA

 

 

 

 

Net cash provided by operating activities

 

$

302,424

 

 

$

489,219

 

Interest (income) expense, net

 

 

81,670

 

 

 

84,606

 

Accretion and amortization of long-term obligations, net

 

 

(1,692

)

 

 

(1,783

)

Current income tax expense (benefit)

 

 

492

 

 

 

262

 

Other (income) expense, net

 

 

(1,215

)

 

 

(1,486

)

Distributions from equity investments in excess of cumulative earnings – related parties

 

 

12,366

 

 

 

22,839

 

Changes in assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

4,037

 

 

 

(96,659

)

Accounts and imbalance payables and accrued liabilities, net

 

 

136,460

 

 

 

72,881

 

Other items, net

 

 

(24,832

)

 

 

(41,444

)

Adjusted EBITDA attributable to noncontrolling interests (1)

 

 

(11,015

)

 

 

(12,654

)

Adjusted EBITDA

 

$

498,695

 

 

$

515,781

 

Cash flow information

 

 

 

 

Net cash provided by operating activities

 

$

302,424

 

 

$

489,219

 

Net cash used in investing activities

 

 

(179,178

)

 

 

138,015

 

Net cash provided by (used in) financing activities

 

 

(297,257

)

 

 

(499,671

)

(1)

For all periods presented, 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.

 

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

 

Free Cash Flow

 

 

Three Months Ended

thousands

 

March 31, 2023

 

December 31, 2022

Reconciliation of Net cash provided by operating activities to Free cash flow

 

 

 

 

Net cash provided by operating activities

 

$

302,424

 

 

$

489,219

 

Less:

 

 

 

 

Capital expenditures

 

 

173,088

 

 

 

145,723

 

Contributions to equity investments – related parties

 

 

110

 

 

 

733

 

Add:

 

 

 

 

Distributions from equity investments in excess of cumulative earnings – related parties

 

 

12,366

 

 

 

22,839

 

Free cash flow

 

$

141,592

 

 

$

365,602

 

Cash flow information

 

 

 

 

Net cash provided by operating activities

 

$

302,424

 

 

$

489,219

 

Net cash used in investing activities

 

 

(179,178

)

 

 

138,015

 

Net cash provided by (used in) financing activities

 

 

(297,257

)

 

 

(499,671

)

 

Western Midstream Partners, LP

OPERATING STATISTICS

(Unaudited)

 

 

 

Three Months Ended

 

 

March 31, 2023

 

December 31, 2022

Throughput for natural-gas assets (MMcf/d)

 

 

 

 

Gathering, treating, and transportation

 

 

369

 

 

402

Processing

 

 

3,454

 

 

3,520

Equity investments (1)

 

 

423

 

 

463

Total throughput

 

 

4,246

 

 

4,385

Throughput attributable to noncontrolling interests (2)

 

 

139

 

 

154

Total throughput attributable to WES for natural-gas assets

 

 

4,107

 

 

4,231

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

 

 

 

 

Gathering, treating, and transportation

 

 

309

 

 

315

Equity investments (1)

 

 

314

 

 

347

Total throughput

 

 

623

 

 

662

Throughput attributable to noncontrolling interests (2)

 

 

12

 

 

13

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

 

 

611

 

 

649

Throughput for produced-water assets (MBbls/d)

 

 

 

 

Gathering and disposal

 

 

977

 

 

868

Throughput attributable to noncontrolling interests (2)

 

 

20

 

 

17

Total throughput attributable to WES for produced-water assets

 

 

957

 

 

851

Per-Mcf Gross margin for natural-gas assets (3)

 

$

1.03

 

$

1.00

Per-Bbl Gross margin for crude-oil and NGLs assets (3)

 

 

1.59

 

 

1.24

Per-Bbl Gross margin for produced-water assets (3)

 

 

0.68

 

 

0.77

 

 

 

 

 

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

 

$

1.30

 

$

1.27

Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (4)

 

 

2.65

 

 

2.53

Per-Bbl Adjusted gross margin for produced-water assets (4)

 

 

0.81

 

 

0.92

(1)

Represents our share of average throughput for investments accounted for under the equity method of accounting.

(2)

For all periods presented, 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.

 

Western Midstream Partners, LP

OPERATING STATISTICS (CONTINUED)

(Unaudited)

 

 

 

Three Months Ended

 

 

March 31, 2023

 

December 31, 2022

Throughput for natural-gas assets (MMcf/d)

 

 

 

 

Delaware Basin

 

1,569

 

1,524

DJ Basin

 

1,306

 

1,343

Equity investments

 

423

 

463

Other

 

948

 

1,055

Total throughput for natural-gas assets

 

4,246

 

4,385

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

 

 

 

 

Delaware Basin

 

205

 

203

DJ Basin

 

69

 

77

Equity investments

 

314

 

347

Other

 

35

 

35

Total throughput for crude-oil and NGLs assets

 

623

 

662

Throughput for produced-water assets (MBbls/d)

 

 

 

 

Delaware Basin

 

977

 

868

Total throughput for produced-water assets

 

977

 

868

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230503005381/en/

Daniel Jenkins Director, Investor Relations Daniel.Jenkins@westernmidstream.com 832.636.1009