HAKINMHAN Company Overview And Macro Western Midstream: Appealing Execution WES: Up A Lot But Still Attractive Western Midstream Partners, LP (NYSE:WES) is not among the largest energy or midstream companies, but it offers one of the highest dividend yields that is available today, at 8.5%. While shares have rallied substantially over the last year, they still aren't expensive today. For someone looking for a high yield from a company with a K-1, Western Midstream Partners remains a solid choice. the Atlant ...

A limited number of unitholders (primarily foreign unitholders, unitholders computing a foreign tax credit on their tax return and certain corporate and/or partnership unitholders) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements. To the extent Schedule K-3 is applicable to your federal income tax return filing needs, we encourage you to review the information contained on this form and refer to the appropriate federal laws and guidance or consult with yo ...

Western Midstream Partners LP (NYSE:WES) Q1 2024 Earnings Conference Call May 9, 2024 2:00 PM ET Company Participants Daniel Jenkins - Director, IR Michael Ure - President, CEO & Director Kristen Shults - SVP & CFO Conference Call Participants Keith Stanley - Wolfe Research Spiro Dounis - Citigroup Noah Katz - JPMorgan Chase & Co. Zach Van Everen - TPH & Company Manav Gupta - UBS Operator This time, I would like to welcome everyone to the Western Midstream Partners First Quarter 2024 Earnings Conference Cal ...

Financial Performance - Total revenues for Q1 2024 were $887.7 million, a 3.4% increase from $858.2 million in Q4 2023 and a 20.9% increase from $733.9 million in Q1 2023 [135]. - Operating income for Q1 2024 was $679.4 million, significantly up from $391.9 million in Q4 2023 and $290.2 million in Q1 2023 [135]. - The company reported a net income of $586,216 thousand for the three months ended March 31, 2024, significantly higher than $295,752 thousand in the previous quarter and $208,341 thousand in the same quarter last year [186]. - The company reported a net income attributable to WES of $572.8 million for the three months ended March 31, 2024, compared to $288.4 million in the previous quarter [228]. - Adjusted EBITDA for the three months ended March 31, 2024, was $608,409 thousand, an increase from $570,665 thousand in the previous quarter and $498,695 thousand in the same quarter last year [186]. - Adjusted gross margin reached $845,052 thousand for the three months ended March 31, 2024, reflecting a 3% increase from $819,381 thousand in the previous quarter and a 22% increase from $695,155 thousand a year ago [195]. Revenue Sources - Service revenues increased by 4% to $848.0 million in Q1 2024 compared to $813.4 million in Q4 2023, and up 22% from $694.7 million in Q1 2023 [143]. - Natural-gas sales decreased by 78% to $3.2 million in Q1 2024 compared to $14.2 million in Q4 2023, primarily due to decreased volumes sold [148]. - NGLs sales increased by $5.6 million compared to the three months ended December 31, 2023, driven by a $3.7 million increase at the DJ Basin and $2.4 million at the Powder River Basin due to increased volumes sold from the acquisition of Meritage [151]. Costs and Expenses - Total cost of product and operation and maintenance expenses remained relatively stable at $241.018 million, with a 7% increase compared to $225.698 million for the three months ended March 31, 2023 [155]. - General and administrative expenses decreased by $5.2 million compared to the three months ended December 31, 2023, primarily due to a $6.2 million decrease in contract labor and consulting costs [164]. - Interest expense decreased by $3.1 million compared to the three months ended December 31, 2023, primarily due to a $5.7 million decrease from no outstanding borrowings under the RCF [172]. - Depreciation and amortization expense increased by $13.4 million compared to the three months ended March 31, 2023, primarily due to a $15.1 million increase at the Powder River Basin complex from the acquisition of Meritage [169]. Investments and Divestitures - The company closed on the sale of several equity investments for combined proceeds of $588.6 million during Q1 2024, including $5.9 million in pro-rata distributions [118]. - In Q1 2024, the company closed the sale of equity investments, generating proceeds of $588.6 million and a net gain of $239.7 million recorded as Gain on divestiture [130]. - The company sold its 33.75% interest in the Marcellus Interest systems for $206.2 million, resulting in an estimated net gain of $65.0 million to be recorded in Q2 2024 [131]. - The acquisition of Meritage was completed in October 2023 for $885.0 million, funded by cash and proceeds from a $600.0 million senior note issuance [132]. Cash Flow and Liquidity - Free cash flow for the three months ended March 31, 2024, was $224,952 thousand, compared to $282,036 thousand in the previous quarter and $141,592 thousand in the same quarter last year [188]. - Net cash provided by operating activities for the three months ended March 31, 2024, was $399,708 thousand, a decrease from $473,300 thousand in the previous quarter and an increase from $302,424 thousand in the same quarter last year [186]. - As of March 31, 2024, the company reported a working capital surplus of $358.2 million, indicating a strong liquidity position [214]. - The company maintains $1.9 billion in effective borrowing capacity under the revolving credit facility as of March 31, 2024 [214]. Market Conditions and Risks - The company anticipates that fluctuations in commodity prices will impact producer activity and, consequently, its operations [124]. - Inflation and supply-chain disruptions have raised operating costs and capital expenditures, which could materially affect financial results [126]. - A 10% change in commodity prices is not expected to materially impact operating income or cash flows for the next 12 months, as 95% of wellhead natural-gas volume and 100% of crude-oil throughput were under fee-based contracts [237]. - The company expects its exposure to credit risk from counterparties, particularly Occidental, to continue impacting cash distributions to unitholders [225]. Shareholder Returns - The Board declared a cash distribution of $0.875 per unit, totaling $340.9 million, payable on May 15, 2024 [209]. - The company distributed $223.4 million to WES unitholders during the three months ended March 31, 2024, compared to $196.6 million in the same period of 2023 [228]. - The company has an authorized amount of $627.8 million remaining under its common-unit buyback program, with no units repurchased in the latest quarter [211].

EXHIBIT 99.1 RECENT HIGHLIGHTS • Reported record first-quarter 2024 Net income attributable to limited partners of $559.5 million, generating record first-quarter Adjusted EBITDA of $608.4 million. (1) • Reported first-quarter 2024 Cash flows provided by operating activities of $399.7 million, generating first-quarter Free cash flow of $225.0 million. (1) • Announced a first-quarter Base Distribution of $0.875 per unit, or $3.50 per unit on an annualized basis, which represents a 52-percent increase over th ...

Western Midstream Partners, LP (NYSE:WES) Q4 2023 Earnings Conference Call February 22, 2024 2:00 PM ET Company Participants Daniel Jenkins - Director of Investor Relations Michael Ure - Chief Executive Officer Kristen Shults - Chief Financial Officer Conference Call Participants Spiro Dounis - Citi Jeremy Tonet - JP Morgan Brian Reynolds - UBS Zack Van Everen - TPH Keith Stanley - Wolfe Research Selman Akyol - Stifel. Ned Baramov - Wells Fargo Neel Mitra - Bank of America Operator Good afternoon. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to WESTERN MIDSTREAM PARTNERS, LP WESTERN MIDSTREAM OPERATING, LP (Exact name of registrant as specified in its charter) | | | State or other jurisdiction of | I.R.S. Employer Identification | | --- | --- | --- | --- | | | Commission file number: | incorporation or organization: | No.: | | Western Mi ...

EXHIBIT 99.1 WESTERN MIDSTREAM ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2023 RESULTS HOUSTON—(PR NEWSWIRE)—February 21, 2024 – Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced fourth-quarter and full-year 2023 financial and operating results. Net income (loss) attributable to limited partners for the fourth quarter of 2023 totaled $281.6 million, or $0.74 per common unit (diluted), with fourth-quarter 2023 Adjusted EBITDA totaling $570.7 million. Fourth-quarter Adjusted ...

Third-Quarter 2023 Review November 2, 2023 Forward-Looking Statements and Ownership Structure 2 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------|----------- ...

Financial Data and Key Metrics Changes - The company generated net income attributable to limited partners of $271 million and adjusted EBITDA of $511 million, reflecting a quarter-over-quarter increase of 5% [24][27] - Adjusted gross margin increased by $35 million compared to the previous quarter, primarily due to increased throughput across all products in the Delaware Basin and increased natural gas throughput in the DJ Basin [24][25] - Cash flow from operations totaled $395 million, generating free cash flow of $200 million [27] Business Line Data and Key Metrics Changes - Natural gas throughput increased by 5% sequentially, driven by new production in the Delaware Basin and increased activity in South Texas [19] - Crude oil and NGLs throughput rose by 7% sequentially, marking the first increase in the DJ Basin since Q4 2021 [20] - Produced water throughput increased by 14% sequentially due to heightened completion activity in the Delaware Basin [20] Market Data and Key Metrics Changes - The Delaware Basin is expected to remain the main driver of throughput growth, with year-over-year natural gas throughput growth anticipated in the mid-single digits for 2023 [30][31] - The DJ Basin is expected to see a gradual increase in volumes, although year-over-year throughput is still projected to decrease for both natural gas and crude oil relative to 2022 [31][37] Company Strategy and Development Direction - The company executed a significant acquisition of Meritage Midstream, enhancing its asset base in the Powder River Basin and increasing processing capacity to approximately 440 million cubic feet per day [12][14] - The acquisition is expected to provide customer diversification and contribute to earnings and free cash flow over the coming years [13][14] - The company remains committed to a balanced capital allocation strategy, focusing on debt reduction, unit buybacks, and increasing base distributions over time [29][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow adjusted EBITDA and free cash flow, with expectations of returning to pre-Meritage leverage levels by year-end 2024 [15][35] - The company anticipates continued growth in throughput and adjusted EBITDA in 2024, supported by capital-efficient organic projects [40][41] - Management highlighted the importance of customer service and operational efficiency in driving growth and maintaining competitive positioning [80][81] Other Important Information - The company increased its base distribution by $1.25 per unit, reflecting a commitment to returning capital to stakeholders [14][29] - The Meritage acquisition was funded through cash and a recent issuance of $600 million in senior notes, with a trailing net leverage ratio expected to increase in the near term [15][27] Q&A Session Summary Question: Is the Meritage acquisition a shift in strategy? - Management clarified that it is not a shift in strategy but an opportunistic acquisition to enhance existing operations [46][47] Question: What are the capital allocation priorities post-Meritage? - Management emphasized a sustainable base distribution level and the importance of evaluating capital allocation on a quarterly basis [66][69] Question: How does the company view its competitive position in the DJ Basin? - Management does not foresee significant impacts from competitors and views the competitive dynamics positively [63] Question: What are the expected benefits from the Meritage acquisition? - Management expects the acquisition to be accretive on a per MCF basis and anticipates margin benefits as volumes are integrated [64][84]