Company Structure and Operations - Western Midstream Partners, LP owns a 98.0% limited partner interest in Western Midstream Operating, LP[27] - The company is engaged in gathering, compressing, treating, processing, and transporting natural gas, as well as gathering and disposing of produced water[29] - The company’s operations are organized into a single segment that engages in gathering, compressing, treating, processing, and transporting natural gas, crude oil, and produced water[37] - The company’s assets include both owned assets and ownership interests accounted for under the equity method[28] - The company’s operations include the sale of natural gas, NGLs, and condensate on behalf of itself and its customers[29] Financial Position and Credit Facilities - The company has a $2.0 billion senior unsecured revolving credit facility[24] - As of December 31, 2024, the company had approximately $2.0 billion in effective borrowing capacity under the revolving credit facility (RCF), providing liquidity for expansion and acquisition opportunities[47] - The company requires $341.0 million in available cash per quarter to maintain its announced distribution of $0.87500 per unit, totaling $1,364.0 million annually[163] - The company's cash flows, rather than profitability, primarily determine the cash available for distribution, which may fluctuate from quarter to quarter[162] - The company has a buyback program of $1.25 billion that ends on December 31, 2024[24] Acquisitions and Sales - The company sold its 15% interest in Cactus II Pipeline LLC in November 2022[24] - The company acquired Meritage Midstream Services II, LLC on October 13, 2023[24] - 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[42] - The company closed the sale of its 33.75% interest in the Marcellus Interest systems for proceeds of $206.2 million, resulting in a net gain of $63.9 million recorded in the consolidated statement of operations[40] - In the first quarter of 2024, the company sold equity investments including a 25.00% interest in Mont Belvieu JV for combined proceeds of $588.6 million, resulting in a net gain of $239.7 million[41] Revenue Sources and Customer Dependence - For the year ended December 31, 2024, 60% of total revenues were attributable to production owned or controlled by Occidental, highlighting the company's reliance on this key partner[51] - Occidental accounts for over 50% of the company's revenues related to natural gas, crude oil, NGLs, and produced water, with 60% of total revenues and 91% of throughput for crude oil and NGLs attributable to Occidental's production[146] - A material reduction in Occidental's production could lead to a significant decline in the company's revenues and cash available for distribution[146] - The company reported that 95% of its wellhead natural-gas volume and 100% of its crude-oil and produced-water throughput were serviced under fee-based contracts, providing a stable revenue stream[47] Growth and Expansion Plans - The company plans to enhance growth through systematic acquisition activity while controlling operating, capital, and administrative costs to maintain sustainable distribution growth[45] - The Mentone Train III processing plant was completed, adding 300 MMcf/d of processing capacity to the West Texas complex[61] - The North Loving Plant is under construction with a capacity of 250 MMcf/d, expected to be completed in Q1 2025, bringing total processing capacity of the West Texas complex to 2,190 MMcf/d[63] - Three oil-treating facilities were brought online, adding 45 MBbls/d of treating capacity to the DBM oil system[64] - Several produced-water disposal wells were added, increasing disposal capacity by 210 MBbls/d[65] Regulatory and Compliance Risks - Proposed revisions to pipeline safety regulations by PHMSA could increase compliance costs and operational delays for the company[105] - The company is subject to civil penalties for violations of CFTC and FTC regulations, which can exceed $1.0 million per day per violation[112] - The company’s natural-gas gathering operations may face increased costs and capital expenditures due to potential changes in state or federal regulations[113] - The company is required to comply with ratable-take and common-purchaser statutes, which prohibit discrimination among natural gas producers[114] - FERC's anti-manipulation rules apply to non-jurisdictional entities in connection with gas sales, purchases, or transportation subject to FERC jurisdiction[116] Environmental and Climate Change Regulations - The company has incurred and will continue to incur significant operating and capital expenditures to comply with environmental regulations, which may materially affect its financial condition and results of operations[126] - The EPA's new regulations for ground-level ozone standards could require the installation of new emission controls, significantly increasing capital expenditures and operating costs[127] - Colorado's Senate Bill 24-229 mandates a 50% reduction in oil and gas NO emissions by 2030 relative to 2017 levels, potentially increasing compliance costs for the company[128] - The U.S. aims to reduce net GHG emissions by 50% - 52% below 2005 levels by 2030, which may impose additional costs and affect demand for oil and gas[128] - Increased regulation related to climate change and air emissions could raise operating costs and reduce demand for the company's services, impacting financial performance[187] Operational Risks and Challenges - The company faces various risks, including commodity-price risks and regulatory changes, which could materially affect its financial performance and ability to pay distributions[140] - The company is exposed to credit risk from third-party customers, and non-payment could reduce its ability to make distributions to unitholders[166] - Sustained low prices for natural gas, NGLs, or oil could adversely affect the company's business and cash distributions[155] - The company faces inflationary pressures on costs for labor, materials, and services, which could negatively impact profitability[161] - The company's limited geographic diversification means that adverse developments in key operational areas could disproportionately affect its financial results and cash distributions to unitholders[171] Governance and Partnership Structure - The general partner's liability is limited, which may affect the company's ability to manage obligations and could reduce cash available for distribution to unitholders[204] - The company may issue additional units without unitholder approval, potentially diluting existing ownership interests and affecting market prices[209] - Unitholders may be liable to repay distributions if they were wrongfully distributed, with a three-year liability period for those aware of the violation[211] - The general partner has limited liability for decisions made in good faith, protecting them from monetary damages unless proven otherwise[212] - The partnership's taxation as a flow-through entity is crucial; any change in status could significantly reduce cash available for distribution[215]

EXHIBIT 99.1 WESTERN MIDSTREAM ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2024 RESULTS HOUSTON—(PR NEWSWIRE)—February 26, 2025 – Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced fourth-quarter and full-year 2024 financial and operating results. Net income (loss) attributable to limited partners for the fourth quarter of 2024 totaled $325.9 million, or $0.85 per common unit (diluted), with fourth-quarter 2024 Adjusted EBITDA totaling $590.7 million. Fourth-quarter Adjusted ...

Sanctioned the long-haul Pathfinder pipeline ("Pathfinder") to transport over 800 MBbls/d of produced water for disposal at WES's existing and soon-to-be-constructed facilities in eastern Loving County. Executed new long-term produced-water agreement with Occidental Petroleum Corporation ("Occidental") to provide up to 280 MBbls/d of firm gathering and transportation capacity and up to 220 MBbls/d of firm disposal capacity, all of which is supported by corresponding minimum-volume commitments. Providing 20 ...

Wall Street analysts expect Western Midstream (WES) to post quarterly earnings of $0.84 per share in its upcoming report, which indicates a year-over-year increase of 13.5%. Revenues are expected to be $906.72 million, up 5.7% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 0.9% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Ahead of a company's earn ...

Company Performance - Western Midstream (WES) closed at $41.36, down 0.62% from the previous trading session, underperforming the S&P 500's gain of 0.24% [1] - Over the past month, WES shares have decreased by 2.96%, which is better than the Oils-Energy sector's loss of 3.18% but lagging behind the S&P 500's gain of 2.37% [1] Upcoming Earnings Report - The company is set to release its earnings on February 26, 2025, with analysts expecting earnings of $0.84 per share, reflecting a year-over-year growth of 13.51% [2] - Revenue is projected to be $906.72 million, indicating a 5.65% increase compared to the same quarter of the previous year [2] Analyst Estimates - Recent changes to analyst estimates for Western Midstream suggest positive near-term business trends, which can be interpreted as a favorable sign for the company's outlook [3] - The Zacks Rank system indicates that estimate adjustments are correlated with stock price performance, providing actionable insights for investors [4] Zacks Rank and Valuation - Western Midstream currently holds a Zacks Rank of 4 (Sell), with the consensus EPS estimate moving 0.34% lower over the last 30 days [5] - The company is trading at a Forward P/E ratio of 12.01, which is a discount compared to the industry's average Forward P/E of 22.8 [6] PEG Ratio and Industry Context - WES has a PEG ratio of 1.4, compared to the industry average PEG ratio of 0.99, indicating a higher valuation relative to expected earnings growth [7] - The Oil and Gas - Refining and Marketing - Master Limited Partnerships industry, to which WES belongs, has a Zacks Industry Rank of 223, placing it in the bottom 12% of all industries [8]

Western Midstream (WES) ended the recent trading session at $40.57, demonstrating a +0.47% swing from the preceding day's closing price. This move lagged the S&P 500's daily gain of 0.67%. Meanwhile, the Dow gained 0.38%, and the Nasdaq, a tech-heavy index, added 0.98%.The oil and gas transportation and storage company's stock has climbed by 1.71% in the past month, exceeding the Oils-Energy sector's loss of 0.76% and lagging the S&P 500's gain of 2.07%.Analysts and investors alike will be keeping a close e ...

Core Points - Western Midstream Partners, LP (WES) announced a quarterly cash distribution of $0.8750 per unit for Q4 2024, maintaining the same level as the previous quarter, which translates to an annualized distribution of $3.50 [1] - The distribution is payable on February 14, 2025, to unitholders of record as of February 3, 2025 [1] Financial Reporting - The company plans to report its fourth-quarter and full-year 2024 results after market close on February 26, 2025 [2] - A conference call to discuss the results will be held on February 27, 2025, at 1:00 p.m. Central (2:00 p.m. Eastern) [3] Company Overview - Western Midstream Partners, LP is a master limited partnership focused on developing, acquiring, owning, and operating midstream assets across Texas, New Mexico, Colorado, Utah, and Wyoming [4] - The company engages in gathering, compressing, treating, processing, and transporting natural gas, as well as handling condensate, natural-gas liquids, crude oil, and produced water [4] - A significant portion of WES's cash flows are secured through fee-based contracts, reducing exposure to commodity price volatility [4]

In the latest market close, Western Midstream (WES) reached $41.19, with a +0.88% movement compared to the previous day. The stock's change was less than the S&P 500's daily gain of 1.83%. Meanwhile, the Dow gained 1.65%, and the Nasdaq, a tech-heavy index, added 2.45%.The oil and gas transportation and storage company's shares have seen an increase of 4.11% over the last month, surpassing the Oils-Energy sector's loss of 7.35% and the S&P 500's loss of 3.31%.Analysts and investors alike will be keeping a c ...

Western Midstream Partners (NYSE: WES ) is a diversified midstream investment that is seeing consistent growth in key financial metrics such as free cash flow and adjusted EBITDA. The midstream firm achieves a high degree of cash flow visibility due to itsI look for high-risk, high-reward situations, mainly in the technology markets. I am an early buyer of Bitcoin and my portfolio mainly focused on companies with asymmetric long-term upside. My top holdings include: Bitcoin, Tesla, Google, Amazon and Nvidia ...

Portfolio Rebalancing - The portfolio experienced a significant rally in the growth sector in 2024, prompting considerations for rebalancing towards safer investments [1] - The US midstream industry is favored due to its generous dividend yields [1] Investment Background and Strategy - The investor has a background in IT and has been managing a family portfolio in the US stock market for seven years [1] - Extensive experience in fundamental analysis of public companies has led to confidence in investment decisions [1] - The investor emphasizes a deep understanding of the balance between risk and reward [1] Investment Focus and Approach - The investor has a strong focus on technology stocks but also explores diverse sectors for promising investment opportunities [1] - The approach is to provide clear and precise analysis, accessible to investors of all experience levels [1] Disclosure and Independence - The investor has no current positions in the mentioned companies but may initiate a long position in WES within the next 72 hours [2] - The analysis is independent, with no compensation received other than from Seeking Alpha, and no business relationships with the mentioned companies [2]