Western Midstream(US:WES)2025-02-26 21:11Financial Performance - Reported fourth-quarter 2024 net income attributable to limited partners of $325.9 million, generating fourth-quarter Adjusted EBITDA of $590.7 million[3] - Full-year 2024 net income attributable to limited partners totaled $1.537 billion, with full-year Adjusted EBITDA of $2.344 billion, exceeding the midpoint of the guidance range[3] - Total revenues for Q4 2024 reached $928.5 million, a 8.2% increase from $858.2 million in Q4 2023[18] - Net income attributable to Western Midstream Partners, LP for the year ended December 31, 2024, was $1.57 billion, up 54% from $1.02 billion in 2023[18] - Adjusted EBITDA for the year ended December 31, 2024, was not explicitly stated but is derived from net income and other adjustments, indicating strong operational performance[24] - Net income for Q4 2024 was $341.6 million, compared to $295.9 million in Q3 2024, and $1.6 billion for the year, up from $1.0 billion in 2023[29] - Adjusted EBITDA for Q4 2024 was $590.7 million, an increase from $566.9 million in Q3 2024, and $2.3 billion for the year, compared to $2.1 billion in 2023[29] Cash Flow and Liquidity - Fourth-quarter 2024 cash flows provided by operating activities were $554.4 million, resulting in fourth-quarter Free Cash Flow of $309.3 million[3] - Full-year 2024 cash flows provided by operating activities totaled $2.137 billion, generating Free Cash Flow of $1.324 billion, exceeding the high end of the guidance range[3] - The company reported a net cash increase of $817.7 million for the year, contrasting with a decrease of $13.9 million in 2023[21] - Cash flows from operating activities increased to $2.14 billion in 2024, compared to $1.66 billion in 2023, reflecting improved cash generation[21] - The company reported a net cash provided by operating activities of $554.4 million for Q4 2024, compared to $551.3 million in Q3 2024, and $2.1 billion for the year, up from $1.7 billion in 2023[30] Operational Performance - Achieved record annual natural-gas throughput of 5.1 Bcf/d, with a 16% year-over-year increase when adjusted for the sale of Marcellus assets[5] - Annual crude-oil and NGLs throughput averaged 530 MBbls/d, reflecting a 12% year-over-year increase when adjusted for divested assets[6] - Gathered record annual produced-water throughput of 1,124 MBbls/d, representing an 11% year-over-year increase[6] - Total throughput for natural-gas assets increased by 4% to 5,394 MMcf/d compared to the previous quarter[33] - Operated throughput for natural-gas assets in the Delaware Basin rose by 4% to 1,973 MMcf/d, while the DJ Basin saw a 6% increase to 1,502 MMcf/d[35] - Total throughput for crude-oil and NGLs assets increased by 5% to 544 MBbls/d, with operated throughput in the Delaware Basin up by 6% to 260 MBbls/d[35] - Total throughput for produced-water assets increased by 8% to 1,216 MBbls/d, reflecting strong operational performance[35] Capital Expenditures and Investments - Capital expenditures for Q4 2024 were $238.8 million, compared to $189.4 million in Q3 2024, and $833.9 million for the year, up from $735.1 million in 2023[30] - The company plans to continue focusing on capital expenditures and strategic investments to support future growth initiatives[21] Debt and Equity - Long-term debt decreased to $6.93 billion in 2024 from $7.28 billion in 2023, showing a reduction in leverage[20] - Weighted-average common units outstanding increased slightly to 380.6 million in 2024 from 379.5 million in 2023, indicating stable unit issuance[20] - The net income per common unit (diluted) for 2024 was $4.02, compared to $2.60 in 2023, reflecting improved profitability per unit[18] Distributions and Growth - Executed a 52% increase in the Base Distribution to $0.875 per unit, which is 41% higher than pre-pandemic levels[7] - Targeting a mid-to-low single-digit annual distribution growth rate supported by business growth and incremental Free Cash Flow generation[7]