Western Midstream(US:WES)2024-11-07 19:17Financial Performance - Western Midstream Partners (WES) reported a third-quarter 2024 net income of $282 million[12] - The company's third-quarter 2024 Adjusted EBITDA reached $567 million[12] - WES's free cash flow for the third quarter of 2024 was $365.1 million[11], compared to $424.8 million in the second quarter of 2024[11] - Cash distributions paid in both the second and third quarters of 2024 amounted to $340.9 million[11] - WES estimates a base distribution of $3.20 per unit in 2024[16] Operational Highlights - Total natural gas throughput was 5.2 Bcf/d[4], with Delaware Basin natural gas throughput reaching a record 1.9 Bcf/d, a 1% quarter-over-quarter increase[4] - Delaware Basin crude oil and NGLs throughput also hit a record of 246 MBbls/d, a 2% quarter-over-quarter increase[5] - Total produced water throughput was 1,121 MBbls/d, a 2% quarter-over-quarter increase[4] Guidance and Outlook - WES anticipates Adjusted EBITDA between $2.2 billion and $2.4 billion for 2024, an approximate 11% increase compared to 2023[16, 17] - The company projects free cash flow between $1.05 billion and $1.25 billion for 2024, an approximate 19% increase compared to 2023[16, 17] - WES expects its year-end 2024 leverage ratio to be approximately 3.0x, a decrease of approximately 0.7x compared to year-end 2023[16] Ownership Structure - Occidental owns 44.8% of WES, representing approximately $14.4 billion[2] - Public unitholders own 55.2% of WES[2]