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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): November 1, 2023
WESTERN MIDSTREAM PARTNERS, LP
(Exact name of registrant as specified in its charter)
 
Delaware001-3575346-0967367
(State or other jurisdiction
of incorporation or organization)		(Commission
File Number)		(IRS Employer
Identification No.)
 9950 Woodloch Forest Drive, Suite 2800
The Woodlands, Texas 77380
(Address of principal executive office) (Zip Code)
 
(346) 786-5000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of exchange
on which registered
Common unitsWESNew York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).    Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐


Item 2.02 Results of Operations and Financial Condition.

On November 1, 2023, Western Midstream Partners, LP issued a press release announcing third-quarter 2023 results. The Partnership also simultaneously made the slide presentation for tomorrow’s earnings call available on the Western Midstream website, www.westernmidstream.com. The press release is included in this report as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
WESTERN MIDSTREAM PARTNERS, LP
By:Western Midstream Holdings, LLC,
its general partner
Dated:November 1, 2023By:/s/ Kristen S. Shults
Kristen S. Shults
Senior Vice President and Chief Financial Officer


EXHIBIT 99.1
wesprlogoa.jpg

WESTERN MIDSTREAM ANNOUNCES
THIRD-QUARTER 2023 RESULTS
•Reported third-quarter 2023 Net income attributable to limited partners of $270.8 million, generating third-quarter Adjusted EBITDA(1) of $510.9 million.
•Reported third-quarter 2023 Cash flows provided by operating activities of $394.8 million, generating third-quarter Free cash flow(1) of $200.4 million.
•Announced a third-quarter Base Distribution of $0.5750 per unit, or $2.30 on an annualized basis, which represents a 2.2-percent increase to the prior-quarter’s Base Distribution.
•Repurchased 5.1 million common units from Occidental Petroleum Corporation (“Oxy”) for $127.5 million, reducing Oxy’s total ownership interest in WES to below 50.0% when taking into account both its limited and general partner units.
•Repurchased $159.1 million of near-term senior notes at approximately 94-percent of par during the month of July.
•Subsequent to quarter end, executed an agreement with a large Delaware Basin customer increasing dedicated acreage to approximately 40,000 acres and extending the initial term through 2035, which dedicates existing volumes and supports expected throughput growth.
HOUSTON—(BUSINESS WIRE)—November 1, 2023 – Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced third-quarter 2023 financial and operating results. Net income (loss) attributable to limited partners for the third quarter of 2023 totaled $270.8 million, or $0.70 per common unit (diluted), with third-quarter 2023 Adjusted EBITDA(1) totaling $510.9 million. Third-quarter 2023 Cash flows provided by operating activities totaled $394.8 million, and third-quarter 2023 Free cash flow(1) totaled $200.4 million.
RECENT HIGHLIGHTS
•Achieved record Delaware Basin natural-gas throughput of 1.67 Bcf/d for the third quarter, representing a 5-percent sequential-quarter increase.
•Gathered record Delaware Basin crude-oil and NGLs throughput of 220 MBbls/d for the third


quarter, representing a 6-percent sequential-quarter increase.
•Gathered record Delaware Basin produced-water throughput of 1,101 MBbls/d for the third quarter, representing a 14-percent sequential-quarter increase.
•Averaged over 1.0 Bcf/d of monthly third-party natural-gas volumes in the Delaware Basin during August and September.
•Issued $600 million of 6.35% senior notes due 2029 and used the proceeds to fund a portion of the purchase price for the previously announced acquisition of Meritage Midstream Services II, LLC (“Meritage”) in the Powder River Basin.
•Subsequent to quarter-end, closed the acquisition of Meritage, transforming WES’s Powder River Basin asset base into the largest gatherer and processor in the basin.

On November 13, 2023, WES will pay its third-quarter 2023 per-unit Base Distribution of $0.5750, representing a 2.2-percent sequential-quarter increase to the Partnership’s second-quarter Base Distribution of $0.5625 per unit. This increase is consistent with prior communication regarding a distribution increase upon the close of the Meritage acquisition. Third-quarter 2023 Free cash flow(1) after distributions totaled $(21.0) million. Third-quarter 2023 and year-to-date capital expenditures(2) totaled $194.9 million and $558.5 million, respectively.
Third-quarter 2023 natural-gas throughput(3) averaged 4.5 Bcf/d, representing a 5-percent sequential-quarter increase. Third-quarter 2023 throughput for crude-oil and NGLs assets(3) averaged 667 MBbls/d, representing a 7-percent sequential-quarter increase. Third-quarter 2023 throughput for produced-water assets(3) averaged 1,079 MBbls/d, representing a 14-percent sequential-quarter increase.
“During the third quarter, total throughput for natural-gas, crude-oil and NGLs, and produced-water increased on a sequential-quarter basis primarily driven by new production coming online, and continued high facility operability in the Delaware Basin,” said Michael Ure, President and Chief Executive Officer. “We remain focused on creating substantial value for our unitholders by efficiently allocating capital for future growth organically and through accretive M&A.”
Mr. Ure continued, “Overall, portfolio-wide throughput growth drove a sequential-quarter increase in our Adjusted EBITDA, which was partially offset by decreased distributions from our equity investments and increased operation and maintenance expense that was mostly driven by higher utility costs. Despite the prolonged heat across West Texas, our assets maintained high operability rates with minimal downtime.”
2

“In early September, we announced the acquisition of Meritage in the Powder River Basin in Wyoming for $885 million in cash consideration. The Meritage acquisition transforms WES into the largest gathering and processing operator in the Powder River Basin. Additionally, the transaction further diversifies our customer base and adds numerous long-term contracts to our portfolio, secured by large acreage dedications or substantial minimum-volume commitments. We have also identified numerous cost synergies that we expect to realize over the coming quarters, which should reduce the acquisition multiple and drive additional unitholder value.”
“Finally, in October, we formally announced our second Base Distribution increase for the year of 2.2% to $0.5750 per unit on a quarterly basis, or $2.30 per unit annualized, in connection with the closing of the Meritage acquisition. Our commitment to improving the strength of our balance sheet over the past three years provided WES the opportunity to undertake this accretive transaction, which we expect will contribute to WES’s profitability and Free cash flow for years to come.”
“When considering the growth we experienced in the third quarter, combined with over two months of expected contribution from the Meritage assets, we now anticipate 2023 Adjusted EBITDA(4) to be towards the high end of our previously announced guidance range of $1.950 billion to $2.050 billion,” concluded Mr. Ure.

CONFERENCE CALL TOMORROW AT 1:00 P.M. CT
WES will host a conference call on Thursday, November 2, 2023, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss its third-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 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 its customers under certain contracts.
For more information about Western Midstream Partners, LP, please visit www.westernmidstream.com, and for more information on our sustainability efforts, please visit www.westernmidstream.com/sustainability.
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.
(4)A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income (loss) is not provided because the items necessary to estimate such amounts are not reasonably estimable at this time. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures. At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corresponding GAAP equivalent for the Adjusted EBITDA.


# # #
Source: Western Midstream Partners LP

WESTERN MIDSTREAM CONTACTS

Daniel Jenkins
Director, Investor Relations
Investors@westernmidstream.com
866.512.3523

Rhianna Disch
Manager, Investor Relations
Investors@westernmidstream.com
866.512.3523


3

Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months Ended 
September 30,		Nine Months Ended 
September 30,
thousands except per-unit amounts2023202220232022
Revenues and other
Service revenues – fee based
$695,547 $666,555 $2,004,920 $1,954,105 
Service revenues – product based
48,446 91,356 142,212 202,721 
Product sales31,652 79,430 100,336 314,755 
Other368 227 800 703 
Total revenues and other776,013 837,568 2,248,268 2,472,284 
Equity income, net – related parties35,494 41,317 116,839 139,388 
Operating expenses
Cost of product27,590 106,833 123,795 328,237 
Operation and maintenance204,434 190,514 562,104 487,643 
General and administrative55,050 48,185 159,572 144,635 
Property and other taxes14,583 19,390 39,961 60,494 
Depreciation and amortization147,363 156,837 435,481 430,455 
Long-lived asset and other impairments245 4 52,880 94 
Total operating expenses449,265 521,763 1,373,793 1,451,558 
Gain (loss) on divestiture and other, net(1,480)(104)(3,668)(884)
Operating income (loss)360,762 357,018 987,646 1,159,230 
Interest expense(82,754)(83,106)(250,606)(249,333)
Gain (loss) on early extinguishment of debt8,565 — 15,378 91 
Other income (expense), net(1,270)56 2,817 117 
Income (loss) before income taxes285,303 273,968 755,235 910,105 
Income tax expense (benefit)905 387 2,980 3,683 
Net income (loss)284,398 273,581 752,255 906,422 
Net income (loss) attributable to noncontrolling interests7,102 7,836 18,393 25,643 
Net income (loss) attributable to Western Midstream Partners, LP
$277,296 $265,745 $733,862 $880,779 
Limited partners’ interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners, LP
$277,296 $265,745 $733,862 $880,779 
General partner interest in net (income) loss(6,453)(6,244)(16,960)(19,794)
Limited partners’ interest in net income (loss)$270,843 $259,501 $716,902 $860,985 
Net income (loss) per common unit – basic$0.71 $0.67 $1.87 $2.16 
Net income (loss) per common unit – diluted$0.70 $0.66 $1.86 $2.15 
Weighted-average common units outstanding – basic383,561 388,906 384,211 398,343 
Weighted-average common units outstanding – diluted384,772 390,318 385,344 399,545 

4

Western Midstream Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except number of unitsSeptember 30,
2023		December 31,
2022
Total current assets$1,135,806 $900,425 
Net property, plant, and equipment8,664,402 8,541,600 
Other assets1,826,346 1,829,603 
Total assets$11,626,554 $11,271,628 
Total current liabilities$635,900 $903,857 
Long-term debt7,260,051 6,569,582 
Asset retirement obligations307,945 290,021 
Other liabilities467,566 400,053 
Total liabilities8,671,462 8,163,513 
Equity and partners’ capital
Common units (379,516,369 and 384,070,984 units issued and outstanding at September 30, 2023, and December 31, 2022, respectively)2,821,958 2,969,604 
General partner units (9,060,641 units issued and outstanding at September 30, 2023, and December 31, 2022) 1,678 2,105 
Noncontrolling interests131,456 136,406 
Total liabilities, equity, and partners’ capital$11,626,554 $11,271,628 

5

Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine Months Ended 
September 30,
thousands20232022
Cash flows from operating activities
Net income (loss)$752,255 $906,422 
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:
Depreciation and amortization435,481 430,455 
Long-lived asset and other impairments52,880 94 
(Gain) loss on divestiture and other, net3,668 884 
(Gain) loss on early extinguishment of debt(15,378)(91)
Change in other items, net(40,872)(125,557)
Net cash provided by operating activities$1,188,034 $1,212,207 
Cash flows from investing activities
Capital expenditures$(536,427)$(341,505)
Acquisitions from third parties— (41,018)
Contributions to equity investments - related parties(1,153)(8,899)
Distributions from equity investments in excess of cumulative earnings – related parties31,715 41,058 
Proceeds from the sale of assets to third parties(60)1,111 
(Increase) decrease in materials and supplies inventory and other(32,659)(6,999)
Net cash used in investing activities$(538,584)$(356,252)
Cash flows from financing activities
Borrowings, net of debt issuance costs$1,801,011 $1,389,010 
Repayments of debt(1,317,928)(1,268,548)
Increase (decrease) in outstanding checks(241)1,459 
Distributions to Partnership unitholders(754,998)(538,690)
Distributions to Chipeta noncontrolling interest owner(5,083)(5,020)
Distributions to noncontrolling interest owner of WES Operating(18,260)(20,177)
Net contributions from (distributions to) related parties— 1,161 
Unit repurchases(134,602)(447,075)
Other(16,511)(10,981)
Net cash provided by (used in) financing activities$(446,612)$(898,861)
Net increase (decrease) in cash and cash equivalents$202,838 $(42,906)
Cash and cash equivalents at beginning of period286,656 201,999 
Cash and cash equivalents at end of period$489,494 $159,093 
6

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.
7

Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
(Unaudited)

Adjusted Gross Margin
Three Months Ended
thousandsSeptember 30,
2023		June 30,
2023
Reconciliation of Gross margin to Adjusted gross margin
Total revenues and other$776,013 $738,273 
Less:
Cost of product27,590 44,746 
Depreciation and amortization
147,363 143,492 
Gross margin601,060 550,035 
Add:
Distributions from equity investments41,562 54,075 
Depreciation and amortization
147,363 143,492 
Less:
Reimbursed electricity-related charges recorded as revenues29,981 23,286 
Adjusted gross margin attributable to noncontrolling interests (1)
18,095 16,914 
Adjusted gross margin
$741,909 $707,402 
Gross margin
Gross margin for natural-gas assets (2)
$450,130 $409,634 
Gross margin for crude-oil and NGLs assets (2)
87,911 88,024 
Gross margin for produced-water assets (2)
70,353 59,130 
Adjusted gross margin
Adjusted gross margin for natural-gas assets
$518,765 $489,476 
Adjusted gross margin for crude-oil and NGLs assets
139,430 147,036 
Adjusted gross margin for produced-water assets83,714 70,890 
(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.

8

Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
(Unaudited)

Adjusted EBITDA
Three Months Ended
thousandsSeptember 30,
2023		June 30,
2023
Reconciliation of Net income (loss) to Adjusted EBITDA
Net income (loss)$284,398 $259,516 
Add:
Distributions from equity investments41,562 54,075 
Non-cash equity-based compensation expense7,171 7,665 
Interest expense82,754 86,182 
Income tax expense905 659 
Depreciation and amortization147,363 143,492 
Impairments245 234 
Other expense1,269 199 
Less:
Gain (loss) on divestiture and other, net(1,480)(70)
Gain (loss) on early extinguishment of debt8,565 6,813 
Equity income, net – related parties35,494 42,324 
Other income27 2,872 
Adjusted EBITDA attributable to noncontrolling interests (1)
12,134 11,737 
Adjusted EBITDA$510,927 $488,346 
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA
Net cash provided by operating activities$394,787 $490,823 
Interest (income) expense, net82,754 86,182 
Accretion and amortization of long-term obligations, net(1,882)(2,403)
Current income tax expense (benefit)806 728 
Other (income) expense, net1,270 (2,872)
Distributions from equity investments in excess of cumulative earnings – related parties8,536 10,813 
Changes in assets and liabilities:
Accounts receivable, net60,614 (4,078)
Accounts and imbalance payables and accrued liabilities, net(12,535)(36,885)
Other items, net(11,289)(42,225)
Adjusted EBITDA attributable to noncontrolling interests (1)
(12,134)(11,737)
Adjusted EBITDA$510,927 $488,346 
Cash flow information
Net cash provided by operating activities$394,787 $490,823 
Net cash used in investing activities(207,916)(151,490)
Net cash provided by (used in) financing activities88,670 (238,025)
(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.
9

Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
(Unaudited)

Free Cash Flow
Three Months Ended
thousandsSeptember 30,
2023		June 30,
2023
Reconciliation of Net cash provided by operating activities to Free cash flow
Net cash provided by operating activities$394,787 $490,823 
Less:
Capital expenditures201,857 161,482 
Contributions to equity investments – related parties1,021 22 
Add:
Distributions from equity investments in excess of cumulative earnings – related parties8,536 10,813 
Free cash flow$200,445 $340,132 
Cash flow information
Net cash provided by operating activities$394,787 $490,823 
Net cash used in investing activities(207,916)(151,490)
Net cash provided by (used in) financing activities88,670 (238,025)

10

Western Midstream Partners, LP
OPERATING STATISTICS
(Unaudited)
 Three Months Ended
September 30,
2023		June 30,
2023
Throughput for natural-gas assets (MMcf/d)
Gathering, treating, and transportation457 395 
Processing3,699 3,567 
Equity investments (1)
495 454 
Total throughput4,651 4,416 
Throughput attributable to noncontrolling interests (2)
167 162 
Total throughput attributable to WES for natural-gas assets4,484 4,254 
Throughput for crude-oil and NGLs assets (MBbls/d)
Gathering, treating, and transportation334 316 
Equity investments (1)
347 323 
Total throughput681 639 
Throughput attributable to noncontrolling interests (2)
14 13 
Total throughput attributable to WES for crude-oil and NGLs assets667 626 
Throughput for produced-water assets (MBbls/d)
Gathering and disposal1,101 963 
Throughput attributable to noncontrolling interests (2)
22 20 
Total throughput attributable to WES for produced-water assets1,079 943 
Per-Mcf Gross margin for natural-gas assets (3)
$1.05 $1.02 
Per-Bbl Gross margin for crude-oil and NGLs assets (3)
1.40 1.51 
Per-Bbl Gross margin for produced-water assets (3)
0.69 0.68 
Per-Mcf Adjusted gross margin for natural-gas assets (4)
$1.26 $1.26 
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (4)
2.27 2.58 
Per-Bbl Adjusted gross margin for produced-water assets (4)
0.84 0.83 
(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.
11

Western Midstream Partners, LP
OPERATING STATISTICS (CONTINUED)
(Unaudited)

Three Months Ended
September 30,
2023		June 30,
2023
Throughput for natural-gas assets (MMcf/d)
Delaware Basin1,674 1,592 
DJ Basin1,331 1,309 
Equity investments495 454 
Other1,151 1,061 
Total throughput for natural-gas assets 4,651 4,416 
Throughput for crude-oil and NGLs assets (MBbls/d)
Delaware Basin220 208 
DJ Basin68 66 
Equity investments347 323 
Other46 42 
Total throughput for crude-oil and NGLs assets681 639 
Throughput for produced-water assets (MBbls/d)
Delaware Basin1,101 963 
Total throughput for produced-water assets1,101 963 

12
v3.23.3
Cover Page
Nov. 01, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 01, 2023
Entity Registrant Name WESTERN MIDSTREAM PARTNERS, LP
Entity Incorporation, State or Country Code DE
Entity File Number 001-35753
Entity Tax Identification Number 46-0967367
Entity Address, Address Line One 9950 Woodloch Forest Drive, Suite 2800
Entity Address, City or Town The Woodlands
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77380
City Area Code 346
Local Phone Number 786-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common units
Trading Symbol WES
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001423902
Amendment Flag false
Western Midstream Partners (NYSE:WES)
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Western Midstream Partners (NYSE:WES)
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