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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): August 7, 2024
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 August 7, 2024, Western Midstream Partners, LP issued a press release announcing second-quarter 2024 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:August 7, 2024By:/s/ Kristen S. Shults
Kristen S. Shults
Senior Vice President and Chief Financial Officer


    EXHIBIT 99.1
wesprlogoa.jpg

WESTERN MIDSTREAM ANNOUNCES
SECOND-QUARTER 2024 RESULTS
•Reported second-quarter 2024 Net income attributable to limited partners of $369.8 million, generating second-quarter Adjusted EBITDA(1) of $578.1 million.
•Reported second-quarter 2024 Cash flows provided by operating activities of $631.4 million, generating second-quarter Free cash flow(1) of $424.8 million.
•Announced a second-quarter Base Distribution of $0.875 per unit, or $3.50 per unit on an annualized basis, which is in-line with the prior-quarter’s Base Distribution.
HOUSTON—(PR NEWSWIRE)—August 7, 2024 – Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced second-quarter 2024 financial and operating results. Net income (loss) attributable to limited partners for the second quarter of 2024 totaled $369.8 million, or $0.97 per common unit (diluted), with second-quarter 2024 Adjusted EBITDA(1) totaling $578.1 million. Second-quarter 2024 Cash flows provided by operating activities totaled $631.4 million, and second-quarter 2024 Free cash flow(1) totaled $424.8 million.
RECENT HIGHLIGHTS
•Gathered record natural-gas throughput in the Delaware and DJ Basins of 1.9 Bcf/d and 1.5 Bcf/d, respectively, representing 6-percent sequential-quarter increases from both basins.
•Gathered record total operated crude-oil and NGLs throughput of 396 MBbls/d, representing a 6-percent sequential-quarter increase.
•Gathered record Delaware Basin crude-oil and NGLs throughput of 241 MBbls/d, representing a 7-percent sequential-quarter increase.
•Achieved sequential-quarter throughput growth for crude-oil and NGLs in the DJ Basin of 5-percent.
•Executed multiple commercial agreements with new and existing third-party customers for natural-gas and produced-water gathering in the Delaware Basin.


•Executed an amendment to DCP Midstream’s, now Phillips 66’s (“P66”), natural-gas processing agreement in the DJ Basin to extend the original firm-processing capacity of 175 MMcf/d from 2027 to 2029. Additionally, this multi-year amendment provides P66 with an incremental 200 MMcf/d of firm-processing capacity, primarily supported by minimum-volume commitments, starting in 2026.
•Subsequent to quarter-end, executed agreements with various customers supporting The Williams Companies’ Mountain West Pipeline expansion to provide up to 110 MMcf/d of natural-gas firm-processing capacity at our Chipeta facility in the Uinta Basin.
•Subsequent to quarter-end, executed a multi-year natural-gas processing agreement with Kinder Morgan, Inc. (“Kinder Morgan”) in support of its Altamont Green River Pipeline project providing for up to 150 MMcf/d of firm-processing capacity at our Chipeta processing facility in the Uinta Basin.
•As previously announced, closed the sale of the Marcellus Interest gathering system early in the second-quarter.
•As previously announced, repurchased $134.9 million of senior notes in the open market during the second quarter, bringing the year-to-date total to $150.0 million at an average of 96% of par.
•Reduced total debt by $762.6 million since year-end 2023 with asset sale proceeds, which helped achieve our long-term net leverage threshold of 3.0x earlier than expected.
On August 14, 2024, WES will pay its second-quarter 2024 per-unit Base Distribution of $0.875, which is in-line with the prior quarter’s Base Distribution. Second-quarter 2024 Free cash flow(1) after distributions totaled $84.0 million. Second-quarter 2024 capital expenditures(2) totaled $207.5 million.
Second-quarter 2024 natural-gas throughput(3) averaged 5.0 Bcf/d, flat quarter-over-quarter due to strong throughput growth in our core basins offset by the sale of the Marcellus assets early in the second-quarter. Second-quarter 2024 operated throughput from natural-gas assets averaged 4.6 Bcf/d, representing a 3-percent sequential-quarter increase. Second-quarter 2024 throughput for crude-oil and NGLs assets(3) averaged 515 MBbls/d, representing a 9-percent sequential-quarter decrease as a result of the equity investments asset sales which closed throughout the first quarter. Second-quarter 2024 operated throughput from crude-oil and NGLs assets averaged 396 MBbls/d, representing a 6-percent sequential-quarter increase. Second-quarter 2024 throughput for produced-water assets(3) averaged 1,080 MBbls/d, representing a 4-percent sequential-quarter decrease.
“The second quarter was another strong quarter operationally for WES, with robust system operability contributing to operated natural-gas and crude-oil and NGLs throughput growth,” said
2

Michael Ure, President and Chief Executive Officer. “As a result, we experienced several throughput records during the quarter including record throughput for natural-gas in both the Delaware and DJ Basins, record total operated crude-oil and NGLs throughput, and record Delaware Basin crude-oil and NGLs throughput. Additionally, we experienced sequential-quarter throughput growth for both natural-gas and crude-oil and NGLs from our Powder River Basin assets of 5-percent and 9-percent, respectively. When taken together, this continued growth gives us confidence in our increased throughput expectations for all products for the year.”
“As expected, second-quarter Adjusted EBITDA declined 5-percent sequentially due to lower distributions from equity investments as a result of the previously announced asset divestitures, higher seasonally-driven operation and maintenance expense, and more normalized property and other taxes. We anticipate throughput to continue to grow throughout the remainder of the year, which will drive 2024 Adjusted EBITDA and Free cash flow towards the high end of our previously disclosed guidance ranges.”
“During the second quarter, our commercial teams successfully executed numerous agreements with both new and existing customers in our most active basins. In the Delaware Basin, we executed several third-party natural-gas and produced-water gathering agreements, which will begin to benefit WES in the second half of 2024, and to a larger extent, in 2025. Additionally, we executed numerous agreements in both the DJ and Uinta Basins. We are excited to see a return to growth in these basins, and in fact, if these agreements are fully utilized, we could potentially see our plants reach full utilization starting in 2026. In the Powder River Basin, we continue to experience increased throughput from existing customers on our system as we fully integrate the Meritage assets, and customers begin to allocate incremental capital to the basin.”
“Focusing on our capital-return framework, since our January 2020 bond offering, we have reduced our senior notes on a net basis by $942.6 million, paid out approximately $3.5 billion to unitholders through Base and Enhanced Distributions, and bought back over $1.1 billion of our common units, or 15-percent of the unaffected unit count. Going forward, we will continue to prudently allocate capital to efficiently grow our business through expansion-oriented capital spending and accretive M&A. Finally, we expect to use the Base Distribution, and our Enhanced Distribution framework, as the primary tools for returning incremental capital to unitholders. We believe our strong operating model, prudent capital allocation principles, and our transparent capital-return framework will further position WES as a leader within the midstream space,” concluded Mr. Ure.
3

CONFERENCE CALL TOMORROW AT 1:00 P.M. CT
WES will host a conference call on Thursday, August 8, 2024, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss its second-quarter 2024 results. 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 small number of phone lines are available for analysts; individuals should dial 800-836-8184 (Domestic) or 646-357-8785 (International) ten to fifteen minutes before the scheduled conference call time. A replay of the live audio webcast can be accessed on the Partnership’s website at www.westernmidstream.com for one year after 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.
AUGUST CONFERENCE PARTICIPATION
Members of the WES management and investor relations teams will participate in the Citi One-on-One Midstream / Energy Infrastructure Conference in Las Vegas, Nevada on August 13 – 14, 2024. We will provide information on our conference participation for the remainder of the third quarter over the coming weeks.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP (“WES”) is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, 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 gas processing contracts. A substantial majority of WES’s cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.
For more information about WES, please visit www.westernmidstream.com.
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.


# # #
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
4

Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months Ended 
June 30,		Six Months Ended 
June 30,
thousands except per-unit amounts2024202320242023
Revenues and other
Service revenues – fee based
$793,785 $661,506 $1,575,047 $1,309,373 
Service revenues – product based
61,466 46,956 128,206 93,766 
Product sales50,111 29,659 89,403 68,684 
Other267 152 702 432 
Total revenues and other905,629 738,273 1,793,358 1,472,255 
Equity income, net – related parties27,431 42,324 60,250 81,345 
Operating expenses
Cost of product54,010 44,746 100,089 96,205 
Operation and maintenance223,319 183,431 418,258 357,670 
General and administrative62,933 53,405 130,772 104,522 
Property and other taxes17,429 18,547 31,349 25,378 
Depreciation and amortization163,432 143,492 321,423 288,118 
Long-lived asset and other impairments1,530 234 1,553 52,635 
Total operating expenses522,653 443,855 1,003,444 924,528 
Gain (loss) on divestiture and other, net59,342 (70)298,959 (2,188)
Operating income (loss)469,749 336,672 1,149,123 626,884 
Interest expense(90,522)(86,182)(185,028)(167,852)
Gain (loss) on early extinguishment of debt4,879 6,813 5,403 6,813 
Other income (expense), net4,213 2,872 6,559 4,087 
Income (loss) before income taxes388,319 260,175 976,057 469,932 
Income tax expense (benefit)755 659 2,277 2,075 
Net income (loss)387,564 259,516 973,780 467,857 
Net income (loss) attributable to noncontrolling interests8,916 6,595 22,302 11,291 
Net income (loss) attributable to Western Midstream Partners, LP
$378,648 $252,921 $951,478 $456,566 
Limited partners’ interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners, LP
$378,648 $252,921 $951,478 $456,566 
General partner interest in net (income) loss(8,807)(5,821)(22,137)(10,507)
Limited partners’ interest in net income (loss)$369,841 $247,100 $929,341 $446,059 
Net income (loss) per common unit – basic$0.97 $0.64 $2.44 $1.16 
Net income (loss) per common unit – diluted$0.97 $0.64 $2.43 $1.16 
Weighted-average common units outstanding – basic380,491 384,614 380,258 384,542 
Weighted-average common units outstanding – diluted382,253 385,510 381,933 385,665 

5

Western Midstream Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except number of unitsJune 30,
2024		December 31,
2023
Total current assets$1,068,290 $992,410 
Net property, plant, and equipment9,644,413 9,655,016 
Other assets1,467,798 1,824,181 
Total assets$12,180,501 $12,471,607 
Total current liabilities$634,120 $1,304,056 
Long-term debt7,138,092 7,283,556 
Asset retirement obligations371,501 359,185 
Other liabilities612,779 495,680 
Total liabilities8,756,492 9,442,477 
Equity and partners’ capital
Common units (380,491,374 and 379,519,983 units issued and outstanding at June 30, 2024, and December 31, 2023, respectively)3,271,033 2,894,231 
General partner units (9,060,641 units issued and outstanding at June 30, 2024, and December 31, 2023) 12,192 3,193 
Noncontrolling interests140,784 131,706 
Total liabilities, equity, and partners’ capital$12,180,501 $12,471,607 

6

Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended 
June 30,
thousands20242023
Cash flows from operating activities
Net income (loss)$973,780 $467,857 
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:
Depreciation and amortization321,423 288,118 
Long-lived asset and other impairments1,553 52,635 
(Gain) loss on divestiture and other, net(298,959)2,188 
(Gain) loss on early extinguishment of debt(5,403)(6,813)
Change in other items, net38,732 (10,738)
Net cash provided by operating activities$1,031,126 $793,247 
Cash flows from investing activities
Capital expenditures$(405,653)$(334,570)
Acquisitions from third parties(443)— 
Contributions to equity investments - related parties— (132)
Distributions from equity investments in excess of cumulative earnings – related parties24,303 23,179 
Proceeds from the sale of assets to third parties788,941 — 
(Increase) decrease in materials and supplies inventory and other(25,294)(19,145)
Net cash provided by (used in) investing activities$381,854 $(330,668)
Cash flows from financing activities
Borrowings, net of debt issuance costs$(1,206)$956,225 
Repayments of debt(143,852)(918,332)
Commercial paper borrowings (repayments), net(610,312)— 
Increase (decrease) in outstanding checks14,172 (2,951)
Distributions to Partnership unitholders(564,296)(533,556)
Distributions to Chipeta noncontrolling interest owner(1,678)(3,470)
Distributions to noncontrolling interest owner of WES Operating(11,546)(11,131)
Unit repurchases— (7,102)
Other(22,930)(14,965)
Net cash provided by (used in) financing activities$(1,341,648)$(535,282)
Net increase (decrease) in cash and cash equivalents$71,332 $(72,703)
Cash and cash equivalents at beginning of period272,787 286,656 
Cash and cash equivalents at end of period$344,119 $213,953 
7

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 attributable to Western Midstream Partners, LP (“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.
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.
8

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

Adjusted Gross Margin
Three Months Ended
thousandsJune 30,
2024		March 31,
2024
Reconciliation of Gross margin to Adjusted gross margin
Total revenues and other$905,629 $887,729 
Less:
Cost of product54,010 46,079 
Depreciation and amortization
163,432 157,991 
Gross margin688,187 683,659 
Add:
Distributions from equity investments32,970 48,337 
Depreciation and amortization
163,432 157,991 
Less:
Reimbursed electricity-related charges recorded as revenues28,998 24,695 
Adjusted gross margin attributable to noncontrolling interests (1)
19,741 20,240 
Adjusted gross margin
$835,850 $845,052 
Gross margin
Gross margin for natural-gas assets (2)
$516,253 $511,584 
Gross margin for crude-oil and NGLs assets (2)
96,786 93,578 
Gross margin for produced-water assets (2)
82,346 85,041 
Adjusted gross margin
Adjusted gross margin for natural-gas assets
$601,443 $597,163 
Adjusted gross margin for crude-oil and NGLs assets
138,894 150,269 
Adjusted gross margin for produced-water assets95,513 97,620 
(1)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.

9

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

Adjusted EBITDA
Three Months Ended
thousandsJune 30,
2024		March 31,
2024
Reconciliation of Net income (loss) to Adjusted EBITDA
Net income (loss)$387,564 $586,216 
Add:
Distributions from equity investments32,970 48,337 
Non-cash equity-based compensation expense10,391 9,423 
Interest expense90,522 94,506 
Income tax expense755 1,522 
Depreciation and amortization163,432 157,991 
Impairments1,530 23 
Other expense37 112 
Less:
Gain (loss) on divestiture and other, net59,342 239,617 
Gain (loss) on early extinguishment of debt4,879 524 
Equity income, net – related parties27,431 32,819 
Other income4,213 2,346 
Adjusted EBITDA attributable to noncontrolling interests (1)
13,276 14,415 
Adjusted EBITDA$578,060 $608,409 
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA
Net cash provided by operating activities$631,418 $399,708 
Interest (income) expense, net90,522 94,506 
Accretion and amortization of long-term obligations, net(2,473)(2,190)
Current income tax expense (benefit)726 1,292 
Other (income) expense, net(4,213)(2,346)
Distributions from equity investments in excess of cumulative earnings – related parties5,270 19,033 
Changes in assets and liabilities:
Accounts receivable, net(28,436)53,714 
Accounts and imbalance payables and accrued liabilities, net(13,338)100,383 
Other items, net(88,140)(41,276)
Adjusted EBITDA attributable to noncontrolling interests (1)
(13,276)(14,415)
Adjusted EBITDA$578,060 $608,409 
Cash flow information
Net cash provided by operating activities$631,418 $399,708 
Net cash provided by (used in) investing activities(14,995)396,849 
Net cash provided by (used in) financing activities(567,550)(774,098)
(1)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.
10

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

Free Cash Flow
Three Months Ended
thousandsJune 30,
2024		March 31,
2024
Reconciliation of Net cash provided by operating activities to Free cash flow
Net cash provided by operating activities$631,418 $399,708 
Less:
Capital expenditures211,864 193,789 
Add:
Distributions from equity investments in excess of cumulative earnings – related parties5,270 19,033 
Free cash flow$424,824 $224,952 
Cash flow information
Net cash provided by operating activities$631,418 $399,708 
Net cash provided by (used in) investing activities(14,995)396,849 
Net cash provided by (used in) financing activities(567,550)(774,098)

11

Western Midstream Partners, LP
OPERATING STATISTICS
(Unaudited)
 Three Months Ended
June 30,
2024		March 31,
2024		Inc/
(Dec)
Throughput for natural-gas assets (MMcf/d)
Gathering, treating, and transportation438 606 (28)%
Processing4,209 4,050 4 %
Equity investments (1)
508 508 — %
Total throughput5,155 5,164 — %
Throughput attributable to noncontrolling interests (2)
167 174 (4)%
Total throughput attributable to WES for natural-gas assets4,988 4,990 — %
Throughput for crude-oil and NGLs assets (MBbls/d)
Gathering, treating, and transportation396 374 6 %
Equity investments (1)
130 202 (36)%
Total throughput526 576 (9)%
Throughput attributable to noncontrolling interests (2)
11 11 — %
Total throughput attributable to WES for crude-oil and NGLs assets515 565 (9)%
Throughput for produced-water assets (MBbls/d)
Gathering and disposal1,102 1,149 (4)%
Throughput attributable to noncontrolling interests (2)
22 23 (4)%
Total throughput attributable to WES for produced-water assets1,080 1,126 (4)%
Per-Mcf Gross margin for natural-gas assets (3)
$1.10 $1.09 1 %
Per-Bbl Gross margin for crude-oil and NGLs assets (3)
2.02 1.78 13 %
Per-Bbl Gross margin for produced-water assets (3)
0.82 0.81 1 %
Per-Mcf Adjusted gross margin for natural-gas assets (4)
$1.33 $1.32 1 %
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (4)
2.96 2.92 1 %
Per-Bbl Adjusted gross margin for produced-water assets (4)
0.97 0.95 2 %
(1)Represents our share of average throughput for investments accounted for under the equity method of accounting.
(2)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.

12

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

Three Months Ended
June 30,
2024		March 31,
2024		Inc/
(Dec)
Throughput for natural-gas assets (MMcf/d)
Operated
Delaware Basin1,858 1,761 6 %
DJ Basin1,452 1,372 6 %
Powder River Basin426 406 5 %
Other898 978 (8)%
Total operated throughput for natural-gas assets4,634 4,517 3 %
Non-operated
Equity investments508 508 — %
Other13 139 (91)%
Total non-operated throughput for natural-gas assets521 647 (19)%
Total throughput for natural-gas assets 5,155 5,164 — %
Throughput for crude-oil and NGLs assets (MBbls/d)
Operated
Delaware Basin241 225 7 %
DJ Basin91 87 5 %
Powder River Basin25 23 9 %
Other39 39 — %
Total operated throughput for crude-oil and NGLs assets396 374 6 %
Non-operated
Equity investments130 202 (36)%
Total non-operated throughput for crude-oil and NGLs assets130 202 (36)%
Total throughput for crude-oil and NGLs assets526 576 (9)%
Throughput for produced-water assets (MBbls/d)
Operated
Delaware Basin1,102 1,149 (4)%
Total operated throughput for produced-water assets1,102 1,149 (4)%

13
v3.24.2.u1
Cover Page
Aug. 07, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 07, 2024
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
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