wes-20200810
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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 10, 2020
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
The Woodlands, Texas 77380
(Address of principal executive office) (Zip Code)
 
(832) 636-1009
(Registrant’s telephone number, including area code)
 
 1201 Lake Robbins Drive
The Woodlands, Texas 77380
(Former address)
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 10, 2020, Western Midstream Partners, LP issued a press release announcing second-quarter 2020 results. 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 10, 2020By:/s/ Michael P. Ure
Michael P. Ure
President and Chief Executive Officer

Document

EXHIBIT 99.1

WESTERN MIDSTREAM ANNOUNCES
SECOND-QUARTER 2020 RESULTS

ANNOUNCES REVISED 2020 GUIDANCE

HOUSTON—(PRNEWSWIRE)—August 10, 2020 – Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced second-quarter 2020 financial and operating results. Net income (loss) available to limited partners for the second quarter of 2020 totaled $267.6 million, or $0.60 per common unit (diluted), with second-quarter 2020 Adjusted EBITDA(1) totaling $514.4 million, second-quarter 2020 Cash flows from operating activities totaling $345.7 million, and second-quarter 2020 Free cash flow(1) totaling $208.6 million.

SECOND-QUARTER HIGHLIGHTS
Gathered record Delaware Basin produced-water throughput of 773 MBbls/d, representing an 8-percent sequential-quarter increase
Achieved record Delaware oil throughput of 202 MBbls/d, representing a 5-percent sequential-quarter increase
Executed open-market repurchases for $64.5 million of Senior Notes due 2021, 2022, and 2023 for an aggregate repurchase price of $63 million

(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.


In July 2020, WES announced its second-quarter 2020 per-unit distribution of $0.3110, which is unchanged from WES’s first-quarter 2020 per-unit distribution. Second-quarter 2020 Free cash flow after distributions totaled $67.7 million.
“Less-than-expected producer curtailments, commercial successes, and realized cost efficiencies underpin our impressive and above-expectation second-quarter results,” said Chief Executive Officer, Michael Ure. “Although our sector continues to face significant uncertainty, we are optimistic that activity will increase into 2021 and confident in our ability to generate meaningful free cash flow after distributions while advancing our long-term objectives.”
Second-quarter 2020 total natural-gas throughput(1) averaged 4.4 Bcf/d, representing a 1-percent sequential-quarter decrease and a 3-percent increase from second-quarter 2019. Second-quarter 2020 total throughput for crude-oil and NGLs assets(1) averaged 711 MBbls/d, representing a 6-percent sequential-quarter decrease and a 19-percent increase from second-quarter 2019. Second-quarter 2020 total throughput for produced-water assets averaged 773 MBbls/d, representing an 8-percent sequential-quarter increase and a 50-percent increase from second-quarter 2019.
Second-quarter 2020 and year-to-date capital expenditures(2) totaled $69.6 million and $227.6 million, respectively.

(1)Represents total throughput attributable to WES, which excludes the 25% third-party interest in Chipeta and the 2.0% Occidental subsidiary-owned limited partner interest in WES Operating, which collectively represent WES’s noncontrolling interests.
(2)Accrual-based, includes equity investments, and excludes capitalized interest and capital expenditures associated with the 25% third-party interest in Chipeta.
2


REVISED 2020 GUIDANCE
Revised 2020 guidance is based on to-date results and customer-provided production-forecast information obtained by WES. Updated guidance is as follows:
Adjusted EBITDA(1) between $1.85 billion and $1.90 billion, which represents a $100 million increase to the midpoint of guidance previously issued with WES’s first-quarter 2020 earnings results (“prior guidance”)
Total capital expenditures(2) between $400 million and $450 million, which represents a $75 million reduction to the prior-guidance midpoint. Total year capital expenditures include capital expenditures attributable to the second Latham train completed during first-quarter 2020 and the addition of approximately 28,750 horsepower of compression, 65 miles of gathering lines, 90 MBbls/d of Delaware Basin saltwater-disposal capacity, and two 30 MBbls/d oil-stabilization trains, also in the Delaware Basin
“Second-quarter commodity-price increases lessened the adverse impact of production curtailments and current commodity prices support continued producer activity,” said Chief Financial Officer, Mike Pearl. “We expect incremental drilling and completion activity to continue into 2021 and beyond so long as commodity prices remain supportive. Irrespective of market conditions, we will remain committed to exercising capital discipline and realizing cost savings to maximize Free cash flow after distributions, which we will prioritize toward leverage reduction.”

(1)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.
(2)Accrual-based, includes equity investments, and excludes capitalized interest and capital expenditures associated with the 25% third-party interest in Chipeta.
3


CONFERENCE CALL TOMORROW AT 1 P.M. CDT
WES will host a conference call on Tuesday, August 11, 2020, at 1:00 p.m. Central Daylight Time (2:00 p.m. Eastern Daylight Time) to discuss second-quarter 2020 results. To participate, individuals should dial 877-883-0383 (Domestic) or 412-902-6506 (International) 15 minutes before the scheduled conference call time and enter participant access code 2048166. 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 for two weeks following the call.

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 the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico, 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 as an agent for its customers under certain contracts.

4


For more information about Western Midstream Partners, LP, 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 the ultimate impact of efforts to fight COVID-19 on the global economy and the timeline for a recovery in commodity demand and prices; 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 and Form 10-Q 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.
# # #

WESTERN MIDSTREAM CONTACTS

Kristen S. Shults
Vice President, Investor Relations and Communications
Kristen.Shults@westernmidstream.com
832.636.6000

Abby Dempsey
Investor Relations Supervisor
Abby.Dempsey@westernmidstream.com
832.636.6000

5


Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES

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.
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 interests owners’ proportionate share of revenues and expenses.
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 interests owners’ proportionate share of revenues and cost of product.
Below are reconciliations of (i) net cash provided by operating activities (GAAP) to Free cash flow (non-GAAP), (ii) net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA (non-GAAP), and (iii) operating income (loss) (GAAP) to Adjusted gross margin (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that WES’s Free cash flow, Adjusted EBITDA, and Adjusted gross margin 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. Free cash flow, Adjusted EBITDA, and Adjusted gross margin as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES’s Free cash flow, Adjusted EBITDA, and Adjusted gross margin should be considered in conjunction with net income (loss) attributable to Western Midstream Partners, LP and other applicable performance measures, such as operating income (loss) or cash flows from operating activities.

6


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

Free Cash Flow
Three Months Ended 
June 30,
Six Months Ended 
June 30,
thousands2020201920202019
Reconciliation of Net cash provided by operating activities to Free cash flow
Net cash provided by operating activities$345,688  $343,458  $738,999  $686,531  
Less:
Capital expenditures140,249  318,281  313,065  704,425  
Contributions to equity investments5,104  40,790  16,064  77,333  
Add:
Distributions from equity investments in excess of cumulative earnings 8,288  9,260  13,340  17,052  
Free cash flow$208,623  $(6,353) $423,210  $(78,175) 
Cash flow information
Net cash provided by operating activities$738,999  $686,531  
Net cash used in investing activities(355,001) (2,865,168) 
Net cash provided by (used in) financing activities(424,222) 2,182,290  

7


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

Adjusted EBITDA
Three Months Ended 
June 30,
Six Months Ended 
June 30,
thousands2020201920202019
Reconciliation of Net income (loss) to Adjusted EBITDA
Net income (loss)$281,341  $175,058  $(8,059) $387,037  
Add:
Distributions from equity investments71,576  70,522  137,496  132,535  
Non-cash equity-based compensation expense5,677  4,343  10,911  6,141  
Interest expense94,654  79,472  183,240  145,348  
Income tax expense5,044  1,278  5,044  11,370  
Depreciation and amortization119,805  121,117  252,124  235,063  
Impairments (1)
10,150  797  606,952  1,187  
Other expense(2,098) 58,639  1,950  93,852  
Less:
Gain (loss) on divestiture and other, net(2,843) (1,061) (2,883) (1,651) 
Gain (loss) on early extinguishment of debt1,395  —  8,740  —  
Equity income, net – related parties54,415  63,598  115,762  121,590  
Interest income – Anadarko note receivable4,225  4,225  8,450  8,450  
Other income1,652  —  1,652  —  
Income tax benefit—  —  4,280  —  
Adjusted EBITDA attributable to noncontrolling interests (2)
12,864  11,544  25,629  22,894  
Adjusted EBITDA$514,441  $432,920  $1,028,028  $861,250  
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA
Net cash provided by operating activities$345,688  $343,458  $738,999  $686,531  
Interest (income) expense, net90,429  75,247  174,790  136,898  
Uncontributed cash-based compensation awards—  1,218  —  648  
Accretion and amortization of long-term obligations, net(2,197) (1,337) (4,297) (2,848) 
Current income tax expense (benefit)2,077  458  (35) 6,485  
Other (income) expense, net (3)
(2,173) (470) (412) (902) 
Cash paid to settle interest-rate swaps12,763  —  12,763  —  
Distributions from equity investments in excess of cumulative earnings – related parties
8,288  9,260  13,340  17,052  
Changes in assets and liabilities:
Accounts receivable, net207,838  6,818  200,136  (2,668) 
Accounts and imbalance payables and accrued liabilities, net
(101,247) 25,669  (72,323) 81,198  
Other items, net(34,161) (15,857) (9,304) (38,250) 
Adjusted EBITDA attributable to noncontrolling interests (2)
(12,864) (11,544) (25,629) (22,894) 
Adjusted EBITDA$514,441  $432,920  $1,028,028  $861,250  
Cash flow information
Net cash provided by operating activities$738,999  $686,531  
Net cash used in investing activities(355,001) (2,865,168) 
Net cash provided by (used in) financing activities(424,222) 2,182,290  
(1)Includes goodwill impairment for the six months ended June 30, 2020.
(2)For all periods presented, includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% Occidental subsidiary-owned limited partner interest in WES Operating, which collectively represent WES’s noncontrolling interests.
(3)Excludes non-cash losses on interest-rate swaps of $59.0 million and $94.6 million for the three and six months ended June 30, 2019, respectively.
8


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

Adjusted Gross Margin
Three Months Ended 
June 30,
Six Months Ended 
June 30,
thousands2020201920202019
Reconciliation of Operating income (loss) to Adjusted gross margin
Operating income (loss)$373,766  $310,060  $158,863  $628,988  
Add:
Distributions from equity investments
71,576  70,522  137,496  132,535  
Operation and maintenance
145,186  148,431  304,377  291,260  
General and administrative
36,423  30,027  76,888  52,871  
Property and other taxes
19,395  14,282  37,871  30,567  
Depreciation and amortization
119,805  121,117  252,124  235,063  
Impairments (1)
10,150  797  606,952  1,187  
Less:
Gain (loss) on divestiture and other, net(2,843) (1,061) (2,883) (1,651) 
Equity income, net – related parties54,415  63,598  115,762  121,590  
Reimbursed electricity-related charges recorded as revenues21,605  20,189  40,828  36,778  
Adjusted gross margin attributable to noncontrolling interests (2)
16,167  16,034  32,592  31,584  
Adjusted gross margin
$686,957  $596,476  $1,388,272  $1,184,170  
Adjusted gross margin for natural-gas assets
$454,476  $412,494  $925,842  $824,922  
Adjusted gross margin for crude-oil and NGLs assets
165,767  137,716  333,595  269,086  
Adjusted gross margin for produced-water assets
66,714  46,266  128,835  90,162  
(1)Includes goodwill impairment for the six months ended June 30, 2020.
(2)For all periods presented, includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% Occidental subsidiary-owned limited partner interest in WES Operating, which collectively represent WES’s noncontrolling interests.

9


Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months Ended 
June 30,
Six Months Ended 
June 30,
thousands except per-unit amounts2020201920202019
Revenues and other
Service revenues – fee based
$642,628  $593,544  $1,344,024  $1,173,518  
Service revenues – product based
7,000  16,675  22,921  36,054  
Product sales21,736  74,469  78,385  146,602  
Other391  366  738  763  
Total revenues and other671,755  685,054  1,446,068  1,356,937  
Equity income, net – related parties54,415  63,598  115,762  121,590  
Operating expenses
Cost of product18,602  122,877  121,872  236,940  
Operation and maintenance145,186  148,431  304,377  291,260  
General and administrative36,423  30,027  76,888  52,871  
Property and other taxes19,395  14,282  37,871  30,567  
Depreciation and amortization119,805  121,117  252,124  235,063  
Long-lived asset impairments10,150  797  165,935  1,187  
Goodwill impairment—  —  441,017  —  
Total operating expenses349,561  437,531  1,400,084  847,888  
Gain (loss) on divestiture and other, net(2,843) (1,061) (2,883) (1,651) 
Operating income (loss)373,766  310,060  158,863  628,988  
Interest income – Anadarko note receivable4,225  4,225  8,450  8,450  
Interest expense(94,654) (79,472) (183,240) (145,348) 
Gain (loss) on early extinguishment of debt1,395  —  8,740  —  
Other income (expense), net (1)
1,653  (58,477) (108) (93,683) 
Income (loss) before income taxes286,385  176,336  (7,295) 398,407  
Income tax expense (benefit)5,044  1,278  764  11,370  
Net income (loss)281,341  175,058  (8,059) 387,037  
Net income (loss) attributable to noncontrolling interests8,304  5,464  (24,569) 98,783  
Net income (loss) attributable to Western Midstream Partners, LP
$273,037  $169,594  $16,510  $288,254  
Limited partners’ interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners, LP
$273,037  $169,594  $16,510  $288,254  
Pre-acquisition net (income) loss allocated to Anadarko—  (163) —  (29,279) 
General partner interest in net (income) loss(5,461) —  (330) —  
Limited partners’ interest in net income (loss)$267,576  $169,431  $16,180  $258,975  
Net income (loss) per common unit – basic and diluted$0.60  $0.37  $0.04  $0.69  
Weighted-average common units outstanding – basic and diluted
443,973  453,000  443,972  376,702  
(1)Includes losses associated with the interest-rate swap agreements for the three and six months ended June 30, 2019.
10


Western Midstream Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except number of unitsJune 30,
2020
December 31,
2019
Total current assets$559,163  $402,412  
Anadarko note receivable259,481  260,000  
Net property, plant, and equipment8,914,716  9,064,931  
Other assets2,219,883  2,619,110  
Total assets$11,953,243  $12,346,453  
Total current liabilities$891,046  $485,954  
Long-term debt7,544,396  7,951,565  
Asset retirement obligations327,971  336,396  
Other liabilities254,313  227,245  
Total liabilities9,017,726  9,001,160  
Equity and partners’ capital
Common units (443,992,499 and 443,971,409 units issued and outstanding at June 30, 2020, and December 31, 2019, respectively)2,820,327  3,209,947  
General partner units (9,060,641 units issued and outstanding at June 30, 2020, and December 31, 2019)
(22,347) (14,224) 
Noncontrolling interests137,537  149,570  
Total liabilities, equity, and partners’ capital$11,953,243  $12,346,453  
11


Western Midstream Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended 
June 30,
thousands20202019
Cash flows from operating activities
Net income (loss)$(8,059) $387,037  
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:
Depreciation and amortization252,124  235,063  
Long-lived asset impairments165,935  1,187  
Goodwill impairment441,017  —  
(Gain) loss on divestiture and other, net2,883  1,651  
(Gain) loss on early extinguishment of debt(8,740) —  
(Gain) loss on interest-rate swaps—  94,585  
Cash paid to settle interest-rate swaps(12,763) —  
Change in other items, net(93,398) (32,992) 
Net cash provided by operating activities$738,999  $686,531  
Cash flows from investing activities
Capital expenditures$(313,065) $(704,425) 
Acquisitions from related parties—  (2,007,501) 
Acquisitions from third parties—  (93,303) 
Contributions to equity investments - related parties(16,064) (77,333) 
Distributions from equity investments in excess of cumulative earnings – related parties13,340  17,052  
Proceeds from the sale of assets to third parties—  342  
Other(39,212) —  
Net cash used in investing activities$(355,001) $(2,865,168) 
Cash flows from financing activities
Borrowings, net of debt issuance costs$3,586,173  $2,710,750  
Repayments of debt(3,583,149) (467,595) 
Increase (decrease) in outstanding checks(4,686) (5,662) 
Registration expenses related to the issuance of Partnership common units—  (855) 
Distributions to Partnership unitholders(422,679) (408,234) 
Distributions to Chipeta noncontrolling interest owner(2,775) (3,793) 
Distributions to noncontrolling interest owners of WES Operating(8,676) (106,666) 
Net contributions from (distributions to) related parties21,832  456,938  
Above-market component of swap agreements with Anadarko—  7,407  
Finance lease payments(10,262) —  
Net cash provided by (used in) financing activities$(424,222) $2,182,290  
Net increase (decrease) in cash and cash equivalents$(40,224) $3,653  
Cash and cash equivalents at beginning of period99,962  92,142  
Cash and cash equivalents at end of period$59,738  $95,795  
12


Western Midstream Partners, LP
OPERATING STATISTICS
(Unaudited)
 Three Months Ended 
June 30,
Six Months Ended 
June 30,
2020201920202019
Throughput for natural-gas assets (MMcf/d)
Gathering, treating, and transportation554  528  547  527  
Processing3,563  3,524  3,605  3,498  
Equity investments (1)
458  402  451  390  
Total throughput4,575  4,454  4,603  4,415  
Throughput attributable to noncontrolling interests (2)
162  178  164  177  
Total throughput attributable to WES for natural-gas assets
4,413  4,276  4,439  4,238  
Throughput for crude-oil and NGLs assets (MBbls/d)
Gathering, treating, and transportation
359  302  360  303  
Equity investments (3)
367  311  391  308  
Total throughput726  613  751  611  
Throughput attributable to noncontrolling interests (2)
15  13  15  13  
Total throughput attributable to WES for crude-oil and NGLs assets
711  600  736  598  
Throughput for produced-water assets (MBbls/d)
Gathering and disposal
773  515  745  516  
Throughput attributable to noncontrolling interests (2)
15  10  15  10  
Total throughput attributable to WES for produced-water assets
758  505  730  506  
Per-Mcf Adjusted gross margin for natural-gas assets (4)
$1.13  $1.06  $1.15  $1.08  
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (5)
2.56  2.52  2.49  2.49  
Per-Bbl Adjusted gross margin for produced-water assets (6)
0.97  1.01  0.97  0.98  
(1)Represents the 14.81% share of average Fort Union throughput, 22% share of average Rendezvous throughput, 50% share of average Mi Vida and Ranch Westex throughput, and 30% share of average Red Bluff Express throughput.
(2)For all periods presented, includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% Occidental subsidiary-owned limited partner interest in WES Operating, which collectively represent WES’s noncontrolling interests.
(3)Represents the 10% share of average White Cliffs throughput; 25% share of average Mont Belvieu JV throughput; 20% share of average TEG, TEP, Whitethorn, and Saddlehorn throughput; 33.33% share of average FRP throughput; and 15% share of average Panola and Cactus II throughput.
(4)Average for period. Calculated as Adjusted gross margin for natural-gas assets, divided by total throughput (MMcf/d) attributable to WES for natural-gas assets.
(5)Average for period. Calculated as Adjusted gross margin for crude-oil and NGLs assets, divided by total throughput (MBbls/d) attributable to WES for crude-oil and NGLs assets.
(6)Average for period. Calculated as Adjusted gross margin for produced-water assets, divided by total throughput (MBbls/d) attributable to WES for produced-water assets.

13


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

Three Months Ended June 30,
202020192020201920202019
Natural gas
(MMcf/d)
Crude oil & NGLs
(MBbls/d)
Produced water
(MBbls/d)
Delaware Basin
1,309  1,179  202  141  773  515  
DJ Basin1,329  1,266  113  112  —  —  
Equity investments458  402  367  311  —  —  
Other
1,479  1,607  44  49  —  —  
Total throughput
4,575  4,454  726  613  773  515  

Six Months Ended June 30,
202020192020201920202019
Natural gas
(MMcf/d)
Crude oil & NGLs
(MBbls/d)
Produced water
(MBbls/d)
Delaware Basin
1,349  1,178  197  143  745  516  
DJ Basin1,368  1,262  120  107  —  —  
Equity investments451  390  391  308  —  —  
Other
1,435  1,585  43  53  —  —  
Total throughput
4,603  4,415  751  611  745  516  
14
v3.20.2
Cover Page
Aug. 10, 2020
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Aug. 10, 2020
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
Entity Address, City or Town The Woodlands
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77380
City Area Code 832
Local Phone Number 636-1009
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
Former Address [Member]  
Entity Information [Line Items]  
Entity Address, Address Line One 1201 Lake Robbins Drive
Entity Address, City or Town The Woodlands
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77380