SEC Form 10-Q filed by Western Midstream Partners LP

5/8/24 4:20:42 PM ET

Natural Gas Distribution

Utilities

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wes-20240331

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to


WESTERN MIDSTREAM PARTNERS, LP
WESTERN MIDSTREAM OPERATING, LP
(Exact name of registrant as specified in its charter)


	Commission file number:	State or other jurisdiction of incorporation or organization:	I.R.S. Employer Identification No.:
Western Midstream Partners, LP	001-35753	Delaware	46-0967367
Western Midstream Operating, LP	001-34046	Delaware	26-1075808

Address of principal executive offices:

Zip Code:

Registrant’s telephone number, including area code:

Western Midstream Partners, LP

9950 Woodloch Forest Drive, Suite 2800

The Woodlands,

Texas

77380

(346)

786-5000

Western Midstream Operating, LP

9950 Woodloch Forest Drive, Suite 2800

The Woodlands,

Texas

77380

(346)

786-5000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of exchange
on which registered

Common units outstanding as of May 3, 2024:

Western Midstream Partners, LP

Common units

WES

New York Stock Exchange

380,490,963

Western Midstream Operating, LP

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Western Midstream Partners, LP

Yes

Western Midstream Operating, LP

Yes

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Western Midstream Partners, LP

Yes

Western Midstream Operating, LP

Yes

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Western Midstream Partners, LP

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

☐

Western Midstream Operating, LP

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

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.


Western Midstream Partners, LP			¨
Western Midstream Operating, LP			¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Western Midstream Partners, LP

Yes

☐

Western Midstream Operating, LP

Yes

☐

FILING FORMAT

This quarterly report on Form 10-Q is a combined report being filed by two separate registrants: Western Midstream Partners, LP and Western Midstream Operating, LP. Western Midstream Operating, LP is a consolidated subsidiary of Western Midstream Partners, LP that has publicly traded debt, but does not have any publicly traded equity securities. Information contained herein related to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrant.

Part I, Item 1 of this quarterly report includes separate financial statements (i.e., consolidated statements of operations, consolidated balance sheets, consolidated statements of equity and partners’ capital, and consolidated statements of cash flows) for Western Midstream Partners, LP and Western Midstream Operating, LP. The accompanying Notes to Consolidated Financial Statements, which are included under Part I, Item 1 of this quarterly report, and Management’s Discussion and Analysis of Financial Condition and Results of Operations, which is included under Part I, Item 2 of this quarterly report, are presented on a combined basis for each registrant, with any material differences between the registrants disclosed separately.


TABLE OF CONTENTS
		PAGE
PART I		FINANCIAL INFORMATION (UNAUDITED)
	Item 1.	Financial Statements
		Western Midstream Partners, LP
		Consolidated Statements of Operations for the three months ended March 31 , 202 4 and 2023	6
		Consolidated Balance Sheets as of M arch 3 1 , 202 4 , and December 31, 202 3	7
		Consolidated Statements of Equity and Partners’ Capital for the three months ended March 3 1 , 202 4 and 202 3	8
		Consolidated Statements of Cash Flows for three months ended March 31, 2024 and 2023	9
		Western Midstream Operating, LP
		Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023	10
		Consolidated Balance Sheets as of M arch 3 1 , 2024, and December 31, 2023	11
		Consolidated Statements of Equity and Partners’ Capital for the three months ended March 3 1 , 202 4 and 202 3	12
		Consolidated Statements of Cash Flows for the three months ended March 31 , 202 4 and 202 3	13
		Notes to Consolidated Financial Statements	14
		Note 1. Description of Business and Basis of Presentation	14
		Note 2. Revenue from Contracts with Customers	17
		Note 3. Acquisitions and Divestitures	19
		Note 4. Partnership Distributions	20
		Note 5. Equity and Partners’ Capital	22
		Note 6. Related-Party Transactions	23
		Note 7. Equity Investments	26
		Note 8. Property, Plant, and Equipment	27

		Note 9. Selected Components of Working Capital	28
		Note 10. Debt and Interest Expense	29
		Note 11. Commitments and Contingencies	31

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
		Cautionary Note Regarding Forward-Looking Statements	32
		Executive Summary	34
		Outlook	36
		Acquisitions and Divestitures	37

		Results of Operations	38
		Operating Results	38
		Reconciliation of Non-GAAP Financial Measures	45
		Key Performance Metrics	50
		Liquidity and Capital Resources	52
		Items Affecting the Comparability of Financial Results with WES Operating	56
		Critical Accounting Estimates	57
		Recent Accounting Developments	57
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	57
	Item 4.	Controls and Procedures	58
PART II		OTHER INFORMATION
	Item 1.	Legal Proceedings	58
	Item 1A.	Risk Factors	58
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
	Item 5.	Other Information	59
	Item 6.	Exhibits	60

COMMONLY USED ABBREVIATIONS AND TERMS

References to “we,” “us,” “our,” “WES,” “the Partnership,” or “Western Midstream Partners, LP” refer to Western Midstream Partners, LP (formerly Western Gas Equity Partners, LP) and its subsidiaries. The following list of abbreviations and terms are used in this document:


			Defined Term						Definition
			Anadarko						Anadarko Petroleum Corporation and its subsidiaries, excluding our general partner, which became a wholly owned subsidiary of Occidental upon closing of the Occidental Merger on August 8, 2019.
			Barrel, Bbl, Bbls/d, MBbls/d						42 U.S. gallons measured at 60 degrees Fahrenheit, barrels per day, thousand barrels per day.
			Board						The board of directors of WES’s general partner.

			Chipeta						Chipeta Processing, LLC, in which we are the managing member of and own a 75% interest.

			Condensate						A natural-gas liquid with a low vapor pressure compared to drip condensate, mainly composed of propane, butane, pentane, and heavier hydrocarbon fractions.
			DBM water systems						Produced-water gathering and disposal systems in West Texas.

			DJ Basin complex						The Platte Valley, Fort Lupton, Wattenberg, Lancaster, and Latham processing plants, and the Wattenberg gathering system.
			EBITDA						Earnings before interest, taxes, depreciation, and amortization. For a definition of “Adjusted EBITDA,” see Reconciliation of Non-GAAP Financial Measures under Part I, Item 2 of this Form 10-Q.

			Exchange Act						The Securities Exchange Act of 1934, as amended.


			FRP						Front Range Pipeline LLC, in which we own a 33.33% interest.
			GAAP						Generally accepted accounting principles in the United States.
			General partner						Western Midstream Holdings, LLC, the general partner of the Partnership.
			Imbalance						Imbalances result from (i) differences between gas and NGLs volumes nominated by customers and gas and NGLs volumes received from those customers and (ii) differences between gas and NGLs volumes received from customers and gas and NGLs volumes delivered to those customers.
			Marcellus Interest						The 33.75% interest in the Larry’s Creek, Seely, and Warrensville gas-gathering systems and related facilities located in northern Pennsylvania that we sold in April 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
			Mcf, MMcf, MMcf/d						Thousand cubic feet, million cubic feet, million cubic feet per day.
			Meritage						Meritage Midstream Services II, LLC, which was acquired by the Partnership on October 13, 2023.

			Mi Vida						Mi Vida JV LLC, in which we own a 50% interest.
			MLP						Master limited partnership.
			Mont Belvieu JV						Enterprise EF78 LLC, in which we owned a 25% interest that we sold in February 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
			Natural-gas liquid(s) or NGL(s)						The combination of ethane, propane, normal butane, isobutane, and natural gasolines that, when removed from natural gas, become liquid under various levels of pressure and temperature.

			Occidental						Occidental Petroleum Corporation and, as the context requires, its subsidiaries, excluding our general partner.


			Panola						Panola Pipeline Company, LLC, in which we owned a 15% interest that we sold in March 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
			Powder River Basin complex						The Hilight system and assets acquired from Meritage, which includes a gathering system, processing plants, and the Thunder Creek NGL pipeline (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
			Produced water						Byproduct associated with the production of crude oil and natural gas that often contains a number of dissolved solids and other materials found in oil and gas reservoirs.

			RCF						WES Operating’s $2.0 billion senior unsecured revolving credit facility.
			Red Bluff Express						Red Bluff Express Pipeline, LLC, in which we own a 30% interest.

			Related parties						Occidental, the Partnership’s equity interests (see Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q), and the Partnership and WES Operating for transactions that eliminate upon consolidation.
			Rendezvous						Rendezvous Gas Services, LLC, in which we own a 22% interest.


			Defined Term						Definition
			Residue						The natural gas remaining after the unprocessed natural-gas stream has been processed or treated.
			Saddlehorn						Saddlehorn Pipeline Company, LLC, in which we owned a 20% interest that we sold in March 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
			SEC						U.S. Securities and Exchange Commission.
			Services Agreement						That certain amended and restated Services, Secondment, and Employee Transfer Agreement, dated as of December 31, 2019, by and among Occidental, Anadarko, and WES Operating GP.
			Skim oil						A crude-oil byproduct that is recovered during the produced-water gathering and disposal process.
			Springfield system						The Springfield gas-gathering system and Springfield oil-gathering system.


			TEG						Texas Express Gathering LLC, in which we own a 20% interest.
			TEP						Texas Express Pipeline LLC, in which we own a 20% interest.
			WES Operating						Western Midstream Operating, LP, formerly known as Western Gas Partners, LP, and its subsidiaries.
			WES Operating GP						Western Midstream Operating GP, LLC, the general partner of WES Operating.
			West Texas complex						The Delaware Basin Midstream complex and DBJV and Haley systems.
			WGRAH						WGR Asset Holding Company LLC, a subsidiary of Occidental.
			White Cliffs						White Cliffs Pipeline, LLC, in which we own a 10% interest.
			Whitethorn LLC						Whitethorn Pipeline Company LLC, in which we owned a 20% interest that we sold in February 2024 (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
			Whitethorn						A crude-oil and condensate pipeline, and related storage facilities, owned by Whitethorn LLC.
			$1.25 billion Purchase Program						The $1.25 billion buyback program ending December 31, 2024. The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions.



	Three Months Ended March 31,
thousands except per-unit amounts	2024		2023
Revenues and other
Service revenues – fee based	$	781,262	$	647,867
Service revenues – product based	66,740		46,810
Product sales	39,292		39,025
Other	435		280
Total revenues and other (1)	887,729		733,982
Equity income, net – related parties	32,819		39,021
Operating expenses
Cost of product	46,079		51,459
Operation and maintenance	194,939		174,239
General and administrative	67,839		51,117
Property and other taxes	13,920		6,831
Depreciation and amortization	157,991		144,626
Long-lived asset and other impairments (2)	23		52,401

Total operating expenses (3)	480,791		480,673
Gain (loss) on divestiture and other, net	239,617		(2,118)
Operating income (loss)	679,374		290,212

Interest expense	(94,506)		(81,670)
Gain (loss) on early extinguishment of debt	524		—
Other income (expense), net	2,346		1,215
Income (loss) before income taxes	587,738		209,757
Income tax expense (benefit)	1,522		1,416
Net income (loss)	586,216		208,341
Net income (loss) attributable to noncontrolling interests	13,386		4,696
Net income (loss) attributable to Western Midstream Partners, LP	$	572,830	$	203,645
Limited partners’ interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners, LP	$	572,830	$	203,645

General partner interest in net (income) loss	(13,330)		(4,686)
Limited partners’ interest in net income (loss) (4)	559,500		198,959
Net income (loss) per common unit – basic (4)	$	1.47	$	0.52
Net income (loss) per common unit – diluted (4)	$	1.47	$	0.52
Weighted-average common units outstanding – basic (4)	380,024		384,468
Weighted-average common units outstanding – diluted (4)	381,628		385,750




thousands except number of units	March 31, 2024		December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$	295,246	$	272,787
Accounts receivable, net	720,351		666,637
Other current assets	50,750		52,986
Total current assets	1,066,347		992,410
Property, plant, and equipment
Cost	15,157,635		14,945,431
Less accumulated depreciation	5,432,343		5,290,415
Net property, plant, and equipment	9,725,292		9,655,016
Goodwill	4,783		4,783
Other intangible assets	673,491		681,408
Equity investments	546,078		904,535
Other assets (1)	249,479		233,455
Total assets (2)	$	12,265,470	$	12,471,607
LIABILITIES, EQUITY, AND PARTNERS’ CAPITAL
Current liabilities
Accounts and imbalance payables	$	377,499	$	362,451
Short-term debt	108,394		617,748
Accrued ad valorem taxes	48,525		61,285
Accrued liabilities	173,721		262,572
Total current liabilities	708,139		1,304,056
Long-term liabilities
Long-term debt	7,272,079		7,283,556
Deferred income taxes	15,698		15,468
Asset retirement obligations	366,755		359,185
Other liabilities	526,508		480,212
Total long-term liabilities	8,181,040		8,138,421
Total liabilities (3)	8,889,179		9,442,477
Equity and partners’ capital
Common units (380,490,138 and 379,519,983 units issued and outstanding at March 31, 2024, and December 31, 2023, respectively)	3,225,562		2,894,231
General partner units (9,060,641 units issued and outstanding at March 31, 2024, and December 31, 2023)	11,313		3,193
Total partners’ capital	3,236,875		2,897,424
Noncontrolling interests	139,416		131,706
Total equity and partners’ capital	3,376,291		3,029,130
Total liabilities, equity, and partners’ capital	$	12,265,470	$	12,471,607


	Partners’ Capital
thousands	Common Units		General Partner Units		Noncontrolling Interests		Total










































Balance at December 31, 2023	$	2,894,231	$	3,193	$	131,706	$	3,029,130
Net income (loss)	559,500		13,330		13,386		586,216
Distributions to Chipeta noncontrolling interest owner	—		—		(1,085)		(1,085)
Distributions to noncontrolling interest owner of WES Operating	—		—		(4,591)		(4,591)
Distributions to Partnership unitholders	(218,228)		(5,210)		—		(223,438)


Equity-based compensation expense	9,423		—		—		9,423

Other	(19,364)		—		—		(19,364)
Balance at March 31, 2024	$	3,225,562	$	11,313	$	139,416	$	3,376,291


thousands	Common Units		Noncontrolling Interest		Total































Balance at December 31, 2023	$	3,027,031	$	25,323	$	3,052,354
Net income (loss)	584,831		1,686		586,517
Distributions to Chipeta noncontrolling interest owner	—		(1,085)		(1,085)
Distributions to WES Operating unitholders	(229,446)		—		(229,446)
Contributions of equity-based compensation from WES	9,278		—		9,278


Balance at March 31, 2024	$	3,391,694	$	25,924	$	3,417,618


	Wholly Owned and Operated	Operated Interests	Non-Operated Interests	Equity Interests
Gathering systems (1)	18	2	3	1
Treating facilities	38	3	—	—
Natural-gas processing plants/trains	24	3	—	1
NGLs pipelines	3	—	—	4
Natural-gas pipelines	6	—	—	1
Crude-oil pipelines	3	1	—	1


	Percentage Interest
Full consolidation
Chipeta (1)	75.00	%
Proportionate consolidation (2)
Springfield system	50.10	%
Marcellus Interest systems	33.75	%
Equity investments (3)
Mi Vida JV LLC (“Mi Vida”)	50.00	%
Front Range Pipeline LLC (“FRP”)	33.33	%
Red Bluff Express Pipeline, LLC (“Red Bluff Express”)	30.00	%
Rendezvous Gas Services, LLC (“Rendezvous”)	22.00	%
Texas Express Pipeline LLC (“TEP”)	20.00	%
Texas Express Gathering LLC (“TEG”)	20.00	%
White Cliffs Pipeline, LLC (“White Cliffs”)	10.00	%




thousands
Contract assets balance at December 31, 2023	$	39,292
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period	(1,928)
Additional estimated revenues recognized	1,974

Contract assets balance at March 31, 2024	$	39,338



Contract assets at March 31, 2024
Other current assets	$	8,708
Other assets	30,630
Total contract assets from contracts with customers	$	39,338




thousands
Contract liabilities balance at December 31, 2023	$	445,499
Cash received or receivable, excluding revenues recognized during the period	36,960

Revenues recognized that were included in the contract liability balance at the beginning of the period	(11,715)


Contract liabilities balance at March 31, 2024	$	470,744



Contract liabilities at March 31, 2024
Accrued liabilities	$	11,875
Other liabilities	458,869
Total contract liabilities from contracts with customers	$	470,744


thousands
Remainder of 2024	$	881,845
2025	1,113,716
2026	1,029,954
2027	919,010
2028	712,825
Thereafter	2,001,043
Total	$	6,658,393


thousands
Assets acquired:
Cash and cash equivalents	$	38,412
Accounts receivable, net	34,060
Other current assets	1,980
Property, plant, and equipment	926,347
Other assets	6,498
Total assets acquired	1,007,297
Liabilities assumed:
Accounts payable and accrued liabilities	34,733
Other current liabilities	5,451
Asset retirement obligation	22,156
Other liabilities	28,356
Total liabilities assumed	90,696
Net assets acquired	$	916,601


thousands except per-unit amounts Quarters Ended	Total Quarterly Per-unit Distribution		Total Quarterly Cash Distribution		Distribution Date	Record Date





2023
March 31 (1)	$	0.856	$	336,987	May 15, 2023	May 1, 2023
June 30	0.5625		221,442		August 14, 2023	July 31, 2023
September 30	0.575		223,432		November 13, 2023	November 1, 2023
December 31	0.575		223,438		February 13, 2024	February 1, 2024
2024
March 31	$	0.875	$	340,858	May 15, 2024	May 1, 2024


thousands Quarters Ended	Total Quarterly Cash Distribution		Distribution Date





2023
March 31 (1)	$	342,895	May 2023
June 30	226,260		August 2023
September 30	229,446		November 2023
December 31	229,446		February 2024
2024
March 31	$	347,675	May 2024


Consolidated statements of operations

	Three Months Ended March 31,
thousands		2024		2023
Revenues and other
Service revenues – fee based		$	489,729	$	423,501
Service revenues – product based		14,057		8,116
Product sales		(3,977)		17,168
Total revenues and other		499,809		448,785
Equity income, net – related parties (1)		32,819		39,021
Operating expenses
Cost of product (2)		(27,412)		(3,947)
Operation and maintenance		1,439		747
General and administrative		—		67
Total operating expenses		(25,973)		(3,133)





Consolidated balance sheets
thousands	March 31, 2024		December 31, 2023
Assets
Accounts receivable, net	$	389,721	$	358,141
Other current assets	3,277		1,260
Equity investments (1)	546,078		904,535
Other assets	43,534		43,216
Total assets	982,610		1,307,152
Liabilities
Accounts and imbalance payables	38,739		38,541
Accrued liabilities	5,009		4,979
Other liabilities (2)	362,604		335,320
Total liabilities	406,352		378,840


Consolidated statements of cash flows

	Three Months Ended March 31,
thousands	2024		2023
Distributions from equity-investment earnings – related parties	$	29,304	$	39,609



Contributions to equity investments – related parties	—		(110)
Distributions from equity investments in excess of cumulative earnings – related parties	19,033		12,366
Distributions to Partnership unitholders (1)	(111,689)		(99,671)
Distributions to WES Operating unitholders (2)	(4,591)		(4,271)


thousands	Balance at December 31, 2023		Equity income, net		Distributions		Distributions in excess of cumulative earnings (1)		Acquisitions and Divestitures (2)		Balance at March 31, 2024
White Cliffs	$	13,248	$	1,285	$	(1,285)	$	(843)	$	—	$	12,405
Rendezvous	10,815		(578)		(237)		(464)		—		9,536
Mont Belvieu JV	88,556		51		(442)		(6,047)		(82,118)		—
TEG	15,185		169		(175)		(200)		—		14,979
TEP	172,559		7,218		(7,281)		(635)		—		171,861
FRP	186,551		11,727		(11,770)		(1,803)		—		184,705
Whitethorn LLC	144,799		1,185		3,326		(4,924)		(144,386)		—
Saddlehorn	101,760		4,200		(4,124)		(3,096)		(98,740)		—
Panola	18,716		74		(74)		(1,021)		(17,695)		—
Mi Vida	45,424		2,068		(2,050)		—		—		45,442
Red Bluff Express	106,922		5,420		(5,192)		—		—		107,150
Total	$	904,535	$	32,819	$	(29,304)	$	(19,033)	$	(342,939)	$	546,078




thousands	Estimated Useful Life	March 31, 2024		December 31, 2023
Land	N/A	$	12,442	$	12,504
Gathering systems – pipelines	30 years	5,935,848		5,890,607
Gathering systems – compressors	15 years	2,602,110		2,553,602
Processing complexes and treating facilities	25 years	3,775,379		3,745,332
Transportation pipeline and equipment	3 to 48 years	259,227		259,314
Produced-water disposal systems	20 years	1,103,001		1,098,616
Assets under construction	N/A	560,417		479,368
Other	3 to 40 years	909,211		906,088
Total property, plant, and equipment		15,157,635		14,945,431
Less accumulated depreciation		5,432,343		5,290,415
Net property, plant, and equipment		$	9,725,292	$	9,655,016


	The Partnership				WES Operating


thousands	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Trade receivables, net	$	720,169	$	665,892	$	738,328	$	665,892
Other receivables, net	182		745		159		723
Total accounts receivable, net	$	720,351	$	666,637	$	738,487	$	666,615


	March 31, 2024						December 31, 2023
thousands	Principal		Carrying Value		Fair Value (1)		Principal		Carrying Value		Fair Value (1)
Short-term debt

Commercial paper	$	100,000	$	99,933	$	99,933	$	613,885	$	610,312	$	610,312
Finance lease liabilities	8,461		8,461		8,461		7,436		7,436		7,436
Total short-term debt	$	108,461	$	108,394	$	108,394	$	621,321	$	617,748	$	617,748

Long-term debt
3.100% Senior Notes due 2025	$	663,831	$	662,804	$	649,658	$	666,481	$	665,145	$	650,765
3.950% Senior Notes due 2025	348,645		347,631		341,763		349,163		347,938		341,415
4.650% Senior Notes due 2026	467,204		465,848		458,425		467,204		465,705		459,617
4.500% Senior Notes due 2028	350,175		347,923		338,199		357,094		354,665		346,121
4.750% Senior Notes due 2028	381,848		379,816		370,935		382,888		380,747		374,767
6.350% Senior Notes due 2029	600,000		593,364		622,248		600,000		593,069		626,994
4.050% Senior Notes due 2030	1,100,612		1,093,906		1,025,726		1,104,593		1,097,609		1,036,097
6.150% Senior Notes due 2033	750,000		741,302		769,373		750,000		741,125		780,203
5.450% Senior Notes due 2044	600,000		594,070		551,802		600,000		594,031		545,154
5.300% Senior Notes due 2048	700,000		687,798		611,492		700,000		687,735		614,082
5.500% Senior Notes due 2048	350,000		342,947		310,674		350,000		342,913		312,365
5.250% Senior Notes due 2050	1,000,000		984,276		895,150		1,000,000		984,206		895,440

Finance lease liabilities	30,394		30,394		30,394		28,668		28,668		28,668
Total long-term debt	$	7,342,709	$	7,272,079	$	6,975,839	$	7,356,091	$	7,283,556	$	7,011,688


thousands	Carrying Value















Balance at December 31, 2023	$	7,901,304

Commercial paper borrowings (repayments), net (1)	(510,379)




Repayment of 3.100% Senior Notes due 2025	(2,650)
Repayment of 3.950% Senior Notes due 2025	(518)

Repayment of 4.500% Senior Notes due 2028	(6,919)
Repayment of 4.750% Senior Notes due 2028	(1,040)
Repayment of 4.050% Senior Notes due 2030	(3,981)
Finance lease liabilities	2,751
Other	1,905
Balance at March 31, 2024	$	7,380,473

SEC Form 10-Q filed by Western Midstream Partners LP

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$WES Insider Trading

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SEC Form 4 filed by President & CEO Brown Oscar K

Large owner Occidental Petroleum Corp /De/ sold $697,125,000 worth of COMMON UNITS (19,500,000 units at $35.75) (SEC Form 4)

Large owner Occidental Petroleum Corp /De/ sold $697,125,000 worth of COMMON UNITS (19,500,000 units at $35.75) (SEC Form 4)

$WES Press Releases

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WESTERN MIDSTREAM ANNOUNCES THIRD-QUARTER 2024 RESULTS

WESTERN MIDSTREAM APPOINTS OSCAR BROWN AS PRESIDENT AND CHIEF EXECUTIVE OFFICER

WESTERN MIDSTREAM ANNOUNCES THIRD-QUARTER 2024 DISTRIBUTION AND EARNINGS CONFERENCE CALL

$WES Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

Bourne Robert W. bought $50,430 worth of Common Units representing limited partner interests (1,354 units at $37.25), increasing direct ownership by 1% to 130,625 units (SEC Form 4)

Stewart Lisa A bought $87,175 worth of Common Units representing limited partner interests (2,500 units at $34.87), increasing direct ownership by 9% to 30,730 units (SEC Form 4)

Ure Michael bought $168,250 worth of Common Units representing limited partner interests (5,000 units at $33.65), increasing direct ownership by 0.90% to 561,404 units (SEC Form 4)

$WES Leadership Updates

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Western Midstream Announces New CFO

FREYR Battery Appoints New Chief Financial Officer

$WES Market Insights

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Stifel Downgrades Western Midstream to Hold, Maintains Price Target to $39

How Is The Market Feeling About Western Midstream?

Wells Fargo Maintains Equal-Weight on Western Midstream, Raises Price Target to $35

$WES SEC Filings