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Western Midstream Partners, Lp (1423902) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Western Midstream Partners, Lp

CIK: 1423902


EXHIBIT 99.1
wesprlogo.jpg
WESTERN MIDSTREAM ANNOUNCES
FIRST-QUARTER 2020 RESULTS

ANNOUNCES REVISED 2020 GUIDANCE

HOUSTON—(PRNEWSWIRE)—May 5, 2020 – Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced first-quarter 2020 financial and operating results. Net income (loss) available to limited partners for the first quarter of 2020 totaled $(251.4) million, or a loss of $0.57 per common unit (diluted), with first-quarter 2020 Adjusted EBITDA(1) totaling $513.6 million, first-quarter Cash flows from operating activities totaling $393.3 million, and first-quarter 2020 Free cash flow(1) totaling $214.6 million. The net loss includes $596.8 million of non-cash impairments of goodwill and long-lived assets primarily resulting from lower sustained commodity prices and forecasted in-basin producer activity reductions following the worldwide outbreak of the coronavirus (“COVID-19”). In total, non-cash impairments reduced first-quarter 2020 net income by $1.34 per common unit (diluted).

RECENT HIGHLIGHTS
Gathered record Delaware Basin produced-water throughput of 717 MBbls/d for the first quarter, representing an 18-percent sequential-quarter increase
Achieved record Delaware oil throughput of 192 MBbls/d for the first quarter, representing a 14-percent sequential-quarter increase
Processed record Delaware and DJ Basin gas throughput of 2.8 Bcf/d for the first quarter, representing a 9-percent sequential-quarter increase
Commenced operations of Latham Train II at the DJ Basin complex and Loving ROTF Train III at the DBM oil system
Repurchased $100 million of Senior Notes due 2021 and 2022 for an aggregate price of $90.1 million via open-market repurchases






 
 
 
(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.


The following information was filed by Western Midstream Partners, Lp on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets - Wes Operating
Consolidated Balance Sheets - Wes Operating (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Cash Flows - Wes Operating
Consolidated Statements Of Cash Flows - Wes Operating (Parenthetical)
Consolidated Statements Of Equity And Partners' Capital
Consolidated Statements Of Equity And Partners' Capital (Parenthetical)
Consolidated Statements Of Equity And Partners' Capital - Wes Operating
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Consolidated Statements Of Operations - Wes Operating
Consolidated Statements Of Operations - Wes Operating (Parenthetical)
Acquisitions And Divestitures
Acquisitions And Divestitures - Additional Information (Details)
Commitments And Contingencies
Components Of Working Capital
Components Of Working Capital (Tables)
Components Of Working Capital - Accounts Receivable, Net Table (Details)
Components Of Working Capital - Accrued Liabilities Table (Details)
Components Of Working Capital - Other Current Assets Table (Details)
Debt And Interest Expense
Debt And Interest Expense (Tables)
Debt And Interest Expense - Additional Information (Details)
Debt And Interest Expense - Debt Activity Table (Details)
Debt And Interest Expense - Debt Outstanding Table (Details)
Debt And Interest Expense - Interest Expense Table (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Policies)
Description Of Business And Basis Of Presentation (Tables)
Description Of Business And Basis Of Presentation - Additional Information (Details)
Description Of Business And Basis Of Presentation - Assets And Investments Table (Details)
Description Of Business And Basis Of Presentation - Ownership Interests And Method Of Consolidation Table (Details)
Equity And Partners' Capital
Equity And Partners' Capital - Additional Information (Details)
Equity Investments
Equity Investments (Tables)
Equity Investments - Equity Investments Table (Details)
Goodwill
Goodwill - Additional Information (Details)
Partnership Distributions
Partnership Distributions (Tables)
Partnership Distributions - Additional Information (Details)
Partnership Distributions - Cash Distributions Tables (Details)
Property, Plant, And Equipment
Property, Plant, And Equipment (Tables)
Property, Plant, And Equipment - Additional Information (Details)
Property, Plant, And Equipment - Historical Cost Table (Details)
Related-Party Transactions
Related-Party Transactions (Tables)
Related-Party Transactions - Additional Information (Details)
Related-Party Transactions - Summary Of Wes Operating Related-Party Transactions Tables (Details)
Related-Party Transactions - Summary Of Wes Related-Party Transactions Tables (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Additional Information (Details)
Revenue From Contracts With Customers - Contract Assets Table (Details)
Revenue From Contracts With Customers - Contract Liabilities Table (Details)
Revenue From Contracts With Customers - Expected Revenues Table (Details)
Revenue From Contracts With Customers - Revenue From Contracts With Customers Table (Details)
CIK: 1423902
Form Type: 10-Q Quarterly Report
Accession Number: 0001423902-20-000028
Submitted to the SEC: Tue May 05 2020 4:38:36 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Natural Gas Transmission

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