Western Midstream Q2 net income $226.3M, adj EBITDA $491.1M; raises 2021 EBITDA guidance

Western Midstream Partners, LP

Net income $226.3M ($0.55/diluted unit); Adj EBITDA $491.1M; Free cash flow $379.8M.
Record DJ Basin gas throughput 1.4 Bcf/d (+5% QoQ); total gas throughput 4.3 Bcf/d.
New long-term gas gathering/processing agreement with Crestone dedicating ~74,000 acres and potential 148,000 additional acres.
Q2 distribution increased to $0.319/unit (+1.3% sequential, 5% annualized growth).
Expects 2021 capex at or above high end ($275M–$375M); Adj EBITDA near high end of $1.825B–$1.925B.

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