Western Midstream FY2021 Adj. EBITDA $1.947B beats guidance; 53% distribution increase, $1B buyback announced

Western Midstream Partners, LP

Full-year 2021 Adj. EBITDA $1.947B beat guidance high-end of $1.925B; net income $896.5M ($2.18 diluted EPS).
Q4 Adj. EBITDA $480.9M (incl. $26.2M unfavorable non-cash adjustment); Free cash flow $576.5M.
2022 guidance: Adj. EBITDA $1.925-$2.025B, capex $375-$475M, distribution at least $2.00/unit annually.
Expects ~53% distribution increase effective Q1 2022; new $1.0B unit repurchase program through 2024; annual enhanced distribution framework from 2023 contingent on leverage targets.
Year-end leverage ratio ~3.6x (net 3.5x); S&P upgraded to BBB- (investment grade); Q4 repurchased 5.6M units for $113.1M.

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