---
schema_version: "secwatch.filing_event.v1"
accession: "0001423902-22-000006"
form_type: "8-K"
ticker: "WES"
cik: "0001423902"
company_name: "Western Midstream Partners, LP"
filed_at: "2022-02-23T23:59:59+00:00"
generated_at: "2026-06-27T05:24:53.534981+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001423902-22-000006
- form_type: 8-K
- ticker: WES
- cik: 0001423902
- company_name: Western Midstream Partners, LP
- filed_at: 2022-02-23T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1423902/000142390222000006/0001423902-22-000006-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1423902/000142390222000006/wes-20220223.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001423902-22-000006
- JSON: https://secwatch.observer/filing/0001423902-22-000006.json
- Plain text: https://secwatch.observer/filing/0001423902-22-000006.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.