secwatch.observer — SEC 8-K summary
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Issuer:     Western Midstream Partners, LP (WES)
CIK:        0001423902
Form:       8-K
Filed at:   2022-02-23T23:59:59+00:00
Accession:  0001423902-22-000006
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1423902/000142390222000006/0001423902-22-000006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1423902/000142390222000006/wes-20220223.htm
  HTML page:      https://secwatch.observer/filing/0001423902-22-000006

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