Western Midstream reports record Q1 Adjusted EBITDA of $539.1M, raises 2022 guidance

Western Midstream Partners, LP

Net income $301.9M ($0.75 diluted EPS); Adjusted EBITDA record $539.1M, Free cash flow $200.3M.
2022 guidance raised: Adjusted EBITDA $2.125-2.225B (midpoint +$200M), FCF $1.25-1.35B.
Signed long-term agreements with Occidental, ConocoPhillips, DCP; sanctioned Mentone Train III (300 MMcf/d, Q4 2023).
Repurchased 225,355 units for $5.1M; retired $502.2M senior notes due 2022 in April.
Q1 distribution $0.50/unit (52.9% increase vs prior quarter); annualized $2.00 target unchanged.

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