earnings
confidence high
sentiment negative
materiality 0.70
WES Q3 net income $281.8M, adj. EBITDA $566.9M; lowers throughput growth outlook
Western Midstream Partners, LP
- Net income $281.8M ($0.74/diluted unit); Adj. EBITDA $566.9M; Free cash flow $365.1M.
- Base distribution $0.875/unit ($3.50 annualized), in-line with prior quarter.
- Issued $800M of 5.450% senior notes due 2034, proceeds to repay 2025 notes.
- Record Delaware Basin natural-gas throughput 1.9 Bcf/d (+2% QoQ) and crude/NGLs 246 MBbls/d.
- Management lowers year-over-year crude-oil/NGLs & produced-water throughput growth expectations; still sees Adj. EBITDA towards high end of $2.2-2.4B guidance.