Highest-materiality recent filing
Western Midstream closes $700M offering of 5.700% Senior Notes due 2036
$700M aggregate principal of 5.700% Senior Notes due 2036 priced at 99.705% of face; interest payable semi-annually starting Jan 1, 2027.
WES closes $1.6B Brazos Delaware acquisition with cash and unit consideration
Acquired Brazos Delaware II, LLC for ~$1.6B: ~$800M cash + ~19.4M common units valued at ~$800M.
WES Q1 adj EBITDA record $683M; acquires Brazos Delaware for $1.6B
Net income $342.4M ($0.85/diluted), record Adj EBITDA $683.1M (+15% YoY), DCF $508.9M.
Full-year 2025 Adj. EBITDA $2.481B (6% YoY), Free Cash Flow $1.526B (15% YoY), both above guidance ranges.
Western Midstream renegotiates Delaware Basin gas contracts, redeems $610M common units
Amends Occidental gathering contract from cost-of-service to fixed-fee with new MVCs through 2027.
WES subsidiary prices $1.2B senior notes offering in two tranches due 2031/2035
$600M 4.800% Senior Notes due 2031 and $600M 5.500% Senior Notes due 2035 issued on Dec 4, 2025.
WES Q3 net income $331.7M; record Adj. EBITDA $633.8M; closes Aris deal
Net income $331.7M ($0.87/diluted unit); record Adj. EBITDA $633.8M, second consecutive quarterly record.
Western Midstream completes acquisition of Aris Water Solutions for $415M cash + 26.6M units
Each Aris share converted into 0.625 WES units, $25 cash (subject to proration), or 0.45 units + $7 cash.
WES to acquire Aris Water Solutions in $415M cash-plus-stock deal
Each Aris share elects 0.625 WES units, $25 cash (capped at $415M total), or 0.450 units + $7 cash.
WES Q1 net income $301.8M; Adjusted EBITDA $593.6M; distribution raised 4% to $0.910/unit
Net income $301.8M ($0.79/diluted unit); Adjusted EBITDA $593.6M; FCF $399.4M on $530.8M operating cash flow.
Western Midstream extends $1.88B revolver maturity to 2030
Consent obtained to extend maturity on $1,880M of RCF commitments from April 6, 2029 to April 6, 2030.
Full-year 2024 Adj. EBITDA $2.344B, FCF $1.324B; both above guidance ranges (midpoint $2.3B, high end $1.25B).
Robert Bourne to serve as advisor through Mar 3, 2025 then six-month consultant at $77,250 monthly.
WES Q3 net income $281.8M, adj. EBITDA $566.9M; lowers throughput growth outlook
Net income $281.8M ($0.74/diluted unit); Adj. EBITDA $566.9M; Free cash flow $365.1M.
WES appoints Oscar Brown as President & CEO, replacing Michael Ure effective Oct 28
Oscar Brown appointed President and CEO of General Partner effective Oct 28, 2024; he was independent director since 2019.
WES Operating prices $800M of 5.450% Senior Notes due 2034 at 99.743% of par
Interest accrues from Aug 20, 2024, payable semi-annually on May 15 and Nov 15, maturing Nov 15, 2034.
Western Midstream selling unitholders to offer 19M common units at $35.75 in secondary offering
Selling unitholders (WGR Asset Holding, Anadarko USH1) selling 19M units at $35.75; underwriter option for 2.85M more.
Western Midstream Q2 net income $369.8M, Adj. EBITDA $578.1M; distribution $0.875/unit
Net income $369.8M ($0.97 diluted/unit); Adjusted EBITDA $578.1M; Free cash flow $424.8M.
Western Midstream extends $1.88B revolver maturity one year to April 2029
Extended maturity on $1.88B of commitments from April 2028 to April 6, 2029.
Western Midstream Q1 net income $559.5M, record EBITDA, distribution up 52%
Net income attributable to LPs of $559.5M ($1.47/diluted unit); record Adjusted EBITDA $608.4M.
WES Q4 earnings beat; sells non-core assets for $790M, plans 52% distribution increase
Q4 net income $281.6M ($0.74/unit); FY net income $998.5M; adj EBITDA $2.069B exceeded guidance.
Western Midstream establishes $2B commercial paper program for general purposes
Subsidiary WES Operating entered dealer agreements for a $2B CP program.
Western Midstream Q3 net income $270.8M; raises distribution 2.2%; closes Meritage acquisition
Record Q3 Adjusted EBITDA $510.9M, net income $270.8M ($0.70/unit).
Western Midstream Operating closes $600M 6.35% senior notes due 2029
Offered $600M aggregate principal of 6.350% Senior Notes due Jan 15, 2029.
WES repurchases 5.1M common units from Occidental for $127.5M
5.1 million common units repurchased from Occidental subsidiary at $25 per unit.
WES Q2 net income $247M; cuts 2023 Adj EBITDA guidance ~5% to $1.95-2.05B
Q2 net income $247.1M ($0.64/diluted unit); Adj EBITDA $488.3M, cash from ops $490.8M, FCF $340.1M.
Net income $199.0M ($0.52 diluted EPS); Adjusted EBITDA $498.7M; Free cash flow $141.6M.
Western Midstream Operating enters $2B revolving credit facility maturing April 2028
Fourth Amended and Restated Revolving Credit Agreement for up to $2 billion, with an accordion to increase to $2.5 billion.
Western Midstream Operating prices $750M of 6.150% Senior Notes due 2033
Issued $750M aggregate principal of 6.150% Senior Notes due April 1, 2033.
Western Midstream reports record 2022 net income of $1.19B; recommends $140M Enhanced Distribution
Q4 2022 net income $328.6M ($0.85 diluted EPS); full-year net income $1.190B ($3.01 diluted EPS).
Net income attributable to LPs $259.5M ($0.67/unit diluted); Adj. EBITDA $524.8M; FCF $330.4M.
Western Midstream announces departure of Co-COO Collins and appointment of Forsyth as SVP North Ops
Craig W. Collins, SVP and Co-COO, to leave effective Nov 11, 2022; departure not due to disagreement.
Western Midstream appoints Daniel Holderman as Senior VP and Co-COO effective Aug 29
Holderman appointed Co-COO overseeing Delaware Basin operations; Collins continues overseeing Rockies, South Texas, equity investments.
Western Midstream Q2 2022: record Adj. EBITDA $548.3M, net income $299.6M, unit buyback $425.4M YTD
Net income $299.6M ($0.74/diluted unit); record Adjusted EBITDA $548.3M; FCF $372.1M.
WES Operating amends revolver; extends $1.6B to Feb 2026, adopts SOFR
Third amendment extends maturity for $1.6 billion of commitments to February 14, 2026.
Western Midstream reports record Q1 Adjusted EBITDA of $539.1M, raises 2022 guidance
Net income $301.9M ($0.75 diluted EPS); Adjusted EBITDA record $539.1M, Free cash flow $200.3M.
Western Midstream appoints Kristen Shults as CFO; grants phantom unit awards
Kristen S. Shults, age 37, appointed SVP and CFO of WES GP (general partner) effective May 2, 2022.
Full-year 2021 Adj. EBITDA $1.947B beat guidance high-end of $1.925B; net income $896.5M ($2.18 diluted EPS).
Director Vangolen resigns, Bennett elected Chairman; Forthuber appointed; SVP Griffie departs
Glenn Vangolen resigns from Board effective Dec 17, 2021 due to retirement from Occidental; Peter J. Bennett elected Chairman effective Dec 14, 2021.
WES Q3 net income $250.2M ($0.61/unit), raises 2021 Adj. EBITDA guidance above $1.925B
Q3 net income $250.2M ($0.61 per unit), Adjusted EBITDA $531.6M; Free cash flow $320M.
Western Midstream Q2 net income $226.3M, adj EBITDA $491.1M; raises 2021 EBITDA guidance
Net income $226.3M ($0.55/diluted unit); Adj EBITDA $491.1M; Free cash flow $379.8M.
On February 18, 2025, Robert W. Bourne, Senior Vice President and Chief Commercial Officer of Western Midstream Holdings, LLC, the general partner of Western Midstream Partners, LP (“WES”), entered into a Retirement Agreement and General Release (the “Retirement Agreement”) with WES.
Michael P. Ure agreed that he will step down from his position as President and Chief Executive Officer of the General Partner and as a director of the Board, effective October 28, 2024 (the “Transition Date”).
Oscar K. Brown, an independent director of Western Midstream Holdings, LLC, WES’s general partner (the “General Partner”) has been appointed President and Chief Executive Officer of the General Partner, effective October 28, 2024.
Effective November 11, 2022, Mr. Craig W. Collins, Senior Vice President and Co-Chief Operating Officer, will be leaving Western Midstream Holdings, LLC (“WES GP”), the general partner of Western Midstream Partners, LP (the “Partnership”).
On May 2, 2022, Kristen S. Shults was appointed as Senior Vice President and Chief Financial Officer of Western Midstream Holdings, LLC (“WES GP”), the general partner of Western Midstream Partners, LP (the “Partnership”).
On December 13, 2021, Mr. Glenn Vangolen resigned effective on December 17, 2021, from the Board of Directors
On December 15, 2021, WES announced that Mr. Charles G. Griffie, Senior Vice President, Operations and Engineering of the General Partner, will be leaving the General Partner.
the Board elected Mr. Peter J. Bennett as Chairman of the Board on December 14, 2021, effective immediately.
Also effective on December 17, 2021, Frederick A. Forthuber is being appointed to the Board.
Max materiality 0.90 · Median 0.75 · Most common event earnings