HOUSTON - Today Western Midstream Partners, LP (NYSE: WES) ('WES' or the 'Partnership') announced fourth-quarter and full-year 2019 financial and operating results.
Net income (loss) available to limited partners for the fourth quarter of 2019 totaled $282.1 million, or $0.62 per common unit (diluted), with fourth-quarter 2019 Adjusted EBITDA(1) totaling $447.6 million and fourth-quarter 2019 Distributable cash flow(1) totaling $345.4 million. Net income (loss) available to limited partners for 2019 totaled $662.3 million, or $1.59 per common unit (diluted), with full-year 2019 Adjusted EBITDA(1) of $1.719 billion and full-year 2019 Distributable cash flow(1) of $1.325 billion. Financial and operational results are presented as if WES owned the assets acquired in February 2019 for all periods reported.
RECENT HIGHLIGHTS
Processed record DJ Basin Complex gas throughput of 1.30 Bcf/d for the fourth quarter, representing a 15-percent sequential-quarter increase as third-quarter downstream constraints were resolved and did not impact fourth-quarter operations
Gathered record Delaware Basin produced-water throughput of 610 MBbls/d for the fourth quarter, representing a 5-percent sequential-quarter increase
Achieved record Delaware and DJ Basin oil throughput of 297 MBbls/d for the fourth quarter, representing an 8-percent sequential-quarter increase
Delivered full-year 2019 Adjusted EBITDA(1) of $1.719 billion, representing a 17-percent increase from 2018
Realized capital expenditures below low-end 2019 guidance range
Finalized service and governance agreements with Occidental that will position WES to operate as a stand-alone enterprise
Priced a $3.5 billion four-tranche senior notes offering that was 6.2x oversubscribed with each tranche pricing at WES's lowest historical coupon for like-tenor notes
For the fourth quarter of 2019, WES paid a per-unit quarterly distribution of $0.6220. The full-year 2019 per-unit distribution of $2.47 represents a more than 5-percent increase over the full-year 2018 per-unit distribution of $2.35. This marks WES's 28th consecutive quarterly distribution increase and achieves WES's 2019 annual distribution-growth guidance range of 5 percent to 6 percent. The fourth-quarter 2019 Coverage ratio(1) was 1.23 times. The full-year 2019 Coverage ratio(1) was 1.18 times.
'I'm pleased with our fourth-quarter results,' said Chief Executive Officer, Michael Ure. 'In 2019, we placed the first Latham train and the second Mentone train into service; grew Adjusted EBITDA 17-percent year-over-year as a result of increased throughput across all products and entered into new service, operating, and governing agreements at year end that enable us to operate more fully as an independent midstream company. This was a productive and successful year for WES, and we are ideally positioned to deliver strong results in 2020.'
Fourth-quarter 2019 total natural-gas throughput(2) averaged 4.3 Bcf/d, representing a 3-percent sequential-quarter increase and an 8-percent increase from fourth-quarter 2018. Fourth-quarter 2019 total throughput for crude-oil, NGLs, and produced-water assets(2) averaged 1,378 MBbls/d, representing a 16-percent sequential-quarter increase and a 38-percent increase from fourth-quarter 2018. Full-year 2019 total natural-gas throughput(2) averaged 4.2 Bcf/d, representing a 9-percent increase from full-year 2018. Full-year 2019 total throughput for crude-oil, NGLs, and produced-water assets(2) averaged 1,195 MBbls/d, representing a 57-percent increase from full-year 2018.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP ('WES') is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil and gathering and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and as an agent for its customers under certain contracts.
WESTERN MIDSTREAM ANNUAL REPORT AVAILABLE
WES has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, with the Securities and Exchange Commission. A copy of the report is available for viewing and downloading on the Western Midstream web site at www.westernmidstream.com. Unitholders may request hard copies of the report, which contains WES's audit financial statements, free of charge, by emailing investors@westernmidstream.com or by submitting a written request to Western Midstream Partners, LP at the following address: P.O. Box 1330, Houston, TX 77251-1330, Attention: Investor Relations.
This news release contains forward-looking statements. WES's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution-growth expectations; our ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures and the other factors described in the 'Risk Factors' section of WES's most-recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission and other public filings and press releases. Western Midstream Partners, LP undertakes no obligation to publicly update or revise any forward-looking statements.
Contact:
Kristen S. Shults
Tel: 832.636.6000
Email: Kristen.Shults@westernmidstream.com
WESTERN GAS PARTNERS, LP 
