Western Midstream Partners LP
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Financial Statements Consolidated Statements of Operations for the years ended December 31, 202, and
| Year Ended December 31, | |||
|---|---|---|---|
| thousands except per-unit amounts | 2023 | 2022 | 2021 |
| Revenues and other | |||
| Service revenues – fee based | $2,768,757 | $2,602,053 | $2,462,835 |
| Service revenues – product based | 191,727 | 249,692 | 122,584 |
| Product sales | 145,024 | 399,023 | 290,947 |
| Other | 968 | 953 | 789 |
| Total revenues and other (1) | 3,106,476 | 3,251,721 | 2,877,155 |
| Equity income, net – related parties | 152,959 | 183,483 | 204,645 |
| Operating expenses | |||
| Cost of product | 164,598 | 420,900 | 322,285 |
| Operation and maintenance | 762,530 | 654,566 | 581,300 |
| General and administrative | 232,632 | 194,017 | 195,549 |
| Property and other taxes | 56,458 | 78,559 | 64,267 |
| Depreciation and amortization | 600,668 | 582,365 | 551,629 |
| Long-lived asset and other impairments (2) | 52,884 | 20,585 | 30,543 |
| Total operating expenses (3) | 1,869,770 | 1,950,992 | 1,745,573 |
| Gain (loss) on divestiture and other, net | (10,102) | 103,676 | 44 |
| Operating income (loss) | 1,379,563 | 1,587,888 | 1,336,271 |
| Interest expense | (348,228) | (333,939) | (376,512) |
| Gain (loss) on early extinguishment of debt | 15,378 | 91 | (24,944) |
| Other income (expense), net | 5,679 | 1,603 | (623) |
| Income (loss) before income taxes | 1,052,392 | 1,255,643 | 934,192 |
| Income tax expense (benefit) | 4,385 | 4,187 | (9,807) |
| Net income (loss) | 1,048,007 | 1,251,456 | 943,999 |
| Net income (loss) attributable to noncontrolling interests | 25,791 | 34,353 | 27,707 |
| Net income (loss) attributable to Western Midstream Partners, LP | $1,022,216 | $1,217,103 | $916,292 |
| Limited partners’ interest in net income (loss): | |||
| Net income (loss) attributable to Western Midstream Partners, LP | $1,022,216 | $1,217,103 | $916,292 |
| General partner interest in net (income) loss | (23,684) | (27,541) | (19,815) |
| Limited partners’ interest in net income (loss) (4) | 998,532 | 1,189,562 | 896,477 |
| Net income (loss) per common unit – basic (4) | $2.61 | $3.01 | $2.18 |
| Net income (loss) per common unit – diluted (4) | $2.60 | $3.00 | $2.18 |
| Weighted-average common units outstanding – basic (4) | 383,028 | 394,951 | 411,309 |
| Weighted-average common units outstanding – diluted (4) | 384,408 | 396,236 | 412,022 |
(1)Total revenues and other includes related-party amounts of $1.8 billion, $1.8 billion, and $1.6 billion for the years ended December 31, 2023, 2022, and 2021, respectively. See Note 6.
(2)See Note 7 and Note 9.
(3)Total operating expenses includes related-party amounts of $(68.0) million, $(18.0) million, and $86.2 million for the years ended December 31, 2023, 2022, and 2021, respectively, all primarily related to changes in imbalance positions. See Note 6.
(4)See Note 5.
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