Western Midstream Partners LP
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
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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 | 2024 | 2023 | 2022 |
| Revenues and other | |||
| Service revenues – fee based | $3,248,262 | $2,768,757 | $2,602,053 |
| Service revenues – product based | 215,776 | 191,727 | 249,692 |
| Product sales | 140,100 | 145,024 | 399,023 |
| Other | 1,085 | 968 | 953 |
| Total revenues and other (1) | 3,605,223 | 3,106,476 | 3,251,721 |
| Equity income, net – related parties | 112,385 | 152,959 | 183,483 |
| Operating expenses | |||
| Cost of product | 172,251 | 164,598 | 420,900 |
| Operation and maintenance | 880,568 | 762,530 | 654,566 |
| General and administrative | 271,526 | 232,632 | 194,017 |
| Property and other taxes | 62,668 | 56,458 | 78,559 |
| Depreciation and amortization | 650,428 | 600,668 | 582,365 |
| Long-lived asset and other impairments (2) | 6,206 | 52,884 | 20,585 |
| Total operating expenses (3) | 2,043,647 | 1,869,770 | 1,950,992 |
| Gain (loss) on divestiture and other, net | 296,771 | (10,102) | 103,676 |
| Operating income (loss) | 1,970,732 | 1,379,563 | 1,587,888 |
| Interest expense | (378,513) | (348,228) | (333,939) |
| Gain (loss) on early extinguishment of debt | 5,403 | 15,378 | 91 |
| Other income (expense), net | 31,741 | 5,679 | 1,603 |
| Income (loss) before income taxes | 1,629,363 | 1,052,392 | 1,255,643 |
| Income tax expense (benefit) | 18,111 | 4,385 | 4,187 |
| Net income (loss) | 1,611,252 | 1,048,007 | 1,251,456 |
| Net income (loss) attributable to noncontrolling interests | 37,681 | 25,791 | 34,353 |
| Net income (loss) attributable to Western Midstream Partners, LP | $1,573,571 | $1,022,216 | $1,217,103 |
| Limited partners’ interest in net income (loss): | |||
| Net income (loss) attributable to Western Midstream Partners, LP | $1,573,571 | $1,022,216 | $1,217,103 |
| General partner interest in net (income) loss | (36,604) | (23,684) | (27,541) |
| Limited partners’ interest in net income (loss) (4) | 1,536,967 | 998,532 | 1,189,562 |
| Net income (loss) per common unit – basic (4) | $4.04 | $2.61 | $3.01 |
| Net income (loss) per common unit – diluted (4) | $4.02 | $2.60 | $3.00 |
| Weighted-average common units outstanding – basic (4) | 380,397 | 383,028 | 394,951 |
| Weighted-average common units outstanding – diluted (4) | 382,455 | 384,408 | 396,236 |
(1)Total revenues and other includes related-party amounts of $2.2 billion, $1.8 billion, and $1.8 billion for the years ended December 31, 2024, 2023, and 2022, respectively. See Note 6.
(2)See Note 7 and Note 9.
(3)Total operating expenses includes related-party amounts of $(56.5) million, $(68.0) million, and $(18.0) million for the years ended December 31, 2024, 2023, and 2022, respectively, all primarily related to changes in imbalance positions. See Note 6.
(4)See Note 5.
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