Western Midstream (NYSE:$WE) Reports First-Quarter 2024 ResultsWestern Midstream Partners (NYSE: ASX:WES ) announced its first-quarter 2024 financial and operating results, generating a record net income attributable to limited partners of $559.5 million and a record adjusted EBITDA of $608.4 million. The company also reported cash flows provided by operating activities of $399.7 million, generating a first-quarter Free cash flow of $225.0 million. The company announced a first-quarter Base Distribution of $0.875 per unit, or $3.50 per unit annually, representing a 52-percent increase over the prior quarter's distribution.
Western Midstream Partners (NYSE: ASX:WES ) achieved record natural-gas throughput across its asset base and in the Delaware Basin of 5.2 Bcf/d and 1.8 Bcf/d, respectively, representing a 2-percent and 3-percent sequential-quarter increase, respectively. It also achieved operated asset crude-oil and NGLs throughput of 374 MBbls/d, representing a 2-percent sequential-quarter increase. The company also achieved record Delaware Basin produced-water throughput of 1,149 MBbls/d, representing a 7-percent sequential-quarter increase.
Western Midstream closed all five previously announced non-core asset sales for total aggregate proceeds of $794.8 million, including $5.9 million in pro-rata distributions through closing. The company completed the start-up of Mentone III, increasing WES's operated, nameplate natural-gas processing capacity by 300 MMcf/d to approximately 1.9 Bcf/d at its West Texas complex in the Delaware Basin. The company repurchased $15.1 million of senior notes through open-market transactions during the first quarter and an additional $134.9 million to date in the second quarter, all at approximately 96-percent of par.
On May 15, 2024, ASX:WES will pay its first-quarter 2024 per-unit Base Distribution of $0.875, which is an increase of 52-percent compared to the prior quarter's distribution. First-quarter 2024 Free cash flow(1) after distributions totaled $1.5 million, and first-quarter 2024 capital expenditures totaled $205.4 million.
The company's President and CEO, Michael Ure, expressed satisfaction with the first quarter's success, citing increased throughput across all operated assets and products, new gathering records for natural-gas and produced-water throughput in the Delaware Basin, and continued growth in the DJ Basin.
