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Western Midstream Partners, LPWestern Midstream Partners, LPWestern Midstream Partners, LP

Western Midstream Partners, LP

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WES trade ideas

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.
NYSE:WES
by DEXWireNews
Trading Edge 2020 Portfolio -Trade #11- WES - Inverse H+STicker: WES Position: ~ $7.00 Strike Call (Currently around $0.62/ contract) ~ May 15th expiry ~ Delta = 0.57 ~ Risk no more than $300 (4-5 contracts) Exit/ Profit Targets: ~ Close below the neckline = exit trade (approximately $6.00) ~ Initial target = $8.00 ~ Secondary target = $11.00 Rationale: ~ Inverted H+S breakout ~ RSI confirming latest move higher ~ Presence of a gap (stretch target) ~ Moving averages are suggesting (at least near-term) a continued bounce -TradingEdge
NYSE:WESLong
by Profit_Link
WES - Potential Inverse H+S - $9.00 TargetQuick pattern update here. WES appears to have an Inverse H+S pattern forming on the lower timeframe. A clean break from the pattern would target the $9.30 range, setting a conservative exit, with a close below the purported right shoulder would minimize potential for losses. WES has been one on my list for a while lately and I recently closed a position for over 170% gain. The news surrounding oil prices is negative, however WES is a refiner not a producer, so WES, if anything would have benefited (in the short-term) with the negative May contract prices. I may look to do a more detailed write up on WES in the coming day or so, concerning position details. -TradingEdge
NYSE:WESLong
by Profit_Link
2
Trading Edge 2020 Portfolio -Trade #9 - WES - Oil Lotto TicketTicker: WES Position: ~ $4.00 Strike Calls ~ May 15th Expiry ~ Cost = $0.40/ contract (at time of writing) ~ Delta = 0.56 ~ Run 5x contracts = $200 total outlay for the trade (subject to change) Profit Targets/ Exit: ~ Due to the low cost of the trade, i will likely not run a stop on this position, but i have outlined a stop at the $2.50 level ~ Initial Target = $5.30 (325% gain) ~ Secondary Target = $8.00 (1000% gain) ~ Third Target = $11.00 (1750% gain) *predicated on a gap fill* ~ I will be rolling at each profit target also, in order to take money off the table as it appears Rationale: ~ Although i believe that there is more downside for the broader market to come, it is also a very real possibility that the market is not ready to roll back over just yet, with that in mind, i think having some strategic long positions is prudent ~ The asymmetry nature of this trade is highly desirable, as even a move to the initial target yields very high rewards, albeit the risk is the total premium paid, hence the small position size -TradingEdge
NYSE:WESLong
by Profit_Link
Trading Edge 2020 Portfolio - Trade #3 - WES - Short Term PutTicker: WES (right side is XLE for comparative purposes on a weekly) Position: - Feb 21st Expiry - 5x $20 Strike Puts (ITM) - delta = 0.60 - cost = $1.38/ contract - 5x $18 Strike Puts (OTM) - delta = 0.19 - cost = $0.35/ contract - Should the stock move to the initial target, the OTM options will be more than covered by the ITM options increase in premium Profit Target/ Exit: - Initial target = $18.00 (green line) - Exit for the $20 strike puts is 2 closes above the daily 21 ema (white line), there is no stop for the $18 strike puts, therefore the full premium is at risk (hence the lower capital allocation) Rationale: - shorter term play on the relative weakness of the energy sector - XLE (energy sector ETF) has displayed a bearish moving average cross and appears to be deteriorating, as well as several stocks within the sector have appeared in my screening process as potential candidates, one of which is WES - smaller position size, with overall capital allocation only 3.8% of portfolio, so a relatively small trade, that even if it goes against us will do no long term damage to the overall portfolio and still offers a good opportunity for roughly a 70% gain (at initial target) - WES does appear to be a little on the oversold side of things, so a bounce is certainly possible, this is why the stop is 2 closes above the daily 21 ema, as this should help to keep from being shaken out of the position prematurely -TradingEdge
NYSE:WESShort
by Profit_Link