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10-Q Filing

WESTERN MIDSTREAM PARTNERS, LP CIK: 1423902 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001423902-23-000041
Period End Date 20230331
Filing Date 20230503
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance wes-20230331_htm.xml
Filing Contents
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $112.64M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $286.66M USD Point-in-time
Accounts receivable, net AccountsAndOtherReceivablesNetCurrent $558.30M USD Point-in-time
Accounts receivable, net AccountsAndOtherReceivablesNetCurrent $554.26M USD Point-in-time
Other current assets OtherAssetsCurrent $59.51M USD Point-in-time
Other current assets OtherAssetsCurrent $64.35M USD Point-in-time
Total current assets AssetsCurrent $735.30M USD Point-in-time
Total current assets AssetsCurrent $900.42M USD Point-in-time
Cost PropertyPlantAndEquipmentGross $13.37B USD Point-in-time
Cost PropertyPlantAndEquipmentGross $13.55B USD Point-in-time
Less accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $5.01B USD Point-in-time
Less accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $4.82B USD Point-in-time
Net property, plant, and equipment PropertyPlantAndEquipmentNet $8.54B USD Point-in-time
Materials and supplies inventory InventoryNonCurrentRawMaterialsAndSuppliesGross $77.40M USD Point-in-time
Materials and supplies inventory InventoryNonCurrentRawMaterialsAndSuppliesGross $60.40M USD Point-in-time
Net property, plant, and equipment PropertyPlantAndEquipmentNet $8.54B USD Point-in-time
Total assets Assets $11.11B USD Point-in-time
Goodwill Goodwill $4.78M USD Point-in-time
Total assets Assets $11.27B USD Point-in-time
Goodwill Goodwill $4.78M USD Point-in-time
Other intangible assets IntangibleAssetsNetExcludingGoodwill $705.16M USD Point-in-time
Other intangible assets IntangibleAssetsNetExcludingGoodwill $713.08M USD Point-in-time
Accounts receivable, net AccountsAndOtherReceivablesNetCurrent $558.30M USD Point-in-time
Accounts receivable, net AccountsAndOtherReceivablesNetCurrent $554.26M USD Point-in-time
Total liabilities Liabilities $8.01B USD Point-in-time
Total liabilities Liabilities $8.16B USD Point-in-time
Equity investments EquityMethodInvestments $931.85M USD Point-in-time
Equity investments EquityMethodInvestments $944.70M USD Point-in-time
Other assets OtherAssetsNoncurrent $194.18M USD Point-in-time
Other assets OtherAssetsNoncurrent $167.05M USD Point-in-time
Total assets Assets $11.11B USD Point-in-time
Total assets Assets $11.27B USD Point-in-time
Accounts and imbalance payables AccountsPayableTradeCurrent $360.56M USD Point-in-time
Accounts and imbalance payables AccountsPayableTradeCurrent $362.40M USD Point-in-time
Short-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $2.71M USD Point-in-time
Short-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $215.78M USD Point-in-time
Accrued ad valorem taxes AccrualForTaxesOtherThanIncomeTaxesCurrent $52.72M USD Point-in-time
Accrued ad valorem taxes AccrualForTaxesOtherThanIncomeTaxesCurrent $72.88M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $163.50M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $254.64M USD Point-in-time
Total current liabilities LiabilitiesCurrent $903.86M USD Point-in-time
Total current liabilities LiabilitiesCurrent $581.33M USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $6.57B USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $6.69B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $14.42M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $15.35M USD Point-in-time
Asset retirement obligations AssetRetirementObligationsNoncurrent $293.72M USD Point-in-time
Asset retirement obligations AssetRetirementObligationsNoncurrent $290.02M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $385.63M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $426.59M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $7.43B USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $7.26B USD Point-in-time
Total liabilities Liabilities $8.01B USD Point-in-time
Total liabilities Liabilities $8.16B USD Point-in-time
Common units (384,615,227 and 384,070,984 units issued and outstanding at March 31, 2023, and December 31, 2022, respectively) LimitedPartnersCapitalAccount $2.97B USD Point-in-time
Common units (384,615,227 and 384,070,984 units issued and outstanding at March 31, 2023, and December 31, 2022, respectively) LimitedPartnersCapitalAccount $2.96B USD Point-in-time
General partner units (9,060,641 units issued and outstanding at March 31, 2023, and December 31, 2022) GeneralPartnersCapitalAccount $2.10M USD Point-in-time
General partner units (9,060,641 units issued and outstanding at March 31, 2023, and December 31, 2022) GeneralPartnersCapitalAccount $2.26M USD Point-in-time
Total partners' capital PartnersCapital $2.97B USD Point-in-time
Total partners' capital PartnersCapital $2.97B USD Point-in-time
Noncontrolling interests PartnersCapitalAttributableToNoncontrollingInterest $134.59M USD Point-in-time
Noncontrolling interests PartnersCapitalAttributableToNoncontrollingInterest $136.41M USD Point-in-time
Total equity and partners' capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.10B USD Point-in-time
Total equity and partners' capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.10B USD Point-in-time
Total equity and partners' capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.27B USD Point-in-time
Total equity and partners' capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.11B USD Point-in-time
Total liabilities, equity, and partners' capital LiabilitiesAndStockholdersEquity $11.27B USD Point-in-time
Total liabilities, equity, and partners' capital LiabilitiesAndStockholdersEquity $11.11B USD Point-in-time
Common units issued LimitedPartnersCapitalAccountUnitsIssued 384.62M shares Point-in-time
Common units issued LimitedPartnersCapitalAccountUnitsIssued 384.07M shares Point-in-time
Common units outstanding LimitedPartnersCapitalAccountUnitsOutstanding 384.07M shares Point-in-time
Common units outstanding LimitedPartnersCapitalAccountUnitsOutstanding 384.62M shares Point-in-time
General partner units issued GeneralPartnersCapitalAccountUnitsIssued 9.06M shares Point-in-time
General partner units issued GeneralPartnersCapitalAccountUnitsIssued 9.06M shares Point-in-time
General partner units outstanding GeneralPartnersCapitalAccountUnitsOutstanding 9.06M shares Point-in-time
General partner units outstanding GeneralPartnersCapitalAccountUnitsOutstanding 9.06M shares Point-in-time
Income Statement 54 line items
Line Item Tag Value Unit Period
Total revenues and other Revenues $758.30M USD 1 Quarter
Total revenues and other Revenues $733.98M USD 1 Quarter
Total operating expenses CostsAndExpenses $480.67M USD 1 Quarter
Total operating expenses CostsAndExpenses $403.45M USD 1 Quarter
Revenues and other Revenues $758.30M USD 1 Quarter
Revenues and other Revenues $733.98M USD 1 Quarter
Equity income, net related parties IncomeLossFromEquityMethodInvestments $39.02M USD 1 Quarter
Equity income, net related parties IncomeLossFromEquityMethodInvestments $49.61M USD 1 Quarter
Cost of product CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization $51.46M USD 1 Quarter
Cost of product CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization $72.85M USD 1 Quarter
Operation and maintenance OperatingCostsAndExpenses $174.24M USD 1 Quarter
Operation and maintenance OperatingCostsAndExpenses $128.98M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $48.60M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $51.12M USD 1 Quarter
Property and other taxes TaxesExcludingIncomeAndExciseTaxes $6.83M USD 1 Quarter
Property and other taxes TaxesExcludingIncomeAndExciseTaxes $18.44M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $144.63M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $134.58M USD 1 Quarter
Long-lived asset and other impairments ImpairmentOfLongLivedAssetsHeldForUse - USD 1 Quarter
Long-lived asset and other impairments ImpairmentOfLongLivedAssetsHeldForUse $52.40M USD 1 Quarter
Total operating expenses CostsAndExpenses $480.67M USD 1 Quarter
Total operating expenses CostsAndExpenses $403.45M USD 1 Quarter
Gain (loss) on divestiture and other, net GainLossOnDispositionOfAssetsAndOtherNet $370.00K USD 1 Quarter
Gain (loss) on divestiture and other, net GainLossOnDispositionOfAssetsAndOtherNet $-2.12M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $290.21M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $404.82M USD 1 Quarter
Interest expense InterestExpense $81.67M USD 1 Quarter
Interest expense InterestExpense $85.45M USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $106.00K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $1.22M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $209.76M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $319.48M USD 1 Quarter
Income tax expense (benefit) IncomeTaxExpenseBenefit $1.80M USD 1 Quarter
Income tax expense (benefit) IncomeTaxExpenseBenefit $1.42M USD 1 Quarter
Net income (loss) ProfitLoss $208.34M USD 1 Quarter
Net income (loss) ProfitLoss $317.67M USD 1 Quarter
Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $4.70M USD 1 Quarter
Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $8.95M USD 1 Quarter
Net income (loss) attributable to Western Midstream Partners, LP NetIncomeLoss $308.72M USD 1 Quarter
Net income (loss) attributable to Western Midstream Partners, LP NetIncomeLoss $203.65M USD 1 Quarter
Net income (loss) attributable to Western Midstream Partners, LP NetIncomeLoss $308.72M USD 1 Quarter
Net income (loss) attributable to Western Midstream Partners, LP NetIncomeLoss $203.65M USD 1 Quarter
General partner interest in net (income) loss NetIncomeLossAllocatedToGeneralPartners $4.69M USD 1 Quarter
General partner interest in net (income) loss NetIncomeLossAllocatedToGeneralPartners $6.78M USD 1 Quarter
Limited partners' interest in net income (loss) NetIncomeLossAllocatedToLimitedPartners $198.96M USD 1 Quarter
Limited partners' interest in net income (loss) NetIncomeLossAllocatedToLimitedPartners $301.93M USD 1 Quarter
Net income (loss) per common unit - basic NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax $0.75 USD 1 Quarter
Net income (loss) per common unit - basic NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax $0.52 USD 1 Quarter
Net income (loss) per common unit - diluted NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted $0.52 USD 1 Quarter
Net income (loss) per common unit - diluted NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted $0.75 USD 1 Quarter
Weighted-average common units outstanding - basic WeightedAverageLimitedPartnershipUnitsOutstanding 384.47M shares 1 Quarter
Weighted-average common units outstanding - basic WeightedAverageLimitedPartnershipUnitsOutstanding 403.25M shares 1 Quarter
Weighted-average common units outstanding - diluted WeightedAverageLimitedPartnershipUnitsOutstandingDiluted 385.75M shares 1 Quarter
Weighted-average common units outstanding - diluted WeightedAverageLimitedPartnershipUnitsOutstandingDiluted 404.46M shares 1 Quarter
Cash Flow Statement 70 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $208.34M USD 1 Quarter
Net income (loss) ProfitLoss $317.67M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $144.63M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $134.58M USD 1 Quarter
Long-lived asset and other impairments ImpairmentOfLongLivedAssetsHeldForUse - USD 1 Quarter
Long-lived asset and other impairments ImpairmentOfLongLivedAssetsHeldForUse $52.40M USD 1 Quarter
Non-cash equity-based compensation expense ShareBasedCompensation $7.20M USD 1 Quarter
Non-cash equity-based compensation expense ShareBasedCompensation $7.74M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $1.13M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $924.00K USD 1 Quarter
Accretion and amortization of long-term obligations, net AccretionandAmortizationofLongTermObligationsNet $1.78M USD 1 Quarter
Accretion and amortization of long-term obligations, net AccretionandAmortizationofLongTermObligationsNet $1.69M USD 1 Quarter
Equity income, net related parties IncomeLossFromEquityMethodInvestments $39.02M USD 1 Quarter
Equity income, net related parties IncomeLossFromEquityMethodInvestments $49.61M USD 1 Quarter
Distributions from equity-investment earnings related parties EquityMethodInvestmentDividendsOrDistributions $39.61M USD 1 Quarter
Distributions from equity-investment earnings related parties EquityMethodInvestmentDividendsOrDistributions $45.87M USD 1 Quarter
(Gain) loss on divestiture and other, net GainLossOnDispositionOfAssetsAndOtherNet $370.00K USD 1 Quarter
(Gain) loss on divestiture and other, net GainLossOnDispositionOfAssetsAndOtherNet $-2.12M USD 1 Quarter
Other OtherOperatingActivitiesCashFlowStatement $200.00K USD 1 Quarter
Other OtherOperatingActivitiesCashFlowStatement - USD 1 Quarter
(Increase) decrease in accounts receivable, net IncreaseDecreaseInAccountsReceivable $165.13M USD 1 Quarter
(Increase) decrease in accounts receivable, net IncreaseDecreaseInAccountsReceivable $4.04M USD 1 Quarter
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-136.46M USD 1 Quarter
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-14.29M USD 1 Quarter
Change in other items, net IncreaseDecreaseInOtherOperatingCapitalNet $-24.83M USD 1 Quarter
Change in other items, net IncreaseDecreaseInOtherOperatingCapitalNet $2.92M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $276.46M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $302.42M USD 1 Quarter
Capital expenditures PaymentsForCapitalImprovements $83.97M USD 1 Quarter
Capital expenditures PaymentsForCapitalImprovements $173.09M USD 1 Quarter
Contributions to equity investments related parties PaymentsToAcquireBusinessesAndInterestInAffiliates $2.07M USD 1 Quarter
Contributions to equity investments related parties PaymentsToAcquireBusinessesAndInterestInAffiliates $110.00K USD 1 Quarter
Distributions from equity investments in excess of cumulative earnings related parties ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $12.37M USD 1 Quarter
Distributions from equity investments in excess of cumulative earnings related parties ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $9.93M USD 1 Quarter
(Increase) decrease in materials and supplies inventory and other PaymentsForProceedsFromOtherInvestingActivities $-4.12M USD 1 Quarter
(Increase) decrease in materials and supplies inventory and other PaymentsForProceedsFromOtherInvestingActivities $18.35M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-71.62M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-179.18M USD 1 Quarter
Borrowings, net of debt issuance costs ProceedsFromIssuanceOfLongTermDebt - USD 1 Quarter
Borrowings, net of debt issuance costs ProceedsFromIssuanceOfLongTermDebt $220.00M USD 1 Quarter
Repayments of debt RepaymentsOfLongTermDebt $313.14M USD 1 Quarter
Repayments of debt RepaymentsOfLongTermDebt - USD 1 Quarter
Increase (decrease) in outstanding checks IncreaseDecreaseInOutstandingChecksFinancingActivities $-7.09M USD 1 Quarter
Increase (decrease) in outstanding checks IncreaseDecreaseInOutstandingChecksFinancingActivities $18.77M USD 1 Quarter
Distributions to Partnership unitholders PaymentsOfDividends $196.57M USD 1 Quarter
Distributions to Partnership unitholders PaymentsOfDividends $134.75M USD 1 Quarter
Net contributions from (distributions to) related parties ProceedsFromPaymentToAffiliate $409.00K USD 1 Quarter
Net contributions from (distributions to) related parties ProceedsFromPaymentToAffiliate - USD 1 Quarter
Unit repurchases PaymentsForRepurchaseOfCommonStock $5.15M USD 1 Quarter
Unit repurchases PaymentsForRepurchaseOfCommonStock $7.06M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-12.75M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-7.22M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-297.26M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-158.59M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-174.01M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $46.25M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $286.66M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $202.00M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $112.64M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $248.25M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $286.66M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $202.00M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $112.64M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $248.25M USD Point-in-time
Interest paid, net of capitalized interest InterestPaidNet $149.29M USD 1 Quarter
Interest paid, net of capitalized interest InterestPaidNet $133.25M USD 1 Quarter
Income taxes paid (reimbursements received) IncomeTaxesPaidNet $905.00K USD 1 Quarter
Income taxes paid (reimbursements received) IncomeTaxesPaidNet $1.27M USD 1 Quarter
Accrued capital expenditures CapitalExpendituresIncurredButNotYetPaid $36.82M USD 1 Quarter
Accrued capital expenditures CapitalExpendituresIncurredButNotYetPaid $91.07M USD 1 Quarter
Stockholders Equity 19 line items
Line Item Tag Value Unit Period
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.10B USD Point-in-time
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.10B USD Point-in-time
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.27B USD Point-in-time
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.11B USD Point-in-time
Net income (loss) ProfitLoss $208.34M USD 1 Quarter
Net income (loss) ProfitLoss $317.67M USD 1 Quarter
Distributions to Partnership unitholders PartnersCapitalAccountDistributions $134.75M USD 1 Quarter
Distributions to Partnership unitholders PartnersCapitalAccountDistributions $196.57M USD 1 Quarter
Unit repurchases PartnersCapitalAccountTreasuryUnitsPurchases $7.06M USD 1 Quarter
Unit repurchases PartnersCapitalAccountTreasuryUnitsPurchases $5.15M USD 1 Quarter
Equity-based compensation expense StockIssuedDuringPeriodValueShareBasedCompensationGross $7.20M USD 1 Quarter
Equity-based compensation expense StockIssuedDuringPeriodValueShareBasedCompensationGross $5.79M USD 1 Quarter
Net contributions from (distributions to) related parties PartnersCapitalAccountAdjustmentContributionsFromorDistributionsToAffiliate $409.00K USD 1 Quarter
Other PartnersCapitalOther $-6.09M USD 1 Quarter
Other PartnersCapitalOther $-11.95M USD 1 Quarter
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.10B USD Point-in-time
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.10B USD Point-in-time
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.27B USD Point-in-time
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.11B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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