Western Midstream Announces Sanctioning of New Cryogenic Plant and Updated 2023 Guidance
2023年5月22日 - 7:00PM
ビジネスワイヤ(英語)
Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the
“Partnership”) announced the sanctioning of a new 250 MMcf/d
cryogenic processing plant in the North Loving area of our West
Texas complex (“North Loving Plant”). The expected in-service date
is the end of the fourth quarter of 2024.
Concurrent with the sanctioning of the North Loving Plant, and
based on the most current production-forecast information from our
producer customers, WES updated 2023 guidance as follows:
- Total capital expenditures(1) are expected to range between
$700.0 million and $800.0 million, representing a $125.0 million
increase to the midpoint of guidance previously issued with WES’s
fourth-quarter 2022 earnings results (“Prior Guidance”). Total-year
capital expenditures guidance includes capital attributable to a
portion of Mentone Train III, a portion of the North Loving Plant,
and additional expansion capital needed to support continued
commercial success.
- Free cash flow(2) is expected to range between $1.000 billion
and $1.100 billion, representing a $125.0 million decrease to the
midpoint of Prior Guidance as a result of revised capital
expenditures guidance.
WES is maintaining its 2023 Adjusted EBITDA(2) guidance range of
$2.050 billion to $2.150 billion, and its full-year 2023 Base
Distribution of at least $2.00 per unit(3), which excludes the
impact of any potential Enhanced Distribution.
“We are pleased to announce the expansion of our West Texas
complex with the addition of the North Loving Plant,” said Michael
Ure, President and Chief Executive Officer. “The recent amendment
to Occidental’s natural-gas processing agreement to provide up to
300 MMcf/d of additional firm-processing capacity provides greater
certainty regarding WES’s future profitability and underpins our
decision to sanction an additional plant. Including Mentone Train
III and the North Loving Plant, we expect our West Texas complex to
grow from today’s processing capacity of 1.54 Bcf/d to 2.09 Bcf/d
by year-end 2024.”
“Over the past year, our commercial team has generated
substantial value for WES by executing multiple, long-term
agreements that provide up to 950 MMcf/d of firm processing
commitments. While we have already realized some benefit from these
agreements, the vast majority of the volumes are expected over the
coming years, and the decision to sanction an additional plant
greatly enhances our ability to accommodate our producer customers
and generate incremental value for our stakeholders,” concluded Mr.
Ure.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP (“WES”) is a Delaware master
limited partnership formed to acquire, own, develop, and operate
midstream assets. With midstream assets located in the Rocky
Mountains, North-central Pennsylvania, Texas, and New Mexico, WES
is engaged in the business of gathering, compressing, treating,
processing, and transporting natural gas; gathering, stabilizing,
and transporting condensate, NGLs, and crude oil; and gathering and
disposing of produced water for its customers. In addition, in its
capacity as a processor of natural gas, WES also buys and sells
natural gas, NGLs, and condensate on behalf of itself and as an
agent for its customers under certain of its contracts.
For more information about Western Midstream Partners, LP and
Western Midstream Flash Feed updates, please visit
www.westernmidstream.com.
This news release contains forward-looking statements. WES’s
management believes that its expectations are based on reasonable
assumptions. No assurance, however, can be given that such
expectations will prove correct. A number of factors could cause
actual results to differ materially from the projections,
anticipated results, or other expectations expressed in this news
release. These factors include our ability to meet financial
guidance or distribution expectations; our ability to safely and
efficiently operate WES’s assets; the supply of, demand for, and
price of oil, natural gas, NGLs, and related products or services;
our ability to meet projected in-service dates for capital-growth
projects; construction costs or capital expenditures exceeding
estimated or budgeted costs or expenditures; and the other factors
described in the “Risk Factors” section of WES’s most-recent Form
10-K filed with the Securities and Exchange Commission and other
public filings and press releases. WES undertakes no obligation to
publicly update or revise any forward-looking statements.
______________________________
(1)
Accrual-based, includes equity
investments, excludes capitalized interest, and excludes capital
expenditures associated with the 25% third-party interest in
Chipeta.
(2)
A reconciliation of the Adjusted EBITDA
range to net cash provided by operating activities and net income
(loss), and a reconciliation of the Free cash flow range to net
cash provided by operating activities, is not provided because the
items necessary to estimate such amounts are not reasonably
estimable at this time. These items, net of tax, may include, but
are not limited to, impairments of assets and other charges,
divestiture costs, acquisition costs, or changes in accounting
principles. All of these items could significantly impact such
financial measures. At this time, WES is not able to estimate the
aggregate impact, if any, of these items on future period reported
earnings. Accordingly, WES is not able to provide a corresponding
GAAP equivalent for the Adjusted EBITDA or Free cash flow
ranges.
(3)
Subject to Board review and approval on a
quarterly basis based on the needs of the business.
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version on businesswire.com: https://www.businesswire.com/news/home/20230522005043/en/
WESTERN MIDSTREAM CONTACTS
Daniel Jenkins Director, Investor Relations
Daniel.Jenkins@westernmidstream.com 832.636.1009
Western Midstream Partners (NYSE:WES)
過去 株価チャート
から 4 2024 まで 5 2024
Western Midstream Partners (NYSE:WES)
過去 株価チャート
から 5 2023 まで 5 2024