Forward-Looking Statements and Ownership Structure WES OWNERSHIP STRUCTURE This presentation contains forward-looking statements. Western Midstream Partners, LP (WES) believes that its expectations are based on reasonable…
Recent Highlights
Recent Highlights Operational & Financial Accomplishments Total Total Natural-Gas Crude-oil and NGLs Accomplished record quarterly Adjusted EBITDA1 Throughput Throughput Achieved sequential throughput growth across 5.4 Bcf/d 543…
WESs Strategic Organic Growth Plans Accretive organic projects support WESs multi-year growth outlook North Loving II Pathfinder Pipeline 300 MMcf/d cryogenic 800 MBbls/d of 30-inch poly- processing train at North lined steel…
Second-Quarter Financial Performance 1Q 2025 2Q 2025 ( in millions) Actuals Actuals 334 Operating Cash Flow 530.8 564.0 million Cash Capital Investments1 131.4 175.6 2Q'25 Net Income5 Free Cash Flow2 399.4 388.4 341.03…
Financial Outlook & Guidance
WES's Capital Allocation Priorities With net leverage1 below 3.0x primary focus will be on expansion opportunities Net Leverage Reduction1 and Future Capital Allocation Priorities Adjusted EBITDA2 Growth Continue Executing…
2025 Free Cash Flow Priorities Committed to investing in expansion opportunities and increasing the distribution Capital Expenditures Free Cash Flow Capex 66% allocated towards expansion capital Guidance range of 1.275 billion -…
2025 Financial & Operational Outlook 2025 Financial Guidance 2025 Estimated Throughput Growth Rates5 Crude Oil & NGLs Low-single digits ( in millions) Natural Gas Mid-single digits Adjusted EBITDA1 2,350 2,550 Produced Water…
2025 Adjusted EBITDA Guidance EXPECTED ASSET-LEVEL EBITDA CONTRIBUTION1 30% DJ Basin 56% Delaware Basin 87% Gas 13% Oil 2,350 Million 65% Gas 18% Oil to 17% Water 2,550 Million 5% Powder River Basin 4% Equity Investments…
2025 Capital Expenditures Guidance 4% Equity Investments < 1% Equity Investments & Other & Other 20% Powder River 15% Well Connect Basin 625 Million 18% Maintenance to & Regulatory 775 Million 12% DJ Basin 74% Gas 26% Oil…
Significant Return of Capital to Unitholders Targeting sustainable annual distribution growth Future WESs Distribution History1 Distribution Growth 152% Distribution per Unit Growth 2021 2024 Targeting Mid-to-Low…
Summary
Differentiated & Attractive Investment Opportunity WES has been a leader in generating strong unitholder returns Total Capital Return Yield9,10 GROWING MAINTAINING Throughput & Profitability Capital Discipline 62% natural-gas growth…
Comparative Valuation Metrics Highlighting midstreams compelling investment opportunity Russell 3000 and Midstream Investment Grade Russell 3000 Companies Companies with 7.0% yield1 Credit Profile with 7.0% yield2 Company Yield…
WES A Superior, Tax-Deferred Yield Opportunity WES provides an attractive income opportunity relative to midstream and the S&P 500 1 Dividend / Distribution Yield by Sector2 Midstream Dividend / Distribution Yield1,2 WES continues…
Comparative Valuation Metrics (continued) Strong track-record of returning capital to unitholders Total Capital Return Yield1 Total Capital Return Yield1 WES continues to be a market leader in total capital return yield relative…
Comparative Valuation Metrics (continued) Leading returns on capital and redeployment of capital to stakeholders Total Capital Return as a Percentage of Return on Capital Employed2 Enterprise Value since 20201 WES continues to…
Well Positioned for Growth and Capital Return Well-Positioned Asset Base Situated within core of most attractive basins Operations Operational Excellence Increased efficiencies and competitive cost structure Increasing Producer…
Appendix
WES Liquidity Profile Liquidity ( in millions) Cash 130 Effective RCF 2,000 Capacity1 Senior Note Maturities ( in millions) 2026 2027 441 2028 679 2029+ 5,857 Note: As of June 30, 2025. 24 1) Net of applicable…
Diversified Asset Portfolio in Active Producing Basins Value-Focused Portfolio3 21 GATHERING Revenue: 53% Delaware Basin, 32% DJ Basin SYSTEMS1 Total Capital: 76% Delaware Basin, 7% DJ Basin PROCESSING & 77 TREATING…
Delaware Basin Asset Overview Leading midstream provider in the core of the Texas Delaware Basin Premier Texas Delaware Basin Location Large asset base in the most prolific part of the basin Significant percentage of basin rig count…
Delaware Basin Asset Overview (continued) Expansive multi-product infrastructure Customer Base Percentage of Related-Party Product Volumes1 Gas 43% Oil 99% Water 78% Long-Term Contract Support Weighted-Average Product…
Pathfinder Pipeline & Water System Expansion Innovative midstream solution for produced-water disposal in the Delaware Basin Pathfinder Pipeline Overview 42-mile, 30-inch poly-lined steel transportation pipeline 800 MBbls/d of…
DJ Basin Asset Overview A core position in the heart of the DJ Basin 1,742 miles of natural-gas gathering pipelines and 1,750 MMcf/d of processing capacity COLORADO Low-emission, centralized facility providing 155 MBbls/d of…
DJ Basin Asset Overview (continued) Customer Base Product Percentage of Related-Party Volumes1 Gas 54% Oil 99% Long-Term Contract Support Product Weighted-Average Remaining Life2 Gas 88% = 4 Years 12% = Life of…
Powder River Basin Asset Overview Largest G&P provider in the Powder River Basin 2,767 miles of high & low-pressure natural-gas gathering pipelines WYOMING 620 MMcf/d of natural-gas processing capacity with 400 MMcf/d of CO2…
Other Operated Assets Overview Strong portfolio of assets forecasted to provide incremental throughput growth Utah Southwest Wyoming South Texas Chipeta facility provides 790 MMcf/d Granger and Red Desert Brasada provides 230…
Equity Investment Overview WES Equity Investment Ownership Location Description Operator Mi Vida 50% Ward County, TX 200 MMcf/d gas-processing plant Energy Transfer Red Bluff Express 30% Reeves County, TX to Waha, TX 1.5 Bcf/d…
WES Non-GAAP Reconciliation Adjusted EBITDA WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP (Adjusted EBITDA) as net income (loss), plus (i) distributions from equity investments, (ii) non-cash equity-based…
WES Non-GAAP Reconciliation Adjusted EBITDA WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP (Adjusted EBITDA) as net income (loss), plus (i) distributions from equity investments, (ii) non-cash equity-based…
WES Non-GAAP Reconciliation Free Cash Flow WES defines Free Cash Flow as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in…
WES Non-GAAP Reconciliation Adjusted Gross Margin WES defines Adjusted Gross Margin attributable to Western Midstream Partners, LP (Adjusted Gross Margin) as total revenues and other (less reimbursements for electricity-related…
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