Western Midstream Partners, LP Files 2023 10-K

TL;DR

<b>Western Midstream Partners, LP has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Western Midstream Partners, LP (WES) filed a Annual Report (10-K) with the SEC on February 21, 2024. Western Midstream Partners, LP filed its 2023 10-K report on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's primary business is Natural Gas Transmission. Western Midstream Operating, LP is a related entity with the same business address and fiscal year end. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking Western Midstream Partners, LP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Western Midstream Partners, LP's financial performance, operations, and risk factors for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue streams, debt levels, and operational strategies within the natural gas transmission industry.

Risk Assessment

Risk Level: medium — Western Midstream Partners, LP shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the natural gas transmission industry is subject to regulatory and market risks that are detailed within the filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges in the natural gas transmission sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 10-K filing.)
• 2024-02-21 — Filing Date (Date the 10-K was submitted to the SEC.)
• 0001423902 — Central Index Key (Identifier for Western Midstream Partners, LP.)
• 0001414475 — Central Index Key (Identifier for Western Midstream Operating, LP.)

Key Players & Entities

• Western Midstream Partners, LP (company) — Filer of the 10-K report.
• Western Midstream Operating, LP (company) — Related entity with the same business address.
• 2023-12-31 (date) — Fiscal year end covered by the report.
• 2024-02-21 (date) — Filing date of the 10-K.
• Natural Gas Transmission (industry) — Primary industry classification for the company.

FAQ

Industry Context

Western Midstream Partners, LP operates in the natural gas transmission industry, which involves the transportation of natural gas through a network of pipelines.

Regulatory Implications

The natural gas transmission industry is subject to regulations from federal agencies like the Federal Energy Regulatory Commission (FERC) concerning rates, safety, and environmental standards.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Review the risk factors section for potential operational and market challenges.
3. Examine any disclosures related to capital expenditures and debt management.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-21: 10-K Filing Date — Date the annual report was officially submitted.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Comparative data from previous filings would be needed for a direct comparison.

Key Financial Figures

• $2.0 billion — this Form 10-K). RCF WES Operating's $2.0 billion senior unsecured revolving credit facil
• $1.25 billion — facilities, owned by Whitethorn LLC. $1.25 billion Purchase Program The $1.25 billion buyb
• $250.0 million — in privately negotiated transactions. $250.0 million Purchase Program The $250.0 million buy
• $885.0 million — osed on the acquisition of Meritage for $885.0 million (subject to certain customary post-clos
• $600.0 million — with cash, including proceeds from our $600.0 million senior note issuance in September 2023
• $264.8 m — t in Cactus II to two third parties for $264.8 million, which includes a $1.8 million pr
• $1.8 million — es for $264.8 million, which includes a $1.8 million pro-rata distribution through closing.
• $109.9 million — 022, resulting in a net gain on sale of $109.9 million that was recorded as Gain (loss) on div
• $40.1 million — in Ranch Westex from a third party for $40.1 million. Subsequent to the acquisition, (i) we

Filing Documents

• wes-20231231.htm (10-K) — 4520KB
• wes202310-kxex41.htm (EX-4.1) — 94KB
• wes202310-kxex211.htm (EX-21.1) — 12KB
• wes202310-kxex231.htm (EX-23.1) — 2KB
• wes202310-kxex232.htm (EX-23.2) — 2KB
• wes202310-kxex311.htm (EX-31.1) — 10KB
• wes202310-kxex312.htm (EX-31.2) — 10KB
• wes202310-kxex313.htm (EX-31.3) — 10KB
• wes202310-kxex314.htm (EX-31.4) — 10KB
• wes202310-kxex321.htm (EX-32.1) — 9KB
• wes202310-kxex322.htm (EX-32.2) — 9KB
• wes202310-kxex971.htm (EX-97.1) — 28KB
• wes-20231231_g1.jpg (GRAPHIC) — 462KB
• wes-20231231_g10.jpg (GRAPHIC) — 42KB
• wes-20231231_g11.jpg (GRAPHIC) — 43KB
• wes-20231231_g12.jpg (GRAPHIC) — 40KB
• wes-20231231_g13.jpg (GRAPHIC) — 37KB
• wes-20231231_g14.jpg (GRAPHIC) — 37KB
• wes-20231231_g15.jpg (GRAPHIC) — 84KB
• wes-20231231_g2.jpg (GRAPHIC) — 1071KB
• wes-20231231_g3.jpg (GRAPHIC) — 141KB
• wes-20231231_g4.jpg (GRAPHIC) — 154KB
• wes-20231231_g5.jpg (GRAPHIC) — 619KB
• wes-20231231_g6.jpg (GRAPHIC) — 112KB
• wes-20231231_g7.jpg (GRAPHIC) — 565KB
• wes-20231231_g8.jpg (GRAPHIC) — 162KB
• wes-20231231_g9.jpg (GRAPHIC) — 281KB
• 0001423902-24-000022.txt (&nbsp;) — 26677KB
• wes-20231231.xsd (EX-101.SCH) — 78KB
• wes-20231231_cal.xml (EX-101.CAL) — 94KB
• wes-20231231_def.xml (EX-101.DEF) — 579KB
• wes-20231231_lab.xml (EX-101.LAB) — 957KB
• wes-20231231_pre.xml (EX-101.PRE) — 827KB
• wes-20231231_htm.xml (XML) — 2804KB

Properties

Properties 14 Competition 28 Regulation of Operations 28 Environmental Matters and Occupational Health and Safety Regulations 32 Title to Properties and Rights-of-Way 36 Human Capital Resources 36 1A. Risk Factors 37 1B. Unresolved Staff Comments 53 1C. Cybersecurity 53 3. Legal Proceedings 54 4. Mine Safety Disclosures 54 PART II 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 55 Market Information 55 Other Securities Matters 55 Selected Information From Our Partnership Agreement 56 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 57 Executive Summary 57 Our Operations 59 How We Evaluate Our Operations 60 Items Affecting the Comparability of Our Financial Results 61 Results of Operations 62 Operating Results 62 Reconciliation of Non-GAAP Financial Measures 68 Key Performance Metrics 73 General Trends and Outlook 74 Liquidity and Capital Resources 75 Items Affecting the Comparability of Financial Results with WES Operating 81 Critical Accounting Estimates 82 Recent Accounting Developments 83 7A. Quantitative and Qualitative Disclosures About Market Risk 84 8. Financial Statements 85 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 140 9A. Controls and Procedures 140 9B. Other Information 140 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 140 4 Item Page PART III 10. Directors, Executive Officers, and Corporate Governance 141 11. Executive Compensation 148 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 175 13. Certain Relationships and Related Transactions, and Director Independence 177 14. Principal Accounting Fees and Services 183 PART IV 15. Exhibits, Financial Statement Schedules 184 16. Form 10-K Summary 189 5

View Full Filing

View this 10-K filing on SEC EDGAR