Western Midstream Partners Enters New Credit Facility Agreement

TL;DR

WES inked a new credit deal, adding to its financial obligations.

AI Summary

On May 16, 2024, Western Midstream Partners, LP entered into a material definitive agreement related to a credit facility. This agreement involves a direct financial obligation for the registrant.

Why It Matters

This filing indicates a new financial obligation for Western Midstream Partners, LP, which could impact its liquidity and borrowing capacity.

Risk Assessment

Risk Level: low — Entering into a credit facility is a standard financial activity for companies and does not inherently signal distress.

Key Players & Entities

• Western Midstream Partners, LP (company) — Registrant
• May 16, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $1,880 million — commitments of certain lenders totaling $1,880 million to April 6, 2029, pursuant to Section 2
• $5.1 million — owings outstanding on the RCF (but with $5.1 million in outstanding letters of credit). The

Filing Documents

• wes-20240516.htm (8-K) — 27KB
• wes20238-kxmayrcfxex101.htm (EX-10.1) — 107KB
• 0001423902-24-000042.txt ( ) — 264KB
• wes-20240516.xsd (EX-101.SCH) — 2KB
• wes-20240516_lab.xml (EX-101.LAB) — 21KB
• wes-20240516_pre.xml (EX-101.PRE) — 12KB
• wes-20240516_htm.xml (XML) — 3KB

01. Entry Into a Material Definitive Agreement

Item 1.01. Entry Into a Material Definitive Agreement. On May 16, 2024, Western Midstream Operating, LP ("WES Operating"), a subsidiary of Western Midstream Partners, LP ("WES"), entered into an amendment (the "Amendment") to its senior unsecured revolving credit agreement (the "RCF"), dated April 6, 2023, among itself, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto in connection with the extension of the maturity date applicable to the loans and commitments of certain lenders totaling $1,880 million to April 6, 2029, pursuant to Section 2.24 of the RCF. As of May 16, 2024, there were no borrowings outstanding on the RCF (but with $5.1 million in outstanding letters of credit). The above summary of the Amendment is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference. Relationships Certain of the lenders under the RCF and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory, commercial, and investment banking services for WES Operating and WES, for which they received or may receive customary fees and expenses. Certain affiliates of such lenders have acted, and may in the future act, as underwriters of certain of WES Operating's debt issuances and WES's equity issuances. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 above is incorporated herein by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 First Amendment to Fourth Amended and Restated Revolving Credit Agreement, dated as of May 16, 2024, among Western Midstream Operating, LP, as the Borrower, Wells Fargo Bank, National Association, as Administrative Agent, and the Lenders party thereto. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WESTERN MIDSTREAM PARTNERS, LP By: Western Midstream Holdings, LLC, its general partner Dated: May 16, 2024 By: /s/ Kristen S. Shults Kristen S. Shults Senior Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR