Western Midstream Partners, LP (WES) Tops Q4 EPS by 4c, Revenues Miss

Western Midstream Partners, LP (NYSE: WES) reported Q4 EPS of $0.62, $0.04 better than the analyst estimate of $0.58. Revenue for the quarter came in at $647.48 million versus the consensus estimate of $687.27 million.

RECENT HIGHLIGHTS

• Strengthened operational performance by maintaining system availability above 99-percent for full-year 2020
• Repurchased 2,368,711 common units for aggregate consideration of $32.5 million during the fourth quarter as part of the recently announced buyback program of up to $250 million of the Partnership's common units through December 31, 2021
• Executed open-market repurchases for $24.5 million of Senior Note due 2023 during the fourth quarter for an aggregate repurchase price of $23.5 million; full-year 2020 repurchases totaled $218.0 million of Senior Notes due 2021, 2022, and 2023 for an aggregate repurchase price of $203.9 million
• Completed the sale of WES's 14.81-percent equity interest in Fort Union Gas Gathering, LLC, with an option agreement to sell WES's Bison treating facility for upfront consideration of $27.0 million

"Despite the unprecedented challenges brought on by the global pandemic and reduced producer activity, Western Midstream significantly outperformed all expectations in 2020 in our first full year as a stand-alone midstream operator," said President, Chief Executive Officer, and Chief Financial Officer, Michael Ure. "This year, we undertook the significant effort of transferring an employee base, separating our systems and processes into a standalone structure, and creating an entrepreneurial culture unique to WES. The organization's ability to achieve operational efficiencies and sustainable cost savings of approximately $175 million while keenly focusing on our customers enabled us to exceed the high end of our pre-COVID full-year Adjusted EBITDA range of $1.975 billion, while reducing capital expenditures to $322 million, which was nearly 50 percent of our originally issued full-year guidance range."

Mr. Ure continued, "I'm incredibly proud of our employees' ability to deliver this level of outperformance despite organizational changes, the ongoing COVID-19 pandemic, and the challenged commodity environment. These results demonstrate the resiliency of our people, quality of our industry-leading assets, and strength and durability of our contract portfolio."

For earnings history and earnings-related data on Western Midstream Partners, LP (WES) click here.

You May Also Be Interested In

• Western Alliance Bancorporation (WAL) Tops Q1 EPS by 43c
• Citigroup (C) Tops Q1 EPS by $1.02
• Veracyte (VCYT) Announces Retirement of CFO and Preliminary Q1 Results