Western Midstream Partners, LP (NYSE: WES) reported Q3 EPS of $0.27, $0.17 worse than the analyst estimate of $0.44. Revenue for the quarter came in at $666.03 million versus the consensus estimate of $682.18 million.

RECENT HIGHLIGHTS

• Achieved record West Texas Complex gas throughput of 1.27 Bcf/d for third quarter, representing an 8% sequential-quarter increase
• Achieved record Delaware Basin water throughput of 580 MBbls/d for third quarter, representing a 13% sequential-quarter increase
• Achieved record DJ Basin and West Texas oil throughput of 275 MBbls/d for third quarter, representing a 9% sequential-quarter increase
• Estimated 2019 total capital expenditures near the 2019 low-end guidance range of $1.3 billion to $1.4 billion
• Estimated preliminary 2020 outlook to include meaningful year-over-year Adjusted EBITDA growth and a total capital expenditures reduction

"We continue to experience strong throughput growth in the DJ and Delaware Basins, where we are well-positioned to support Oxy's future development plans and service our highly valued third-party customers," said Chief Executive Officer, Michael Ure. "Our extensive and highly leverageable assets and dedicated workforce throughout these two basins enable us to pace our growth with that of Oxy and to adopt a renewed focus on attracting meaningful and sustainable third-party business."

PRELIMINARY 2020 OUTLOOK

• Total capital expenditures are expected to decline 20% – 30%, compared to the midpoint of 2019 guidance
• Adjusted EBITDA is expected to grow approximately 10% year-over-year
• Maintenance capital is expected to remain largely consistent as a percentage of Adjusted EBITDA, compared to 2019

"Our 2020 goals will encompass delivering capital-efficient, organic growth from our DJ and Delaware Basin assets," said Michael Ure. "With our backbone infrastructure in place, we remain committed to driving operational efficiencies alongside additional growth that should enable sustained distribution increases."

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