Western Midstream Partners, LP (NYSE: WES) reported Q3 EPS of $0.55, $0.05 better than the analyst estimate of $0.50. Revenue for the quarter came in at $679.04 million versus the consensus estimate of $662.92 million.

"As evidenced by our outstanding third-quarter and year-to-date financial and operational results, the WES team continues to surpass expectations as we adapt and respond to market challenges," said President, Chief Executive Officer, and Chief Financial Officer, Michael Ure. "Producer outperformance, the pursuit of operational efficiencies and sustainable cost savings, and continued commercial achievements contributed to the highest quarterly Adjusted EBITDA in WES's history. As a result of the incredible outperformance achieved thus far and anticipated continued success, we expect full-year Adjusted EBITDA above the high-end of our originally issued guidance range of $1.875 billion to $1.975 billion and capital expenditures meaningfully below the low-end of our previously updated 2020 guidance range of $400 million to $450 million."

Ure continued, "The establishment of WES as a stand-alone midstream business has generated improved efficiencies between our commercial, engineering, and operations teams, enabling our organization to maximize the operability of our assets and realize operating and capital savings. Notwithstanding the significant challenges faced this year, we expect to realize approximately $175 million in sustainable annual operating cost and G&A savings compared to our originally issued guidance."

PRELIMINARY 2021 GUIDANCE

Based on current production-forecast information from our customers, WES is providing preliminary 2021 guidance as follows:

• Adjusted EBITDA(1) between $1.825 billion and $1.925 billion
• Total capital expenditures(2) between $275 million and $375 million, which represents a $100 million reduction from the midpoint of our previously updated 2020 guidance
• Debt to Trailing Twelve Month ("TTM") Adjusted EBITDA at or below 4.0 times at year-end 2021
• Full-year 2021 distributions of at least $1.24 per unit(3)
• Repay 2021 debt maturity with free cash flow

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