Western Midstream completes $1.6 billion Brazos Delaware acquisition

Western Midstream Partners, LP (NYSE: WES) announced it completed the acquisition of Brazos Delaware II, LLC for approximately $1.6 billion. The transaction was financed with $800 million in cash and $800 million in WES common units.

WES issued approximately 19.4 million units based on the volume weighted average unit price when the acquisition agreement was signed. The acquisition expands the partnership's gathering and processing operations in the Delaware Basin.

Western Midstream is a master limited partnership that develops, acquires and operates midstream energy assets across Texas, New Mexico, Colorado, Utah and Wyoming. The company engages in gathering, compressing, treating and processing natural gas, as well as handling condensate, natural gas liquids and crude oil.

The partnership also manages produced water operations for customers and buys and sells residue, natural gas liquids and condensate under certain gas processing contracts. The company states that most of its cash flows are protected from commodity price volatility through fee-based contracts.

The information is based on a company press release statement.

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