Western Midstream Partners, LP Stock Research

Market Summary

USD25.81-0.03

Market Closed

-0.12%

WES Alerts

Big fall in earnings (Y/Y)

WES Stock Price

WES RSI Chart

WES Valuation

Market Cap

10.2B

Price/Earnings (Trailing)

9.14

Price/Sales (Trailing)

3.17

EV/EBITDA

8.13

Price/Free Cashflow

5.93

WES Price/Sales (Trailing)

WES Profitability

EBT Margin

38.61%

Return on Assets

10.8%

Free Cashflow Yield

16.86%

WES Fundamentals

WES Revenue

Revenue (TTM)

3.2B

Revenue Y/Y

-3.21%

Revenue Q/Q

-5.83%

WES Earnings

Earnings (TTM)

1.1B

Earnings Y/Y

-35.89%

Earnings Q/Q

-39.45%

Price Action

52 Week Range

21.1829.18

(Low)(High)

Last 7 days

-3.7%

Last 30 days

-0.2%

Last 90 days

-2.3%

Trailing 12 Months

-1.4%

WES Financial Health

Current Ratio

Debt/Cashflow

0.26

WES Investor Care

Buy Backs (1Y)

5.71%

Financials for Western Midstream Partners

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	-0.7%	3,227	3,252	3,191	3,118	2,960
Operating Expenses	6.9%	700	655	635	585	570
S&GA Expenses	1.3%	197	194	200	202	199
Costs and Expenses	4.0%	2,028	1,951	1,890	1,797	1,715
EBITDA	5.4%	2,172	2,060	2,044	1,980	-
EBITDA Margin	3.5%	0.67*	0.65*	0.63*	-	-
Earnings Before Taxes	-8.7%	1,146	1,256	1,147	1,138	1,061
EBT Margin	7.5%	0.39*	0.36*	0.35*	-	-
Interest Expenses	-1.1%	330	334	339	349	363
Net Income	-7.9%	1,121	1,217	1,142	1,132	1,055
Net Income Margin	4.6%	0.37*	0.36*	0.34*	-	-
Free Cahsflow	-9.2%	1,701	1,874	1,797	1,782	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	-1.4%	11,112	11,272	11,473	11,389	11,446
Current Assets	-18.3%	735	900	896	863	906
Cash Equivalents	-60.7%	113	287	159	97.00	248
Net PPE	0.0%	8,541	8,542	8,540	8,478	8,475
Goodwill	0%	5.00	5.00	5.00	5.00	5.00
Liabilities	-1.9%	8,011	8,164	8,467	8,084	8,175
Current Liabilities	-35.7%	581	904	746	755	1,337
Long Term Debt	1.9%	6,694	6,570	7,027	6,656	6,189
Accumulated Depreciation	3.8%	5,009	4,824	4,697	4,581	4,455

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	1.5%	1,727	1,701	1,874	1,797	1,782
Share Based Compensation	-2.0%	27.00	28.00	28.00	29.00	29.00
Cashflow From Investing	-49.3%	-325	-218	-426	-322	-282
Cashflow From Financing	-9.9%	-1,537	-1,398	-1,388	-1,682	-1,307
Dividend Payments	8.4%	798	736	674	610	537
Buy Backs	0.4%	490	488	560	280	206

Risks for WES

What is the probability of a big loss on WES?

64.2%

Probability that Western Midstream Partners stock will be more than 20% underwater in next one year

37.3%

Probability that Western Midstream Partners stock will be more than 30% underwater in next one year.

26.9%

Probability that Western Midstream Partners stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does WES drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Western Midstream Partners was unfortunately bought at previous high price.

Drawdowns

Returns for WES

Cumulative Returns on WES

2.9%

10-Year Cumulative Returns

0.3%

7-Year Cumulative Returns

1.8%

5-Year Cumulative Returns

49.8%

3-Year Cumulative Returns

What are the long-term rolling returns for WES?

FIve years rolling returns for Western Midstream Partners.

Annualized Returns

Which funds bought or sold WES recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-05-23	Brookfield Corp /ON/	added	2.08	168,425	66,160,200	0.25%
2023-05-19	Coppell Advisory Solutions LLC	sold off	-100	-967	-	-%
2023-05-18	JPMORGAN CHASE & CO	reduced	-5.88	-9,322,000	113,996,000	0.01%
2023-05-17	B. Riley Wealth Advisors, Inc.	reduced	-0.53	-22,365	945,470	0.03%
2023-05-17	Advisory Services Network, LLC	reduced	-69.88	-27,057	11,365	-%
2023-05-17	Westside Investment Management, Inc.	unchanged	-	23,709	23,733	0.01%
2023-05-16	CHILTON CAPITAL MANAGEMENT LLC	unchanged	-	-38,400	2,109,570	0.12%
2023-05-16	Apollon Wealth Management, LLC	added	6.23	22,431	540,743	0.03%
2023-05-16	JANE STREET GROUP, LLC	added	135	1,248,560	2,201,920	-%
2023-05-16	Rockefeller Capital Management L.P.	added	148	423,000	717,000	-%

Latest Funds Activity

Are funds buying WES calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own WES

No. of Funds

WES Alerts

Big fall in earnings (Y/Y)

Western Midstream Partners News

Schedule 13G FIlings of Western Midstream Partners

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2023	alps advisors inc	6.60%	25,442,166	SC 13G/A
Feb 16, 2021	invesco ltd.	5.1%	21,340,971	SC 13G
Sep 17, 2020	occidental petroleum corp /de/	51.5%	214,281,578	SC 13D/A
Feb 14, 2020	tortoise capital advisors, l.l.c.	4.6%	20,879,174	SC 13G/A
Feb 12, 2020	neuberger berman group llc	3.40%	15,386,554	SC 13G/A
Feb 12, 2020	neuberger berman group llc	3.40%	15,386,554	SC 13G/A
Jan 07, 2020	occidental petroleum corp /de/	54.5%	242,136,976	SC 13D/A
Jan 07, 2020	occidental petroleum corp /de/	54.5%	242,136,976	SC 13D/A
Oct 09, 2019	tortoise capital advisors, l.l.c.	5.3%	23,952,076	SC 13G/A

WES Fair Value

Recent SEC filings of Western Midstream Partners

View All Filings

Date Filed	Form Type	Document
May 09, 2023	3	Insider Trading
May 03, 2023	8-K	Current Report
May 03, 2023	10-Q	Quarterly Report
Apr 10, 2023	8-K	Current Report
Apr 05, 2023	8-K	Current Report
Mar 30, 2023	S-3ASR	S-3ASR
Feb 23, 2023	10-K/A	Annual Report
Feb 22, 2023	8-K	Current Report
Feb 22, 2023	10-K	Annual Report

Latest Insider Trading transactions for WES

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-14	Ure Michael	acquired	-	-	146,678	president & ceo
2023-02-14	Ure Michael	sold (taxes)	-1,644,960	28.5	-57,718	president & ceo
2023-02-14	Dial Christopher B.	sold (taxes)	-329,004	28.5	-11,544	svp, gc and secretary
2023-02-14	Green Catherine A.	sold (taxes)	-137,085	28.5	-4,810	svp & chief accounting officer
2023-02-14	Bourne Robert W.	acquired	-	-	34,225	svp & chief commercial officer
2023-02-14	Green Catherine A.	acquired	-	-	12,225	svp & chief accounting officer
2023-02-14	Dial Christopher B.	acquired	-	-	29,335	svp, gc and secretary
2023-02-14	Bourne Robert W.	sold (taxes)	-383,838	28.5	-13,468	svp & chief commercial officer
2023-02-13	Ure Michael	acquired	-	-	2,576	president & ceo
2023-02-13	Green Catherine A.	sold (taxes)	-2,460	28.28	-87.00	svp & chief accounting officer

About Western Midstream Partners

Michael P. Ure

www.westerngas.com

1130

Western Midstream Partners, LP, a midstream energy company, together with its subsidiaries, acquires, owns, develops, and operates primarily in the United States. It is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing produced water. It also buys and sells natural gas, NGLs, and condensate. The company operates assets located in Texas, New Mexico, the Rocky Mountains, and North-central Pennsylvania. Western Midstream Holdings, LLC operates as the general partner of the company. The company was formerly known as Western Gas Equity Partners, LP and changed its name to Western Midstream Partners, LP in February 2019. Western Midstream Partners, LP was incorporated in 2007 and is based in The Woodlands, Texas.

WES Income Statement

2023-03-31

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Revenues and other

Revenues and other

^[1]

$ 733,982

$ 758,297

Equity income, net – related parties

39,021

49,607

Operating expenses

Cost of product

51,459

72,848

Operation and maintenance

174,239

128,976

General and administrative

51,117

48,602

Property and other taxes

6,831

18,442

Depreciation and amortization

144,626

134,582

Long-lived asset and other impairments

^[2]

52,401

Total operating expenses

^[3]

480,673

403,450

Gain (loss) on divestiture and other, net

(2,118)

370

Operating income (loss)

290,212

404,824

Interest expense

(81,670)

(85,455)

Other income (expense), net

1,215

106

Income (loss) before income taxes

209,757

319,475

Income tax expense (benefit)

1,416

1,805

Net income (loss)

208,341

317,670

Net income (loss) attributable to noncontrolling interests

4,696

8,953

Net income (loss) attributable to Western Midstream Partners, LP

203,645

308,717

Limited partners' interest in net income (loss):

Net income (loss) attributable to Western Midstream Partners, LP

203,645

308,717

General partner interest in net (income) loss

(4,686)

(6,783)

Limited partners' interest in net income (loss)

^[4]

$ 198,959

$ 301,934

Net income (loss) per common unit - basic

^[4]

$ 0.52

$ 0.75

Net income (loss) per common unit - diluted

^[4]

$ 0.52

$ 0.75

Weighted-average common units outstanding - basic

^[4]

384,468

403,254

Weighted-average common units outstanding - diluted

^[4]

385,750

404,460

Service Revenues - Fee Based [Member]

Revenues and other

Revenues and other

$ 647,867

$ 631,598

Service Revenues - Product Based [Member]

Revenues and other

Revenues and other

46,810

40,867

Product Sales [Member]

Revenues and other

Revenues and other

39,025

85,589

Other [Member]

Revenues and other

Revenues and other

$ 280

$ 243

[1]	Total revenues and other includes related-party amounts of $448.8 million and $428.7 million for the three months ended March 31, 2023 and 2022, respectively. See Note 5.
[2]	See Note 7.
[3]	Total operating expenses includes related-party amounts of $(3.1) million and $(17.6) million for the three months ended March 31, 2023 and 2022, respectively. See Note 5.
[4]	See Note 4.

WES Balance Sheet

2023-03-31

Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

Current assets

Cash and cash equivalents

$ 112,645

$ 286,656

Accounts receivable, net

558,300

554,263

Other current assets

64,353

59,506

Total current assets

735,298

900,425

Property, plant, and equipment

Cost

13,550,060

13,365,593

Less accumulated depreciation

5,008,838

4,823,993

Net property, plant, and equipment

8,541,222

8,541,600

Goodwill

4,783

Other intangible assets

705,158

713,075

Equity investments

931,852

944,696

Other assets

^[1]

194,175

167,049

Total assets

^[2]

11,112,488

11,271,628

Current liabilities

Accounts and imbalance payables

362,398

360,562

Short-term debt

2,714

215,780

Accrued ad valorem taxes

52,717

72,875

Accrued liabilities

163,498

254,640

Total current liabilities

581,327

903,857

Long-term liabilities

Long-term debt

6,693,941

6,569,582

Deferred income taxes

15,348

14,424

Asset retirement obligations

293,718

290,021

Other liabilities

426,590

385,629

Total long-term liabilities

7,429,597

7,259,656

Total liabilities

^[3]

8,010,924

8,163,513

Equity and partners' capital

Common units (384,615,227 and 384,070,984 units issued and outstanding at March 31, 2023, and December 31, 2022, respectively)

2,964,712

2,969,604

General partner units (9,060,641 units issued and outstanding at March 31, 2023, and December 31, 2022)

2,261

2,105

Total partners' capital

2,966,973

2,971,709

Noncontrolling interests

134,591

136,406

Total equity and partners' capital

3,101,564

3,108,115

Total liabilities, equity, and partners' capital

$ 11,112,488

$ 11,271,628

Common units issued

384,615,227

384,070,984

Common units outstanding

384,615,227

384,070,984

General partner units issued

9,060,641

General partner units outstanding

9,060,641

[1]	Other assets includes $6.3 million and $6.5 million of NGLs line-fill inventory as of March 31, 2023, and December 31, 2022, respectively. Other assets also includes $77.4 million and $60.4 million of materials and supplies inventory as of March 31, 2023, and December 31, 2022, respectively.
[2]	Total assets includes related-party amounts of $1.3 billion as of March 31, 2023, and December 31, 2022, which includes related-party Accounts receivable, net of $307.6 million and $313.9 million as of March 31, 2023, and December 31, 2022, respectively. See Note 5.
[3]	Total liabilities includes related-party amounts of $318.7 million and $312.3 million as of March 31, 2023, and December 31, 2022, respectively. See Note 5.