Western Midstream Announces Second-Quarter 2023 Distribution Increase and Earnings Conference Call

Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced that the board of directors of its general partner declared a quarterly cash distribution (“Base Distribution”) of $0.5625 per unit for the second quarter of 2023, or $2.25 on an annualized basis. This distribution represents a 12.5% increase over the prior quarter’s Base Distribution of $0.500 per unit. WES’s second-quarter 2023 Base Distribution is payable on August 14, 2023, to unitholders of record at the close of business on July 31, 2023. Additionally, WES is raising its expected 2023 Base Distribution guidance to at least $2.1875 per unit⁽¹⁾.

“Over the past year, our commercial team has generated substantial value for our partnership by executing multiple, long-term agreements that provide up to 950 MMcf/d of firm process commitments. These agreements are supported by significant minimum-volume commitments and provide us with greater certainty regarding future earnings. Coupled with our recent history of significant leverage reduction and unit repurchases, these accomplishments support an increase to the Base Distribution. Our Base Distribution is an important, recurring component of our balanced financial policy that entails returning value to stakeholders through debt reduction, distributions, and unit repurchases,” said Michael Ure, President and Chief Executive Officer.

The Partnership plans to report its second-quarter results after market close on Tuesday, August 8, 2023. Management will host a conference call on Wednesday, August 9, 2023, at 1:00 p.m. CST (2:00 p.m. EST) to discuss the Partnership’s quarterly results. Participants are encouraged to dial into the conference call ten to fifteen minutes before the scheduled start time to avoid any delays entering the call. The full text of the release announcing the results will be available on the Partnership’s website at www.westernmidstream.com.

Second-Quarter 2023 Results
Wednesday, August 9, 2023
1:00 p.m. CST (2:00 p.m. EST)
Dial-in number: 888-770-7129
International dial-in number: 929-203-2109
Participant access code: 2187921

To participate in WES’s scheduled second-quarter 2023 earnings call, refer to the above-listed dial-in number and participant access code. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership’s website at www.westernmidstream.com. A replay of the conference call will also be available on the website following the call.