Western Midstream reports Q1 EPS $1.47 vs. 52c last year

Reports Q1 revenue $887.7M, consensus $874.32M. The company achieved operated asset crude-oil and NGLs throughput of 374 MBbls/d, representing a 2% sequential-quarter increase. Gathered record Delaware Basin produced-water throughput of 1,149 MBbls/d, representing a 7% sequential-quarter increase. It said, “The first quarter was very successful for WES as we generated the highest quarterly Net income and Adjusted EBITDA in our partnership’s history. These records were primarily driven by increased throughput across all operated assets and across all products. We also set new gathering records for natural-gas and produced-water throughput in the Delaware Basin, and we continued to experience natural-gas and crude-oil and NGLs throughput growth in the DJ Basin. These strong results, coupled with increased throughput expectations predominately in the Delaware Basin, have caused us to increase our average year-over-year throughput growth expectations for 2024. Additionally, this improved outlook puts WES in a strong position to achieve the high-end of our previously announced 2024 Adjusted EBITDA and Free cash flow guidance ranges.”