WESTERN MIDSTREAM OPERATING, LP WES Income Statement

Western midstream operating, lp (WES)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Revenues and Other
Revenues and other
774,313	723,210	666,027	685,054	671,883	692,626	587,900	518,078	501,054	813,276	574,695	525,450	516,193	510,820	481,645	428,664	383,141	416,558	432,515	465,993	437,006	517,226	357,521	357,381	301,249	449,390	273,502	251,402	225,766	214,756	234,734	220,310	224,676	250,076	217,546	209,680	180,842	286,304	123,051	124,983	128,936
Equity income, net – related parties
61,347	62,035	53,893	63,598	57,992	61,595	54,215	49,430	30,229	52,433	21,519	21,728	19,461	21,916	20,294	19,693	16,814	12,114	21,976	18,941	18,220	16,514	19,063	13,008	9,251	11,004	4,520	3,456	3,968	-	-	-	-	-	-	-	-	-	-	-	-
Operating expenses
Cost of product
103,270	109,507	97,800	122,877	114,063	124,496	101,035	95,656	94,318	321,933	239,223	203,277	189,359	167,235	145,643	104,849	76,467	114,041	127,704	147,216	139,408	127,453	113,217	122,318	95,391	107,567	93,516	93,460	83,083	81,360	89,107	82,456	83,156	86,606	89,666	83,916	67,183	128,553	37,444	38,506	41,973
Operation and maintenance
159,191	173,387	176,572	148,431	142,829	142,235	129,042	112,789	96,795	116,173	79,536	76,148	73,760	81,869	74,755	75,173	76,213	89,228	88,722	77,837	76,185	109,687	67,489	65,440	51,094	114,806	42,757	41,669	36,739	36,802	35,493	35,690	32,121	38,605	31,773	29,225	26,861	39,367	19,924	22,205	22,391
General and administrative
40,465	30,951	30,769	30,027	22,844	19,747	16,022	15,597	15,829	18,547	12,158	10,585	12,659	12,049	11,382	10,883	11,277	10,687	10,143	9,408	11,081	12,873	8,339	8,445	8,904	12,538	7,276	7,288	7,664	63,589	15,039	10,310	10,274	15,934	8,597	8,171	7,862	12,477	5,970	5,455	6,068
Property and other taxes
18,476	15,504	15,281	14,282	16,285	10,352	13,146	13,750	14,600	17,714	11,215	11,924	12,294	7,047	10,670	12,078	10,350	5,380	9,042	9,586	9,280	7,546	6,793	7,316	7,234	7,723	6,649	6,086	5,785	4,690	5,328	4,833	4,837	3,277	4,629	4,352	4,321	3,395	3,610	3,649	3,619
Depreciation and amortization
132,319	120,278	127,914	121,117	113,946	118,407	97,479	88,488	84,790	102,499	72,539	74,031	69,702	73,287	67,246	67,305	65,095	67,715	67,367	68,554	68,975	79,573	46,379	44,962	40,895	66,312	37,615	36,496	32,440	37,345	28,455	27,741	27,067	34,720	28,935	25,835	23,643	36,473	19,324	17,613	17,719
Long-lived asset impairments
155,800	2,006	3,107	797	390	75,314	27,902	127,184	200	10,021	2,159	3,178	164,742	4,222	2,392	2,403	6,518	238,879	2,335	1,620	272,624	2,694	898	343	1,190	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Goodwill impairment
441,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total operating expenses
1,050,523	451,612	451,443	437,531	410,357	490,535	384,626	453,464	306,532	586,838	416,830	379,143	522,516	345,709	312,088	272,691	245,920	525,930	305,313	314,221	577,553	339,826	243,115	248,824	204,708	358,866	187,813	184,999	165,711	223,786	173,422	161,030	157,455	179,142	163,600	151,499	129,870	220,265	86,272	87,428	91,770
Gain (loss) on divestiture and other, net
-40	-3	248	-1,061	-590	961	65	170	116	-2,629	72	15,458	119,487	-5,872	-6,230	-1,907	-632	-20,224	77,254	0	-6	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from business interruption insurance claims
-	-	-	-	-	-	-	-	-	0	0	24,115	5,767	0	13,667	2,603	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating income (loss)
-214,903	333,630	268,725	310,060	318,928	264,647	257,554	114,214	224,867	276,242	179,456	207,608	138,392	181,155	197,288	176,362	153,403	-117,482	226,432	170,713	-122,333	193,905	133,469	121,565	105,792	101,528	90,209	69,859	64,023	7,012	61,312	59,280	67,221	82,195	53,946	58,181	50,972	66,039	36,779	37,555	37,166
Interest income – related parties
4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	5,114	8,573	5,749	4,670	7,556	4,225	4,232	4,230
Interest expense
88,586	79,414	78,524	79,472	65,876	54,702	48,869	42,245	38,015	35,726	35,544	35,746	35,504	39,234	30,768	12,883	32,036	31,535	31,773	27,604	22,960	21,063	20,878	20,864	13,961	14,314	13,018	12,654	11,811	11,942	10,977	9,560	9,581	8,607	8,930	6,697	6,111	4,860	6,808	3,598	3,528
Gain (loss) on early extinguishment of debt
7,345	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other income (expense), net
-1,761	37,792	-67,894	-58,477	-35,206	-7,512	655	1,277	817	415	286	253	430	255	153	-53	124	-846	85	71	71	76	97	214	477	225	439	499	674	579	522	-1,267	458	851	258	-3,305	2,152	1,773	62	-2,393	20
Income (loss) before income taxes
-293,680	296,233	126,532	176,336	222,071	206,658	213,565	77,471	191,894	245,156	148,423	176,340	107,543	146,401	170,898	167,651	125,716	-145,638	198,969	147,405	-140,997	177,143	116,913	105,140	96,533	91,664	81,855	61,929	57,111	-126	55,082	52,678	62,323	79,553	53,847	53,928	51,683	70,508	34,258	35,796	37,888
Income tax expense (benefit)
-4,280	793	1,309	1,278	10,092	22,741	15,005	10,304	10,884	-64,828	510	843	3,552	941	472	326	6,633	8,372	12,644	12,246	12,270	30,862	3,891	2,523	1,785	123	-27	53	4,166	6,102	5,080	5,079	4,429	16,586	4,668	6,064	4,832	11,481	1,061	3,419	5,556
Net income (loss)
-289,400	295,440	125,223	175,058	211,979	183,917	198,560	67,167	181,010	309,984	147,913	175,497	103,991	145,460	170,426	167,325	119,083	-154,010	186,325	135,159	-153,267	146,281	113,022	102,617	94,748	91,541	81,882	61,876	52,945	-6,228	50,002	47,599	57,894	62,967	49,179	47,864	46,851	59,027	33,197	32,377	32,332
Net income (loss) attributable to noncontrolling interest
-32,873	7,670	4,006	5,464	93,319	15,414	47,203	-33,017	49,483	188,040	4,407	2,046	2,102	2,456	2,680	2,804	3,023	1,871	2,188	2,816	3,226	3,020	3,863	3,450	3,692	3,349	3,376	1,860	2,231	2,934	3,423	4,290	4,243	4,438	3,873	2,838	2,954	3,199	2,541	3,371	1,894
Net income (loss) attributable to Western Midstream Operating, LP
-256,527	287,770	121,217	169,594	118,660	168,503	151,357	100,184	131,527	121,944	143,506	173,451	101,889	143,004	167,746	164,521	116,060	-155,881	184,137	132,343	-156,493	143,261	109,159	99,167	91,056	88,192	78,506	60,016	50,714	-9,162	46,579	43,309	53,651	58,529	45,306	45,026	43,897	55,828	30,656	29,006	30,438
Limited partners' interest in net income (loss):
Net income (loss) attributable to Western Midstream Operating, LP
-256,527	287,770	121,217	169,594	118,660	-	151,357	100,184	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pre-acquisition net (income) loss allocated to Anadarko
0	0	0	163	29,116	75,133	43,883	32,604	30,522	-	-	-	-	0	0	0	11,326	15,780	19,848	18,719	25,039	51,872	6,482	4,135	2,665	2,313	106	-948	5,458	7,809	7,062	7,032	5,488	24,102	8,497	11,087	8,913	20,685	-789	5,595	6,306
General partner interest in net (income) loss
-	-	-	-	-	-	-	-	-	-222,903	78,376	76,365	68,162	62,229	60,551	58,381	55,400	47,581	50,267	45,971	37,177	37,041	31,058	28,047	24,834	21,900	18,693	16,154	12,886	9,581	8,042	6,127	4,339	2,915	2,394	1,842	1,448	1,177	888	519	483
Limited partners' interest in net income (loss)
-251,396	282,133	121,217	169,431	89,544	93,370	107,474	67,580	101,005	-	-	-	-	-	-	-	-	-	-	-	-	-	71,619	66,985	63,557	63,979	59,707	44,810	32,370	-	31,475	-	-	31,512	34,415	32,097	33,536	33,966	30,557	22,892	23,649
Net income (loss) per common unit basic
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.42	0.60	0.57	0.54	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss) per common unit diluted
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.41	0.60	0.57	0.54	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss) per common unit - basic and diluted
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.54	0.55	0.31	-	0.79	0.46	-1.61	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted average common units outstanding - basic and diluted
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	90,690	-	-	-	-	-	-	-	-
WES Operating [Member]
Revenues and other
774,313	723,210	666,027	685,054	671,883	692,626	587,900	518,078	501,054	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity income, net – related parties
61,347	62,035	53,893	63,598	57,992	61,595	54,215	49,430	30,229	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost of product
103,270	109,507	97,800	122,877	114,063	124,496	101,035	95,656	94,318	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operation and maintenance
159,191	173,387	176,572	148,431	142,829	142,235	129,042	112,789	96,795	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
General and administrative
39,058	30,039	29,072	28,101	20,560	17,937	15,331	14,901	14,997	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property and other taxes
18,476	15,504	15,281	14,282	16,285	10,352	13,146	13,750	14,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
132,319	120,278	127,914	121,117	113,946	118,407	97,479	88,488	84,790	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long-lived asset impairments
155,785	1,985	3,107	797	390	75,298	27,902	127,184	200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Goodwill impairment
441,017	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total operating expenses
1,049,116	450,700	449,746	435,605	408,073	488,725	383,935	452,768	305,700	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain (loss) on divestiture and other, net
-40	-3	248	-1,061	-590	961	65	170	116	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating income (loss)
-213,496	334,542	270,422	311,986	321,212	266,457	258,245	114,910	225,699	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest income – related parties
4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	4,225	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense
88,586	79,414	78,524	79,472	65,631	54,363	48,544	41,937	36,952	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain (loss) on early extinguishment of debt
7,345	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other income (expense), net
-1,763	37,784	-67,902	-58,482	-35,264	-7,564	598	1,229	782	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (loss) before income taxes
-292,275	297,137	128,221	178,257	224,542	208,755	214,524	78,427	193,754	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income tax expense (benefit)
-4,280	793	1,309	1,278	10,092	22,741	15,005	10,304	10,884	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss)
-287,995	296,344	126,912	176,979	214,450	186,014	199,519	68,123	182,870	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss) attributable to noncontrolling interest
-27,665	1,777	1,497	1,967	1,854	1,823	990	2,811	2,985	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss) attributable to Western Midstream Operating, LP
-260,330	294,567	125,415	175,012	212,596	184,191	198,529	65,312	179,885	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss) attributable to Western Midstream Operating, LP
-260,330	294,567	125,415	175,012	212,596	-	198,529	65,312	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pre-acquisition net (income) loss allocated to Anadarko
0	0	0	163	29,116	75,133	43,883	32,604	30,522	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
General partner interest in net (income) loss
-	-	0	0	-	90,372	88,551	84,176	83,439	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Affiliates [Member]
Revenues and other
482,385	445,022	398,753	385,184	378,437	428,700	350,291	289,544	285,176	556,510	351,127	316,313	315,155	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Product sales
-	-	-	-	-	-	-	-	-	-	-	-	142,841	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost of product
77,903	69,308	61,066	68,225	56,172	56,013	39,702	38,001	34,819	14,063	22,902	21,607	15,988	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operation and maintenance
32,841	36,072	39,459	32,318	39,141	36,327	29,794	26,826	23,001	28,588	18,110	18,462	17,089	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
General and administrative
21,855	27,975	27,724	26,892	18,894	12,077	12,645	12,262	12,688	14,181	10,140	9,365	9,535	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total operating expenses
132,599	133,355	128,249	127,435	114,207	104,417	82,141	77,089	70,508	56,832	51,152	49,434	42,612	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense
43	58	59	20	1,833	2,725	2,035	1,409	577	153	0	0	71	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Third Parties [Member]
Revenues and other
291,928	278,188	267,274	299,870	293,446	263,926	237,609	228,534	215,878	256,766	223,568	209,137	201,038	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Product sales
-	-	-	-	-	-	-	-	-	-	-	-	63,684	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-	-	-	-	-	-	-	-	-	-	-	-	1,854	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense
88,543	79,356	78,465	79,452	64,043	51,977	46,834	40,836	37,438	35,573	35,544	35,746	35,433	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Units [Member]
Net income (loss)
-	-	121,217	169,431	-	93,370	107,474	67,580	101,005	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Limited partners’ interest in net income (loss)
-	-	-	-	-	-	-	-	-	-	57,448	73,383	1,714	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss) per common unit – basic and diluted
-	-	-	-	-	-	-	-	-	-	0.38	0.49	0.01	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Series A Preferred Units [Member]
Limited partners’ interest in net income (loss)
-	-	-	-	-	-	-	-	-	-	0	14,199	28,174	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common and Class C Units [Member]
Limited partners’ interest in net income (loss)
-	-	-	-	-	-	-	-	-	-	65,130	82,887	5,553	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-