Description

Western Midstream Partners: How Is The MLP Model Evolving?

Western Midstream Partners, LP began the first quarter of 2024 with promising results, which points towards the potential for continuing growth for current and potential investors. The company posted a record-breaking adjusted EBITDA of $608 million for the quarter. This unexpected and impressive increase is largely attributed to the substantial increase in throughput in the gas segment of their business, better than expected performances in terms of gross margin per unit, and the strong performance of the water business, indicating an overall proficiently managed operation by the firm. Looking into the specifics, the Delaware Basin saw a 3% increase, DJ Basin saw a 2% rise, and the company’s other assets also had notable growth. The oil-side, however, experienced a decline by 19% on a quarter-to[1]quarter basis due to the divestiture of certain JVs. Yet, the DJ Basin managed to rise by 7%, and the PRB Basin rose by 15%.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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