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EX - 99.1 2 wes2021q38 - kxerxex991.htm EX - 99.1 Western Midstream EXHIBIT 99.1 NEWS RELEASE WESTERN MIDSTREAM ANNOUNCES THIRD - QUARTER 2021 RESULTS HOUSTON— ( PRNEWSWIRE ) —November 9 , 2021 - Today Western Midstream Partners , LP ( NYSE : WES ) ( " WES " or the " Partnership ” ) announced third - quarter 2021 financial and operating results . Net income ( loss ) available to limited partners for the third quarter of 2021 totaled $ 250.2 million , or $ 0.61 per common unit ( diluted ) , with third - quarter 2021 Adjusted EBITDA ( ¹ ) totaling $ 531.6 million , third - quarter 2021 Cash flows provided by operating activities totaling $ 391.3 million , and third - quarter 2021 Free cash flow ( 1 ) totaling $ 320.0 million . RECENT HIGHLIGHTS . • • • Executed a debt tender offer and repaid $ 500.0 million of Senior notes due 2022 , 2023 , 2025 , and 2026 for an aggregate purchase price of approximately $ 521.9 million , decreasing the Partnership's annualized borrowing costs by $ 20.6 million ( 2 ) . Repurchased 4.5 million common units for aggregate consideration of $ 88.1 million during the third quarter as part of the previously announced buyback program of up to $ 250.0 million of the Partnership's common units through December 31 , 2021. Since announcing the buyback program , the Partnership has repurchased approximately 8.0 million common units for aggregate consideration of $ 136.9 million through September 30 , 2021 . Received an upgrade for WES Operating's long - term debt from “ BB ” to “ BB + ” from Standard & Poor's , decreasing the Partnership's annualized borrowing costs by approximately $ 7.9 million , and a revised outlook rating from “ Stable ” to “ Positive ” from Fitch . Increased Regional Oil Treating Facility capacity by 20 - percent , or 36 MBbls / d , for minimal capital to meet expected growth in Delaware Basin oil volumes . ( 1 ) ( 2 ) Please see the definitions of the Partnership's non - GAAP measures at the end of this release and reconciliation of GAAP to non - GAAP measures . Annualized borrowing costs calculated using the effective coupon rates as of September 30 , 2021 .