Western Midstream closes Meritage Midstream acquisition

Western Midstream Partners announced the closing of the previously announced acquisition of Meritage Midstream Services II. The consideration was funded with cash on hand and WES‘s recent $600M investment grade senior notes issuance. “The Meritage acquisition transforms WES’s existing asset footprint in the Powder River Basin with expanded gathering and processing facilities, a diversified customer base, and long-term contracts supported by minimum volume commitments and acreage dedications. As previously announced, for the third quarter 2023, management intends to recommend a Base Distribution increase of $0.0125, or $0.05 annualized, resulting in a total annualized distribution of $2.30 per common unit,” the Partnership stated.