Western Midstream provides 2024 guidance

Western Midstream announced the execution of multiple agreements to divest of its remaining interest in the Marcellus Interest gathering system, Saddlehorn Pipeline, Whitethorn Pipeline, Panola Pipeline, and Enterprise EF78, for aggregate proceeds of $790M. Additionally, the sale of the interests in Enterprise EF78 and Whitethorn Pipeline, which closed on February 16, resolved the outstanding legal proceedings associated with those assets. The sale of the Marcellus Interest gathering system, Panola Pipeline, and Saddlehorn Pipeline are expected to close in Q1 or Q2, subject to customary closing conditions. Including the impact of the non-core asset divestitures, WES sees 2024 adjusted EBITDA $2.2B-$2.4B, total capital expenditures $700M-$850M, free cash flow $1.05B-$1.25B, full-year 2024 base distribution of at least $3.20 per unit, which excludes the impact of any Enhanced Distribution.