Reports Q4 revenue $858.21M, consensus $864.18M. Q4 adjusted EBITDA was $570.7M. Gathered record annual crude-oil and NGLs throughput of 652 MBbls/d, representing a 7% year-over-year increase. “2023 was a successful, pivotal year for WES as we achieved operated throughput growth of approximately 7%, 5%, and 21% for natural gas, crude-oil and NGLs, and produced water, respectively. We also continued to diversify our asset and customer base through accretive M&A in the Powder River Basin, all while returning $1.113B to unitholders through our capital-return framework. Our ability to successfully capture significant Delaware Basin throughput growth, efficiently expand our asset footprint, and maintain cost and capital discipline, positions WES to enter 2024 on solid financial footing with significant operational tailwinds,” said Michael Ure, CEO. “..we are announcing that we have entered into a series of agreements to sell WES’s equity interests in multiple non-core assets for aggregate proceeds of $790.0M and for an aggregate multiple of approximately 9.6 times 2023 Adjusted EBITDA. These divestitures are in line with our strategy of divesting non-core, non-operated assets and redeploying that capital into our operated asset base with the goal of driving operational efficiencies alongside throughput growth and creating incremental value for our unitholders”.
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