Western Midstream Partners announced that Oscar K. Brown, an independent director of Western Midstream Holdings, LLC, has been appointed President and Chief Executive Officer of the General Partner, effective immediately. Michael Ure stepped down from his position, but will continue as an advisor to the CEO until the end of the year to ensure a smooth transition. Mr. Brown brings over 30 years of energy and industrial experience, including senior positions with Occidental Petroleum Corporation and as Chief Financial Officer of FREYR Battery.
The Board of Directors stated that Mr. Brown is the ideal leader for the Partnership's next chapter, citing his extensive knowledge of WES's strategy, mission, and vision. Under Mr. Ure's leadership, WES underwent a significant transformation, including organic growth in the Delaware Basin and the strategic acquisition of Meritage Midstream. This period also saw cost reductions, a focus on capital-efficient growth, and the return of approximately $4.6 billion to unitholders.
Concurrently with the leadership transition, Western Midstream Partners reaffirmed its previously stated 2024 Adjusted EBITDA guidance range of $2.2 billion to $2.4 billion and Free Cash Flow guidance range of $1.05 billion to $1.25 billion. The Partnership continues to expect its 2024 results to be towards the high end of these ranges. This reaffirmation provides stability and confidence in the company's financial outlook during the leadership change.
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