Western Midstream Partners announced third-quarter 2024 financial and operating results, reporting net income attributable to limited partners of $281.8 million, or $0.74 per common unit (diluted). Adjusted EBITDA for the quarter totaled $566.9 million, while cash flows provided by operating activities reached $551.3 million and Free Cash Flow was $365.1 million. The results showed a slight decline in profitability quarter-over-quarter, primarily due to lower natural-gas liquids recoveries and lower commodity prices in the Delaware Basin.
The partnership achieved record natural-gas and crude-oil and NGLs throughput in the Delaware Basin, alongside continued strong throughput growth in the Powder River Basin following the Meritage Midstream acquisition. Natural-gas throughput averaged 5.0 Bcf/d, a 1-percent sequential increase, and produced-water assets averaged 1,099 MBbls/d, a 2-percent sequential increase. However, crude-oil and NGLs throughput decreased by 2-percent sequentially to 506 MBbls/d.
Western Midstream reaffirmed its expectation for full-year Adjusted EBITDA to be towards the high end of its $2.2 billion to $2.4 billion guidance range. The company also announced it had issued $800.0 million of new senior notes in August, achieving the best 10-year credit spread in its history, and comfortably reached its year-end 2024 net leverage ratio threshold of 3.0 times. Despite these financial strengths, the partnership reduced its average year-over-year crude-oil and NGLs and produced-water throughput growth expectations.
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