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HOUSTON - Western Midstream Partners (NYSE:WES) reported fourth quarter 2024 results that fell short of analyst estimates, sending shares down 0.47% in after-hours trading.
The midstream energy company posted adjusted earnings per unit of $0.85, missing the consensus forecast of $0.87. Revenue came in at $858.9 million, below Wall Street expectations of $926.84 million.
For the full year 2024, Western Midstream generated adjusted EBITDA of $2.34 billion, which was within its guidance range of $2.2-$2.4 billion. Free cash flow totaled $1.32 billion, exceeding the high end of its $1.05-$1.25 billion guidance.
"2024 was a successful year for WES as we achieved double-digit throughput growth across all three product lines and grew both Adjusted EBITDA and Free Cash Flow meaningfully year-over-year," said Oscar Brown, President and CEO.
The company reported record annual natural gas throughput of 5.1 billion cubic feet per day in 2024, up 16% year-over-year when adjusted for asset sales. Crude oil and NGLs throughput averaged 530,000 barrels per day, a 12% increase when accounting for divested assets.
Western Midstream maintained its quarterly distribution of $0.875 per unit. For 2025, the company is targeting mid-to-low single-digit annual distribution growth.
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