In the most recent trading session, Western Midstream (WES) closed at $39.63, indicating a -1.05% shift from the previous trading day.
Western Midstream offers a strong 9% dividend yield and has shown impressive growth in natural gas and crude oil throughput. The company has reduced its net leverage from 5.0x to under 3.0x, enabling more cash for shareholder returns. With double-digit volume growth expected and stable EBITDA, WES is poised for continued financial strength and shareholder value.
Western Midstream provides an outsized, safe, and growing distribution to unitholders. The company's Mentone Train III project is online, and the North Loving cryogenic processing plant is going to be placed into service soon. WES is set to reach its targeted leverage ratio ahead of schedule.
Western Midstream (WES) closed the most recent trading day at $38.86, moving +1.46% from the previous trading session.
Occidental partial sale of WES units is bullish for long-term investors as it makes taking private scenario unlikely. A flurry of new commercial agreements, commissioning of new gas plants, and reduction in Capex promise increased cash flows in 2024, and beyond. It should translate to growth in distributions. WES has achieved a stronger balance sheet, allowing for more flexibility in pursuing M&A, raising distributions, and potential credit upgrades.
Occidental is about to sell some midstream shares in a secondary offering, but that will not affect the future outlook. Western Midstream reported significant income gains in Q2 2024. The distribution for the current fiscal year is roughly 50% higher than the distribution rate for the last fiscal year.
Western Midstream Partners LP (NYSE:WES ) Q2 2024 Earnings Conference Call August 8, 2024 2:00 PM ET Company Participants Daniel Jenkins - Director of IR Michael Ure - CEO Kristen Shults - CFO Conference Call Participants Gabe Moreen - Mizuho Keith Stanley - Wolfe Research Jeremy Tonet - JP Morgan Chase Spiro Dounis - Citi Manav Gupta - UBS Neel Mitra - Bank of America Zach Van Everen - TPH Operator Good afternoon, my name is Ludi and I will be your conference operator today. At this time, I would like to welcome everyone to the Western Midstream Partners Second Quarter 2024 Earnings Conference Call.
Western Midstream is growing its distribution while reducing its unit count, a wonderful sign of health. You can benefit today and tomorrow from this type of opportunity. Income provided by your portfolio can unlock potentially limitless possibilities.
The latest trading day saw Western Midstream (WES) settling at $40.37, representing a +1.41% change from its previous close.
Western Midstream (WES) reachead $42.74 at the closing of the latest trading day, reflecting a +1.62% change compared to its last close.
Western Midstream (WES) closed at $41.77 in the latest trading session, marking a +0.05% move from the prior day.
In the closing of the recent trading day, Western Midstream (WES) stood at $41.15, denoting a -0.07% change from the preceding trading day.