Michael Ure Steps Down Following
Successful Transformation of Western Midstream into Leading
Midstream Operator
Partnership Reaffirms 2024 Adjusted EBITDA and
Free Cash Flow Guidance
HOUSTON, Oct. 28,
2024 /PRNewswire/ -- Today Western Midstream
Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced
Oscar K. Brown, an independent
director of Western Midstream Holdings, LLC, WES's general partner
(the "General Partner"), has been appointed President and Chief
Executive Officer of the General Partner, effective immediately.
The Board of Directors of the General Partner (the "Board") and
Michael Ure agreed that he will step
down from his position, including as Director. To ensure a smooth
transition, Mr. Ure will continue as an advisor to the CEO until
the end of the year. Mr. Brown will remain a director on the
Board.
"The Board identified Mr. Brown as the ideal CEO to lead the
Partnership's next chapter," said Jeff
Bennett, Chairman of the Board. "He is a seasoned executive
who has been a deeply involved member of the Board since 2019.
Oscar possesses extensive knowledge of the Partnership's strategy,
mission and vision. With more than 30 years of energy and
industrial experience, Oscar brings a wealth of knowledge and a
proven track record of success."
"On behalf of the entire Board, I would like to thank Michael
for his contributions to WES," Mr. Bennett continued. "Under
Michael's leadership, WES went through an impressive transformation
including significant organic growth in the Delaware Basin and growth in the Powder River
Basin through the strategic purchase of Meritage Midstream. The
team also lowered costs and prioritized capital-efficient growth,
leading to the return of approximately $4.6
billion to unitholders through distributions and unit
repurchases and significantly lower leverage. We wish him the best
as he shifts his focus to his greatest passions: his faith, his
family, and giving back to the community."
"I am truly honored to step into the role of CEO and to lead
this exceptional company. I look forward to partnering with our
talented team to drive WES's growth and success and continuing to
execute against the proven strategies that have strengthened the
Partnership. By cultivating a culture focused on upholding its
foundational principles and core values, WES has achieved
remarkable growth and delivered strong value to its stakeholders,"
said Mr. Brown.
"It's been a great privilege to lead Western Midstream over the
past five years. I want to thank the Board and all of our dedicated
team members for their support. I am incredibly proud of all we
accomplished together," commented Mr. Ure. "I'm confident that this
is the right time to hand over the reins to Oscar, whom I've known
for nearly a decade. I know he will work with the exceptional WES
team to drive the Partnership forward, continuing to deliver
best-in-class solutions for customers."
Mr. Brown has been a director on the General Partner's Board
since August 2019, where he served as
the Chair of the ESG committee. He has a 30-year history in the
energy sector, including senior positions with Occidental Petroleum
Corporation and energy-sector roles at several global financial
institutions. Previously, he served on the board of directors of
Plains All American Pipeline, L.P. Most recently, he served as
Chief Financial Officer of FREYR Battery. He holds a BBA in Finance
and Marketing from The University of Texas at
Austin. He has served on the boards of Houston's Alley Theatre, Junior Achievement of
Southeast Texas and The Children's
Fund, Inc.
Reaffirming 2024 Adjusted EBITDA and Free Cash Flow
Guidance
In addition to today's leadership transition, the Partnership
also reaffirmed its previously stated 2024 Adjusted EBITDA and Free
Cash Flow guidance ranges of $2.2
billion to $2.4 billion and
$1.05 billion to $1.25 billion, respectively, and continues to
expect 2024 results to be toward the high end of these ranges.
As previously disclosed, the Partnership plans to report its
third-quarter 2024 results after market close on Wednesday, November 6, 2024. Management will host
a conference call on Thursday, November 7,
2024, at 1:00 p.m. Central
(2:00 p.m. Eastern) to discuss the
Partnership's quarterly results.
Please visit the WES website
at www.westernmidstream.com for further information on
the senior management and Board changes.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP ("WES") is a master limited
partnership formed to develop, acquire, own, and operate midstream
assets. With midstream assets located in Texas, New
Mexico, Colorado,
Utah, and Wyoming, WES is engaged in the business of
gathering, compressing, treating, processing, and transporting
natural gas; gathering, stabilizing, and transporting condensate,
natural-gas liquids, and crude oil; and gathering and disposing of
produced water for its customers. In its capacity as a natural-gas
processor, WES also buys and sells natural gas, natural-gas
liquids, and condensate on behalf of itself and its customers under
certain gas processing contracts. A substantial majority of WES's
cash flows are protected from direct exposure to commodity price
volatility through fee-based contracts.
For more information about WES, please visit
www.westernmidstream.com.
This news release contains forward-looking statements. WES's
management believes that its expectations are based on reasonable
assumptions. No assurance, however, can be given that such
expectations will prove correct. A number of factors could cause
actual results to differ materially from the projections,
anticipated results, or other expectations expressed in this news
release. These factors include our ability to meet financial
guidance or distribution expectations; our ability to safely and
efficiently operate WES's assets; the supply of, demand for, and
price of oil, natural gas, NGLs, and related products or services;
our ability to meet projected in-service dates for capital-growth
projects; construction costs or capital expenditures exceeding
estimated or budgeted costs or expenditures; and the other factors
described in the "Risk Factors" section of WES's most-recent Form
10-K filed with the Securities and Exchange Commission and other
public filings and press releases. WES undertakes no obligation to
publicly update or revise any forward-looking statements.
WESTERN MIDSTREAM CONTACTS
Daniel Jenkins
Director, Investor Relations
Investors@westernmidstream.com
866.512.3523
Rhianna Disch
Manager, Investor Relations
Investors@westernmidstream.com
866.512.3523
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SOURCE Western Midstream Partners, LP