Western Midstream Partners, LP (‘WES’ or the ‘Partnership’) has announced the completion of its previously announced acquisition of Meritage Midstream Services II, LLC (‘Meritage’).
The consideration was funded by cash on hand and WES’s recent US$600 million senior debt issuance. The acquisition of Meritage transforms WES’ existing asset footprint in the Powder River Basin with expanded gathering and processing capabilities, a diverse customer base and long-term contracts backed by minimum volume commitments and dedicated acreage.
As previously announced, for 3Q23 management intends to recommend an increase in the base distribution of $0.0125, or $0.05 on an annualized basis, resulting in a total annual distribution of $2.30 per common unit.
About the Western Midstream
Western Midstream Partners, LP is a Delaware master limited partnership formed to acquire, own, develop and manage midstream assets. With midstream assets located in the Rockies, North Central Pennsylvania, Texas and New Mexico, WES engages in the gathering, compression, processing, processing and transportation of natural gas; collection, stabilization and transport of condensate, NGL and crude oil; and collection and disposal of produced water for its customers. In addition, as a processor of natural gas, WES purchases and sells natural gas, NGLs and condensate on its own behalf and as an agent for its customers under certain of its contracts.
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Acquisitions and mergers
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