Western Midstream CEO Michael Ure Says We Now Anticipate 2023 Adjusted EBITDA To Be Towards The High End Of Our Previously Announced Guidance Range Of $1.950B-$2.050B
Portfolio Pulse from Benzinga Newsdesk
Western Midstream CEO Michael Ure has announced that the company expects its 2023 Adjusted EBITDA to be towards the high end of its previously announced guidance range of $1.950B-$2.050B. This is due to increased throughput for natural gas, crude oil, and NGLs, and produced water, driven by new production and high facility operability in the Delaware Basin. The company also recently acquired Meritage in the Powder River Basin in Wyoming for $885 million, making it the largest gathering and processing operator in the area. The acquisition is expected to diversify the customer base and add long-term contracts to the portfolio.
November 01, 2023 | 8:38 pm
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POSITIVE IMPACT
Western Midstream's recent acquisition of Meritage and increased throughput are expected to drive its 2023 Adjusted EBITDA towards the high end of its guidance range. This could potentially boost investor confidence and positively impact the company's stock price.
The company's recent acquisition and increased throughput are positive developments that could drive its financial performance and potentially boost its stock price. The acquisition of Meritage diversifies the company's customer base and adds long-term contracts, which could provide more stable and predictable revenue streams. Additionally, the increased throughput indicates strong operational performance, which could also positively impact the company's financial results and investor sentiment.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100