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Western Midstream Partners Announces Secondary Public Offering

Pricing and Details

Western Midstream Partners LP (NYSE: WES) announced today the pricing of a secondary public offering of 19 million units of limited partner interests by affiliates of the company. The units represent approximately 4.9% of Western's outstanding common units and will be sold for a price of $29.50 per unit, generating gross proceeds of approximately $560 million.

Commencement Date

The offering is expected to close on or about December 8, 2024, subject to customary closing conditions. Western Midstream Partners expects to use the net proceeds from the offering to reduce outstanding indebtedness and for general partnership purposes.

Western Midstream Partners is a diversified master limited partnership that owns, operates, acquires, and develops midstream energy infrastructure assets in the United States. The company's assets include gathering and processing facilities, transportation pipelines, and storage facilities for natural gas, crude oil, and natural gas liquids.

The offering is being underwritten by a syndicate of investment banks led by BofA Securities, J.P. Morgan, and Credit Suisse. Western Midstream Partners has granted the underwriters a 30-day option to purchase up to an additional 2.85 million units to cover over-allotments, if any.