Oscar Brown Appointed as President and CEO of Western Midstream Partners
In a significant leadership transition, Western Midstream Partners, LP (NYSE: WES) today appointed Oscar K. Brown as its new President and Chief Executive Officer. This change comes following a successful tenure by Michael Ure, who has played a pivotal role in the transformation of the organization.
Michael Ure Steps Down After Successful Leadership
Former CEO Michael Ure's departure marks the end of a successful era during which he led the Partnership through substantial growth and strategic enhancements. Brown, who has been associated with the company as an independent director, will now take over the reins to guide the Partnership’s future.
Leadership Transition Process
The Board of Directors recognized Mr. Brown's extensive experience and knowledge as essential for the Partnership's next chapter. Ure will assist in the transition as an advisor to the new CEO until the year’s end, ensuring continuity and support during this period of change.
A Vision for Growth
Oscar Brown expressed excitement about his new role and the opportunity to collaborate with the talented team at Western Midstream. He sees this as a time to strengthen the company's foundational principles and core values while driving sustainable growth. His vision aligns well with the Partnership’s mission to provide value to stakeholders and deliver best-in-class solutions.
Contributions During Michael Ure's Tenure
Under Ure's guidance, Western Midstream underwent an impressive transformation. The Partnership achieved significant organic growth, particularly in the Delaware Basin, and expanded its operations through the strategic acquisition of Meritage Midstream in the Powder River Basin. These efforts resulted in remarkable cost savings and a return of approximately $4.6 billion to unitholders through distributions and share repurchases.
Reaffirming Financial Outlook
In conjunction with the leadership announcement, Western Midstream reaffirmed its financial outlook for 2024, projecting Adjusted EBITDA between $2.2 billion and $2.4 billion. The Partnership anticipates that its results will align with the high end of this range, underscoring its commitment to operational excellence.
Upcoming Financial Reporting
Western Midstream plans to release its third-quarter 2024 results after market close and will host a conference call to discuss these results shortly thereafter. This continued communication demonstrates the Partnership’s commitment to transparency and providing updates to stakeholders.
Company Overview
Western Midstream Partners, LP operates as a master limited partnership focused on developing, acquiring, owning, and operating midstream assets. With operations spanning several states, WES's services include the gathering, processing, and transportation of natural gas, liquids, and crude oil. The majority of WES's revenues derive from fee-based contracts, which protect the company from commodity price fluctuations, emphasizing its financial resilience.
Frequently Asked Questions
Who is the new CEO of Western Midstream Partners?
Oscar K. Brown has been appointed as the new President and CEO.
What leadership role did Michael Ure hold?
Michael Ure served as CEO before stepping down after a successful tenure.
What are the financial projections for 2024?
Western Midstream has reaffirmed its 2024 Adjusted EBITDA guidance of $2.2 to $2.4 billion.
When will Western Midstream announce its third-quarter results?
The third-quarter results are expected to be announced after market close with a subsequent conference call for discussions.
What is the primary focus of Western Midstream Partners?
The Partnership focuses on midstream operations, including gathering and processing resources while maintaining fee-based contracts to enhance revenue stability.
