Western Midstream Appoints Oscar K. Brown as CEO

By Tamara Parker • Saturday, November 02 06:02 • Permanent Link

Western Midstream Partners, LP (NYSE: WES) has announced the appointment of Oscar K. Brown as the new President and Chief Executive Officer of the company. This comes after the successful transformation of the company under the leadership of Michael Ure, who will step down from his position including as director. Mr. Ure will continue as an advisor to the CEO until the end of the year to ensure a smooth transition.

Under Michael Ure's leadership, the company saw significant organic growth in the Delaware Basin and growth in the Powder River Basin through the strategic purchase of Meritage Midstream. The team also achieved lower costs and prioritized capital-efficient growth, resulting in the return of approximately $4.6 billion to unitholders through distributions and unit repurchases and significantly lower leverage.

The company has reaffirmed its 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. Additionally, the company expects 2024 results to be toward the high end of these ranges.

Western Midstream Partners, LP is set to report its third-quarter 2024 results after the market close on Wednesday, November 6, 2024, and management will host a conference call on Thursday, November 7, 2024, to discuss the quarterly results.

Oscar K. Brown, the new CEO, brings with him over 30 years of energy and industrial experience, having held senior positions with Occidental Petroleum Corporation and energy-sector roles at several global financial institutions. He has also served as the Chief Financial Officer of Freyr Battery and has a BBA in Finance and Marketing from the University of Texas at Austin.

Western Midstream Partners, LP is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas, as well as gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil for its customers. The company also gathers and disposes of produced water for its customers and buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. Today the company's shares have moved -0.4% to a price of $36.69. For the full picture, make sure to review Western Midstream's 8-K report.

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