Western Midstream Partners LP (WES) will raise its distribution by 1.3 percent to 31.5 cents quarterly in 2021. The MLP last lowered its quarterly distribution by 50.0 percent to 31.1 cents per unit in 2020.
The next distribution is payable on May 14, 2021, to unitholders of record at the close of business on April 30, 2021. The new annual distribution of $1.26 per unit yields 6.6% at a stock price of $19.42.
Western Midstream Partners, LP, formerly Western Gas Equity Partners, LP (WGP), is a growth-oriented Delaware master limited partnership formed by Anadarko Petroleum Corporation to acquire, own, develop and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing and transporting natural gas; gathering, stabilizing and transporting condensate, natural gas liquids ("NGLs") and crude oil; and gathering and disposing of produced water for Anadarko, as well as for third-party customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs and condensate on behalf of itself and as agent for its customers under certain of its contracts.