Business Context and Reporting Period
This Form 8-K is a current report filed by Western Midstream Partners, LP (WES) on October 5, 2022, covering events reported as of September 30, 2022. The filing addresses significant changes in executive leadership within the Partnership's general partner, Western Midstream Holdings, LLC.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Departure of Executive: Craig W. Collins, Senior Vice President and Co-Chief Operating Officer, is departing effective November 11, 2022. The departure is not due to any disagreement regarding operations, policies, or practices.
- Appointment of Executive: Michael S. Forsyth was appointed Senior Vice President, North Operations, effective October 3, 2022. He will oversee operations in the Rockies, including the DJ Basin.
- Operational Continuity: Daniel P. Holderman will continue as Senior Vice President, South Operations, overseeing the Delaware Basin and South Texas operations.
Guidance, Outlook, and Risks
The filing does not contain updated financial guidance, outlook, or new risk factors. Regarding the executive departure, Mr. Collins will receive payments and benefits consistent with the "Executive Severance Plan" detailed in the Partnership's Form 10-Q for the period ended June 30, 2021. He has also entered into a Release and Separation Agreement containing customary release of claims and confidentiality provisions.
Key Facts for Investor Verification
- Verify the specific financial terms of the "Executive Severance Plan" referenced in the June 30, 2021 Form 10-Q to assess the cost of Mr. Collins' departure.
- Confirm the transition timeline for Mr. Collins' responsibilities prior to his November 11, 2022 exit date.
- Review Mr. Forsyth's prior experience at Anadarko Petroleum Corporation to evaluate his readiness for the North Operations role.