Business Context and Reporting Period
This Form 8-K filing by Western Midstream Partners, LP (WES) reports corporate governance changes effective December 13, 2021. The filing details the resignation of a director, the appointment of a new director and Chairman, and the departure of a senior officer.
Key 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 and governance matters.
Material Changes
- Director Resignation: Mr. Glenn Vangolen resigned from the Board of Directors of Western Midstream Holdings, LLC (the General Partner) effective December 17, 2021, in connection with his retirement from Occidental Petroleum Corporation. He served as Chairman of the Board.
- Director Appointment: Mr. Peter J. Bennett was elected Chairman of the Board effective December 14, 2021.
- New Director: Mr. Frederick A. Forthuber was appointed to the Board effective December 17, 2021. He will join the ESG Committee, replacing Mr. Bennett.
- Officer Departure: Mr. Charles G. Griffie, Senior Vice President, Operations and Engineering, is leaving the General Partner. His departure is not due to any disagreement with the company.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future performance. It notes that the departures were not the result of disagreements regarding operations, policies, or practices. Mr. Griffie's departure involves a Release and Separation Agreement with terms consistent with the Executive Severance Plan described in the June 30, 2021 Form 10-Q.
Investor Verification Checklist
- Verify the effective dates of the Board composition changes (December 14 and 17, 2021).
- Review the "Executive Severance Plan" in the June 30, 2021 Form 10-Q to understand the compensation terms for Mr. Griffie's departure.
- Confirm that no additional compensation is being paid to Mr. Forthuber for his director service, as he is an employee of Occidental.
- Check subsequent filings for any further updates on the transition of the Chairman role and the ESG Committee.