Business Context and Reporting Period
This Form 8-K filing by Western Midstream Partners, LP (the "Partnership") reports corporate governance changes effective March 26, 2019. The report date is March 20, 2019. The Partnership is a Delaware limited partnership with its general partner being 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 appointments and governance amendments rather than financial performance.
Material Changes
- Board Appointment: Amanda M. McMillian was appointed to the Board of Directors of the General Partner. She previously served as Executive Vice President and General Counsel of Anadarko Petroleum Corporation.
- Officer Resignation: Philip H. Peacock resigned as Senior Vice President, General Counsel, and Corporate Secretary of the General Partner to focus on duties at Anadarko.
- Officer Appointment: John D. Montanti was appointed as Vice President, General Counsel, and Corporate Secretary of the General Partner. He previously served in the legal department at Anadarko.
- Governance Amendment: The General Partner's limited liability company agreement was amended to remove the cap on the number of directors that can serve on the Board.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of market risks. Regarding compensation, Mr. Montanti is eligible for future equity awards and benefits under the Partnership's and Anadarko's programs, with the Partnership bearing expenses allocable to it. Indemnification agreements were entered into for the new appointees.
Key Facts for Investor Verification
- Verify the effective date of the board and officer changes (March 26, 2019).
- Confirm the removal of the director cap in the General Partner's LLC agreement.
- Review the specific terms of the indemnification agreements filed as exhibits.
- Check the Form 10-K filed on February 20, 2019, for details on the compensation programs applicable to Mr. Montanti.