Why Units of Western Midstream Are Soaring Today
Units of MLP Western Midstream Partners (NYSE: WES) had rallied more than 10% by 10:45 a.m. EST on Tuesday. Fueling the energy company's surge were its better-than-expected third-quarter earnings.
Western Midstream generated $518.4 million of adjusted EBITDA during the third quarter. That was more than 26% above last year's level and the highest in its history. The company also generated $339.2 million in free cash flow and $198.3 million of excess cash after paying its 12.3%-yielding distribution, which it reduced by 50% earlier this year. Its strong showing in the quarter has it on track to achieve the high end of its initial adjusted EBITDA guidance range of $1.875 billion to $1.975 billion.
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Source Fool.com
