Western Midstream Closes $1.6B Brazos Delaware Acquisition

Western Midstream Partners, LP announced the closing of its previously announced acquisition of Brazos Delaware II, LLC for approximately $1.6 billion. The purchase price was comprised of $800 million in cash and $800 million in Western Midstream common units, representing approximately 19.4 million units. This acquisition is expected to expand the Partnership's midstream assets in the Delaware Basin, align with its capital deployment philosophy, and be accretive to per-unit metrics while protecting its balance sheet and investment-grade credit ratings. A registration rights and lock-up agreement was also entered into, requiring the Partnership to file a registration statement for the resale of the common units issued to the seller within 60 days, with the seller agreeing to a six-month lock-up period.