Introduction
Western Midstream Partners, LP (WES) came back from the brink in 2Q, bottoming at a unit price around $3 as the quarter started. In my last quarterly review of WES, "Western Midstream Partners: More Focused On Free Cash Flow", I discussed the long-expected distribution cut along with capex cuts needed to have cash available after distributions to start paying down WES’s $8 billion of debt. At that time, the partnership also lowered its EBITDA forecast for the year, based on expected upstream production curtailments and little drilling activity on new wells.
In