Q1 2025 Western Midstream Partners LP Post-Earnings Presentation Transcript

May 13, 2025

May 13, 2025 / 11:00AM GMT
Presentation
May 13, 2025 / 11:00AM GMT

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Corporate Participants
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* Daniel Jenkins
Western Midstream Partners LP - Investor Relations
* Kristen Shults
Western Midstream Partners LP - Senior Vice President, Chief Financial Officer

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Daniel Jenkins - Western Midstream Partners LP - Investor Relations

Welcome to Western Midstream's first-quarter 2025 post-earnings call fireside chat with our Chief Financial Officer, Kristen Shults.

Kristen, can you give us an overview of West's first quarter financial and operational results?

Kristen Shults - Western Midstream Partners LP - Senior Vice President, Chief Financial Officer

Sure, Daniel. So first quarter was a very strong quarter for us financially. Our first quarter adjusted EBITDA was $594 million. That was an increase relative to fourth quarter of 2024. Our adjusted gross margin decreased slightly because of decreased throughput, but the revenue recognition adjustment we had in

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