Q3 2025 Western Midstream Partners LP Earnings Call Transcript

Nov 5, 2025 / 02:00 PM GMT

Release Date Price: $38.25 (+2.44%)

Transcript 10-Q8-K

Key Points

Positve

Western Midstream Partners LP (WES) achieved a record adjusted EBITDA for the second consecutive quarter due to lower operational costs and cost reduction initiatives.
The company completed the acquisition of Eris Water Solutions, enhancing its position as a leading three-stream midstream flow assurance provider in the Delaware Basin.
WES reported the highest total natural gas throughput in its history, driven by record throughput in the Delaware Basin.
The company expects to capture $40 million of annual run rate synergies from the Eris acquisition.
WES's strong balance sheet and investment-grade credit ratings provide financial flexibility for future growth and expansion.

Negative

Crude oil and NGL throughput decreased by 4% on a sequential quarter basis, primarily due to decreased throughput from the Delaware Basin.
The Powder River Basin experienced decreased throughput as previously unloaded volume subsided at the end of the second quarter.
The company expects its fourth-quarter per MCF adjusted gross margin to be slightly lower relative to the third quarter.
Commodity price weakness throughout 2025 has led to slightly lower customer activity levels, impacting natural gas throughput.
Operation and maintenance expenses and G&A are expected to increase by 20% to 25% in the fourth quarter due to the inclusion of Eris activity.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

WES.N - Western Midstream Partners LP
Q3 2025 Western Midstream Partners LP Earnings Call
Nov 05, 2025 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning. My name is Joanna, and I will be our conference operator today. At this time, I would like to welcome everyone to the Western Midstream Partners 3rd quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press the star followed by the number 2.

Thank you. I would now let you on the conference over to Daniel Jenkins, director of investor relations. Please go ahead.

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