Q4 2025 Western Midstream Partners LP Post-Earnings Presentation Transcript

Feb 24, 2026 / 12:00PM GMT

Release Date Price: $40.98 (-0.53%)

Transcript 10-K8-K

Daniel Jenkins

Western Midstream Partners LP - Director of Investor Relations

Good morning and welcome to Western Midstream's fourth-quarter 2025 fireside chat with our Chief Financial Officer and Senior Vice President, Kristen Shultz.

Kristen, can you give us an overview of our fourth-quarter and full-year 2025 performance?

Kristen Shults

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

Yes, Daniel. So, if you take a look at fourth-quarter, our Q4 adjusted EBITDA came out to $636 million. However, that included the negative revenue recognition adjustments of close to $30 million. So without that adjustment, we would have been right around $665

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