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Investor Relations14 Oct 2025
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Western Midstream Partners (WES) investor relations material
Western Midstream Partners Q2 2025 Post Call earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 Post Call earnings summary12 Aug, 2025
Executive summary
Achieved record Q2 2025 Adjusted EBITDA of $617.9 million, the highest in partnership history, with strong sequential throughput growth across all products.
Announced $2.0 billion acquisition of Aris Water Solutions and sanctioned a new 300 MMcf/d cryogenic gas processing train in the Delaware Basin.
Retired $1.0B of 3.100% and $336.8M of 3.950% Senior Notes due 2025, reducing near-term debt maturities.
Maintained quarterly per-unit distribution at $0.910 for Q2 2025, unchanged from Q1 2025.
Completed start-up of North Loving plant in February 2025, increasing West Texas gas processing capacity by 250 MMcf/d.
Financial highlights
Q2 2025 revenues were $942.3 million, up from $905.6 million in Q2 2024.
Q2 2025 Adjusted EBITDA reached $617.9 million, a quarterly record.
Net income attributable to partners was $341.7 million in Q2 2025; net income attributable to limited partners was $333.8 million.
H1 2025 Free Cash Flow was $787.8 million, up 21% year-over-year.
Q2 2025 capital expenditures were $170.5 million.
Outlook and guidance
2025 Adjusted EBITDA guidance reaffirmed at $2.35–$2.55 billion; capital expenditures at $625–$775 million; Free Cash Flow at $1.275–$1.475 billion.
Throughput growth rates for the remainder of 2025 expected: gas and water mid-single digits, crude oil low single digits.
Capital budget for 2026 projected to be at least $1.1 billion, primarily for Pathfinder and North Loving 2 projects.
Impact of Aris acquisition to be incorporated into 2026 guidance, to be announced in February 2026.
Ongoing adjustments to capital plans based on updated producer forecasts and drilling activity.
What drove the record adjusted EBITDA in Q2?
How full will North Loving II be day 1?
What influences the 2026 capital budget?
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Next Western Midstream Partners earnings date
Q3 20255 Nov, 2025
Next Western Midstream Partners earnings date
Q3 20255 Nov, 2025
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Frequently asked questions
Western Midstream Partners LP is a master limited partnership that owns, operates, and develops midstream energy infrastructure. The company provides services such as natural gas gathering, processing, and transportation, as well as crude oil and produced water transportation and disposal. Western Midstream serves energy producers by offering integrated midstream solutions to support upstream production and optimize resource delivery. The company is headquartered in The Woodlands, Texas, and its shares are listed on the NYSE.
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