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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Western Midstream Partners (WES) investor relations material
Western Midstream Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record adjusted EBITDA for the second consecutive quarter in Q3 2025, driven by cost reduction initiatives, operational efficiencies, and record natural-gas throughput, particularly in the Delaware and DJ Basins.
Closed the acquisition of Aris Water Solutions, expanding produced water capabilities, diversifying the customer base, and targeting $40 million in annual run-rate synergies.
Sanctioned and advanced major growth projects, including the Pathfinder pipeline and North Loving II gas plant, supporting future expansion.
Retired $1.0 billion of senior notes due 2025, strengthening the balance sheet and reducing interest expense.
Maintained a quarterly per-unit distribution of $0.910, with $379.5 million declared for Q3 2025.
Financial highlights
Q3 2025 net income attributable to limited partners was $332 million; Adjusted EBITDA reached $634 million, up 3% quarter-over-quarter.
Total revenues for Q3 2025 were $952.5 million, up from $883.4 million in Q3 2024.
Cash flow from operating activities was $570.2 million; free cash flow totaled $397.4 million for Q3 2025.
Free cash flow after distributions was $42.2 million in Q3 2025.
Quarterly distribution of $0.91 per unit declared, consistent with the prior quarter.
Outlook and guidance
Expect to reach the high end of 2025 adjusted EBITDA guidance ($2.35B–$2.55B), including $45M–$50M from Aris, and to exceed the high end of free cash flow guidance ($1.275B–$1.475B).
2025 capital spending expected at the high end of $625M–$775M; 2026 capex to be at least $1.1B.
Targeting mid-to-low single-digit annual distribution growth, with a 2025 per-unit cash distribution of at least $3.605.
Anticipate continued throughput growth across all product lines in 2026, led by the Delaware Basin.
Business remains highly fee-based, with 98% of natural gas and 100% of crude oil and produced water throughput under fee-based contracts.
Aris acquisition: expected integration challenges?
Update on DJ Basin oil contract dispute?
Why no unit repurchases in 2025?
Aris $40M synergy realization timeline?
Produced water segment growth drivers
Return profile of 2026 growth projects?
Quantify future O&M savings beyond Q3 levels?
When will 3-stream commercial synergies materialize?
How will Bronco CAP impact 2026 DJ Basin decline?
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Next Western Midstream Partners earnings date
Q4 202526 Feb, 2026
Next Western Midstream Partners earnings date
Q4 202526 Feb, 2026
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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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