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Western Midstream Partners (WES) investor relations material
Western Midstream Partners Fireside chat summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Introduction and agenda
Discussion focused on fourth quarter and full year 2025 performance, efficiency initiatives, cost-saving strategies, and 2026 guidance.
Current industry trends
Negative gas prices at Waha impacted Q4 as private producers curtailed volumes.
Producer forecasts for 2026 indicate declines in activity in the Powder River and DJ basins, with some changes in the Delaware Basin.
Challenges and overcoming obstacles
Managed negative revenue recognition adjustments of nearly $30 million in Q4 2025.
Cost-cutting efforts in 2025 led to an 8% O&M decrease in Q3 year-over-year and a 12% decrease in Q4 year-over-year, excluding Aris.
Continued cost discipline expected to offset rising utility costs and integration of Aris assets.
- Record 2025 financials and strong 2026 guidance, driven by growth and Aris acquisition.WES
Q4 202519 Feb 2026 - Record Q2 2024 throughput, strong cash flow, and asset sales drive high-end guidance.WES
Q2 20242 Feb 2026 - Contract amendments and cost initiatives drive diversification, savings, and future growth.WES
Fireside chat21 Jan 2026 - Record throughput, strong cash flow, and high-end full-year Adjusted EBITDA guidance.WES
Q3 202415 Jan 2026 - Strategic priorities emphasize organic growth, capital discipline, and sustained distributions.WES
Fireside Chat15 Jan 2026 - Record Delaware Basin throughput, 4% higher distributions, and strong free cash flow in Q1 2025.WES
Q1 20258 Jan 2026 - Record 2024 growth, major water project, and 2025 EBITDA and distribution increases targeted.WES
Q4 20247 Jan 2026 - Strong 2024 results and major investments set the stage for continued growth and innovation in 2025.WES
Fireside Chat7 Jan 2026 - Record adjusted EBITDA and major acquisitions drive robust growth and financial strength.WES
Q2 202523 Nov 2025
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