Core Financial Performance - Western Midstream Partners, LP reported a net income attributable to limited partners of $333.8 million for Q2 2025, equating to $0.87 per common unit (diluted) [2][7] - The company achieved an Adjusted EBITDA of $617.9 million, marking the highest quarterly Adjusted EBITDA in its history [6][7] - Cash flows from operating activities totaled $564.0 million, with Free Cash Flow amounting to $388.4 million for the second quarter [2][7] Distribution and Cash Flow - A per-unit distribution of $0.910 will be paid on August 14, 2025, consistent with the prior quarter, resulting in an annualized distribution of $3.64 [4][7] - After distributions, the Free Cash Flow for Q2 2025 was $33.1 million [4] Operational Highlights - Natural gas throughput averaged 5.3 Bcf/d, a 3% increase from the previous quarter [5][8] - Crude oil and NGLs throughput averaged 532 MBbls/d, reflecting a 6% sequential increase [5][8] - Produced water throughput averaged 1,217 MBbls/d, representing a 4% increase from the prior quarter [5][8] Strategic Initiatives - The company announced the acquisition of Aris Water Solutions, Inc. for an enterprise value of approximately $2.0 billion, expected to enhance its position in midstream water services [6][9] - A new 300 MMcf/d cryogenic natural-gas processing train, North Loving Train II, has been sanctioned to increase processing capacity in West Texas [6][9] Guidance and Future Outlook - Western Midstream reaffirmed its 2025 financial guidance ranges for Adjusted EBITDA ($2.350 billion to $2.550 billion), capital expenditures ($625 million to $775 million), and Free Cash Flow ($1.275 billion to $1.475 billion) [7][10] - The impact of the Aris acquisition will be incorporated into the 2026 guidance projections, to be announced in February 2026 [10]

Core Viewpoint - Western Midstream Partners, LP ("WES") is acquiring Aris Water Solutions, Inc. ("Aris") in a transaction valued at approximately $1.5 billion, which includes both equity and cash components [1][2]. Transaction Details - The acquisition involves Aris shareholders receiving 0.625 common units of WES for each Aris share, with an option for $25.00 per share in cash, subject to proration, with a maximum cash consideration of $415 million [1][9]. - The total enterprise value of the transaction is approximately $2.0 billion before transaction costs [1]. - The transaction is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approvals [2]. Strategic Rationale - The merger is aimed at creating a leading produced-water gathering, disposal, and recycling business, enhancing WES's ability to meet customer needs in the Delaware Basin [5][6]. - The integration of Aris's assets will expand WES's footprint into Lea and Eddy Counties, New Mexico, unlocking new throughput opportunities across its natural gas, crude oil, and produced water businesses [3][6]. - The combined infrastructure will create a fully integrated produced-water value chain, enhancing WES's competitive position in the market [6]. Financial Implications - The transaction is expected to be accretive to WES's 2026 Free Cash Flow per unit and represents an approximate 7.5x multiple on consensus 2026 EBITDA, including estimated cost synergies [6]. - WES is targeting $40 million in estimated annualized cost synergies from the acquisition [6]. Operational Enhancements - Aris's full-cycle water infrastructure includes approximately 790 miles of produced-water pipeline and significant handling and recycling capacities, which will complement WES's existing operations [3]. - The acquisition will diversify WES's customer base through Aris's long-term contracts and minimum-volume commitments with investment-grade counterparties [6][7]. Leadership Commentary - WES's CEO expressed excitement about the strategic combination, emphasizing the alignment with WES's strategy of acquiring high-quality midstream assets [4]. - Aris's CEO highlighted the transaction as a significant milestone, positioning the combined entity as a premier midstream water-solutions provider [8].

Group 1 - Laura Starks is the founder and CEO of Starks Energy Economics, LLC, established in 2007, with expertise in energy investments [1] - Starks holds a degree in chemical engineering and an MBA focused on finance, which she utilizes for personal investments and insights on energy companies [1] - The coverage of Starks includes various sectors such as utilities, independent power producers, energy service companies, petrochemical companies, and all segments of oil and natural gas: upstream, midstream, and downstream [1]

Core Viewpoint - Aris Mining Corporation is set to release its Q2 2025 financial results on August 7, 2025, followed by a conference call on August 8, 2025, to discuss these results [1][2]. Company Overview - Aris Mining was founded in September 2022 with a focus on becoming a leading gold mining company in Latin America, emphasizing production, cash flow generation, and transformational growth through asset expansions and exploration [4]. - The company operates two underground gold mines in Colombia, the Segovia Operations and the Marmato Complex, which produced a total of 210,955 ounces of gold in 2024 [5]. Production and Growth Plans - Aris Mining aims to increase its annual gold production to over 500,000 ounces, supported by the Segovia mill expansion completed in June 2025 and the upcoming construction of the Bulk Mining Zone at the Marmato Complex, expected to ramp up production in H2 2026 [5]. - The company is also involved in the Soto Norte joint venture, where a new development plan is being studied, with results anticipated in Q3 2025 [5]. - In Guyana, Aris Mining owns the Toroparu gold/copper project, with a new Preliminary Economic Assessment (PEA) commissioned and results expected in Q3 2025 [5]. Strategic Partnerships - Aris Mining is actively pursuing partnerships with Colombia's small-scale mining sector to promote safe, legal, and environmentally responsible operations that benefit local communities and the industry [6]. Growth Strategy - The company intends to explore acquisitions and other growth opportunities to enhance value through scale and diversification [7].

Core Viewpoint - Aris Mining Corporation has signed a Memorandum of Understanding (MOU) with Colombia's Ministry of Mines and Energy to formalize artisanal and small-scale mining (ASM) operations in Marmato, indicating a collaborative approach to enhance the mining sector's sustainability and inclusivity [1][3][6]. Group 1: MOU Details - The MOU aims to accelerate the formalization of ASM miners in Marmato, where Aris Mining is expanding its operations [1][5]. - The agreement establishes a framework for transitioning ASM groups into the formal economy, including regulatory support and technical training [6][7]. - Aris Mining will provide technical, operational, and environmental expertise to support ASM units and has offered milling capacity from its existing operations [5][6]. Group 2: Strategic Importance - The Cerro El Burro area, part of the Marmato Complex, presents significant growth opportunities for gold production, enhancing safety and environmental outcomes for all stakeholders [4][6]. - The MOU is part of the broader "Special Mining District for Peace and Life" initiative, which prioritizes sustainable mining practices in Marmato [6][7]. Group 3: Company Overview - Aris Mining, established in September 2022, focuses on becoming a leading gold mining company in Latin America, blending current production with growth through asset expansion and exploration [8][10]. - The company operates two underground gold mines in Colombia, targeting an annual production rate exceeding 500,000 ounces of gold by ramping up operations in the Marmato Complex and Segovia [9][10].

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Core Viewpoint - Aris Mining Corporation is reminding warrant holders that their TSX-listed warrants will expire on July 29, 2025, and any unexercised warrants will become void [1][2]. Warrant Exercise Summary - The warrants are currently "in-the-money" with an effective exercise price of C$5.50 per share, compared to a closing share price of C$9.46 on July 8, 2025 [2]. - Approximately 48.2% of the warrants have been exercised, generating C$77.0 million (approximately US$56 million) for the company [2][5]. - If all remaining outstanding warrants are exercised, Aris Mining would receive an additional C$83.0 million (approximately US$61 million) [2][5]. Financial Position - The CEO of Aris Mining stated that the expiry of the warrants simplifies the capital structure, eliminating legacy convertible instruments and resulting in a stronger balance sheet with over US$310 million in cash as of June 30 [3]. Company Overview - Aris Mining was founded in September 2022, focusing on becoming a leading gold mining company in Latin America, combining current production with growth through expansions and exploration [6]. - The company operates two underground gold mines in Colombia, targeting an annual production rate of over 500,000 ounces of gold following recent expansions [7][9]. Future Plans - Aris Mining is pursuing acquisitions and growth opportunities to enhance value through scale and diversification [10].

Core Viewpoint - Aris Mining Corporation has signed a definitive asset purchase agreement with McFarlane Lake Mining Limited for the sale of the Juby Gold Project in Ontario, Canada, valued at US$22 million [1][2][4]. Company Overview - Aris Mining is focused on building a leading gold mining company in Latin America, with operations in Colombia and Guyana [5][6]. - The company operates two underground gold mines in Colombia, producing 210,955 ounces of gold in 2024, and aims to increase annual production to over 500,000 ounces [6][8]. Transaction Details - The Juby Gold Project includes Aris Mining's 100% interest in the project and a 25% joint venture interest in the adjacent Knight property [2]. - The total consideration for the transaction is US$22 million, consisting of US$10 million in cash at closing, common shares of McFarlane, and potential additional payments within 12 months if necessary [7][4]. - The completion of the transaction is contingent upon McFarlane raising at least US$10 million in gross proceeds and meeting other customary closing conditions [4]. Strategic Focus - The sale of the Juby Gold Project aligns with Aris Mining's strategy to concentrate on core operations in Latin America, while McFarlane aims to enhance its portfolio and shareholder value through this acquisition [3][10].

Core Viewpoint - Aris Mining Corporation reported a 13% increase in gold production for H1 2025 compared to H1 2024, driven by the successful commissioning of the expanded Segovia mill and an expected stronger production in the second half of the year [1][3]. Production and Sales Summary - Gold production for H1 2025 reached 113,415 ounces, up from 99,983 ounces in H1 2024, reflecting a 13% increase [1][6]. - Total sales for H1 2025 were 115,305 ounces, a 15% increase from 100,513 ounces in H1 2024 [1][6]. - Q2 2025 gold production was 58,652 ounces, a 7% increase over Q1 2025 [6]. - Q2 2025 gold sales were 61,024 ounces, a 12% increase over Q1 2025 [6]. Segovia Operations - Segovia Operations produced 99,076 ounces in H1 2025, a 12% increase compared to 88,613 ounces in H1 2024 [3][6]. - In Q2 2025, Segovia Operations processed 168,000 tonnes with an average gold grade of 9.85 g/t and recoveries of 96.1% [4]. - Gold produced from Segovia in Q2 2025 was 51,527 ounces, up from 47,549 ounces in Q1 2025 [4]. Marmato Narrow Vein Zone - Marmato Narrow Vein Zone produced 14,339 ounces in H1 2025, a 26% increase from 11,370 ounces in H1 2024 [3][6]. - In Q2 2025, Marmato processed 73,000 tonnes with an average gold grade of 3.35 g/t and recoveries of 90.2% [5]. - Gold produced from Marmato in Q2 2025 was 7,125 ounces, slightly down from 7,214 ounces in Q1 2025 [5]. Future Outlook - The company is targeting an annual production rate of over 500,000 ounces following the Segovia mill expansion and the construction of the Bulk Mining Zone at Marmato, expected to ramp up in H2 2026 [8]. - The company is also pursuing partnerships with Colombia's small-scale mining sector to enhance operational safety and environmental responsibility [9].

Core Viewpoint - The installation of a second mill at Segovia is a significant advancement in Aris Mining's growth strategy, aiming for an annual production rate exceeding 500,000 ounces of gold from its operations [2]. Company Overview - Aris Mining was founded in September 2022 with a focus on becoming a leading gold mining company in Latin America, combining current production with growth through asset expansions and exploration [3]. - The company operates two underground gold mines in Colombia: Segovia Operations and Marmato Complex, which produced a total of 210,955 ounces of gold in 2024 [4]. Production Expansion - The second mill at Segovia is expected to increase gold production in the second half of 2025, with full-year production projected between 210,000 to 250,000 ounces, up from 187,583 ounces in 2024 [2]. - As underground development progresses and mill feed purchases from contract mining partners increase, Segovia is on track to achieve an annual production of 300,000 ounces in 2026 [2]. Future Projects - Aris Mining is also developing the Bulk Mining Zone at the Marmato Complex, with production ramp-up expected in the second half of 2026 [4]. - The company is conducting studies for a new development plan at the Soto Norte joint venture, with results anticipated in Q3 2025 [4]. - In Guyana, Aris Mining owns the Toroparu gold/copper project, with a new Preliminary Economic Assessment (PEA) commissioned and results expected in Q3 2025 [4]. Strategic Partnerships - Aris Mining is actively pursuing partnerships with Colombia's small-scale mining sector to promote safe, legal, and environmentally responsible operations that benefit local communities [5]. - The company aims to explore acquisitions and growth opportunities to enhance value through scale and diversification [5].