Group 1: Dominion Energy - Dominion Energy is undergoing a turnaround to improve its financial position after facing challenges due to a complicated business model [3][4] - The company has been selling assets and is now primarily a regulated electric utility, offering a dividend yield of 4.8%, which is above the average utility yield of 2.9% [4] - While the current dividend is considered safe, it is not expected to grow in the near term due to an elevated payout ratio, which needs to be reduced to below 70% for future growth [5][7][8] - Earnings are projected to grow between 5% and 7% annually, which may lead to improved dividend growth in the future [7] Group 2: Western Midstream Partners - Western Midstream Partners operates midstream assets and offers a high cash distribution yield of nearly 9.5% [9] - The company expects to generate $1.3 billion to $1.5 billion in free cash flow this year, sufficient to cover its distribution and capital expenditures [10] - With a leverage ratio below 3.0, Western Midstream has financial flexibility for acquisitions and growth projects, targeting organic investments with mid-teens returns [11] - The company recently increased its payout by 4% and anticipates future distribution growth at a low- to mid-single-digit rate [12] Group 3: Chevron - Chevron's stock has declined nearly 20% recently, resulting in an attractive dividend yield of 5% [13] - The company has a strong history of dividend stability, having increased its dividend for 38 consecutive years, including a 5% hike earlier this year [14] - Chevron expects to grow production at a compound annual rate of 6% through 2026 and could generate $9 billion in incremental free cash flow between 2024 and 2026 [15] - The potential acquisition of Hess and ongoing arbitration proceedings could further enhance cash flows, leading to larger dividends for shareholders [15]

Group 1 - The United States has transitioned from being a net importer to a more complex player in the oil and natural gas markets [1] - The U.S. has historically been characterized by its unusual position within the commodity sector, particularly in energy resources [1] Group 2 - The article does not provide specific financial data or performance metrics related to companies or industries [3]

Core Insights - Blackstone's total market value of holdings reached $24.1 billion for Q1 2025, up from $22.0 billion in the previous quarter, representing a 9% increase [1][2] - The investment portfolio included 47 new stocks, 36 stocks were increased, 25 stocks were reduced, and 39 stocks were completely sold out [1][2] - The top ten holdings accounted for 68.8% of the total market value [1][2] Holdings Overview - The largest holding is Cheniere Energy Partners (CQP.US) with approximately 102 million shares valued at about $6.759 billion, making up 28.07% of the portfolio, unchanged from the previous quarter [2][3] - Corebridge Financial Inc. (CRBG.US) is the second-largest holding with around 61.96 million shares valued at approximately $1.956 billion, also unchanged [2][3] - Williams (WMB.US) ranks third with about 20.08 million shares valued at approximately $1.200 billion, reflecting a 5.94% increase in holdings [3][4] Sector Focus - The portfolio shows a strong inclination towards energy stocks, with significant positions in companies like Targa Resources (TRGP.US), Energy Transfer Equity LP (ET.US), and MPLX LP (MPLX.US) [3][4] - The top five purchases included SPDR S&P 500 ETF put options, CoreWeave (CRWV.US), Kinder Morgan (KMI.US), Hess Midstream (HESM.US), and Enbridge (ENB.US) [4][5] - The top five sales included Expand Energy, First Industrial Realty (FR.US), Western Midstream (WES.US), Energy Transfer (ET.US), and NextEra Energy (NEE.US) [5][6]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated net income attributable to limited partners of $300 million and adjusted EBITDA of $594 million, with a decrease in adjusted gross margin by $8 million compared to Q4 2024 [16][18] - The company maintained a trailing twelve-month net leverage ratio of just below three times at quarter end, with liquidity of approximately $2.4 billion [6][17] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 2% sequentially, primarily due to lower volumes from the DJ Basin and Powder River Basin, while crude oil and NGL throughput decreased by 6% [9][10] - The adjusted gross margin for natural gas assets increased by $0.05 per 1,000 cubic feet, driven by higher excess natural gas liquids volumes and pricing [10][11] Market Data and Key Metrics Changes - The company expects mid-single-digit percentage growth in year-over-year throughput for natural gas and produced water, and low-single-digit growth for crude oil and NGLs [12][14] - Delaware Basin is anticipated to continue being the main engine of throughput growth in 2025, with modest growth expected across all product lines [12][14] Company Strategy and Development Direction - The company emphasizes prudent capital allocation and maintaining a strong balance sheet, with net leverage at or below 3x, allowing for growth while increasing distributions [19][20] - The company is focused on organic growth projects backed by minimum volume commitments, which provide stability during commodity price fluctuations [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that recent market volatility has not changed their strategy, and they remain prepared to adjust plans based on customer activity and market conditions [6][19] - The company is closely monitoring customer capital discipline and operational efficiency in light of recent commodity price weakness [12][44] Other Important Information - The company declared a quarterly distribution of $0.91 per unit, representing a 4% increase over the prior quarter [17] - Bob Phillips, former CEO of Crestwood Equity Partners, has joined the board as an independent director, bringing significant midstream expertise [21][22] Q&A Session Summary Question: How will capital allocation change in a slower growth environment? - Management stated that their strategy remains unchanged, and they are prepared to take advantage of potential acquisitions if organic growth opportunities slow [24][25] Question: What is the guidance for the rest of the year? - Management expects volumes to pick up, driven by West Texas and Uinta, with no material changes to the outlook [26][27] Question: Any updates on the PATHFINDER project? - Management reported positive discussions with customers and midstream players, seeking minimum volume commitments for the pipeline [32][33] Question: How recent are conversations with producer customers regarding CapEx cuts? - Management indicated that conversations are ongoing and real-time, with no significant changes in guidance despite some producers announcing CapEx cuts [42][44] Question: How would CapEx look in a flat Permian production environment? - Management suggested that CapEx would likely be at the low end of the current guidance range if flat production occurs [66][68]

Western Midstream Partners (WES) Q1 2025 Earnings Call May 08, 2025 10:00 AM ET Speaker0 Good morning. My name is Ludi, and I will be your conference operator today. At this time, I would like to welcome everyone to the Western Midstream Partners First Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. I would now like to turn the conference over to Danie ...

First-Quarter 2025 Review May 7, 2025 Forward-Looking Statements and Ownership Structure This presentation contains forward-looking statements. Western Midstream Partners, LP ("WES") believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this presentation. These factors inc ...

Western Midstream (WES) reported $917.12 million in revenue for the quarter ended March 2025, representing a year-over-year increase of 3.3%. EPS of $0.79 for the same period compares to $1.47 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $945.11 million, representing a surprise of -2.96%. The company delivered an EPS surprise of -4.82%, with the consensus EPS estimate being $0.83.While investors scrutinize revenue and earnings changes year-over-year and how they compare with W ...

[PART I: FINANCIAL INFORMATION (UNAUDITED)](index=6&type=section&id=PART%20I%20FINANCIAL%20INFORMATION%20%28UNAUDITED%29) This section provides the unaudited consolidated financial statements, management's discussion and analysis of financial condition, and disclosures on market risk and internal controls [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Western Midstream Partners, LP and its subsidiary, including statements of operations, balance sheets, and cash flows, followed by detailed notes [Western Midstream Partners, LP Financial Statements](index=6&type=section&id=Western%20Midstream%20Partners%2C%20LP%20Financial%20Statements) Western Midstream Partners, LP reported a net income of $309.0 million for Q1 2025, a decrease from $572.8 million in Q1 2024 due to a non-recurring divestiture gain, while total revenues and operating cash flow increased WES Consolidated Statement of Operations Highlights (Q1 2025 vs Q1 2024) | thousands except per-unit amounts | Three Months Ended March 31, 2025 (thousands) | Three Months Ended March 31, 2024 (thousands) | | :--- | :--- | :--- | | **Total revenues and other** | **$917,116** | **$887,729** | | Service revenues – fee based | $823,197 | $781,262 | | Gain (loss) on divestiture and other, net | $(4,667) | $239,617 | | Operating income (loss) | $409,803 | $679,374 | | **Net income (loss) attributable to WES, LP** | **$309,007** | **$572,830** | | Net income (loss) per common unit – diluted | $0.79 | $1.47 | WES Consolidated Balance Sheet Highlights | thousands | March 31, 2025 (thousands) | December 31, 2024 (thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $448,447 | $1,090,464 | | Total current assets | $1,189,894 | $1,847,190 | | Net property, plant, and equipment | $9,727,094 | $9,714,609 | | **Total assets** | **$12,456,877** | **$13,144,785** | | Short-term debt | $350,597 | $1,011,032 | | Long-term debt | $6,925,033 | $6,926,647 | | **Total liabilities** | **$9,123,306** | **$9,769,615** | | Total equity and partners' capital | $3,333,571 | $3,375,170 | WES Consolidated Statement of Cash Flows Highlights (Q1 2025 vs Q1 2024) | thousands | Three Months Ended March 31, 2025 (thousands) | Three Months Ended March 31, 2024 (thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$530,793** | **$399,708** | | Net cash provided by (used in) investing activities | $(140,790) | $396,849 | | Net cash provided by (used in) financing activities | $(1,032,020) | $(774,098) | | Net increase (decrease) in cash and cash equivalents | $(642,017) | $22,459 | [Western Midstream Operating, LP Financial Statements](index=10&type=section&id=Western%20Midstream%20Operating%2C%20LP%20Financial%20Statements) Western Midstream Operating, LP reported Q1 2025 net income of $315.1 million, a decrease from $584.8 million in Q1 2024 primarily due to a prior-year divestiture gain, with total debt at $7.3 billion WES Operating Consolidated Statement of Operations Highlights (Q1 2025 vs Q1 2024) | thousands | Three Months Ended March 31, 2025 (thousands) | Three Months Ended March 31, 2024 (thousands) | | :--- | :--- | :--- | | **Total revenues and other** | **$917,116** | **$887,729** | | Operating income (loss) | $409,615 | $679,734 | | **Net income (loss) attributable to WES Operating, LP** | **$315,076** | **$584,831** | WES Operating Consolidated Balance Sheet Highlights | thousands | March 31, 2025 (thousands) | December 31, 2024 (thousands) | | :--- | :--- | :--- | | **Total assets** | **$12,483,406** | **$13,134,410** | | Short-term debt | $350,597 | $1,011,032 | | Long-term debt | $6,925,033 | $6,926,647 | | **Total liabilities** | **$9,080,174** | **$9,708,284** | [Notes to Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the Partnership's business, revenue, transactions, capital structure, and segment reporting, including related-party transactions, 2024 divestitures, distribution policies, and outstanding debt - The Partnership is a midstream energy company engaged in gathering, processing, and transporting natural gas, NGLs, crude oil, and produced water, with assets primarily in Texas, New Mexico, and the Rocky Mountains[42](index=42&type=chunk) - In Q1 2024, the Partnership sold its interests in Mont Belvieu JV, Whitethorn LLC, Panola, and Saddlehorn for combined proceeds of **$588.6 million**, resulting in a net gain of **$239.7 million**[59](index=59&type=chunk) - The Board declared a cash distribution of **$0.910 per unit** for Q1 2025, payable in May 2025, an increase from **$0.875 per unit** in prior quarters[61](index=61&type=chunk) - As of March 31, 2025, total outstanding debt was approximately **$7.3 billion**, with WES Operating retiring **$663.8 million** principal of its 3.100% Senior Notes due 2025 during Q1 2025[86](index=86&type=chunk)[87](index=87&type=chunk) - The Partnership operates as a single reportable segment, with Adjusted EBITDA used as the primary performance measure by its Chief Operating Decision Maker (CODM)[98](index=98&type=chunk)[99](index=99&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes the company's financial performance, operational results, and liquidity, covering key events, throughput volumes, revenue/expense analysis, and non-GAAP reconciliations, highlighting divestiture impacts, stable throughput, and strong liquidity [Executive Summary](index=31&type=section&id=Executive%20Summary) The executive summary highlights Q1 2025 events, including senior note retirement, increased quarterly distribution to $0.910 per unit, North Loving plant start-up, and key throughput data showing increases in natural gas and produced-water volumes - Completed the start-up of the North Loving plant in late-February 2025, adding **250 MMcf/d** of gas processing capacity to the West Texas complex[112](index=112&type=chunk) - Increased the first-quarter 2025 per-unit distribution to **$0.910**, up from **$0.875** in the previous quarter[112](index=112&type=chunk) Throughput YoY Change (Q1 2025 vs Q1 2024) | Asset Type | Q1 2025 Throughput | YoY Change | | :--- | :--- | :--- | | Natural-gas assets (MMcf/d) | 5,291 | +2% | | Crude-oil and NGLs assets (MBbls/d) | 514 | -11% | | Produced-water assets (MBbls/d) | 1,190 | +4% | [Results of Operations](index=34&type=section&id=Results%20of%20Operations) This section compares Q1 2025 operating results, showing a decrease in net income to $309.0 million due to the absence of a 2024 divestiture gain, while fee-based service revenues increased by 5% and operation and maintenance expenses rose by 16% - Total natural-gas throughput increased by **120 MMcf/d** year-over-year, driven by higher production in the West Texas, DJ Basin, and Powder River Basin complexes[129](index=129&type=chunk) - Crude-oil and NGLs throughput decreased by **62 MBbls/d** year-over-year, primarily due to the divestiture of Whitethorn LLC and Saddlehorn in Q1 2024[131](index=131&type=chunk) - Fee-based service revenue increased by **$41.9 million** year-over-year, led by a **$31.1 million** increase at the West Texas complex due to higher throughput[137](index=137&type=chunk) - Operation and maintenance expense increased by **$31.6 million** year-over-year, driven by higher costs for equipment, materials, utilities, and labor[146](index=146&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=40&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles non-GAAP measures, reporting Q1 2025 Adjusted Gross Margin at $860.8 million, Adjusted EBITDA at $593.6 million (down 2% YoY), and Free Cash Flow at $399.4 million (up 78% YoY) due to lower capital expenditures Non-GAAP Financial Measures (Q1 2025 vs Q1 2024) | thousands | Three Months Ended March 31, 2025 (thousands) | Three Months Ended March 31, 2024 (thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Adjusted Gross Margin | $860,783 | $845,052 | +2% | | Adjusted EBITDA | $593,572 | $608,409 | -2% | | Free Cash Flow | $399,398 | $224,952 | +78% | [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity from operations, a **$2.0 billion** revolving credit facility, and capital markets access, reporting a **$179.0 million** working capital surplus and **$142.4 million** in Q1 2025 capital expenditures, while retiring **$663.8 million** in senior notes - Primary sources of liquidity include cash from operations, the **$2.0 billion** RCF, and potential debt/equity issuances[189](index=189&type=chunk) - In February 2025, the Board authorized a new **$250.0 million** common unit buyback program, effective through December 31, 2026[191](index=191&type=chunk) - Capital expenditures decreased by **$51.4 million** year-over-year to **$142.4 million** for Q1 2025, mainly due to the completion of the North Loving plant[194](index=194&type=chunk) - During Q1 2025, WES Operating retired the 3.100% Senior Notes due 2025, paying off the **$663.8 million** principal amount[202](index=202&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk disclosure highlights mitigated commodity price exposure, with **96%** of natural gas and **100%** of crude oil/produced water volumes under fee-based contracts, and minimal interest rate risk due to no outstanding variable-rate borrowings - For Q1 2025, **96%** of wellhead natural-gas volume and **100%** of crude-oil and produced-water throughput were serviced under fee-based contracts, limiting direct commodity price exposure[217](index=217&type=chunk) - A **10%** change in commodity prices would not materially impact operating income, financial condition, or cash flows for the next 12 months[217](index=217&type=chunk) - As of March 31, 2025, there were no outstanding borrowings under the RCF or commercial paper program, minimizing immediate exposure to variable interest rates[218](index=218&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[220](index=220&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2025[221](index=221&type=chunk) [PART II: OTHER INFORMATION](index=52&type=section&id=PART%20II%20OTHER%20INFORMATION) This section provides disclosures on legal proceedings, risk factors, unregistered sales of equity securities, other information including director appointments, and a comprehensive list of exhibits filed with the report [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material legal proceedings outside the ordinary course of business that would adversely affect its financial condition or operations - The company is not party to any legal proceedings that are expected to have a material adverse effect on its business or financial condition[224](index=224&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) This section refers investors to the detailed risk factors in the 2024 Annual Report on Form 10-K, indicating no material changes during the quarter - Investors are directed to the risk factors previously disclosed in the 2024 Form 10-K[225](index=225&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no common units were repurchased under its **$250.0 million** buyback program during Q1 2025, with the full authorized amount remaining available through December 31, 2026 - No common units were repurchased during the first quarter of 2025[226](index=226&type=chunk) - As of March 31, 2025, the entire **$250.0 million** authorized amount remains available under the current unit repurchase program[226](index=226&type=chunk) [Item 5. Other Information](index=52&type=section&id=Item%205.%20Other%20Information) This section discloses no Rule 10b5-1 trading plan adoptions or terminations by directors or executive officers, and reports the appointment of Robert G. Phillips as an independent director on May 4, 2025 - On May 4, 2025, Robert G. Phillips was appointed as an independent member of the Board of Directors[229](index=229&type=chunk) - No executive officers or directors adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2025[227](index=227&type=chunk) [Item 6. Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section provides an index of all exhibits filed with or incorporated by reference into the Form 10-Q report, including various agreements, indentures, and SEC-required certifications - Lists exhibits filed with the report, including a Retirement Agreement for Robert W. Bourne and an amended Executive Severance Plan[236](index=236&type=chunk) - Includes required CEO and CFO certifications pursuant to the Sarbanes-Oxley Act of 2002[236](index=236&type=chunk)[237](index=237&type=chunk)

EXHIBIT 99.1 WESTERN MIDSTREAM ANNOUNCES FIRST-QUARTER 2025 RESULTS HOUSTON—(PR NEWSWIRE)—May 7, 2025 – Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced first-quarter financial and operating results. Net income (loss) attributable to limited partners for the first quarter of 2025 totaled $301.8 million, or $0.79 per common unit (diluted), with first-quarter 2025 Adjusted EBITDA totaling $593.6 million. First-quarter 2025 Cash flows provided by operating activities tota ...

Reported first-quarter 2025 Net income attributable to limited partners of $301.8 million, generating first-quarter Adjusted EBITDA(1) of $593.6 million. Reported first-quarter 2025 Cash flows provided by operating activities of $530.8 million, generating first-quarter Free Cash Flow(1) of $399.4 million. Announced a first-quarter distribution of $0.910 per unit, which is 4-percent higher than the prior quarter's distribution, or $3.64 per unit on an annualized basis, and in-line with prior management comm ...