Western Midstream(US:WES) Prnewswire·2025-05-07 20:15Core Insights - Western Midstream Partners, LP reported a net income attributable to limited partners of $301.8 million for Q1 2025, translating to $0.79 per common unit diluted, with Adjusted EBITDA of $593.6 million [1][6] - The company announced a quarterly distribution of $0.910 per unit, reflecting a 4% increase from the previous quarter [3][6] - Despite a sequential decrease in throughput across natural gas, crude oil, and produced water, the company remains optimistic about growth driven by operations in the Delaware Basin and ongoing projects [4][5] Financial Performance - Q1 2025 Cash flows from operating activities totaled $530.8 million, with Free Cash Flow amounting to $399.4 million [1][6] - Capital expenditures for the quarter were reported at $163.6 million, with full-year guidance for capital expenditures expected to range between $625 million and $775 million [1][5] - The company retired $664 million of senior notes in January 2025, enhancing its financial position [7] Operational Highlights - Natural gas throughput averaged 5.1 Bcf/d, a 2% decrease from the previous quarter, while crude oil and NGLs throughput averaged 503 MBbls/d, reflecting a 6% decrease [4][26] - The North Loving natural gas processing plant commenced operations ahead of schedule, increasing processing capacity by 250 MMcf/d [5][7] - Record natural gas throughput in the Delaware Basin reached 2.0 Bcf/d, indicating a modest sequential increase [7] Strategic Outlook - The company maintains its 2025 guidance, expecting throughput growth across all products, primarily driven by the Delaware Basin and the Altamont pipeline tie-in [5] - WES emphasizes its commitment to operational excellence and financial flexibility, with a net leverage ratio below 3.0 times and $2.4 billion in liquidity [5] - The investment thesis remains strong, supported by a compelling tax-deferred distribution yield and a disciplined approach to capital allocation [5]