Western Midstream Partners Q2 Earnings Beat on Higher Throughputs

Core Insights - Western Midstream Partners LP (WES) reported Q2 2025 earnings of $0.87 per common unit, exceeding the Zacks Consensus Estimate of $0.82, but down from $0.97 in the same quarter last year [1][10] - Total revenues for the quarter reached $942.3 million, surpassing the Zacks Consensus Estimate of $941 million and increasing from $905.6 million in the prior year [1][10] Operational Performance - Natural gas throughput for WES was 5,251 million cubic feet per day (MMcf/d), a 5% increase from the prior-year quarter, driven by growth in the Delaware and Powder River Basins [3] - Crude oil and NGL throughput was 532 thousand barrels per day (MBbls/d), up from 515 MBbls/d in Q2 2024, attributed to higher volumes from the Delaware Basin and DJ-Basin [4] - Produced-water throughput increased to 1,217 MBbls/d from 1,080 MBbls/d in the year-ago quarter [4] Costs and Expenses - Total operating expenses for the quarter were $524.1 million, slightly higher than the previous year's $522.7 million, primarily due to increased general and administrative expenses and higher depreciation and amortization costs [5][10] Cash Flow - Net cash provided by operating activities was $564 million in Q2, down from $631.4 million in the same period of 2024 [6] - Free cash flow for the quarter totaled $388.4 million [6] Balance Sheet - As of June 30, 2025, WES had long-term debt of $6.92 billion and cash and cash equivalents of $129.7 million [7] Outlook - WES maintained its adjusted EBITDA guidance for full-year 2025 in the range of $2,350 million to $2,550 million, with total capital expenditures expected to be between $625 million and $775 million [8]