Western Midstream Partners, LP Q4 2025 Earnings Call Summary

Record 2025 performance was driven by throughput growth in the Delaware and DJ Basins and the strategic acquisition of Aris Water Solutions. Management characterizes 2026 as a transition year due to a temporary reallocation of producer activity away from WES-serviced acreage in the Delaware Basin. Natural gas throughput faced headwinds from third-party curtailments linked to volatile Waha Hub pricing, which management expects to persist through mid-2026. The Aris integration is ahead of schedule, ac ...