Western Midstream Partners, LP Common Units (WES) Discusses Fourth Quarter Performance, Cost-Cutting Initiatives, and Growth Strategy Progress Transcript

Financial Performance - The company's Q4 adjusted EBITDA was $636 million, which would have been approximately $665 million without negative revenue recognition adjustments of about $30 million [1] - For the full year 2025, the company finished above the midpoint of guidance with total revenue of $2.48 billion [2] - The company's capital expenditures (CapEx) were in line with guidance at $722 million, which included investments related to the Aris assets [2] - Free cash flow exceeded the high end of guidance, reaching $1.53 billion [2] Operational Metrics - There was a slight decrease in gas and oil throughput, while water throughput increased due to the integration of Aris assets [1] - Negative pricing at WAHA impacted gas throughput as some private producers curtailed their volumes onto the system [2] Distributions - Distributions were consistent with the guidance provided by the company [3]