Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with an increase of approximately 5% sequentially, excluding negative non-cash cumulative revenue recognition adjustments [10][11][31] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of its guidance range [36] - The net income attributable to limited partners for Q4 2025 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [31] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 2025, primarily due to lower volumes from the Delaware Basin and Powder River Basin, partially offset by record throughput from the DJ Basin [21] - Produced water throughput increased by 121% sequentially, driven by the Aris acquisition [22] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% year-over-year increase [25] Market Data and Key Metrics Changes - The company expects natural gas throughput to remain flat year-over-year in 2026, with crude oil and NGL throughput declining by low- to mid-single digits [26] - The Delaware Basin is anticipated to be the primary driver of throughput growth, despite expected declines in the DJ and Powder River Basins [40] Company Strategy and Development Direction - The company aims for mid- to low-single-digit Adjusted EBITDA growth in the long term, supported by producers' development plans and undrilled inventory on serviced acreage [44][46] - The Aris acquisition is expected to contribute meaningfully to Adjusted EBITDA in 2026 and enhance the company's produced water solutions capabilities [10][16] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility affecting producer activity levels, particularly in the Delaware Basin [5][7] - The company remains confident in its long-term growth strategy despite a transition year in 2026, with stable long-term contract structures supporting financial stability [9][10] Other Important Information - The capital expenditure program for 2026 has been reduced to a midpoint of $925 million, down from at least $1.1 billion, reflecting a disciplined approach to capital allocation [9][40] - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with 85% expected to be realized by the end of Q1 2026 [17] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that the strategy remains unchanged, focusing on capital deployment to sustain or grow distributions, with a preference for M&A opportunities that offer synergies [52][56] Question: Can you elaborate on the Waha pricing situation? - Management indicated that new egress solutions expected in the second half of the year should help alleviate pricing volatility, and they are working with customers to find commercial solutions [58][59] Question: What is the expected growth rate for the water business compared to gas and oil? - Management expects the water business to grow faster than gas and oil, with core business growth projected at 2%-3% over time [70]