Financial Performance - Western Midstream Partners (WES) achieved a record quarterly Adjusted EBITDA of $618 million, a 4% increase quarter-over-quarter[13] - Operating cash flow was $564 million in the second quarter of 2025[20] - Free cash flow for the second quarter of 2025 was $3884 million[20] - Cash distributions paid in the second quarter of 2025 were $35534 million[20] - Net income for the second quarter of 2025 was $334 million[21] Operational Performance - Total natural gas throughput was 54 Bcf/d, a 3% increase quarter-over-quarter[13] - Total crude oil and NGLs throughput was 543 MBbls/d, a 6% increase quarter-over-quarter[13] - Total produced water throughput was 1242 MBbls/d[13] Strategic Growth - WES sanctioned a new 300 MMcf/d cryogenic processing train at the North Loving plant in the Delaware Basin, expected to be in service by the second quarter of 2027[13, 17] - The company is constructing the Pathfinder Pipeline, an ~800 MBbls/d produced-water transportation pipeline, expected to be in service by the first quarter of 2027, with ~85% of the total project capex to be spent in 2026[17] Ownership Structure - Occidental owns 447% of Western Midstream Partners, LP, while public unitholders own 553%[8] - The market capitalization of Western Midstream Partners, LP is approximately $15 billion[8]

Key Takeaways WES posted Q2 earnings of $0.87 per unit, beating estimates but down from $0.97 a year ago.Revenue rose to $942.3M, driven by higher throughputs from the Delaware and DJ basins.Operating costs rose to $524.1M, mainly due to increased G&A and depreciation expenses.Western Midstream Partners LP (WES) reported second-quarter 2025 earnings of 87 cents per common unit, which beat the Zacks Consensus Estimate of 82 cents. The bottom line, however, declined from the year-ago quarter’s level of 97 cen ...

Financial Performance - Adjusted EBITDA for Q2 2025 was $243 million[8] - Free Cash Flow for Q2 2025 was $8 million[8] - Capital Expenditures for Q2 2025 were $126 million[8] - Leverage Ratio stood at 3.6x[8] - Midstream Logistics Adjusted EBITDA for Q2 2025 was $151 million, a 3% year-over-year increase, benefiting from an 11% year-over-year processed gas volume growth[12] - Pipeline Transportation Adjusted EBITDA for Q2 2025 was $97 million, a 3% year-over-year increase, benefiting from EPIC Crude ownership and PHP/Kinetik NGL outperformance[15] Guidance and Outlook - FY 2025 Adjusted EBITDA Guidance updated to a range of $1.03 billion to $1.09 billion[9] - FY 2025 Capital Guidance narrowed to a range of $460 million to $530 million[9] - The company maintains ~$1.2 billion annualized 4Q25E Adjusted EBITDA[23] Strategic Initiatives - The company repurchased $173 million of Class A common stock year-to-date, with $73 million repurchased in Q2 2025[9] - Commissioning at Kings Landing is underway, with full commercial in-service expected in late September 2025[9] - Construction began on the ECCC Pipeline, with expected in-service in the first half of 2026[9]

Core Viewpoint - Targa Resources Corp. reported strong financial results for the second quarter of 2025, with significant increases in net income and adjusted EBITDA compared to the same period in 2024, driven by record transportation volumes and strategic share repurchase programs [2][10][17]. Financial Performance - Net income attributable to Targa Resources Corp. for Q2 2025 was $629.1 million, a 111% increase from $298.5 million in Q2 2024 [2][23]. - Adjusted EBITDA for Q2 2025 was $1,163.0 million, representing an 18% increase year-over-year from $984.3 million in Q2 2024 [2][10]. - Total revenues for Q2 2025 reached $4,260.1 million, a 20% increase from $3,562.0 million in Q2 2024 [21]. Dividend and Share Repurchase - The company declared a quarterly cash dividend of $1.00 per common share for Q2 2025, totaling approximately $215 million to be paid on August 15, 2025 [4]. - Targa repurchased 1.96 million shares at a total cost of $324.3 million during Q2 2025, with $566.2 million remaining under the existing share repurchase program [5][10]. Segment Performance - In the Gathering and Processing segment, adjusted operating margin was approximately flat, driven by strong growth in Permian natural gas inlet volumes, despite lower commodity prices [7][43]. - The Logistics and Transportation segment saw a sequentially flat adjusted operating margin, with record NGL pipeline transportation volumes offset by lower marketing margins [8][50]. Capitalization and Liquidity - Total consolidated debt as of June 30, 2025, was $16,850.5 million, with total consolidated liquidity of approximately $3.5 billion [11][13]. - The company completed a public offering resulting in net proceeds of approximately $1.5 billion, which were used to redeem existing notes and for general corporate purposes [12]. Growth Projects - Targa expects early completion of several projects, including the Pembrook II plant and the Bull Moose II plant, which are anticipated to enhance operational capacity [10][14]. - A 43-mile extension of the Bull Run natural gas pipeline was announced to improve connectivity from Targa's Permian Delaware system to WAHA, expected to begin operations in Q1 2027 [16]. 2025 Outlook - The company estimates full-year 2025 adjusted EBITDA to be between $4.65 billion and $4.85 billion, supported by growth across its Permian G&P footprint [17][18]. - Net growth capital expenditures for 2025 are estimated at approximately $3.0 billion, reflecting the acceleration of several projects [18].

Core Viewpoint - ONEOK, Inc. has announced a $3.0 billion offering of senior notes, with net proceeds expected to be approximately $2.96 billion, aimed at repaying outstanding commercial paper and senior notes due September 15, 2025, along with general corporate purposes [1]. Group 1: Offering Details - The offering consists of three tranches: $750 million of 7-year senior notes at a coupon of 4.95%, $1.0 billion of 10-year senior notes at a coupon of 5.40%, and $1.25 billion of 30-year senior notes at a coupon of 6.25% [6]. - The expected closing date for the offering is around August 12, 2025, pending customary closing conditions [1]. Group 2: Use of Proceeds - The net proceeds will be used to repay all outstanding commercial paper and senior notes due September 15, 2025, along with any accrued and unpaid interest [1]. - Remaining proceeds may be utilized for general corporate purposes, including the repayment of existing indebtedness [1]. Group 3: Company Overview - ONEOK is a leading midstream operator in North America, providing essential energy products and services, including gathering, processing, transportation, and storage [8]. - The company operates an extensive pipeline network of approximately 60,000 miles, contributing to energy security and meeting both domestic and international energy demands [8].

Financial Data and Key Metrics Changes - For Q2 2025, the company generated adjusted EBITDA of $3.9 billion, an increase from $3.8 billion in Q2 2024, indicating a growth in operational performance [6] - The ECF attributable to partners was approximately $2 billion, with $2 billion spent on organic growth capital in the first half of 2025 [6] Business Line Data and Key Metrics Changes - NGL and refined products segment adjusted EBITDA decreased to $1 billion from $1.1 billion in 2024, attributed to lower optimization gains and blending margins [7] - Midstream segment adjusted EBITDA increased to $768 million from $693 million, driven by a 10% increase in legacy volumes in the Permian Basin [8] - Crude oil segment adjusted EBITDA decreased to $732 million from $800 million, impacted by lower transportation revenues on the Bakken pipeline [9] - Interstate natural gas segment adjusted EBITDA rose to $470 million from $392 million, due to higher contracted volumes [10] - Intrastate natural gas segment adjusted EBITDA decreased to $284 million from $328 million, affected by reduced pipeline optimization [10] Market Data and Key Metrics Changes - The company noted strong volumes through its NGL fractionators and natural gas pipelines, with several volume records achieved during the quarter [6] - The Permian Basin processing volumes reached a new record of nearly 5 Bcf per day, reflecting increased operational capacity [16] Company Strategy and Development Direction - The company plans to spend approximately $5 billion on organic growth capital projects in 2025, focusing on NGL transportation and processing expansions [11] - New projects like the Desert Southwest Pipeline and Hugh Branson pipeline are expected to enhance system reliability and meet growing demand for natural gas [12][14] - The company aims to leverage its extensive pipeline network and storage capabilities to support the increasing demand for energy resources [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing significant growth in demand for energy resources and the company's strong positioning in the industry [22] - The company anticipates challenges in the Bakken and dry gas areas but expects recovery and growth in the second half of the year [21][60] Other Important Information - The Desert Southwest Pipeline project is expected to provide 1.5 Bcf per day of transportation capacity and is backed by long-term commitments [12] - The company is in advanced discussions for additional natural gas projects to support power plants and data centers [20] Q&A Session Summary Question: Can you provide more detail on the commercialization efforts related to data centers? - Management highlighted the significant upside potential in data centers and mentioned recent deals signed in Texas, with ongoing discussions for more contracts [27][31] Question: Can you provide color on the expected build multiple for the Desert Southwest project? - Management expressed confidence in selling out the project and mentioned potential for expansion due to high demand [34][35] Question: Where are we with the Lake Charles LNG project? - Management indicated that the EPC quote process is progressing well and they are optimistic about reaching FID soon [41][43] Question: What are the competitive advantages in winning the Desert Southwest project? - Management attributed success to strong negotiation capabilities and a well-integrated pipeline network [50][51] Question: How does the company view construction cost risk sharing? - Management confirmed a traditional structure where the midstream company bears the cost risks, with contingency plans in place [55][46] Question: What is the outlook for Bakken and Permian crude growth? - Management noted a temporary decline in volumes but expressed bullish sentiment for future growth due to upcoming projects and market dynamics [60][62] Question: How will the company approach LNG expansions given existing infrastructure? - Management emphasized the benefits of vertical integration and the existing pipeline routes that support the Lake Charles LNG project [85] Question: What percentage of overall business EBITDA could gas represent in the future? - Management refrained from providing an exact percentage but indicated that gas projects are expected to grow significantly as a portion of the overall business [104][105]

Financial Data and Key Metrics Changes - For Q2 2025, the company generated adjusted EBITDA of $3.9 billion, an increase from $3.8 billion in Q2 2024, indicating a growth in operational performance [5] - The ECF attributable to partners was approximately $2 billion, with $2 billion spent on organic growth capital in the first half of 2025 [5] - The company expects to be at or slightly below the lower end of its guidance range of $16.1 billion to $16.5 billion for 2025 due to weakness in the Bakken and slower recovery in dry gas areas [19][20] Segment Performance Changes - NGL and refined products segment adjusted EBITDA decreased to $1 billion from $1.1 billion in 2024, impacted by lower optimization gains and blending margins [6] - Midstream segment adjusted EBITDA increased to $768 million from $693 million, driven by a 10% increase in legacy volumes in the Permian Basin [6] - Crude oil segment adjusted EBITDA decreased to $732 million from $800 million, affected by lower transportation revenues on the Bakken pipeline [7] - Interstate natural gas segment adjusted EBITDA rose to $470 million from $392 million, attributed to higher contracted volumes [8] - Intrastate natural gas segment adjusted EBITDA decreased to $284 million from $328 million, due to reduced pipeline optimization [8] Market Data and Key Metrics Changes - The company reported strong volumes in midstream gathering, crude transportation, and NGL export volumes, indicating robust market demand [5] - The Permian Basin processing volumes reached a record of nearly 5 Bcf per day, reflecting increased operational capacity [14] Company Strategy and Industry Competition - The company plans to spend approximately $5 billion on organic growth capital projects in 2025, focusing on NGL transportation and pipeline expansions [9] - New projects like the Desert Southwest Pipeline and Hugh Branson pipeline are expected to enhance the company's position in the natural gas market [10][12] - The company aims to leverage its extensive pipeline network and storage capabilities to meet growing energy demands, positioning itself as a leader in the industry [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing significant growth in energy resource demand driven by natural gas and NGLs [20] - The company is confident in its ability to meet future demand with its extensive pipeline network and strategic projects [21] - Management acknowledged challenges in the Bakken and dry gas areas but remains bullish about long-term growth prospects [19][60] Other Important Information - The company has a significant backlog of contracted growth projects expected to generate strong returns and enhance its integrated value chain [23] - The Lake Charles LNG project is progressing, with significant interest from potential customers and ongoing discussions for equity sell-down [17][18] Q&A Session Summary Question: Can you provide more detail on the commercialization efforts related to data centers? - Management highlighted the complexity and time required for data center projects, noting recent significant deals in Texas and ongoing negotiations for additional contracts [26][30][31] Question: Can you provide color on the expected build multiple for the Desert Southwest project? - Management expressed confidence in selling out the project and mentioned potential for expansion due to high demand [34][35] Question: What is the status of the Lake Charles EPC quote process? - Management confirmed that the EPC contract is progressing as expected and is aligned with their financial projections [40][42] Question: How does the company view construction cost risk sharing for the Desert Southwest project? - Management indicated a traditional structure where the midstream company bears the cost risk, with confidence in meeting estimated costs [44][55] Question: What percentage of the overall business could gas represent in the future? - Management refrained from providing an exact percentage but indicated that gas projects are expected to grow significantly as a portion of the overall business [103][104]

Financial Performance - Energy Transfer's Q2 2025 Adjusted EBITDA was $3.87 billion[7] - Distributable Cash Flow attributable to partners in Q2 2025 was $1.96 billion[7] - Year-to-date 2025 Growth Capital Expenditures reached $2.0 billion, while Maintenance Capital Expenditures were $418 million[7] - The company anticipates approximately $5.0 billion in Growth Capital Expenditures for the full year 2025[7] - The quarterly cash distribution increased to $0.33 per unit, a rise of over 3% compared to Q2 2024[7] Operational Highlights - Interstate natural gas transportation volumes increased by 11% compared to Q2 2024[7] - Midstream gathered volumes rose by 10%, setting a new partnership record[7] - Crude oil transportation volumes increased by 9%, also setting a new partnership record[7] - Total NGL exports increased by 5%, establishing another new partnership record[7] Strategic Initiatives - The company announced a 1.5 Bcf/d expansion to the Transwestern Pipeline, named the Desert Southwest expansion project, involving a 516-mile, 42-inch natural gas pipeline connecting the Permian Basin with markets in Arizona and New Mexico[7]

Core Financial Performance - Western Midstream Partners, LP reported a net income attributable to limited partners of $333.8 million for Q2 2025, equating to $0.87 per common unit (diluted) [2][7] - The company achieved an Adjusted EBITDA of $617.9 million, marking the highest quarterly Adjusted EBITDA in its history [6][7] - Cash flows from operating activities totaled $564.0 million, with Free Cash Flow amounting to $388.4 million for the second quarter [2][7] Distribution and Cash Flow - A per-unit distribution of $0.910 will be paid on August 14, 2025, consistent with the prior quarter, resulting in an annualized distribution of $3.64 [4][7] - After distributions, the Free Cash Flow for Q2 2025 was $33.1 million [4] Operational Highlights - Natural gas throughput averaged 5.3 Bcf/d, a 3% increase from the previous quarter [5][8] - Crude oil and NGLs throughput averaged 532 MBbls/d, reflecting a 6% sequential increase [5][8] - Produced water throughput averaged 1,217 MBbls/d, representing a 4% increase from the prior quarter [5][8] Strategic Initiatives - The company announced the acquisition of Aris Water Solutions, Inc. for an enterprise value of approximately $2.0 billion, expected to enhance its position in midstream water services [6][9] - A new 300 MMcf/d cryogenic natural-gas processing train, North Loving Train II, has been sanctioned to increase processing capacity in West Texas [6][9] Guidance and Future Outlook - Western Midstream reaffirmed its 2025 financial guidance ranges for Adjusted EBITDA ($2.350 billion to $2.550 billion), capital expenditures ($625 million to $775 million), and Free Cash Flow ($1.275 billion to $1.475 billion) [7][10] - The impact of the Aris acquisition will be incorporated into the 2026 guidance projections, to be announced in February 2026 [10]

Core Viewpoint - Western Midstream Partners, LP ("WES") is acquiring Aris Water Solutions, Inc. ("Aris") in a transaction valued at approximately $1.5 billion, which includes both equity and cash components [1][2]. Transaction Details - The acquisition involves Aris shareholders receiving 0.625 common units of WES for each Aris share, with an option for $25.00 per share in cash, subject to proration, with a maximum cash consideration of $415 million [1][9]. - The total enterprise value of the transaction is approximately $2.0 billion before transaction costs [1]. - The transaction is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approvals [2]. Strategic Rationale - The merger is aimed at creating a leading produced-water gathering, disposal, and recycling business, enhancing WES's ability to meet customer needs in the Delaware Basin [5][6]. - The integration of Aris's assets will expand WES's footprint into Lea and Eddy Counties, New Mexico, unlocking new throughput opportunities across its natural gas, crude oil, and produced water businesses [3][6]. - The combined infrastructure will create a fully integrated produced-water value chain, enhancing WES's competitive position in the market [6]. Financial Implications - The transaction is expected to be accretive to WES's 2026 Free Cash Flow per unit and represents an approximate 7.5x multiple on consensus 2026 EBITDA, including estimated cost synergies [6]. - WES is targeting $40 million in estimated annualized cost synergies from the acquisition [6]. Operational Enhancements - Aris's full-cycle water infrastructure includes approximately 790 miles of produced-water pipeline and significant handling and recycling capacities, which will complement WES's existing operations [3]. - The acquisition will diversify WES's customer base through Aris's long-term contracts and minimum-volume commitments with investment-grade counterparties [6][7]. Leadership Commentary - WES's CEO expressed excitement about the strategic combination, emphasizing the alignment with WES's strategy of acquiring high-quality midstream assets [4]. - Aris's CEO highlighted the transaction as a significant milestone, positioning the combined entity as a premier midstream water-solutions provider [8].