Financial Performance - Western Midstream Partners reported a net income of $1.15 billion and an adjusted EBITDA of $2.48 billion for 2025, driven by increased throughput in the Delaware and DJ Basins and cost-reduction efforts [1][2] - For 2026, the company issued a transition-year outlook, guiding for adjusted EBITDA between $2.5 billion and $2.7 billion, while lowering capital expenditure guidance to a midpoint of $925 million [4] Operational Highlights - The integration of the Aris Water acquisition is ahead of schedule, delivering $40 million in cost synergies and a 121% sequential increase in produced-water throughput in Q4 [2] - Produced water is identified as the fastest-growing segment for Western Midstream Partners, significantly expanding its footprint in the Delaware Basin [2] Market Challenges - The partnership is facing headwinds from weak natural gas pricing at the Waha Hub, leading to producer curtailments expected to persist through the first half of 2026 [2]