Financial Performance - Q1 2025 Free Cash Flow after Distributions was $58.4 million[12,28] - Q1 2025 Net Income was $302 million[29] - Q1 2025 Adjusted EBITDA was $594 million[29] Operational Highlights - Record Delaware Basin natural-gas throughput of 1,975 MMcf/d in Q1 2025[12] - Total system operability reached a record 99.1% in Q1 2025[12] - Increased West Texas Complex processing capacity by 250 MMcf/d[12] Capital Allocation and Returns - The company's primary focus is on expansion opportunities, targeting organic capital projects with mid-teens or higher unlevered rates of return[14,16] - Targeting mid-to-low single-digits annual distribution increases[17] - Since 2020, $4.5 billion has been paid in distributions[51] - Since 2020, $1.13 billion has been used to repurchase 15% of unaffected unit count[51] 2025 Outlook - Free cash flow guidance range of $1.275 billion - $1.475 billion[19] - Adjusted EBITDA guidance range of $2.35 billion - $2.55 billion[32,41] - Total capital expenditures are projected to be between $625 million and $775 million, with 65% allocated towards expansion capital[19,32,44,45]