Western Midstream Partners announced first-quarter 2025 financial and operating results, with net income attributable to limited partners totaling $301.8 million, or $0.79 per common unit (diluted). Adjusted EBITDA for the quarter was $593.6 million, and Free Cash Flow reached $399.4 million. While net income per unit fell short of analyst estimates, Adjusted EBITDA increased, driven by higher NGLs recoveries, improved commodity pricing, and lower operating expenses.
The partnership successfully commenced operations at the North Loving plant in the Delaware Basin in late February, ahead of schedule and under budget. This milestone positions WES for continued growth within the basin and demonstrates its commitment to operational excellence. Despite sequential decreases in throughput for natural gas (2% to 5.1 Bcf/d), crude oil and NGLs (6% to 503 MBbls/d), and produced water (2% to 1,166 MBbls/d), the company reaffirmed its 2025 guidance.
Management stated that 2025 guidance remains unchanged, anticipating throughput growth this year primarily driven by the Delaware Basin and the tie-in of the Altamont pipeline to the Chipeta plant in Utah. The partnership also placed orders for the steel required for the Pathfinder Pipeline from a domestic mill, aiming to protect the project's targeted rate of return from potential import tariffs. WES maintains strong financial flexibility with investment-grade credit ratings, net leverage below 3.0-times, and $2.4 billion in liquidity.
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