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Mar 31
Western Midstream Q1 2025 Earnings Report
Western Midstream posted strong Q1 2025 results with steady adjusted EBITDA and robust free cash flow despite slight declines in throughput volumes.
Key Takeaways
Western Midstream reported $301.8 million in net income and $593.6 million in adjusted EBITDA for Q1 2025. Despite small declines in throughput across all product categories, the company maintained healthy margins and continued to execute on capital and distribution strategies.
Western Midstream
Western Midstream
Western Midstream Revenue by Segment
Western Midstream Revenue by Geographic Location
Forward Guidance
WES reaffirmed its full-year 2025 guidance, anticipating throughput growth and emphasizing disciplined capital management and operational flexibility.
Positive Outlook
- Guidance remains unchanged despite market volatility
- Expected throughput growth across all products driven by Delaware Basin and Utah pipeline tie-in
- Completion of North Loving plant under budget and ahead of schedule
- Contract structures provide predictable cash flows
- Maintaining strong balance sheet with $2.4 billion in liquidity
Challenges Ahead
- Throughput volumes declined slightly across all categories sequentially
- Equity investment income down significantly year-over-year
- Crude oil and NGLs throughput fell 6% sequentially
- Lower product-based service revenues compared to prior year
- Free cash flow after distributions reduced to $58.4 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income