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Jun 30
Western Midstream Q2 2025 Earnings Report
Western Midstream delivered record second-quarter results
Key Takeaways
Western Midstream reported Q2 2025 net income attributable to limited partners of $333.8 million, record adjusted EBITDA of $617.9 million, and free cash flow of $388.4 million while executing on key growth initiatives :contentReference[oaicite:0]{index=0}.
Net income attributable to limited partners of $333.8 million and adjusted EBITDA of $617.9 million :contentReference[oaicite:1]{index=1}
Cash flows from operating activities of $564.0 million and free cash flow of $388.4 million :contentReference[oaicite:2]{index=2}
Sequential throughput growth: natural gas +3%, crude oil & NGLs +6%, produced water +4% :contentReference[oaicite:3]{index=3}
Sanctioned 300 MMcf/d North Loving Train II and agreed to acquire Aris Water Solutions :contentReference[oaicite:4]{index=4}
Western Midstream
Western Midstream
Western Midstream Revenue by Segment
Western Midstream Revenue by Geographic Location
Revenue by Segment
Fee-Based Service Revenue
CapyFin.comProduct-Based Service Revenue
CapyFin.comProduct Sales Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.com Forward Guidance
WES is reaffirming its 2025 financial guidance and will incorporate the impact of the Aris acquisition into its 2026 guidance :contentReference[oaicite:5]{index=5}.
Positive Outlook
- Reaffirmed 2025 adjusted EBITDA guidance of $2.350–$2.550 billion :contentReference[oaicite:6]{index=6}
- Reaffirmed 2025 capital expenditures guidance of $625–$775 million :contentReference[oaicite:7]{index=7}
- Reaffirmed 2025 free cash flow guidance of $1.275–$1.475 billion :contentReference[oaicite:8]{index=8}
- Expected closing of Aris Water Solutions acquisition in Q4 2025 :contentReference[oaicite:9]{index=9}
- Continued throughput growth momentum across all product lines :contentReference[oaicite:10]{index=10}
Challenges Ahead
- 2025 guidance excludes Aris impacts until 2026 :contentReference[oaicite:11]{index=11}
- Commodity price volatility may affect future results :contentReference[oaicite:12]{index=12}
- Integration risks associated with the Aris acquisition :contentReference[oaicite:13]{index=13}
- Significant capital expenditure requirements remain :contentReference[oaicite:14]{index=14}
- Macroeconomic and geopolitical uncertainties persist :contentReference[oaicite:15]{index=15}