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Jun 30, 2025
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}
Revenue by Segment
Revenue by Geographic Location
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}
Historical Earnings Impact
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Avg. Return Before/After Earnings
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