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    Daniel Boyd

    Managing Director and Senior Energy Equity Research Analyst at Mizuho Securities USA LLC

    Daniel Boyd is a Managing Director and Senior Energy Equity Research Analyst at Mizuho Securities USA LLC, specializing in comprehensive coverage of large cap integrated oil companies, exploration and production (E&P) firms, oilfield services, and alternative energy companies. He is recognized for producing thematic, actionable research supported by sophisticated macro-level analysis and rigorous modeling, contributing to successful recommendations for investors. Boyd joined Mizuho in September 2020 following his analyst career at BMO Capital Markets and brings a reputation for insightful market leadership and strong management relationships within the energy sector. He holds the CFA designation, actively covers the major publicly traded energy sector, and is fully registered with FINRA.

    Daniel Boyd's questions to Western Midstream Partners (WES) leadership

    Daniel Boyd's questions to Western Midstream Partners (WES) leadership • Q1 2025

    Question

    Daniel Boyd of Mizuho Securities inquired about the key drivers of WES's Q1 financial performance and the quarter-over-quarter changes in operational volumes.

    Answer

    Executive Kristen Shults detailed the strong Q1 results, including $594 million in adjusted EBITDA and a 4% distribution increase to $0.91 per unit. Shults explained that while gross margin decreased slightly due to lower throughput and a Q4 revenue recognition adjustment, operating expenses also fell. Operationally, she noted that gas volumes decreased from a strong Q4 as the DJ Basin returned to more normalized levels.

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