Daniel Boyd's questions to Western Midstream Partners LP (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.