Western Midstream Partners, LP (WES) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, my name is Joanna and I will be your conference operator today. At this time, I would like to welcome everyone to the Western Midstream Partners Third Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the star followed by the number two. Thank you. I would now like to turn the conference over to Daniel Jenkins, Director of Investor Relations. Please go ahead. Thank you. I'm glad you could join us today for Western Midstream's third quarter 2025 conference call. I'd like to remind you that today's call, the accompanying slide deck, and yesterday's earnings release contain important disclosures regarding forward-looking statements and non-GAAP reconciliations. Please reference Western Midstream's most recent form 10-K and 10-Q and other public filings for a description of risk factors that could cause actual results to differ materially from any forward-looking statements we discussed today. Relevant reference materials are posted on our website. With me today are Oscar Brown, our Chief Executive Officer, Danny Holderman, our Chief Operating Officer, and Kristen Schultz, our Chief Financial Officer. I will now turn the call over to Oscar. Thank you, Daniel, and good morning, everyone. The third quarter was a strong financial and operational quarter for Wes, as lower operational costs and our cost reduction initiatives resulted in our second consecutive quarter of record-adjusted EBITDA. While adjusted gross margin was relatively flat on a sequential quar...