secwatch.observer — SEC 8-K summary
======================================

Issuer:     Western Midstream Partners, LP (WES)
CIK:        0001423902
Form:       8-K
Filed at:   2025-02-26T23:59:59+00:00
Accession:  0001423902-25-000030
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

WES beats 2024 Adj. EBITDA & FCF guidance; sanctions $400M+ Pathfinder pipeline; proposes 4% distribution hike
--------------------------------------------------------------------------------

- Full-year 2024 Adj. EBITDA $2.344B, FCF $1.324B; both above guidance ranges (midpoint $2.3B, high end $1.25B).
- Proposed Q1 2025 distribution $0.910/unit (+4% QoQ, +13% YoY); annualized $3.64; targets mid-single-digit annual growth.
- Sanctioned Pathfinder produced-water pipeline; 30-in., 42-mi, >800 MBbls/d capacity; $400-450M cost; in-service by Jan 1, 2027.
- 2025 guidance: Adj. EBITDA $2.35-2.55B (midpoint +5% YoY); capex $625-775M; FCF $1.275-1.475B.
- Full-year net income $1.537B ($4.02 diluted EPS); record throughput and double-digit YoY growth across all product lines.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1423902/000142390225000030/0001423902-25-000030-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1423902/000142390225000030/wes-20250226.htm
  HTML page:      https://secwatch.observer/filing/0001423902-25-000030

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer