Western Midstream Partners LP Q2 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brian Patrick Reynolds - UBS Investment Bank, Research Division - Analyst : Maybe to start off on just the return of capital. Just kind of curious of how we should think about WES' forward total return yield after the announcement of the North Loving Plant. I'm just kind of curious of how potentially unit buybacks could perhaps be part of the return of capital structure in periods of dislocation here going forward while still using the enhanced distribution on an annual basis to kind of target that optimized capital structure of 3x.

Question: Brian Patrick Reynolds - UBS Investment Bank, Research Division - Analyst : Great. Really appreciate all that. Maybe to switch to operations. I appreciate all the color on just the quarterly performance around some of the new well designs at OXY. Well productivity for E&Ps has been topical year-to-date. So just kind of curious if you can discuss how some of these new wedge wells how interacting with legacy wells. And I think you talked about how there's some near-term impacts that may reverse to some long-term improved efficiency. Just kind of wondering if you can give us a time line of maybe when is that expected? Could we see some 3Q performance? Or is that more '24, '25 kind of long-term, lower decline rates that we should be seeing?