Western Midstream Partners LP Q3 2024 Earnings Call Transcript

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

Question: Jeremy Tonet - JPMorgan - Analyst : Really just one question for me. I want to touch base on, Oscar, the CEO transition here from the market side, Mike had been with the company for some time, was really the face of the company to many of us. And the transition just seemed pretty abrupt. And so I was just wondering if you could walk us through a bit more the process here. I guess, just -- it seemed a bit abrupt in timing. So if anything you could share with us would be helpful.

Question: Jeremy Tonet - JPMorgan - Analyst : Got it. So the transition was mutual, just to be clear?

Question: Manav Gupta - UBS - Analyst : My question is a little more on the Delaware Basin. Do you see more consolidation happening in the basin? And does WES see itself as a consolidator in the Delaware Basin?

Question: Manav Gupta - UBS - Analyst : Absolutely. And second part is some of your peers have already commented on this. It looks like a different government, different President. Do you see a more favorable regulatory outlook for oil and gas for the next four years? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 07, 2024 / 7:00PM, WES.N - Q3 2024 Western Midstream Partners LP Earnings Call

Question: Keith Stanley - Wolfe Research - Analyst : Wanted to follow up, I think, Kristen, at the end of the prepared remarks indicated volume growth should moderate in 2025 across the products. Can you give a little more color on what's driving that? And any further characterization you can give on the magnitude of how much volume growth might decelerate?

Question: Keith Stanley - Wolfe Research - Analyst : That's helpful. Second question, can you just talk a little more to the Mi Vidacontracting update? Or is the new structure with your JV with Energy Transfer that you now have 100 million cubic feet a day of incremental processing capacity that you can use for your own customers? So you effectively just added half a plant? Or how should we think about that?

Question: Zackery Van Everen - TPH - Analyst : Just starting back on the kind of moderated growth, I think what you said all makes sense. Does this point to potentially higher rates with your cost of service contracts?

Question: Zackery Van Everen - TPH - Analyst : Got you. No worries. And then on the lower earnings you mentioned at the end there on the crude assets in the DJ and [Eagle Ford], was that just related to contracts rolling off? Could you just provide a little bit more color there?

Question: Ned Baramov - Wells Fargo - Analyst : Just to follow up on the earlier questions regarding your tempered volume outlook for 2025. How do you think about the timing when volumes in the DJ exceed [NBCs] and in turn drive EBITDA growth?

Question: Ned Baramov - Wells Fargo - Analyst : That's helpful. And then are there any plans to fill the vacated eighth board seat on the Board of Directors?

Question: Indraneel Mitra - Bank of America - Analyst : First question, I know the Mi Vida processing plant, you're kind of just restructuring where it is in the Oxy family -- or sorry, the West family there. But in terms of how that fits in with the super system, is that kind of a low capacity utilization plan? Or is it kind of core to what you run through your system?

Question: Indraneel Mitra - Bank of America - Analyst : Okay. Great. The second question, any outlook on potential processing plants beyond North Loving coming on in 1Q, '25 and what you would need to underwrite a new processing plant beyond that?