Western Midstream Partners LP (NYSE:WES) Q2 2024 Earnings Conference Call August 8, 2024 2:00 PM ET

Company Participants

Daniel Jenkins - Director of IR
Michael Ure - CEO
Kristen Shults - CFO

Conference Call Participants

Gabe Moreen - Mizuho
Keith Stanley - Wolfe Research
Jeremy Tonet - JP Morgan Chase
Spiro Dounis - Citi
Manav Gupta - UBS
Neel Mitra - Bank of America
Zach Van Everen - TPH

Operator

Good afternoon, my name is Ludi and I will be your conference operator today. At this time, I would like to welcome everyone to the Western Midstream Partners Second Quarter 2024 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. [Operator Instructions]. I would now like to turn the conference over to Daniel Jenkins, Director of Investor Relations. Please go ahead.

Daniel Jenkins

Thank you. I'm glad you could join us today for Western Midstream's second quarter 2024 Conference Call. I'd like to remind you that today's call, the accompanying slide deck, and last night's earnings release contain important disclosures regarding forward-looking statements and non-GAAP reconciliation.

Please reference Western Midstream's most recent Form 10-Q and other public filings for a description of risk factors that could cause actual results to differ much from what we discuss today. Relevant reference materials are posted on our website. With me today are Michael Ure, our Chief Executive Officer, and Kristen Shults, our Chief Financial Officer.

I'll now turn the call over to Michael.

Michael Ure

Thank you, Daniel, and good afternoon, everyone. Yesterday afternoon, we reported another strong operational quarter for WES. Our sequential quarter throughput growth was driven by a robust system operability, and as a result, we experienced throughput records from both natural gas and crude oil and NGLs in the Delaware Basin for the 5th consecutive quarter. Taking these results into consideration, we still expect our throughput to steadily grow for the remainder of the year, and for WES to be towards the high end of our 2024 adjusted EBITDA and free cash flow guidance ranges.

The second quarter was also very successful from a commercial perspective, as we executed numerous agreements with both new and existing customers in several of our most active basins. First, in the Delaware Basin, we signed several new agreements with both public and private customers for natural gas and produced water services that will positively benefit WES starting in the third quarter, and to an even greater extent in 2025.