Western Midstream Partners, LP

Good afternoon. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Western Midstream Partners third quarter 2022 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, then the number one on your telephone keypad. To withdraw your question, press star one again. 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 2022 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 reconciliations. 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 materially from what we discussed today. Relevant reference materials are posted on our website. With me today are Michael Ure, our Chief Executive Officer, and Kristen Schultz, our Chief Financial Officer. I'll now turn the call over to Michael.

Thank you, Daniel, and good afternoon, everyone. Yesterday, we reported another quarter of solid operational performance at Western Midstream. We continued to experience robust activity from the Delaware Basin as we achieved record-breaking throughput for both natural gas and produced water for the second consecutive quarter in the basin. However, we experienced reduced excess natural gas liquids volumes in combination with lower natural gas liquids pricing, lower distributions from equity investments, and higher operation and maintenance expense, which were the primary drivers behind the sequential quarter decrease in adjusted EBITDA. From an M&A perspective, we are pleased to announce both the acquisition of the remaining interest in the Ranch West Tech's natural gas processing plant in the Delaware Basin and the divestiture of our Cactus II equity investment. These activities align with our M&A strategy that has focused on adding processing capacity in our core basins, allocating capital efficiently, and generating strong returns for our unit holders. Additionally, in conjunction with the Cactus II divestiture, The Board has also agreed to materially increase our unit repurchase program, which Kristen will discuss in more detail shortly. Focusing on operations, subsequent to quarter close, we executed long-term amendments to Occidental's gas processing and oil gathering agreements in the Delaware Basin. These amendments increase Occidental's firm capacity on our infrastructure in the Delaware Basin and are supported by substantial minimum volume commitments. We also executed multiple new natural gas and condensate agreements with various customers in the Maverick Basin. Before I turn the call over to Kristen to discuss our financial results, I wanted to express my enthusiasm regarding the recently announced letter of intent with Occidental that we press released early in October. This agreement signals our desire to jointly pursue opportunities to deliver low carbon intensity oil and gas products to market through the development of carbon dioxide capture, transportation, utilization, and sequestration opportunities in both the Delaware and DJ basins. We are pleased to continue our longstanding relationship with Occidental and look for ways to partner with them on carbon capture activities. And we are excited at the prospect of potentially expanding our service offerings in ways that would not only reduce our own carbon footprint, but potentially help other point source emitters reduce their carbon emissions as well. With that, I'll now turn the call over to Kristen to discuss our third quarter financials. Kristen?