Western Midstream Partners, LP

Good morning. 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 first quarter 2025 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 the star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press the star followed by the number two. Thank you. 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 first quarter 2025 conference call. I would 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-gap reconciliations. Please reference Western Midstream's most recent Form 10-K and 10-Q and other public filings for a description of risk factors that could cause actual results to differ materially from any forward-looking statements we discussed today. Relevant reference materials are posted on our website. With me today are Oscar Brown, our Chief Executive Officer, Danny Holderman, our Chief Operating Officer, and Kristen Schultz, our Chief Financial Officer. I'll now turn the call over to Oscar.

Thank you, Daniel, and good morning, everyone. Yesterday, we reported another successful quarter for West marked by strong financial performance and continued high levels of customer service and system-wide operability. I'm also pleased to announce that we completed the commissioning of the North Loving Plant in the Delaware Basin in mid-February, and it became operational later that month. This is our first major greenfield construction project as a standalone partnership, and I would like to thank the teams involved for bringing the plant to completion. This achievement increases our West Texas natural gas processing capacity by approximately 13 percent, or 250 million cubic feet per day, benefiting West financially through our fixed fee processing agreements and reducing our need for offloads. Thanks again to our employees and contractors for bringing the North Loving Plant online safely, ahead of schedule, and under budget. Before turning the call over to Danny and Kristen, I want to address the recent market volatility and reiterate Wes's strong position. Since early 2020, we have taken significant steps to strengthen our balance sheet, optimize our asset portfolio, reduce operational costs, and generate substantial free cash flow. These actions have meaningfully reduced our leverage, enabled disciplined investment in organic growth projects supported by minimum volume commitments, and allowed us to return significant capital to unit holders. Today, we have the strongest balance sheet in the partnership's history, an investment-grade credit rating, net leverage below three times, and approximately $2.4 billion of liquidity, giving us financial optionality and flexibility to navigate and potentially take advantage of volatile markets and commodity price cycles. Our stable long-term contract structures, proactive customer engagement, and strategic supply chain sourcing all contribute to our financial resilience. Our contracts, which include cost of service protections and or minimum volume commitments, provide more predictable cash flows even when commodity prices are volatile. By maintaining close communication with our customers regarding their drilling and completion plans, we can quickly reduce capital spending if desired. Additionally, our potential direct tariff exposure for 2025 is minimal because we've already ordered all the pipe needed to construct the Pathfinder produced water pipeline from a domestic steel mill using mostly U.S. produced materials. Also regarding Pathfinder, I am pleased to share that we have had positive conversations with several customers and midstream providers regarding contracting pipe space prior to the estimated January 2027 in-service date. With that, I'll turn the call over to our Chief Operating Officer, Danny Holderman, to discuss our operational performance in the first quarter. Danny?