Western Midstream Partners, LP

Good morning, my name is Joanna and I will be your conference operator today. At this time, I would like to welcome everyone to the Western Midstream Partners Third 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 star followed by the number one on your telephone keypad. If you would like to withdraw your question, 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 third quarter 2025 conference call. I'd like to remind you that today's call, the accompanying slide deck, and yesterday's earnings release contain important disclosures regarding forward-looking statements and non-GAAP 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 will now turn the call over to Oscar.

Thank you, Daniel, and good morning, everyone. The third quarter was a strong financial and operational quarter for Wes, as lower operational costs and our cost reduction initiatives resulted in our second consecutive quarter of record-adjusted EBITDA. While adjusted gross margin was relatively flat on a sequential quarter basis, we achieved the highest total natural gas throughput in our partnership's history that was partially driven by another quarter of record natural gas throughput in the Delaware Basin, strong sequential natural gas, crude oil, and the NGL's throughput in the DJ Basin, and strong sequential throughput growth from our other assets, specifically at our Chapita plant in Utah, primarily due to Kinder Morgan's Altamont pipeline connection to our natural gas processing plant in early September. Kristen and Danny will provide additional operational and financial details shortly. As previously announced, on October 15th, we completed the acquisition of Aris Water Solutions, solidifying WES's position as a leading three-stream, midstream flow assurance provider in the Delaware Basin. We are excited to welcome the Aris employees to the WES team, specifically as we expand our commercial capabilities and build upon ARIS's legacy recycling and beneficial reuse assets and solutions. Teams from both organizations have been working diligently together to ensure a smooth integration process, and we are confident in our ability to capture the targeted $40 million of annual run rate synergies. WES leadership has increased its engagement with federal and state regulators to discuss produce water challenges in the Delaware Basin and articulate how WES is well positioned to address these issues. Combined with the newly acquired ARIS assets and team, WES is now a midstream leader in Texas and New Mexico for produced water gathering, transportation, disposal, recycling, and beneficial reuse. Additionally, and subsequent to quarter end, we executed an agreement for incremental disposal capacity to support the Pathfinder Pipeline project in the Delaware Basin. This agreement expands WES's access to highly sought-after pore space, optimizes the pipeline's planned route, and enhances the overall returns of the project. With that, I will turn the call over to our Chief Operating Officer, Danny Holderman, to discuss our operational performance during the third quarter. Danny?