Western Midstream Partners LP (WES) 2026 Q1 法說會逐字稿

Good morning, and welcome to Western Midstream's first quarter 2026 fireside chat with our Chief Executive Officer and President, Oscar Brown; and our Senior Vice President and Chief Financial Officer, Kristen Shults.

早安，歡迎參加 Western Midstream 2026 年第一季爐邊談話，我們的執行長兼總裁 Oscar Brown，以及資深副總裁兼財務長 Kristen Shults 將與各位交流。

Oscar, WES's reported adjusted EBITDA of $683 million in the first quarter, a 15% increase year-over-year. What drove that outperformance? And what does it tell us about the trajectory of the business for the rest of the year?

Oscar，WES 第一季公布的調整後 EBITDA 為 6.83 億美元，年增 15%。是什麼因素帶動了這樣的超預期表現？這對我們理解公司今年其餘時間的業務走勢有何啟示？

Thank you, Daniel. It was truly a great quarter for us, and the results reflect the cumulative impact of several strategic decisions we've made over the past 18 months. Three primary drivers came together in the first quarter: the full quarter contribution from the Aris acquisition, per day throughput growth across all three product lines and the continued success of our cost reduction efforts.

謝謝你，Daniel。這確實是我們非常出色的一季，成果反映了過去 18 個月我們所做多項策略決策的累積效應。第一季主要有三大驅動因素同時發力：Aris 併購案帶來的完整季度貢獻、三條產品線的日均處理量成長，以及我們持續推動的成本削減成效。

Further, our adjusted gross margin benefited from the meaningful increase in crude oil prices in March. On the Aris front, the integration is complete and the assets are performing well. The Aris contracts share the fee-based foundation of WES's broader portfolio, but also provide meaningful upside when crude oil prices are elevated because we retain skim oil volumes. In March, as crude oil prices rose, we captured incremental value through those skim oil recoveries and that dynamic is something we expect to benefit from going forward in this environment.

此外，我們的調整後毛利也受惠於 3 月原油價格顯著上漲。在 Aris 方面，整合已完成，資產運行表現良好。Aris 的合約與 WES 更廣泛的資產組合一樣以費率制為基礎，但在原油價格走高時也能提供可觀上行，因為我們保留了撇油（skim oil）量。3 月原油價格上升時，我們透過這些撇油回收捕捉到額外價值；在目前這樣的環境下，這種機制是我們預期未來仍可持續受益的。

The Delaware Basin continues to be our primary driver of growth in 2026. During the quarter, our natural gas throughput increased by 3% despite throughput being negatively impacted by WAHA-driven curtailments during the quarter. We also achieved record crude oil and NGL throughput of 272,000 barrels per day, up 4% sequentially and 6% year-over-year. Produced water throughput hit a record 2.8 million barrels a day, up 4% sequentially. These aren't coincidental results. They reflect deliberate customer development, significant infrastructure investment and years of building one of the most integrated three-stream platforms in the basin.

Delaware 盆地在 2026 年仍將是我們成長的主要驅動力。本季天然氣處理量增加 3%，儘管期間受到 WAHA 價差驅動的限產影響而對處理量造成負面衝擊。我們也創下原油與 NGL 處理量新高，達每日 27.2 萬桶，季增 4%、年增 6%。產出水（produced water）處理量亦創新高，達每日 280 萬桶，季增 4%。這些結果並非偶然。它們反映了我們有意識的客戶開發、重大的基礎設施投資，以及多年來在該盆地打造最整合的三流（three-stream）平台之一。

Equally important is our commitment to cost discipline. Excluding the Aris acquisition, we reduced operation and maintenance expense by 7% year-over-year while still delivering higher throughput. That operating leverage improvement is real, durable and directly translating into earnings power.

同樣重要的是我們對成本紀律的承諾。若排除 Aris 併購案影響，我們在處理量提升的同時，營運與維護費用年減 7%。這種營運槓桿的改善是真實且可持續的，並正直接轉化為獲利能力。

Let's turn to the acquisition announcement. WES is paying $1.6 billion for Brazos Delaware II, a privately held gathering and processing platform in the Delaware Basin. Can you walk us through the strategic logic, why Brazos? Why now? And what makes this asset unique relative to other M&A opportunities you have evaluated?

我們來談談這次併購公告。WES 將以 16 億美元收購 Brazos Delaware II，這是一個位於 Delaware 盆地的私人持有集輸與處理平台。你能否說明其策略邏輯：為什麼是 Brazos？為什麼是現在？相較於你們評估過的其他併購機會，這項資產有哪些獨特之處？

Thanks, Daniel. Happy to. Brazos is exactly the kind of asset WES has been looking for, high-quality, contiguous bolt-on that amplifies the value of our existing asset base. Strategically, the fit is exceptional. The Brazos system is immediately adjacent to our existing West Texas complex operating across the heart of the Texas Delaware Basin. Brazos comes with approximately 470,000 dedicated acres, which increases our total Delaware Basin dedicated acreage by nearly 50% to more than 1.4 million acres.

謝謝，Daniel。很樂意說明。Brazos 正是 WES 一直在尋找的那類資產：高品質、連續相鄰的加掛式（bolt-on）標的，能放大我們既有資產基礎的價值。從策略面來看，契合度非常高。Brazos 系統緊鄰我們既有的西德州綜合資產群，該資產群運行於德州 Delaware 盆地的核心地帶。Brazos 伴隨約 47 萬英畝的專屬（dedicated）面積，使我們在 Delaware 盆地的專屬面積總量增加近 50%，提升至超過 140 萬英畝。

We're also adding 460 million cubic feet per day of natural gas processing capacity with the Comanche complex, which immediately expands our Delaware Basin processing capacity by approximately 20% to 2.75 billion cubic feet per day. WES will have just over 3 billion cubic feet of natural gas processing capacity in the basin once North Loving II comes online in the second quarter of 2027.

我們也將透過 Comanche 綜合設施新增每日 4.6 億立方英尺的天然氣處理產能，立即使我們在 Delaware 盆地的處理產能增加約 20%，達到每日 27.5 億立方英尺。待 North Loving II 於 2027 年第二季投產後，WES 在該盆地的天然氣處理產能將略高於每日 30 億立方英尺。

The asset is also an excellent fit for our MLP structure. Nearly all of the approximately 3,500 identified drilling locations at $65 per barrel are within 2 miles of existing low-pressure gathering infrastructure, which translates into very limited incremental capital requirements for new well connections. That's a fundamental driver of the free cash flow conversion we're looking for.

該資產也非常適合我們的 MLP 架構。在每桶 65 美元的假設下，已識別約 3,500 個鑽井位置中，幾乎都位於既有低壓集輸基礎設施 2 英里範圍內，這意味著新井接入所需的新增資本支出非常有限。這正是我們所追求自由現金流轉換率的根本驅動因素。

On the customer side, the Brazos contracts diversify our revenue mix meaningfully. The existing contracts are long-term fixed fee arrangements with a weighted average remaining life of over 9 years, anchored by investment-grade and high-quality private Permian producers. This structure is philosophically aligned with WES's own contract framework, which provides durable cycle-resistant cash flows.

在客戶面，Brazos 的合約將顯著分散我們的營收組合。現有合約多為長期固定費率安排，加權平均剩餘年限超過 9 年，主要客戶為投資級與高品質的私人 Permian 盆地生產商。這種結構在理念上與 WES 自身的合約框架一致，可提供耐久、抗景氣循環的現金流。

In terms of timing, the midstream M&A environment remains constructive, and our balance sheet is one of the strongest positions it's ever been. We have the financial flexibility to move decisively and structuring the deal is 50% cash and 50% WES common units allows us to maintain pro forma net leverage of approximately 3 times throughout 2026. That's consistent with our conservative leverage philosophy and preserves capacity for our organic growth program.

就時點而言，中游併購環境仍具建設性，而我們的資產負債表也處於歷來最強勁的狀態之一。我們具備果斷出手的財務彈性；交易結構採 50% 現金、50% WES 普通單位（common units），使我們在 2026 年全年度得以維持備考（pro forma）淨槓桿約 3 倍。這與我們保守的槓桿理念一致，並保留推動內生成長計畫的能力。

Can you walk us through the financial mechanics of the deal, the valuation, accretion assumptions and how you're thinking about the return profile relative to WES's cost of capital?

你能否說明這筆交易的財務運作機制，包括估值、增厚（accretion）假設，以及你們如何看待其報酬輪廓相對於 WES 的資本成本？

The $1.6 billion purchase price represents approximately 8 times 2027 estimated EBITDA on a stand-alone basis. We expect that multiple to compress to approximately 7.5 times as we commercialize the roughly 125 million cubic feet a day of currently available processing capacity at the Comanche complex and capture identified synergies from integrating the systems.

16 億美元的收購價格，約相當於以獨立口徑計算的 2027 年預估 EBITDA 的 8 倍。隨著我們將 Comanche 綜合設施目前可用的約每日 1.25 億立方英尺處理產能商業化，並在系統整合中實現已識別的協同效益，我們預期該倍數將收斂至約 7.5 倍。

That available capacity is really an important point. The Comanche plant is running at approximately 73% utilization today, processing 336 million cubic feet a day as compared to the 460 million cubic feet a day of nameplate capacity. As the dedicated acreage is developed and volumes ramp, particularly given the density of proximate drilling locations, there is a clear line of sight to higher throughput without proportional incremental capital. That's where the EBITDA multiple improvement story is the most compelling.

這部分可用產能確實是個重要重點。Comanche 工廠目前約以 73% 的利用率運行，每日處理 3.36 億立方英尺，相較於每日 4.6 億立方英尺的名目產能（nameplate capacity）。隨著專屬面積逐步開發、處理量爬升，特別是考量到鄰近鑽井位置的密度，我們清楚可見在不需要按比例增加資本支出的情況下提升處理量的路徑。這正是 EBITDA 倍數改善故事最具吸引力之處。

From an accretion standpoint, the transaction is immediately accretive to estimated 2026 DCF per unit. Assuming a close by the end of the second quarter, we expect Brazos to contribute approximately $100 million of incremental adjusted EBITDA in 2026, meaningful in the context of our existing full year guidance range.

從增厚（accretion）的角度來看，該交易將立即增厚我們對 2026 年每單位可分配現金流（DCF）的估計。假設在第二季末前完成交割，我們預期 Brazos 將在 2026 年貢獻約 1 億美元的新增調整後 EBITDA，放在我們現有的全年指引區間背景下，這是一項具實質意義的增量。

In terms of returns relative to our cost of capital, the combination of an 8x entry multiple declining to 7.5 times with identified upside levers, coupled with the low ongoing capital intensity of the business supports returns meaningfully above our weighted average cost of capital.

就相對於我們資本成本的報酬而言，8 倍的進場倍數在已辨識的上行槓桿帶動下可下降至 7.5 倍，再加上該業務後續資本強度偏低，支持其報酬率顯著高於我們的加權平均資本成本（WACC）。

Oscar, with Brazos closing in the second quarter and two major organic projects, Pathfinder and North Loving II set to come online in early 2027, how do you think about balancing capital deployment and financial discipline? And how should investors think about guidance and the distribution trajectory from here?

Oscar，隨著 Brazos 將於第二季完成交割，且兩個主要的有機成長專案 Pathfinder 與 North Loving II 預計於 2027 年初投產，你如何看待在資本投放與財務紀律之間取得平衡？投資人又應如何看待接下來的指引以及配息走勢？

This is really the crux of the WES investment case, and I want to be direct about it. We have a strong balance sheet, and we intend to keep it that way. We ended the first quarter with more than $2.5 billion in total liquidity, trailing 12-month net leverage of approximately 3.1 times. After the Brazos close, we expect to maintain pro forma net leverage of approximately 3 times throughout 2026, consistent with our long-standing target and peer-leading among midstream MLPs.

這確實是 WES 投資主張的核心，我想直接說明。我們的資產負債表很強健，而且我們打算維持這樣的狀態。第一季結束時，我們的總流動性超過 25 億美元，過去 12 個月的淨槓桿約為 3.1 倍。在 Brazos 完成交割後，我們預期在 2026 年全年度維持約 3 倍的備考（pro forma）淨槓桿，這與我們長期目標一致，且在中游 MLP 同業中屬於領先水準。

On guidance, we are not formally updating our full year ranges today because we haven't yet received revised drilling plans from our producers for the year. But what I can tell you is that based on current commercial discussions, the favorable commodity price environment and our improving cost structure, we expect to be towards the high end of our adjusted EBITDA guidance range of $2.5 billion to $2.7 billion and our distributable cash flow guidance range of $1.85 billion to $2.05 billion, and that's before any Brazos contribution. We plan to provide updated guidance in conjunction with our second quarter results after the Brazos close.

關於指引，我們今天不會正式更新全年區間，因為我們尚未收到生產商針對今年的修訂鑽井計畫。但我可以告訴各位的是，基於目前的商務洽談、有利的商品價格環境以及我們持續改善的成本結構，我們預期將落在調整後 EBITDA 指引區間 25 億至 27 億美元的高端，以及可分配現金流指引區間 18.5 億至 20.5 億美元的高端，而且這還未包含 Brazos 的任何貢獻。我們計畫在 Brazos 完成交割後，配合第二季財報一併提供更新指引。

On capital deployment, roughly half of our $850 million to $1 billion of 2026 capital budget is directed towards Pathfinder and North Loving II, two high confidence projects in the core of the Delaware Basin. Both projects are on schedule for first quarter and second quarter 2027 in-service dates, respectively, and both are underpinned by volume commitments that give us conviction in their returns.

在資本投放方面，我們 2026 年 8.5 億至 10 億美元資本預算中，約有一半將投入 Pathfinder 與 North Loving II，這兩個位於德拉瓦盆地（Delaware Basin）核心區、信心度很高的專案。兩個專案分別按計畫於 2027 年第一季與第二季投運（in-service），且皆有量能承諾作為支撐，使我們對其報酬具備信心。

Regarding the distribution, our first quarter distribution of $0.93 per unit, up 2.2% sequentially, keeps us on track for full year calendar distribution guidance of at least $3.70 or $3.72 on a run rate basis. Our distribution strategy is straightforward: grow distributions at a rate slightly below adjusted EBITDA growth in order to steadily increase coverage over time. The Brazos acquisition supports this strategy, adding strong free cash flow to our asset base as we look to grow the distribution over time.

關於配息，我們第一季每單位配息為 0.93 美元，較前一季增加 2.2%，使我們維持在達成全年日曆年度配息指引至少 3.70 美元（或以年化運行率計算為 3.72 美元）的軌道上。我們的配息策略很明確：配息成長率略低於調整後 EBITDA 的成長率，以便隨時間穩步提高覆蓋倍數（coverage）。Brazos 的收購支持此一策略，為我們的資產基礎增加強勁的自由現金流，並支持我們隨時間推動配息成長。

To close, how would you summarize the WES investment thesis at this moment? And what are the two or three things you most want investors to take away from this conversation?

最後，你會如何在此刻總結 WES 的投資論點？以及你最希望投資人從這次對談中帶走的兩到三個重點是什麼？

This is my favorite question. First and foremost, WES is operating from a position of strength. We just delivered the strongest quarter in the partnership's history from an adjusted EBITDA perspective. The Aris integration is complete, Pathfinder and North Loving II are on schedule, and we expect to close Brazos by the end of the second quarter.

這是我最喜歡的問題。首先也是最重要的，WES 正在以強勢姿態運營。就調整後 EBITDA 而言，我們剛剛交出合夥企業史上最強的一季。Aris 的整合已完成，Pathfinder 與 North Loving II 進度如期，我們也預期在第二季末前完成 Brazos 的交割。

These aren't aspirational milestones. What it demonstrates is that we're executing on our priorities and commitments. And the team that delivered Mentone III, North Loving I, the Meritage integration and the Aris integration in the last several years is mostly the same team executing today. Investors should have high confidence in WES' ability to deliver.

這些不是理想化的里程碑。它所展現的是，我們正在落實我們的優先事項與承諾。而在過去幾年交付 Mentone III、North Loving I、Meritage 整合以及 Aris 整合的團隊，今天執行工作的基本上仍是同一支團隊。投資人應對 WES 的交付能力抱持高度信心。

Second, the Delaware Basin is the foundation of our growth strategy, and we're building one of the strongest asset bases in the Delaware Basin. More than 60% of our 2026 adjusted EBITDA is expected to come from the Delaware Basin, and that proportion will only increase as Brazos closes. Pathfinder comes online and North Loving II adds processing capacity. With approximately 3,500 drilling locations at $65 per barrel on Brazos acreage alone and continued development across our legacy footprint, we have line of sight to decades of throughput growth in the most prolific basin in North America.

第二，德拉瓦盆地是我們成長策略的基石，我們正在德拉瓦盆地打造最強的資產基礎之一。我們預期 2026 年調整後 EBITDA 的 60% 以上將來自德拉瓦盆地，而隨著 Brazos 完成交割，該占比只會進一步提高。Pathfinder 投產，以及 North Loving II 增加處理產能後亦是如此。僅在 Brazos 的租賃區（acreage）上，以每桶 65 美元計算約有 3,500 個鑽井位置，再加上我們既有版圖的持續開發，我們對北美最具生產力盆地的數十年吞吐量成長具備清晰可見的前景。

And third, WES offers one of the most compelling return profiles in the midstream sector. Our potential 12% to 14% annual equity return is underpinned by an almost 9% current cash yield and a 4% to 5% long-term adjusted EBITDA annual growth rate that drives further upside.

第三，WES 在中游產業提供了最具吸引力的報酬輪廓之一。我們潛在的 12% 至 14% 年度股權報酬，係由接近 9% 的目前現金殖利率，以及 4% 至 5% 的長期調整後 EBITDA 年成長率所支撐，並帶來進一步的上行空間。

We're building a midstream company designed to grow unitholder value over the long term. We believe the combination of yield, growth, financial discipline and strategic positioning makes WES one of the most compelling investment opportunities in the midstream sector today. We look forward to continuing to demonstrate that in the quarters ahead.

我們正在打造一家旨在長期提升單位持有人價值的中游公司。我們相信，殖利率、成長、財務紀律與策略定位的結合，使 WES 成為當今中游產業中最具吸引力的投資機會之一。我們期待在接下來的幾個季度持續證明這一點。

Oscar, Kristen, thank you for joining us today. For our listeners, if you have any additional questions, please feel free to reach out to us. Our contact information is located in the Investor Relations section of our corporate website at westernmidstream.com.

Oscar、Kristen，感謝你們今天加入我們。各位聽眾，如有任何其他問題，歡迎隨時與我們聯繫。我們的聯絡資訊位於公司網站 westernmidstream.com 的投資人關係（Investor Relations）專區。