Western Midstream Partners LP reported third-quarter 2025 net income attributable to limited partners of $331.7 million, or $0.87 per common unit (diluted). Adjusted EBITDA reached a record $633.8 million for the quarter. Cash flows provided by operating activities totaled $570.2 million, and free cash flow was $397.4 million. Capital expenditures for the third quarter were $156.7 million. The company announced a third-quarter distribution of $0.91 per unit, consistent with the previous quarter. Western Midstream closed its acquisition of Aris Water Solutions, issuing approximately 26.6 million common units, paying $415.0 million in cash before transaction costs, and assuming about $500.0 million of debt. The partnership anticipates results toward the high end of its 2025 guidance ranges for adjusted EBITDA ($2,350 million to $2,550 million) and capital expenditures ($625 million to $775 million), and expects free cash flow above the high end of its guidance range ($1,275 million to $1,475 million). Natural-gas throughput reached a record 5.5 billion cubic feet per day, a 2 percent increase from the previous quarter. System operability improved to 99.6 percent in the third quarter.