What key operational metrics (e.g., NGL volumes, utilization rates, fee revenue) will be highlighted in the interview?

The interview will zero‑in on the partnership’s core operating drivers that underpin its Q2 results and set the tone for the rest of 2025. Expect the CFO and SVP‑Commercial to spotlight three headline metrics:

1. NGL (natural‑gas‑liquid) volumes – the amount of NGLs processed and shipped in the quarter, including any growth from new tie‑ins or the recently‑opened “Mid‑South” terminal. A lift in NGL throughput is the primary lever for both cash‑flow and earnings‑per‑share, so the team will break out the volume versus the prior quarter and the 2024‑2025 guidance range.

2. Pipeline and terminal utilization rates – the percentage of available capacity that was actually used at the partnership’s major pipelines and storage assets. Utilization is a leading indicator of margin expansion; higher rates translate into better fee‑per‑barrel economics and a stronger “take‑or‑pay” profile. The interview will likely compare current utilization to the historic 80‑85 % benchmark and flag any upside from the new 2025 expansion projects.

3. Fee‑revenue growth – the net fee revenue generated from transportation, processing, and marketing contracts, net of commodity‑price adjustments. Because Western Midstream’s model is fee‑driven rather than commodity‑exposed, the CFO will walk investors through the YoY % increase, the contribution of new long‑term contracts, and the impact of inflation‑linked fee escalators that were built into the 2024‑2025 tariff schedule.

Trading implication: If the partnership reports NGL volumes and utilization that comfortably exceed the 2024‑25 guidance, and fee revenue shows a double‑digit YoY lift, the market will likely reward the stock with a bullish breakout on the 20‑day moving average (currently near $30). Conversely, any shortfall in these metrics—especially a utilization dip below 75 %—could trigger a pull‑back toward the 50‑day moving average. Position‑size accordingly, with a bias toward buying on any upside‑revisions to the utilization or volume outlook, while keeping a stop just below the recent low‑volume support level.