Western Midstream Partners, LP (NYSE: WES) reported Q2 EPS of $0.60, $0.10 better than the analyst estimate of $0.50. Revenue for the quarter came in at $671.76 million versus the consensus estimate of $713.74 million.

"Less-than-expected producer curtailments, commercial successes, and realized cost efficiencies underpin our impressive and above-expectation second-quarter results," said Chief Executive Officer, Michael Ure. "Although our sector continues to face significant uncertainty, we are optimistic that activity will increase into 2021 and confident in our ability to generate meaningful free cash flow after distributions while advancing our long-term objectives."

REVISED 2020 GUIDANCE Revised 2020 guidance is based on to-date results and customer-provided production-forecast information obtained by WES. Updated guidance is as follows:

• Adjusted EBITDA(1) between $1.85 billion and $1.90 billion, which represents a $100 million increase to the midpoint of guidance previously issued with WES's first-quarter 2020 earnings results ("prior guidance")
• Total capital expenditures(2) between $400 million and $450 million, which represents a $75 million reduction to the prior-guidance midpoint. Total year capital expenditures include capital expenditures attributable to the second Latham train completed during first-quarter 2020 and the addition of approximately 28,750 horsepower of compression, 65 miles of gathering lines, 90 MBbls/d of Delaware Basin saltwater-disposal capacity, and two 30 MBbls/d oil-stabilization trains, also in the Delaware Basin

"Second-quarter commodity-price increases lessened the adverse impact of production curtailments and current commodity prices support continued producer activity," said Chief Financial Officer, Mike Pearl. "We expect incremental drilling and completion activity to continue into 2021 and beyond so long as commodity prices remain supportive. Irrespective of market conditions, we will remain committed to exercising capital discipline and realizing cost savings to maximize Free cash flow after distributions, which we will prioritize toward leverage reduction."

For earnings history and earnings-related data on Western Midstream Partners, LP (WES) click here.