Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Western Midstream Partners LP / Equity Bottom-Up

<ul><li>Western Midstream Partners reported strong financial performance for the third quarter of 2025, demonstrating resilience and growth in key operational areas.</li><li>The company achieved a record adjusted EBITDA, driven by cost reductions and strategic initiatives, marking this as the second consecutive quarter of such financial success.</li><li>Natural gas throughput reached unprecedented levels, supported by the company's strategic presence in the Delaware and DJ Basins.</li></ul>

Western Midstream Partners reported strong financial performance for the third quarter of 2025, demonstrating resilience and growth in key operational areas.The company achieved a record adjusted EBITDA, driven by cost reductions and strategic initiatives, marking this as the second consecutive quarter of such financial success.Natural gas throughput reached unprecedented levels, supported by the company's strategic presence in the Delaware and DJ Basins.

Western Midstream Partners Powers Up With Mega Infrastructure Bets—What’s Next for the Basin Giant?

<ul><li>Western Midstream Partners, LP reported record financial and operational performance for the second quarter of 2025, achieving the highest adjusted EBITDA in the company's history.</li><li>The Delaware Basin emerged as a significant contributor to this success, with record oil, gas, and water throughput driving increased adjusted gross margin.</li><li>Operational expenses remained stable compared to the previous quarter due to internal cost optimization efforts, which are expected to further reduce costs in subsequent quarters.</li></ul>

Western Midstream Partners, LP reported record financial and operational performance for the second quarter of 2025, achieving the highest adjusted EBITDA in the company's history.The Delaware Basin emerged as a significant contributor to this success, with record oil, gas, and water throughput driving increased adjusted gross margin.Operational expenses remained stable compared to the previous quarter due to internal cost optimization efforts, which are expected to further reduce costs in subsequent quarters.

Western Midstream Partners: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!

<ul><li>Western Midstream Partners has recently signaled a major strategic shift by agreeing to acquire Aris Water Solutions in a cash-and-stock deal valued at approximately $1.5 billion.</li><li>This announcement follows Western’s strong Q1 2025 performance—highlighted by the successful commissioning of the North Loving plant, net leverage below 3×, and roughly $2.4 billion of liquidity—underscoring its financial resilience amid market volatility.</li><li>Under the proposed terms, Aris shareholders may opt for 0.625 WES common units per share or $25 in cash (capped at $415 million), representing a 23 percent premium to Aris’s closing price on August 5.</li></ul>

Western Midstream Partners has recently signaled a major strategic shift by agreeing to acquire Aris Water Solutions in a cash-and-stock deal valued at approximately $1.5 billion.This announcement follows Western’s strong Q1 2025 performance—highlighted by the successful commissioning of the North Loving plant, net leverage below 3×, and roughly $2.4 billion of liquidity—underscoring its financial resilience amid market volatility.Under the proposed terms, Aris shareholders may opt for 0.625 WES common units per share or $25 in cash (capped at $415 million), representing a 23 percent premium to Aris’s closing price on August 5.

Western Midstream’s $1.5 Billion Bet On Aris—What Wall Street Isn’t Telling You

<ul><li>Western Midstream Partners, LP reported a mixed financial performance in the first quarter of 2025, reflecting both positive and challenging aspects.</li><li>The company's adjusted EBITDA stood at $594 million, marking an improvement from the previous quarter, despite a slight decline in the adjusted gross margin primarily due to reduced throughput and a revenue recognition adjustment in the preceding quarter.</li><li>Operating expenses saw a reduction, driven by lower operating and maintenance costs and general and administrative expenses.</li></ul>

Western Midstream Partners, LP reported a mixed financial performance in the first quarter of 2025, reflecting both positive and challenging aspects.The company's adjusted EBITDA stood at $594 million, marking an improvement from the previous quarter, despite a slight decline in the adjusted gross margin primarily due to reduced throughput and a revenue recognition adjustment in the preceding quarter.Operating expenses saw a reduction, driven by lower operating and maintenance costs and general and administrative expenses.

Western Midstream: An Insight Into Its Pathfinder Pipeline Project!

<ul><li>Western Midstream Partners' latest earnings call highlighted both strategic growth initiatives and operational achievements for 2024.</li><li>The company announced significant expansion plans, including the Pathfinder pipeline project in the Delaware Basin.</li><li>This pipeline will help manage the substantial volumes of produced water generated by oil and gas production, addressing long-term development challenges in the area.</li></ul>

Western Midstream Partners' latest earnings call highlighted both strategic growth initiatives and operational achievements for 2024.The company announced significant expansion plans, including the Pathfinder pipeline project in the Delaware Basin.This pipeline will help manage the substantial volumes of produced water generated by oil and gas production, addressing long-term development challenges in the area.

Western Midstream Partners: Williams Mountain West Pipeline Expansion

United States

Western Midstream Partners, LP (WES) acquires, owns, develops, and operates midstream energy assets. The Company engages in gathering, compressing, treating, processing, and transporting natural gas and crude oil. WES serves customers in the State of Texas.

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Western Midstream Partners LP (WES US)

Western Midstream Partners Powers Up With Mega Infrastructure Bets—What’s Next for the Basin Giant?

Western Midstream Partners reported strong financial performance for the third quarter of 2025, demonstrating resilience and growth in key...

Baptista Research

Western Midstream Partners: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!

Western Midstream Partners, LP reported record financial and operational performance for the second quarter of 2025, achieving the highest...

Baptista Research

Western Midstream’s $1.5 Billion Bet On Aris—What Wall Street Isn’t Telling You

Western Midstream Partners has recently signaled a major strategic shift by agreeing to acquire Aris Water Solutions in a cash-and-stock deal...

Baptista Research

Western Midstream: An Insight Into Its Pathfinder Pipeline Project!

Western Midstream Partners, LP reported a mixed financial performance in the first quarter of 2025, reflecting both positive and challenging...

Baptista Research

Western Midstream Partners: Williams Mountain West Pipeline Expansion

Western Midstream Partners' latest earnings call highlighted both strategic growth initiatives and operational achievements for 2024. The company...

Baptista Research

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