Western Midstream Partners' (WES) Q3 earnings call will likely provide updates on the business growth outlook for the newly acquired Brazos asset, UBS Securities said Wednesday in a report.

The call will also likely discuss commodity expectations for the rest of the year, the strategy for remaining joint-venture assets, and the capital-expenditure outlook, the report said.

During the Q2 call, management said it is "focused on optimizing the Brazos' system and connecting it to the legacy WES system," which is expected to be completed by the end of this year, according to the report.

UBS expects Western Midstream to post Q3 EBITDA of $724 million down from $737 million in Q2, due to "normalized commodity prices," which may be offset by Brazos' full-quarter contribution.

In Q3, capital expenditures may rise to $275 million from $270 million in Q2, and free cash flow is forecast at $342 million, up from $264 million, the report said.

Q3 results are expected in early November.

UBS has a neutral rating on Western Midstream and a $48 price target.

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