This study reports on a dayside magnetic reconnection event with a moderate guide field (0.4 times the reconnecting magnetic field) detected by the Magnetospheric Multiscale (MMS) mission. The spacecraft traversed the compressed magnetospheric separatrix, observing cold ions with densities up to 10 cm^-3 and a large magnetosheath density up to 150 cm^-3. We provide a detailed analysis of current densities, generalized Ohm’s law, and energy conversion processes in both the spacecraft (J.E) and the fluid (J.E’) frames during the separatrix crossing. The normal electric field is directed away from the separatrix due to the cold ion drift on the magnetosphere side and to the magnetosheath ion drift in the presence of a guide field in the exhaust region. In the spacecraft frame, energy transfers from the plasma to the fields (J.E≈J_⊥.E_⊥<0) due to the convective field associated with the earthward motion of the magnetopause and the ion diamagnetic current associated with the large density gradient. In the fluid frame, energy conversion reverses due to the magnetic field-aligned current density and electric field produced by the divergence of the electron pressure tensor (J.E’≈J_∥.E_∥’). Additionally, we give insights into the local changes in electromagnetic, bulk flow, and thermal energies. We show that flow and thermal energy variations of the plasma are mostly driven by the compressible term of the electron pressure strain at the separatrix.