This study reports on a dayside magnetic reconnection event detected by the Magnetospheric Multiscale mission in the presence of a moderate guide field ((Formula presented.) times the reconnecting magnetic field on the magnetosphere side) and assumed to be present in the whole reconnection region. The spacecraft traversed the compressed magnetospheric separatrix region, observing cold ions with densities up to 10 (Formula presented.) and a large magnetosheath density up to 150 (Formula presented.). We provide a detailed analysis of current densities, generalized Ohm's law, and energy conversion processes in both the spacecraft (Formula presented.) and the fluid (Formula presented.) 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 (Formula presented.) 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 (Formula presented.). 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.