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Western Midstream PartnersWES

Legal name
Western Midstream Partners, LP
Sector
Energy
Industry
Natural Gas Transmission
Exchange
NYSE

Stock Price $WES

Latest filings

You are here#30 of 33 in Energy by market cap

Filing record · 2016–202610-K1210-Q368-K108

WES filed 12 annual reports (10-K), 36 quarterly reports (10-Q) and 108 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Material agreement8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  15. $3.84B
YoY changeLargest recent move+34.7%in FY17Latest +6.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All WES Financial Metrics45 metrics

Income Statement13

Balance Sheet19

Cash Flow11

Per Share2

02—Overview

Western Midstream Partners Financial Overview 2021–2025

Updated Nov 5, 2026

Net income attributable to unitholders fell 25% in FY2025, to $1.18 billiona from $1.57 billion, yet Adjusted EBITDA reached $2.48 billion, up from $2.34 billion. That gap is the story. The decline reflects $296.8 million of divestiture gains in FY2024 that did not repeat and $120.5 million of Aris acquisition costs, not weaker operations. Western Midstream is a fee-collecting pipe business, and its cash generation is still climbing.

Revenue grew from $2.88 billion in FY2021 to $3.84 billionb in FY2025, a 34% gain. Free Cash Flow rose to $1.53 billion in FY2025 from $1.32 billion in FY2024. Contracts support the stability: 97% of wellhead natural-gas volume and 100% of crude-oil and produced-water throughput were fee-based. The Aris deal, valued at $2.0 billion, lifted Delaware Basin produced-water throughput 40% to 1,608 MBbls/d.

The risks are concentration and leverage. Occidental supplied 60% of revenue, and total debt reached $8.6 billionc. Offsetting that, the company ended FY2025 with $819.5 million of cash, $2.0 billion of revolver capacity and a $0.910 quarterly distribution.

At the close of FY2025, units traded at $39.50d, or 13.3x earnings on $2.98 of EPS. That EPS sits well below the $4.02 reported for FY2024, so the multiple is measured against a deliberately reduced earnings base.

Recent Developments (Q2 and Q3 2026)

Western Midstream closed the $1.67 billione Brazos Delaware acquisition in June 2026, expanding its gathering footprint and driving 25.96% revenue growth to $3.54 billion for the nine months ended September 30, 2026. Net income attributable to limited partners reached $1.09 billion, supported by record Delaware Basin natural-gas throughput of 2.6 Bcf/d in Q3 2026. Management raised full-year guidance, projecting Adjusted EBITDA of $2.750–$2.950 billion, while the quarterly distribution held steady at $0.930.

The bull case centers on high-margin asset integration driving robust fee-based cash flows, whereas the bear case highlights rising capital expenditures and higher debt loads. The units traded at 14.3x earnings on $2.98 of annual EPS as of the Q3 2026 filing.

What to watch: Delaware Basin volume growth; capital expenditure trajectory relative to guidance

03—Filings

Recent SEC Filings

  1. 8-KWestern Midstream Partners 8-K Report, Financial Results (Nov 4, 2026)Western Midstream Partners, LP (WES) has reported its third-quarter 2026 financial and operational results, demonstrating robust performance with a notable 12% increase in Adjusted EBITDA compared to the prior year, reaching $708.3 million. Net income attributable to limited partners was $324.8 million, and Distributable Cash Flow stood at $512.3 million. The company is reaffirming its full-year 2026 guidance for Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow, projecting Adjusted EBITDA to be above the midpoint of its previously issued range. Operational highlights include record natural-gas throughput across the partnership and specifically in the Delaware Basin, largely driven by the recent acquisition of Brazos Delaware II, LLC. The company is also investing in growth projects like the Solitude Pipeline System, which is expected to slightly push total capital expenditures above the higher end of its guidance range for 2026. Despite increased capital spending, WES announced a consistent quarterly distribution of $0.930 per unit, maintaining its annualized distribution rate at $3.72 per unit.
  2. 8-KWestern Midstream Partners 8-K Report, Financial Results (Aug 5, 2026)Western Midstream Partners, LP (NYSE: WES) reported second-quarter 2026 results on August 5, 2026, in a press release furnished as Exhibit 99.1. Net income attributable to limited partners was $394.9 million, or $0.99 per common unit (diluted). Adjusted EBITDA was a record $736.5 million, up 8 percent sequentially and 19 percent versus the prior-year period. Distributable Cash Flow was $537.2 million, cash flows from operating activities were $534.7 million, and Free Cash Flow was $263.6 million. Free Cash Flow after distributions was negative $111.0 million, attributed to organic growth capital expenditures. The company raised its 2026 guidance. Revised Adjusted EBITDA is $2.750 billion to $2.950 billion, Distributable Cash Flow is $2.050 billion to $2.250 billion, and Free Cash Flow is $1.100 billion to $1.300 billion, with midpoints up 10, 10, and 20 percent respectively from original guidance. Total 2026 capital expenditures are reaffirmed at $850.0 million to $1.0 billion, now expected toward the high end. Management cited the completed mid-June acquisition of Brazos Delaware II, LLC, higher commodity prices, and record produced-water throughput. The company reiterated full-year distributions of at least $3.70 per unit and a quarterly distribution of $0.930 payable August 14, 2026. Operationally, Delaware Basin natural-gas throughput reached a record 2,140 MMcf/d and produced-water throughput reached a record 2,993 MBbls/d, both up 5 percent sequentially. The company also executed new gathering and processing agreements in the Powder River Basin covering approximately 270,000 dedicated acres, with development expected to support 2027 throughput growth. The company issued $700 million of senior notes due 2036 to refinance borrowings tied to the Brazos Delaware acquisition.
  3. 8-KWestern Midstream Partners 8-K Report, Material Agreement (Jun 25, 2026)On June 25, 2026, Western Midstream Operating, LP ("WES Operating"), a subsidiary of Western Midstream Partners, LP (NYSE: WES), completed a public offering of $700,000,000 aggregate principal amount of 5.700% Senior Notes due 2036. The offering was priced at 99.705% of face amount under an underwriting agreement dated June 22, 2026, with TD Securities (USA) LLC, Barclays Capital Inc., Citigroup Global Markets Inc., and MUFG Securities Americas Inc. as representatives of the underwriters. Interest accrues from June 25, 2026, is payable semi-annually on January 1 and July 1, and the first payment is due January 1, 2027. The notes mature July 1, 2036, unless redeemed earlier. The notes are senior unsecured obligations of the partnership, rank equally with WES Operating's existing and future senior indebtedness, and are senior to any subordinated debt. The indenture includes covenants limiting liens on principal properties, sale-and-leaseback transactions, and mergers or sales of substantially all assets. Initially the notes are not guaranteed by subsidiaries, but any subsidiary that becomes a borrower or guarantor under WES Operating's revolving credit facility will guarantee the notes for as long as it has such obligations. Standard events of default apply, and the trustee or holders of at least 25% of a series may accelerate the notes. WES Operating will use the net proceeds to repay borrowings under its revolving credit facility and commercial paper program, including borrowings used to fund the cash consideration for the acquisition of Brazos Delaware II, LLC, and for general partnership purposes, including capital expenditures. The offering was made under a Form S-3 shelf registration statement that became effective June 22, 2026.
  4. 8-KWestern Midstream Partners 8-K Report, Material Agreement (Jun 12, 2026)Western Midstream Partners, LP (WES) closed its previously announced acquisition of Brazos Delaware II, LLC on June 11, 2026, under a Membership Interest Purchase Agreement dated May 6, 2026. The aggregate purchase price is approximately $1.6 billion, subject to customary purchase price adjustments, consisting of approximately $800 million in cash and 19,389,239 common units valued at approximately $800 million based on the 20-day volume-weighted-average common unit price at signing. The Partnership's press release states the acquisition expands its gathering and processing footprint in the Delaware Basin and that the transaction met objectives including accretion to per-unit metrics, protecting the balance sheet and investment grade credit ratings, and diversifying its customer base and ownership. In connection with the closing, the Partnership and the Seller entered into a Registration Rights and Lock-Up Agreement. The Partnership agreed to file a resale registration statement for the Common Units within 60 days of the Closing Date. The Seller has customary registration rights, including block-trade facilitation on a non-underwritten basis and piggyback rights in underwritten offerings subject to cutbacks. The Seller and its affiliate designees agreed, subject to customary exceptions, not to transfer the Common Units for six months after the Closing Date. The units were issued in reliance on the Section 4(a)(2) private placement exemption. The filing also furnishes a press release announcing the closing under Item 7.01, which is not deemed filed for Exchange Act Section 18 purposes. The purchase agreement is filed as Exhibit 2.1 with schedules and exhibits omitted under Item 601(a)(5) of Regulation S-K.
  5. 8-KWestern Midstream Partners 8-K Report, Financial Results (May 6, 2026)Western Midstream Partners, LP (NYSE: WES) reported first-quarter 2026 results on May 6, 2026, with net income attributable to limited partners of $342.4 million ($0.85 per diluted common unit), record first-quarter Adjusted EBITDA of $683.1 million (up 15% versus the prior-year period, and up approximately 7% sequentially), Distributable Cash Flow of $508.9 million, cash flows from operating activities of $469.9 million, and Free Cash Flow of $242.3 million. Management attributed the results mainly to a full quarter contribution from the Aris acquisition, throughput growth across natural gas, crude oil and NGLs, and produced water, and lower operation and maintenance expense (down 7% versus the prior-year quarter excluding Aris). The Partnership declared a first-quarter distribution of $0.930 per unit ($3.72 annualized), payable May 15, 2026, and after distributions reported negative Free Cash Flow of $137.4 million for the quarter. WES also announced an agreement to acquire Brazos Delaware II, LLC for approximately $1.6 billion, consisting of about $800 million in cash and about $800 million in WES common units, with closing expected late in the second quarter of 2026. Management said the transaction is expected to contribute approximately $100 million of incremental Adjusted EBITDA in 2026 assuming a close by the end of the second quarter, and the filing states it is expected to be immediately accretive to estimated 2026 Distributable Cash Flow per unit and to keep pro forma net leverage around 3.0x throughout 2026. On guidance, WES expects to be toward the high end of its 2026 Adjusted EBITDA range ($2.50 billion to $2.70 billion) and Distributable Cash Flow range ($1.85 billion to $2.05 billion), excluding the Brazos transaction, but is not updating the ranges now and plans to reevaluate them with second-quarter results. Total 2026 capital expenditures are still expected to be $850.0 million to $1.00 billion.
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04—See also

Related Companies

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