01—Abstract
Summary
Summary of the 10-Q filed August 5, 2026. Cited figures are marked; the original filing is the authoritative source.
Western Midstream Partners, LP (WES) reported results for the quarter ended June 30, 2026 in its Form 10-Q.
Total revenues and other were $1,224.7 milliona for the three months ended June 30, 2026, versus $942.3 million a year earlier, and net income attributable to Western Midstream Partners, LP was $403.6 million, compared with $341.7 million. For the six months, total revenues and other were $2,348.3 million and net income attributable to the Partnership was $753.8 million. Adjusted EBITDA was $736.5 million for the quarter and $1,419.7 million for the six months, and Distributable Cash Flow was $537.2 million for the quarter.
Free Cash Flow for the six months was $505.9 millionb, down from $787.8 million a year earlier, primarily due to a $185.0 million increase in capital expenditures. The period was shaped by the June 11, 2026 closing of the Brazos Delaware acquisition, which added the Comanche complex in the Delaware Basin for a purchase price of approximately $1.67 billion, consisting of $820.3 million in cash and $852.0 million of common units. The Partnership also issued $700.0 million of 5.700% Senior Notes due 2036 and used the RCF and commercial paper program to fund part of the acquisition.
Total long-term debt rose to $8.88 billionc at June 30, 2026, from $8.20 billion at December 31, 2025, and cash and cash equivalents fell to $104.8 million from $819.5 million. The second-quarter per-unit distribution was declared at $0.930, unchanged from the first quarter, with aggregate payment of $392.7 million on August 14, 2026. The filing also notes a West Texas complex gas-gathering agreement amendment that replaced cost-of-service fees with fixed fees, in exchange for the redemption of common units valued at $610.0 million, and a related legal proceeding involving a subsidiary of Aris, which the court has since moved to Reeves County, Texas.
02—Key points
Key Highlights
- Total revenues and other rose to $1,224.7 million for the quarter ended June 30, 2026, from $942.3 million a year earlier.
- Net income attributable to Western Midstream Partners, LP was $403.6 million for the quarter, up from $341.7 million, and $753.8 million for the six months, up from $650.7 million.
- Adjusted EBITDA was $736.5 million for the quarter and $1,419.7 million for the six months, versus $1,211.4 million in the prior-year six-month period.
- Free Cash Flow for the six months ended June 30, 2026 was $505.9 million, down from $787.8 million, mainly due to $185.0 million higher capital expenditures.
- The Brazos Delaware acquisition closed June 11, 2026 for approximately $1.67 billion, adding the Comanche complex in the Delaware Basin.
- WES Operating issued $700.0 million of 5.700% Senior Notes due 2036 and retired its 4.650% Senior Notes due 2026; total carrying value of debt was $9.1 billion.
- The Board declared a second-quarter 2026 distribution of $0.930 per unit, unchanged from the first quarter, payable August 14, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 5, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $1.22B$942.14M | +29.2% |
| Operating Expenses | $714.95M$524.06M | +36.4% |
| Operating Income | $526.70M$444.48M | +18.5% |
| Interest Expense | $108.98M$95.17M | +14.5% |
| Net Income | $403.55M$341.68M | +18.1% |
| EPS (Basic) | $0.99$0.88 | +12.5% |
| EPS (Diluted) | $0.99$0.87 | +13.8% |
05—Questions
Frequently Asked Questions
How did WES perform in the second quarter of 2026?
Total revenues and other were $1,224.7 million, net income attributable to Western Midstream Partners, LP was $403.6 million, and Adjusted EBITDA was $736.5 million. Operating income was $526.7 million for the quarter, compared with $444.5 million a year earlier.
Is the quarterly distribution safe?
The Board declared a second-quarter 2026 distribution of $0.930 per unit, unchanged from the first quarter, totaling $392.7 million, payable August 14, 2026. The filing states the Partnership distributes all available cash each quarter, and the amount is set by the Board each quarter. Distributable Cash Flow for the quarter was $537.2 million.
What did the Brazos Delaware acquisition involve?
WES closed the acquisition of Brazos Delaware II, LLC on June 11, 2026 for an aggregate purchase price of approximately $1.67 billion: $820.3 million in cash funded by commercial paper and RCF borrowings, and $852.0 million of common units. The acquired Comanche complex includes about 900 miles of pipeline and 460 MMcf/d of nameplate processing capacity.
How did leverage and liquidity change?
Long-term debt increased to $8.88 billion at June 30, 2026, from $8.20 billion at December 31, 2025, and cash fell to $104.8 million from $819.5 million. As of June 30, 2026, the effective borrowing capacity under the $2.0 billion RCF was $1.8 billion after $163.3 million of commercial paper borrowings, and the working capital deficit was $110.6 million.
06—Continue