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Western Midstream Partners 8-K Report, Financial Results (Nov 4, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed November 4, 2025
Period End
November 4, 2025
Security
WES
In the 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. Material agreement8-K · Dec ’17Dec ’17
  2. Material agreement8-K · Jan ’20Jan ’20
  3. Leadership change8-K · Oct ’22Oct ’22
  4. Leadership change8-K · Nov ’24Nov ’24

01—Abstract

Summary

Summary of the 8-K filed November 4, 2025. Cited figures are marked; the original filing is the authoritative source.

Western Midstream Partners, LP (NYSE: WES) reported record third-quarter 2025 results, with net income attributable to limited partners of $331.7 milliona, or $0.87 per common unit (diluted), and record third-quarter Adjusted EBITDA of $633.8 million, as stated in the press release furnished as Exhibit 99.1.

Third-quarter cash flows provided by operating activities were $570.2 millionb, producing Free Cash Flow of $397.4 million. The Partnership declared a third-quarter distribution of $0.910 per unit, consistent with the prior quarter, or $3.64 per unit annualized, payable November 14, 2025. Free Cash Flow after distributions totaled $42.2 million for the quarter.

The company closed its acquisition of Aris Water Solutions, Inc. ("Aris") on October 15, 2025, which the company says establishes WES as one of the largest three-stream midstream providers in the Delaware Basin. In connection with the closing, WES issued approximately 26.6 million common units, paid $415.0 millionc in cash before transaction costs, and assumed approximately $500.0 million of debt. Management cited a targeted $40.0 million in cost synergies and said the company is on track to be towards the high end of its 2025 Adjusted EBITDA guidance range of $2,350 million to $2,550 million.

Management also anticipates capital expenditures towards the high end of the $625 million to $775 milliond range, and Free Cash Flow above the high end of the $1,275 million to $1,475 million range. Operationally, the company reported record third-quarter natural-gas throughput of 5.5 Bcf/d, a 2-percent sequential increase, and system operability of 99.6 percent.

Crude-oil and NGLs throughput declined 4 percent sequentially to 510 MBbls/d, and produced-water throughput was flat at 1,217 MBbls/d. Subsequent to quarter end, WES executed an agreement for incremental disposal capacity supporting the Pathfinder pipeline project in the Delaware Basin.

02—Key points

Key Highlights

  1. Net income attributable to limited partners of $331.7 million, or $0.87 per diluted common unit, for Q3 2025, versus $281.8 million in Q3 2024.
  2. Record third-quarter Adjusted EBITDA of $633.8 million, the second consecutive quarter of record Adjusted EBITDA, driven by lower operating costs.
  3. Operating cash flow of $570.2 million and Free Cash Flow of $397.4 million in Q3 2025; Free Cash Flow after distributions of $42.2 million.
  4. Quarterly distribution of $0.910 per unit ($3.64 annualized), unchanged from the prior quarter, payable November 14, 2025.
  5. Closed the Aris Water Solutions acquisition on October 15, 2025: ~26.6 million common units issued, $415.0 million cash paid before transaction costs, ~$500.0 million of debt assumed, and $40.0 million of targeted cost synergies.
  6. 2025 guidance: Adjusted EBITDA expected towards the high end of $2,350–$2,550 million; capital expenditures towards the high end of $625–$775 million; Free Cash Flow above the high end of $1,275–$1,475 million.
  7. Record Q3 natural-gas throughput of 5.5 Bcf/d (up 2% sequentially) and system operability of 99.6 percent; crude-oil and NGLs throughput down 4% sequentially.

03—Questions

Frequently Asked Questions

  1. Why did Adjusted EBITDA reach a record level this quarter?

    Management attributes the record third-quarter Adjusted EBITDA of $633.8 million to lower operating costs, reflecting efficiency improvements and cost management, even though volumes remained relatively in line with the second quarter.

  2. Is the quarterly distribution changing?

    No. WES declared a third-quarter 2025 distribution of $0.910 per unit, consistent with the prior quarter's distribution, or $3.64 per unit on an annualized basis, payable November 14, 2025.

  3. What did the company pay for and issue in the Aris Water Solutions acquisition?

    In connection with the closing on October 15, 2025, WES issued approximately 26.6 million common units, paid $415.0 million in cash before transaction costs, and assumed approximately $500.0 million of debt.

  4. How is the company's 2025 outlook trending relative to guidance?

    WES anticipates Adjusted EBITDA towards the high end of its $2,350 million to $2,550 million range and total capital expenditures towards the high end of its $625 million to $775 million range. It anticipates Free Cash Flow above the high end of its $1,275 million to $1,475 million range.

  5. What is the Pathfinder pipeline development mentioned in the release?

    Subsequent to quarter end, WES executed an agreement for incremental disposal capacity to support the Pathfinder pipeline project in the Delaware Basin, which management says enables it to optimize the pipeline route and enhance overall project returns.

04—Continue

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