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Western Midstream Partners 8-K Report, Financial Results (May 6, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed May 6, 2026
Period End
May 6, 2026
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. Deal closed8-K · Mar ’17Mar ’17
  2. Deal closed8-K · Mar ’19Mar ’19
  3. Leadership change8-K · Dec ’20Dec ’20
  4. Material agreement8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.

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 milliona ($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 $0.930b 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 millionc 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.

02—Key points

Key Highlights

  1. Record first-quarter Adjusted EBITDA of $683.1 million, up 15% year over year and about 7% sequentially, driven by the full-quarter Aris acquisition contribution and higher volumes.
  2. Net income attributable to limited partners of $342.4 million, or $0.85 per diluted common unit, versus $301.8 million in the prior-year quarter.
  3. Distributable Cash Flow of $508.9 million and Free Cash Flow of $242.3 million; Free Cash Flow after distributions was negative $137.4 million.
  4. Quarterly distribution of $0.930 per unit ($3.72 annualized), 2.2% above the prior quarter, payable May 15, 2026.
  5. Agreement to acquire Brazos Delaware II, LLC for about $1.6 billion ($800 million cash and $800 million in WES common units), expected to close late in the second quarter of 2026 and add about 470,000 dedicated acres and 460 MMcf/d of processing capacity.
  6. 2026 guidance: Adjusted EBITDA and Distributable Cash Flow expected toward the high end of ranges excluding Brazos; capital expenditures still expected at $850.0 million to $1.00 billion; ranges to be reevaluated with second-quarter results.
  7. Delaware Basin produced-water and crude-oil/NGLs throughput reached records, with management stating more than 60% of 2026 Adjusted EBITDA is expected from the Delaware Basin.

03—Questions

Frequently Asked Questions

  1. What drove the increase in first-quarter 2026 Adjusted EBITDA?

    The filing attributes the record $683.1 million of Adjusted EBITDA mainly to a full quarter of contribution from the Aris acquisition, higher excess natural-gas liquids and skim oil volumes at elevated commodity prices, throughput growth across all three products, and cost reductions, including a 7% decline in operation and maintenance expense versus the prior-year quarter excluding Aris.

  2. How will the Brazos Delaware acquisition be funded and what is its expected impact?

    The approximately $1.6 billion purchase price is split into about $800 million in cash and about $800 million in WES common units issued at closing. WES expects the deal to contribute approximately $100 million of incremental 2026 Adjusted EBITDA if it closes by the end of the second quarter, to be immediately accretive to estimated 2026 Distributable Cash Flow per unit, and to maintain pro forma net leverage of about 3.0x throughout 2026.

  3. Is WES changing its 2026 guidance?

    Not at this time. WES expects to be toward the high end of its Adjusted EBITDA ($2.50 billion to $2.70 billion) and Distributable Cash Flow ($1.85 billion to $2.05 billion) ranges, without taking Brazos into account, but says it is not currently updating the ranges because it has not yet received formal changes to producers' drilling plans. It intends to reevaluate them with second-quarter results after the Brazos close.

  4. Why was Free Cash Flow after distributions negative in the first quarter?

    Free Cash Flow of $242.3 million was lower than the distributions paid in the period, so Free Cash Flow after distributions totaled negative $137.4 million. The filing reports the figure without further explanation of its drivers.

04—Continue

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