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Western Midstream Partners 8-K Report, Financial Results (Aug 5, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed August 5, 2026
Period End
August 5, 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. Material agreement8-K · Dec ’17Dec ’17
  2. Leadership change8-K · Feb ’20Feb ’20
  3. Leadership change8-K · May ’22May ’22
  4. Deal closed8-K · Oct ’25Oct ’25

01—Abstract

Summary

Summary of the 8-K filed August 5, 2026. Cited figures are marked; the original filing is the authoritative source.

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 milliona, 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 millionb, 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 billionc, 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 milliond of senior notes due 2036 to refinance borrowings tied to the Brazos Delaware acquisition.

02—Key points

Key Highlights

  1. Record Adjusted EBITDA of $736.5 million in Q2 2026, up 8 percent sequentially and 19 percent year over year.
  2. Net income attributable to limited partners of $394.9 million, or $0.99 per diluted common unit.
  3. Full-year 2026 guidance raised: Adjusted EBITDA $2.750–$2.950 billion, Distributable Cash Flow $2.050–$2.250 billion, Free Cash Flow $1.100–$1.300 billion.
  4. Brazos Delaware II, LLC acquisition completed in mid-June, adding approximately 460 MMcf/d of natural-gas processing capacity.
  5. Record Delaware Basin produced-water throughput of 2,993 MBbls/d and natural-gas throughput of 2,140 MMcf/d.
  6. Two new Powder River Basin gathering and processing agreements adding approximately 270,000 dedicated acres.
  7. Quarterly distribution of $0.930 per unit maintained, with full-year 2026 distributions of at least $3.70 per unit reiterated.

03—Questions

Frequently Asked Questions

  1. Why was Free Cash Flow after distributions negative in the second quarter?

    The filing states that Free Cash Flow after distributions totaled negative $111.0 million as a result of organic growth capital expenditures. Second-quarter capital expenditures totaled $308.3 million.

  2. What drove the increase in full-year 2026 guidance?

    The company attributed the revised guidance to the Brazos Delaware acquisition, the strength of first-half results, continued elevated commodity prices, and the most recent production forecasts from customers. Midpoints for Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow were raised by 10, 10, and 20 percent, respectively.

  3. Is the distribution at risk given the negative Free Cash Flow after distributions?

    The company reiterated full-year 2026 distribution guidance of at least $3.70 per unit, implying a current annualized run-rate of $3.72 per unit. The filing notes that board action on any distribution increase will be requested quarterly and is subject to the Board's assessment of business needs at that time.

  4. How will the Powder River Basin agreements affect future results?

    The agreements are long-term, backed by acreage dedications and minimum-volume commitments, and are expected to be meaningful contributors to 2027 throughput growth in the basin. Development is expected to begin in the second half of 2026, and the company expects to build additional gathering capacity and compression facilities.

  5. How was the Brazos Delaware acquisition financed?

    The company issued $700 million of senior notes due 2036 to refinance borrowings on its commercial paper program and revolving credit facility that were used for the Brazos Delaware acquisition.

04—Continue

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