01—Abstract
Summary
Summary of the 8-K filed November 4, 2026. Cited figures are marked; the original filing is the authoritative source.
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 milliona.
Net income attributable to limited partners was $324.8 millionb, 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 $0.930c per unit, maintaining its annualized distribution rate at $3.72 per unit.
02—Key points
Key Highlights
- Third-quarter 2026 Adjusted EBITDA increased by 12% year-over-year to $708.3 million, with Net Income attributable to limited partners at $324.8 million.
- Distributable Cash Flow for the third quarter was $512.3 million.
- The company is reaffirming its full-year 2026 guidance for Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow.
- Reported record natural-gas throughput, both partnership-wide (5.9 Bcf/d) and in the Delaware Basin (2.6 Bcf/d), boosted by the Brazos Delaware acquisition.
- Announced a third-quarter distribution of $0.930 per unit, consistent with the prior quarter.
- Full-year 2026 total capital expenditures are expected to be slightly above the high end of guidance due to producer activity and investment in the Solitude Pipeline System.
- Anticipates strong fourth-quarter results and expects full-year Adjusted EBITDA to be above the midpoint of its guidance range.
03—Questions
Frequently Asked Questions
What were the key financial results for Western Midstream Partners in Q3 2026?
In the third quarter of 2026, Western Midstream Partners reported Net Income attributable to limited partners of $324.8 million, Adjusted EBITDA of $708.3 million (a 12% increase year-over-year), and Distributable Cash Flow of $512.3 million. Free Cash Flow was $244.2 million.
How did operational performance contribute to these results?
Operational performance was strong, highlighted by record natural-gas throughput across the partnership and particularly in the Delaware Basin, driven by increased activity and the contribution from the recently acquired Brazos Delaware assets. This growth in throughput supports the partnership's financial performance.
What is the outlook for the remainder of 2026 and 2027?
Western Midstream is reaffirming its full-year 2026 financial guidance and expects Adjusted EBITDA to be above the midpoint of its guidance range. For 2027, the company anticipates continued momentum with incremental customer activity, full contribution from Brazos, and new projects coming online, positioning for throughput growth across all product lines.
What are the significant capital expenditure drivers mentioned?
Total capital expenditures for 2026 are expected to be slightly above the high end of guidance. Key drivers include accelerated producer activity and investments in growth projects like the Solitude Pipeline System and the North Loving II project. Approximately 80% of 2027 capital is directed to the Delaware Basin.
04—Continue