Western Midstream Partners, LP (WES)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$4.3B

Revenue growth

18.0%

Net income, last twelve months

$1.3B

Earnings per share

$3.18

Gross margin

92.1%

Operating margin

40.2%

Net margin

29.6%

Free cash flow

$1.2B

Market value

$18.6B

Price to earnings

14.2x

Cash

$104.8M

Debt

$9.1B

Shares outstanding

413.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• Record Adjusted EBITDA on higher volumes. Adjusted EBITDA was $736.5 million, up 8% sequentially and 19% from a year earlier. Management attributed the gain to produced-water throughput, a partial month of Brazos Delaware, and fixed-recovery gas processing at higher prices.
• Net income and diluted earnings per unit. Net income attributable to limited partners was $394.9 million, or $0.99 per diluted unit, against $0.87 in the second quarter of 2025 and $0.85 in the first quarter of 2026.
• Distributable Cash Flow comparison differs. Distributable Cash Flow was $537.2 million. The first-quarter figure shown here is $496.6 million, versus $508.9 million in the prior release.
• Delaware gas throughput at a record. Delaware natural-gas throughput was 2,140 MMcf/d, up 5% sequentially. Management said most of the increase came from about two and a half weeks of Brazos Delaware.
• DJ Basin gas throughput at a record. DJ Basin natural-gas throughput was 1,547 MMcf/d, up 2% sequentially.
• Produced-water volumes at a record. Delaware produced-water throughput was 2,993 MBbls/d, up 5% sequentially. Produced-water throughput attributable to WES averaged 2,939 MBbls/d.
• Crude and NGL volumes roughly flat. Crude-oil and NGLs throughput attributable to WES averaged 523 MBbls/d, with operated Delaware volumes down 3% to 265 MBbls/d.
• Operating costs fell as volumes grew. Excluding Aris, operation and maintenance expense fell 2% year over year while natural-gas and produced-water throughput grew 1.5% and 10%.
• Adjusted Gross Margin rose sequentially. Adjusted Gross Margin was $1,074.5 million, against $990.7 million in the first quarter, per the reconciliation table.
• Produced-water margin per barrel rose. Gross margin per barrel for produced-water assets was $0.80, up 10%, and Adjusted Gross Margin per barrel was $0.96, up 7%.
• Commodity prices lifted fixed-recovery contracts. Management said higher prices raised the contribution from fixed-recovery natural-gas processing contracts in all core basins.
• Operating and free cash flow rose. Cash from operations was $534.7 million and free cash flow $263.6 million, against $469.9 million and $242.3 million in the first quarter.
• Free cash flow negative after distributions. Free cash flow after distributions was negative $111.0 million, which management attributed to organic growth capital spending.
• Quarterly distribution held flat. The second-quarter distribution was $0.930 per unit, equal to the prior quarter and $3.72 annualized, payable August 14, 2026.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 132 held.

Every filing

The newest filings with the SEC of 263 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

388 funds held it at 30 Jun 2026: 148 added and 95 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Williams Companies, Inc. (WMB): revenue $12.2B, market value $90.8B
• National Grid plc (NGG): revenue $23.7B, market value $85.5B
• Enterprise Products Partners L.P. (EPD): revenue $58.5B, market value $82.2B
• Kinder Morgan, Inc. (KMI): revenue $18.3B, market value $74.8B
• TC Energy Corporation (TRP): revenue $10.9B, market value $65.7B
• Targa Resources Corp. (TRGP): revenue $16.7B, market value $65.6B
• DT Midstream, Inc. (DTM): revenue $1.3B, market value $12.7B
• Antero Midstream Corp. (AM): revenue $1.3B, market value $9.8B
• Archrock, Inc. (AROC): revenue $1.5B, market value $5.6B
• Kodiak Gas Services, Inc. (KGS): revenue $1.4B, market value $4.9B

What the company does

Western Midstream Partners, LP is a Delaware master limited partnership whose common units trade on the NYSE under the symbol "WES." It gathers, compresses, treats, processes and transports natural gas. Its assets are in Texas, New Mexico, and the Rocky Mountains (Colorado, Utah, and Wyoming). The filing shows 14,910 miles of pipeline, 5,780 MMcf/d of processing or treating capacity, and 1,704 employees. Its general partner is a wholly owned subsidiary of Occidental.

How the business is organised

The company reports a single operating segment. WES owns a 98.1% limited partner interest in WES Operating, which holds the operating assets, and owns all of the equity of WES Operating GP. WES Operating was formed by Anadarko in 2007. It also operates or holds interests in NGLs, natural-gas and crude-oil pipelines. It owns 75% of Chipeta and is its managing member.

What it handles

Gas gathering systems carry raw natural gas from customers' wellheads to a central location. There, contaminants are removed and the gas is separated into residue gas and a mixed NGLs stream. Crude-oil assets gather oil at the well site and stabilize it before delivery to terminals, storage facilities, long-haul pipelines and refineries. Produced-water systems remove hydrocarbons and sediments, recycle and supply treated water, and re-inject water through permitted disposal wells. Under certain contracts the company also buys and sells residue, NGLs and condensate.

Average throughput was 5,404 MMcf/d for natural-gas assets, 524 MBbls/d for crude-oil and NGLs assets and 1,608 MBbls/d for produced-water assets.

Where it operates

Its core areas are the Delaware, DJ and Powder River Basins. The Powder River Basin complex in Wyoming has 6 plants and 620 MMcf/d. In South Texas it runs the Brasada complex and the Springfield system in the Eagle Ford. In southwest Wyoming it has the Granger and Red Desert gathering systems and a 22% interest in Rendezvous.

In the fourth quarter of 2025 it closed the acquisition of Aris. The deal added water assets in Lea and Eddy Counties, New Mexico and West Texas, including approximately 830 miles of produced-water pipeline and 1,560 MBbls/d of water recycling capacity. The company issued 26.6 million common units as part of the consideration.

Who it sells to and how it is paid

Occidental accounted for 60% of Total revenues and other, 36% of natural-gas throughput, 91% of crude-oil and NGLs throughput and 61% of produced-water throughput. Occidental also holds a 39.7% limited partner interest and a 2.2% general partner interest in WES. Occidental is not restricted from competing with the company.

Occidental's production was 43% of West Texas complex throughput and 56% of DJ Basin complex throughput. At the Powder River Basin complex, the three largest third-party customers provided 66% of throughput. At Chipeta, the five largest customers provided 85%.

In the same period, 97% of wellhead natural-gas volume and 100% of crude-oil and produced-water throughput were under fee-based contracts. Some volumes are supported by minimum-volume commitments with deficiency payments or by cost-of-service commitments: approximately 2.5 Bcf/d of natural gas, 476 MBbls/d of crude oil and NGLs, and 1,028 MBbls/d of produced water. The company retains and sells drip condensate and skim oil, and so has limited direct commodity-price exposure.

How it competes and is regulated

Competitors include other midstream companies, producers, and intrastate and interstate pipelines. Competition is based on reputation, commercial terms, operational reliability, service levels, location, available capacity, capital expenditures and fuel efficiencies. The company says its advantages are proximity to established and future production and flexibility in service.

FERC regulates MIGC, the West Texas complex residue lines and its interstate liquids pipelines. Natural-gas gathering is exempt from FERC but subject to state rules, including ratable-take and common-purchaser statutes. The Pipeline and Hazardous Materials Safety Administration regulates pipeline safety. Operations are also subject to environmental laws such as the Clean Air Act, the Clean Water Act and the Safe Drinking Water Act. The Texas Railroad Commission sets rules for disposal wells and tariffs.

Its people

WES employed 1,704 people, all in the United States. None are covered by collective bargaining agreements. The voluntary attrition rate was 9%. Safety metrics are part of the incentive compensation program.

*From Western Midstream's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1423902/000142390226000030/wes-20251231.htm)*

From the company's 10-K.