Earnings summaries and quarterly performance for Western Midstream Partners.
Research analysts who have asked questions during Western Midstream Partners earnings calls.
Keith Stanley
Wolfe Research, LLC
6 questions for WES
Also covers: DK, DTM, ENB +12 more
JT
Jeremy Tonet
JPMorgan Chase & Co.
5 questions for WES
Also covers: AEE, AEP, AM +45 more
Spiro Dounis
Citigroup Inc.
4 questions for WES
Also covers: ARIS, CQP, DTM +14 more
Gabe Moreen
Mizuho Securities USA
2 questions for WES
Also covers: DTM, SR
Ned Baramov
Wells Fargo & Company
2 questions for WES
Also covers: AM, NGL, SUN
SB
Sumantra Banerjee
UBS Group AG
2 questions for WES
Also covers: PBA
ZV
Zackery Van Everen
Tudor, Pickering, Holt & Co.
2 questions for WES
Also covers: AM, DTM, EE +6 more
DB
Daniel Boyd
Mizuho Securities USA LLC
1 question for WES
DJ
Daniel Jones
Stifel Financial Corp.
1 question for WES
Daniel Kutz
Morgan Stanley
1 question for WES
Also covers: ACDC, BORR, HP +9 more
EJ
Eli Jossen
JPMorgan Chase & Co.
1 question for WES
Also covers: AROC, ATGFF, EE +5 more
ES
Elvira Scotto
RBC Capital Markets
1 question for WES
Also covers: AROC, GEL, MPLX +3 more
GM
Gabriel Moreen
Mizuho Financial Group, Inc.
1 question for WES
Also covers: AROC, ATO, DKL +15 more
JW
Jeanine Wai
Barclays PLC
1 question for WES
MG
Manav Gupta
UBS Group
1 question for WES
Also covers: ADM, AMTX, BE +35 more
MB
Michael Blum
Wells Fargo & Company
1 question for WES
Also covers: AROC, BE, CQP +15 more
Wade Suki
Capital One Financial
1 question for WES
Also covers: AM, ARIS, EE +5 more
Zack Van Everen
TPH&Co.
1 question for WES
Also covers: DTM, EE, ET +2 more
Recent press releases and 8-K filings for WES.
Western Midstream Partners announces Delaware Basin natural-gas contract amendments and unit exchange
WES
M&A
New Projects/Investments
Guidance Update
- Western Midstream Partners, LP (WES) has amended its Delaware Basin natural-gas gathering and processing contracts with a subsidiary of Occidental Petroleum Corporation, transitioning from a legacy cost-of-service structure to a simplified, fixed-fee structure effective January 1, 2026.
- WES also entered into new fixed-fee natural-gas gathering and processing agreements with ConocoPhillips, effective February 1, 2026, which includes an acreage dedication.
- In consideration for these transactions, Occidental will transfer 15.3 million WES common units, representing approximately $610 million in value, to WES for redemption on February 3, 2026.
- This unit transfer will reduce Occidental's indirect ownership of WES from approximately 42-percent to 37.2% of outstanding Common Units after redemption.
- WES expects the conversion to a fixed-fee structure not to reduce Adjusted EBITDA through 2027 and anticipates maintaining net leverage at or near 3.0x Adjusted EBITDA in 2026.
Jan 22, 2026, 9:07 PM
Western Midstream Amends Key Contracts, Reduces OXY Ownership
WES
M&A
Dividends
New Projects/Investments
- Western Midstream (WESS) has renegotiated natural gas gathering and processing contracts in the Delaware Basin with Occidental (OXY) and entered a new arrangement with ConocoPhillips, diversifying revenues and simplifying its contract portfolio.
- In consideration for these contract amendments, OXY will transfer approximately 15.3 million WESS common units (valued at approximately $610 million) to WESS, which will reduce OXY's total ownership interest in WESS from approximately 42% to approximately 40%.
- This unit transfer is expected to provide over $56 million in annual distribution savings for WESS beginning in 2026.
- The conversion to a fixed-fee structure from these contract changes is not expected to reduce Adjusted EBITDA through 2027, and will have a minimal impact until 2032.
- WESS anticipates that the cumulative reduction in operating cash flow from these transactions will be largely offset by the cumulative distribution savings and ongoing cost reduction initiatives, which saw operations and maintenance costs decrease 8% in the third quarter of 2025 compared to the third quarter of 2024.
Jan 20, 2026, 12:05 PM
Western Midstream (WES) Renegotiates Delaware Basin Contracts and Receives Common Units from Occidental
WES
Share Buyback
Dividends
Accounting Changes
- Western Midstream (WES) announced amendments to natural gas gathering and processing contracts in the Delaware Basin with Occidental (OXY) and a new arrangement with ConocoPhillips, effective January 20, 2026.
- In exchange for these contract changes, OXY will transfer approximately 15.3 million WES common units, representing approximately $610 million of limited partnership interests, to WES, which will reduce OXY's ownership from 42% to 40% and provide over $56 million in annual distribution savings starting in 2026.
- The $610 million value of the transferred units will be added to the contract liability, totaling approximately $1.2 billion, which will be recognized as revenue from 2026 through 2032, with no expected reduction in adjusted EBITDA through 2027 and minimal impact until 2032.
- These amendments significantly reduce WES's exposure to cost-of-service rates, with only approximately 9% of total revenue remaining subject to such rates after the changes.
- WES expects to fully offset the reduction in free cash flow after distributions through the ongoing annual distribution savings and continued cost reduction initiatives.
Jan 20, 2026, 12:05 PM
WESS Announces Strategic Contract Amendments with Occidental and ConocoPhillips
WES
M&A
Accounting Changes
New Projects/Investments
- Western Midstream (WESS) has renegotiated natural gas gathering and processing contracts in the Delaware Basin with Occidental Petroleum (OXY) and entered into a new arrangement with ConocoPhillips for existing volumes, which diversifies its customer base and reduces related-party revenue by more than 10%.
- In exchange for resetting Delaware Basin natural gas fees and an earlier transition to a fixed-fee structure, OXY transferred approximately 15.3 million WESS common units (representing approximately $610 million) to WESS, decreasing OXY's total ownership from 42% to 40% and providing over $56 million in annual distribution savings starting in 2026.
- The conversion to a fixed-fee structure is not expected to reduce Adjusted EBITDA through 2027 and will have a minimal impact until 2032; the cumulative reduction in operating cash flow is expected to be largely offset by distribution savings and ongoing cost reduction initiatives, including an 8% decrease in operations and maintenance costs in Q3 2025 compared to Q3 2024.
- These amendments significantly reduce WESS's exposure to cost-of-service rates, with only approximately 9% of total revenue remaining subject to such rates, addressing investor concerns about recontracting risk.
Jan 20, 2026, 12:05 PM
Western Midstream Partners Amends Delaware Basin Natural-Gas Contracts and Announces Unit Exchange with Occidental
WES
Share Buyback
New Projects/Investments
Guidance Update
- Western Midstream Partners (WES) has renegotiated natural-gas gathering and processing contracts in the Delaware Basin with Occidental Petroleum, transitioning from a cost-of-service structure to a simplified, fixed-fee structure, and entered new agreements with ConocoPhillips for natural-gas volumes.
- In consideration for these transactions, Occidental will transfer 15.3 million WES common units, representing approximately $610 million of limited partnership interests, to WES. This will reduce Occidental's ownership of WES from approximately 42% to 40%.
- The new contract terms with Occidental are effective January 1, 2026, and with ConocoPhillips, February 1, 2026, with the common units to be redeemed on February 3, 2026.
- WES expects the conversion to a fixed-fee structure will not reduce Adjusted EBITDA through 2027 and will have a minimal impact until 2032; ongoing distribution savings from the unit redemption and cost reduction initiatives are anticipated to fully offset the reduction in Free Cash Flow after distributions.
- Despite a $1.1 billion growth-oriented capital program in 2026, WES still expects to maintain net leverage at or near 3.0x Adjusted EBITDA in 2026.
Jan 20, 2026, 12:00 PM
Western Midstream Operating completes $1.2 billion senior notes offering
WES
Debt Issuance
New Projects/Investments
M&A
- Western Midstream Operating, LP, a subsidiary of WES, completed an offering of $1.2 billion aggregate principal amount of senior notes on December 4, 2025.
- The offering consisted of $600,000,000 of 4.800% Senior Notes due 2031 and $600,000,000 of 5.500% Senior Notes due 2035.
- The net proceeds before expenses from the offering amounted to $1,188,888,000.
- The proceeds will be used to repay maturing 4.650% Senior Notes due 2026, repay commercial paper (including borrowings for the Aris Water Solutions, Inc. acquisition), and for general partnership purposes, including funding capital expenditures.
Dec 4, 2025, 9:42 PM
Western Midstream Partners Announces Pricing of Notes Offering
WES
Debt Issuance
New Projects/Investments
M&A
- Western Midstream Partners, LP (WES) announced the pricing of a $1.2 billion aggregate principal amount of senior notes offering.
- The offering includes $600 million of 4.800% senior notes due 2031 at a price of 99.993% and $600 million of 5.500% senior notes due 2035 at a price of 99.405%.
- The offering is expected to close on December 4, 2025, with net proceeds intended to refinance 4.650% Senior Notes due 2026, repay commercial paper (including borrowings for the Aris Water Solutions, Inc. acquisition), and fund general partnership purposes, such as capital expenditures.
Dec 2, 2025, 1:34 AM
Western Midstream Partners Reports Record Q3 2025 Adjusted EBITDA and Updates 2025 Guidance Following Aris Acquisition
WES
Earnings
Guidance Update
M&A
- Western Midstream Partners achieved a record-adjusted EBITDA of $634 million for Q3 2025, marking its second consecutive quarter of record performance, primarily due to lower operational costs and cost reduction initiatives.
- The company completed the acquisition of Aris Water Solutions on October 15th, solidifying its position as a leading three-stream midstream flow assurance provider in the Delaware Basin and targeting $40 million in annual run rate synergies.
- WES updated its 2025 guidance, now expecting to be towards the high end of its adjusted EBITDA range of $2.35 billion-$2.55 billion and above the high end of its free cash flow range of $1.275 billion-$1.475 billion, which includes contributions from the Aris acquisition.
- For Q4 2025, the company anticipates approximately two and a half months of contribution from Aris, expecting $45-$50 million in adjusted EBITDA from these assets.
- Looking ahead to 2026, WES projects capital expenditures of at least $1.1 billion, with the Delaware Basin expected to be the primary driver of throughput growth across all three product lines.
Nov 5, 2025, 2:00 PM
Western Midstream Partners Reports Record Q3 2025 Adjusted EBITDA and Updates Guidance
WES
Earnings
M&A
Guidance Update
- Western Midstream Partners (WES) reported a record-adjusted EBITDA of $634 million for Q3 2025, marking the second consecutive quarter of record performance, primarily due to lower operational costs and cost reduction initiatives.
- The company completed the acquisition of Aris Water Solutions on October 15th, expecting $40 million in annual run rate synergies and an additional $45 million-$50 million in adjusted EBITDA contribution from Aris in Q4 2025. This acquisition is projected to increase average year-over-year produced water throughput by approximately 40% compared to 2024 levels.
- WES achieved its highest total natural gas throughput in its history during Q3 2025, including a record in the Delaware Basin, with natural gas throughput increasing 2% sequentially.
- The company updated its 2025 guidance, now expecting to be towards the high end of its adjusted EBITDA range of $2.35 billion-$2.55 billion and above the high end of its free cash flow range of $1.275 billion-$1.475 billion.
- For 2026, WES anticipates capital expenditures of at least $1.1 billion and expects continued average year-over-year throughput growth across all three product lines, with the Delaware Basin as the primary growth engine.
Nov 5, 2025, 2:00 PM
Western Midstream Partners Reports Record Q3 2025 Adjusted EBITDA and Updates 2025 Guidance Following Aris Acquisition
WES
Earnings
Guidance Update
M&A
- Western Midstream Partners (WES) reported a strong Q3 2025, achieving record-adjusted EBITDA of $634 million and $397 million in free cash flow. The company also saw its natural gas throughput reach the highest in its partnership's history.
- The acquisition of Aris Water Solutions was completed on October 15th, solidifying WES's position as a leading three-stream midstream flow assurance provider in the Delaware Basin and targeting $40 million of annual run rate synergies.
- WES updated its 2025 guidance, now expecting to be towards the high end of its adjusted EBITDA range ($2.35 billion-$2.55 billion) and above the high end of its free cash flow range ($1.275 billion-$1.475 billion). Capital expenditures for 2025 are expected towards the high end of $625 million-$775 million, and 2026 capital expenditures are projected to be at least $1.1 billion.
Nov 5, 2025, 2:00 PM
Quarterly earnings call transcripts for Western Midstream Partners.
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