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
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
Ned Baramov
Wells Fargo & Company
2 questions for WES
Also covers: AM, NGL, SUN
Sumantra Banerjee
UBS Group AG
2 questions for WES
Also covers: PBA
Zackery Van Everen
Tudor, Pickering, Holt & Co.
2 questions for WES
Also covers: AM, DTM, EE +6 more
Daniel Boyd
Mizuho Securities USA LLC
1 question for WES
Daniel Jones
Stifel Financial Corp.
1 question for WES
Daniel Kutz
Morgan Stanley
1 question for WES
Also covers: ACDC, BORR, HP +9 more
Eli Jossen
JPMorgan Chase & Co.
1 question for WES
Also covers: AROC, ATGFF, EE +5 more
Elvira Scotto
RBC Capital Markets
1 question for WES
Also covers: AROC, GEL, USAC +2 more
Gabriel Moreen
Mizuho Financial Group, Inc.
1 question for WES
Also covers: AROC, ATO, DKL +15 more
Jeanine Wai
Barclays PLC
1 question for WES
Manav Gupta
UBS Group
1 question for WES
Also covers: ADM, AMTX, BE +34 more
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 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.
5 days ago
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
Western Midstream Partners, LP Announces Record Third-Quarter 2025 Results and Strategic Acquisition
WES
Earnings
Guidance Update
M&A
- Western Midstream Partners, LP reported record third-quarter 2025 Adjusted EBITDA of $633.8 million and Net income attributable to limited partners of $331.7 million, generating Free Cash Flow of $397.4 million.
- The company anticipates being towards the high end of its 2025 Adjusted EBITDA guidance and above the high end of its 2025 Free Cash Flow guidance. It also announced a third-quarter distribution of $0.910 per unit, consistent with the prior quarter.
- On October 15, 2025, WES closed the acquisition of Aris Water Solutions, Inc., establishing itself as one of the largest three-stream midstream providers in the Delaware Basin and targeting $40.0 million of cost synergies.
Nov 4, 2025, 9:20 PM
Western Midstream Partners Reports Record Q3 2025 Adjusted EBITDA and Closes Aris Acquisition
WES
Earnings
Guidance Update
M&A
- Western Midstream Partners reported third-quarter 2025 Net income attributable to limited partners of $331.7 million, generating record third-quarter Adjusted EBITDA of $633.8 million and Free Cash Flow of $397.4 million.
- The company anticipates being towards the high end of its 2025 Adjusted EBITDA guidance range of $2,350 million to $2,550 million and above the high end of its 2025 Free Cash Flow guidance range of $1,275 million to $1,475 million.
- On October 15, 2025, WES closed the previously announced acquisition of Aris Water Solutions, Inc., establishing the company as one of the largest three-stream midstream providers in the Delaware Basin.
- A third-quarter distribution of $0.910 per unit was announced, consistent with the prior quarter's distribution.
- Operational highlights for the third quarter of 2025 include achieving record natural-gas throughput of 5.5 Bcf/d and increasing system operability to 99.6%.
Nov 4, 2025, 9:05 PM
Western Midstream Partners Completes Acquisition of Aris Water Solutions
WES
M&A
New Projects/Investments
- Western Midstream Partners, LP (WES) completed its acquisition of Aris Water Solutions, Inc. on October 15, 2025, solidifying its position as a major three-stream midstream and integrated water solutions provider in the Delaware Basin.
- The merger consideration for Aris securityholders was approximately 28% cash and 72% WES Common Units.
- This involved a total payment of $415.0 million in cash and the issuance of approximately 26.6 million Common Units to Aris securityholders.
- Aris Water Solutions' 7.250% Senior Notes due 2030 will remain outstanding and their indenture will be assumed by Western Midstream Operating, LP.
Oct 15, 2025, 8:04 PM
Western Midstream Completes Acquisition of Aris Water Solutions
WES
M&A
New Projects/Investments
- Western Midstream Partners (WES) completed its acquisition of Aris Water Solutions, Inc. on October 15, 2025.
- The acquisition solidifies WES's position as one of the largest three-stream midstream, flow-assurance providers in the Delaware Basin.
- Aris securityholders received total consideration of approximately $415.0 million in cash and approximately 26.6 million Common Units, representing 28% cash and 72% Common Units of the merger consideration.
Oct 15, 2025, 3:04 PM
Western Midstream and Aris Water Solutions Announce Preliminary Merger Election Results
WES
M&A
Proxy Vote Outcomes
Takeover Bid
- Western Midstream Partners (WES) and Aris Water Solutions (Aris) announced the preliminary results of the merger consideration elections for WES's pending acquisition of Aris, with the election deadline on October 7, 2025.
- Aris securityholders had options to elect 0.625 WES Common Units, a mixed consideration of $7.00 in cash and 0.450 WES Common Units, or $25.00 in cash (subject to proration).
- Based on these preliminary results, an estimated 26.6 million WES Common Units will be issued and $415.0 million in cash will be paid, which equals the maximum total cash consideration.
- Consequently, Aris securityholders who elected the Cash Election Consideration will receive a prorated amount of cash and WES Common Units.
Oct 8, 2025, 11:00 AM
Quarterly earnings call transcripts for Western Midstream Partners.
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