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
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, USAC +2 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 +34 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 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.
15 hours ago
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
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
Quarterly earnings call transcripts for Western Midstream Partners.
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