Western Midstream Partners (WES) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for Western Midstream Partners.

Analyst Coverage

Research analysts who have asked questions during Western Midstream Partners earnings calls.

Keith Stanley

Wolfe Research, LLC

8 questions for WES

Also covers: DK, DTM, ENB +13 more

Jeremy Tonet

JPMorgan Chase & Co.

7 questions for WES

Also covers: AEE, AEP, AM +46 more

Gabe Moreen

Mizuho Securities USA

4 questions for WES

Also covers: DTM, ET, OGS +2 more

Spiro Dounis

Citigroup Inc.

4 questions for WES

Also covers: ARIS, CQP, DTM +15 more

Wade Suki

Capital One Financial

3 questions for WES

Also covers: AM, ARIS, EE +5 more

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 +6 more

Elvira Scotto

RBC Capital Markets

1 question for WES

Also covers: AROC, ET, GEL +5 more

Gabriel Moreen

Mizuho Financial Group, Inc.

1 question for WES

Also covers: AROC, ATO, DKL +16 more

Jeanine Wai

Barclays PLC

1 question for WES

Manav Gupta

UBS Group

1 question for WES

Also covers: ADM, AMTX, BE +35 more

Michael Blum

Wells Fargo & Company

1 question for WES

Also covers: AROC, BE, CQP +15 more

Zack Van Everen

TPH&Co.

1 question for WES

Also covers: DTM, EE, ET +2 more

Latest news

Recent press releases and 8-K filings for WES.

Western Midstream Reports Strong 2025 Performance and Provides 2026 Guidance

WES

Guidance Update

Earnings

M&A

Western Midstream reported full-year 2025 Adjusted EBITDA of $2.48 billion, exceeding guidance, and Free Cash Flow of $1.53 billion, which was above the high end of guidance.
The company successfully implemented cost-cutting initiatives in 2025, leading to an 8% year-over-year decrease in Q3 2025 O&M and a 12% year-over-year decrease in Q4 2025 O&M (excluding Aris).
For 2026, WES provided Adjusted EBITDA guidance of $2.5 billion to $2.7 billion, representing approximately 5% growth at the midpoint, and CapEx guidance with a midpoint of $925 million.
WES expects to recommend a distribution of at least $3.70 per unit for 2026, including an increase of $0.91 to $0.93 per unit starting in Q1, which is a 2% increase.
Despite anticipated declines in activity in some basins due to producer forecasts, WES confirmed its strategy remains unchanged, focusing on organic and inorganic growth, cost discipline, and maintaining low leverage.

4 days ago

Transcript

Western Midstream Reports Strong 2025 Results and Provides 2026 Guidance

WES

Guidance Update

Dividends

New Projects/Investments

Western Midstream (WES) reported strong full-year 2025 performance, with Adjusted EBITDA of $2.48 billion and Free Cash Flow of $1.53 billion, both exceeding guidance.
For 2026, WES provided Adjusted EBITDA guidance of $2.5 billion to $2.7 billion (approximately 5% growth at the midpoint) and expects Free Cash Flow between $900 million and $1.1 billion.
The company plans to recommend a distribution increase of $0.91 to $0.93 per unit, resulting in an expected 2026 distribution of at least $3.70 per unit, while also guiding capital expenditures to a midpoint of $925 million.
WES will maintain its strategy of organic and inorganic growth, low leverage, and continued cost discipline, which led to an 8% year-over-year decrease in Q3 2025 O&M and a 12% decrease in Q4 2025 O&M (excluding Aris).

4 days ago

Transcript

Western Midstream Reports Strong 2025 Performance and Issues 2026 Guidance

WES

Guidance Update

M&A

New Projects/Investments

Western Midstream reported strong full year 2025 financial results, with Adjusted EBITDA of $2.48 billion and Free Cash Flow of $1.53 billion, both exceeding guidance, while CapEx was in line at $722 million.
For 2026, the company provided Adjusted EBITDA guidance of $2.5 billion to $2.7 billion (midpoint representing approximately 5% growth), a CapEx midpoint of $925 million, and expects distributions of at least $3.70 per unit. Free Cash Flow for 2026 is projected to be between $900 million and $1.1 billion.
Cost-cutting initiatives implemented in Q2 2025 led to year-over-year O&M decreases of 8% in Q3 2025 and 12% in Q4 2025 (excluding Aris), with G&A remaining relatively flat.
The company will maintain its strategy of organic and inorganic growth, low leverage, and distribution safety in 2026, despite anticipated declines in producer activity in some basins.

4 days ago

Transcript

Western Midstream Partners Reports Record 2025 Financial Results and Provides 2026 Guidance

WES

Earnings

Guidance Update

M&A

Western Midstream Partners reported record Adjusted EBITDA of $2.48 billion and record Free Cash Flow of $1.53 billion for full-year 2025, both exceeding their respective guidance ranges. For the fourth quarter of 2025, Adjusted EBITDA was $636 million.
The company provided 2026 financial guidance, projecting Adjusted EBITDA to range between $2.5 billion and $2.7 billion, with a midpoint of $2.6 billion, representing approximately 5% year-over-year growth. Capital expenditures for 2026 are expected to be between $850 million and $1 billion, with a midpoint of $925 million, a reduction from previous estimates.
The Aris acquisition, completed in late 2025, significantly expanded Western Midstream's produced water solutions capabilities and contributed to Q4 2025 performance, with integration progressing ahead of schedule and $40 million in targeted cost synergies achieved.
While 2025 was a successful year, 2026 is anticipated to be a "transition year" with more moderate growth due to reduced producer activity, including Oxy's reallocation in the Delaware Basin, and lower natural gas Adjusted Gross Margin per unit. Despite these headwinds, the company's long-term outlook of mid- to low-single-digit Adjusted EBITDA growth remains intact.

Feb 19, 2026, 3:00 PM

Transcript

Western Midstream Partners Reports Record 2025 Financials, Provides 2026 Guidance

WES

Earnings

Guidance Update

M&A

Western Midstream Partners (WES) reported record Adjusted EBITDA of $2.48 billion and record free cash flow of $1.53 billion for full year 2025, exceeding their respective guidance ranges.
For 2026, WES expects Adjusted EBITDA to range between $2.5 billion and $2.7 billion, with a midpoint of $2.6 billion, representing approximately 5% year-over-year growth.
The company anticipates moderated throughput growth in 2026, with natural gas throughput projected to be flat and crude oil and NGL throughput expected to decline by low- to mid-single digits year-over-year, primarily due to reduced producer activity levels and lower natural gas adjusted gross margins.
The Aris acquisition in late 2025 is expected to contribute meaningfully to 2026 Adjusted EBITDA and produced water throughput, while ongoing cost reduction initiatives are also set to enhance operational efficiency.
WES has updated its 2026 capital expenditure guidance to range between $850 million and $1 billion, with a midpoint of $925 million, a reduction from previous estimates.

Feb 19, 2026, 3:00 PM

Transcript

Western Midstream Partners Reports Record 2025 Financials and Provides 2026 Guidance

WES

Earnings

Guidance Update

M&A

Western Midstream Partners reported record Adjusted EBITDA of $636 million for Q4 2025 and $2.48 billion for the full year 2025, exceeding the midpoint of their guidance range. The company also achieved record free cash flow of $1.53 billion for 2025.
For 2026, the company expects Adjusted EBITDA to range between $2.5 billion and $2.7 billion (midpoint $2.6 billion) and Distributable Cash Flow between $1.85 billion and $2.05 billion (midpoint $1.95 billion). Capital expenditures are projected to be $850 million to $1 billion (midpoint $925 million), a reduction from previous estimates.
The Aris acquisition is a significant contributor to growth, particularly in produced water throughput, which is projected to increase by over 80% year-over-year in 2026. However, low Waha Hub pricing is expected to impact Delaware Basin natural gas throughput through at least the first half of 2026, and throughput declines are anticipated in the DJ and Powder River Basins.
The company continues its focus on cost reduction initiatives and a disciplined capital allocation strategy, aiming for mid- to low single-digit growth over the long term.

Feb 19, 2026, 3:00 PM

Transcript

Western Midstream Announces Record Q4 and Full-Year 2025 Results, Provides 2026 Guidance

WES

Earnings

Guidance Update

M&A

Western Midstream Partners, LP (WES) reported record full-year 2025 Adjusted EBITDA of $2.481 billion and Free Cash Flow of $1.526 billion, exceeding the midpoint and high end of their respective guidance ranges.
The company provided 2026 Adjusted EBITDA guidance of $2.500 billion to $2.700 billion and Distributable Cash Flow guidance of $1.850 billion to $2.050 billion.
WES plans to recommend a distribution increase to $0.93 per unit for the first quarter of 2026, representing a 2.2% rise from the prior quarter.
Full-year 2025 operational highlights included record annual natural-gas throughput of 5.2 Bcf/d and a 40% year-over-year increase in produced-water throughput to 1,578 MBbls/d, significantly influenced by the acquisition of Aris Water Solutions, Inc..
Strategic actions included renegotiating Delaware Basin natural-gas contracts to a fixed-fee structure, involving $610 million in WES units owned by Occidental.

Feb 18, 2026, 10:17 PM

8-K

Western Midstream Partners Announces Record 2025 Results and 2026 Guidance

WES

Earnings

Guidance Update

Dividends

Western Midstream Partners (WES) reported record full-year 2025 Adjusted EBITDA of $2.481 billion and Free Cash Flow of $1.526 billion, both exceeding the midpoint and high end of their respective guidance ranges.
For fourth-quarter 2025, WES announced Net income attributable to limited partners of $187.2 million and Adjusted EBITDA of $635.6 million.
The company provided 2026 Adjusted EBITDA guidance between $2.500 billion and $2.700 billion and total capital expenditure guidance between $850.0 million and $1.000 billion.
WES announced a fourth-quarter 2025 distribution of $0.910 per unit and plans to recommend a 2.2-percent increase to $0.93 per unit starting in the first quarter of 2026.
In 2025, WES returned $1.431 billion to unitholders and achieved record annual natural-gas throughput of 5.2 Bcf/d and crude-oil and NGLs throughput of 514 MBbls/d.

Feb 18, 2026, 9:05 PM

Press Release

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

8-K

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.