WES Research | Milton Maxwell

WES

Western Midstream Partners, LP

38.80

-0.72-1.82%

Dec 16, 4:00:03 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q4 '25

Reaffirms strategy; Pathfinder gains traction.

2/18/26Feb 18, 2026

Q&A largely reaffirmed prepared remarks on 2026's moderated growth from Oxy's Delaware shifts and Waha woes, while Oscar swatted M&A rumors with crisp discipline: bolt-ons only, no size-chasing. Pathfinder ignited post-Aris with surging third-party interest and falling costs juicing returns. Water poised to outgrow gas/oil short-term; CO2 EOR and power ventures eyed via new group, but only if commercials fit MLP model. Few cost-of-service contracts linger, low priority. Few contracts left. Investors watch producer upside.

Key Stats

Market Cap

15.83B

P/E (TTM)

11.48

Basic EPS (TTM)

3.38

Dividend Yield

0.09%

Recent Filings

10-K

FY2025 results

2/18/26Feb 18, 2026

Western Midstream Partners delivered FY2025 results with total revenues up 6.6% y/y to $3.84B, propelled by Q4 Aris acquisition boosting produced-water throughput 40% y/y to 1,608 MBbls/d amid surging Delaware Basin activity. Natural-gas throughput rose 3% y/y to 5,404 MMcf/d, led by 9% growth in Delaware volumes, while Adjusted EBITDA climbed 6% to $2.48B on higher fee-based margins despite one-time acquisition costs. Q4 momentum shone through North Loving plant startup adding 250 MMcf/d capacity, yet free cash flow hit $1.53B after $728M capex. $2B RCF remains fully available; $250M buyback authorized. Pipeline safety rules risk added compliance costs.

8-K

Record 2025 results, 2026 guidance

2/18/26Feb 18, 2026

Western Midstream posted record 2025 Adjusted EBITDA of $2.481B, up 6% year-over-year, and Free Cash Flow of $1.526B despite $29.5M non-cash revenue hit. Aris acquisition boosted produced-water throughput 40% to 1,578 MBbls/d. Guidance eyes $2.5B-$2.7B Adjusted EBITDA in 2026. Costs fell sharply.

8-K

WES amends key gas contract

1/22/26Jan 22, 2026

Western Midstream's subsidiary amended its Delaware Basin gas gathering deal with Occidental's Anadarko unit on January 16, 2026, swapping cost-of-service fees for fixed fees plus minimum volume commitments through 2027. In exchange, Occidental redeems 15.3 million WES common units on February 3, 2026, cutting its stake to 37.2%. Deal adds ConocoPhillips volumes; Special Committee approved.

8-K

WES Operating closes $1.2B notes

12/4/25Dec 4, 2025

Western Midstream Operating completed a $1.2B notes offering on December 4, 2025: $600M 4.800% due 2031 and $600M 5.500% due 2035. Proceeds repay 2026 senior notes, commercial paper (tied to Aris Water acquisition), and fund capex. Debt refinanced. Covenants restrict liens and mergers.

10-Q

Q3 FY2025 results

11/4/25Nov 4, 2025

Western Midstream Partners posted Q3 revenue of $952M, up 8% y/y from $883M yet flat q/q, with fee-based service revenues climbing 7% y/y to $868M on higher Delaware Basin and DJ Basin throughput. Operating income rose 12% y/y to $442M, diluted EPS held steady at $0.87 (382.8M shares), but YTD net income fell to $990M from $1.24B due to absent divestiture gains. Cash from operations hit $1.66B YTD (up 5% y/y), free cash flow $1.19B after $506M capex (derived). Debt stands at $6.9B long-term with $2B RCF availability; closed $1.5B Aris acquisition October 15 for 26.6M units plus $415M cash. Volumes steady. Aris integration poses risks.

About

Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company is involved in gathering, compressing, treating, processing, and transporting of natural gas; gathering, stabilizing, and transporting of condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing of produced water. It also buys and sells natural gas, NGLs, and condensate. The company operates assets located in Texas, New Mexico, and the Rocky Mountains. It also provides water handling and recycling solutions to oil and natural gas operators in the United States. Western Midstream Holdings, LLC operates as the general partner of the company. The company was formerly known as Western Gas Equity Partners, LP and changed its name to Western Midstream Partners, LP in February 2019. Western Midstream Partners, LP was incorporated in 2007 and is based in The Woodlands, Texas.

CEO

Mr. Oscar K. Brown

IPO

12/10/2012

Website

https://www.westernmidstream.com

Employees

1,511

Sector

Energy

Industry

Oil & Gas Midstream