Western Midstream Partners, LP
38.28-0.50 (-1.29%)
Oct 29, 4:00:02 PM EDT · NYSE · WES · USD
Key Stats
Market Cap
15.62BP/E (TTM)
11.78Basic EPS (TTM)
3.25Dividend Yield
0.09%Recent Filings
8-K
WES completes Aris acquisition
Western Midstream Partners completed its acquisition of Aris Water Solutions on October 15, 2025, issuing 26.6 million common units and paying $415.0 million in cash to Aris securityholders. This merger bolsters WES's role as a top three-stream midstream and flow-assurance provider in the Delaware Basin, enhancing produced-water gathering, recycling, and disposal services. Integration risks could disrupt operations. Deal closed swiftly.
10-Q
Q2 FY2025 results
Western Midstream Partners posted solid Q2 results, with total revenues climbing 4% year-over-year to $942.3M on stronger fee-based service volumes, while operating income dipped 5% to $444.5M amid higher depreciation from recent expansions. Year-to-date, revenues rose 4% to $1.9B, but net income fell 32% to $667.3M after 2024's divestiture gains faded; diluted EPS landed at $1.66, aligning with 382.4M weighted shares. Throughput grew 3% sequentially to 5,433 MMcf/d for natural gas and 4% to 1,242 MBbls/d for produced water, fueled by West Texas and Powder River Basin output. Cash from operations hit $1.1B YTD, yielding $788M free cash flow after $321M capex, down from last year's $406M but supporting $710M distributions. Debt sits at $6.9B post-2025 notes retirement, with $2B revolver availability and $130M cash bolstering liquidity. The pending Aris acquisition, set for Q4 2025 at $1.5B equity plus $415M cash, targets 1,800 MBbls/d water handling in West Texas. Yet counterparty risks loom large with Occidental driving 80% of volumes.
8-K
WES acquires Aris for $2B
Western Midstream Partners announced a merger agreement on August 6, 2025, to acquire Aris Water Solutions in a $1.5 billion equity-and-cash deal, with an enterprise value of $2.0 billion. Aris shareholders can elect 0.625 WES common units or $25.00 cash per share, capped at $415 million total cash, leaving Aris's $500 million debt intact. The deal expands WES's Delaware Basin produced-water infrastructure, adding 790 miles of pipeline and 1,800 MBbls/d capacity backed by long-term contracts, while targeting $40 million in annual synergies. Yet integration risks loom if approvals delay.
10-Q
Q1 FY2025 results
Western Midstream Partners kicked off 2025 with steady revenue growth, hitting $917.1M for Q1 ended March 31, up 3% y/y from $887.7M but down 1% q/q from Q4 2024's $928.5M, driven by higher fee-based service revenues at the West Texas complex while product-based dipped on lower recoveries. Operating income fell sharply to $409.8M from $679.4M y/y, reflecting no repeat of last year's $239.6M divestiture gain, yet margins held firm amid 2% y/y throughput gains to 5,291 MMcf/d for natural gas. Diluted EPS dropped to $0.79 from $1.47 y/y, aligning with 382.5M weighted shares. Cash from operations surged 33% y/y to $530.8M, yielding derived FCF of $399.4M after $142.4M capex, supporting $341.0M distributions; debt eased to $7.3B post-$663.8M repayment, with $2.0B RCF availability and $448.4M cash bolstering liquidity. No M&A closed this quarter. Investor focus sharpens on Occidental's production shifts amid volatile commodity prices.
8-K
WES Q1 earnings beat expectations
Western Midstream Partners reported Q1 2025 net income of $301.8 million and Adjusted EBITDA of $593.6 million, up from prior periods, driven by record Delaware Basin natural-gas throughput of 2.0 Bcf/d and higher NGL recoveries. The partnership started the North Loving processing plant ahead of schedule in late February, boosting capacity by 250 MMcf/d, while retiring $664 million in senior notes with cash on hand. It raised its quarterly distribution 4% to $0.910 per unit. Yet 2025 guidance holds firm despite market volatility.
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