Western Midstream Announces Third-Quarter 2026 Results

(NYSE:WES) Western Midstream Partners, LP reported third-quarter 2026 net income attributable to limited partners of $324.8 million, or $0.78 per common unit (diluted). Third-quarter 2026 Adjusted EBITDA was $708.3 million, up 12% from the prior-year period, and Distributable Cash Flow was $512.3 million. Cash flows provided by operating activities for the quarter totaled $567.5 million, and Free Cash Flow was $244.2 million. Third-quarter 2026 capital expenditures were $303.4 million. The company announced a third-quarter distribution of $0.930 per unit, consistent with the prior quarter, equating to $3.72 per unit on an annualized basis. WES reaffirmed its 2026 guidance ranges: Adjusted EBITDA of $2.750 billion to $2.950 billion, Distributable Cash Flow of $2.050 billion to $2.250 billion, and Free Cash Flow of $1.100 billion to $1.300 billion. The company expects to be slightly above the high end of its 2026 total capital expenditures guidance range of $850.0 million to $1.0 billion, due to increased producer activity and investment in the Solitude Pipeline System. WES gathered record natural-gas throughput of 5.9 Bcf/d in the quarter, an 8% sequential increase, and record Delaware Basin natural-gas throughput of 2.6 Bcf/d, a 20% sequential increase, largely from the acquisition of Brazos Delaware II, LLC in June 2026. Produced-water throughput in the Delaware Basin reached a record 3,047 MBbls/d, up 2% sequentially. The company acquired a 7.5% equity interest in the Solitude Pipeline System joint venture, operated by WhiteWater, which will provide initial takeaway capacity of up to 2.25 Bcf/d in late 2029 and an incremental 2.25 Bcf/d in 2030. Third-quarter 2026 Free Cash Flow after distributions was negative $148.5 million, attributed to organic growth capital expenditures. Third-quarter 2026 natural-gas throughput averaged 5.7 Bcf/d, up 7% sequentially, while crude-oil and NGLs throughput averaged 526 MBbls/d, and produced-water throughput averaged 2,992 MBbls/d, both showing slight or 2% sequential increases. Oscar K. Brown, President and CEO, stated that the Brazos integration is progressing as expected and assets are anticipated to be tied into the West Texas Complex by mid-December. WES expects strong fourth-quarter results and full-year Adjusted EBITDA above the midpoint of its guidance range, representing an increase of more than $250.0 million over the original $2.600 billion midpoint, or more than $150.0 million excluding the Brazos acquisition. The company expects 2026 capital expenditures to be slightly above the $1.0 billion high end of guidance, reflecting investment in Solitude and increased producer activity. WES anticipates momentum to continue into 2027, with incremental customer activity, a full year of Brazos contribution, the start-up of the Pathfinder pipeline, North Loving II coming online, and new Powder River Basin agreements. 2027 capital expenditures are expected to be in line with 2026, with about 80% directed to the Delaware Basin, including Solitude and North Loving II, and most of the remainder to the Powder River Basin. WES maintains a solid liquidity position and investment grade balance sheet to fund growth, return capital to unitholders, and pursue strategic acquisitions. As of September 30, 2026, total assets were $16,433,959,000 and long-term debt was $8,883,595,000. The company will host a conference call on November 5, 2026, at 9:00 a.m. Central Time to discuss results.

Western Midstream Announces Availability of 2025 Schedule K-3

(NYSE: WES) Western Midstream Partners, LP announced that its 2025 Schedule K-3 reflecting items of international tax relevance is available online. Unitholders may access their Schedule K-3 at www.taxpackagesupport.com/westernmidstream. The announcement states that a limited number of unitholders, primarily foreign unitholders, unitholders computing a foreign tax credit on their tax return, and certain corporate and/or partnership unitholders, may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements. WES is a master limited partnership formed to develop, acquire, own, and operate midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming. WES is engaged in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering and disposing of produced water for its customers. WES also buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.

Western Midstream Announces Pricing of Notes Offering

(NYSE: WES) Western Midstream Partners, LP announced that its subsidiary, Western Midstream Operating, LP, has priced an offering of $700 million in aggregate principal amount of 5.7% senior notes due 2036 at a price to the public of 99.705% of their face value. The offering of the Senior Notes is expected to close on June 25, 2026, subject to the satisfaction of customary closing conditions. Net proceeds from the offering are expected to be used to repay borrowings outstanding under WES Operating's revolving credit facility and commercial paper program, including borrowings incurred by WES to fund the cash consideration for the acquisition of Brazos Delaware II, LLC, and for general partnership purposes, including the funding of capital expenditures. TD Securities (USA) LLC, Barclays Capital Inc., Citigroup Global Markets Inc. and MUFG Securities Americas Inc. are acting as joint book-running managers for the offering. The offering will be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. WES is a master limited partnership formed to develop, acquire, own, and operate midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.

Western Midstream Announces Closing of Brazos Delaware Acquisition

(NYSE:WES) Western Midstream Partners, LP announced it closed the previously announced acquisition of Brazos Delaware II, LLC for approximately $1.6 billion. The transaction consideration comprised approximately $800 million in cash and approximately $800 million in WES common units. WES issued approximately 19.4 million units based on the volume weighted average WES common unit price at the time the acquisition agreement was signed. The Brazos acquisition expands WES's gathering and processing footprint in the Delaware Basin. WES is a master limited partnership formed to develop, acquire, own, and operate midstream assets, with assets located in Texas, New Mexico, Colorado, Utah, and Wyoming. A substantial majority of WES's cash flows are protected from direct exposure to commodity-price volatility through fee-based contracts. The company projects its ability to realize the expected benefits from the Brazos acquisition and meet financial guidance or distribution expectations.