Western Midstream Partners LP (NYSE: WES) is a midstream energy limited partnership that gathers, compresses, treats, processes, and transports natural gas, crude oil, and produced water on behalf of upstream producers. It makes money by charging fees for moving and processing hydrocarbons through its pipeline and processing infrastructure, with Western Midstream Operating LP serving as its consolidated operating subsidiary that carries publicly traded debt. The partnership is structured as a master limited partnership and files combined annual reports for both registrants with the SEC. Based on the 10-K filed February 18, 2026, WES units trade on the New York Stock Exchange. The filing covers the fiscal year ended in 2025. Western Midstream Operating LP has no publicly traded equity securities. The partnership's fee-based midstream model ties revenue to throughput volumes rather than commodity prices, providing a degree of cash flow predictability common to toll-road style infrastructure businesses.

Revenue model

Fee-based throughput revenue from gathering, compression, treating, processing, and transportation of natural gas, crude oil, and produced water through owned midstream infrastructure.

Products and services

Natural gas gathering and processing, natural gas compression and treating, crude oil gathering and transportation, produced water gathering and disposal, midstream pipeline infrastructure.

Customers and end markets

Upstream oil and gas producers that require midstream services to move and process hydrocarbons from wellhead to market. Specific customer names, concentration data, and end-market percentages are not supported by the provided filing excerpts.

Value-chain role

Midstream infrastructure operator sitting between upstream producers and downstream markets, providing gathering, processing, and transportation services.

Geographic exposure

Geographic operating footprint details are not supported by the provided filing excerpts.

Source: SEC 10-K, filed 2026-02-18

Industry: Natural Gas Transmission Peers: Cheniere Energy Partners LP DCP Midstream, LP Enterprise Products Partners L.P Magellan Midstream Partners, L.P. MPLX LP New Fortress Energy Inc ONEOK Inc Plains All American Pipeline LP Shell Midstream Partners, L.P. Targa Resources Corp