Western Midstream Partners LP

westernmidstream.com

What Do They Do?

Sells gathering, processing, and transportation services for natural gas, oil and gas liquids, and produced water to energy producers.

How Do They Make Money?

Fee-based services made up 90% of FY2025 revenue; customers pay volume-based fees, generally in the month after service. Some contracts instead pay WES with products or a share of sale proceeds.

revenue

Segment	Share	How money arrives
Service Revenues - Fee Based Usage-based	90% FY2022: 80%	Usage-based
Service Revenues - Product Based Usage-based	5.0% FY2022: 7.7%	Usage-based
Product Sales Sold outright	5.1% FY2022: 12%	Sold outright

Who Are Their Customers?

Energy producers contract for gathering, processing, transportation, and water services. Occidental is a contracting counterparty, including for some volumes owned by other working-interest owners.

Do Revenues Turn Into Profits?

Yes. It kept 31 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

42% of revenue

▼ −19% vs FY2024 ($2B, 55%)

Net income, FY2025

31% of revenue

▼ −25% vs FY2024 ($1.6B, 44%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +30%; vs $942.3M in Q2 FY2025
Net income: ▲ +18%; vs $341.7M in Q2 FY2025

Service Revenues - Fee Based share of revenue vs 90.4% in Q2 FY2025

Aug 5, 2026 Raised 2026 cash-flow and earnings guidance Raised the midpoints of 2026 Adjusted EBITDA, distributable cash flow, and free cash flow guidance by 10%, 10%, and 20%, respectively.
Jun 12, 2026 Completed the Brazos Delaware acquisition Closed the acquisition for approximately $1.6 billion, paid in cash and common units.

Growing. Revenue grew 34% in 4 years, from $2.9B in FY2021 to $3.8B in FY2025, about 8% a year.

Revenue over time

Service Revenues - Fee Based Service Revenues - Product Based Product Sales Other

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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