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Western Midstream Partners, LP
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NYSE: WES Energy Oil & Gas Midstream 🔎 Screen
🏹 Trader: 🚀 Stage 2 + Near High 📈 Stage 2 🎯 Near 52W High | BRS 80 Ready View all →
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$18.7B
Market Cap
13.3
P/E
1.05
PEG
14.2%
ROCE
32.2%
ROE
2.08
D/E
41.7%
OPM
-2.6%
% from 52W High
74
α RS
🔍 WES is showing a high-conviction setup because it matches 11 of 37 tracked screener presets, RS Rating is 74, and it's within 2.6% of its 52-week high. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating 52W High
Sources
Conviction 11/37 · RS Rating 74 · 2.6% from 52W high
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🌏 Global Investor Returns
Currency-adjusted total returns for WES including FX impact
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📈 Price History
Ratio Health
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— Poor
By Category
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About

Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States.

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📈 Growth Pattern
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📊 MIXED Western Midstream Q1 2026: record adj. EBITDA $683M, 15% YoY growth; announces $1.6B Brazos Delaware II acquisition.
Revenue & Profitability
Q1 2026 net income attributable to limited partners was $342 million. Record adjusted EBITDA was $683 million, up 7% sequentially and 15% year-over-year. Distributable cash flow was $509 million. Operating cash flow was $470 million, and free cash flow was $242 million. The company expects full-year 2026 adjusted EBITDA toward the high end of its $2.5-$2.7 billion range and distributable cash flow toward the high end of $1.85-$2.5 billion, excluding the Brazos acquisition.
Outlook
Management expects Waha natural gas pricing to remain volatile through Q2 2026 due to downstream maintenance, with improvement in the second half as new takeaway capacity comes online. In the Powder River Basin, one of the largest producers plans to accelerate activity in 2H 2026 to increase volumes earlier in 2027. The current elevated commodity price environment supports a more favorable outlook, and the company is seeing increased commercial discussions across its portfolio.
Growth Drivers
Key growth drivers include the full integration of the Aris acquisition, the pending Brazos Delaware II acquisition (adding ~460 MMcf/d processing capacity and 470,000 dedicated acres), organic projects like the Pathfinder produced water pipeline and North Loving II (both expected online in 2027), and increasing producer activity in the Powder River Basin. WES also sees growth potential from produced water beneficial reuse, behind-the-meter power, and CO2 services.
Balance Sheet & CapEx
2026 capital expenditures are expected to range between $850 million and $1 billion. Approximately half is directed toward the Pathfinder produced water pipeline and North Loving II projects. Sustaining capital is estimated at $400-$600 million per year. The company expects near-term maintenance capex for the Brazos assets to be around $20 million annually.
Margins
Q1 natural gas adjusted gross margin per Mcf increased by $0.06 sequentially to an expected full-year average of ~$1.28/Mcf. Crude oil/NGL per-barrel margin averaged within the $3.05-$3.10 range in Q1, with full-year guidance of $3.10-$3.15/barrel. Produced water margin per barrel was $0.93 in Q1, with full-year average of ~$0.91. Cost reduction efforts are improving operating leverage, with operation and maintenance expense expected to increase only 10-15% on a combined company basis despite the Aris acquisition.
Key Risks
Key risks include continued Waha natural gas pricing volatility causing producer curtailments in the Delaware Basin, particularly through Q2 2026. Commodity price fluctuations can impact skim oil recoveries and excess NGL margins. Additionally, producer activity levels and drilling plans remain uncertain, with formal changes to 2026 plans not yet received. The company is also exposed to regulatory and political environment changes in the DJ Basin.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Record adjusted EBITDA and strong cash flow growth led to raised 2026 guidance for EBITDA, DCF, and FCF. The Brazos acquisition, new Powder River Basin agreements, and robust produced water growth underpin a positive outlook, with major projects and a strong balance sheet supporting future expansion.
Q1 2026 Q1 2026 2026-05-07
Record Q1 adjusted EBITDA and distributable cash flow were driven by the Aris acquisition, throughput growth, and cost reductions. The $1.6B Brazos acquisition will expand the Delaware Basin footprint and is expected to be immediately accretive, with guidance trending to the high end for 2026.
Q4 2025 Q4 2025 2026-02-19
Record 2025 results driven by throughput growth and cost reductions, with the Aris acquisition expanding water solutions and synergies. 2026 guidance anticipates moderated growth due to lower producer activity and commodity prices, but long-term EBITDA growth and distribution increases remain on track.
Q3 2025 Q3 2025 2025-11-05
Record adjusted EBITDA and operational efficiency marked Q3, with the Aris acquisition boosting produced water capabilities and setting up for strong growth. Guidance was raised to the high end for 2025, with continued cost discipline and major projects supporting future expansion.
Q2 2025 Q2 2025 2025-08-07
Record Q2 adjusted EBITDA and strong throughput growth were driven by Delaware Basin performance and operational efficiency. The Aris Water Solutions acquisition and North Loving II expansion position the company for multi-year growth, with leverage and distribution coverage remaining strong.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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Information Sources:
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