Western Midstream Partners, LP

WES

$49.19

+0.47%

2026-09-03 16:00:03 EDT+$0.23

Energy

Oil & Gas Midstream

NYSE

Active Trading

Western Midstream Partners, LP, an energy infrastructure company operating with its subsidiaries, primarily acquires, owns, develops, and manages assets across the United ...

Price Action of WES

$49.19

+0.47%+$0.23

High—

Low—

52W High-1.8%

Rel. vol—

Interval

Range6.3h

Volume—SMA5SMA10

—

Western Midstream Partners, LP (NYSE: WES) is a Delaware master limited partnership formed in September 2012 by Anadarko Petroleum Corporation (now Occidental Petroleum) to own and operate midstream energy assets. Headquartered in The Woodlands, Texas, the company rebranded from Western Gas Equity Partners, LP in February 2019. WES's operations primarily ...Western Midstream Partners, LP (NYSE: WES) is a Delaware master limited partnership formed in September 2012 by Anadarko Petroleum Corporation (now Occidental Petroleum) to own and operate midstream energy assets. Headquartered in The Woodlands, Texas, the company rebranded from Western Gas Equity Partners, LP in February 2019. WES's operations primarily focus on gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing of produced water. The company operates in key basins including the Delaware Basin in Texas and New Mexico, the Rocky Mountains, and north-central Pennsylvania. WES also buys and sells natural gas, NGLs, and condensate. The partnership is structured with Western Midstream Holdings, LLC as its general partner. Financially, WES has a market capitalization of approximately $19.3 billion and trades on the NYSE. As of the latest TTM data, the company reported revenues of around $4.3 billion (implied from revenue per share of $10.884 and shares outstanding), with a net profit margin of 29.2%. EBITDA margin stands at 53.2%, and the company generates strong free cash flow, with a free cash flow yield of 12.9%. WES has a dividend yield of 7.9%, with a dividend payout ratio of 147.7% (indicating it pays out more than its net income, likely funded by cash flow). The company maintains a moderate leverage with a debt-to-equity ratio of 2.14 and an EV/EBITDA of 12.26. WES employs approximately 1,700 full-time employees. Key leadership includes President and CEO Oscar K. Brown, who has served since October 2024. The company is focused on providing essential midstream services to producers, with a strategy of organic growth and strategic acquisitions, as evidenced by the recent acquisition of Brazos Midstream. Despite its partnership structure, WES has simplified its corporate structure over time, aiming to enhance shareholder value.ExpandCollapse

Founded

2012

Employees

1704

CEO

Oscar K. Brown

Full Name

Western Midstream Partners, LP

Sector

Energy

Industry

Oil & Gas Midstream

ROE

34.12%

Market Cap

$20.32B

Current Ratio

0.91

WACC

6.61%

ROIC

10.64%

Contact Information

https://www.westernmidstream.com

346 786 5000

9950 Woodloch Forest Drive, The Woodlands, TX 77380

Key Metrics of WES

Snapshot

Latest / TTM · 6 periods

Market Cap

$20.32B

ROCE

11.4%

EV / EBITDA

12.72x

-0.1% YoY

FCF Yield

11.1%

+1.8% YoY

Cash Conversion Cycle

-45.5d

Current Ratio

0.91

Quick take

TTM —

Current ratio below 1.0

Negative working capital

Financial Highlights of WES

Profitability trend

Latest / TTM · 6 periods

Gross Margin

66.5%

Net Margin

29.2%

P/E Ratio

15.32x

n/a

Debt / Equity

2.14

n/a

Current Ratio

0.91

Dividend Yield

7.5%

Understanding

TTM —

Current ratio below 1.0

High debt to equity

Calendar of WES

Upcoming

Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $0.91 · Revenue $1.17B · 4 analysts
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $0.92 · Revenue $1.19B · 4 analysts
Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $3.70 · Revenue $4.67B · 6 analysts
Mar 30, 2027
Q1 FY2027 · Estimated results
Est. EPS $1.01 · Revenue $1.28B · 1 analysts

Recent history

Aug 14, 2026
Dividend payment
$3.68 per share
Aug 5, 2026
Q2 FY2026 · Results reported
EPS $0.99 · Revenue $1.22B
View filing
Jul 31, 2026
Ex-dividend date
$3.68 per share
May 6, 2026
Q1 FY2026 · Results reported
EPS $0.87 · Revenue $1.12B
View filing
Feb 18, 2026
FY2025 · Annual results
EPS $3.00 · Revenue $3.84B
View filing
Nov 4, 2025
Q3 FY2025 · Results reported
EPS $0.87 · Revenue $952.48M
View filing

Financial Statements of WES

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$3.8B	+6.6%	+9.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$1.2B	-25.7%	+17.9%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+68.5%	-11.3%	-12.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+41.3%	-24.5%	+4.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+30.4%	-30.3%	+8.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$1.5B	+14.9%	+419.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	+38.1%	+7.8%	+376.1%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	222.1%	-11.7%	-17.1%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	1.34x	+22.7%	-16.7%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$15.0B	+14.1%	+9.3%

Actual vs Estimate

A Dec 31Q Sep 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	3.00 vs 3.41	-11.9%	0.99 vs 0.91	+8.8%
Revenue Surprise	$3.8B vs $3.9B	-0.5%	$1.2B vs $1.2B	+4.7%

Insider Transactions of WES

Acquisitions (A)

Since Feb 12, 2026

Disposals (D)

Since Feb 12, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Aug 12, 2026	Forthuber Frederick A.	director	Common Units representing limited partner interests	A	5,140	$48.62
Mar 11, 2026	PHILLIPS ROBERT G	director	Common Units representing limited partner interests	A	1,250	$40.19
Feb 12, 2026	Brown Oscar K	director, officer: President & CEO	Common Units representing limited partner interests	A	24,022	—
Feb 12, 2026	Brown Oscar K	director, officer: President & CEO	2026 Phantom Units	A	94,451	—
Feb 12, 2026	Brown Oscar K	director, officer: President & CEO	Common Units representing limited partner interests	D	10,510	$42.35

Earnings Call Transcript of WES

1 transcript segments

Q1 2026

Unknown Speaker

Operator: Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Western Midstream Partners First Quarter 2026 Earnings Conference Call. [Operator Instructions] And I would now like to turn the conference over to Daniel Jenkins, Director of Investor Relations. Please go ahead. Daniel Jenkins: Thank you for joining us today for Western Midstream's First Quarter 2026 Conference Call. I'd like to remind you that today's call, the accompanying slide deck and last night's press releases contain important disclosures regarding forward-looking statements and non-GAAP reconciliations, please reference Western Midstream's most recent Form 10-K and 10-Q and other public filings for a description of risk factors that could cause actual results to differ materially from any forward-looking statements we discuss today. Relevant reference materials are posted on our website. With me today are Oscar Brown, our Chief Executive Officer; Danny Holderman, our Chief Operating Officer; and Kristen Shults, our Chief Financial Officer. I'll now turn the call over to Oscar. Oscar Brown: Thank you, Daniel, and good morning, everyone. Yesterday, we reported record adjusted EBITDA of $683 million, increasing 7% sequentially and 15% compared to the prior year period. Our first quarter outperformance reflects the full quarter contribution from the Aris acquisition, per day throughput growth across all three product lines and successful cost reduction efforts. Additionally, as crude oil prices rose in March, we captured incremental benefits from skim oil recoveries on our produced water system and from our fixed recovery natural gas processing contracts. Yesterday, we also announced the $1.6 billion acquisition of Brazos Delaware II. This strategic bolt-on exemplifies our programmatic M&A philosophy, transactions that enhance the value of our existing assets, diversify and enhance our high-quality customer base and generate incremental adjusted EBITDA and strong free cash flow for our unitholders, which is completely aligned with our philosophy of only deploying capital if it sustains or grows the distribution. While we are not currently updating our annual guidance ranges as we have not yet received formal changes to our producers' drilling plans for this year, we do expect to be towards the high end of both the adjusted EBITDA and distributable cash flow ranges without taking into account the impact of the Brazos transaction. This improved outlook is due to increased commercial discussions, the very favorable commodity price environment and our improving operating leverage due to our successful and ongoing cost competitiveness efforts. With that said, we intend to reevaluate our 2026 guidance ranges in conjunction with our second quarter results after the scheduled close of the Brazos transaction. Additionally, one of our largest producers in the Powder River Basin recently …

Leadership Team of WES

11 executives

Name	Title	Compensation	Gender	Year Born	Status
Oscar K. Brown	President, Chief Executive Officer & Director - Western Midstream Holdings LLC	USD 2,936,050	Male	1971	Active
Daniel Holderman	Senior Vice President & Chief Operating Officer of Western Midstream Holdings, LLC	USD 1,522,465	Male	1980	Active
Kristen S. Shults	Senior Vice President & Chief Financial Officer - Western Midstream Holdings LLC	USD 1,501,210	Female	1985	Active
Christopher Dial	Senior Vice President, General Counsel & Corporate Secretary of Western Midstream Holdings, LLC	USD 1,440,887	Male	1977	Active
Catherine A. Green	Senior Vice President & Chief Accounting Officer of Western Midstream Holdings, LLC	USD 1,341,629	Female	1974	Active
Coby Donaldson	Vice President & Chief Information Officer of Western Midstream Holdings LLC	—	Male	—	Active
Daniel Edwards Jenkins	Director of Investor Relations - Western Midstream Holdings LLC	—	Male	—	Active
Ben Hansen	Senior Vice President of Business Services of Western Midstream Holdings, LLC	—	Male	—	Active
Crystal J. Sled	Chief Human Resources Officer & Senior Vice President - Western Midstream Holdings LLC	—	Female	—	Active
Jonathon E. VandenBrand	Senior Vice President of Commercial - Western Midstream Holdings LLC	—	Male	—	Active
Scott Peterson	Vice President of Corporate Planning & Treasurer - Western Midstream Holdings, LLC	—	Male	—	Active

Recent News of WES

Zacks Investment Research7/30/2026Neutral

4 Energy Stocks That Could Surpass Q2 Earnings Estimates

Energy stocks like CLMT, WES, HP and RIG have the potential to deliver better-than-expected Q2 earnings.

Defense World7/26/2026Neutral

Western Midstream Partners (NYSE:WES) Reaches New 52-Week High – Should You Buy?

Western Midstream Partners, LP (NYSE: WES - Get Free Report)'s share price reached a new 52-week high during trading on Friday. The stock traded as high as $48.55 and last traded at $48.5470, with a volume of 81350 shares traded. The stock had previously closed at $47.93. Analysts Set New Price Targets WES has been

Zacks Investment Research7/22/2026Neutral

Western Midstream (WES) Gains As Market Dips: What You Should Know

Western Midstream (WES) concluded the recent trading session at $47.06, signifying a +1.01% move from its prior day's close.

The Motley Fool7/21/2026Neutral

1 Oil Stock Yielding Over 8% That Wall Street Is Ignoring

Western Midstream has less analyst coverage than larger MLPs like Energy Transfer and Enterprise Products Partners. It currently offers a much higher yield compared to those larger MLPs.

Fool - Investing News7/21/2026Neutral

This Pipeline Stock Pays a 5% Yield -- Here Are 2 More Like It

Enbridge is one of the dynamos of the midstream income space, but investors can be rewarded by looking off the beaten path.

Historical Employee Count of WES

Current

1,704

Change

+12.77%

Minimum

1,127

Maximum

1,704

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	1,704	10-K	Feb 18, 2026	View
Dec 31, 2024	1,511	10-K	Feb 26, 2025	View
Dec 31, 2023	1,377	10-K	Feb 21, 2024	View
Dec 31, 2022	1,217	10-K	Feb 22, 2023	View
Dec 31, 2021	1,127	10-K	Feb 23, 2022	View

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Western Midstream Partners, LP