Western Midstream Announces Third-Quarter 2026 Results
Key Highlights
- ➤Adjusted EBITDA $708.3M, up 12% year over year
- ➤Record natural-gas throughput reached 5.9 Bcf/d, up 8% sequentially
- ➤2026 EBITDA, DCF, and FCF guidance ranges reaffirmed
- ➤Capital expenditures expected slightly above $850M-$1.0B guidance range
- ➤Quarterly distribution held at $0.930 per unit
Expert Statements
Oscar K. Brown, President and Chief Executive Officer of Western Midstream Partners, LP
“WES achieved record natural-gas throughput, partnership-wide and in the Delaware Basin, driven by increased throughput from our legacy assets and a full quarter of contribution from the Brazos Delaware acquisition that closed in June.”
Oscar K. Brown, President and Chief Executive Officer of Western Midstream Partners, LP
“The Brazos integration is progressing as expected, and we anticipate tying those assets into our West Texas Complex by mid-December, enabling us to reduce offloads and generate more value for WES unitholders.”
Oscar K. Brown, President and Chief Executive Officer of Western Midstream Partners, LP
“With a greater number of wells expected to come online relative to the third quarter, we expect strong fourth-quarter results and anticipate full-year Adjusted EBITDA above the midpoint of our guidance range of $2.750 billion to $2.950 billion.”
Oscar K. Brown, President and Chief Executive Officer of Western Midstream Partners, LP
“This represents an increase of more than $250.0 million relative to the $2.600 billion midpoint of our original Adjusted EBITDA guidance range announced in February, or more than $150.0 million above the midpoint excluding the Brazos acquisition.”
Oscar K. Brown, President and Chief Executive Officer of Western Midstream Partners, LP
“This outlook follows a modest sequential decline in third-quarter Adjusted EBITDA primarily due to lower crude-oil and NGLs pricing, decreased throughput in the DJ Basin, and slightly higher operation and maintenance expense, which is typical in the third quarter.”
Oscar K. Brown, President and Chief Executive Officer of Western Midstream Partners, LP
“We also expect 2026 capital expenditures to be slightly above the high end of our $850.0 million to $1.0 billion guidance range, reflecting our investment in Solitude and accelerating producer activity levels.”
Oscar K. Brown, President and Chief Executive Officer of Western Midstream Partners, LP
“We expect this momentum to carry into 2027, with incremental customer activity, a full year of contribution from Brazos, the start-up of the Pathfinder pipeline, North Loving II coming online, and new gathering and processing agreements in the Powder River Basin positioning us for throughput growth across all three product lines again next year.”
Oscar K. Brown, President and Chief Executive Officer of Western Midstream Partners, LP
“We expect 2027 capital expenditures to be relatively in line with 2026, with approximately 80-percent directed to the Delaware Basin, our largest growth driver, which includes our investment in the Solitude pipeline and completion of North Loving II.”
Oscar K. Brown, President and Chief Executive Officer of Western Midstream Partners, LP
“The vast majority of the remaining capital expenditures will be directed to the Powder River Basin to support those new agreements.”
Oscar K. Brown, President and Chief Executive Officer of Western Midstream Partners, LP
“Our solid liquidity position and investment grade balance sheet position us to fund these growth opportunities, return substantial capital to unitholders, and continue to pursue strategic acquisitions.”
Western Midstream Announces Third-Quarter 2026 Results PR Newswire
* Reported third-quarter 2026 Net income attributable to limited partners of $324.8 million, generating quarterly Adjusted EBITDA((1)) of $708.3 million, which represents a 12-percent increase compared to the prior-year period, and third-quarter Distributable Cash Flow((1)) of $512.3 million. * Reported third-quarter 2026 Cash flows provided by operating activities of $567.5 million, generating third-quarter Free Cash Flow((1)) of $244.2 million. * Announced a third-quarter distribution of $0.930 per unit, which is consistent with the prior quarter's distribution, and reflects a distribution of $3.72 per unit on an annualized basis. * Reaffirming 2026 Adjusted EBITDA((2)), Distributable Cash Flow((2)), and Free Cash Flow((2)) guidance ranges of $2.750 billion to $2.950 billion, $2.050 billion to $2.250 billion, and $1.100 billion to $1.300 billion, respectively. * Expect to be slightly above the high end of the 2026 total capital expenditures((3)) guidance range of $850.0 million to $1.0 billion, driven by capital needs related to producers' accelerating activity and WES's investment in the Solitude Pipeline System. HOUSTON, Nov. 4, 2026 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced third-quarter 2026 financial and operating results. Net income (loss) attributable to limited partners for the third quarter of 2026 totaled $324.8 million, or $0.78 per common unit (diluted), with third-quarter 2026 Adjusted EBITDA((1)) totaling $708.3 million and Distributable Cash Flow((1)) totaling $512.3 million. Third-quarter 2026 Cash flows provided by operating activities totaled $567.5 million and third-quarter 2026 Free Cash Flow((1)) totaled $244.2 million. Third-quarter 2026 capital expenditures((3)) totaled $303.4 million.
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