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WES

Western Midstream Partners, LP

WES

Western Midstream Partners, LP • NYSE
$39.33 ▲ 0.85% (+0.33)
Market Cap $14.99 B
52w High $43.33
52w Low $33.60
Dividend Yield 3.60%
P/E 11.64
Volume 938.23K
Outstanding Shares 381.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $952.484M ▲ $247.352M ▼ $331.73M ▼ 34.828% ▼ $0.87 ▼ $613.637M ▼
Q2-2025 $942.322M ▲ $283.049M ▼ $341.68M ▲ 36.259% ▲ $0.88 ▲ $617.239M ▲
Q1-2025 $917.116M ▼ $295.361M ▼ $309.007M ▼ 33.693% ▼ $0.79 ▼ $584.539M ▼
Q4-2024 $928.503M ▲ $300.455M ▲ $333.613M ▲ 35.93% ▲ $0.86 ▲ $600.974M ▲
Q3-2024 $883.362M $288.634M $288.48M 32.657% $0.74 $568.202M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $177.288M ▲ $12.125B ▼ $8.797B ▼ $3.182B ▼
Q2-2025 $129.732M ▼ $12.16B ▼ $8.826B ▼ $3.189B ▼
Q1-2025 $448.447M ▼ $12.457B ▼ $9.123B ▼ $3.193B ▼
Q4-2024 $1.09B ▼ $13.145B ▲ $9.77B ▲ $3.236B ▼
Q3-2024 $1.125B $12.981B $9.604B $3.237B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $331.73M ▼ $582.163M ▲ $-173.481M ▲ $-361.126M ▲ $47.556M ▲ $397.405M ▲
Q2-2025 $333.75M ▲ $567.017M ▲ $-177.014M ▼ $-708.718M ▲ $-318.715M ▲ $388.394M ▲
Q1-2025 $316.318M ▼ $511.465M ▼ $-140.79M ▲ $-1.013B ▼ $-642.307M ▼ $369.063M ▲
Q4-2024 $325.854M ▲ $557.736M ▲ $-233.611M ▼ $-358.398M ▼ $-34.273M ▼ $319.41M ▼
Q3-2024 $295.892M $551.288M $-190.701M $420.031M $780.618M $361.854M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $80.00M ▲$30.00M ▼$40.00M ▲$50.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Service Fee Based
Service Fee Based
 $1.65Bn ▲$820.00M ▼$850.00M ▲$870.00M ▲
Service Product Based
Service Product Based
 $100.00M ▲$60.00M ▼$50.00M ▼$30.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Western Midstream’s income statement shows a clear pattern of healthy growth and improving profitability over the past several years. Revenue has trended upward, with only a modest soft patch before rebounding strongly in the most recent year. Profit margins are high for a midstream operator and have improved as the business has scaled and costs have been managed well. Net income and earnings per unit have risen significantly compared with the early part of the period, suggesting better asset utilization and disciplined operating expenses. The main swing factor remains activity levels in its core basins, but the fee-based nature of its contracts helps smooth out the impact of commodity price volatility on reported results.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive infrastructure business with a large and slowly growing asset base. Debt remains substantial and leverage is elevated, though not unusual for the midstream sector, and it has stayed relatively stable over time. Equity has been edging higher, which indicates the partnership is retaining value and not simply treading water. A notable recent positive is the much stronger cash balance, which gives added flexibility for funding projects, managing debt, or absorbing market shocks. The main risk here is the high reliance on debt financing: this structure works well when cash flows stay strong, but it increases exposure to higher interest costs and downturns in volumes over time.

Cash Flow

Cash Flow Cash generation is a key strength. Western Midstream has consistently produced solid operating cash flow that comfortably covers its capital spending and leaves room for distributions and some balance sheet management. Free cash flow has been positive in each of the past several years, even as the company stepped up investment in new projects more recently. This pattern suggests the business model is self‑funding, with growth largely supported by internally generated cash rather than constant external financing. The main watch point is that higher growth spending or a sudden drop in throughput volumes could narrow this cushion, but the recent trend is one of improving financial flexibility.

Competitive Edge

Competitive Edge Western Midstream holds a strong position in some of the most attractive U.S. shale basins, especially the Delaware and DJ, giving it access to steady volumes from highly active producers. Its business is largely fee‑based with long‑term contracts, which provides more predictable revenue and reduces direct exposure to commodity price swings. A deep commercial relationship with Occidental Petroleum as its anchor customer further stabilizes volumes and underpins long‑range planning. The company also benefits from scale and an integrated offering across natural gas, liquids, and water handling, which can be appealing for producers looking for simplicity. However, concentration in a few basins and reliance on a small number of large customers create some counterparty and regional risk, and competition from other midstream players in the same areas remains an ongoing pressure point.

Innovation and R&D

Innovation and R&D For a midstream company, Western Midstream is relatively active on the innovation front, focusing on technology that improves safety, efficiency, and environmental performance rather than classic lab‑style R&D. Its centralized operations center and extensive remote monitoring infrastructure allow for real‑time oversight of pipelines and plants, which can reduce downtime and incidents. The company has invested in emissions‑reduction measures such as electrified compression, low‑emission processing equipment, and advanced leak‑detection tools, aligning operations with tightening environmental expectations. Its most distinctive innovation push is in produced‑water management, strengthened by the Aris Water Solutions acquisition, which creates an integrated platform for water gathering, disposal, recycling, and potential beneficial reuse. Long‑term projects like advanced desalination, mineral recovery, and large water pipelines could open new revenue streams and deepen its moat, but they also introduce execution, regulatory, and technology‑adoption risks that will need to be managed carefully.

Summary

Overall, Western Midstream appears to combine a solid financial foundation with a differentiated strategic angle in water management. The income statement shows rising revenue and improving profitability, supported by a largely fee‑based contract structure. The balance sheet is typical for midstream: asset‑heavy and highly leveraged, but recently bolstered by a stronger cash position and gradually building equity. Consistently robust cash flow provides room to invest in growth projects while still supporting stakeholder returns. Competitively, the partnership benefits from strategic locations, scale, and a key anchor customer, while its push into integrated produced‑water solutions and emissions‑focused technologies offers a potential edge in winning and retaining business. Key risks to watch include its high leverage, dependence on activity in a few core basins and on major customers, regulatory and environmental scrutiny—especially around water and emissions—and the challenge of successfully executing large, long‑dated infrastructure and water‑technology projects.

NEWS

November 24, 2025 · 7:00 AM UTC

WESTERN MIDSTREAM ANNOUNCES THIRD-QUARTER POST-EARNINGS INTERVIEW WITH CFO, KRISTEN SHULTS AND PARTICIPATION IN UPCOMING INVESTOR CONFERENCES

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November 4, 2025 · 4:05 PM UTC

WESTERN MIDSTREAM ANNOUNCES RECORD THIRD-QUARTER 2025 RESULTS

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October 17, 2025 · 7:00 AM UTC

WESTERN MIDSTREAM ANNOUNCES THIRD-QUARTER 2025 DISTRIBUTION AND EARNINGS CONFERENCE CALL

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October 15, 2025 · 11:04 AM UTC

WESTERN MIDSTREAM COMPLETES ACQUISITION OF ARIS WATER SOLUTIONS

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October 8, 2025 · 7:05 AM UTC

Western Midstream and Aris Water Solutions Announce Preliminary Results for Election of Form of Merger Consideration

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