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Live: Will Casey’s Crush Q4 Earnings Tonight After The Bell?
Western Midstream Partners

WES Q2 2026 Earnings

Reported May 6, 2026 at 4:13 PM ET · SEC Source

Q2 26 EPS

$N/A

Q2 26 Revenue

N/A

vs S&P Since Q2 26

+1.4%

BEATING MARKET

WES +2.1% vs S&P +0.7%

Market Reaction

Did WES Beat Earnings? Q2 2026 Results

Western Midstream Partners, LP delivered a strong first-quarter 2026, beating analyst expectations with earnings of $0.85 per diluted unit on revenue of $1.12 billion, a 22.5% year-over-year increase that reflected the full-quarter contribution of th… Read more Western Midstream Partners, LP delivered a strong first-quarter 2026, beating analyst expectations with earnings of $0.85 per diluted unit on revenue of $1.12 billion, a 22.5% year-over-year increase that reflected the full-quarter contribution of the Aris water infrastructure acquisition completed in late 2025. Adjusted EBITDA climbed 15% year-over-year to $683.14 million, supported by throughput growth across all three product lines and a 7% sequential decline in operation and maintenance costs, demonstrating that higher volumes are translating into meaningful operating leverage. The Delaware Basin remained the partnership's core growth engine, with produced-water throughput surging 140% year-over-year to 2,795 MBbls/d. Alongside results, WES announced a $1.60 billion agreement to acquire Brazos Delaware II, expected to add roughly $100 million in incremental Adjusted EBITDA in 2026, and management signaled confidence in tracking toward the high end of full-year guidance. The partnership also maintained its $0.93 quarterly distribution, underscoring its commitment to unit-holder returns amid an active growth cycle.

Key Takeaways

  • • Full quarter contribution from the Aris acquisition
  • • Throughput growth across all three products (natural gas, crude-oil and NGLs, produced water)
  • • Cost reduction and efficiency strategies reducing operation and maintenance expense by 7% year-over-year (excluding Aris)
  • • Excess NGL volumes and higher skim oil volumes at elevated commodity prices
  • • Record crude-oil and NGLs throughput in the Delaware Basin of 272 MBbls/d
  • • Record produced-water throughput of 2,795 MBbls/d (140% year-over-year increase)

WES Forward Guidance & Outlook

WES expects to be towards the high end of the 2026 Adjusted EBITDA guidance range of $2.50 billion to $2.70 billion and Distributable Cash Flow guidance range of $1.85 billion to $2.05 billion, should the current crude-oil and NGLs pricing environment continue. This improved outlook is driven by increased commercial discussions, a favorable commodity price environment, and improving operating leverage from ongoing cost competitiveness efforts, and excludes the impact of the pending Brazos acquisition. Total 2026 capital expenditures are still expected to range between $850 million and $1.00 billion. The Brazos transaction is expected to contribute approximately $100 million of incremental Adjusted EBITDA in 2026 assuming a close by the end of Q2. WES intends to reevaluate 2026 guidance ranges in conjunction with second-quarter results after the scheduled close of the Brazos transaction.

24/7 Wall St

WES YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

WES Revenue by Segment

Business unit performance breakdown

“WES delivered record Adjusted EBITDA of $683.1 million in the first-quarter of 2026, increasing 7-percent sequentially and 15-percent compared to the prior-year period, which was primarily driven by a full quarter's contribution from the Aris acquisition, throughput growth across all three products, and successful cost reduction efforts.”

— Oscar K. Brown, Q2 2026 Earnings Press Release

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