Western Midstream Partners LP
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.75%.
Did WES Beat Earnings? Q1 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 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 <a href="https://247wallst.com/investing/2026/03/17/western-midstream-partners-raises-distribution-to-3-72-annually-is-the-9-yield-worth-the-risk/">$0.93 quarterly distribution</a>, underscoring its commitment to unit-holder returns amid an active growth cycle.
- 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 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.”
Western Midstream Partners CEO, on the earnings call
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.
WES YoY Financials
WES Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.