Western Midstream Reports Q3 2026 Results & Reaffirms Full-Year Guidance

Western Midstream Partners, LP (NYSE: WES) Q3 2026 Earnings Overview

Key Financial Results

• Net Income Attributable to Limited Partners: $324.8 million ($0.78 per diluted common unit), compared to $331.7 million in Q3 2025.
• Total Revenues and Other: $1,194.2 million, up 25.4% from $952.5 million in Q3 2025.
• Adjusted EBITDA: $708.3 million, up 12% compared to the prior-year period.
• Distributable Cash Flow (DCF): $512.3 million.
• Cash Flows from Operating Activities: $567.5 million.
• Free Cash Flow (FCF): $244.2 million ($148.5 million negative after distributions due to organic growth capex).
• Capital Expenditures: $303.4 million for the third quarter.

Capital Return to Unitholders

• Quarterly Distribution: $0.930 per unit payable on November 13, 2026, consistent with the prior quarter ($3.72 annualized).

Operational Highlights

• Natural Gas Throughput: Achieved record partnership-wide natural-gas throughput of 5.9 Bcf/d gathered (+8% sequential increase); Delaware Basin natural gas throughput reached a record 2.6 Bcf/d (+20% sequentially), driven by legacy asset performance and the June 2026 acquisition of Brazos Delaware II, LLC.
• Produced Water: Delaware Basin gathered record produced water throughput of 3,047 MBbls/d (+2% sequentially).
• Strategic Expansion: Acquired a 7.5% equity interest in the Solitude Pipeline System joint venture operated by WhiteWater (two 48-inch pipelines from Permian to Katy, TX, offering initial takeaway of 2.25 Bcf/d in late 2029).

Full-Year 2026 Guidance & 2027 Outlook

• Adjusted EBITDA: Reaffirmed at $2.750 billion – $2.950 billion (anticipated above midpoint).
• Distributable Cash Flow: Reaffirmed at $2.050 billion – $2.250 billion.
• Free Cash Flow: Reaffirmed at $1.100 billion – $1.300 billion.
• Capital Expenditures: Expected to track slightly above the high end of the $850.0 million to $1.0 billion range due to accelerating producer activity and the Solitude Pipeline investment.
• 2027 Outlook: Capital expenditures expected to be relatively flat compared to 2026, with approximately 80% allocated to Delaware Basin expansion projects.