Results
Reported second-quarter 2026 Net income attributable to limited partners of $394.9 million, generating record quarterly Adjusted EBITDA (1) of $736.5 million, which represents a 19-percent increase compared to the prior-year period, and second-quarter Distributable Cash Flow (1) of $537.2 million.
Reported second-quarter 2026 Cash flows provided by operating activities of $534.7 million, generating second-quarter Free Cash Flow (1) of $263.6 million.
Capital return
Announced a second-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.
Outlook
Providing revised 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.
Reaffirming 2026 total capital expenditures (3) range of $850.0 million to $1.0 billion.Guidance reaffirmed
Corporate events
Executed two new gathering and processing agreements in the Powder River Basin, adding approximately 270,000 dedicated acres to WES’s basin footprint, and supporting 2027 natural-gas throughput growth in the basin.
Results
HOUSTON— (PR NEWSWIRE)—August 5, 2026 – Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced second-quarter 2026 financial and operating results.
Net income (loss) attributable to limited partners for the second quarter of 2026 totaled $394.9 million, or $0.99 per common unit (diluted), with second-quarter 2026 Adjusted EBITDA (1) totaling $736.5 million and Distributable Cash Flow (1) totaling $537.2 million.
Second-quarter 2026 Cash flows provided by operating activities totaled $534.7 million and second-quarter 2026 Free Cash Flow (1) totaled $263.6 million.
Second-quarter 2026 capital expenditures (3) totaled $308.3 million.
8Generated record Adjusted EBITDA (1) of $736.5 million, an increase of approximately 8-percent sequentially, driven by record throughput from our produced-water business, a partial month contribution from the Brazos Delaware II, LLC (“Brazos Delaware”) acquisition, and associated benefits from our fixed recovery natural-gas processing contracts at higher overall commodity pricing.
Gathered record natural-gas throughput in the Delaware Basin of 2,140 MMcf/d, representing a 5-percent sequential-quarter increase, mostly due to two-and-a-half weeks’ contribution from the Brazos Delaware acquisition.
Gathered record produced-water throughput in the Delaware Basin of 2,993 MBbls/d, representing a 5-percent sequential-quarter increase.
Achieved record natural-gas throughput of 1,547 MMcf/d in the DJ Basin, representing a 2-percent sequential-quarter increase.
Excluding the Aris acquisition, reduced operation and maintenance expense by 2-percent, compared to the second-quarter of 2025, despite year-over-year growth of 1.5-percent and 10-percent for natural-gas and produced-water throughput, respectively.
Corporate events
As previously announced, completed the acquisition of Brazos Delaware in mid-June, expanding WES’s footprint across the core of the Delaware Basin and adding approximately 460 MMcf/d of natural-gas processing capacity.
Issued $700 million of senior notes due 2036 in order to refinance borrowings on our commercial paper program and revolving credit facility pertaining to the Brazos Delaware acquisition.
Executed new long-term gathering and processing agreements with two large producers in the Powder River Basin, each backed by substantial acreage dedications and minimum-volume commitments, with development beginning in the second half of 2026 (4) .
Capital return
On August 14, 2026, WES will pay its second-quarter 2026 per-unit distribution of $0.930, or $3.72 on an annualized basis, which is consistent with the prior quarter’s distribution.
Second-quarter 2026 Free Cash Flow (1) after distributions totaled negative $111.0 million as a result of organic growth capital expenditures.
Results
Second-quarter 2026 natural-gas throughput (5) averaged 5.3 Bcf/d, representing a 3-percent sequential-quarter increase.
Second-quarter 2026 crude-oil and NGLs throughput (5) averaged 523 MBbls/d, a slight sequential-quarter increase.
Second-quarter 2026 produced-water throughput (5) averaged 2,939 MBbls/d, representing a 5-percent sequential-quarter increase.
Management commentary
1“WES delivered record Adjusted EBITDA of $736.5 million in the second quarter, an increase of 8-percent sequentially and 19-percent compared to the prior-year period, and based on the strength of our first-half results, the Brazos Delaware acquisition, and continued elevated commodity prices, we are raising the mid-points of our full-year 2026 Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow guidance ranges by 10-percent, 10-percent, and 20-percent, respectively,” commented Oscar K. Brown, President and Chief Executive Officer of WES.Guidance raised
“Record produced-water throughput resulted in margin expansion, underscoring the growth of that business and the strategic importance of the Aris acquisition.
Additionally, elevated commodity pricing increased the contribution from our fixed recovery natural-gas processing contracts across all of our core operating basins, while continued cost discipline further improved our operating leverage.
Taken together, these results reflect the durable earnings power we have built into the portfolio.”
Outlook
“Looking to the remainder of the year, the higher commodity-price environment has incentivized many of our Delaware Basin producing customers to increase activity levels in the second half of 2026, which is expected to position WES for stronger Delaware Basin natural-gas and produced-water throughput growth in 2027.
7In the Powder River Basin, we recently executed new, long-term gathering and processing agreements with two of the basin’s most active producers, adding approximately 270,000 dedicated acres to WES’s footprint in the basin.
Both agreements are backed by minimum-volume commitments and are expected to be meaningful contributors to 2027 throughput growth in the basin.
Additionally, construction of the Pathfinder produced-water pipeline and the North Loving II natural-gas processing train remains on schedule and under budget, with both projects expected to be placed into service in the first and second quarters of 2027, respectively.”
Management commentary
“These results reflect the strength of our three-stream strategy of capturing the revenue from natural-gas, crude-oil and NGLs, and produced-water molecules that move across our acreage while providing customers the flow assurance they need to support their development plans.
Our strong second-quarter results demonstrate the continued growth potential of the produced-water business, and we believe that beneficial reuse provides an additional path for future growth and margin expansion.”
“Finally, our recently announced JIP 2 produced-water treatment demonstration facility near the Red Bluff Reservoir in Reeves County, Texas, was placed into service during the second quarter and is delivering approximately 1,000 barrels per day of reclaimed fresh water, or ten times the amount produced by JIP 1.
JIP 2 is designed to refine operations and costs, evaluate reliability, and demonstrate consistent reclaimed freshwater production for fit-for-purpose applications, including industrial cooling, surface discharge, and non-consumptive agricultural irrigation, while helping reduce pressure on limited freshwater resources.
We believe JIP 2 represents a critical step toward achieving FID for our first commercial-scale facility in the near future.”
Outlook
Reflecting the contribution from the Brazos Delaware acquisition and the most recent production forecasts from our customers, WES is revising its full-year 2026 guidance as follows:
2Adjusted EBITDA (2) between $2.750 billion and $2.950 billion, implying a revised mid-point of $2.850 billion, which represents a $250 million, or 10-percent, increase relative to WES’s original guidance at the mid-point, and a 15-percent increase compared to full-year 2025 Adjusted EBITDA.Guidance raised
Total capital expenditures (3) between $850.0 million and $1.000 billion, with the expectation of being towards the high-end of the guidance range.
Distributable Cash Flow (2) between $2.050 billion and $2.250 billion, or $4.94 to $5.42 per unit (6) , implying a revised mid-point of $2.150 billion.
3This represents a $200 million, or 10-percent increase, relative to WES’s original guidance at the mid-point.Guidance raised
Free Cash Flow (2) between $1.100 billion and $1.300 billion, implying a revised mid-point of $1.200 billion.
4This represents a $200 million, or 20-percent increase, relative to WES’s original guidance at the mid-point.Guidance raised
Reiterating full-year distribution guidance of at least $3.70 per unit (7) , which includes distributions to be paid in calendar-year 2026, and implies a current annualized run-rate of $3.72 per unit based on our prior quarter distribution of $0.93 per unit.Guidance reaffirmed
5“An exceptionally strong first half of the year and the completed Brazos Delaware acquisition give us the confidence to raise our full-year 2026 Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow guidance ranges,” commented Kristen Shults, Senior Vice President and Chief Financial Officer.Guidance raised
6“With the inclusion of Brazos Delaware and throughput outperformance across the portfolio, we now expect natural-gas throughput to increase by mid-single digits average year-over-year in 2026.
This incremental throughput reinforces our confidence in generating strong Distributable Cash Flow and better positions WES to advance its 2027 growth objectives while continuing to return capital to unitholders.”
“We now expect 2026 capital expenditures to be toward the high end of our guidance range of $850 million to $1.0 billion.Guidance raised
Higher customer activity levels in the second half of this year will require incremental growth capital spending to support producer development plans as we exit 2026, and our new gathering and processing agreements in the Powder River Basin will require the construction of additional gathering capacity and compression facilities.
With a strong balance sheet, ample liquidity, and robust growth profile, WES is positioned to continue executing on our organic growth objectives, pursuing strategic, bolt-on M&A, and sustaining our capital-return framework through commodity-price cycles.”
Capital return
(7) Full-year 2026 distribution (paid in 2026) of at least $3.70 per unit, which includes the February 2026 distribution of $0.910 per unit.
Board action on any distribution increase will be requested on a quarterly basis and is subject to the Board’s assessment of the needs of the business at that time.
46 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.