Key Highlights

  • Revenue was USD 1,194.2 million against an estimate of USD 1.19 billion and USD 952.5 million a year earlier.
  • EPS was USD 0.78 per diluted unit against an estimate of USD 0.92 and USD 0.87 a year earlier.
  • Net income attributable to the Partnership was USD 331.9 million, and Adjusted EBITDA was USD 708.3 million.
  • The third quarter distribution of USD 0.930 per unit is unchanged from the second quarter.

Western Midstream Partners, LP (NYSE:WES) posted per-unit Earnings of USD 0.78 for the third quarter against an estimate of USD 0.92 and USD 0.87 a year earlier, on Revenue of USD 1,194.2 million. The partnership kept its quarterly distribution at USD 0.930 per unit and disclosed a new pipeline joint venture interest during the period.

Revenue

Revenues and other were USD 1,194.2 million in the third quarter, against USD 952.5 million in the same quarter of 2025. Fee-based service revenues were USD 1,018.6 million against USD 868.3 million, product-based service revenues were USD 88.2 million against USD 33.9 million, and product sales were USD 95.7 million against USD 50.1 million.

Natural-gas throughput averaged 5,936 MMcf/d, with the Delaware Basin at 2,562 MMcf/d, the DJ Basin at 1,482 MMcf/d and the Powder River Basin at 400 MMcf/d. Crude-oil and NGLs throughput averaged 535 MBbls/d, and produced-water throughput in the Delaware Basin averaged 3,047 MBbls/d.

Profit and Margins

Net income attributable to Western Midstream Partners, LP was USD 331.9 million against USD 339.6 million a year earlier. EPS was USD 0.78 per diluted common unit against USD 0.87, and the estimate was USD 0.92.

Operating income was USD 461.5 million against USD 441.6 million. Depreciation and amortization was USD 223.8 million against USD 170.3 million, and interest expense was USD 116.6 million against USD 92.4 million.

Adjusted EBITDA, a non-GAAP measure, was USD 708.3 million, against USD 736.5 million in the second quarter of 2026. Distributable Cash Flow was USD 512.3 million against USD 537.2 million in the second quarter.

Cash, Debt and Distribution

Net cash provided by Operating Activities was USD 567.5 million, capital expenditures were USD 302.3 million, and free cash flow was USD 244.2 million, against USD 263.6 million in the second quarter. For nine months, Operating Cash Flow was USD 1,572.1 million, against USD 1,665.0 million a year earlier.

Cash and cash equivalents were USD 44.5 million at September 30, against USD 819.5 million at year end 2025. The carrying value of debt was USD 9,154.5 million, against USD 8,644.0 million at year end. During the nine months, the operating Subsidiary issued USD 700.0 million of 5.700% senior notes due 2036 and repaid its 4.650% senior notes due 2026. There were no revolving Credit Facility borrowings outstanding, with USD 266.0 million of Commercial Paper outstanding and effective borrowing capacity of USD 1.7 billion under the facility.

The board of the general partner declared a distribution of USD 0.930 per unit for the third quarter, totaling USD 392.7 million, payable November 13, 2026 to unitholders of record on November 2, 2026. The partnership closed the Brazos Delaware Acquisition on June 11, 2026 for an aggregate purchase price of approximately USD 1.67 billion, and in August 2026 agreed to take a 7.50% interest in the Solitude pipeline joint venture. It did not state numerical guidance.

Figures Worth Comparing

Revenue of USD 1,194.2 million sits alongside Adjusted EBITDA of USD 708.3 million, free cash flow of USD 244.2 million and debt with a carrying value of USD 9,154.5 million. Management also named a distribution of USD 0.930 per unit payable November 13, 2026, and capacity of approximately 2.25 Bcf/d on the first Solitude pipeline in late 2029, with an additional 2.25 Bcf/d in 2030.