Western Midstream Announces Closing of Brazos Delaware Acquisition

Rhea-AI Summary

Western Midstream Partners (NYSE: WES) closed its acquisition of Brazos Delaware II for approximately $1.6 billion, split between about $800 million in cash and $800 million in WES common units.

The deal adds Delaware Basin gathering and processing assets, with WES issuing roughly 19.4 million units. According to WES, the transaction supports its distribution-focused capital philosophy, targets accretion to per-unit metrics, aims to protect its balance sheet and investment-grade ratings, and diversifies customers and ownership.

Positive

• Closed Brazos Delaware acquisition valued at approximately $1.6 billion
• Financed with balanced mix of $800 million cash and $800 million equity
• Issued about 19.4 million units to complete strategic transaction
• Expands gathering and processing footprint in the Delaware Basin
• Management targets accretion to per-unit financial metrics
• Focus on protecting investment grade credit ratings and diversifying customer base

Negative

• Equity component adds about 19.4 million new WES common units
• Transaction requires approximately $800 million of cash outlay

News Market Reaction – WES

+1.43%

+1.43% Session close to close

In the Jun 12 session, WES gained 1.43%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement confirms the closing of WES’s Brazos Delaware II acquisition for about $1.6 billio...

Analysis

This announcement confirms the closing of WES’s Brazos Delaware II acquisition for about $1.6 billion, split between $800 million in cash and $800 million in equity, including roughly 19.4 million new units. It follows earlier guidance that the deal would be accretive and support Delaware Basin growth. Investors may watch subsequent disclosures on incremental volumes, Adjusted EBITDA contribution, and any updates to leverage and distribution policy as integration progresses.

Key Figures

Brazos purchase price: $1.6 billion Cash consideration: $800 million Equity consideration: $800 million +1 more

4 metrics

Brazos purchase price $1.6 billion Total consideration for Brazos Delaware II acquisition

Cash consideration $800 million Cash portion of Brazos acquisition consideration

Equity consideration $800 million Value of WES common units issued for Brazos deal

Units issued 19.4 million units New WES common units issued as Brazos consideration

Previous Acquisition Reports

5 past events · Latest: May 06 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 06	Brazos deal announced	Positive	+5.0%	Announced $1.6B Brazos acquisition with accretive financial metrics.
Oct 15	Aris deal completed	Positive	+1.0%	Completed Aris acquisition with mixed cash and unit consideration.
Oct 08	Aris election results	Positive	+1.6%	Announced preliminary Aris holder elections and mix of cash and units.
Oct 08	Aris election update	Positive	+1.6%	Detailed preliminary merger consideration mix and cash cap for Aris deal.
Sep 29	Aris merger process	Positive	-2.5%	Set Aris election deadline and noted HSR waiting-period expiration.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Acquisition-related headlines for WES have typically seen positive price reactions, with one notable divergence on a procedural merger update.

Recent Company History

Recent WES news shows a consistent acquisition and growth strategy. On May 6, 2026, WES announced the Brazos Delaware deal at $1.6 billion, which lifted the units by 4.97%. In 2025, multiple Aris Water Solutions acquisition milestones, including election deadlines and completion around October 15, 2025, also produced mostly positive single-day moves. Today’s closing of Brazos fits this pattern of executing on previously announced M&A in the Delaware Basin.

Key Terms

volume weighted average

1 terms

volume weighted average financial

"WES issued approximately 19.4 million units based on the volume weighted average WES common unit price..."

A volume weighted average is an average that gives more weight to values accompanied by larger quantities—so higher-volume trades or measurements pull the average closer to the prices where more activity happened. For investors, it reveals the price level that most trading actually supported, helping judge whether a trade or price move was driven by substantial participation or by a few small trades, much like averaging grades where final exams count more than short quizzes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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HOUSTON, June 11, 2026 /PRNewswire/ -- Western Midstream Partners, LP ("WES" or the "Partnership") (NYSE: WES) today announced it closed the previously announced acquisition of Brazos Delaware II, LLC ("Brazos") for approximately $1.6 billion. Transaction consideration comprised approximately $800 million in cash and approximately $800 million in WES common units. WES issued approximately 19.4 million units based on the volume weighted average WES common unit price at the time the acquisition agreement was signed. The Brazos acquisition expands WES's gathering and processing footprint in the Delaware Basin and aligns with WES's philosophy of only deploying capital that sustains or grows its distribution. The transaction also met the objectives of accretion to per-unit metrics, protecting the Partnership's balance sheet and investment grade credit ratings, and diversifying its customer base and ownership.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity-price volatility through fee-based contracts.

For more information about WES, please visit www.westernmidstream.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements. WES's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to realize the expected benefits from the Brazos acquisition; meet financial guidance or distribution expectations; our ability to safely and efficiently operate WES's assets and integrate the Brazos assets into our portfolio; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" section of WES's most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements, except as required by applicable law.

WESTERN MIDSTREAM CONTACTS
Daniel Jenkins
Director, Investor Relations
Investors@westernmidstream.com
866.512.3523

Rhianna Disch
Manager, Investor Relations
Investors@westernmidstream.com
866.512.3523

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SOURCE Western Midstream Partners, LP

FAQ

What did Western Midstream Partners (NYSE: WES) announce on June 11, 2026 about Brazos Delaware?

Western Midstream Partners announced it closed the acquisition of Brazos Delaware II for approximately $1.6 billion. According to Western Midstream, this strategic deal combines cash and equity consideration and expands its gathering and processing presence in the Delaware Basin.

How is the Brazos Delaware acquisition by Western Midstream (WES) structured financially?

The Brazos Delaware acquisition totals about $1.6 billion, split evenly between cash and equity. According to Western Midstream, consideration includes roughly $800 million in cash and about $800 million in newly issued WES common units.

How many new units did Western Midstream (WES) issue for the Brazos Delaware acquisition?

Western Midstream issued approximately 19.4 million common units to fund the Brazos Delaware acquisition. According to Western Midstream, the unit count is based on the volume weighted average unit price at the time the acquisition agreement was signed.

Why did Western Midstream (WES) acquire Brazos Delaware and how does it fit strategy?

Western Midstream states the Brazos Delaware acquisition expands its Delaware Basin gathering and processing footprint. According to Western Midstream, the deal aligns with its philosophy of deploying capital that sustains or grows its distribution and supports accretion to per-unit metrics.

How does the Brazos Delaware acquisition affect Western Midstream’s (WES) balance sheet and credit ratings?

Western Midstream indicates the Brazos Delaware deal was structured to protect its balance sheet and investment grade credit ratings. According to Western Midstream, the cash-equity mix and accretion goals are intended to support financial strength while growing the asset base.

What impact does the Brazos Delaware acquisition have on Western Midstream’s (WES) customer base?

Western Midstream expects the Brazos Delaware acquisition to diversify its customer base and ownership profile. According to Western Midstream, the added Delaware Basin assets and relationships are intended to broaden counterparties while remaining consistent with its distribution-focused capital deployment strategy.

What does the Brazos Delaware acquisition mean for Western Midstream (WES) unitholders?

For unitholders, Western Midstream describes the Brazos Delaware transaction as targeting accretion to per-unit metrics while sustaining or growing its distribution. According to Western Midstream, the acquisition adds Delaware Basin infrastructure and aims to balance growth with balance sheet and credit rating protection.