Western Midstream Announces Pricing of Notes Offering

Rhea-AI Summary

Western Midstream Partners (NYSE: WES) priced an offering of $700 million in 5.7% senior notes due 2036, issued at 99.705% of face value. Closing is expected on June 25, 2026, subject to customary conditions.

Proceeds will repay revolving credit and commercial paper borrowings, including those tied to the Brazos Delaware II purchase, and fund general partnership needs and capital expenditures.

AI-generated analysis. Not financial advice.

Positive

• $700 million senior notes provide funding for debt repayment and capex
• New 5.7% senior notes extend debt maturity profile to 2036
• Proceeds earmarked to repay revolving credit and commercial paper borrowings

Negative

• Issuance of $700 million additional senior debt due 2036
• Fixed 5.7% coupon increases long-term interest payment commitments

Key Figures

Senior notes size: $700 million Coupon rate: 5.7% Issue price: 99.705% +2 more

5 metrics

Senior notes size $700 million Aggregate principal amount of 5.7% senior notes due 2036

Coupon rate 5.7% Interest rate on new senior notes due 2036

Issue price 99.705% Price to public as percentage of face value

Maturity year 2036 Maturity of new senior notes

Expected closing date June 25, 2026 Planned settlement date for senior notes offering

Peers on Argus

WES was nearly flat ahead of this debt offering, while key midstream peers like ...

1 Up

WES was nearly flat ahead of this debt offering, while key midstream peers like PAA, VNOM, DTM, PBA, and TRGP showed modest gains. With limited peers in momentum data and mixed signals, the move appears stock-specific rather than a broad sector rotation.

Previous Offering Reports

3 past events · Latest: Dec 01 (Neutral)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Dec 01	Debt notes offering	Neutral	-1.4%	Priced $1.2B in senior notes to refinance 2026 maturities and debt.
Aug 12	Secondary unit offering	Negative	-3.5%	Large secondary sale of 19M common units by Occidental affiliates.
Aug 12	Secondary unit announcement	Negative	-3.5%	Announced secondary public offering of 19M units with no proceeds to WES.

Pattern Detected

Past offering-related headlines for WES have typically been followed by modestly negative price reactions.

Historical Comparison

-2.8% avg move · In prior offering-related announcements, WES units averaged about -2.81% the next day, showing a pat...

offering

-2.8%

Average Historical Move offering

In prior offering-related announcements, WES units averaged about -2.81% the next day, showing a pattern of modest pressure after new equity or debt supply headlines.

Regulatory & Risk Context

Active S-3 Shelf · Short Interest: 3.72%

Shelf Active

Short Interest

3.72% of float

0% 15% 30%+

low as of 2026-05-29 Days to cover: 5.79

Reported short interest is relatively low, suggesting limited squeeze dynamics and generally moderate volatility risk from short-covering flows.

Active S-3 Shelf Registration 2026-06-22

An effective S-3ASR shelf lets WES and its operating subsidiary issue common units, preferred units, and debt securities over time, providing funding flexibility but also creating ongoing capacity for additional securities issuance.

Market Pulse Summary

This announcement details a $700 million offering of 5.7% senior notes due 2036 to refinance revolve...

Analysis

This announcement details a $700 million offering of 5.7% senior notes due 2036 to refinance revolver and commercial paper borrowings tied partly to Brazos Delaware. Prior offering headlines averaged -2.81%; ongoing shelf issuance capacity is a key factor to watch.

Key Terms

senior notes, revolving credit facility, commercial paper program, prospectus supplement, +1 more

5 terms

senior notes financial

"aggregate principal amount of 5.7% senior notes due 2036 at a price"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

revolving credit facility financial

"used to repay borrowings outstanding under WES Operating's revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

commercial paper program financial

"revolving credit facility and commercial paper program (including borrowings incurred"

A commercial paper program is a formal way a company issues very short-term IOUs to raise quick cash, typically for days to months, without using a bank loan. Investors care because it shows how the company manages short-term funding and how trustworthy it appears—like watching whether someone keeps using and repaying a credit card; frequent use or higher costs can signal cash strain, while smooth issuance suggests healthy liquidity.

prospectus supplement regulatory

"only by means of a prospectus and related prospectus supplement meeting the requirements"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

shelf registration statement regulatory

"part of a shelf registration statement that became effective on June 22, 2026"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

AI-generated analysis. Not financial advice.

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HOUSTON, June 22, 2026 /PRNewswire/ -- Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced today that its subsidiary, Western Midstream Operating, LP ("WES Operating"), has priced an offering of $700 million in aggregate principal amount of 5.7% senior notes due 2036 at a price to the public of 99.705% of their face value (the "Senior Notes"). The offering of the Senior Notes is expected to close on June 25, 2026, subject to the satisfaction of customary closing conditions. Net proceeds from the offering are expected to be used to repay borrowings outstanding under WES Operating's revolving credit facility and commercial paper program (including borrowings incurred by WES to fund the cash consideration for the acquisition of Brazos Delaware II, LLC), and for general partnership purposes, including the funding of capital expenditures.

TD Securities (USA) LLC, Barclays Capital Inc., Citigroup Global Markets Inc. and MUFG Securities Americas Inc. are acting as joint book-running managers for the offering. The offering will be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended, copies of which may be obtained from TD Securities (USA) LLC, One Vanderbilt Avenue, 11^th Floor, New York, New York 10017 or by phone at 1-855-495-9846; Barclays Capital Inc., c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 or by phone at 1-888-603-5847, Citigroup Global Markets Inc., c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 or by phone at 1-800-831-9146, and MUFG Securities Americas Inc., 1221 Avenue of the Americas, 6th Floor, New York, New York 10020 or by phone at 1-877-649-6848. An electronic copy of the prospectus and the related prospectus supplement is available from the U.S. Securities and Exchange Commission's website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The offer is being made only through the prospectus as supplemented, which is part of a shelf registration statement that became effective on June 22, 2026.

ABOUT WESTERN MIDSTREAM

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, supplying 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.

This news release contains forward-looking statements. WES, WES Operating, and their general partners believe that their expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been 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, including WES Operating's ability to close successfully on the Senior Notes offering and to use the net proceeds as described herein. See "Risk Factors" in WES's and WES Operating's Annual Reports on Form 10-K for the year ended December 31, 2025, Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and other public filings and press releases. Except as required by law, neither WES nor WES Operating undertakes the obligation to publicly update or revise any forward-looking statements.

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 (NYSE: WES) announce about its June 2026 notes offering?

Western Midstream priced $700 million of 5.7% senior notes due 2036. According to Western Midstream, the notes are offered at 99.705% of face value and are expected to close on June 25, 2026, subject to customary closing conditions.

How will Western Midstream use the $700 million notes proceeds from WES’s 2026 offering?

Western Midstream plans to use proceeds to repay revolving credit and commercial paper borrowings. According to Western Midstream, this includes borrowings used to fund the Brazos Delaware II acquisition, with remaining funds available for general partnership purposes and capital expenditures.

What are the key terms of Western Midstream’s 5.7% senior notes due 2036 (WES)?

The notes carry a 5.7% coupon and mature in 2036. According to Western Midstream, $700 million in aggregate principal amount will be issued at 99.705% of face value, with settlement expected June 25, 2026, assuming satisfaction of customary closing conditions.

Who are the joint book-running managers for Western Midstream’s $700 million WES notes?

TD Securities, Barclays, Citigroup, and MUFG are joint book-running managers. According to Western Midstream, the offering is being made solely by prospectus and prospectus supplement that meet Section 10 of the Securities Act and are available through these underwriters.

What does the Western Midstream WES notes offering mean for its credit facilities?

The offering allows Western Midstream to repay borrowings under its revolving credit and commercial paper programs. According to Western Midstream, proceeds will retire these short-term borrowings, including those related to the Brazos Delaware II acquisition, and also support general partnership purposes and capital expenditures.

When does the shelf registration for Western Midstream’s WES notes become effective?

The notes are offered under a shelf registration statement effective June 22, 2026. According to Western Midstream, the offer is made only through the accompanying prospectus and prospectus supplement filed under this effective registration and accessible via the SEC’s website.