Western Midstream Partners, LP (WES) SEC Filings

Western Midstream Partners, LP reported strong mid‑2026 results, with Q2 2026 revenues of $1.22 billion versus $942.3 million a year earlier and net income of $415.3 million versus $350.8 million. For the first six months, revenues were $2.35 billion and net income $774.3 million, both above 2025 levels.

The partnership closed the $1.67 billion Brazos Delaware acquisition, adding 900 miles of pipeline and 460 MMcf/d of processing capacity, and continues integrating the 2025 Aris water acquisition. Total assets rose to $16.32 billion, supported by $506.1 million of capital expenditures. Debt increased to a carrying value of $9.05 billion, including new 5.700% Senior Notes due 2036 and $163.3 million of commercial paper. The partnership raised its quarterly distribution to $0.93 per unit, with Q2 2026 cash distributions of $392.7 million.

Western Midstream Partners reported strong second-quarter 2026 results, with net income attributable to limited partners of $394.9 million, or $0.99 per common unit (diluted). The Partnership generated record Adjusted EBITDA of $736.5 million, up 19-percent from the prior-year period and 8-percent sequentially, and Distributable Cash Flow of $537.2 million. Cash flows provided by operating activities were $534.7 million and Free Cash Flow was $263.6 million, after $308.3 million of capital expenditures; Free Cash Flow after distributions was negative $111.0 million, reflecting organic growth spending.

Operationally, WES achieved record natural-gas throughput of 2,140 MMcf/d in the Delaware Basin, record produced-water throughput of 2,993 MBbls/d, and record natural-gas throughput of 1,547 MMcf/d in the DJ Basin. The Partnership completed the Brazos Delaware acquisition, adding about 460 MMcf/d of processing capacity, issued $700 million of senior notes due 2036 to refinance related borrowings, and signed new long-term Powder River Basin gathering and processing agreements covering approximately 270,000 dedicated acres with minimum-volume commitments.

WES announced a $0.930 per-unit second-quarter distribution, or $3.72 per unit annualized, and reaffirmed full-year 2026 distribution guidance of at least $3.70 per unit. Based on first-half performance and the Brazos Delaware acquisition, management raised 2026 guidance, now expecting Adjusted EBITDA of $2.750–$2.950 billion, Distributable Cash Flow of $2.050–$2.250 billion, and Free Cash Flow of $1.100–$1.300 billion, with midpoints 10–20-percent above prior guidance, while reiterating capital expenditures of $850.0 million to $1.0 billion.

Western Midstream Partners, LP has filed a shelf registration covering the resale, from time to time, of up to 19,389,239 common units by selling unitholders that received these units in connection with WES’s June 11, 2026 acquisition of Brazos Delaware II, LLC. The filing satisfies registration rights granted under a Registration Rights Agreement tied to that acquisition. WES is not offering any units itself and will not receive proceeds from resales; the selling unitholders will bear any underwriting or brokerage costs. The common units trade on the NYSE under the symbol WES, and the last reported sale price was $47.93 per unit on July 23, 2026. As of that date, 413,172,388 common units were outstanding, providing a baseline for assessing the size of this registered resale.

ALPS Advisors, Inc. filed an amended Schedule 13G disclosing beneficial ownership positions in Western Midstream Partners LP common units on behalf of funds it advises, including the Alerian MLP ETF. ALPS Advisors reports shared voting and dispositive power over 36,629,600 units (8.87%).

The Alerian MLP ETF is shown with shared voting and dispositive power over 36,093,217 units (8.74%). The filing includes a standard disclaimer that the reported securities are owned by the funds and that ALPS Advisors disclaims beneficial ownership.

Western Midstream Operating, LP, a subsidiary of Western Midstream Partners, completed a public debt offering of $700,000,000 aggregate principal amount of 5.700% Senior Notes due 2036. These senior unsecured notes were issued under an existing Indenture with Computershare Trust Company as trustee.

Interest at 5.700% accrues from June 25, 2026 and is payable semi-annually on January 1 and July 1, starting January 1, 2027. The notes mature on July 1, 2036 and may be redeemed early at the redemption prices described in the Indenture.

The notes rank equally with all existing and future senior indebtedness of Western Midstream Operating and ahead of any subordinated debt. Covenants restrict liens on principal properties, sale and leaseback transactions, and certain mergers or asset transfers. Net proceeds will be used to repay borrowings under the revolving credit facility and commercial paper program, including amounts used to fund the Brazos Delaware II, LLC acquisition, and for general partnership purposes, including capital expenditures.

Western Midstream Partners, LP has filed a Form S-3 shelf registration to permit the offer and sale, from time to time after the effective date, of its common units and preferred units and, through its consolidated subsidiary Western Midstream Operating, LP, of debt securities. The prospectus states that each issuance will be described in a prospectus supplement and that offerings may occur "from time to time after the effective date of this registration statement as determined by market considerations and other factors."

The prospectus summarizes governance, distribution and tax provisions: common units trade on the NYSE under the symbol "WES," available cash is generally distributed quarterly within 55 days after quarter end, and the partnership operates under the terms of its Second Amended and Restated Agreement of Limited Partnership. The filing explains the registerable securities, shelf mechanics and the requirement that specific terms (amounts, price, distribution method and use of proceeds) will appear in prospectus supplements.

Western Midstream Partners, LP closed its approximately $1.6 billion acquisition of Brazos Delaware II, LLC, paying about $800 million in cash and issuing 19,389,239 common units valued at roughly $800 million. The deal expands Western Midstream’s gathering and processing footprint in the Delaware Basin and is described as aligning with its philosophy of deploying capital that sustains or grows its distribution.

The partnership states that the transaction met objectives of being accretive to per-unit metrics, protecting its balance sheet and investment grade credit ratings, and diversifying its customer base and ownership. Western Midstream also granted the seller customary registration rights for the new units and secured a six-month lock-up period during which the units generally cannot be transferred.

Western Midstream Partners, LP reported strong first-quarter 2026 growth. Total revenues and other rose to $1,123.6 million from $917.1 million a year earlier, driven mainly by higher fee-based service revenues and significantly higher product sales.

Net income attributable to Western Midstream Partners, LP increased to $350.3 million from $309.0 million, with basic net income per common unit up to $0.86 from $0.79. Cash from operating activities was $469.9 million, while capital expenditures rose to $235.7 million. The partnership ended March 31 2026 with $647.5 million in cash and cash equivalents and total assets of $14.9 billion. The quarterly cash distribution increased to $0.930 per common unit. The report also highlights integration of the $2.0 billion Aris Water Solutions acquisition and a subsequent agreement to acquire Brazos Delaware in a $1.6 billion cash-and-equity transaction.