Every 8-K that Western Midstream Partners Lp (WES) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow WES and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full WES filings page.
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 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 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 reported a record first-quarter 2026 and announced a major Delaware Basin acquisition. Net income attributable to limited partners was $342.4 million, or $0.85 per diluted unit, and Adjusted EBITDA reached a record $683.1 million, up 15% from a year earlier and 7% sequentially. Distributable Cash Flow was $508.9 million, with Free Cash Flow of $242.3 million.
The partnership declared a first-quarter distribution of $0.930 per unit, 2.2% higher than the prior quarter and equal to $3.72 on an annualized basis. Management expects 2026 Adjusted EBITDA and Distributable Cash Flow to finish toward the high end of prior ranges of $2.50–$2.70 billion and $1.85–$2.05 billion, assuming current commodity prices persist.
Western Midstream also agreed to acquire Brazos Delaware II, LLC for approximately $1.6 billion, split between $800 million in cash and $800 million in common units. The deal adds about 470,000 dedicated acres, 460 MMcf/d of processing capacity, and is expected to contribute roughly $100 million of incremental Adjusted EBITDA in 2026 while keeping pro forma net leverage around 3.0x and being immediately accretive to estimated 2026 Distributable Cash Flow per unit.
Western Midstream Partners reported record fourth-quarter and full-year 2025 results, highlighting strong cash generation and growth from its Delaware Basin assets and the Aris Water Solutions acquisition. Fourth-quarter 2025 net income attributable to limited partners was $187.2 million, with record Adjusted EBITDA of $635.6 million, despite a $29.5 million non-cash revenue adjustment.
For full-year 2025, net income attributable to limited partners reached $1.154 billion and Adjusted EBITDA was a record $2.481 billion, up 6% year over year and above the midpoint of guidance. Cash flows provided by operating activities were $2.223 billion, driving Free Cash Flow of $1.526 billion, a 15% increase and above the high end of guidance.
The partnership returned $1.431 billion to unitholders in 2025 and paid a fourth-quarter distribution of $0.910 per unit. For 2026, it guides Adjusted EBITDA of $2.5–$2.7 billion, Distributable Cash Flow of $1.85–$2.05 billion, capital expenditures of $850 million–$1.0 billion, and plans a quarterly distribution increase to $0.93 per unit.
Western Midstream Partners, LP reported that its subsidiary Delaware Basin Midstream LLC amended a major Delaware Basin gas gathering agreement with Anadarko E&P Onshore LLC, a subsidiary of Occidental Petroleum. The amendment replaces the prior cost-of-service fee structure with a fixed-fee structure, adds a new minimum volume commitment through the end of 2027, and updates how certain dedication-related acreage transfers and releases are handled.
In connection with this amendment and related transactions, Western Midstream and subsidiaries of Occidental entered into a Unit Redemption Agreement. Under this agreement, Western Midstream will acquire and redeem approximately 15.3 million WES common units on February 3, 2026. After these transactions, Occidental will indirectly hold 37.2% of Western Midstream’s outstanding common units while continuing to indirectly own all equity interests in the general partner. A special committee of independent directors reviewed and approved the agreements, which were then approved by the full board.
Western Midstream Partners, LP, through subsidiary Western Midstream Operating, LP, completed a public debt offering of $600 million of 4.800% Senior Notes due 2031 and $600 million of 5.500% Senior Notes due 2035. The notes pay interest semi-annually and may be redeemed early at the applicable redemption prices set in the Indenture. They rank equally with WES Operating’s other senior debt and ahead of any future subordinated debt. The company plans to use the net proceeds to repay its 4.650% Senior Notes due 2026, reduce borrowings under its commercial paper program, including amounts used to fund the acquisition of Aris Water Solutions, Inc., and for general partnership purposes such as capital expenditures.
Western Midstream Partners, LP (WES) filed an 8-K stating it issued a press release announcing third-quarter 2025 results. The company also made the slide presentation for its upcoming earnings call available on its website. The press release is furnished as Exhibit 99.1, with the cover page interactive data file listed as Exhibit 104.
Western Midstream Partners (WES) completed its merger with Aris Water Solutions. At closing, Aris holders could elect consideration per share/unit of either 0.625 WES common units, $25.00 cash (subject to proration), or a mixed option of 0.450 units plus $7.00 cash. Elections were: 14,385,652 for units, 33,801,151 for cash, and 11,017,951 for the mixed option.
Based on these elections, WES issued approximately 26.6 million common units and paid $415.0 million in cash, reaching the maximum cash consideration under the merger agreement, which triggered proration for cash electors. WES registered the unit issuance on Form S-4. WES also assumed Aris OpCo’s 7.250% senior notes due 2030 at the operating partnership level and will amend and restate the WES OpCo partnership agreement to provide for the issuance of preferred units.