WES · Western Midstream Partners, LP

Western Midstream Partners, LP (WES) reported record first-quarter 2026 results, driven by a full quarter of contribution from the Aris acquisition, throughput growth across all products, and successful cost reduction efforts. Net income attributable to limited partners was $342.4 million ($0.85 per diluted unit), while Adjusted EBITDA reached $683.1 million, a 15% increase year-over-year and 7% sequentially. The strong performance was supported by record crude-oil and NGLs throughput in the Delaware Basin of 272 MBbls/d and record produced-water throughput of 2,795 MBbls/d. Management highlighted that the earnings power of WES is increasingly evident due to cost reduction actions and favorable commodity prices. The Partnership also announced a 2.2% sequential increase in the quarterly distribution to $0.93 per unit. Looking ahead, WES expects to be towards the high-end of its 2026 Adjusted EBITDA guidance range of $2.50 billion to $2.70 billion and Distributable Cash Flow range of $1.85 billion to $2.05 billion, assuming current commodity prices continue. Additionally, WES announced the acquisition of Brazos Delaware II, LLC for $1.6 billion, consisting of 50% cash and 50% equity. The acquisition adds approximately 470,000 dedicated acres and 460 MMcf/d of natural-gas processing capacity in the Delaware Basin, enhancing WES's integrated midstream platform. The transaction is expected to be immediately accretive to Distributable Cash Flow per unit and to close by the end of the second quarter of 2026. WES also retired $440.5 million of senior notes due 2026 subsequent to quarter-end, further strengthening its balance sheet.