Western Midstream Partners, LP

WES 10-Q · Q1 2026
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WES Q1 2026 request

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Income Statement

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Income Statement
Metric Q1 2026 Q1 2025 YoY
Net Income Loss Allocated To General Partners -7,886 -7,170 -10.0%
Net Income Loss Allocated To Limited Partners 342,390 301,837 +13.4%
Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax 0.86 0.79 +8.9%
Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted 0.85 0.79 +7.6%
Weighted Average Limited Partnership Units Outstanding 399,095 380,986 +4.8%
Weighted Average Limited Partnership Units Outstanding Diluted 400,569 382,494 +4.7%
Revenue 1,123,579 917,116 +22.5%
Show Product Lines breakouts
Other · Affiliated Entity 517 — —
Product 99,616 34,469 +189.0%
Product And Service Other 1,894 198 +856.6%
Product And Service Other · WES Operating [Member] 1,894 198 +856.6%
Product · Affiliated Entity 5,855 4,798 +22.0%
Product · WES Operating [Member] 99,616 34,469 +189.0%
Service Revenues - Fee Based [Member] 933,302 823,197 +13.4%
Service Revenues - Fee Based [Member] · Affiliated Entity 538,061 541,745 -0.7%
Service Revenues - Fee Based [Member] · WES Operating [Member] 933,302 823,197 +13.4%
Service Revenues - Product Based [Member] 88,767 59,252 +49.8%
Service Revenues - Product Based [Member] · Affiliated Entity 17,026 11,859 +43.6%
Service Revenues - Product Based [Member] · WES Operating [Member] 88,767 59,252 +49.8%
Show Legal Entity breakouts
WES Operating [Member] 1,123,579 917,116 +22.5%
WES Operating [Member] · Affiliated Entity 561.5 558.4 +0.6%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 561.5 558.4 +0.6%
Income Loss From Equity Method Investments 14,776 20,435 -27.7%
Show Legal Entity breakouts
WES Operating [Member] 14,776 20,435 -27.7%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Front Range Pipeline [Member] 8,311 — —
Mi Vida [Member] -2,005 — —
Red Bluff Express [Member] 4,825 — —
Rendezvous [Member] -171 — —
Texas Express Gathering [Member] 135 — —
Texas Express Pipeline [Member] 2,908 — —
White Cliffs [Member] 773 — —
Cost Of Goods And Service Excluding Depreciation Depletion And Amortization 102,884 41,492 +148.0%
Show Legal Entity breakouts
WES Operating [Member] 102,884 41,492 +148.0%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity -6,030 -14,014 +57.0%
Operating Costs And Expenses 264,241 226,514 +16.7%
Show Legal Entity breakouts
WES Operating [Member] 264,241 226,514 +16.7%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 1,449 1,921 -24.6%
General & Administrative 75,150 66,786 +12.5%
Show Legal Entity breakouts
WES Operating [Member] 74,805 66,974 +11.7%
WES Operating [Member] · Affiliated Entity 1,500 1,537 -2.4%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity -20 31 -164.5%
Taxes Excluding Income And Excise Taxes 19,486 17,826 +9.3%
Show Legal Entity breakouts
WES Operating [Member] 19,486 17,826 +9.3%
Depreciation & Amortization 200,426 170,460 +17.6%
Show Legal Entity breakouts
WES Operating [Member] 200,426 170,460 +17.6%
Impairment Of Long Lived Assets Held For Use 608 3 +20166.7%
Show Legal Entity breakouts
WES Operating [Member] 608 3 +20166.7%
Total Costs & Expenses 662,795 523,081 +26.7%
Show Legal Entity breakouts
WES Operating [Member] 662,450 523,269 +26.6%
WES Operating [Member] · Affiliated Entity -3.1 -10.6 +70.8%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity -4.6 -12.1 +62.0%
Gain Loss On Disposition Of Assets And Other Net -6,367 -4,667 -36.4%
Show Legal Entity breakouts
WES Operating [Member] -6,367 -4,667 -36.4%
Operating Income 469,193 409,803 +14.5%
Show Legal Entity breakouts
WES Operating [Member] 469,538 409,615 +14.6%
Interest Expense -113,390 -97,293 -16.5%
Show Legal Entity breakouts
WES Operating [Member] -113,390 -97,293 -16.5%
Other Non-Operating Income (Expense) 6,730 7,477 -10.0%
Show Legal Entity breakouts
WES Operating [Member] 6,640 7,431 -10.6%
Income Before Taxes 362,533 319,987 +13.3%
Show Legal Entity breakouts
WES Operating [Member] 362,788 319,753 +13.5%
Income Tax Expense (Benefit) 3,501 3,435 +1.9%
Show Legal Entity breakouts
WES Operating [Member] 126 3,435 -96.3%
Net Income 359,032 316,552 +13.4%
Show Legal Entity breakouts
WES Operating [Member] 362,662 316,318 +14.7%
WES Operating [Member] · Common Units [Member] 345,787 315,076 +9.7%
WES Operating [Member] · Noncontrolling Interest 1,929 1,242 +55.3%
WES Operating [Member] · Preferred Units [Member] 14,946 — —
Show Partner Capital Components breakouts
Common Units [Member] 342,390 301,837 +13.4%
General Partner 7,886 7,170 +10.0%
Noncontrolling Interest 8,756 7,545 +16.1%
Net Income Loss Attributable To Noncontrolling Interest 8,756 7,545 +16.1%
Show Legal Entity breakouts
WES Operating [Member] 1,929 1,242 +55.3%
Net Income 350,276 309,007 +13.4%
Show Legal Entity breakouts
WES Operating [Member] 360,733 315,076 +14.5%
Revenue 1,121,685 916,918 +22.3%
Show Product Lines breakouts
Product 99,616 34,469 +189.0%
Service Revenues - Fee Based [Member] 933,302 823,197 +13.4%
Service Revenues - Product Based [Member] 88,767 59,252 +49.8%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 647,495 448,447 +44.4%
Show Legal Entity breakouts
WES Operating [Member] 636,376 442,139 +43.9%
Accounts And Other Receivables Net Current 822,747 673,204 +22.2%
Show Legal Entity breakouts
WES Operating [Member] 833,628 711,300 +17.2%
WES Operating [Member] · Affiliated Entity 401.4 431.6 -7.0%
Show Major Customers breakouts
Customers [Member] 807.5 666.9 +21.1%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 390.5 393.5 -0.8%
Other Assets Current 69,165 68,243 +1.4%
Show Legal Entity breakouts
WES Operating [Member] 68,904 65,744 +4.8%
WES Operating [Member] · Affiliated Entity 6,360 6,567 -3.2%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 6,478 8,843 -26.7%
Total Current Assets 1,539,407 1,189,894 +29.4%
Show Legal Entity breakouts
WES Operating [Member] 1,538,908 1,219,183 +26.2%
Accounts Receivable 812,799 672,604 +20.8%
Show Legal Entity breakouts
WES Operating [Member] 823,714 710,719 +15.9%
Non-Current Assets
Property, Plant & Equipment 11,294,693 9,727,094 +16.1%
Show Legal Entity breakouts
WES Operating [Member] 11,294,693 9,727,094 +16.1%
Goodwill 347,643 — —
Show Legal Entity breakouts
WES Operating [Member] 347,643 — —
Other Non-Current Assets 345,103 365,756 -5.6%
Show Legal Entity breakouts
WES Operating [Member] 340,631 362,996 -6.2%
WES Operating [Member] · Affiliated Entity 29,245 35,957 -18.7%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 33,717 38,717 -12.9%
Total Assets 14,924,502 12,456,877 +19.8%
Show Legal Entity breakouts
WES Operating [Member] 14,919,531 12,483,406 +19.5%
WES Operating [Member] · Affiliated Entity 932.8 1 +93180.0%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 926.5 968.5 -4.3%
Other Assets
Property Plant And Equipment Gross 17,865,350 15,677,543 +14.0%
Show Legal Entity breakouts
WES Operating [Member] 17,865,350 15,677,543 +14.0%
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment 6,570,657 5,950,449 +10.4%
Show Legal Entity breakouts
WES Operating [Member] 6,570,657 5,950,449 +10.4%
Intangible Assets Net Excluding Goodwill 901,905 641,824 +40.5%
Show Legal Entity breakouts
WES Operating [Member] 901,905 641,824 +40.5%
Equity Method Investments 495,751 527,526 -6.0%
Show Legal Entity breakouts
WES Operating [Member] 495,751 527,526 -6.0%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Front Range Pipeline [Member] 172,987 178,940 -3.3%
Mi Vida [Member] 31,504 41,281 -23.7%
Red Bluff Express [Member] 111,334 113,820 -2.2%
Texas Express Gathering [Member] 13,775 14,412 -4.4%
Texas Express Pipeline [Member] 160,856 165,938 -3.1%
White Cliffs [Member] 5,295 8,788 -39.7%
Current Liabilities
Accounts Payable Trade Current 413,812 357,278 +15.8%
Show Legal Entity breakouts
WES Operating [Member] 413,521 356,962 +15.8%
WES Operating [Member] · Affiliated Entity 25,005 37,257 -32.9%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 25,005 37,257 -32.9%
Long Term Debt And Capital Lease Obligations Current 445,603 350,597 +27.1%
Show Legal Entity breakouts
WES Operating [Member] 445,603 350,597 +27.1%
Accrual For Taxes Other Than Income Taxes Current 49,784 46,016 +8.2%
Show Legal Entity breakouts
WES Operating [Member] 49,784 46,016 +8.2%
Accrued Liabilities 497,958 257,038 +93.7%
Show Legal Entity breakouts
WES Operating [Member] 456,549 218,551 +108.9%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 181,508 5,165 +3414.2%
Total Current Liabilities 1,407,157 1,010,929 +39.2%
Show Legal Entity breakouts
WES Operating [Member] 1,365,457 972,126 +40.5%
Deferred Revenue (Current) 185,942 10,878 +1609.3%
Show Legal Entity breakouts
WES Operating [Member] 185,942 10,878 +1609.3%
Current Portion of Long-Term Debt (Q) — — —
Show Legal Entity breakouts
WES Operating [Member] · Senior Notes 440,356 336,594 +30.8%
Non-Current Liabilities
Long Term Debt And Capital Lease Obligations 8,194,171 6,925,033 +18.3%
Show Legal Entity breakouts
WES Operating [Member] 8,194,171 6,925,033 +18.3%
Show Long-Term Debt Type breakouts
Long-Term Debt Obligations [Member] 8,194,171 6,925,033 +18.3%
Deferred Tax Liabilities 111,898 31,392 +256.5%
Show Legal Entity breakouts
WES Operating [Member] 33,892 31,392 +8.0%
Asset Retirement Obligations Noncurrent 443,152 378,889 +17.0%
Show Legal Entity breakouts
WES Operating [Member] 443,152 378,889 +17.0%
Other Non-Current Liabilities 1,261,134 777,063 +62.3%
Show Legal Entity breakouts
WES Operating [Member] 1,256,485 772,734 +62.6%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 1,030,993 534,612 +92.8%
Liabilities Noncurrent 10,010,355 8,112,377 +23.4%
Show Legal Entity breakouts
WES Operating [Member] 9,927,700 8,108,048 +22.4%
Total Liabilities 11,417,512 9,123,306 +25.1%
Show Legal Entity breakouts
WES Operating [Member] 11,293,157 9,080,174 +24.4%
WES Operating [Member] · Affiliated Entity 1.2 577 -99.8%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 1.2 577 -99.8%
Long-Term Debt (Q) — — —
Show Legal Entity breakouts
WES Operating [Member] · Senior Notes 8,183,025 6,904,841 +18.5%
Contract With Customer Liability Noncurrent 1,149,412 629,561 +82.6%
Stockholders' Equity
Total Liabilities & Equity 14,924,502 12,456,877 +19.8%
Show Legal Entity breakouts
WES Operating [Member] 14,919,531 12,483,406 +19.5%
Limited Partners Capital Account 3,361,526 3,183,365 +5.6%
Show Legal Entity breakouts
WES Operating [Member] 2,723,066 3,375,514 -19.3%
Preferred Units Preferred Partners Capital Accounts (Q) — — —
Show Legal Entity breakouts
WES Operating [Member] 868,978 — —
Partners Capital 3,365,791 3,193,410 +5.4%
Show Legal Entity breakouts
WES Operating [Member] 3,592,044 3,375,514 +6.4%
Partners Capital Attributable To Noncontrolling Interest 141,199 140,161 +0.7%
Show Legal Entity breakouts
WES Operating [Member] 34,330 27,718 +23.9%
Partners Capital Including Portion Attributable To Noncontrolling Interest 3,506,990 3,333,571 +5.2%
Show Legal Entity breakouts
WES Operating [Member] 3,626,374 3,403,232 +6.6%
WES Operating [Member] · Common Units [Member] 2,723,066 3,375,514 -19.3%
WES Operating [Member] · Noncontrolling Interest 34,330 27,718 +23.9%
WES Operating [Member] · Preferred Units [Member] 868,978 — —
Show Partner Capital Components breakouts
Common Units [Member] 3,361,526 3,183,365 +5.6%
General Partner 4,265 10,045 -57.5%
Noncontrolling Interest 141,199 140,161 +0.7%
Limited Partners Capital Account Units Issued 393,775,833 381,327,148 +3.3%
Show Legal Entity breakouts
WES Operating [Member] 404,147,536 318,675,578 +26.8%
Limited Partners Capital Account Units Outstanding 393,775,833 381,327,148 +3.3%
Show Legal Entity breakouts
Occidental [Member] · WES [Member] 150,374,176 165,681,578 -9.2%
WES Operating [Member] 404,147,536 318,675,578 +26.8%
Show Ownership breakouts
WES [Member] · Public [Member] 243,401,657 215,645,570 +12.9%
Preferred Units Issued (Q) — — —
Show Legal Entity breakouts
WES Operating [Member] 21,965,846 — —
Preferred Units Outstanding (Q) — — —
Show Legal Entity breakouts
WES Operating [Member] 21,965,846 — —
General Partners Capital Account 4,265 10,045 -57.5%
General Partners Capital Account Units Issued 9,060,641 9,060,641 0.0%
General Partners Capital Account Units Outstanding 9,060,641 9,060,641 0.0%
Show Legal Entity breakouts
Occidental [Member] · WES [Member] 9,060,641 9,060,641 0.0%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Stock-Based Compensation 10,854 8,248 +31.6%
Show Legal Entity breakouts
WES Operating [Member] 10,668 8,144 +31.0%
Deferred Income Taxes 621 1,713 -63.7%
Show Legal Entity breakouts
WES Operating [Member] -2,754 1,713 -260.8%
Accretionand Amortizationof Long Term Obligations Net 882 2,202 -59.9%
Show Legal Entity breakouts
WES Operating [Member] 882 2,202 -59.9%
Equity Method Investment Dividends Or Distributions 15,763 23,337 -32.5%
Show Legal Entity breakouts
WES Operating [Member] 15,763 23,337 -32.5%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Front Range Pipeline [Member] 8,812 — —
Mi Vida [Member] -1,979 — —
Red Bluff Express [Member] 4,825 — —
Rendezvous [Member] 101 — —
Texas Express Gathering [Member] 141 — —
Texas Express Pipeline [Member] 3,090 — —
White Cliffs [Member] 773 — —
Other Operating Activities Cash Flow Statement -4 190 -102.1%
Show Legal Entity breakouts
WES Operating [Member] -4 190 -102.1%
Change in Accounts Receivable -50,226 28,634 -275.4%
Show Legal Entity breakouts
WES Operating [Member] -61,138 -9,486 -544.5%
Increase Decrease In Accounts Payable And Accrued Liabilities -28,316 -46,684 +39.3%
Show Legal Entity breakouts
WES Operating [Member] -43,674 -30,834 -41.6%
Increase Decrease In Other Operating Capital Net -31,328 41,906 -174.8%
Show Legal Entity breakouts
WES Operating [Member] -30,498 45,186 -167.5%
Net Cash from Operations 469,903 530,793 -11.5%
Show Legal Entity breakouts
WES Operating [Member] 444,532 511,465 -13.1%
Investing Activities
Payments For Capital Improvements -235,726 -142,402 -65.5%
Show Legal Entity breakouts
WES Operating [Member] -235,726 -142,402 -65.5%
Payments To Acquire Businesses And Interest In Affiliates -1,768 — —
Show Legal Entity breakouts
WES Operating [Member] -1,768 — —
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Mi Vida [Member] -1,768 — —
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 9,889 11,007 -10.2%
Show Legal Entity breakouts
WES Operating [Member] 9,889 11,007 -10.2%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Front Range Pipeline [Member] 3,318 — —
Mi Vida [Member] 1,979 — —
Red Bluff Express [Member] 461 — —
Rendezvous [Member] 100 — —
Texas Express Gathering [Member] 154 — —
Texas Express Pipeline [Member] 2,996 — —
White Cliffs [Member] 881 — —
Other Investing Activities -7,272 -9,414 +22.8%
Show Legal Entity breakouts
WES Operating [Member] -7,272 -9,414 +22.8%
Net Cash from Investing -234,877 -140,790 -66.8%
Show Legal Entity breakouts
WES Operating [Member] -234,877 -140,790 -66.8%
Financing Activities
Payments Of Dividends Minority Interest (Q) — — —
Show Other Ownership Interests By Name breakouts
WES Operating [Member] -7,332 -6,949 -5.5%
Proceeds From Issuance Of Long Term Debt -132 — —
Show Legal Entity breakouts
WES Operating [Member] -132 — —
Increase Decrease In Outstanding Checks Financing Activities 13,461 -113 +12012.4%
Show Legal Entity breakouts
WES Operating [Member] 10,841 -118 +9287.3%
Payments Of Dividends -379,675 -340,996 -11.3%
Show Legal Entity breakouts
WES Operating [Member] -385,911 -347,356 -11.1%
WES Operating [Member] · Affiliated Entity -385,911 -347,356 -11.1%
Show Other Ownership Interests By Name breakouts
WES Operating [Member] · Affiliated Entity -7,332 -6,949 -5.5%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity -159,015 -152,899 -4.0%
Payments To Minority Shareholders (Q) — — —
Show Legal Entity breakouts
WES Operating [Member] · Chipeta Processing Limited Liability Company [Member] -2,117 — —
Show Other Ownership Interests By Name breakouts
Chipeta Processing Limited Liability Company [Member] -2,117 — —
Proceeds From Payments For Other Financing Activities -31,227 -20,131 -55.1%
Show Legal Entity breakouts
WES Operating [Member] -4,332 -1,677 -158.3%
Net Cash from Financing -407,022 -1,032,020 +60.6%
Show Legal Entity breakouts
WES Operating [Member] -381,651 -1,012,982 +62.3%
Supplemental
Interest Paid 124,776 119,905 +4.1%
Show Legal Entity breakouts
WES Operating [Member] 124,776 119,905 +4.1%
Unpaid Capital Expenditures 97,352 88,894 +9.5%
Show Legal Entity breakouts
WES Operating [Member] 97,352 88,894 +9.5%
Income Taxes Paid 3,449 — —
Show Legal Entity breakouts
WES Operating [Member] 3,449 — —
Consideration For Unit Redemption -610,000 — —
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WES Operating [Member] -610,000 — —
Other Cash Flow
Net Change in Cash -171,996 -642,017 +73.2%
Show Legal Entity breakouts
WES Operating [Member] -171,996 -642,307 +73.2%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 647,495 448,447 +44.4%
Show Legal Entity breakouts
WES Operating [Member] 636,376 442,139 +43.9%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

This table is rendered from the same JSON returned by /api/financials.

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