Western Midstream reports Q1 EPS 85c, consensus 78c

Reports Q1 revenue $1.12B, consensus $1.02B. “WES delivered record Adjusted EBITDA of $683.1M in Q1 of 2026, increasing 7% sequentially and 15% compared to the prior-year period, which was primarily driven by a full quarter’s contribution from the Aris acquisition, throughput growth across all three products, and successful cost reduction efforts,” commented CEO Oscar Brown. “Additionally, our Adjusted Gross Margin in Q1 benefited as crude-oil prices increased in March. This performance also reflects the results of our efficiency and cost reduction strategies, as this and several other variables came together to produce the strongest quarter in the Partnership’s history. Looking ahead, our fee-based contract structures, supported by substantial minimum-volume commitments and acreage dedications, provide durable, protected cash flows across commodity cycles…we expect to be towards the high end of both the Adjusted EBITDA and Distributable Cash Flow ranges, without taking into account the impact of the Brazos transaction. This improved outlook is due to increased commercial discussions, the very favorable commodity price environment, and our improving operating leverage due to our successful and ongoing cost competitiveness efforts…we intend to reevaluate our 2026 guidance ranges in conjunction with our Q2 results after the scheduled close of the Brazos transaction.”