Western Midstream Partners, Lp (WES)
NYSE:WES
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Earnings Data
Report Date
Aug 12, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.84Last Year’s EPS
0.87Same Quarter Last Year
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The earnings call was predominantly positive: management reported record adjusted EBITDA, record throughput in key product lines, solid distributable cash flow and declared an accretive $1.6 billion Brazos Delaware acquisition that meaningfully expands Delaware Basin scale and processing capacity. Strong liquidity, disciplined leverage (pro forma ~3x) and ongoing cost reductions underpin confidence in achieving guidance toward the high end. Near-term headwinds include Waha price-driven curtailments, localized basin declines (Powder River), a QoQ operating cash flow decline tied to a contract renegotiation with Occidental and some supply-chain/turnaround timing risks. Overall, the positives (record results, accretive M&A, strong balance sheet, updated guidance) outweigh the localized operational and commodity-linked challenges.Company Guidance
Record Adjusted EBITDA and Strong Quarterly Financials
Reported record adjusted EBITDA of $683 million, up 7% sequentially and 15% year-over-year. Net income attributable to limited partners was $342 million and distributable cash flow amounted to $509 million for Q1 2026.
Throughput Records and Volume Growth
Delaware Basin natural gas throughput rose ~3% sequentially to slightly over 2.0 Bcf/d. Crude oil and NGL throughput set a record at 272,000 barrels per day, up 4% sequentially and 6% year-over-year. Produced water throughput was a record ~2.8 million barrels per day, up 4% sequentially (driven by full-quarter Aris contribution).
Accretive Brazos Delaware Acquisition
Announced $1.6 billion acquisition of Brazos Delaware II (approx. $800M cash + $800M common units). Transaction immediately accretive to 2026 distributable cash flow per unit, expected to contribute ~ $100 million incremental adjusted EBITDA in 2026, increases West Texas dedicated acreage by ~49% and gas processing capacity by ~20%. Purchase multiple ~8x 2027 estimated EBITDA (declining to ~7.5x with commercialization/synergies).
Guidance Updated Toward High End
Management expects results to be toward the high end of previously announced 2026 adjusted EBITDA guidance ($2.5B–$2.7B) and distributable cash flow guidance ($1.85B–$2.05B) before Brazos, driven by favorable commodity prices, commercial activity and operating leverage. Free cash flow guidance remains $900M–$1.1B; 2026 capex guidance $850M–$1.0B.
Balance Sheet Strength and Liquidity
Ended quarter with over $2.5 billion in total liquidity and trailing 12-month net leverage of ~3.1x; pro forma net leverage expected to be ~3.0x after financing Brazos. Retired $441 million of 2026 notes in April. Quarterly distribution declared at $0.93 per unit (2.2% QoQ increase), annualized $3.72.
Operational Execution and Cost Reduction
Outperformance attributed to full-quarter contribution from Aris, per-day throughput growth across product lines and successful cost reduction efforts. O&M management delivered only ~5% quarter-over-quarter increase (Aris-driven) and expected combined-company O&M increase of ~10%–15%, representing meaningful cost synergies and improved operating leverage.
Visible Organic Growth Pipeline and New Ventures
Two large organic projects (Pathfinder produced water pipeline and North Loving II) on track for commercial operation in 2027. Management highlighted produced water beneficial reuse, behind-the-meter power and CO2 services as actionable growth adjacencies with near- to mid-term commercialization potential (pilot upsizing underway for beneficial reuse).
WES Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
WES Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 06, 2026 | $41.25 | $43.30 | +4.97% |
Feb 18, 2026 | $42.96 | $40.60 | -5.49% |
Nov 04, 2025 | $35.74 | $36.61 | +2.44% |
Aug 06, 2025 | $37.69 | $35.92 | -4.69% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Western Midstream Partners, Lp (WES) report earnings?
Western Midstream Partners, Lp (WES) is schdueled to report earning on Aug 12, 2026, After Close (Confirmed).
What is Western Midstream Partners, Lp (WES) earnings time?
Western Midstream Partners, Lp (WES) earnings time is at Aug 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is WES EPS forecast?
WES EPS forecast for the fiscal quarter 2026 (Q2) is 0.84.