NYSE: WES
Western Midstream Partners, LPCIK 0001423902 · SIC 4922 · Natural Gas Distribution
Solaris Water Midstream, LLC (“Solaris”), a subsidiary of Aris, and certain affiliates are named defendants in Cause No. 23-05-1085, Stateline Operating, LLC and Stateline Royalties, LP vs. Devon Energy Corporation, Stateline Water, LLC, Devon Energy Production Company, LP, Solaris Water Midstream,… About this business →
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Western Midstream revenue jumps 30% to $1.22B on acquisitions; net income up 18% to $403.6M
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Western Midstream closes $700M senior notes offering to refinance debt and fund Brazos acquisition
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Western Midstream closes $1.6B Brazos Delaware II acquisition with cash and equity
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Western Midstream reports Q1 2026 earnings results
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WES: revenue $1.12B, net income $350.3M. WES integrates Aris acquisition, adds water assets and debt; new saltwater lawsuit disclosed
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Latest financial statements
From 10-Q filed Aug 5, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
thousands
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues and other | ||||
| Service revenues fee based | 980,096 | 851,419 | 1,913,398 | 1,674,616 |
| Service revenues product based | 112,641 | 50,442 | 201,408 | 109,694 |
| Product sales | 124,763 | 40,280 | 224,379 | 74,749 |
| Other | 7,219 | 181 | 9,113 | 379 |
| Total revenues and other (1) | 1,224,719 | 942,322 | 2,348,298 | 1,859,438 |
| Equity income, net related parties | 21,536 | 27,128 | 36,312 | 47,563 |
| Operating expenses | ||||
| Cost of product | 117,440 | 42,681 | 220,324 | 84,173 |
| Operation and maintenance | 285,353 | 224,629 | 549,594 | 451,143 |
| General and administrative | 85,226 | 65,845 | 160,031 | 132,819 |
| Property and other taxes | 19,736 | 17,805 | 39,222 | 35,631 |
| Depreciation and amortization | 205,945 | 172,113 | 406,371 | 342,573 |
| Long-lived asset and other impairments | 551 | 686 | 1,159 | 689 |
| Total operating expenses (2) | 714,251 | 523,759 | 1,376,701 | 1,047,028 |
| Gain (loss) on divestiture and other, net (3) | (4,598) | (911) | (10,965) | (5,578) |
| Operating income (loss) | 527,406 | 444,780 | 996,944 | 854,395 |
| Interest expense | (108,984) | (95,170) | (222,374) | (192,463) |
| Gain (loss) on early extinguishment of debt | (150) | — | (150) | — |
| Other income (expense), net | 2,760 | 3,643 | 9,400 | 11,074 |
| Income (loss) before income taxes | 421,032 | 353,253 | 783,820 | 673,006 |
| Income tax expense (benefit) | 3,230 | 2,239 | 3,356 | 5,674 |
| Net income (loss) | 417,802 | 351,014 | 780,464 | 667,332 |
| Net income (loss) attributable to noncontrolling interest | 3,918 | 2,102 | 5,847 | 3,344 |
| Net income (loss) attributable to Western Midstream Operating, LP | 413,884 | 348,912 | 774,617 | 663,988 |
Balance sheets
thousands
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Accounts receivable, net | 370,453 | 407,941 |
| Other current assets | 8,819 | 524 |
| Equity investments (1) | 493,467 | 504,859 |
| Other assets | 33,311 | 33,124 |
| Total assets | 906,050 | 946,448 |
| Liabilities | ||
| Accounts and imbalance payables | 30,545 | 20,639 |
| Accrued liabilities (2) | 184,974 | 14,991 |
| Other liabilities (2) | 979,905 | 631,292 |
| Total liabilities | 1,195,424 | 666,922 |
Consolidated Statements of Cash Flows (Unaudited)
thousands
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income (loss) | 774,283 | 667,314 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 406,371 | 342,573 |
| Long-lived asset and other impairments | 1,159 | 689 |
| Non-cash equity-based compensation expense | 24,361 | 18,961 |
| Deferred income taxes | 2,258 | 2,012 |
| Accretion and amortization of long-term obligations, net | 1,616 | 4,234 |
| Equity income, net related parties | (36,312) | (47,563) |
| Distributions from equity-investment earnings related parties | 40,375 | 51,419 |
| (Gain) loss on divestiture and other, net (1) | 10,965 | 5,578 |
| (Gain) loss on early extinguishment of debt | 150 | — |
| Other | 325 | 233 |
| Changes in assets and liabilities: | ||
| (Increase) decrease in accounts receivable, net | (97,982) | (2,791) |
| Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | (21,891) | (15,645) |
| Change in other items, net | (101,039) | 67,756 |
| Net cash provided by operating activities | 1,004,639 | 1,094,770 |
| Cash flows from investing activities | ||
| Capital expenditures | (506,065) | (321,025) |
| Acquisitions from third parties | (818,723) | — |
| Contributions to equity investments related parties | (2,578) | — |
| Distributions from equity investments in excess of cumulative earnings related parties | 9,907 | 14,047 |
| Proceeds from the sale of assets to third parties | — | 34 |
| (Increase) decrease in materials and supplies inventory and other | (24,764) | (7,820) |
| Net cash used in investing activities | (1,342,223) | (314,764) |
| Cash flows from financing activities | ||
| Borrowings, net of debt issuance costs | 1,052,642 | (1,171) |
| Repayments of debt | (800,505) | (1,000,589) |
| Commercial paper borrowings (repayments), net | 162,905 | — |
| Increase (decrease) in outstanding checks | 14,858 | (7,656) |
| Distributions to Partnership unitholders (1) | (754,318) | (696,249) |
| Distributions to Chipeta noncontrolling interest owner | (3,998) | — |
| Distributions to noncontrolling interest owner of WES Operating | (14,505) | (14,217) |
| Other | (34,220) | (20,856) |
| Net cash used in financing activities | (377,141) | (1,740,738) |
| Net increase (decrease) in cash and cash equivalents | (714,725) | (960,732) |
| Cash and cash equivalents at beginning of period | 819,491 | 1,090,464 |
| Cash and cash equivalents at end of period | 104,766 | 129,732 |
| Supplemental disclosures | ||
| Interest paid, net of capitalized interest | 223,615 | 197,964 |
| Accrued capital expenditures | 141,356 | 85,153 |
| Income taxes paid (reimbursements received) | 13,618 | 2,301 |
| Asset retirement cost additions and revisions, net | 30,892 | 5,795 |
| Acquisition-related issuance of units | 851,963 | — |
| WES unit redemption with Occidental (1) | 610,000 | — |
Amounts as printed on the EDGAR/iXBRL face — thousands. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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About Western Midstream Partners, LP
Source: Item 1 (Business) from the 10-K filed February 18, 2026. Description as filed by the company with the SEC.
Item 1. Legal Proceedings
Solaris Water Midstream, LLC (“Solaris”), a subsidiary of Aris, and certain affiliates are named defendants in Cause No. 23-05-1085, Stateline Operating, LLC and Stateline Royalties, LP vs. Devon Energy Corporation, Stateline Water, LLC, Devon Energy Production Company, LP, Solaris Water Midstream, LLC, Solaris Midstream DB-TX LLC, and Aris Water Solutions, Inc., in the 143rd District Court, Loving County, Texas, which was filed on May 4, 2023. In this action, Plaintiffs sue Defendants for, among other things, negligence, waste, trespass, and nuisance based on Plaintiffs’ allegations that Defendants’ operations have harmed Plaintiffs’ oil and gas lease through the injection of disposed saltwater. Defendants dispute Plaintiffs’ claims of liability and damages in this matter. Trial is currently scheduled for September 14, 2026.
We have elected to use a $1.0 million threshold for disclosing certain proceedings arising under federal, state, or local environmental laws when a government authority is a party and potential monetary sanctions are involved. We believe proceedings under this threshold are not material to our business and financial proceedings.
Other than the items listed herein, we are not a party to any legal, regulatory, or administrative proceedings other than proceedings arising in the ordinary course of business. Management believes that there are no such proceedings for which a final disposition could have a material adverse effect
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on results of operations, cash flows, or financial condition, or for which disclosure is otherwise required by Item 103 of Regulation S-K.