Western Midstream Partners (WES) investor relations material

Executive summary

• Q3 Adjusted EBITDA was $708.3 million, up 12% YoY, with record natural-gas and produced-water throughput; FY26 Adjusted EBITDA is expected above the revised guidance midpoint.

• Acquisitions, cost savings, commercial wins, and organic projects support growth across natural gas, crude oil and NGLs, and produced water.

Financial highlights

• Q3 revenue was $1,194.2 million; net income attributable to limited partners was $324.8 million, Adjusted EBITDA was $708.3 million, and DCF was $512.3 million.

• Operating cash flow was $567.5 million and Free Cash Flow was $244.2 million; Free Cash Flow after distributions was negative $148.5 million.

• Adjusted EBITDA and DCF declined QoQ to $708.3 million and $512.3 million, respectively; lower crude oil and NGL pricing, reduced DJ Basin throughput, and higher O&M expense contributed.

• 9M revenue rose 26% YoY to $3.543 billion and Adjusted EBITDA rose 15% to $2.128 billion; DCF fell 4% to $1.546 billion and Free Cash Flow fell 37% to $750.1 million.

Outlook and guidance

• FY26 guidance is $2.75–$2.95 billion for Adjusted EBITDA, $2.05–$2.25 billion for DCF, and $1.1–$1.3 billion for Free Cash Flow; midpoint targets rose by $250 million, $200 million, and $200 million, respectively.

• FY26 Adjusted EBITDA is expected above the revised midpoint; more wells are anticipated online in Q4.

• FY26 capital spending is expected slightly above the $850 million–$1 billion range; 2027 spending is expected in line with 2026, with ~80% directed to the Delaware Basin.

• FY26 throughput growth estimates are mid-single digits for natural gas, low-single digits for crude oil and NGLs, and 85%–90% for produced water.

• 2027 throughput growth is expected across all three product lines, supported by Brazos, Pathfinder, North Loving II, customer activity, and Powder River Basin agreements.