Western Midstream posts record 2025 Adj. EBITDA $2.48B, beats guidance; 2026 outlook projects ~5% growth

Western Midstream Partners, LP

Full-year 2025 Adj. EBITDA $2.481B (6% YoY), Free Cash Flow $1.526B (15% YoY), both above guidance ranges.
Q4 net income $187.2M, Adj. EBITDA $635.6M; distribution held at $0.910/unit, board to consider $0.93/unit increase.
2026 Adj. EBITDA guide $2.5B-$2.7B (midpoint ~5% growth); capex cut to $925M midpoint from prior $1.1B.
Record 2025 natural-gas throughput 5.2 Bcf/d; produced-water +40% on Aris acquisition.
Post-year-end renegotiated Delaware Basin contracts with Occidental and ConocoPhillips to fixed-fee structure.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.