---
schema_version: "secwatch.filing_event.v1"
accession: "0001423902-26-000029"
form_type: "8-K"
ticker: "WES"
cik: "0001423902"
company_name: "Western Midstream Partners, LP"
filed_at: "2026-02-18T23:59:59+00:00"
generated_at: "2026-05-16T01:59:42.640951+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001423902-26-000029
- form_type: 8-K
- ticker: WES
- cik: 0001423902
- company_name: Western Midstream Partners, LP
- filed_at: 2026-02-18T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1423902/000142390226000029/0001423902-26-000029-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1423902/000142390226000029/wes-20260218.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001423902-26-000029
- JSON: https://secwatch.observer/filing/0001423902-26-000029.json
- Plain text: https://secwatch.observer/filing/0001423902-26-000029.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.