secwatch.observer — SEC 8-K summary
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Issuer:     Western Midstream Partners, LP (WES)
CIK:        0001423902
Form:       8-K
Filed at:   2026-02-18T23:59:59+00:00
Accession:  0001423902-26-000029
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1423902/000142390226000029/0001423902-26-000029-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1423902/000142390226000029/wes-20260218.htm
  HTML page:      https://secwatch.observer/filing/0001423902-26-000029

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer