Western Midstream Q2 record EBITDA $736.5M, raises 2026 guidance midpoints 10-20%

Western Midstream Partners, LP

Q2 net income $394.9M ($0.99/unit); record Adj. EBITDA $736.5M (+19% YoY, +8% sequentially).
Q2 DCF $537.2M, FCF $263.6M; distribution maintained at $0.93/unit ($3.72 annualized).
Raised 2026 Adj. EBITDA midpoint to $2.85B (+10% from original); DCF midpoint $2.15B (+10%), FCF midpoint $1.2B (+20%).
Executed two new G&P agreements in Powder River Basin adding ~270,000 dedicated acres; completed Brazos Delaware acquisition adding 460 MMcf/d capacity.
Record Delaware Basin throughput: nat-gas 2,140 MMcf/d, produced water 2,993 MBbls/d; DJ Basin nat-gas 1,547 MMcf/d.

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