Highest-materiality recent filing
WES Q1 adj EBITDA record $683M; acquires Brazos Delaware for $1.6B
Net income $342.4M ($0.85/diluted), record Adj EBITDA $683.1M (+15% YoY), DCF $508.9M.
Full-year 2025 Adj. EBITDA $2.481B (6% YoY), Free Cash Flow $1.526B (15% YoY), both above guidance ranges.
Western Midstream renegotiates Delaware Basin gas contracts, redeems $610M common units
Amends Occidental gathering contract from cost-of-service to fixed-fee with new MVCs through 2027.
WES subsidiary prices $1.2B senior notes offering in two tranches due 2031/2035
$600M 4.800% Senior Notes due 2031 and $600M 5.500% Senior Notes due 2035 issued on Dec 4, 2025.
WES Q3 net income $331.7M; record Adj. EBITDA $633.8M; closes Aris deal
Net income $331.7M ($0.87/diluted unit); record Adj. EBITDA $633.8M, second consecutive quarterly record.
Western Midstream completes acquisition of Aris Water Solutions for $415M cash + 26.6M units
Each Aris share converted into 0.625 WES units, $25 cash (subject to proration), or 0.45 units + $7 cash.
WES to acquire Aris Water Solutions in $415M cash-plus-stock deal
Each Aris share elects 0.625 WES units, $25 cash (capped at $415M total), or 0.450 units + $7 cash.
WES Q1 net income $301.8M; Adjusted EBITDA $593.6M; distribution raised 4% to $0.910/unit
Net income $301.8M ($0.79/diluted unit); Adjusted EBITDA $593.6M; FCF $399.4M on $530.8M operating cash flow.
Western Midstream extends $1.88B revolver maturity to 2030
Consent obtained to extend maturity on $1,880M of RCF commitments from April 6, 2029 to April 6, 2030.
Full-year 2024 Adj. EBITDA $2.344B, FCF $1.324B; both above guidance ranges (midpoint $2.3B, high end $1.25B).
Robert Bourne to serve as advisor through Mar 3, 2025 then six-month consultant at $77,250 monthly.
WES Q3 net income $281.8M, adj. EBITDA $566.9M; lowers throughput growth outlook
Net income $281.8M ($0.74/diluted unit); Adj. EBITDA $566.9M; Free cash flow $365.1M.
WES appoints Oscar Brown as President & CEO, replacing Michael Ure effective Oct 28
Oscar Brown appointed President and CEO of General Partner effective Oct 28, 2024; he was independent director since 2019.
WES Operating prices $800M of 5.450% Senior Notes due 2034 at 99.743% of par
Interest accrues from Aug 20, 2024, payable semi-annually on May 15 and Nov 15, maturing Nov 15, 2034.
Western Midstream selling unitholders to offer 19M common units at $35.75 in secondary offering
Selling unitholders (WGR Asset Holding, Anadarko USH1) selling 19M units at $35.75; underwriter option for 2.85M more.
Western Midstream Q2 net income $369.8M, Adj. EBITDA $578.1M; distribution $0.875/unit
Net income $369.8M ($0.97 diluted/unit); Adjusted EBITDA $578.1M; Free cash flow $424.8M.
Western Midstream extends $1.88B revolver maturity one year to April 2029
Extended maturity on $1.88B of commitments from April 2028 to April 6, 2029.
Western Midstream Q1 net income $559.5M, record EBITDA, distribution up 52%
Net income attributable to LPs of $559.5M ($1.47/diluted unit); record Adjusted EBITDA $608.4M.
On February 18, 2025, Robert W. Bourne, Senior Vice President and Chief Commercial Officer of Western Midstream Holdings, LLC, the general partner of Western Midstream Partners, LP (“WES”), entered into a Retirement Agreement and General Release (the “Retirement Agreement”) with WES.
Michael P. Ure agreed that he will step down from his position as President and Chief Executive Officer of the General Partner and as a director of the Board, effective October 28, 2024 (the “Transition Date”).
Oscar K. Brown, an independent director of Western Midstream Holdings, LLC, WES’s general partner (the “General Partner”) has been appointed President and Chief Executive Officer of the General Partner, effective October 28, 2024.
Max materiality 0.90 · Median 0.72 · Most common event earnings