Western Midstream Partners LP $(WES)$ reported Q4 2025 net income attributable to limited partners of USD 187.2 million and record adjusted EBITDA of USD 635.6 million, which included USD 29.5 million of unfavorable non-cash revenue adjustments tied to cumulative revenue recognition adjustments related to cost-of-service agreements at the DJ Basin oil and Springfield systems. Q4 cash flows provided by operating activities were USD 557.6 million and free cash flow was USD 340.8 million, with capital expenditures of USD 231.0 million. For FY 2025, WES reported net income attributable to limited partners of USD 1.15 billion and record adjusted EBITDA of USD 2.48 billion (+6% YoY), alongside operating cash flow of USD 2.22 billion and free cash flow of USD 1.53 billion (+15% YoY). The partnership returned USD 1.43 billion to unitholders in 2025 and declared a Q4 distribution of USD 0.910 per unit (USD 3.64 annualized); it plans to recommend increasing the quarterly distribution to USD 0.93 per unit (USD 3.72 annualized) starting in Q1 2026. Operationally, WES cited record 2025 natural-gas throughput of 5.2 Bcf/d (+4% YoY) and crude-oil and NGLs throughput of 514 MBbls/d (+1% YoY), while produced-water throughput reached 1,578 MBbls/d (+40% YoY), primarily reflecting the Q4 2025 acquisition of Aris Water Solutions, which expanded WES’s produced-water footprint in New Mexico. The company highlighted completion of the North Loving I processing train in Q2 2025, sanctioning of North Loving II (expected early Q2 2027), and sanctioning of the Pathfinder produced-water pipeline backed by long-term fixed-fee contracts. WES also said it renegotiated Delaware Basin natural-gas gathering and processing contracts with Occidental and ConocoPhillips, replacing a legacy cost-of-service structure with a fixed-fee structure in exchange for USD 610 million in WES units owned by Occidental. WES issued 2026 guidance for adjusted EBITDA of USD 2.50 billion to USD 2.70 billion, total capital expenditures of USD 850 million to USD 1.00 billion, and distributable cash flow of USD 1.85 billion to USD 2.05 billion (USD 4.59 to USD 5.08 per unit), and guided to a full-year distribution of at least USD 3.70 per unit.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Western Midstream Partners LP published the original content used to generate this news brief on February 18, 2026, and is solely responsible for the information contained therein.