Western Midstream Partners, LP WES

Utilities SIC 4922 - Natural Gas Transmission NAICS Transportation and Warehousing › Pipeline Transportation › Pipeline Transportation of Natural Gas derived NYSE

WES and WES Operating. WES is a Delaware master limited partnership formed in September 2012. Our common units are publicly traded on the NYSE under the symbol "WES." Our general partner is a wholly owned subsidiary of Occidental. WES Operating is a Delaware limited partnership formed by Anadarko in 2007 to acquire, own, develop, and operate midstream assets. As of December 31, 2025, WES owns, directly and indirectly, a 98.1% limited partner interest in WES Operating, and directly owns all of the outstanding equity interests of WES Operating GP, which holds the entire non-economic general partner interest in WES Operating.

WES's assets include assets owned and ownership interests accounted for by us under the equity method of accounting, through our partnership interest in WES Operating (see Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part II, Item 8 of this Form 10-K).

Last close 49.54 2026-09-04
Market cap $19.51B 2026-03-31 share count
52-week range 36.90 - 50.07

Valuation FY2025 figures against the last close

P/S5.1x
P/E—
P/FCF13.1x
EV/EBITDA8.4x
Dividend yield7.3%
Diluted EPS—

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $3.84B$3.60B$3.11B$3.25B$2.70B$2.55B$2.75B$2.31B$2.43B$1.94B
Cost of revenue ———————$415.5M$953.8M$517.4M
Gross profit ———————$1.89B$1.48B$1.42B
SG&A $398.9M$271.5M$232.6M$194.0M$195.5M$155.8M$114.6M$67.2M$53.9M$52.4M
Total operating expenses $2.32B$2.04B$1.87B$1.95B$1.75B$2.13B$1.75B$1.64B$1.91B$1.26B
Operating income $1.60B$1.97B$1.38B$1.59B$1.34B$878.9M$1.23B$861.3M$801.7M$783.1M
Interest expense $390.5M$378.5M$348.2M$333.9M$376.5M$380.1M$303.3M$183.8M$142.5M$109.3M
Pre-tax income $1.23B$1.63B$1.05B$1.26B$934.2M$522.9M$821.2M$689.6M$677.5M$691.3M
Income tax $15.1M$18.1M$4.4M$4.2M$9.8M$6.0M$13.5M$58.9M$59.9M$33.0M
Net income $1.18B$1.57B$1.02B$1.22B$916.3M$527.0M$697.2M$551.6M$540.8M$407.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $819.5M$1.09B$272.8M$286.7M$202.0M$444.9M$100.0M$92.1M$79.6M$359.1M
Receivables $759.2M$701.2M$665.9M$548.9M$431.6M$452.7M$260.5M$221.1M$160.5M$192.6M
Total current assets $1.66B$1.85B$992.4M$900.4M$684.8M$943.1M$402.4M$344.8M$256.3M$595.6M
Property, plant and equipment $11.22B$9.71B$9.66B$8.54B$8.51B$8.71B$9.06B$8.41B$6.77B$5.05B
Goodwill $353.3M$4.8M$4.8M$4.8M$4.8M$4.8M$445.8M$445.8M$445.8M$417.6M
Other intangibles $913.8M$649.7M$681.4M$713.1M$744.7M$776.4M$809.4M$841.4M$872.2M$803.7M
Total assets $15.00B$13.14B$12.47B$11.27B$11.27B$11.83B$12.35B$11.46B$9.43B$7.74B
Short-term debt ——————$7.9M$28.0M$0—
Total current liabilities $1.24B$1.69B$1.30B$903.9M$1.14B$960.9M$486.0M$637.5M$548.0M$315.4M
Long-term debt ——————$7.95B$4.79B$3.49B$3.12B
Total liabilities $10.84B$9.77B$9.44B$8.16B$8.18B$8.93B$9.00B$6.56B$4.44B$3.63B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.22B$2.14B$1.66B$1.70B$1.77B$1.64B$1.32B$1.35B$1.04B$1.06B
Depreciation and amortisation $710.8M$650.4M$600.7M$582.4M$551.6M$491.1M$483.3M$389.2M$318.8M$296.0M
Stock-based compensation $50.8M$38.0M$32.0M$27.8M$27.7M$22.5M$15.5M$6.4M$5.2M$5.0M
Capital expenditure $728.0M$833.9M$735.1M$487.2M$313.7M$423.6M$1.19B$1.95B$1.03B$554.1M
Investing cash flow -$1.09B-$39.2M-$1.61B-$218.2M-$257.5M-$448.3M-$3.39B-$2.21B-$1.13B-$1.23B
Financing cash flow -$1.41B-$1.28B-$67.9M-$1.40B-$1.75B-$844.2M$2.07B$875.2M-$188.9M$433.1M
Dividends paid $1.43B$1.25B$978.4M$735.8M$533.8M$695.8M$969.1M$502.5M$442.0M$374.1M
Buybacks $0$0$134.6M$487.6M$217.5M$32.5M$0$0——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001423902-26-000030.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Buybacks
  • Inventory
  • Total current liabilities
Buybacks, Inventory, Total current liabilities by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B 2B Total current liabilities, FY2016: 315.4M Total current liabilities, FY2017: 548M Buybacks, FY2018: 0 Total current liabilities, FY2018: 637.5M Buybacks, FY2019: 0 Total current liabilities, FY2019: 486M Buybacks, FY2020: 32.5M Total current liabilities, FY2020: 960.9M Buybacks, FY2021: 217.5M Total current liabilities, FY2021: 1.1B Buybacks, FY2022: 487.6M Total current liabilities, FY2022: 903.9M Buybacks, FY2023: 134.6M Total current liabilities, FY2023: 1.3B Buybacks, FY2024: 0 Total current liabilities, FY2024: 1.7B Buybacks, FY2025: 0 Total current liabilities, FY2025: 1.2B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Buybacks — — $0 $0 $32.5M $217.5M $487.6M $134.6M $0 $0
Inventory — — — — — — — — — —
Total current liabilities $315.4M $548.0M $637.5M $486.0M $960.9M $1.14B $903.9M $1.30B $1.69B $1.24B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed Item 1.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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