Western Midstream Partners LP (WES)

47.36 WES 🚀

Dividend hit on Fri, 5/15

Gambling money 💲💲💲

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I will put profit here every 4 months.

44.82 WES 52 week high

Great dividend

Western Midstream Announces Acquisition of Brazos DelawareMay 6, 2026 4:05 PM
PR Newswire (US) Expands WES's natural-gas and crude-oil and NGLs gathering and processing footprint across the core of the Delaware Basin.Adds approximately 470,000 dedicated acres and 460 MMcf/d of natural-gas processing capacity, increasing WES's total Delaware Basin dedicated acres by approximately 49-percent to more than 1.4 million acres and natural-gas processing capacity by approximately 20-percent to approximately 2.750 Bcf/d.Diversifies WES's customer base through long-term, fixed-fee contracts anchored by high-quality, investment grade counterparties with a portfolio-wide weighted average remaining contract life of over nine years.Purchase price of $1.6 billion represents an ~8.0x multiple on 2027 estimated EBITDA(1), declining to ~7.5x with the commercialization of available processing capacity and identified synergies.Expected to be immediately accretive to estimated 2026 Distributable Cash Flow per unit.Transaction consideration consists of 50-percent cash and 50-percent equity, enabling WES to maintain pro forma net leverage of approximately 3.0x throughout 2026.HOUSTON, May 6, 2026 /PRNewswire/ -- Western Midstream Partners, LP ("WES" or the "Partnership") (NYSE: WES) today announced that it has entered into a definitive agreement pursuant to which WES will acquire all of the outstanding equity interests of Brazos Delaware II, LLC ("Brazos"), in a transaction valued at approximately $1.6 billion. Under the terms of the agreement, WES will pay approximately $800 million in cash and issue approximately $800 million in WES common units at closing. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close late in the second quarter of 2026.Brazos is one of the largest privately held gathering and processing platforms in the Texas Delaware Basin, with natural-gas and crude-oil assets spanning Reeves, Ward, Pecos, Winkler, Culberson, and Loving counties. Brazos's assets include approximately 900 miles of pipeline, 460 MMcf/d of nameplate natural-gas processing capacity at the Comanche processing complex, and approximately 470,000 dedicated acres under long-term, fixed-fee contracts with a weighted average remaining contract life of more than nine years. The Brazos business, which processed an average of 336 MMcf/d of natural gas and 25 MBbls/d of crude oil in full-year 2025, is supported by a diversified portfolio of investment grade and private-equity backed Permian Basin focused producers. Nearly all drilling locations on acreage dedicated to Brazos are within two miles of the low-pressure infrastructure, limiting future growth capital needs and increasing Free Cash Flow generation.CEO COMMENTARY"We are very pleased to announce the acquisition of Brazos – a highly complementary and strategically compelling bolt-on addition to our existing Delaware Basin platform," commented Oscar K. Brown, President and Chief Executive Officer of WES. "The Brazos acquisition is in line with WES's M&A philosophy of making accretive, strategic acquisitions that enhance the value of WES's existing asset base, provide a diverse set of high-quality customers, and generate strong Free Cash Flow, all while protecting our investment grade credit ratings. More than 60-percent of WES's 2026 Adjusted EBITDA is expected to be generated from the Delaware Basin, and that proportion will only grow as the Brazos transaction is closed and integrated, and our organic growth projects, including the Pathfinder Pipeline and North Loving II, come online in the first and second quarters of 2027, respectively.""Now that the Aris integration is complete, the combination of the Brazos and WES systems creates an even more integrated Delaware Basin network that is better positioned to compete for new business, provide enhanced flow assurance for our customers, and deliver incremental operational efficiencies across a broader footprint. With approximately 3,500 identified drilling locations at $65 per barrel, WES has line of sight to decades of new throughput. The addition of the Comanche processing complex also further strengthens our position as one of the largest natural-gas processors in the basin and provides meaningful capacity to support anticipated throughput growth from the Woodford and other high-return formations on the dedicated acreage.""The Brazos acquisition is consistent with our disciplined approach to capital deployment, and our strong balance sheet and significant liquidity position has enabled us to take advantage of strategic M&A opportunities when they arise. Additionally, Brazos's strong Free Cash Flow conversion will support our goal of increasing distribution coverage while still delivering mid-to-low single digits annual distribution growth and maintaining our peer-leading leverage ratio," Mr. Brown concluded.TERMS OF ACQUISITIONUnder the terms of the agreement, WES will pay approximately $800 million in cash and issue approximately $800 million in WES common units at closing. WES expects to maintain pro forma net leverage of approximately 3.0x throughout 2026. For additional details on WES's acquisition of Brazos, please refer to the slide presentation available under the "Events and Presentations" tab at www.westernmidstream.com.ADVISORSGreenhill, a Mizuho affiliate, served as financial advisor and Troutman Pepper Locke LLP served as legal advisor to WES. Jefferies LLC served as financial advisor and Vinson & Elkins LLP served as legal advisor to Brazos.ABOUT BRAZOS MIDSTREAMHeadquartered in Fort Worth, Texas, the Brazos Midstream entities ("Brazos Midstream") collectively represent the largest privately held midstream platform in the Permian Basin. On a combined basis, including both Brazos and Brazos Midland, Brazos Midstream's critical hydrocarbon infrastructure totals approximately 1,200 miles of natural-gas, natural-gas liquids and crude-oil gathering pipelines spanning the most prolific producing counties in the Midland and Delaware Basins; approximately 1.0 Bcf/d of total Permian-based processing capacity with expansion projects underway to expand to approximately 1.3 Bcf/d by year-end 2026; and 75,000 barrels of crude oil storage.ABOUT WESTERN MIDSTREAMWestern Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity-price volatility through fee-based contracts.For more information about WES, please visit www.westernmidstream.com.






(1)This is a non-GAAP financial measure. Forecasted EBITDA is based on WES's projections for the business to be acquired. Forecasted EBITDA is not presented as an alternative to the nearest GAAP financial measure, net income, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. We are unable to present the most directly comparable GAAP measure or a reconciliation of forecasted EBITDA to net income because certain elements of net income, including interest, depreciation and taxes, are not available without unreasonable effort.FORWARD-LOOKING STATEMENTSThis news release contains forward-looking statements. WES's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to close and realize the expected benefits from the Brazos acquisition; meet financial guidance or distribution expectations; our ability to safely and efficiently operate WES's assets and integrate the Brazos assets into our portfolio; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" section of WES's most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements, except as required by applicable law.WESTERN MIDSTREAM CONTACTS
Daniel Jenkins
Director, Investor Relations
Investors@westernmidstream.com
866.512.3523Rhianna Disch
Manager, Investor Relations
Investors@westernmidstream.com
866.512.3523   View original content to download multimedia:https://www.prnewswire.com/news-releases/western-midstream-announces-acquisition-of-brazos-delaware-302764473.htmlSOURCE Western Midstream Partners, LP Original: Western Midstream Announces Acquisition of Brazos Delaware

Western Midstream Announces First-Quarter 2026 ResultsMay 6, 2026 4:07 PM
PR Newswire (US) Reported first-quarter 2026 Net income attributable to limited partners of $342.4 million, generating record first-quarter Adjusted EBITDA(1) of $683.1 million, which represents a 15-percent increase compared to the prior-year period, and first-quarter Distributable Cash Flow(1) of $508.9 million.Reported first-quarter 2026 Cash flows provided by operating activities of $469.9 million, generating first-quarter Free Cash Flow(1) of $242.3 million.Announced a first-quarter distribution of $0.930 per unit, which is 2.2-percent higher than the prior quarter's distribution, or $3.72 per unit on an annualized basis, and in-line with prior management commentary.Expecting to be towards the high-end of the 2026 Adjusted EBITDA(2) and Distributable Cash Flow(2) guidance ranges of $2.50 billion to $2.70 billion and $1.85 billion to $2.05 billion, respectively, should the current crude-oil and NGLs pricing environment continue.Expecting 2026 total capital expenditures(3) to still range between $850.0 million to $1.00 billion.HOUSTON, May 6, 2026 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced first-quarter 2026 financial and operating results. Net income (loss) attributable to limited partners for the first quarter of 2026 totaled $342.4 million, or $0.85 per common unit (diluted), with first-quarter 2026 Adjusted EBITDA(1) totaling $683.1 million and Distributable Cash Flow(1) totaling $508.9 million. First-quarter 2026 Cash flows provided by operating activities totaled $469.9 million and first-quarter 2026 Free Cash Flow(1) totaled $242.3 million. First-quarter 2026 capital expenditures(3) totaled $250.5 million.RECENT HIGHLIGHTSGenerated record Adjusted EBITDA(1) of $683.1 million, an increase of approximately 7-percent sequentially, driven by a full quarter of contribution from the Aris acquisition and excess natural-gas liquids and higher skim oil volumes at elevated commodity prices.Reduced operation and maintenance expense by 7-percent, compared to the first-quarter of 2025, excluding the Aris acquisition, reflecting continued cost discipline despite increased throughput.Gathered record crude-oil and NGLs throughput in the Delaware Basin of 272 MBbls/d, representing a 4-percent sequential-quarter increase and a 6-percent year-over-year increase.Achieved record produced-water throughput(4) of 2,795 MBbls/d, representing a 4-percent sequential-quarter increase, and 140-percent year-over-year increase primarily driven by the full quarter contribution from the Aris acquisition.Subsequent to quarter-end, retired $440.5 million of senior notes due 2026 with proceeds from the senior notes issued in the fourth quarter of 2025.Subsequent to quarter-end, and as announced earlier today, executed an agreement to acquire Brazos Delaware II, LLC ("Brazos") in the Delaware Basin for a purchase price of approximately $1.6 billion, comprised of $800 million in cash and $800 million in WES common units, with an expected close by the end of the second quarter of 2026.On May 15, 2026, WES will pay its first-quarter 2026 per-unit distribution of $0.930, or $3.72 on an annualized basis, which represents growth of 2.2-percent over the prior quarter's distribution. First-quarter 2026 Free Cash Flow(1) after distributions totaled negative $137.4 million.First-quarter 2026 natural-gas throughput(4) averaged 5.2 Bcf/d, representing a 1-percent sequential-quarter increase. First-quarter 2026 crude-oil and NGLs throughput(4) averaged 521 MBbls/d, representing a 3-percent sequential-quarter increase. First-quarter 2026 produced-water throughput(4) averaged 2,795 MBbls/d, representing a 4-percent sequential-quarter increase."WES delivered record Adjusted EBITDA of $683.1 million in the first-quarter of 2026, increasing 7-percent sequentially and 15-percent compared to the prior-year period, which was primarily driven by a full quarter's contribution from the Aris acquisition, throughput growth across all three products, and successful cost reduction efforts," commented Oscar K. Brown, President and Chief Executive Officer of WES. "Additionally, our Adjusted Gross Margin in the first quarter benefited as crude-oil prices increased in March. This performance also reflects the results of our efficiency and cost reduction strategies, as this and several other variables came together to produce the strongest quarter in the Partnership's history.""What distinguished Aris among its peers was the quality and structure of its long-term contracts, which include substantial acreage dedications that provide the same fee-based cash flow foundation that defines WES's broader portfolio, and the ability to create additional value from retained skim oil volumes in a favorable commodity price environment. As crude-oil prices increased in March, we benefited directly through skim oil recoveries on the Aris system and the fixed recovery natural-gas processing contracts we have been deliberately building across our portfolio. Combined with the cost reduction actions executed in 2025, which have materially improved our operating leverage, the earnings power of WES is increasingly evident.""The Delaware Basin remains the cornerstone of our growth strategy and the primary driver of our capital allocation. It is the premier operating basin in North America, and WES has built one of the most integrated midstream platforms across crude-oil, natural-gas, and produced-water in an area which will continue to attract producer capital for decades. The sanctioning of the Pathfinder Pipeline and North Loving II, the Aris acquisition, and today's announcement pertaining to the purchase of Brazos, each reflect that conviction. More than 60-percent of WES's 2026 Adjusted EBITDA is expected to be generated from the Delaware Basin, and that proportion will only grow as our organic growth projects come online in first and second quarters of 2027.""The Brazos acquisition further enhances our Delaware Basin footprint and is in line with WES's M&A philosophy of making accretive, strategic acquisitions that enhance the value of WES's existing asset base, provide a diverse set of high-quality customers, and generate strong Free Cash Flow, all while protecting our investment grade credit ratings. The asset is contiguous to our existing footprint, can be efficiently integrated into our system, and provides exposure to additional geologic trends, including the growing Woodford Shale. The transaction is expected to contribute approximately $100 million of incremental Adjusted EBITDA in 2026, assuming a close by the end of the second quarter.""Looking ahead, our fee-based contract structures, supported by substantial minimum-volume commitments and acreage dedications, provide durable, protected cash flows across commodity cycles. While we are not currently updating our annual guidance ranges, as we have not yet received formal changes to our producers' drilling plans for this year, we expect to be towards the high end of both the Adjusted EBITDA and Distributable Cash Flow ranges, without taking into account the impact of the Brazos transaction. This improved outlook is due to increased commercial discussions, the very favorable commodity price environment, and our improving operating leverage due to our successful and ongoing cost competitiveness efforts. With that said, we intend to reevaluate our 2026 guidance ranges in conjunction with our second-quarter results after the scheduled close of the Brazos transaction.""All in all, years of hard work that have culminated in multiple quarters of record operational and financial results continue to demonstrate WES's financial flexibility to consummate accretive M&A, fund its organic growth program, and sustain a balanced capital return program, all while maintaining one of the strongest balance sheets in the midstream sector."CONFERENCE CALL TOMORROW AT 9:00 A.M. CTWES will host a conference call on Thursday, May 7, 2026, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss its first-quarter 2026 results. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com. A small number of phone lines are available for analysts; individuals should dial 888-880-3330 (Domestic) or 646-357-8766 (International) ten to fifteen minutes before the scheduled conference call time. A replay of the live audio webcast can be accessed on the Partnership's website at www.westernmidstream.com for one year after the call.For additional details on WES's financial and operational performance, please refer to the earnings slides and updated investor presentation available at www.westernmidstream.com.ABOUT WESTERN MIDSTREAMWestern Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity-price volatility through fee-based contracts.For more information about WES, please visit www.westernmidstream.com.





(1)Please see the definitions of the Partnership's non-GAAP measures at the end of this release and reconciliation of GAAP to non-GAAP measures. (2)This release contains certain forward-looking non-GAAP measures such as the Adjusted EBITDA range and Distributable Cash Flow range for year ending December 31, 2026. A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income (loss), and a reconciliation of the Distributable Cash Flow range to net income (loss), is not provided because the items necessary to estimate such amounts are not reasonably estimable at this time. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures. At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corresponding forward-looking GAAP equivalent for the Adjusted EBITDA or Distributable Cash Flow ranges.(3)Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta.(4)Represents total throughput attributable to WES, which excludes (i) the 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary as of March 31, 2026, and (ii) for natural-gas throughput, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.FORWARD-LOOKING STATEMENTSThis news release contains forward-looking statements. WES's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations; our ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" section of WES's most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.WESTERN MIDSTREAM CONTACTSDaniel Jenkins
Director, Investor Relations
Investors@westernmidstream.com
866.512.3523Rhianna Disch
Manager, Investor Relations
Investors@westernmidstream.com 
866.512.3523Western Midstream Partners, LPCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)


Three Months Ended March 31,thousands except per-unit amounts
2026
2025Revenues and other



Service revenues – fee based
$    933,302
$    823,197Service revenues – product based
88,767
59,252Product sales
99,616
34,469Other
1,894
198Total revenues and other
1,123,579
917,116Equity income, net – related parties
14,776
20,435Operating expenses



Cost of product
102,884
41,492Operation and maintenance
264,241
226,514General and administrative
75,150
66,786Property and other taxes
19,486
17,826Depreciation and amortization
200,426
170,460Long-lived asset and other impairments
608
3Total operating expenses
662,795
523,081Gain (loss) on divestiture and other, net
(6,367)
(4,667)Operating income (loss)
469,193
409,803Interest expense
(113,390)
(97,293)Other income (expense), net
6,730
7,477Income (loss) before income taxes
362,533
319,987Income tax expense (benefit)
3,501
3,435Net income (loss)
359,032
316,552Net income (loss) attributable to noncontrolling interests
8,756
7,545Net income (loss) attributable to Western Midstream Partners, LP
$    350,276
$    309,007Limited partners' interest in net income (loss):



Net income (loss) attributable to Western Midstream Partners, LP
$    350,276
$    309,007General partner interest in net (income) loss
(7,886)
(7,170)Limited partners' interest in net income (loss)
$    342,390
$    301,837Net income (loss) per common unit – basic
$        0.86
$        0.79Net income (loss) per common unit – diluted
$        0.85
$        0.79Weighted-average common units outstanding – basic
399,095
380,986Weighted-average common units outstanding – diluted
400,569
382,494 Western Midstream Partners, LPCONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
thousands except number of units
March 31, 2026
December 31, 2025Total current assets
$     1,539,407
$     1,656,941Net property, plant, and equipment
11,294,693
11,220,908Other assets
2,090,402
2,120,571Total assets
$   14,924,502
$   14,998,420Total current liabilities
$     1,407,157
$     1,236,484Long-term debt
8,194,171
8,195,170Asset retirement obligations
443,152
427,858Other liabilities
1,373,032
975,786Total liabilities
11,417,512
10,835,298Equity and partners' capital



Common units (393,775,833 and 408,141,366 units issued and outstanding at March 31,
   2026, and December 31, 2025, respectively)
3,361,526
4,016,606General partner units (9,060,641 units issued and outstanding at March 31, 2026, and
   December 31, 2025)
4,265
4,624Noncontrolling interests
141,199
141,892Total liabilities, equity, and partners' capital
$   14,924,502
$   14,998,420 Western Midstream Partners, LPCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)


Three Months Ended March 31,thousands
2026
2025Cash flows from operating activities



Net income (loss)
$     359,032
$     316,552Adjustments to reconcile net income (loss) to net cash provided by operating activities and
   changes in assets and liabilities:



Depreciation and amortization
200,426
170,460Long-lived asset and other impairments
608
3(Gain) loss on divestiture and other, net
6,367
4,667Change in other items, net
(96,530)
39,111Net cash provided by operating activities
$     469,903
$     530,793Cash flows from investing activities



Capital expenditures
$   (235,726)
$   (142,402)Contributions to equity investments - related parties
(1,768)
—Distributions from equity investments in excess of cumulative earnings – related parties
9,889
11,007Proceeds from the sale of assets to third parties
—
19(Increase) decrease in materials and supplies inventory and other
(7,272)
(9,414)Net cash used in investing activities
$   (234,877)
$   (140,790)Cash flows from financing activities



Borrowings, net of debt issuance costs
$        (132)
$           —Repayments of debt
—
(663,831)Increase (decrease) in outstanding checks
13,461
(113)Distributions to Partnership unitholders
(379,675)
(340,996)Distributions to Chipeta noncontrolling interest owner
(2,117)
—Distributions to noncontrolling interest owner of WES Operating
(7,332)
(6,949)Other
(31,227)
(20,131)Net cash used in financing activities
$   (407,022)
$ (1,032,020)Net increase (decrease) in cash and cash equivalents
$   (171,996)
$   (642,017)Cash and cash equivalents at beginning of period
819,491
1,090,464Cash and cash equivalents at end of period
$     647,495
$     448,447 Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURESWES defines Adjusted Gross Margin attributable to Western Midstream Partners, LP ("Adjusted Gross Margin") as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interest owners' proportionate share of revenues and cost of product.WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP ("Adjusted EBITDA") as net income (loss), plus (i) distributions from equity investments, (ii) non-cash equity-based compensation expense, (iii) interest expense, (iv) income tax expense, (v) depreciation and amortization, (vi) impairments, and (vii) other expense (including lower of cost or market inventory adjustments recorded in cost of product), less (i) gain (loss) on divestiture and other, net, (ii) gain (loss) on early extinguishment of debt, (iii) income from equity investments, (iv) income tax benefit, (v) other income, (vi) other items impacting comparability with WES's core operating performance, and (vii) the noncontrolling interest owners' proportionate share of revenues and expenses.WES defines Distributable Cash Flow as Adjusted EBITDA, less Total revenues and other recognized in Adjusted EBITDA in excess of (less than) customer billings; net cash paid for (i) interest expense (net of interest income recorded in other income (expense) and non-cash capitalized interest), (ii) maintenance capital expenditures, (iii) income taxes; and Distributable Cash Flow attributable to noncontrolling interests to the extent such amounts are not excluded from Adjusted EBITDA.WES defines Free Cash Flow as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in excess of cumulative earnings.Adjusted Gross Margin, Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow are not defined in GAAP. The GAAP measure that is most directly comparable to Adjusted Gross Margin is gross margin. Net income (loss) and net cash provided by operating activities are the GAAP measures that are most directly comparable to Adjusted EBITDA. The GAAP measure that is most directly comparable to Distributable Cash Flow is net income (loss). The GAAP measure that is most directly comparable to Free Cash Flow is net cash provided by operating activities. Our non-GAAP financial measures (i) should not be considered as alternatives to the comparable GAAP measures or any other measure of financial performance presented in accordance with GAAP, (ii) have important limitations as analytical tools because they exclude some, but not all, items that affect the comparable GAAP measures, (iii) should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP, and (iv) may not be comparable to similarly titled measures of other companies in our industry, thereby diminishing their utility as comparative measures.Management compensates for the limitations of our non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences, and incorporating this knowledge into its decision-making processes. We believe that investors benefit from having access to the same financial measures that our management considers in evaluating our operating results.The following tables present reconciliations of the GAAP measures to our non-GAAP measures:Western Midstream Partners, LPRECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)(Unaudited)
Adjusted Gross Margin


Three Months Endedthousands
March 31, 2026
December 31, 2025Reconciliation of Gross margin to Adjusted Gross MarginTotal revenues and other
$     1,123,579
$     1,031,481Less:



Cost of product
102,884
71,618Depreciation and amortization
200,426
197,882Gross margin
820,269
761,981Add:



Distributions from equity investments
25,652
27,147Depreciation and amortization
200,426
197,882Less:



Reimbursed electricity-related charges recorded as revenues
33,488
31,488Adjusted Gross Margin attributable to noncontrolling interests (1)
22,204
20,719Adjusted Gross Margin
$       990,655
$       934,803




Gross margin



Gross margin for natural-gas assets (2)
$       533,518
$       506,811Gross margin for crude-oil and NGLs assets (2)
106,212
91,220Gross margin for produced-water assets (2)
187,779
170,747Adjusted Gross Margin



Adjusted Gross Margin for natural-gas assets (3)
$       618,809
$       599,775Adjusted Gross Margin for crude-oil and NGLs assets (3)
144,193
129,395Adjusted Gross Margin for produced-water assets (3)
227,190
205,633

(1)Includes (i) the 25% third-party interest in Chipeta and (ii) the 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary as of March 31, 2026, and December 31, 2025,  which collectively represent WES's noncontrolling interests.(2)Excludes corporate-level depreciation and amortization.(3)Excludes certain corporate-level items. Western Midstream Partners, LPRECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)(Unaudited)
Adjusted EBITDA


Three Months Endedthousands
March 31, 2026
December 31, 2025Reconciliation of Net income (loss) to Adjusted EBITDANet income (loss)
$       359,032
$       196,269Add:



Distributions from equity investments
25,652
27,147Non-cash equity-based compensation expense
10,854
21,386Interest expense
113,390
105,674Income tax expense
3,501
7,323Depreciation and amortization
200,426
197,882Long-lived asset and other impairments
608
2,509Other expense
—
17Less:



Gain (loss) on divestiture and other, net
(6,367)
(3,065)Equity income, net – related parties
14,776
21,378Other income
6,734
3,706Items impacting comparability



Acquisition-related expenses and other, net
(119)
(113,188)Adjusted EBITDA attributable to noncontrolling interests (1)
15,302
13,794Adjusted EBITDA
$       683,137
$       635,582Reconciliation of Net cash provided by operating activities to Adjusted EBITDANet cash provided by operating activities
$       469,903
$       557,645Interest (income) expense, net
113,390
105,674Accretion and amortization of long-term obligations, net
(882)
(815)Current income tax expense (benefit)
2,880
5,615Other (income) expense, net
(6,730)
(3,706)Distributions from equity investments in excess of cumulative earnings – related parties
9,889
5,391Changes in assets and liabilities:



Accounts receivable, net
50,226
(16,853)Accounts and imbalance payables and accrued liabilities, net
28,316
(52,513)Other items, net
31,328
(64,250)Acquisition-related expenses
119
113,188Adjusted EBITDA attributable to noncontrolling interests (1)
(15,302)
(13,794)Adjusted EBITDA
$       683,137
$       635,582Cash flow information



Net cash provided by operating activities
$       469,903
$       557,645Net cash used in investing activities
(234,877)
(608,914)Net cash provided by (used in) financing activities
(407,022)
693,472

(1)Includes (i) the 25% third-party interest in Chipeta and (ii) the 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary as of March 31, 2026, and December 31, 2025, which collectively represent WES's noncontrolling interests. Western Midstream Partners, LPRECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)(Unaudited)
Distributable Cash Flow


Three Months Endedthousands
March 31, 2026
December 31, 2025Reconciliation of Net income (loss) to Distributable Cash Flow

Net income (loss)
$        359,032
$        196,269Add:



Distributions from equity investments
25,652
27,147Non-cash equity-based compensation expense
10,854
21,386Income tax expense
3,501
7,323Depreciation and amortization
200,426
197,882Long-lived asset and other impairments
608
2,509Other expense
—
17Less:



Recognized service revenues - fee based (less than) in excess of customer billings
35,508
(31,627)Gain (loss) on divestiture and other, net
(6,367)
(3,065)Equity income, net – related parties
14,776
21,378Items impacting comparability
(119)
(113,188)Cash paid for maintenance capital expenditures
27,704
36,276Capitalized interest
4,306
3,518Cash paid for (reimbursement of) income taxes
3,449
806Other income (net of interest income)
(86)
87Distributable cash flow attributable to noncontrolling interests (1)
11,978
11,715Distributable cash flow
$        508,924
$        526,633




Reconciliation of Adjusted EBITDA to Distributable Cash Flow

Adjusted EBITDA
$        683,137
$        635,582Less:



Recognized service revenues - fee based (less than) in excess of customer billings
35,508
(31,627)Capitalized interest
4,306
3,518Cash paid for maintenance capital expenditures
27,704
36,276Cash paid for (reimbursement of) income taxes
3,449
806Interest expense (net of interest income)
106,570
102,055Distributable cash flow attributable to noncontrolling interests (1)
(3,324)
(2,079)Distributable cash flow
$        508,924
$        526,633




Weighted-average common units outstanding
399,095
400,491Weighted-average general partner units
9,061
9,061

(1)Includes (i) the 25% third-party interest in Chipeta and (ii) the 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary as of March 31, 2026, and December 31, 2025, which collectively represent WES's noncontrolling interests. Western Midstream Partners, LPRECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)(Unaudited)
Free Cash Flow


Three Months Endedthousands
March 31, 2026
December 31, 2025Reconciliation of Net cash provided by operating activities to Free Cash FlowNet cash provided by operating activities
$       469,903
$       557,645Less:



Capital expenditures
235,726
222,208Contributions to equity investments – related parties
1,768
—Add:



Distributions from equity investments in excess of cumulative earnings – related parties
9,889
5,391Free Cash Flow
$       242,298
$       340,828Cash flow information



Net cash provided by operating activities
$       469,903
$       557,645Net cash used in investing activities
(234,877)
(608,914)Net cash provided by (used in) financing activities
(407,022)
693,472 Western Midstream Partners, LPOPERATING STATISTICS(Unaudited)


Three Months Ended

March 31, 2026
December 31, 2025
Inc/(Dec)Throughput for natural-gas assets (MMcf/d)Gathering, treating, and transportation
430
381
13 %Processing
4,499
4,437
1 %Equity investments (1)
464
525
(12) %Total throughput
5,393
5,343
1 %Throughput attributable to noncontrolling interests (2)
184
181
2 %Total throughput attributable to WES for natural-gas assets
5,209
5,162
1 %Throughput for crude-oil and NGLs assets (MBbls/d)Gathering, treating, and transportation
429
419
2 %Equity investments (1)
102
99
3 %Total throughput
531
518
3 %Throughput attributable to noncontrolling interests (2)
10
10
— %Total throughput attributable to WES for crude-oil and NGLs assets
521
508
3 %Throughput for produced-water assets (MBbls/d)Gathering and disposal
2,848
2,744
4 %Throughput attributable to noncontrolling interests (2)
53
51
4 %Total throughput attributable to WES for produced-water assets
2,795
2,693
4 %Per-Mcf Gross margin for natural-gas assets (3)
$           1.10
$           1.03
7 %Per-Bbl Gross margin for crude-oil and NGLs assets (3)
2.22
1.91
16 %Per-Bbl Gross margin for produced-water assets (3)
0.73
0.68
7 %






Per-Mcf Adjusted Gross Margin for natural-gas assets (4)
$           1.32
$           1.26
5 %Per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets (4)
3.07
2.77
11 %Per-Bbl Adjusted Gross Margin for produced-water assets (4)
0.90
0.83
8 %

(1)Represents our share of average throughput for investments accounted for under the equity method of accounting.(2)Includes (i) the 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary as of March 31, 2026, and December 31, 2025, and (ii) for natural-gas assets, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.(3)Average for period. Calculated as Gross margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the respective total throughput (MMcf or MBbls) for natural-gas assets, crude-oil and NGLs assets, or produced-water assets.(4)Average for period. Calculated as Adjusted Gross Margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the respective total throughput (MMcf or MBbls) attributable to WES for natural-gas assets, crude-oil and NGLs assets, or produced-water assets. Western Midstream Partners, LPOPERATING STATISTICS (CONTINUED)(Unaudited)


Three Months Ended

March 31, 2026
December 31, 2025
Inc/(Dec)Throughput for natural-gas assets (MMcf/d)Operated





Delaware Basin
2,035
1,974
3 %DJ Basin
1,520
1,530
(1) %Powder River Basin
396
383
3 %Other
932
931
— %Total operated throughput for natural-gas assets
4,883
4,818
1 %Non-operated





Equity investments
464
525
(12) %Other
46
—
— %Total non-operated throughput for natural-gas assets
510
525
(3) %Total throughput for natural-gas assets
5,393
5,343
1 %Throughput for crude-oil and NGLs assets (MBbls/d)Operated





Delaware Basin
272
261
4 %DJ Basin
97
95
2 %Powder River Basin
25
26
(4) %Other
35
37
(5) %Total operated throughput for crude-oil and NGLs assets
429
419
2 %Non-operated





Equity investments
102
99
3 %Total non-operated throughput for crude-oil and NGLs assets
102
99
3 %Total throughput for crude-oil and NGLs assets
531
518
3 %Throughput for produced-water assets (MBbls/d)Operated





Delaware Basin
2,848
2,744
4 %Total operated throughput for produced-water assets
2,848
2,744
4 %   View original content to download multimedia:https://www.prnewswire.com/news-releases/western-midstream-announces-first-quarter-2026-results-302764328.htmlSOURCE Western Midstream Partners, LP Original: Western Midstream Announces First-Quarter 2026 Results

Western Midstream Announces First-Quarter 2026 Distribution and Earnings Conference CallApril 20, 2026 7:00 AM
PR Newswire (US)

HOUSTON, April 20, 2026 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced that the board of directors of its general partner declared a quarterly cash distribution of $0.93 per unit for the first quarter of 2026, or $3.72 per unit on an annualized basis, which represents a 2.2-percent increase over the prior quarter's distribution, and is in-line with WES's previously announced expectations. WES's first-quarter 2026 distribution is payable on May 15, 2026, to unitholders of record at the close of business on May 1, 2026.The Partnership plans to report its first-quarter 2026 results after market close on Wednesday, May 6, 2026. Management will host a conference call on Thursday, May 7, 2026, at 9:00 a.m. Central (10:00 a.m. Eastern) to discuss the Partnership's quarterly results. Participants are encouraged to dial into the conference call ten to fifteen minutes before the scheduled start time to avoid any delays entering the call. The full text of the release announcing the results will be available on the Partnership's website at www.westernmidstream.com.First-Quarter 2026 Results
Thursday, May 7, 2026
9:00 a.m. Central (10:00 a.m. Eastern)
Dial-in number: 888-880-3330
International dial-in number: 646-357-8766To participate in WES's scheduled first-quarter earnings call, please refer to the above-listed dial-in information. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com. A replay of the conference call will also be available on the website following the call.ABOUT WESTERN MIDSTREAMWestern Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.For more information about WES, please visit www.westernmidstream.com.This news release contains forward-looking statements. WES and its general partner believe that their expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release. These factors include our ability to meet distribution expectations and financial guidance; our ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" section of WES's most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.Note regarding Non-United States Investors: This release is intended to be a qualified notice under Treasury Regulation Sections 1.1446-4(b) and 1.1446(f)-4. Brokers and nominees should treat one hundred percent (100.0%) of Western Midstream Partners, LP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Western Midstream Partners, LP's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Furthermore, one hundred percent (100.0%) of Western Midstream Partners, LP's distributions to non-U.S. investors is in excess of cumulative net income for purposes of Treasury Regulation Section 1.1446(f)-4(c)(iii). Brokers and nominees are treated as withholding agents responsible for withholding on distributions received by them on behalf of non-U.S. investors. The CUSIP number of Western Midstream Partners, LP's common units is 958669 103.WESTERN MIDSTREAM CONTACTSDaniel Jenkins
Director, Investor Relations
Investors @May-3523Rhianna Disch
Manager, Investor Relations
Investors @May-3523





View original content to download multimedia:https://www.prnewswire.com/news-releases/western-midstream-announces-first-quarter-2026-distribution-and-earnings-conference-call-302746698.htmlSOURCE Western Midstream Partners, LP

Original: Western Midstream Announces First-Quarter 2026 Distribution and Earnings Conference Call

Western Midstream Announces Fourth-Quarter Post-Earnings Interview with CFO, Kristen ShultsFebruary 23, 2026 7:00 AM
PR Newswire (US)

and Participation in Upcoming Investor ConferencesHOUSTON, Feb. 23, 2026 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced that tomorrow before the market open it will make available on its website at www.westernmidstream.com a post-earnings interview with Kristen Shults, Senior Vice President and Chief Financial Officer that provides additional insights related to WES's full-year and fourth-quarter 2025 results and 2026 outlook.







WES intends to participate in the following investor conferences during the first and second quarters of 2026:Morgan Stanley Energy & Power Conference, in New York, New York, on March 3, 2026Barclays IG Energy & Utilities Corporate Days, in New York, New York, on March 4, 2026NYSE Investor Access Energy & Utilities Day (Virtual) on March 19, 2026US Capital Advisors 15th Annual Midstream Corporate Access Day in Houston, Texas on April 1, 2026The 23rd Annual Energy Infrastructure CEO & Investor Conference in Adventura, Florida, on May 19 – 20, 2026ABOUT WESTERN MIDSTREAMWestern Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts. For more information about WES, please visit www.westernmidstream.com. WESTERN MIDSTREAM CONTACTSDaniel Jenkins
Director, Investor Relations                    
Investors @May-3523Rhianna Disch
Manager, Investor Relations
Investors @May-3523



View original content to download multimedia:https://www.prnewswire.com/news-releases/western-midstream-announces-fourth-quarter-post-earnings-interview-with-cfo-kristen-shults-302694189.htmlSOURCE Western Midstream Partners, LP

Original: Western Midstream Announces Fourth-Quarter Post-Earnings Interview with CFO, Kristen Shults

WES this looks good. Good dividend stock. Anyone in this with any opinions?

Got profit to put into something strong 💪 WES

One of my favorites. Looking forward towards a well deserved credit upgrade. Not many companies can fly higher than their highest rev range estimate and lower than their low range cost est.....both in the same q!

JUST IN: $WES Western Midstream Partners LP (WES) Q3 2020 Earnings Call Transcript

Image source: The Motley Fool. Western Midstream Partners LP (NYSE: WES) Q3 2020 Earnings Call Nov 10, 2020 , 2:00 p.m. ET Operator Continue reading For further details see: Western Midstream Partners LP (WES) Q3 2020 Earnings Call Transc...

In case you are interested WES - Western Midstream Partners LP (WES) Q3 2020 Earnings Call Transcript

NEWS: $WES Occidental Petroleum Continued to Gush Red in Q3

Occidental Petroleum (NYSE: OXY) reported a massive $3.8 billion loss for the third quarter. While the continued weakness in oil prices played a role, the primary culprit was its high priced and ill-timed acquisition of Anadarko Petroleum. Overall, the company wrote down $3.1 ...

Read the whole news WES - Occidental Petroleum Continued to Gush Red in Q3

Breaking News: $WES WESSANEN BECOMES ECOTONE AND COMMITS TO FOOD FOR BIODIVERSITY

WESSANEN BECOMES ECOTONE AND COMMITS TO FOOD FOR BIODIVERSITY As a pioneer of organic and vegetarian food for 30 years, Wessanen is best known for its range of leading brands such as Bjorg, Clipper, Bonneterre, Allos, El Granero and Isola Bio. From today, Wessanen will...

Read the whole news WES - WESSANEN BECOMES ECOTONE AND COMMITS TO FOOD FOR BIODIVERSITY

Bought at under $5 and yielding, after dividend reduction,

22%. Core holding because one day stocks like these will be the

only game in town for returns.

I see Morgan Stanley putting out negative press this morning on these folks "underweight".....??

NO SEC filings showing on TD for this, yet price is shorted back down to where it was just 2 days ago on OXY news...???

Just watching things unfold here. Looks to be going much lower too... How can they pay any dividend??? This is a trust ran by lawyers, right? Not say an XOM or CVBX or BP ...

WES looks like it going to move. Nice lowering pennant over last week

WES looking good, glad I jumped in back in January

* * $WES Video Chart 04-07-2020 * *

Link to Video - click here to watch the technical chart video

Hi Clay

Interested in viewing the video but the link doesn't work...just takes me back to your message.

* * $WES Video Chart 03-10-2020 * *

Link to Video - click here to watch the technical chart video

Open position today.

Sept. out of the money calls.

For pennies.

News: $WES These 2 Energy Stocks Could Be the Next Big-Time Buyout Recipients

There's a significant disconnect between the public market value of midstream assets and their private market value. That's evident in the huge premiums that private equity funds have offered to take these energy companies private. Because of that and some other factors, an increasing numbe...

Find out more WES - These 2 Energy Stocks Could Be the Next Big-Time Buyout Recipients

Really impressive dividends. Enjoyed getting the last one, for sure!

Thanks still doing my DD here.

Thanks for the post, Jett. I sold my shares some time ago. Good luck.

Trueheart

Western Gas Partners, LP Increases Distribution and Schedules Earnings Conference Call

Jul 19, 2012 3:05:00 PM
Copyright Business Wire 2012
HOUSTON--(BUSINESS WIRE)-- Western Gas Partners, LP (NYSE: WES) announced today that the board of directors of its general partner has declared a cash distribution of $0.48 per unit for the second quarter of 2012, representing a 4-percent increase over the prior quarter and a 19-percent increase over the second quarter of 2011. The distribution is payable on August 13, 2012, to unitholders of record at the close of business on July 31, 2012.

The Partnership plans to report its second-quarter 2012 results after the market closes on Wednesday, August 1, 2012. Management will host a conference call on Thursday, August 2, 2012, at 11 a.m. CDT (12 p.m. EDT) to discuss quarterly results.

The full text of the release announcing the results will be available on the Partnership’s web site at www.westerngas.com. To access the live audio webcast of the conference call, please visit the investor relations section of the web site. To participate via telephone, please dial 877.621.4819 and enter participant code 98305839. Please call in 10 minutes prior to the scheduled start time. A replay of the call will be available on the web site for two weeks following the conference call.

Western Gas Partners, LP is a growth-oriented Delaware master limited partnership formed by Anadarko Petroleum Corporation (NYSE: APC) to own, operate, acquire and develop midstream energy assets. With midstream assets in East, West and South Texas, the Rocky Mountains and the Mid-Continent, the Partnership is engaged in the business of gathering, processing, compressing, treating, and transporting natural gas, condensate, natural gas liquids and crude oil for Anadarko and other producers and customers. For more information about Western Gas Partners, please visit www.westerngas.com.

Note to Non-United States Investors: This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Western Gas Partners, LP's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Western Gas Partners, LP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.



Western Gas Partners, LP

Benjamin Fink, CFA

SVP, Chief Financial Officer and Treasurer

benjamin.fink@westerngas.com

832.636.6010

Source: Western Gas Partners, LP


----------------------------------------------

Western Gas Partners
LP

Benjamin Fink
CFA

SVP
Chief
Financial Officer and Treasurer

benjamin.fink@westerngas.com

832.636.6010

~ Monday! $WES ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $WES ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








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<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=WES >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

I'm in. Couldn't pass up the growth and dividend.

Trueheart

30's will be 40's soon enough. Watch for break out later this year.

Insider's buying!

GENERAL TRENDS AND OUTLOOK

We expect our business to continue to be affected by the following key trends. Our expectations are based on our assumptions and information currently available to us. To the extent our underlying assumptions about, or interpretations of, available information prove to be incorrect, our actual results may vary materially from our expectations.

Impact of natural gas prices. The recent natural gas price environment has resulted in lower drilling activity, resulting in fewer new well connections and, in some cases, temporary curtailments of production throughout areas in which we operate. A continued low gas price environment may result in further reductions in drilling activity or temporary curtailments of production. We have no control over this activity. In addition, the recent or further decline in commodity prices could affect production rates and the level of capital invested by Anadarko and third parties in the exploration for and development of new natural gas reserves. To the extent opportunities are available, we will continue to connect new wells to our systems to mitigate the impact of natural production declines in order to maintain throughput on our systems. However, our success in connecting new wells to our systems is dependent on activities of natural gas producers and shippers.

Access to capital markets. We require periodic access to capital in order to fund acquisitions and expansion projects. Under the terms of our partnership agreement, we are required to distribute all of our available cash to our unitholders, which makes us dependent upon raising capital to fund growth projects. Historically, master limited partnerships have accessed the public debt and equity capital markets to raise money for new growth projects and acquisitions. Recent market turbulence has from time to time either raised the cost of those public funds or, in some cases, eliminated the availability of these funds to prospective issuers. If we are unable either to access the public capital markets or find alternative sources of capital, our growth strategy may be more challenging to execute.

Impact of interest rates. Interest rates have been volatile in recent periods. If interest rates rise, our future financing costs would increase accordingly. In addition, because our common units are yield-based securities, rising market interest rates could impact the relative attractiveness of our common units to investors, which could limit our ability to raise funds, or increase the cost of raising funds in the capital markets. Though our competitors may face similar circumstances, such an environment could adversely impact our efforts to expand our operations or make future acquisitions.

Rising operating costs and inflation. The high level of natural gas exploration, development and production activities across the U.S. in recent years, and the associated construction of required midstream infrastructure, resulted in an increase in the competition for and cost of personnel and equipment. As a result of the recent decline in commodity prices, we have and will continue to actively work with our suppliers to negotiate cost savings on services and equipment to more accurately reflect the current industry environment. To the extent we are unable to negotiate lower costs, or recover higher costs through escalation provisions provided for in our contracts, our operating results will be adversely impacted.

Acquisition opportunities. As of December 31, 2009, Anadarko’s total domestic midstream asset portfolio, excluding assets we own as of September 30, 2010, consisted of ten gathering systems with an aggregate throughput of approximately 1.6 Bcf/d, and eight processing and/or treating facilities. A key component of our growth strategy is to acquire midstream assets from Anadarko and third parties over time. As of December 31, 2009, Anadarko owns a 2.0% general partner interest in us, all of our IDRs and a 54.8% limited partner interest in us. Given Anadarko’s significant interests in us, we believe Anadarko will benefit from selling additional assets to us over time; however, Anadarko continually evaluates acquisitions and divestitures and may elect to acquire, construct or dispose of midstream assets in the future without offering us the opportunity to acquire or construct those assets. Should Anadarko choose to pursue additional midstream asset sales, it is under no contractual obligation to offer assets or business opportunities to us. We may also pursue certain asset acquisitions from third parties to the extent such acquisitions complement our or Anadarko’s existing asset base or allow us to capture operational efficiencies from Anadarko’s or third-party production. However, if we do not make additional acquisitions from Anadarko or third parties on economically acceptable terms, our future growth will be limited, and the acquisitions we make could reduce, rather than increase, our cash generated from operations on a per-unit basis.

Expect this to do very well over the next 60 days.

Raises Full-Year Adjusted EBITDA Guidance

Reduces Maintenance Capital Spending

HOUSTON--(BUSINESS WIRE)-- Western Gas Partners, LP (NYSE: WES) today announced third-quarter 2010 financial and operating results. Net income available to limited partners for the third quarter of 2010 totaled $30.6 million, or $0.44 per limited partner unit (diluted). The Partnership’s third-quarter Adjusted EBITDA(1) was $52.8 million and distributable cash flow(1) was $45.4 million, resulting in a coverage ratio(1) of 1.72 times for the period.

Total throughput attributable to Western Gas Partners, LP for the third quarter of 2010 averaged 1,621 MMcf/d, relatively flat compared to the prior quarter and less than 5 percent below the third quarter of 2009. These results include the net throughput attributable to the acquired Granger and Wattenberg assets for all periods of comparison.

Capital expenditures attributable to Western Gas Partners, LP, excluding acquisitions, totaled approximately $12.6 million during the third quarter of 2010. Of this amount, maintenance capital expenditures were approximately $6.0 million, or 11 percent of Adjusted EBITDA.

“We delivered very strong financial and operational performance in the third quarter,” said Western Gas Partners’ President and Chief Executive Officer Don Sinclair. “Our employees continue their focus on maximizing margins through commodity risk mitigation, cost control and capital discipline, and because of this our portfolio delivered distributable cash flow well in excess of the recently declared quarterly distribution for the period.”

In September 2010, the Partnership acquired a 10 percent member interest in White Cliffs Pipeline, L.L.C. (White Cliffs) for $38.0 million using cash on hand. White Cliffs owns a crude oil pipeline that originates in Platteville, Colorado and terminates in Cushing, Oklahoma. The pipeline commenced operations in June 2009.

“Given the strategic location of the White Cliffs pipeline in the growing Wattenberg field and its proximity to the emerging horizontal Niobrara oil play, we are very encouraged by the commercial opportunities surrounding this asset,” said Sinclair.

The Partnership previously declared a quarterly distribution of $0.37 per unit for the third quarter of 2010, payable on November 12, 2010 to unitholders of record at the close of business on October 29, 2010, representing a 6-percent increase over the prior quarter and a 16-percent increase over the third-quarter 2009 distribution of $0.32 per unit. The third-quarter 2010 coverage ratio of 1.72 times is based on the quarterly distribution of $0.37 per unit.

(1) Please see the tables at the end of this release for a reconciliation of non-GAAP to GAAP measures and calculation of the coverage ratio.

2010 GUIDANCE UPDATE

As a result of its year-to-date performance and expectations for the fourth quarter, the Partnership has raised its full-year 2010 guidance for Adjusted EBITDA to a range of $170 to $180 million and has reduced its guidance for maintenance capital expenditures as a percent of Adjusted EBITDA to a range of 11 to 13 percent. The Partnership’s full-year 2010 guidance for total capital expenditures remains unchanged at a range of $40 to $45 million.