Earnings Releases·Nov 4, 2026, 4:11 PM ET

Western Midstream — Third Quarter 2026 Earnings Summary

Net income attributable to limited partners declined 2% year-over-year to $324.8 million ($0.78/unit diluted) versus $331.7 million ($0.87/unit) in Q3 2025, while Adjusted EBITDA rose 12% to $708.3 million and total revenues increased to $1,194.2 million.
Reaffirmed full-year 2026 guidance for Adjusted EBITDA ($2.750B–$2.950B), Distributable Cash Flow ($2.050B–$2.250B), and Free Cash Flow ($1.100B–$1.300B), with management anticipating full-year Adjusted EBITDA to exceed the revised midpoint by over $250 million.
Capital expenditures for the quarter totaled $303.4 million; full-year 2026 CapEx is expected to slightly exceed the $1.0 billion upper guidance limit, with 2027 levels projected to remain relatively flat.
Achieved record natural-gas throughput of 5.9 Bcf/d (8% sequential increase) and record Delaware Basin gas throughput of 2.6 Bcf/d (20% sequential increase), driven by the Brazos Delaware II acquisition and legacy asset performance.
Announced a Q3 distribution of $0.930 per unit (consistent with prior quarter) and acquired a 7.5% equity interest in the Solitude Pipeline System, which will provide incremental takeaway capacity starting in late 2029.