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Western Midstream Partners Achieves Record Financial Results for 2025

On February 18, 2026, Western Midstream Partners, LP (NYSE: WES) reported impressive financial results for the fourth quarter and full year of 2025. The company announced a net income of $187.2 million for Q4, translating to $0.47 per diluted common unit. This achievement stands out as the best Q4 performance in the company’s history, reflected in an adjusted EBITDA of $635.6 million. The year 2025 also observed a robust overall performance, ending with a net income of $1.154 billion or $2.98 per diluted common unit, alongside an adjusted EBITDA of $2.481 billion.

Strong Cash Flow Performance

Western Midstream's cash flow performance mirrored its income prowess. Operating activities generated cash flows amounting to $557.6 million for Q4, contributing to a remarkable $2.223 billion for the entire year. Free cash flow for Q4 was reported at $340.8 million, while the entire year recorded $1.526 billion, marking a substantial 15% increase compared to the previous year.

Solid Financial Guidance for 2026

The company did not just highlight past successes but also provided robust guidance for the upcoming year. It anticipates an adjusted EBITDA range between $2.5 billion and $2.7 billion for 2026, representing an approximate 5% growth from 2025. Furthermore, they expect to allocate between $850 million to $1 billion for capital expenditures in 2026, significantly lower than the previously expected threshold of $1.1 billion. Total distributable cash flow, seen as a vital measure of financial health, is projected between $1.85 billion and $2.05 billion, or $4.59 to $5.08 per unit.

Distribution Continuity

In alignment with its successful financial trajectory, WES announced a fourth-quarter distribution of $0.910 per unit, consistent with the prior quarter's distribution. For 2026, the board will suggest a quarterly distribution increase to $0.93 per unit, reflecting a 2.2% rise over the previous distribution level. Overall, the Partnership returned a staggering $1.431 billion to unitholders in 2025, underscoring its commitment to share profits with investors.

Operational Highlights

The year also featured record throughput levels across various segments. In natural gas, the throughput peaked at 5.2 Bcf/d, marking a 4% year-over-year increase that aligned with company forecasts. Additionally, crude oil and NGLs throughput reached 514 MBbl/d, reflecting a 1% increase.

Meanwhile, the acquisition of Aris Water Solutions in Q4 2025 considerably bolstered Western Midstream's produced-water segment, achieving a remarkable throughput of 1,578 MBbl/d, representing a 40% increase year-over-year. This acquisition is pivotal, significantly expanding the company’s market representation and diversifying its customer base.

Moving Forward

As Western Midstream gears up for 2026, the leadership remains optimistic about navigating the evolving market conditions. Chief Executive Officer Oscar K. Brown expressed confidence in the company’s robust performance despite facing industry challenges, including pricing volatility and third-party production constraints.

Future strategies will focus on enhancing operational efficiencies, executing growth projects, and maintaining financial discipline. By investing in strategic ventures like the Pathfinder pipeline and expanding processing capacities, the company aims to unlock additional value as it continues on its growth trajectory.

WES will host a conference call on February 19, 2026, to elaborate on its Q4 and full-year results, reiterating its focus on transparency and investor engagement in this pivotal phase of growth.

For further details on Western Midstream Partners' financial and operational performance, visit their investor relations page at www.westernmidstream.com.