Western Midstream Partners
Moves and processes gas, liquids, crude oil, and produced water across major American basins.
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Profile
Provides gathering, processing, transportation, and produced-water services for natural gas, NGLs, crude oil, and condensate across major U.S. basins. Fee-based contracts temper direct commodity-price exposure, while concentrated Delaware and DJ basin infrastructure and a large Occidental relationship shape volumes and revenue.
Operates gathering, compression, treating, processing, transportation, and produced-water systems across Texas, New Mexico, Colorado, Utah, and Wyoming. Natural gas, crude oil, NGL, condensate, and water services center on the Delaware and DJ basins, with an added position in the Powder River Basin.
Combines integrated infrastructure with fee-based contracts and handles multiple commodities for Occidental and third-party producers. Portfolio expansion in produced water and Delaware Basin gas processing has been paired with sales of non-core assets.
Maintains its own workforce and day-to-day management, while an Occidental-owned general partner controls governance. Most cash flow is insulated from direct commodity-price exposure, but activity depends on customer drilling, safe operations, permits, regulation, and construction execution. Occidental accounts for more than half of revenue tied to handled volumes.
Company facts
Categories
Key statistics
Year to date +21.5% · Average volume (30d) 819.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | RBC Capital | Reiterate | Sector Perform | $42 | $47 | |
| Aug 18, 2026 | Morgan Stanley | Reiterate | Equal Weight | $51 | $55 | |
| Aug 10, 2026 | Wells Fargo | Reiterate | Equal Weight | $43 | $46 | |
| Jul 14, 2026 | Mizuho Securities | Target | $46 | $51 | ||
| Jul 10, 2026 | UBS | Reiterate | Neutral | $45 | $48 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.91 | $0.99 | +9.2% | $1.13B | $1.22B | +8.6% | +1.76% |
| May 6, 2026Q1 FY26 | $0.74 | $0.85 | +14.9% | $1.01B | $1.12B | +11.0% | +4.97% |
| Feb 18, 2026Q4 FY25 | $0.85 | $0.47 | −44.4% | $1.03B | $1.03B | +0.2% | −5.49% |
| Nov 4, 2025Q3 FY25 | $0.88 | $0.87 | −1.1% | $961.0M | $952.5M | −0.9% | +2.44% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $917.1M | $942.3M | $952.5M | $1.03B | $1.12B | $1.22B | |
| Gross profit | $705.2M | $727.5M | $688.9M | $509.6M | $859.3M | $821.9M | |
| Operating income | $409.8M | $444.5M | $441.6M | $289.8M | $461.4M | $526.7M | |
| Net income | $309.0M | $341.7M | $331.7M | $187.2M | $342.4M | $403.6M | |
| Diluted EPS | $0.79 | $0.87 | $0.87 | $0.47 | $0.87 | $0.99 | |
| Gross margin | 76.9% | 77.2% | 72.3% | 49.4% | 76.5% | 67.1% | |
| Operating margin | 44.7% | 47.2% | 46.4% | 28.1% | 41.1% | 43.0% |
Fiscal years (4-quarter sums)FY21 $2.88B · FY22 $3.25B · FY23 $3.11B · FY24 $3.61B · FY25 $3.84B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $104.8M · Total debt $9.13B · Total assets $16.32B · Shareholders' equity $4.26B
Dividends
Raised for 4 straight years — most recently to $0.93 from $0.91 in May 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 14 | $0.93 | |
| May 1, 2026 | May 1 | May 15 | $0.93 | raised from $0.91 |
| Feb 2, 2026 | Feb 2 | Feb 13 | $0.91 | |
| Oct 31, 2025 | Oct 31 | Nov 14 | $0.91 | |
| Aug 1, 2025 | Aug 1 | Aug 14 | $0.91 | |
| May 2, 2025 | May 2 | May 15 | $0.91 | raised from $0.875 |
| Feb 3, 2025 | Feb 3 | Feb 14 | $0.875 | |
| Nov 1, 2024 | Nov 1 | Nov 14 | $0.875 |
Ownership
Shares outstanding 413.17M · Float 242.58M · 58.7% free float
Insiders — no current Form 4 position.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| OXY USA Inc. | 165.68M | 40.60% | 13D | Jan 21, 2026 |
| Alps Advisors Inc | 36.63M | 8.87% | 13F | Jul 29, 2026 |
| Alerian MLP ETF | 34.40M | 9.04% | 13G | Oct 7, 2025 |
| Invesco Ltd. | 24.12M | 5.84% | 13F | Aug 14, 2026 |
| Morgan Stanley | 21.23M | 5.14% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | Frederick A. Forthuber | director | +5,140 | $48.62 |
| Mar 11, 2026 | Robert G. Phillips | director | +1,250 | $40.19 |
| Feb 12, 2026 | Christopher B. Dial | officer: SVP, GC and Secretary | −5,879 | $42.35 |
Peers
- Kinetik
Delaware Basin gas, crude, and produced-water rival
- Targa Resources
Large-scale Permian gathering and processing rival
- ONEOK
Gas and NGL network overlapping the Permian and Rockies
- Energy Transfer
Diversified Permian gas, crude, water, and NGL rival
- Enterprise Products Partners
Integrated Delaware Basin gas-processing and NGL rival
- MPLX
Permian gathering, processing, and NGL-services rival
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Western Midstream Partners | $48.33 | +0.13% | $19.96B | 15.1 | 12.5 | 4.6 | +30.0% |
| Kinetik | $53.81 | −0.02% | $3.96B | 19.5 | 33.5 | 2.1 | +36.3% |
| Targa Resources | $287.82 | +0.01% | $61.78B | 27.4 | 25.7 | 3.7 | +10.3% |
| ONEOK | $94.50 | −0.26% | $59.71B | 16.3 | 15.6 | 1.5 | +52.8% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| Enterprise Products Partners | $39.00 | −0.04% | $84.42B | 13.5 | 12.8 | 1.4 | +60.8% |
| MPLX | $59.28 | −0.05% | $60.12B | 12.7 | 12.8 | 4.7 | +10.6% |
| Median | 14.9 | 14.3 | 1.8 | +44.5% |