Key Highlights

  • Total revenues and other reached USD 1,194.2 million in the third quarter, up about 25% from USD 952.5 million a year earlier (calculated), led by fee-based service revenues of USD 1,018.6 million.
  • Net income attributable to the Partnership was USD 331.9 million, or USD 0.78 per diluted common unit, against USD 339.6 million, or USD 0.87, in the third quarter of 2025.
  • Adjusted EBITDA, a non-GAAP measure, was USD 708.3 million for the quarter, below USD 736.5 million in the second quarter, and USD 2,128.0 million for the nine months.
  • The third-quarter distribution held at USD 0.930 per unit, payable on November 13, 2026 to holders of record on November 2, 2026.

Higher Revenue Meets a Wider Unit Count

Western Midstream Partners (NYSE:WES) lodged its quarterly filing for the period that ended September 30, 2026, on November 4, 2026. Revenues and other income reached USD 1,194.2 million, up from USD 952.5 million, while Operating Income of USD 461.5 million edged above USD 441.6 million. Interest costs increased to USD 116.6 million from USD 92.4 million, and Depreciation plus amortization rose to USD 223.8 million from USD 170.3 million. Net Income attributable to the partnership fell to USD 331.9 million. The diluted weighted average of units expanded to 415.1 million from 382.8 million, which helps explain why per-unit Earnings dropped from USD 0.87 to USD 0.78 despite top-line growth.

Brazos Delaware and Produced Water Drive the Footprint

The partnership finalized its Brazos Delaware purchase on June 11, 2026, paying about USD 1.67 billion: USD 820.3 million in cash and USD 852.0 million in common units. This widens gathering and processing across the Delaware Basin, where gas throughput averaged 2,562 million cubic feet daily, 20% higher than in the second quarter. Produced water flow reached 3,047 thousand barrels daily, and nine-month volumes ran 142% above the prior year, following the Aris purchase closed October 15, 2025. Also in August 2026, the partnership acquired a 7.50% stake in the Solitude pipeline venture, a project for two 48-inch gas lines running from the Permian to Katy, Texas.

Cash Drops to USD 44.5 Million as Debt Climbs

Cash and equivalents slumped to USD 44.5 million from USD 819.5 million at year-end, while long-term debt grew to USD 8.88 billion from USD 8.20 billion. Operating cash inflow for nine months came to USD 1,572.1 million, versus USD 1,665.0 million a year earlier, and Capital spending reached USD 808.4 million compared with USD 505.8 million. Two October 2026 agreements were also disclosed: a Delaware Basin produced water Acquisition for roughly USD 98.0 million and the sale of Southwest Wyoming Assets for about USD 75.0 million, with a gain above USD 100.0 million anticipated. Concentration risk stands out because much of the revenue comes from Occidental. No units were bought back during the nine months.

Where Things Stand

Chiefly the unit count, which rose faster than profit. Western Midstream Partners (NYSE:WES) issued units to fund Brazos Delaware, so per-unit earnings fell even though revenue increased and net income held near last year's level. Adjusted EBITDA slipped sequentially as debt and interest expense climbed. Next items to track are the steady USD 0.930 distribution, the planned fourth-quarter closings for the water purchase and the Wyoming sale, and how the Brazos Delaware assets are integrated.