Western Midstream Partners, LP (WES) Tops Q2 EPS by 13c; revises guidance

Western Midstream Partners, LP (NYSE: WES) reported Q2 EPS of $0.99, $0.13 better than the analyst estimate of $0.86. Revenue for the quarter came in at $1.22 billion versus the consensus estimate of $1.08 billion.

REVISED 2026 GUIDANCE

Reflecting the contribution from the Brazos Delaware acquisition and the most recent production forecasts from our customers, WES is revising its full-year 2026 guidance as follows:

Adjusted EBITDA(2) between $2.750 billion and $2.950 billion, implying a revised mid-point of $2.850 billion, which represents a $250 million, or 10-percent, increase relative to WES's original guidance at the mid-point, and a 15-percent increase compared to full-year 2025 Adjusted EBITDA.

Total capital expenditures(3) between $850.0 million and $1.000 billion, with the expectation of being towards the high-end of the guidance range.

Distributable Cash Flow(2) between $2.050 billion and $2.250 billion, or $4.94 to $5.42 per unit(6), implying a revised mid-point of $2.150 billion. This represents a $200 million, or 10-percent increase, relative to WES's original guidance at the mid-point.

Free Cash Flow(2) between $1.100 billion and $1.300 billion, implying a revised mid-point of $1.200 billion. This represents a $200 million, or 20-percent increase, relative to WES's original guidance at the mid-point.

Reiterating full-year distribution guidance of at least $3.70 per unit(7), which includes distributions to be paid in calendar-year 2026, and implies a current annualized run-rate of $3.72 per unit based on our prior quarter distribution of $0.93 per unit.

For earnings history and earnings-related data on Western Midstream Partners, LP (WES) click here.

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