Western Midstream Partners, LP
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- Western Midstream Partners, LP Western Midstream Partners, LP (NYSE: WES) is a Delaware master limited partnership formed in September 2012 that acquires, owns, develops, and operates midstream energy assets across Texas, New Mexico, Colorado, Utah, and Wyoming. The partnership, headquartered in The Woodlands, Texas, engages primarily in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids, and crude oil; and gathering and disposing of produced water for customers in key basins including the Delaware Basin in West Texas and New Mexico, the DJ Basin in northeastern Colorado, and the Powder River Basin in northeast Wyoming, with additional assets in South Texas and southwest Wyoming. Its core assets encompass natural gas gathering systems, processing plants, compression stations, oil treating facilities, pipelines for crude oil, natural gas, and NGLs transportation, and produced water disposal infrastructure; as a natural gas processor, Western Midstream Partners, LP also buys and sells natural gas, NGLs, and condensate on behalf of itself and customers under certain contracts, with a substantial majority of cash flows derived from fee-based arrangements insulated from commodity price volatility. Subsidiary Western Midstream Operating, LP, in which the partnership holds a 98.0% limited partner interest, traces origins to a 2007 entity formed by Anadarko Petroleum Corporation, with the partnership's general partner wholly owned by Occidental Petroleum Corporation following Oxy's 2019 acquisition of Anadarko; operational independence was established in December 2019 through agreements with Occidental that transitioned employees and management directly to Western Midstream Partners, LP, employing over 1,200 people. The partnership maintains equity investments such as a 75% interest in Chipeta Processing, LLC, and serves investment-grade customers including Occidental under long-term contracts with minimum volume commitments and acreage dedications. Recent developments include the February 2025 sanctioning of the Pathfinder pipeline, a 42-mile 30-inch line capable of transporting over 800 thousand barrels per day of produced water in the Delaware Basin for disposal in eastern Loving County, alongside expansions adding 280 thousand barrels per day of gathering capacity and nine saltwater disposal wells with 220 thousand barrels per day capacity, supported by a new long-term Occidental agreement extending to 2027 and amendments prolonging DJ Basin processing commitments through mid-2035. In August 2025, Western Midstream Partners, LP announced and later completed the acquisition of Aris Water Solutions, Inc. in a roughly $2.0 billion enterprise value transaction, bolstering its produced water systems across West Texas and southern New Mexico with long-term dedications, targeting $40 million in annualized synergies, and positioning it as the largest three-stream midstream provider in the Delaware Basin. Other initiatives encompass sanctioning a 300 million cubic feet per day cryogenic processing train at the North Loving facility for service in early 2027, increasing West Texas complex capacity to 2.5 billion cubic feet per day, alongside 2025 guidance for Adjusted EBITDA of $2.35 billion to $2.55 billion, capital expenditures of $625 million to $775 million, and a base distribution increase to $0.910 per unit or $3.64 annualized.
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