WES · Western Midstream Partners, LP
One customer — 10% of revenue (all periods presented in the consolidated statements of operations)
“Occidental was the only customer from which revenues exceeded 10% of consolidated revenues for all periods presented in the consolidated statements of operations.”
Price & Indicators
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AI Brief
TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from its earnings releases, calls, and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | 736.5M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net income (loss) 415,251K
+24,630K Distributions from equity investments
+13,507K Non-cash equity-based compensation expense
+108,984K Interest expense
+5,152K Income tax expense
+205,945K Depreciation and amortization
+551K Long-lived asset and other impairments
+329K Other expense
+4,598K Gain (loss) on divestiture and other, net
+150K Gain (loss) on early extinguishment of debt
-21,536K Equity income, net – related parties
-2,834K Other income
-476K Acquisition-related expenses and other, net
-17,719K Adjusted EBITDA attributable to noncontrolling interests
= Adjusted EBITDA 736,532K
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| crude-oil and NGLs throughput | 523 | Q2 2026 | — |
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| Distributable Cash Flow non-GAAP | 537.2M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Adjusted EBITDA 683,137K
-48,081K Recognized service revenues - fee based in excess of (less than) customer billings
-4,306K Capitalized interest
-27,704K Cash paid for maintenance capital expenditures
-3,449K Cash paid for (reimbursement of) income taxes
-106,570K Interest expense (net of interest income)
+3,558K Distributable cash flow attributable to noncontrolling interests
= Distributable cash flow 496,585K
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| Free Cash Flow non-GAAP | 263.6M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net cash provided by operating activities 469,903K
-235,726K Capital expenditures
-1,768K Contributions to equity investments – related parties
+9,889K Distributions from equity investments in excess of cumulative earnings – related parties
= Free Cash Flow 242,298K
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| natural-gas throughput | 5.3 | Q2 2026 | — |
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| natural-gas throughput in the Delaware Basin | 2,140 | Q2 2026 | — |
| natural-gas throughput in the DJ Basin | 1,547 | Q2 2026 | — |
| produced-water throughput | 2,939 | Q2 2026 | — |
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| produced-water throughput in the Delaware Basin | 2,993 | Q2 2026 | — |
| crude-oil and NGLs throughput in the Delaware Basin | 272 | first-quarter 2026 | — |
| Free Cash Flow after distributions non-GAAP | -$137.4M | first-quarter 2026 | — |
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Figures exactly as the company stated them · click a metric with a to chart its history · period links open the stating document · "call" marks figures stated on the earnings call, "filing" figures stated in the 10-K/10-Q · YoY needs the prior-year figure on file
Versus peers
Oil & Gas Midstream — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
WES
this stock
Western Midstream Partners, LP
|
$18.49B | +26.7% | +6.6% | — | 1.9% |
|
ENB
Enbridge Inc
|
$112.92B | +10.9% | — | — | 1.1% |
|
WMB
Williams Companies, Inc.
|
$87.77B | +21.1% | -0.5% | 28.6 | 1.7% |
|
EPD
Enterprise Products Partners L.P.
|
$82.32B | +24.2% | -14.6% | — | 0.8% |
|
ET
Energy Transfer LP
|
$71.13B | +29.9% | -12.6% | — | 1.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| WES | +0.8% | +6.8% | +15.6% | +0.8% | +26.7% |
| SPY | +3.6% | +2.2% | +12.8% | +2.9% | +12.7% |
| vs SPY | -2.8% | +4.5% | +2.8% | -2.0% | +14.0% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.