Western Midstream Partners, LP

Listed Company

WESCIK 0001423902NYSELarge AcceleratedNatural Gas TransmissionDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.84B

Net Income

$1.18B

Total Assets

$15.00B

Equity

—

Shares Out

393.67M

Op. Cash Flow

$2.22B

Business

Western Midstream Partners, LP is a master limited partnership that owns, operates, and invests in midstream energy infrastructure focused on gathering, processing, treating, compressing, and transporting hydrocarbons and produced water. It provides natural-gas processing and marketing services and gathers, stabilizes, treats, and transports condensate, NGLs, and crude oil, and gathers and disposes of produced water. Operations are reported as a single operating segment comprising gathering systems, processing and treating plants, pipelines, and disposal facilities. Its assets serve producers across Texas, New Mexico, the Rocky Mountains (Colorado, Utah, Wyoming) and select other U.S. basins via pipeline, terminal, storage, and third-party delivery networks.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues and other	3,843	3,605	3,106	3,252	2,877
Equity income, net related parties	86	112	153	183	205
Cost of product	207	172	165	421	322
Operation and maintenance	916	881	763	655	581
General and administrative	399	272	233	194	196
Property and other taxes	69	63	56	79	64
Depreciation and amortization	711	650	601	582	552
Long-lived asset and other impairments	15	6	53	21	31
Total operating expenses	2,317	2,044	1,870	1,951	1,746
Gain (loss) on divestiture and other, net	−11	297	−10	104	44,000
Operating income (loss)	1,601	1,971	1,380	1,588	1,336
Interest expense	−390	−379	−348	−334	−377
Gain (loss) on early extinguishment of debt	0	5	15	91,000	−25
Other income (expense), net	17	32	6	2	−623,000
Income (loss) before income taxes	1,228	1,629	1,052	1,256	934
Income tax expense (benefit)	15	18	4	4	−10
Net income (loss)	1,212	1,611	1,048	1,251	944
Net income (loss) attributable to noncontrolling interests	31	38	26	34	28
Net income (loss) attributable to Western Midstream Partners, LP	1,181	1,574	1,022	1,217	916
General partner interest in net (income) loss	−26	−37	−24	−28	−20
Limited partners' interest in net income (loss)	1,154	1,537	999	1,190	896
Net income (loss) per common unit - basic	2.99	4.04	2.61	3.01	2.18
Net income (loss) per common unit - diluted	2.98	4.02	2.6	3	2.18
Weighted-average common units outstanding - basic	386	380	383	395	411
Weighted-average common units outstanding - diluted	388	382	384	396	412

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	819	1,090	273	287	202
Accounts receivable, net	773	702	667	554	437
Other current assets	64	55	53	60	46
Total current assets	1,657	1,847	992	900	685
Cost	17,648	15,510	14,945	13,366	12,846
Less accumulated depreciation	6,427	5,795	5,290	4,824	4,333
Net property, plant, and equipment	11,221	9,715	9,655	8,542	8,513
Goodwill	353	5	5	5	5
Other intangible assets	914	650	681	713	745
Equity investments	505	541	905	945	1,167
Other assets	349	387	233	167	159
Total assets	15,000	13,100	12,500	11,272	11,273
Accounts and imbalance payables	319	313	362	361	326
Short-term debt	449	1,011	618	216	506
Accrued ad valorem taxes	60	38	61	73	45
Accrued liabilities	408	329	263	255	263
Total current liabilities	1,236	1,692	1,304	904	1,140
Long-term debt	8,195	6,927	7,284	6,570	6,401
Deferred income taxes	111	30	15	14	12
Asset retirement obligations	428	370	359	290	298
Other liabilities	865	751	480	386	326
Total long-term liabilities	9,599	8,078	8,138	7,260	7,037
Total liabilities	10,835	9,770	9,442	8,164	8,177
Common units (408,141,366 and 380,556,643 units issued and outstanding at December 31, 2025, and December 31, 2024, respectively)	4,017	3,225	2,894	2,970	2,967
General partner units (9,060,641 units issued and outstanding at December 31, 2025, and December 31, 2024)	5	11	3	2	−9
Total partners' capital	4,021	3,236	2,897	2,972	2,958
Noncontrolling interests	142	140	132	136	138
Total equity and partners' capital	4,163	3,375	3,029	3,108	3,096
Total liabilities, equity, and partners' capital	14,998	13,145	12,472	11,272	11,273
Common units issued	408	381	380	384	403
Common units outstanding	408	381	380	384	403
General partner units issued	9	9	9	9	9
General Partners' Capital Account, Units Outstanding	9	9	9	9	9

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash equity-based compensation expense	51	38	32	28	28
Deferred income taxes	4	14	1	2	−10
Accretion and amortization of long-term obligations, net	7	9	8	7	8
Distributions from equity-investment earnings related parties	91	111	155	186	214
Other	303,000	248,000	442,000	510,000	260,000
(Increase) decrease in accounts receivable, net	36	−43	−78	−116	16
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net	−4	−22	−68	−8	115
Change in other items, net	174	175	68	35	50
Net cash provided by operating activities	2,223	2,137	1,661	1,701	1,767
Capital expenditures	−728	−834	−735	−487	−314
Contributions to equity investments - related parties	0	−10	−1	−10	−4
Distributions from equity investments in excess of cumulative earnings related parties	31	31	39	64	41
(Increase) decrease in materials and supplies inventory and other	−20	−18	−32	−9	11
Net cash provided by (used in) investing activities	−1,085	−39	−1,607	−218	−258
Borrowings, net of debt issuance costs	1,184	789	2,449	1,389	480
Repayments of debt	−1,081	−144	−1,968	−1,519	−1,433
Commercial paper borrowings (repayments), net	0	−610	610	0	0
Increase (decrease) in outstanding checks	−8	−6	4	2	−22
Distributions to Partnership unitholders	−1,431	−1,246	−978	−736	−534
Unit repurchases from Occidental	0	0	−135	−488	−217
Other	−41	−33	−19	−14	−11
Net cash provided by (used in) financing activities	−1,408	−1,280	−68	−1,399	−1,752
Net increase (decrease) in cash and cash equivalents	−271	818	−14	85	−243
Interest paid, net of capitalized interest	381	361	327	355	375
Accrued capital expenditures	80	64	100	82	35
Income taxes paid (reimbursements received)	3	2	4	912,000	938,000
Acquisition-related issuance of common units	1,005	0	0	—	—
Asset retirement cost additions and revisions, net	41	10	59	—	—

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