Western Midstream Partners, LP
Western Midstream Partners, LP Q2 FY26 Results — Earnings Call Analysis
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
What the Q2 FY26 call signalled
2 of 3 strong
The short version
- WES expects to be at the high end of its 2026 adjusted EBITDA guidance range of $2.5 billion to $2.7 billion and distributable cash flow range of $1.85 billion to $2.05 billion, before Brazos contribution. - Adjusted EBITDA guidance for full year 2026 expected towards the high end of $2.5 billion to $2.7 billion, before Brazos contribution.
From Western Midstream Partners, LP's Q2 FY26 earnings-call transcript · updated 29 May 2026.
Revenue & Sales Performance
- WES expects to be at the high end of its 2026 adjusted EBITDA guidance range of $2.5 billion to $2.7 billion and distributable cash flow range of $1.85 billion to $2.05 billion, before Brazos contribution.
- Brazos acquisition is expected to add approximately $100 million incremental adjusted EBITDA in 2026, boosting revenue and cash flow.
- The Delaware Basin drives over 60% of 2026 adjusted EBITDA, with this proportion set to increase post-Brazos close.
- Approximately 3,500 identified drilling locations on Brazos acreage alone provide line of sight to decades of throughput growth.
- Organic projects Pathfinder and North Loving II are scheduled for service in Q1 and Q2 2027, expanding processing capacity and supporting volume growth.
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Profitability & Margins
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Capital Expenditure Plans
- Western Midstream’s 2026 capital budget is $850 million to $1 billion.
- Roughly half of this budget is allocated to two high-confidence projects in the Delaware Basin: Pathfinder and North Loving II.
- Pathfinder and North Loving II are on schedule to come online in Q1 and Q2 of 2027, respectively.
- Both projects have volume commitments underpinning strong returns.
- The Comanche complex adds 460 million cubic feet per day of natural gas processing capacity, expanding Delaware Basin capacity by ~20%.
- North Loving II will increase total processing capacity to over 3 billion cubic feet per day once operational.
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Fundraising & Capital Structure
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Order Book & Pipeline
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Frequently Asked Questions
What were Western Midstream Partners, LP Q2 FY26 results?
- WES expects to be at the high end of its 2026 adjusted EBITDA guidance range of $2.5 billion to $2.7 billion and distributable cash flow range of $1.85 billion to $2.05 billion, before Brazos contribution. - Adjusted EBITDA guidance for full year 2026 expected towards the high end of $2.5 billion to $2.7 billion, before Brazos contribution.
What is Western Midstream Partners, LP share price analysis?
Western Midstream Partners, LP currently shows a below-average growth signal. The stock trades at a P/E of 14.9 with a market cap of $17,878. Investors should review the full earnings analysis for detailed insights.
Is Western Midstream Partners, LP planning capital expenditure?
- Western Midstream’s 2026 capital budget is $850 million to $1 billion.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.