$WES · Western Midstream Partners, LP
Western Midstream Partners filed an 8-K (Item 2.02) reporting Q3 2026 results. Net income attributable to limited partners was $324.8M, or $0.78 per diluted unit, versus $331.7M ($0.87) a year earlier. Adjusted EBITDA was $708.3M (up 12% YoY), Distributable Cash Flow $512.3M, and Free Cash Flow $244.2M. The company reaffirmed 2026 Adjusted EBITDA, DCF, and FCF guidance ranges and expects capex slightly above the $850M–$1.0B high end.
- Record natural-gas throughput of 5.9 Bcf/d, up 8% sequentially.
- Delaware Basin gas throughput hit a record 2.6 Bcf/d, up 20% sequentially.
- Q3 distribution of $0.930/unit ($3.72 annualized), unchanged from prior quarter.
- Free cash flow after distributions was negative $148.5M on growth capex.
- Q3 capex totaled $303.4M; 2026 capex expected slightly above the $1.0B high end.
Extended-hours last trade $42.31, down 0.55% vs the $42.54 regular close, a muted reaction to in-line results and reaffirmed guidance.
Record throughput and reaffirmed guidance are offset by capex exceeding the high end and negative FCF after distributions, a mixed signal for a distribution-focused MLP.
Midstream peers are benefiting from Permian producer activity; WES's record Delaware Basin throughput and Solitude investment reflect accelerating takeaway demand.
Capex running above the high end of guidance and negative FCF after distributions signal rising growth spending; commodity-price exposure on product sales and NGLs remains a swing factor.