Western Midstream Partners, LP
WES · Price history
Price at last available close
$45.03
+$0.09 (+0.20%) 1M
2026-10-28
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Company & revenue
About Western Midstream Partners, LP
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Western Midstream Partners, LP, an energy infrastructure company operating with its subsidiaries, primarily acquires, owns, develops, and manages assets across the United States. Its core functions include the collection, compression, treatment, processing, and transportation of natural gas. The firm also handles the gathering, stabilization, and conveyance of condensate, natural gas liquids (NGLs), and crude oil, alongside the collection and disposal of water generated during production.
How they make money
Western Midstream Partners, LP operates as a midstream energy company that generates revenue primarily through fee-based contracts for gathering, compressing, treating, processing, and transporting natural gas, as well as gathering, stabilizing, and transporting crude oil, natural gas liquids, and produced water. The company's financial performance is driven by the volume of throughput handled for its customers, which include its primary sponsor and other third-party producers.
Products & services
Midstream energy services including natural gas gathering, compression, treating, and processing; gathering, stabilizing, and transportation of crude oil and natural gas liquids; and produced water gathering and disposal services.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
- Oil and natural gas exploration and production companiesSource
Disclosed major customers
- Occidental Petroleum CorporationSource
Customer concentration
For the year ended December 31, 2025, the Partnership reported that related-party revenues (primarily from Occidental Petroleum Corporation) accounted for $2.3 billion of its total revenues.
Suppliers, materials & equipment
- Energy infrastructure equipment and maintenance service providers — The company relies on various third-party vendors for the procurement of pipeline components, compression equipment, and specialized maintenance services.Source
Business relationships & partnerships
- Aris Water Solutions, Inc. — WES completed a merger with Aris Water Solutions, Inc. in October 2025 to expand its water handling and disposal capabilities.Source
Strengths
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
50
Fair
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
64
Fair
Financial Strength
58
Business Quality / Moat
58
Management
80
Growth Quality
60
Risk / Durability
73
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
69
Fully Valued
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
64/100
Building Historical Record
Model Score 64/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as moderate rather than unusually attractive.
The model outlook is currently moderate.
- •Valuation scores attractively
- •Insider activity signal is favorable
- •Revenue fundamentals are weak
- •Debt / balance-sheet profile needs attention
- •Asset quality is a weaker factor
Company-specific research
Questions worth answering for WES
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can WES maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is WES's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Is WES's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •Is WES's valuation discount tied to a temporary concern or to a longer-term business risk?
Essential Investment Snapshot
Wall Street Score
50
Opportunity Score
69
Market Cap
$18.61B
P/E Ratio
14.0
EPS
$3.21
52-Week High
$50.07
52-Week Low
$36.90
Beta
0.71
Intrinsic Value
$64.08
Analyst Target
$48.00
Shares Outstanding
402.5M
Total Revenue
$4.33B
Total Debt
$9.13B
Dividend Yield (TTM)
8.17%
Liquidation Value / Share
$10.94
Dividend / Share (TTM)
$3.68
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Neutral / mixed momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for WES
Detected from reported data — verify before acting.Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Community Sentiment
0 active · 0 total callsNo personal call yet on WES.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Strategic asset footprint in major U.S. basins including the Delaware and Midland Basins.
- +Long-term, fee-based contracts providing cash flow stability.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Oil & Gas Midstream industry.
- −Dependence on Occidental Petroleum Corporation for a significant portion of revenues.
- −Operational risks associated with the handling of hazardous materials and pipeline integrity.
- −Regulatory and environmental compliance risks.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
50
Oct 1, 2026
Change
-0.5
points
Current Score
50
Oct 26, 2026
Category Changes
WES decreased 0.5 points because some fundamentals weakened.
Projected Score
Projected Score
51
Projected Change
+1.4 points
Preliminary comparable-period financial changes suggest improvement of approximately 1.4 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
UndervaluedCurrent Price
$45.03
Model Intrinsic Value
$64.08
Difference
−$19.05
-29.7% vs IV
Margin of Safety
29.7%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.33B | $3.84B | $3.61B | $3.11B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $1.45B | $1.21B | $822.7M | $765.3M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $2.88B | $2.63B | $2.78B | $2.34B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $427.1M | $398.9M | $271.5M | $232.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $1.16B | $1.05B | $811.8M | $961.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $2.31B | $2.30B | $2.64B | $1.99B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $1.72B | $1.59B | $1.97B | $1.38B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $199.9M | $390.5M | $365.2M | $335.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | $1.34B | $1.23B | $1.63B | $1.05B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $18.1M | $15.1M | $18.1M | $4.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | $1.26B | $1.17B | $1.57B | $1.02B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $3.21 | $3.01 | $4.04 | $2.61 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 398M | 400M | 380M | 383M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 399M | 402M | 382M | 384M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$1.22B
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$0.99
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+30.4%
Cash Change
-19.2%
Margin Change
-3.3 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Weakened
- Margins contracted
- Cash position declined
- Debt increased
Potential Score Impact
Positive indicators included revenue growth, EPS growth. Pressure indicators included cash levels, debt levels, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 30.0%. EPS increased 13.8%. Cash declined 19.2%. Total debt increased 30.4%. Net income margin declined by 3.3 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Log in to view dividend history.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Rumor Mill · WES
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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