Western Midstream Operating, LP
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Executive Summary
We are a midstream energy company organized as a publicly traded partnership, engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, NGLs, and crude oil; and gathering and disposing of produced water. In our capacity as a natural-gas processor, we also buy and sell residue, NGLs, and condensate on behalf of ourselves and our customers under certain contracts. To provide superior midstream service, we focus on ensuring the reliability and performance of our systems, creating sustainable cost efficiencies, enhancing our safety culture, and protecting the environment. We own or have investments in assets located in Texas, New Mexico, and the Rocky Mountains (Colorado, Utah, and Wyoming). As of June 30, 2025, our assets and investments consisted of the following:
| WhollyOwned andOperated | OperatedInterests | EquityInterests | |
|---|---|---|---|
| Gathering systems (1) | 18 | 2 | 1 |
| Treating facilities | 43 | 3 | — |
| Processing plants/trains | 27 | 3 | 1 |
| NGLs pipelines | 3 | — | 4 |
| Natural-gas pipelines | 6 | — | 1 |
| Crude-oil pipelines | 2 | 1 | 1 |
(1)Includes the DBM water systems.
Significant financial and operational events during the six months ended June 30, 2025, included the following:
WES Operating retired the total principal amount outstanding of the 3.100% Senior Notes due 2025 at par value during the first quarter of 2025 and the 3.950% Senior Notes due 2025 at par value during the second quarter of 2025.
Our second-quarter 2025 per-unit distribution is unchanged from the first-quarter 2025 per-unit distribution of $0.910.
Completed the start-up of the North Loving plant in late-February 2025, increasing gas processing capacity at the West Texas complex by 250 MMcf/d to a total of 2,190 MMcf/d.
The following table provides additional information on throughput for the periods presented below:
| Three Months Ended · Six Months Ended | ||||||
|---|---|---|---|---|---|---|
| June 30, 2025 | March 31, 2025 | Inc/(Dec) | June 30, 2025 | June 30, 2024 | Inc/(Dec) | |
| Throughput for natural-gas assets (MMcf/d) | ||||||
| Delaware Basin | 2,104 | 1,975 | 7% | 2,040 | 1,810 | 13% |
| DJ Basin | 1,447 | 1,404 | 3% | 1,426 | 1,412 | 1% |
| Powder River Basin | 479 | 463 | 3% | 471 | 416 | 13% |
| Equity investments | 575 | 550 | 5% | 562 | 509 | 10% |
| Other | 828 | 899 | (8)% | 863 | 1,013 | (15)% |
| Total throughput for natural-gas assets | 5,433 | 5,291 | 3% | 5,362 | 5,160 | 4% |
| Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||
| Delaware Basin | 269 | 256 | 5% | 263 | 233 | 13% |
| DJ Basin | 96 | 94 | 2% | 95 | 89 | 7% |
| Powder River Basin | 28 | 25 | 12% | 27 | 24 | 13% |
| Equity investments | 112 | 103 | 9% | 107 | 166 | (36)% |
| Other | 38 | 36 | 6% | 36 | 39 | (8)% |
| Total throughput for crude-oil and NGLs assets | 543 | 514 | 6% | 528 | 551 | (4)% |
| Throughput for produced-water assets (MBbls/d) | ||||||
| Delaware Basin | 1,242 | 1,190 | 4% | 1,216 | 1,126 | 8% |
| Total throughput for produced-water assets | 1,242 | 1,190 | 4% | 1,216 | 1,126 | 8% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.