Western Midstream Operating, LP
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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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.
Sep 30, 2025 · Filed Nov 4, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| thousands except per-unit amounts | 2025 | 2024 | 2025 | 2024 |
| Revenues and other | ||||
| Service revenues – fee based | $868,253 | $814,319 | $2,542,869 | $2,389,366 |
| Service revenues – product based | 33,919 | 49,115 | 143,613 | 177,321 |
| Product sales | 50,129 | 19,673 | 124,878 | 109,076 |
| Other | 183 | 255 | 562 | 957 |
| Total revenues and other (1) | 952,484 | 883,362 | 2,811,922 | 2,676,720 |
| Equity income, net – related parties | 16,847 | 23,977 | 64,410 | 84,227 |
| Operating expenses | ||||
| Cost of product | 51,187 | 32,847 | 135,360 | 132,936 |
| Operation and maintenance | 212,385 | 231,066 | 663,528 | 649,324 |
| General and administrative | 64,119 | 64,726 | 197,051 | 195,498 |
| Property and other taxes | 15,725 | 12,635 | 51,356 | 43,984 |
| Depreciation and amortization | 170,323 | 166,015 | 512,896 | 487,438 |
| Long-lived asset and other impairments | 11,562 | 4,651 | 12,251 | 6,204 |
| Total operating expenses (2) | 525,301 | 511,940 | 1,572,442 | 1,515,384 |
| Gain (loss) on divestiture and other, net | (2,470) | 467 | (8,048) | 299,426 |
| Operating income (loss) | 441,560 | 395,866 | 1,295,842 | 1,544,989 |
| Interest expense | (92,353) | (94,149) | (284,816) | (279,177) |
| Gain (loss) on early extinguishment of debt | — | — | — | 5,403 |
| Other income (expense), net | 1,754 | 9,565 | 12,923 | 16,124 |
| Income (loss) before income taxes | 350,961 | 311,282 | 1,023,949 | 1,287,339 |
| Income tax expense (benefit) | 2,089 | 15,390 | 7,763 | 17,667 |
| Net income (loss) | 348,872 | 295,892 | 1,016,186 | 1,269,672 |
| Net income (loss) attributable to noncontrolling interests | 9,257 | 7,412 | 25,884 | 29,714 |
| Net income (loss) attributable to Western Midstream Partners, LP | $339,615 | $288,480 | $990,302 | $1,239,958 |
| Limited partners’ interest in net income (loss): | ||||
| Net income (loss) attributable to Western Midstream Partners, LP | $339,615 | $288,480 | $990,302 | $1,239,958 |
| General partner interest in net (income) loss | (7,885) | (6,708) | (22,985) | (28,845) |
| Limited partners’ interest in net income (loss) (3) | 331,730 | 281,772 | 967,317 | 1,211,113 |
| Net income (loss) per common unit – basic (3) | $0.87 | $0.74 | $2.54 | $3.18 |
| Net income (loss) per common unit – diluted (3) | $0.87 | $0.74 | $2.53 | $3.17 |
| Weighted-average common units outstanding – basic (3) | 381,330 | 380,513 | 381,216 | 380,343 |
| Weighted-average common units outstanding – diluted (3) | 382,788 | 382,620 | 382,630 | 382,189 |
(1)Total revenues and other includes related-party amounts of $586.0 million and $1.7 billion for the three and nine months ended September 30, 2025, respectively, and $545.2 million and $1.6 billion for the three and nine months ended September 30, 2024, respectively. See Note 6.
(2)Total operating expenses includes related-party amounts of $3.2 million and $(16.2) million for the three and nine months ended September 30, 2025, respectively, and $(12.1) million and $(37.7) million for the three and nine months ended September 30, 2024, respectively. See Note 6.
(3)See Note 5.
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