Western Midstream Operating, LP
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 18, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets as of December 31, 202 and
| December 31, | ||
|---|---|---|
| thousands except number of units | 2025 | 2024 |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $819,491 | $1,090,464 |
| Accounts receivable, net | 773,197 | 701,838 |
| Other current assets | 64,253 | 54,888 |
| Total current assets | 1,656,941 | 1,847,190 |
| Property, plant, and equipment | ||
| Cost | 17,648,375 | 15,509,910 |
| Less accumulated depreciation | 6,427,467 | 5,795,301 |
| Net property, plant, and equipment | 11,220,908 | 9,714,609 |
| Goodwill | 353,257 | 4,783 |
| Other intangible assets | 913,758 | 649,740 |
| Equity investments | 504,859 | 541,435 |
| Other assets | 348,697 | 387,028 |
| Total assets (1) | $14,998,420 | $13,144,785 |
| LIABILITIES, EQUITY, AND PARTNERS’ CAPITAL | ||
| Current liabilities | ||
| Accounts and imbalance payables | $319,170 | $312,945 |
| Short-term debt | 448,825 | 1,011,032 |
| Accrued ad valorem taxes | 60,114 | 38,319 |
| Accrued liabilities | 408,375 | 329,398 |
| Total current liabilities | 1,236,484 | 1,691,694 |
| Long-term liabilities | ||
| Long-term debt | 8,195,170 | 6,926,647 |
| Deferred income taxes | 111,277 | 29,679 |
| Asset retirement obligations | 427,858 | 370,195 |
| Other liabilities | 864,509 | 751,400 |
| Total long-term liabilities | 9,598,814 | 8,077,921 |
| Total liabilities (2) | 10,835,298 | 9,769,615 |
| Equity and partners’ capital | ||
| Common units (408,141,366 and 380,556,643 units issued and outstanding at December 31, 2025 and 2024, respectively) | 4,016,606 | 3,224,802 |
| General partner units (9,060,641 units issued and outstanding at December 31, 2025 and 2024) | 4,624 | 10,803 |
| Total partners’ capital | 4,021,230 | 3,235,605 |
| Noncontrolling interests | 141,892 | 139,565 |
| Total equity and partners’ capital | 4,163,122 | 3,375,170 |
| Total liabilities, equity, and partners’ capital | $14,998,420 | $13,144,785 |
(1)Total assets includes related-party amounts of $946.4 million and $991.1 million as of December 31, 2025 and 2024, respectively, which includes related-party Accounts receivable, net of $407.9 million and $401.3 million as of December 31, 2025 and 2024, respectively. See Note 6.
(2)Total liabilities includes related-party amounts of $666.9 million and $529.7 million as of December 31, 2025 and 2024, respectively, which includes related-party Accounts and imbalance payables of $20.6 million as of December 31, 2025 and 2024. See Note 6.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.