Western Midstream Operating, LP
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
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Financial Statements Consolidated Statements of Operations for the years ended December 31, 202, and
| Year Ended December 31, | |||
|---|---|---|---|
| thousands except per-unit amounts | 2025 | 2024 | 2023 |
| Revenues and other | |||
| Service revenues – fee based | $3,453,052 | $3,248,262 | $2,768,757 |
| Service revenues – product based | 193,866 | 215,776 | 191,727 |
| Product sales | 194,681 | 140,100 | 145,024 |
| Other | 1,804 | 1,085 | 968 |
| Total revenues and other (1) | 3,843,403 | 3,605,223 | 3,106,476 |
| Equity income, net – related parties | 85,788 | 112,385 | 152,959 |
| Operating expenses | |||
| Cost of product | 206,978 | 172,251 | 164,598 |
| Operation and maintenance | 915,896 | 880,568 | 762,530 |
| General and administrative | 398,922 | 271,526 | 232,632 |
| Property and other taxes | 69,342 | 62,668 | 56,458 |
| Depreciation and amortization | 710,778 | 650,428 | 600,668 |
| Long-lived asset and other impairments | 14,760 | 6,206 | 52,884 |
| Total operating expenses (2) | 2,316,676 | 2,043,647 | 1,869,770 |
| Gain (loss) on divestiture and other, net | (11,113) | 296,771 | (10,102) |
| Operating income (loss) | 1,601,402 | 1,970,732 | 1,379,563 |
| Interest expense | (390,490) | (378,513) | (348,228) |
| Gain (loss) on early extinguishment of debt | — | 5,403 | 15,378 |
| Other income (expense), net | 16,629 | 31,741 | 5,679 |
| Income (loss) before income taxes | 1,227,541 | 1,629,363 | 1,052,392 |
| Income tax expense (benefit) | 15,086 | 18,111 | 4,385 |
| Net income (loss) | 1,212,455 | 1,611,252 | 1,048,007 |
| Net income (loss) attributable to noncontrolling interests | 31,472 | 37,681 | 25,791 |
| Net income (loss) attributable to Western Midstream Partners, LP | $1,180,983 | $1,573,571 | $1,022,216 |
| Limited partners’ interest in net income (loss): | |||
| Net income (loss) attributable to Western Midstream Partners, LP | $1,180,983 | $1,573,571 | $1,022,216 |
| General partner interest in net (income) loss | (26,485) | (36,604) | (23,684) |
| Limited partners’ interest in net income (loss) (3) | 1,154,498 | 1,536,967 | 998,532 |
| Net income (loss) per common unit – basic (3) | $2.99 | $4.04 | $2.61 |
| Net income (loss) per common unit – diluted (3) | $2.98 | $4.02 | $2.60 |
| Weighted-average common units outstanding – basic (3) | 386,074 | 380,397 | 383,028 |
| Weighted-average common units outstanding – diluted (3) | 387,880 | 382,455 | 384,408 |
(1)Total revenues and other includes related-party amounts of $2.3 billion, $2.2 billion, and $1.8 billion for the years ended December 31, 2025, 2024, and 2023, respectively. See Note 6.
(2)Total operating expenses includes related-party amounts of $12.1 million, $(56.5) million, and $(68.0) million for the years ended December 31, 2025, 2024, and 2023, respectively, all primarily related to changes in imbalance positions. See Note 6.
(3)See Note 5.
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