Western Midstream Operating, LP
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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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
WES$41.00+2.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Financial Statements
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
| Management’s Assessment of Internal Control Over Financial Reporting | 78 |
|---|---|
| Western Midstream Partners, LP | 79 |
| Reports of Independent Registered Public Accounting Firm | 79 |
| Financial Statements | 83 |
| Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 | 83 |
| Consolidated Balance Sheets as of December 31, 2025 and 2024 | 84 |
| Consolidated Statements of Equity and Partners’ Capital for the years ended December 31, 2025, 2024, and 2023 | 85 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023 | 86 |
| Western Midstream Operating, LP | 87 |
| Report of Independent Registered Public Accounting Firm | 87 |
| Financial Statements | 89 |
| Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 | 89 |
| Consolidated Balance Sheets as of December 31, 2025 and 2024 | 90 |
| Consolidated Statements of Equity and Partners’ Capital for the years ended December 31, 2025, 2024, and 2023 | 91 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023 | 92 |
| Notes to Consolidated Financial Statements | 93 |
| Note 1. Summary of Significant Accounting Policies and Basis of Presentation | 93 |
| Note 2. Revenue from Contracts with Customers | 102 |
| Note 3. Acquisitions and Divestitures | 104 |
| Note 4. Partnership Distributions | 107 |
| Note 5. Equity and Partners’ Capital | 109 |
| Note 6. Related-Party Transactions | 110 |
| Note 7. Equity Investments | 113 |
| Note 8. Income Taxes | 116 |
| Note 9. Property, Plant, and Equipment | 118 |
| Note 10. Goodwill and Other Intangibles | 119 |
| Note 11. Selected Components of Working Capital | 120 |
| Note 12. Asset Retirement Obligations | 121 |
| Note 13. Debt and Interest Expense | 122 |
| Note 14. Leases | 125 |
| Note 15. Equity-Based Compensation | 127 |
| Note 16. Commitments and Contingencies | 129 |
| Note 17. Reportable Segment | 130 |
| Note 18. Subsequent Event | 132 |
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