Western Midstream Operating, LP
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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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, 2026 · Filed Nov 4, 2026
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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, transporting, recycling, treating, supplying, 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 September 30, 2026, our assets and investments, excluding assets under construction, consisted of the following:
| WhollyOwned andOperated | OperatedInterests | Non-Operated Interests | EquityInterests | |
|---|---|---|---|---|
| Gathering systems | 16 | 2 | 1 | — |
| Treating facilities | 43 | 3 | — | — |
| Processing plants/trains | 30 | 3 | — | 1 |
| Produced-water gathering, treating, recycling, and disposal systems | 8 | — | — | — |
| NGLs pipelines | 2 | — | — | 4 |
| Natural-gas pipelines | 6 | — | — | 1 |
| Crude-oil pipelines | 2 | 1 | — | 1 |
Significant financial and operational events during the nine months ended September 30, 2026, included the following:
In August 2026, we entered into an agreement to participate in Solitude. See Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.
Our third-quarter 2026 per-unit distribution is unchanged from the second-quarter 2026 per-unit distribution of $0.930.
On June 11, 2026, we closed on the acquisition of Brazos Delaware for cash and equity consideration. See Note 3—Acquisitions and Divestituresin the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.
During the second quarter of 2026, WES Operating issued $700.0 million in aggregate principal amount of 5.700% Senior Notes due 2036 and retired its 4.650% Senior Notes due 2026. See Note 9—Debtin the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.
Executed an amendment to one of our West Texas complex gas-gathering agreements to replace cost-of-service fees with fixed fees and add a new minimum-volume commitment through 2027, in exchange for the redemption of WES common units. See Note 6—Related-Party Transactions in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.
The following table provides additional information on throughput for the periods presented below:
| Three Months Ended · Nine Months Ended | ||||||
|---|---|---|---|---|---|---|
| September 30, 2026 | June 30, 2026 | Inc/(Dec) | September 30, 2026 | September 30, 2025 | Inc/(Dec) | |
| Throughput for natural-gas assets (MMcf/d) | ||||||
| Delaware Basin | 2,562 | 2,140 | 20% | 2,248 | 2,065 | 9% |
| DJ Basin | 1,482 | 1,547 | (4)% | 1,516 | 1,449 | 5% |
| Powder River Basin | 400 | 398 | 1% | 398 | 455 | (13)% |
| Equity investments | 467 | 494 | (5)% | 476 | 559 | (15)% |
| Other | 1,025 | 939 | 9% | 980 | 897 | 9% |
| Total throughput for natural-gas assets | 5,936 | 5,518 | 8% | 5,618 | 5,425 | 4% |
| Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||
| Delaware Basin | 272 | 265 | 3% | 269 | 257 | 5% |
| DJ Basin | 90 | 94 | (4)% | 94 | 99 | (5)% |
| Powder River Basin | 24 | 27 | (11)% | 26 | 27 | (4)% |
| Equity investments | 109 | 108 | 1% | 106 | 105 | 1% |
| Other | 40 | 39 | 3% | 38 | 37 | 3% |
| Total throughput for crude-oil and NGLs assets | 535 | 533 | —% | 533 | 525 | 2% |
| Throughput for produced-water assets (MBbls/d) | ||||||
| Delaware Basin | 3,047 | 2,993 | 2% | 2,963 | 1,225 | 142% |
| Total throughput for produced-water assets | 3,047 | 2,993 | 2% | 2,963 | 1,225 | 142% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.