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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Western Midstream Operating, LPConsolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| thousands | 2026 | 2025 | 2026 | 2025 |
| Revenues and other | ||||
| Service revenues – fee based | $1,018,558 | $868,253 | $2,931,956 | $2,542,869 |
| Service revenues – product based | 88,161 | 33,919 | 289,569 | 143,613 |
| Product sales | 95,709 | 50,129 | 320,088 | 124,878 |
| Other | (8,211) | 183 | 902 | 562 |
| Total revenues and other (1) | 1,194,217 | 952,484 | 3,542,515 | 2,811,922 |
| Equity income, net – related parties | 18,803 | 16,847 | 55,115 | 64,410 |
| Operating expenses | ||||
| Cost of product | 121,687 | 51,187 | 342,011 | 135,360 |
| Operation and maintenance | 291,456 | 212,385 | 841,050 | 663,528 |
| General and administrative | 87,393 | 63,780 | 247,424 | 196,599 |
| Property and other taxes | 20,383 | 15,725 | 59,605 | 51,356 |
| Depreciation and amortization | 223,776 | 170,323 | 630,147 | 512,896 |
| Long-lived asset and other impairments | 557 | 11,562 | 1,716 | 12,251 |
| Total operating expenses (2) | 745,252 | 524,962 | 2,121,953 | 1,571,990 |
| Gain (loss) on divestiture and other, net (3) | (5,831) | (2,470) | (16,796) | (8,048) |
| Operating income (loss) | 461,937 | 441,899 | 1,458,881 | 1,296,294 |
| Interest expense | (116,580) | (92,353) | (338,954) | (284,816) |
| Gain (loss) on early extinguishment of debt | — | — | (150) | — |
| Other income (expense), net | 716 | 1,707 | 10,116 | 12,781 |
| Income (loss) before income taxes | 346,073 | 351,253 | 1,129,893 | 1,024,259 |
| Income tax expense (benefit) | 3,067 | 2,089 | 6,423 | 7,763 |
| Net income (loss) | 343,006 | 349,164 | 1,123,470 | 1,016,496 |
| Net income (loss) attributable to noncontrolling interest | 928 | 2,316 | 6,775 | 5,660 |
| Net income (loss) attributable to Western Midstream Operating, LP | $342,078 | $346,848 | $1,116,695 | $1,010,836 |
(1)Total revenues and other includes related-party amounts of $533.7 million and $1.7 billion for the three and nine months ended September 30, 2026, respectively, and $586.0 million and $1.7 billion for the three and nine months ended September 30, 2025, respectively. See Note 6.
(2)Total operating expenses includes related-party amounts of $23.7 million and $62.6 million for the three and nine months ended September 30, 2026, respectively, and $4.1 million and $(12.9) million for the three and nine months ended September 30, 2025, respectively, all primarily related to changes in imbalance positions. See Note 6.
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