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US midstream operator gathering and processing natural gas, NGLs and crude, mainly in the Permian and Rockies, majority-owned by Occidental.
US midstream operator gathering and processing natural gas, NGLs and crude, mainly in the Permian and Rockies, majority-owned by Occidental.
Charges fees for each unit of gas, oil and water it gathers, processes or disposes of, under long-term contracts with minimum volume commitments, so income follows the volumes its customers drill rather than commodity prices. Occidental, its largest customer, is also its biggest owner, inherited through the 2019 Anadarko purchase, so Occidental's drilling plans largely set its volumes.
Moat: narrow (switching costs, installed base). Dedicated acreage and long-term contracts with Occidental anchor volumes across its systems.
Headquarters: The Woodlands, Texas, US · Founded: 2007 · Employees: 1,704
Size Western Midstream Partners, LP (WES) is a United States Energy company (Oil & Gas Pipelines) with a market value of $16.5B, the 564th largest of 3,117 United States companies the cockpit tracks. Shares closed at $39.85 on 6 Nov 2026.
Performance Over six months the shares fell 8.4%, against +0.4% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 15 in its peer set.
Growth Revenue grew 18.0% over the last twelve months (peer median +9.0%); the operating margin is 39.2% (peer median 30.8%).
Valuation It trades at 9.9× forward earnings against a peer median of 15.1× (2nd cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.5 points above its cost of capital (7.4% WACC).
Backlog Backlog (remaining performance obligations) was $7.77B at 30 Sep 2026, up 14% on a year earlier. Backlog detail →
Credit Western Midstream Partners, LP has 13 bonds outstanding ($8.44B), rated BBB- by the agencies and trading like BBB at a weighted spread of 110 bp.
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.33B | $3.84B | $3.61B | $3.11B | $3.25B |
| Revenue growth | — | +7% | +16% | -4% | — |
| Gross profit | $2.20B | $2.01B | $1.90B | $1.58B | $1.59B |
| EBITDA | $2.47B | $2.25B | $2.22B | $1.89B | $1.90B |
| Net income | $1.26B | $1.15B | $1.54B | $999M | $1.19B |
| Free cash flow | $1.25B | $1.53B | $1.33B | $965M | $1.28B |
| Capital expenditure | $913M | $728M | $834M | $735M | $487M |
| Total debt | $9.13B | $8.82B | $8.14B | $7.96B | $6.83B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Western Midstream Partners, LP WES | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% |
| Targa Resources TRGP | $56.7B | +7% | -1% | 25% | 21.7× | 7.2% |
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Mplx LP MPLX | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% |
| Enterprise Products Partners L.P EPD | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% |
| Kinetik KNTK | $7.92B | +3% | +10% | 9% | 25.1× | 33.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WES | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.0% | -5.4% | 2nd lowest of 15 |
| 6-month return | -8.4% | +0.4% | 5th lowest of 15 |
| Distance from 52-week high | -20.4% | -16.6% | 4th lowest of 15 |
| Revenue growth (TTM) | +18.0% | +9.0% | 5th highest of 15 |
| Operating margin | 39.2% | 30.8% | 5th highest of 15 |
| Forward P/E | 9.9× | 15.1× | 2nd cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 3.2% | 6.5% | 6th least demanding of 12 |
| Growth delivered (Del g) | +8.6% | +10.5% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | -5.4 pp | -4.1 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | +2.5 pp | -1.3 pp | 5th highest of 15 |
| EV / EBITDA | 10.4× | 15.8× | 4th cheapest of 13 |
| Net debt / EBITDA | 3.6× | 4.1× | 6th least indebted of 15 |
| Bond spread | 110 bp | 110 bp | 4th widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Western Midstream Partners, LP WES | United States | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% | +8.6% |
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
| DT Midstream DTM | United States | $11.6B | -20% | +13% | 50% | 23.5× | 12.4% | +10.5% |
| Keyera KEY.TO | Canada | $10.6B | 0% | 0% | 11% | 17.4× | n/a | n/a |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| Antero Midstream AM | United States | $8.97B | -9% | +8% | 55% | 15.1× | 2.5% | +5.3% |
| Kinetik KNTK | United States | $7.92B | +3% | +10% | 9% | 25.1× | 33.0% | +63.6% |
| South Bow SOBO.TO | Canada | $6.54B | -8% | -26% | 24% | 16.5× | 13.9% | -25.8% |
| Plains GP Holdings LP PAGP | United States | $5.10B | +11% | +9% | 3% | 14.7× | 2.6% | +13.4% |
| Mplx LP MPLX | United States | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% | +6.8% |
| Cheniere Energy LNG | United States | $56.8B | +16% | +28% | 31% | 13.0× | -8.6% | +15.9% |
| Golar LNG GLNG | United States | $4.40B | -23% | +95% | 46% | n/a | n/a | n/a |
| TC Energy TRP.TO | Canada | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% | +3.4% |
| Energy Transfer LP ET | United States | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% | +17.0% |
Western Midstream Partners, LP has 13 bonds outstanding with $8.44B face value. The agencies rate it BBB-; its bonds trade like BBB. Weighted yield 5.94%, a spread of 110 bp over government bonds.
Western Midstream Partners, LP reported $7.77B of remaining performance obligations at 30 Sep 2026, up 14% from a year earlier.