Western Midstream Partners reported a significant revenue beat for the third quarter of 2026, fueled by record throughput and the full-quarter contribution of the Brazos integration. While revenue reached $1.19 billion, net income per unit missed analyst estimates at $0.78. The partnership reaffirmed its full-year guidance and highlighted that the Brazos assets will be fully tied into the West Texas Complex by mid-December, expected to further reduce offloads and enhance unitholder value.
Key Highlights
- Record partnership-wide natural-gas throughput reached 5.9 Bcf/d, representing an 8% sequential increase.
- Delaware Basin natural-gas throughput surged 20% sequentially to 2.6 Bcf/d, largely driven by the Brazos Delaware II acquisition.
- Management reaffirmed 2026 Adjusted EBITDA guidance of $2.75 billion to $2.95 billion, with expectations now trending above the midpoint.
- Free Cash Flow of $244.2 million supported a quarterly distribution of $0.930 per unit ($3.72 annualized).