For the fiscal year ended December 31, 2025 Or UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | State or other jurisdiction of | I.R.S. Employer Identification | | --- | --- | --- | --- | | | Commission file number: | incorporation or organization: | No.: | | Western Midstream Partners, LP | 001-35753 | Delaware | 46-0967367 | | Western Midstream Operating, LP | 001-34046 ...

HOUSTON—(PR NEWSWIRE)—February 18, 2026 – Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced fourth-quarter and full-year 2025 financial and operating results. Net income (loss) attributable to limited partners for the fourth quarter of 2025 totaled $187.2 million, or $0.47 per common unit (diluted), with fourth-quarter 2025 Adjusted EBITDA totaling $635.6 million. Net income (loss) attributable to limited partners and Adjusted EBITDA for the fourth quarter of 2025 inclu ...

Western Midstream Announces Record Fourth-Quarter and Full-Year 2025 Results [Accessibility Statement] Skip NavigationAnnounces 2026 Financial Guidance- Planning to recommend to the Board a distribution increase of $0.02 per unit to $0.93 per unit, or $3.72 per unit on an annualized basis, starting in the first quarter of 2026, which represents a 2.2-percent increase over the prior quarter's distribution.- Providing 2026 Distributable Cash Flow(2) ("DCF") guidance range of $1.850 billion to $2.050 billion, ...

Core Viewpoint - Western Midstream Partners (WES) is set to report quarterly earnings on February 18, 2026, with an anticipated EPS of $0.91 and projected revenue of approximately $1.05 billion, indicating growth in the midstream energy sector [1][6] Financial Performance - The expected EPS of $0.91 represents a 7.1% increase from the same period last year, reflecting WES's growth trajectory [2][6] - Projected revenue of $1.11 billion marks a substantial 20% increase from the previous year's quarter, showcasing the company's ability to capitalize on market opportunities [3][6] Valuation Metrics - WES has a price-to-earnings (P/E) ratio of 12.58 and a price-to-sales ratio of 4.74, indicating a reasonable valuation [4] - The enterprise value to sales ratio is 6.56, and the enterprise value to operating cash flow ratio is 11.06, highlighting the company's efficiency in generating cash flow relative to its valuation [4] Financial Health - The company maintains a debt-to-equity ratio of 2.20, indicating financial leverage, while a current ratio of 1.43 suggests a solid liquidity position to cover short-term liabilities [5] - An earnings yield of 7.95% provides a comprehensive view of WES's financial health and potential for future growth [5][6]

Wall Street analysts expect Western Midstream (WES) to post quarterly earnings of $0.91 per share in its upcoming report, which indicates a year-over-year increase of 7.1%. Revenues are expected to be $1.11 billion, up 20% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 3.7% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Ahead of a company's earnin ...

The upcoming report from Western Midstream (WES) is expected to reveal quarterly earnings of $0.91 per share, indicating an increase of 7.1% compared to the year-ago period. Analysts forecast revenues of $1.11 billion, representing an increase of 20% year over year.The consensus EPS estimate for the quarter has been revised 3.7% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior ...

Company Performance - Western Midstream closed at $42.45, reflecting a +1.8% increase from the previous day, outperforming the S&P 500's daily loss of 0.01% [1] - Over the past month, shares of Western Midstream have decreased by 1.09%, while the Oils-Energy sector has gained 13.82% [1] Upcoming Earnings - The earnings report for Western Midstream is anticipated on February 18, 2026, with an expected EPS of $0.91, representing a 7.06% increase from the prior-year quarter [2] - Revenue is projected to be $1.11 billion, up 19.98% from the prior-year quarter [2] Fiscal Year Projections - For the entire fiscal year, earnings are projected at $3.44 per share, a decrease of 14.43% from the prior year, while revenue is expected to be $3.93 billion, an increase of 8.9% [3] Analyst Forecasts - Recent revisions to analyst forecasts for Western Midstream are important as they reflect changes in short-term business dynamics, with positive revisions indicating analysts' confidence in business performance [4] Zacks Rank and Valuation - The Zacks Rank for Western Midstream is currently 3 (Hold), with the Zacks Consensus EPS estimate having decreased by 1.26% in the past month [6] - The company has a Forward P/E ratio of 11.44, which is lower than the industry's Forward P/E of 16.4, indicating a valuation discount [7] Industry Context - Western Midstream operates within the Oil and Gas - Refining and Marketing - Master Limited Partnerships industry, which is part of the Oils-Energy sector and currently holds a Zacks Industry Rank of 87, placing it in the top 36% of over 250 industries [7]

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Core Viewpoint - Western Midstream Partners, LP (NYSE:WES) is recognized as one of the best pipeline and MLP stocks to buy in 2026, indicating strong market confidence in its future performance [1]. Group 1: Ratings and Price Targets - RBC Capital's Elvira Scotto reiterated a Hold rating on WES with a price target of $42 as of January 28, 2026, while Morgan Stanley maintained a Sell rating with a price target of $41 [2]. Group 2: Financial Performance - Western Midstream Partners declared a quarterly cash distribution of $0.91 per unit for Q4 2025, consistent with the previous quarter's payout, with eligibility for shareholders as of February 2, 2026, for payment on February 13, 2026 [3]. Group 3: Strategic Developments - The company announced renegotiations on key natural gas contracts in the Delaware Basin with Occidental and ConocoPhillips, transitioning to simplified, fixed-fee arrangements. Occidental will transfer 15.3 million WES common units, valued at approximately $610 million, back to the partnership for redemption, aiming to solidify revenue through the late 2030s and diversify its customer base [4]. Group 4: Company Overview - Founded in 2007, Western Midstream Partners, LP is a master limited partnership focused on the gathering, processing, and transportation of natural gas, crude oil, and NGLs across major U.S. basins, utilizing fee-based contracts, and is headquartered in Texas [5].

Core Viewpoint - Western Midstream Partners, LP (NYSE:WES) is recognized as one of the best dividend stocks to buy in February, despite recent adjustments in financial projections and contract renegotiations with Occidental Petroleum [1][2]. Financial Adjustments - Wells Fargo analyst Ned Baramov has lowered the price target for Western Midstream from $40 to $39, maintaining an Equal Weight rating, reflecting updated assumptions for 2026, including lower expected operating cash flow and reduced capital spending [2]. - The adjustments also account for a smaller unit count and distributions, alongside anticipated cost savings [2]. Contract Renegotiations - Western Midstream has renegotiated contracts with Occidental Petroleum regarding its Delaware Basin assets, shifting to a fixed-fee structure for natural gas gathering [3]. - Occidental will transfer 15.3 million common units back to Western Midstream, valued at approximately $610 million, reducing its ownership stake to about 40% [3][4]. Revenue Structure - Following the contract changes, approximately 9% of Western's revenue will still come from cost-of-service arrangements, with most contracts set to expire between the late 2020s and mid-to-late 2030s, potentially transitioning to fixed-fee terms [4]. - The previous fee structure was based on the cost of providing services plus a regulated return, while the new agreement stipulates a fixed rate payment from Occidental [4]. New Agreements - Western Midstream has also entered into a new natural gas gathering and processing agreement with ConocoPhillips for a portion of its Delaware Basin volumes [5].