Western Midstream(US:WES) ZACKS·2026-02-24 17:36Core Insights - Western Midstream Partners LP (WES) reported fourth-quarter 2025 earnings of 47 cents per common unit, missing the Zacks Consensus Estimate of 91 cents, and a decline from 85 cents in the same quarter last year [1][10] - Total quarterly revenues reached $1.03 billion, which also fell short of the Zacks Consensus Estimate of $1.11 billion, although it increased from $928.5 million in the prior year [1][10] Operational Performance - The throughput for WES's natural gas assets was 5,162 million cubic feet per day (MMcf/d), a 1% decrease from the prior-year quarter, primarily due to lower volumes from the Delaware Basin and Powder River Basin, partially offset by growth from the DJ Basin [3] - Total throughput for crude oil and NGL assets was 508 thousand barrels per day (MBbls/d), down from 534 MBbls/d in the fourth quarter of 2024, attributed to lower throughputs from DJ Basin and Powder River Basin, with some offset from the Delaware Basin [4] - Produced-water assets saw throughput increase to 2,693 MBbls/d, up from 1,191 MBbls/d in the year-ago quarter [5] Costs & Expenses - Total operating expenses for the quarter were $744.2 million, significantly higher than the prior year's $528.3 million, driven mainly by increased general and administrative expenses [6] Cash Flow - Net cash provided by operating activities was $557.6 million in the fourth quarter, slightly up from $554.4 million in the corresponding period of 2024, with free cash flow totaling $340.8 million [7] Balance Sheet - As of December 31, 2025, WES's long-term debt stood at $8.20 billion, with cash and cash equivalents amounting to $819.5 million [8] Outlook - WES maintained its 2026 adjusted EBITDA guidance of $2,500-$2,700 million, with anticipated capital expenditures between $850 million and $1,000 million, and distributable cash flow expected to be $1,850-$2,050 million [9] - The quarterly distribution was increased to 93 cents per unit, effective with the May distribution [9]