Western Midstream (WES) Reports $2.48B Adjusted EBITDA Driven by Robust Basin Throughput

Western Midstream Partners (NYSE:WES) is one of the cheap energy stocks to buy right now. On February 17, Western Midstream Partners announced financial results for 2025, reporting a net income of $1.15 billion and an adjusted EBITDA of $2.48 billion. The partnership’s success was driven by increased throughput in the Delaware and DJ Basins, alongside aggressive cost-reduction efforts that lowered core operating expenses.

The integration of the Aris Water acquisition is ahead of schedule, already delivering $40 million in cost synergies and driving a 121% sequential increase in produced-water throughput in Q4. Management highlighted produced water as Western Midstream Partners’ (NYSE:WES), fastest-growing segment, significantly expanding its footprint in the Delaware Basin. However, the partnership is navigating headwinds from weak natural gas pricing at the Waha Hub, which has led to producer curtailments that are expected to persist through H1 2026.

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For 2026, Western Midstream Partners issued a transition-year outlook, guiding for adjusted EBITDA between $2.5 and $2.7 billion. In response to moderated producer activity, the partnership lowered its capital expenditure guidance to a midpoint of $925 million, with major investments directed toward the Pathfinder Produced Water Pipeline.

Western Midstream Partners (NYSE:WES), together with its subsidiaries, operates as a midstream energy company primarily in the US.

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