Western Midstream Partners (WES)
Moves and processes gas, liquids, crude oil, and produced water across major American basins.
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Provides gathering, processing, transportation, and produced-water services for natural gas, NGLs, crude oil, and condensate across major U.S. basins. Fee-based contracts temper direct commodity-price exposure, while concentrated Delaware and DJ basin infrastructure and a large Occidental relationship shape volumes and revenue.
Operates gathering, compression, treating, processing, transportation, and produced-water systems across Texas, New Mexico, Colorado, Utah, and Wyoming. Natural gas, crude oil, NGL, condensate, and water services center on the Delaware and DJ basins, with an added position in the Powder River Basin.
Combines integrated infrastructure with fee-based contracts and handles multiple commodities for Occidental and third-party producers. Portfolio expansion in produced water and Delaware Basin gas processing has been paired with sales of non-core assets.
Maintains its own workforce and day-to-day management, while an Occidental-owned general partner controls governance. Most cash flow is insulated from direct commodity-price exposure, but activity depends on customer drilling, safe operations, permits, regulation, and construction execution. Occidental accounts for more than half of revenue tied to handled volumes.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 17, 2026 | Truist Financial | Target | Target: — | Target: $55 |
| Aug 24, 2026 | RBC Capital | Reiterate | Rating: —Target: $42 | Target: $47 |
| Aug 18, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $51 | Target: $55 |
| Aug 10, 2026 | Wells Fargo | Reiterate | Rating: —Target: $43 | Target: $46 |
| Jul 14, 2026 | Mizuho Securities | Target | Target: $46 | Target: $51 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $104.8M · Total debt $9.13B · Total assets $16.32B · Shareholders' equity $4.26B
- Revenue
- $1.22B
- Operating income
- $526.7M
- Net income
- $403.6M
HistoryDividendAnnual yield
| Institutions | 43.06% | 177.90M shares | |
|---|---|---|---|
| 379 holders · as of Jun 30, 2026 | |||
| Insiders | 8.56% | 35.38M shares | |
| 13 holders · as of Aug 12, 2026 | |||
| Strategic holders | 36.40% | 150.37M shares | |
| 1 holder · as of Feb 5, 2026 | |||
| Other | 11.98% | 49.52M shares | |
| remainder | |||
413.17M company shares as of Aug 21, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Occidental Petroleum Corp /DE/Strategic10 percent owner | 36.40% | 150.37M | filed Feb 5, 2026 |
Alps Advisors IncInstitution | 8.87% | 36.63M | as of Jun 30, 2026 |
Alerian MLP ETFInsider | 8.32% | 34.40M | filed Oct 7, 2025 |
Invesco Ltd.Institution | 5.84% | 24.12M | as of Jun 30, 2026 |
Morgan StanleyInstitution | 5.14% | 21.23M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | Frederick A. Forthuber | director | +5,140 | $48.62 |
| Mar 11, 2026 | Robert G. Phillips | director | +1,250 | $40.19 |
| Feb 12, 2026 | Christopher B. Dial | officer: SVP, GC and Secretary | −5,879 | $42.35 |
- Kinetik
Delaware Basin gas, crude, and produced-water rival
- Targa Resources
Large-scale Permian gathering and processing rival
- ONEOK
Gas and NGL network overlapping the Permian and Rockies
- Energy Transfer
Diversified Permian gas, crude, water, and NGL rival
- Enterprise Products Partners
Integrated Delaware Basin gas-processing and NGL rival
- MPLX
Permian gathering, processing, and NGL-services rival
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Western Midstream Partners | $46.30 | +0.50% | $19.25B | 14.6 | 12.0 | 4.4 | +30.0% |
| Kinetik | $52.39 | −0.06% | $3.92B | 19.3 | 30.9 | 2.1 | +36.3% |
| Targa Resources | $269.73 | −4.44% | $62.11B | 27.6 | 25.1 | 3.7 | +10.3% |
| ONEOK | $90.24 | +0.13% | $57.85B | 15.8 | 15.2 | 1.5 | +52.8% |
| Energy Transfer | $20.50 | +0.20% | $71.92B | 13.0 | 12.5 | 0.7 | +78.4% |
| Enterprise Products Partners | $38.12 | +0.29% | $83.23B | 13.4 | 12.4 | 1.4 | +60.8% |
| MPLX | $59.14 | −0.02% | $59.96B | 12.7 | 12.9 | 4.7 | +10.6% |
| Median | 14.6 | 14.1 | 1.8 | +44.5% |