Record Q2 EBITDA and a 10–20% Guidance Raise Power Western Midstream's Outlook

summarizeSummary

Record Q2 2026 Adjusted EBITDA of $736.5M and a 10–20% full-year guidance raise highlight Western Midstream's strong throughput and the Brazos Delaware acquisition.

check_boxKey Events · Earnings and Guidance · WES

• Record Q2 Adjusted EBITDA

  Adjusted EBITDA reached $736.5M, a 19% year-over-year increase, propelled by record produced-water throughput and a partial-month contribution from the Brazos Delaware acquisition.

• Full-Year Guidance Raised

  The 2026 outlook now calls for Adjusted EBITDA of $2.75B–$2.95B (midpoint +10%), Distributable Cash Flow of $2.05B–$2.25B (+10%), and Free Cash Flow of $1.1B–$1.3B (+20%).

• Powder River Basin Expansion

  Two new gathering and processing agreements added approximately 270,000 dedicated acres, setting the stage for throughput growth in 2027.

• Distribution Maintained

  A second-quarter distribution of $0.93 per unit was declared, consistent with the prior quarter and annualizing to $3.72.

auto_awesomeAnalysis · WES · Energy & Transportation

A 19% surge in quarterly Adjusted EBITDA to a record $736.5 million underscores the strength of Western Midstream's operations, fueled by all-time-high produced-water throughput and an early contribution from the Brazos Delaware acquisition. Confidence in the trajectory prompted management to lift full-year guidance across every key metric—the Adjusted EBITDA midpoint by 10%, Distributable Cash Flow by 10%, and Free Cash Flow by 20%—reflecting both sustained operational momentum and a favorable commodity backdrop. The quarter also delivered two long-term gathering and processing agreements in the Powder River Basin, locking in roughly 270,000 dedicated acres and laying the groundwork for throughput growth in 2027. With the stock trading near its 52-week high, these results confirm that the Brazos Delaware deal and organic initiatives are outperforming expectations.