Western Midstream Posts Record Q2 EBITDA of $736.5M, Raises Full-Year Guidance 10-20%
WES sits 27% above its 52-week low of $36.9.
Summary
Western Midstream reported record Q2 2026 Adjusted EBITDA of $736.5 million, up 19% year-over-year, and raised full-year guidance by 10-20%. The results reflect the first full quarter of contributions from the Aris water acquisition and the June 11 closing of the Brazos Delaware deal.
Key Events · Earnings and Guidance · WES
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Record Q2 Adjusted EBITDA
Adjusted EBITDA reached $736.5 million, a 19% increase from $618.8 million in Q2 2025, driven by higher throughput across all asset classes and contributions from the Aris and Brazos Delaware acquisitions.
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Full-Year Guidance Raised 10-20%
Management increased its 2026 Adjusted EBITDA guidance by 10-20%, reflecting confidence in continued volume growth and acquisition synergies.
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Brazos Delaware Acquisition Closed
The $1.67 billion acquisition of Brazos Delaware closed on June 11, 2026, adding 460 MMcf/d of processing capacity and 470,000 dedicated acres in the Delaware Basin. The deal was funded with $820.3 million in cash and $852 million in WES common units.
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Produced-Water Throughput Surges 140%
Produced-water throughput averaged 2,921 MBbls/d in H1 2026, up 140% year-over-year, primarily due to the October 2025 Aris acquisition, which expanded WES's water infrastructure footprint.
Analysis · WES · Energy & Transportation
Western Midstream delivered its strongest quarter ever, with Adjusted EBITDA surging 19% year-over-year to $736.5 million. The beat was driven by the full-quarter contribution from the Aris water acquisition and the June 11 closing of the Brazos Delaware deal, which added natural gas and crude oil assets in the Delaware Basin. Management raised full-year 2026 guidance by 10-20%, signaling confidence that the integration of these acquisitions will continue to drive growth. The stock is trading near its 52-week high, reflecting the market's positive reception to the transformative M&A and operational execution.
At the time of this filing, WES was trading at $46.98 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $19.1B. The 52-week trading range was $36.90 to $48.63. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.