MARKETS / NYSE / Utilities / Natural gas / WES

NYSE · NATURAL GAS TRANSMISSION · LARGE CAP

Western Midstream Partners, LP WES

15 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$3.8B

▲ 6.6% YoY

Net income

$1.2B

▼ 24.9% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Western Midstream Partners gathers, compresses, treats, processes, and transports natural gas; gathers, stabilizes, and transports condensate, NGLs, and crude oil; and gathers, transports, recycles, treats, supplies, and disposes of produced water. Western Midstream Partners' core operating areas are in the Delaware, DJ, and Powder River Basins. For the year ended December 31, 2025, and excluding the impact of equity investments, 97% of Western Midstream Partners' wellhead natural-gas volume and 100% of its crude-oil and produced-water throughput were serviced under fee-based contracts. As of December 31, 2025, Occidental held a 39.7% limited partner interest in Western Midstream Partners, a 2.2% general partner interest, and a 1.9% limited partner interest in WES Operating. As of December 31, 2025, WES employed 1,704 persons, all of whom reside in the United States. Western Midstream Partners' operations are organized into a single operating segment. WES is a Delaware master limited partnership formed in September 2012.

Written from the business description in Western Midstream Partners, LP's annual report to the U.S. Securities and Exchange Commission, filed 18 February 2026. Every sentence was checked against that document before publication.

Growth

USD 3.8B

Revenue, FY2025 · full 15-year series below

Revenue $B Net income $B

FY2025 · Revenue 3.8 · Net income 1.2

2B3B

201120142017202020232025

Compound annual growth

Revenue

+5.7%

+6.7%

+8.2%

Net income

−1.0%

+17.5%

+21.7%

Returned to shareholders

+5.4%

+14.5%

+16.7%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +6.7% a year over the five years to FY2025 — but profit grew faster: net income at +17.5%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

32 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 41.7% · Net 31.5%

20%40%

201120182025

ROE

Not available in our data for this period.

Three returns, three denominators.

Return on equityNot available in our data for this period.

Return on assets8.6%

Return on capital employed12.7%

Gross margin94.6%

Operating margin41.7%

Net margin31.5%

EBITDAUSD 2.3B

Return on equity has no reading this year — return on capital employed, just below, still does: 13%.

Cash & shareholders

USD 1.4B

returned in FY2025 · dividends + net buybacks

Net buybacks $B Dividends $B

FY2025 · Dividends 1.4 · Net buybacks 0.0

1B2BDividendsNet buybacks

20112013201520172019202120232025

Dividends paidUSD 1.4B

Net buybacksUSD 0.00

Share of profit121.2%

Consecutive raises·

USD 1.4B in dividends — 121% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 15.0B

CashUSD 819.5M

Gross debtUSD 8.2B

Net debtUSD 7.4B

Current ratio1.34×

Not available: we don't have the shareholders' equity figure for this period.

The 15-year record

15 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative—not applicable◌not available in our data

WES, 15-year financial record
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue $B	3.8	3.6	3.1	3.3	2.9	2.8	2.7	2.3	2.4	1.8	1.8	1.5	1.1	0.9	0.9
Operating income $B	1.6	2.0	1.4	1.6	1.3	0.9	1.2	0.9	0.8	0.7	0.2	0.6	0.3	0.2	0.2
EBITDA $B	2.3	2.6	2.0	2.2	1.9	1.4	1.7	1.3	1.1	1.0	0.4	0.8	0.5	0.3	0.4
Income tax $B	0.0	0.0	0.0	0.0	−0.0	0.0	0.0	0.1	−0.1	0.0	0.0	0.0	0.0	0.0	0.1
Net income $B	1.2	1.6	1.0	1.2	0.9	0.5	0.7	0.6	0.5	0.3	0.2	0.3	0.2	0.1	0.1
Free cash flow $B	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	0.4	◌	◌
EPS, diluted $	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌
Dividend / sh $	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌
Payout %	121	79	96	60	58	132	139	91	82	108	185	79	84	0	0
ROE % — not available in our data	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

Western Midstream Partners, LPvsEnergy Transfer LPSame industry: Natural Gas Transmission Western Midstream Partners, LPvsEnterprise Products Partners L.p.Same industry: Natural Gas Transmission Western Midstream Partners, LPvsTarga Resources Corp.Same industry: Natural Gas Transmission Western Midstream Partners, LPvsKinder Morgan, Inc.Same industry: Natural Gas Transmission Western Midstream Partners, LPvsWilliams Companies, Inc.Same industry: Natural Gas Transmission Western Midstream Partners, LPvsKinetik Holdings Inc.Same industry: Natural Gas Transmission Western Midstream Partners, LPvsArchrock, Inc.Same industry: Natural Gas Transmission

Other companies filing in the same sector

ET · EPD · OKE · DUK · NRG · SO

Provenance

Company facts, as filed

How we verify · 0 failures in 43 reconciliationsAUDITED

Reconciled in 15 of the 15 fiscal years we could check. 10 checks were skipped: the balance sheet is not tagged before 2012. Nine checks were skipped: cost of revenue is not tagged before 2016.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures

ActivityNatural Gas Transmission

Listed onNYSE

Incorporated inDelaware

Fiscal year endsDecember 31

Data on record since2011