Western Midstream Partners LP 2Q26 EBITDA Beat; 2026 EBITDA Guidance Lifted; New PRB G&P Agreements Inked

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Western Midstream Partners LP

2Q26 EBITDA Beat; 2026 EBITDA Guidance Lifted;

New PRB G&P Agreements Inked

WES delivered 2Q26 Adj EBITDA of $737mm, above the $719mm JPMe and

$704mm Street median. Results included a partial-month Brazos Delaware

contribution, record produced-water throughput, and elevated commodity pricing.

Alongside the print, WES raised the 2026 adj EBITDA guide to $2.75-$2.95bn

($2.50-$2.70bn prior), reflecting a ~$100mm Brazos contribution, elevated

commodity prices, improved throughput expectations, and 2Q outperformance.

The $2.85bn midpoint of the 2026 adj EBITDA guide lands a touch above the

$2.83bn JPMe and $2.81bn Street median. Management pointed toward the highend of the $850mm-$1,000mm 2026 capex guide, reflecting higher 2H producer

activity, active integration of the Brazos system, and PRB gathering and

compression build-out. On the call, we await incremental detail on Brazos synergy

progress, producer activity discussions with Waha in positive territory, additional

M&A appetite, and the water-focused organic growth opportunity set. We see the

strong update driving positive trading tomorrow.

DCF, FCF, and volume guidance lifted. WES also raised DCF and FCF

guidance ranges to $2.05-$2.25bn, and $1.10-$1.30bn, respectively, where

midpoints land +10% and +20% versus the prior guide. On improved

throughput expectations, WES now sees crude oil and NGLs volumes

declining in the low-single-digit range (low to mid declines prior), produced

water growing by 85% (+5% versus prior), and NatGas increasing mid-singledigits (flat prior).

Brazos close and PRB agreements extend the Delaware and Powder River

footprints. WES closed on the Brazos Delaware acquisition in mid-June,

expanding its footprint across the core of the Delaware and adding ~460 MMcf/

d of natural-gas processing capacity. The deal delivered two-and-a-half weeks

of contribution in the quarter, driving record Delaware natgas throughput (+5%

QoQ). In the PRB, WES executed new long-term G&P agreements with two

of the basin's most active producers, each anchored by acreage dedications and

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