Western Midstream Partners

What Western Midstream Partners does

Western Midstream Partners, LP (NYSE: WES) is a publicly traded master limited partnership domiciled in Delaware and headquartered in The Woodlands, Texas. The company provides fee-based midstream energy infrastructure services to major oil and gas producers, including gathering, processing, treating, and transportation of natural gas, crude oil, natural gas liquids (NGLs), and produced water. Its operations are concentrated in the Delaware Basin (West Texas and New Mexico) and DJ Basin (northeastern Colorado), with additional assets in South Texas, Utah, and Wyoming. WES operates approximately 8,700 miles of pipelines, 27 natural gas processing facilities with 2.9 Bcfe/d of capacity, and over 130 saltwater disposal wells with 3.8 MMBbls/d of disposal capacity. The company's sponsor is Occidental Petroleum, which owns approximately 38.2% of common units.

WES generates revenue primarily through long-term fee-based contracts with minimum volume commitments, insulating the business from direct commodity price volatility. Approximately 95% of natural gas contracts and 100% of liquids contracts are fee-based. Its primary customers include Occidental Petroleum, Chevron, ConocoPhillips, Devon Energy, and ExxonMobil, with revenue derived from gathering, processing, transportation, and water handling services across three service lines: Natural Gas Gathering and Processing, Crude Oil and NGL Gathering and Transport, and Produced Water Management. Supporting capabilities include the Centralized Oil Stabilization Facility (COSF), Regional Oil Treating Facilities (ROTFs), the Pathfinder Pipeline, Joint Industry Project (JIP) water treatment pilot facilities, and a portfolio of equity investments in third-party gathering, processing, and pipeline systems.

The company has pursued a deliberate growth strategy through targeted acquisitions and partnerships, completing three major acquisitions over three years: Meritage Midstream (2023, $885M), Aris Water Solutions (2025, ~$1.5B), and Brazos Delaware II (2026, ~$1.6B). It maintains investment-grade credit ratings (BBB- from S&P, Fitch, and Moody's) and has issued multiple senior notes offerings to fund expansion, including a $1.2 billion December 2025 issuance and a $700 million June 2026 issuance.

Name

Western Midstream Partners

Legal name

Western Midstream Partners, LP

Website

https://westernmidstream.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Western Midstream Partners (NYSE: WES) is a master limited partnership that provides fee-based gathering, processing, transportation, and water management services for natural gas, crude oil, NGLs, and produced water to major oil and gas producers in U.S. shale basins.

Ownership category

akta.pro rank

Product category

Midstream Energy Infrastructure

NAICS

Pipeline Transportation of Natural Gas (4862)

SIC

Natural Gas Transmission (4922)

akta.pro primary industry

Gas Pipeline & Midstream Asset Management (EUAEAMAF)

Keywords

• Natural gas gathering
• Crude oil transportation
• Midstream infrastructure
• Produced water management
• NGL processing

Headquarters

HQ city

The Woodlands

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Gathering and Processing Services: Fee-based gathering and processing services for natural gas, crude oil, and NGLs. Contracts with major oil and gas producers provide stable, predictable revenue streams.
2. Crude Oil Transportation: Pipeline transportation services for crude oil, utilizing approximately 8,700 miles of pipeline infrastructure.
3. NGL Transportation: Natural gas liquids transportation through pipeline infrastructure.
4. Water Handling Services: Produced water management and handling services, including water treatment through Joint Industry Projects.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Western Midstream Partners operates a midstream energy infrastructure platform that gathers, processes, treats, and transports natural gas, crude oil, natural gas liquids (NGLs), and produced water on behalf of oil and gas producers. The company's integrated asset base includes approximately 8,700 miles of pipelines, 27 natural gas processing facilities, 130+ saltwater disposal wells, oil stabilization and treating facilities, and produced water recycling and reuse systems located primarily in the Delaware Basin, DJ Basin, South Texas, Utah, and Wyoming.

Product overview

Western Midstream Partners (WES) is a master limited partnership providing midstream energy infrastructure services through an integrated platform of gathering, processing, treating, and transportation systems for natural gas, crude oil, NGLs, and produced water. The company's core operations span the Delaware Basin (West Texas and New Mexico) and DJ Basin (northeastern Colorado), with additional assets in South Texas, Utah, and Wyoming. The platform consists of three primary service lines: Natural Gas Gathering and Processing, Crude Oil and NGL Gathering and Transport, and Produced Water Management. Supporting capabilities include Water Recycling and Beneficial Reuse through Joint Industry Project (JIP) pilot facilities, the Pathfinder Pipeline for produced water transport, Centralized Oil Stabilization Facilities (COSF) and Regional Oil Treating Facilities (ROTFs) for crude oil processing, and an Equity Investment Portfolio in third-party infrastructure. Approximately 95% of natural gas contracts and 100% of liquids contracts are fee-based, providing stable, commodity-price-insulated revenue. The company operates 40 processing and treating facilities with over 5,100 miles of pipeline in the Delaware Basin alone.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Gathering and Processing

Quantifiable outcome

• Processing capacity grew from 1.8 Bcfe/d to 2.9 Bcfe/d (61% increase) from end of 2020

Named customers5 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered flagship and core.

• ChevronflagshipStrategic or Co-development PartnerJoint Industry Project (JIP 2) partner with Chevron, ConocoPhillips, Devon, and ExxonMobil to develop and deploy water treatment solutions for produced water management in oil and gas operations.
• ConocoPhillipsflagshipStrategic or Co-development PartnerJoint Industry Project (JIP 2) partner with Chevron, ConocoPhillips, Devon, and ExxonMobil to develop and deploy water treatment solutions for produced water management in oil and gas operations.
• Devon EnergyflagshipStrategic or Co-development PartnerJoint Industry Project (JIP 2) partner with Chevron, ConocoPhillips, Devon, and ExxonMobil to develop and deploy water treatment solutions for produced water management in oil and gas operations.
• ExxonMobilflagshipStrategic or Co-development PartnerJoint Industry Project (JIP 2) partner with Chevron, ConocoPhillips, Devon, and ExxonMobil to develop and deploy water treatment solutions for produced water management in oil and gas operations.
• Aris Water SolutionscoreStrategic or Co-development PartnerWestern Midstream is acquiring Aris Water Solutions for approximately $1.5 billion, expanding produced water management capabilities and strengthening water handling infrastructure.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• ONEOK: Major midstream operator with natural gas gathering/processing and NGL operations across key U.S. basins, including Permian and Mid-Continent — comparable fee-based structure and customer overlap.
• Enterprise Products Partners: One of the largest publicly traded midstream MLPs, operating an integrated network of natural gas, NGL, crude oil, and petrochemical pipelines and processing facilities across U.S. basins including the Permian — the most direct scale and business-model comparable to WES.
• Energy Transfer: Diversified midstream MLP with extensive Permian and Delaware Basin gathering, processing, and transportation assets covering natural gas, NGLs, and crude oil — directly overlapping WES's core service lines and customer base.
• Kinder Morgan: Major natural gas pipeline operator with significant Permian and crude/NGL exposure, including CO2 and product terminals. Comparable to WES on scale, fee-based model, and customer overlap with supermajors.
• MPLX: Midstream MLP sponsored by Marathon Petroleum with gathering, processing, and transportation assets across major U.S. basins, including Permian exposure. Highly comparable MLP structure and fee-based revenue model.
• Targa Resources: Leading Permian-focused natural gas and NGL midstream operator with large-scale gathering, processing, and fractionation assets — directly comparable to WES's Delaware Basin franchise.
• Williams Companies: Large-scale natural gas infrastructure operator focused on gathering, processing, and transmission. Comparable on fee-based contracts and large blue-chip producer customer base, though WES has more liquids and water exposure.
• DT Midstream: Michigan-headquartered natural gas and water midstream operator with gathering, processing, and pipeline assets. Comparable fee-based business model and water-management capabilities, though geographically distinct from WES.

Broad incumbents

• Plains All American Pipeline: Large diversified midstream operator with leading crude oil pipeline and gathering footprint. Highly comparable in fee-based contracts and basin exposure, though with heavier crude and less natural gas/water focus than WES.

Emerging players

• Crestwood Equity Partners: Mid-sized MLP with Permian and Bakken gathering, processing, and water-handling operations. Smaller in scale but directly comparable to WES's Delaware Basin footprint and produced-water capabilities.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/WESmidstream
• LinkedInlinkedin.com/company/western-midstream
• Instagraminstagram.com/westernmidstream/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries4 records

Funding overview

Funding rounds10 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Western Midstream Partners