Western Midstream Partners
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.
- Company typePublic
- Founded2007
- HeadquartersThe Woodlands, United States
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
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.
Western Midstream Partners firmographics
Firmographics- 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
Western Midstream Partners industry classification
Industry- 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
Where Western Midstream Partners is headquartered
LocationHeadquarters
- HQ city
- The Woodlands
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Western Midstream Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain
Revenue model
- 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.
- Crude Oil Transportation: Pipeline transportation services for crude oil, utilizing approximately 8,700 miles of pipeline infrastructure.
- NGL Transportation: Natural gas liquids transportation through pipeline infrastructure.
- Water Handling Services: Produced water management and handling services, including water treatment through Joint Industry Projects.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Enterprise fee-based service contracts |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
Western Midstream Partners product offering
Product offeringCore 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
Companies that use Western Midstream Partners
Customer profileNamed customers5 records
Segments1 record
Ideal customer profiles1 record
Western Midstream Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Western Midstream Partners partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered flagship and core.
- ChevronflagshipJoint 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.
- ConocoPhillipsflagshipJoint 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 EnergyflagshipJoint 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.
- ExxonMobilflagshipJoint 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 SolutionscoreWestern 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
Western Midstream Partners competitors and assessment
Company assessmentDirect 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
Western Midstream Partners social profiles
Digital presenceWestern Midstream Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Western Midstream Partners leadership team
Management profileNumber of profiles
Profiles16 records
Western Midstream Partners subsidiaries and ownership
Company hierarchySubsidiaries4 records
Western Midstream Partners funding detail
Funding detailFunding overview
Funding rounds10 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Western Midstream Partners M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Western Midstream Partners
What does Western Midstream Partners do?
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.
Is Western Midstream Partners a public or private company?
Western Midstream Partners is a public company. It is classified as public and is currently operating.
When was Western Midstream Partners founded?
Western Midstream Partners was founded in 2007. It employs 1,001 to 5,000 people.
Where is Western Midstream Partners based?
Western Midstream Partners is headquartered in The Woodlands, United States, in the North America region.
How does Western Midstream Partners make money?
Four revenue lines are on record. Gathering and Processing Services are the primary driver. The others are crude Oil Transportation, NGL Transportation and water Handling Services.
Who are Western Midstream Partners's main competitors?
Direct peers on record are ONEOK, Enterprise Products Partners, Energy Transfer, Kinder Morgan, MPLX, Targa Resources, Williams Companies and DT Midstream. Plains All American Pipeline is listed as a broad incumbent. Crestwood Equity Partners is listed as an emerging player.
Does Western Midstream Partners have an API?
No public API is recorded for Western Midstream Partners.
What industry is Western Midstream Partners in?
Western Midstream Partners's product category is Midstream Energy Infrastructure. Its primary akta.pro industry code is EUAEAMAF, Gas Pipeline & Midstream Asset Management. Its NAICS code is 4862 and its SIC code is 4922.