Western Midstream Q2 Adjusted EBITDA rises 19%, lifts 2026 outlook
WES•Drivers of the quarter
- Produced-water throughput - Record produced-water throughput in the Delaware Basin contributed to margin expansion, according to CEO Oscar K. Brown.
- Brazos Delaware acquisition - Partial-quarter contribution from the Brazos Delaware acquisition boosted natural-gas throughput and processing capacity.
- Higher commodity prices - Elevated commodity prices increased contribution from fixed-recovery natural-gas processing contracts.
Quarterly results and guidance update
Western Midstream said second-quarter adjusted EBITDA rose 19% year over year to a record high, and the company raised its full-year 2026 guidance for adjusted EBITDA, distributable cash flow, and free cash flow.
The company raised its 2026 adjusted EBITDA outlook to $2.75 billion-$2.95 billion and lifted its 2026 distributable cash flow guidance to $2.05 billion-$2.25 billion. Western Midstream also said it expects 2026 capital expenditures toward the high end of its $850 million-$1 billion range.
Key financial details and market context
| Metric | Actual |
|---|---|
| Q2 Net Income | $415.25 million |
| Q2 Operating Expenses | $714.95 million |
| Q2 Operating Income | $526.70 million |
