Western Midstream Partners, LP (WES): Business Model Canvas

In der dynamischen Welt der Midstream-Energieinfrastruktur entwickelt sich Western Midstream Partners, LP (WES) zu einem strategischen Kraftpaket, das komplexe Öl- und Gaslogistik in eine nahtlose Wertschöpfung umwandelt. WES überbrückt die Lücke zwischen vorgelagerter Produktion und Marktlieferung und betreibt ein komplexes Netzwerk aus Pipelines, Verarbeitungsanlagen und Transportsystemen, die die entscheidenden Arterien des Energiehandels bilden. Ihr innovatives Geschäftsmodell gewährleistet nicht nur einen effizienten Transport von Kohlenwasserstoffen, sondern bietet auch einen robusten Finanzrahmen, der sowohl Investoren als auch Produzenten einen gleichbleibenden Wert bietet und sie zu einem zentralen Akteur in der sich entwickelnden Energielandschaft macht.

Western Midstream Partners, LP (WES) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaft mit Anadarko Petroleum (jetzt Occidental Petroleum).

Western Midstream unterhält eine strategische Partnerschaft mit Occidental Petroleum, nach der Übernahme von Anadarko Petroleum im Jahr 2019.

Partnerschaftsmetrik	Spezifische Daten
Eigentumsprozentsatz	66,3 % im Besitz von Occidental Petroleum
Vermögensabdeckung	Midstream-Infrastruktur im Delaware-Becken
Jährlicher Beitrag	Ungefähr 1,2 Milliarden US-Dollar an Midstream-Umsätzen

Enterprise Midstream- und Pipeline-Zusammenarbeit

Western Midstream arbeitet mit mehreren Midstream-Infrastrukturpartnern zusammen.

• Enterprise Products Partners LP
• Kinder Morgan Inc.
• Energieübertragung LP

Kooperationspartner	Gemeinsame Infrastruktur	Jährliche Investition
Partner für Unternehmensprodukte	Erdgassammelsysteme	275 Millionen Dollar
Kinder Morgan	Pipeline-Verbindungen	185 Millionen Dollar

Partnerschaften zur Erforschung des Perm-Beckens

Wichtige Partnerschaften mit Explorationsunternehmen im Perm-Becken:

• Pionier der natürlichen Ressourcen
• Diamondback-Energie
• ExxonMobil

Explorationspartner	Abgedeckte Fläche	Jährliche Produktionsunterstützung
Pionier der natürlichen Ressourcen	350.000 Hektar	Midstream-Dienste im Wert von 425 Millionen US-Dollar
Diamondback-Energie	250.000 Hektar	Midstream-Dienste im Wert von 310 Millionen US-Dollar

Midstream-Infrastruktur-Investmentpartner

Western Midstream arbeitet mit mehreren Infrastrukturinvestitionspartnern zusammen.

Investmentpartner	Anlagetyp	Jährliche Investition
BlackRock	Infrastrukturgerechtigkeit	500 Millionen Dollar
Goldman Sachs	Infrastrukturschulden	350 Millionen Dollar

Western Midstream Partners, LP (WES) – Geschäftsmodell: Hauptaktivitäten

Erdgasgewinnung und -verarbeitung

Western Midstream betreibt 2.200 Meilen Erdgassammelpipelines in mehreren Regionen. Die Verarbeitungskapazität erreicht etwa 2,4 Milliarden Kubikfuß pro Tag (Bcf/d).

Region	Pipeline-Meilen sammeln	Verarbeitungskapazität (Bcf/d)
Delaware-Becken	1,100	1.2
DJ-Becken	650	0.8
Permbecken	450	0.4

Rohöltransport und Logistik

Western Midstream verwaltet 1.500 Meilen Rohölpipelines mit einer Gesamttransportkapazität von 500.000 Barrel pro Tag (BPD).

• Rohöltransport im Delaware-Becken: 250.000 BPD
• Rohöltransport im Perm-Becken: 150.000 BPD
• Rohöltransport im DJ-Becken: 100.000 BPD

Entwicklung der Midstream-Infrastruktur

Die jährlichen Investitionsausgaben für die Infrastrukturentwicklung beliefen sich im Jahr 2023 auf 350 Millionen US-Dollar und konzentrierten sich auf Pipeline-Erweiterungen und die Modernisierung von Verarbeitungsanlagen.

Betrieb und Wartung der Pipeline

Western Midstream unterhält insgesamt etwa 3.700 Meilen an Pipeline-Infrastruktur über mehrere Einzugsgebiete hinweg. Die jährlichen Wartungsausgaben belaufen sich auf etwa 75 Millionen US-Dollar.

Pipeline-Typ	Gesamtmeilen	Wartungskosten
Erdgaspipelines	2,200	45 Millionen Dollar
Rohölpipelines	1,500	30 Millionen Dollar

Produzierte Wassermanagementdienstleistungen

Western Midstream verarbeitet in seinen Betriebsregionen täglich etwa 350.000 Barrel produziertes Wasser.

• Wassermanagement im Delaware-Becken: 200.000 Barrel/Tag
• Wassermanagement im Perm-Becken: 100.000 Barrel/Tag
• Wassermanagement im DJ-Becken: 50.000 Barrel/Tag

Western Midstream Partners, LP (WES) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Midstream-Infrastrukturnetzwerk

Western Midstream betreibt ein umfassendes Midstream-Infrastrukturnetzwerk mit den folgenden Schlüsselstatistiken:

Infrastrukturanlage	Menge/Maß
Gesamte Erdgassammelpipelines	3.500 Meilen
Rohöl-Sammelpipelines	2.100 Meilen
Verarbeitungsanlagen	22 Einrichtungen
Gesamtkomprimierungskapazität	1,2 Millionen PS

Strategische Vermögenswerte in Delaware und DJ Basins

Details zur strategischen beckenspezifischen Infrastruktur:

• Delaware Basin Asset Footprint: 400.000 Acres
• Gesamtfläche des DJ-Beckens: 250.000 Hektar
• Verarbeitungskapazität im Delaware-Becken: 1,2 Milliarden Kubikfuß pro Tag
• Verarbeitungskapazität im DJ-Becken: 800 Millionen Kubikfuß pro Tag

Fortschrittliche Pipeline- und Verarbeitungsanlagen

Technische Spezifikationen der Verarbeitungsinfrastruktur:

Einrichtungstyp	Kapazität	Technologieniveau
Erdgasaufbereitungsanlagen	2,0 Milliarden Kubikfuß pro Tag	Fortschrittliche kryogene Technologie
Rohölstabilisierungsanlagen	500.000 Barrel pro Tag	Hocheffiziente Trennsysteme

Technische Expertise im Midstream-Betrieb

Belegschaft und betriebliches Fachwissen:

• Gesamtzahl der Mitarbeiter: 1.250 Fachkräfte
• Durchschnittliche Ingenieurerfahrung: 15 Jahre
• Zertifizierungen: 90 % des technischen Personals mit branchenspezifischen Zertifizierungen

Starkes Finanzkapital für Infrastrukturinvestitionen

Zuweisung finanzieller Mittel:

Finanzkennzahl	Betrag
Gesamtvermögen	9,2 Milliarden US-Dollar
Jährliche Infrastrukturinvestition	350-400 Millionen Dollar
Kreditfazilität	1,5 Milliarden US-Dollar

Western Midstream Partners, LP (WES) – Geschäftsmodell: Wertversprechen

Zuverlässige Midstream-Infrastrukturdienste

Western Midstream Partners betreibt ab dem vierten Quartal 2023 Sammelpipelines mit einer Gesamtlänge von 5.354 Meilen und Transport- und Speicherpipelines mit einer Gesamtlänge von 672 Meilen.

Infrastrukturanlage	Menge
Pipelines sammeln	5.354 Meilen
Transport- und Speicherpipelines	672 Meilen
Verarbeitungsanlagen	19 Einrichtungen

Effizienter Transport von Öl- und Gasprodukten

Zu den Transportmöglichkeiten von Western Midstream gehören:

• Tägliche Erdgastransportkapazität von 2,3 Bcf/d
• Rohöltransportvolumen von ca. 380.000 Barrel pro Tag
• Erdgasverarbeitungskapazität von 1,5 Bcf/d

Reduzierte Betriebskosten für vorgelagerte Produzenten

Kosteneffizienzkennzahlen für 2023:

Kostenmetrik	Wert
Betriebskosten	612 Millionen Dollar
Betriebskosten pro Einheit	0,43 $ pro Mcf

Flexible und integrierte Midstream-Lösungen

Serviceabdeckung in wichtigen Einzugsgebieten:

• Delaware-Becken
• DJ-Becken
• Permbecken
• Eagle Ford Shale

Konsistente Dividendenausschüttungen an die Anteilinhaber

Dividendenentwicklung für 2023:

Dividendenkennzahl	Wert
Jährliche Dividendenrendite	8.47%
Gesamte ausgeschüttete Dividende	496 Millionen US-Dollar
Dividende pro Einheit	$2.76

Western Midstream Partners, LP (WES) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Produzenten

Western Midstream verfügt über langfristige Sammel- und Verarbeitungsverträge mit wichtigen Produzenten:

Produzent	Vertragsdauer	Jährliche Mengenzusage
Occidental Petroleum	15 Jahre	250.000 Mcf/Tag
Marathon Petroleum	10 Jahre	180.000 Mcf/Tag

Dedizierte Kontoverwaltung

Western Midstream bietet spezialisiertes Account-Management für Top-Kunden:

• Dedizierte Kundenbetreuer für jeden großen Produzenten
• Technisches Support-Team rund um die Uhr
• Maßgeschneiderte Infrastrukturlösungen

Leistungsbasierte Servicebeziehungen

Wichtige Leistungskennzahlen für den Kundenservice:

Leistungsmetrik	Ziel	Aktuelle Leistung
Verfügbarkeitsgarantie	99.5%	99.7%
Reaktionszeit	2 Stunden	1,8 Stunden

Transparentes operatives Reporting

Zu den Meldemechanismen für Kunden gehören:

• Monatliche Betriebsleistungsberichte
• Zugriff auf das digitale Dashboard in Echtzeit
• Vierteljährliche Leistungsbeurteilungstreffen

Proaktiver Support für die Wartung der Infrastruktur

Details zur Wartungsstrategie:

Wartungstyp	Häufigkeit	Jährliche Investition
Vorbeugende Wartung	Vierteljährlich	45 Millionen Dollar
Vorausschauende Wartung	Monatlich	22 Millionen Dollar

Western Midstream Partners, LP (WES) – Geschäftsmodell: Kanäle

Engagement des Direktvertriebsteams

Western Midstream Partners verfügt ab dem vierten Quartal 2023 über ein engagiertes Vertriebsteam von 87 Fachleuten, die sich auf die Interaktion mit Kunden im Bereich Midstream-Energieinfrastruktur konzentrieren.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	87
Durchschnittliche Kundenengagementdauer	3,6 Jahre
Jährliches Budget für das Vertriebsteam	12,4 Millionen US-Dollar

Digitale Kommunikationsplattformen

Das Unternehmen nutzt mehrere digitale Kanäle für die Kundenkommunikation und Geschäftsentwicklung.

• LinkedIn-Unternehmensseite: 16.742 Follower
• Twitter-Unternehmenskonto: 9.423 Follower
• Monatlicher Traffic auf der Unternehmenswebsite: 124.567 einzelne Besucher

Branchenkonferenzen und Networking-Events

Ereignistyp	Jährliche Teilnahme	Investition
Große Energiekonferenzen	7 Konferenzen	1,2 Millionen US-Dollar
Regionale Networking-Events	15 Veranstaltungen	$487,000

Online-Investor-Relations-Portal

Western Midstream bietet eine umfassende digitale Investor-Relations-Plattform mit Finanzdaten und Berichten in Echtzeit.

• Monatliche einzigartige Besucher des Portals: 42.356
• Jährliche Investition in die digitale Berichterstattung: 673.000 US-Dollar
• Verfolgte Kennzahlen zum Anlegerengagement: 14 wichtige Leistungsindikatoren

Strategische Partnerschaftsverhandlungen

Partnerschaftsmetrik	Daten für 2023
Aktive strategische Partnerschaften	23
Neue Partnerschaftsverhandlungen	7
Budget für Partnerschaftsentwicklung	3,6 Millionen US-Dollar

Western Midstream Partners, LP (WES) – Geschäftsmodell: Kundensegmente

Große Öl- und Gasexplorationsunternehmen

Western Midstream beliefert große Explorationsunternehmen mit spezifischen Kundendaten:

Kunde	Jährlicher Midstream-Services-Wert	Vertragsdauer
Occidental Petroleum	412 Millionen Dollar	10-jähriges Engagement
Marathon Petroleum	287 Millionen Dollar	7-jähriges Engagement

Unabhängige Upstream-Produzenten

Zu den wichtigsten Kundensegmenten gehören:

• Produzenten im Perm-Becken
• Unabhängige Betreiber im Delaware-Becken
• Durchschnittlicher jährlicher Midstream-Servicevertrag: 65–85 Millionen US-Dollar

Petrochemische Hersteller

Hersteller	Jährliches abgewickeltes Volumen	Servicetyp
LyondellBasell	1,2 Millionen Barrel/Tag	Verarbeitung von Erdgasflüssigkeiten
Dow Chemical	850.000 Barrel/Tag	Midstream-Transport

Regionale Energieinfrastrukturinvestoren

Investition profile:

• Gesamtinvestitionen in die Infrastruktur: 2,3 Milliarden US-Dollar
• Durchschnittliches Investitionsengagement: 150–250 Millionen US-Dollar
• Konzentriert sich auf die Regionen Texas und New Mexico

Institutionelle Investmentgruppen

Anlegertyp	Investitionsbetrag	Eigentumsprozentsatz
Pensionskassen	487 Millionen US-Dollar	22.5%
Private-Equity-Firmen	312 Millionen Dollar	14.7%

Western Midstream Partners, LP (WES) – Geschäftsmodell: Kostenstruktur

Infrastrukturentwicklung und -wartung

Gesamtinvestitionen in die Infrastruktur für 2023: 542 Millionen US-Dollar

Kategorie „Infrastruktur“.	Jährliche Kosten
Pipelinebau	278 Millionen Dollar
Anlagen-Upgrades	164 Millionen Dollar
Wartungsreserve	100 Millionen Dollar

Betriebskosten der Pipeline

Gesamtbetriebskosten für Pipelinenetze im Jahr 2023: 387 Millionen US-Dollar

• Treibstoff- und Energiekosten: 112 Millionen US-Dollar
• Komprimierungs- und Pumpkosten: 93 Millionen US-Dollar
• Wegerechtwartung: 62 Millionen US-Dollar
• Leckerkennungs- und Sicherheitssysteme: 45 Millionen US-Dollar

Vergütung und Schulung der Mitarbeiter

Gesamte Personalkosten für 2023: 214 Millionen US-Dollar

Vergütungskategorie	Jährliche Kosten
Grundgehälter	156 Millionen Dollar
Leistungsprämien	38 Millionen Dollar
Schulung und Entwicklung	20 Millionen Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamtaufwand für die Einhaltung gesetzlicher Vorschriften im Jahr 2023: 97 Millionen US-Dollar

• Umweltüberwachung: 42 Millionen US-Dollar
• Sicherheitszertifizierung: 29 Millionen US-Dollar
• Rechts- und Beratungskosten: 26 Millionen US-Dollar

Investitionen in Technologie und Ausrüstung

Gesamtinvestitionen in Technologie und Ausrüstung für 2023: 186 Millionen US-Dollar

Kategorie „Technologie“.	Jährliche Investition
Digitale Infrastruktur	78 Millionen Dollar
Überwachungssysteme	62 Millionen Dollar
Fortschrittliche Ausrüstung	46 Millionen Dollar

Western Midstream Partners, LP (WES) – Geschäftsmodell: Einnahmequellen

Transportgebühren für Öl und Gas

Im Jahr 2023 meldete Western Midstream Partners Transportgebühren in Höhe von insgesamt 1.487 Millionen US-Dollar für Öl- und Gas-Infrastrukturdienstleistungen.

Art der Transportdienstleistung	Jahresumsatz (Mio. USD)
Rohöltransport	$872
Erdgastransport	$615

Bearbeitungs- und Erhebungsgebühren

Die Bearbeitung und Erhebung von Servicegebühren generierte im Jahr 2023 einen Umsatz von 653 Millionen US-Dollar.

• Erdgasverarbeitungsgebühren: 412 Millionen US-Dollar
• Servicegebühren für das Erfassungssystem: 241 Millionen US-Dollar

Langfristige Festpreisverträge

Festpreisverträge machten im Jahr 2023 1.129 Millionen US-Dollar des Gesamtumsatzes aus.

Vertragstyp	Jährlicher fester Umsatz (Mio. USD)
Verträge für das Delaware-Becken	$487
Verträge für das Perm-Becken	$642

Volumenbasierte Umsatzvereinbarungen

Volumenbasierte Verträge trugen 521 Millionen US-Dollar zum Umsatz von Western Midstream im Jahr 2023 bei.

• Rohöl-Volumenvereinbarungen: 276 Millionen US-Dollar
• Erdgasvolumenvereinbarungen: 245 Millionen US-Dollar

Monetarisierung von Midstream-Infrastruktur-Assets

Die Monetarisierung von Vermögenswerten generierte im Jahr 2023 213 Millionen US-Dollar.

Asset-Typ	Monetarisierungsumsatz (Mio. USD)
Verkauf von Pipeline-Assets	$127
Leasing von Verarbeitungsanlagen	$86

Western Midstream Partners, LP (WES) - Canvas Business Model: Value Propositions

You're looking at the core reasons why producers choose Western Midstream Partners, LP (WES), especially now, post-Aris acquisition. It's about integrated service and financial certainty, which is what matters when you're drilling in a complex area like the Delaware Basin.

Single-source, three-stream midstream solution (gas, oil, water) in the Delaware Basin

Western Midstream Partners, LP is positioned as one of the largest three-stream midstream providers in the Delaware Basin after closing the Aris Water Solutions acquisition (EV approximately $2.0 billion) in late 2025. The Delaware Basin remains the partnership's primary growth engine. You see this reflected in the throughput numbers; for instance, Delaware Basin natural-gas throughput hit a record 2.1 Bcf/d in the second quarter of 2025. The water aspect is key here, as the Delaware Basin has water-to-oil ratios averaging between 4.5x-5.5x, meaning more than 18 MMBbls/d of produced water needs management. Western Midstream Partners, LP is executing on this integrated service model.

Here's a quick look at the operational scale as of late 2025:

Metric	Q3 2025 Actual/Guidance	Context
Natural Gas Throughput (Total)	5.5 Bcf/d (Record)	Represents a 2% sequential-quarter increase.
Produced Water Throughput (Q3 Avg)	1,217 MBbls/d	Flat quarter-over-quarter.
Crude Oil and NGLs Throughput (Q3 Avg)	510 MBbls/d	Represents a 4-percent sequential-quarter decrease.
2025 Total Capital Expenditures Guidance	$625.0 million to $775.0 million	Includes initial Pathfinder and North Loving Train II costs.

High operational reliability and flow assurance for producers

Producers need to know their product moves when they need it to, period. Western Midstream Partners, LP delivered an all-time high system operability of 99.6% in the third quarter of 2025. This reliability is a direct value driver, ensuring flow assurance for their connected customers. They are actively investing to maintain this, with 66% of their 2025 capital expenditures allocated toward expansion projects.

Stable, predictable cash flow protected by fee-based contracts

This is the bedrock of the partnership's stability. A substantial majority of cash flows are insulated from commodity price swings because they are secured by fee-based contracts. For the six months ended June 30, 2025, 100% of crude-oil and produced-water throughput (excluding equity investments) was serviced under these contracts. Even for natural gas, 97% of wellhead volume was fee-based. This structure supported a third-quarter 2025 Adjusted EBITDA of $633.8 million and a Free Cash Flow of $397.4 million. The annualized distribution stands at $3.64 per unit.

Efficient capital allocation targeting mid-teens unlevered returns on growth CapEx

The focus is on disciplined investment that pays off well. The investment thesis is explicitly tied to executing on organic projects that drive mid-teens return projects. This is evidenced by the expected returns on the 2026 capital plan, which is projected to be ≥$1.1 billion. The 2025 guidance for total capital expenditures is set between $625.0 million and $775.0 million, showing a clear plan for spending that targets these high returns.

Sustainable produced water management and beneficial reuse capabilities

The acquisition of Aris Water Solutions significantly bolstered Western Midstream Partners, LP's capabilities in this area, establishing clear leadership in integrated produced-water management. The partnership anticipated approximately 40% growth in produced water throughput for the full year 2025, showing the scale of their focus. This capability is critical for sustainable operations in the water-intensive Delaware Basin. You can see the growth trajectory:

• Anticipated 2025 produced water throughput growth: approximately 40%.
• Q2 2025 Delaware Basin produced water throughput record: 1,242 MBbls/d.
• The strategy includes expanding access to strategic pore space to optimize pipeline routes and enhance recycling.

Finance: draft 13-week cash view by Friday.

Western Midstream Partners, LP (WES) - Canvas Business Model: Customer Relationships

You're looking at how Western Midstream Partners, LP (WES) locks in revenue and builds trust with its producers, which is the core of its stability. The relationship strategy is built around long-term commitments that shield cash flows from the daily swings in commodity prices. Honestly, for a midstream operator, this is where the real value is created.

Dedicated account management for large, integrated E&P customers

Western Midstream Partners, LP (WES) focuses on securing relationships with major players. The customer base includes large integrated producers like Chevron and ConocoPhillips, especially in key growth areas like the Delaware Basin. Furthermore, the strategic acquisition of Aris Water Solutions, with an enterprise value around $2.0 billion, was explicitly supported by long-term dedications from investment-grade customers, showing a commitment to high-quality counterparties.

The scale of these relationships is evident in the throughput volumes handled. For example, in the second quarter of 2025, Western Midstream Partners, LP (WES) gathered record Delaware Basin natural-gas throughput of 2.1 Bcf/d. The company is also a major player in water services, handling more than 2.7 million barrels of water per day in the Permian Basin as of late 2025.

Long-term, take-or-pay and cost-of-service contracts

The backbone of Western Midstream Partners, LP (WES)'s revenue stability comes from its contract structure. A substantial majority of cash flows are protected from direct commodity price exposure because of these fee-based arrangements. This is quantified by the high percentage of volumes supported by long-term contracts as of the second quarter of 2025:

Product	Percentage of Volumes with Long-Term Contract Support (Q2 2025)
Oil	99%
Water	78%
Gas	43%

The duration of these agreements provides long-term revenue visibility. The weighted-average remaining life for gas contracts stood at approximately ~9 Years as of the second quarter of 2025. This predictability helps support the target of a mid-to-low single-digit annual distribution growth rate for 2025.

You can see the impact of these contracts when looking at the financial results. For instance, the fourth quarter of 2024 Adjusted EBITDA included approximately $9.2 million in positive revenue recognition adjustments associated with cost-of-service agreements at the DJ Basin oil and Springfield systems.

Direct commercial negotiations for new infrastructure build-outs

Western Midstream Partners, LP (WES) engages in direct negotiations to underpin new capital projects, ensuring contracted volumes from the start. This is a key part of their growth strategy, which includes a 2026 capital budget exceeding $1.1 billion.

Specific examples of these negotiated build-outs include:

• Sanctioning a new 300 MMcf/d cryogenic natural-gas processing train at the North Loving plant.
• A new long-term produced-water agreement with Occidental for the Pathfinder pipeline, securing up to 280 MBbls/d of firm gathering/transportation and up to 220 MBbls/d of firm disposal, backed by minimum-volume commitments.
• An agreement with Iofina plc to develop an IOsorb® plant, where Western Midstream Partners, LP (WES) will supply produced water in exchange for a royalty fee, with the plant expected online in H2 2026.

The integration of Aris Water Solutions, which is expected to contribute approximately $45 million to $50 million of Adjusted EBITDA in 2025 from 2.5 months of contribution, also relies on these long-term dedications from customers.

Continuous focus on superior customer service and system uptime

Operational performance directly translates to customer satisfaction and contract adherence. Western Midstream Partners, LP (WES) reported record Adjusted EBITDA of $617.9 million in the second quarter of 2025, driven by throughput growth. The company reaffirmed its 2025 Adjusted EBITDA guidance range of $2.350 billion to $2.550 billion, indicating confidence in consistent service delivery throughout the year despite some operational fluctuations.

System uptime is critical, especially for water handling where high water-to-oil ratios, ranging from 3-times to up to 11-times in the Permian Basin, demand reliable service flow assurance. The company's focus on operational efficiency is also reflected in the 5% quarter-over-quarter decrease in operation and maintenance expense reported in the third quarter of 2025.

The company's overall financial health, with a net leverage ratio of 2.9x at the end of Q2 2025, provides the necessary financial flexibility to maintain and upgrade assets, which is key to ensuring system uptime for customers.

Finance: draft 13-week cash view by Friday.

Western Midstream Partners, LP (WES) - Canvas Business Model: Channels

You're looking at how Western Midstream Partners, LP (WES) physically moves the product-the arteries and veins of their business. These channels are the core of their fee-based revenue structure, connecting their customers' production to market outlets or disposal points. The sheer scale of their physical network is what locks in those long-term contracts.

Vast network of gathering and transmission pipelines

Western Midstream Partners, LP operates an extensive physical footprint across key US basins like the Delaware, DJ, and Powder River Basins. As of late 2024, this network included approximately 14,000 miles of pipeline in total, handling natural gas, crude oil, NGLs, and produced water. The natural gas gathering and transmission systems are critical, evidenced by the record total natural-gas throughput of 5.5 Bcf/d achieved in the third quarter of 2025. Within that, the Delaware Basin segment, a major focus area, saw throughput reach a record 2.1 Bcf/d in Q3 2025. This infrastructure is supported by 77 Processing & Treating Facilities across their system as of year-end 2024. The Delaware Basin alone accounted for an estimated 53% of the 2025E Adjusted EBITDA guidance, underscoring the importance of these specific channels.

Here's a quick look at the throughput performance through these channels for the third quarter of 2025:

Product Stream	Q3 2025 Average Throughput	Sequential Change (vs. Q2 2025)
Natural Gas	5.5 Bcf/d	Up 2-percent
Crude Oil and NGLs	510 MBbls/d	Down 4-percent
Produced Water	1,217 MBbls/d	Flat

Cryogenic natural gas processing plants (e.g., North Loving, Chipeta)

The processing plants are where Western Midstream Partners, LP adds significant value by separating mixed natural gas streams into marketable components. The North Loving facility in West Texas is a key asset. Management sanctioned the North Loving Train II project, a 300 MMcf/d cryogenic processing train, which is expected to be in service by Q2 2027. This expansion is set to increase their total Delaware Basin processing capacity to 2.5 Bcf/d, as the existing North Loving I facility was already running above 100% capacity in Q3 2025. The Chipeta facility, located in the DJ Basin, is another crucial component of their gas processing channel, though specific 2025 throughput figures for Chipeta alone aren't broken out in the latest reports, its contribution supports the overall system operability, which hit an all-time high of 99.6-percent in Q3 2025.

Crude oil and NGL stabilization and transportation facilities

For crude oil and NGLs, the channels focus on gathering, stabilization, and moving these liquids to market hubs or downstream partners. While Q3 2025 throughput for crude oil and NGLs averaged 510 MBbls/d, down 4% sequentially, the infrastructure is designed for long-term flow assurance. The assets are geographically diversified, with the Delaware Basin contributing a significant portion of the throughput that feeds these stabilization and transportation assets. The overall system is designed to handle the output from major producers under long-term contracts.

Produced water gathering and disposal wells/pipelines

This segment has seen major strategic investment, especially following the October 15, 2025, acquisition of Aris Water Solutions, Inc., which established Western Midstream Partners, LP as one of the largest three-stream midstream providers in the Delaware Basin. The throughput for produced water averaged 1,217 MBbls/d in Q3 2025. A cornerstone of this channel is the sanctioned Pathfinder pipeline, a 42-mile, 30-inch steel pipeline with an initial capacity to transport over 800 MBbls/d of produced water for disposal. This project, along with the addition of nine incremental saltwater disposal (SWD) facilities, strategically located in eastern Loving County with a combined effective disposal capacity of approximately 220 MBbls/d, significantly enhances their water management channel. This expansion is supported by a new long-term agreement with Occidental Petroleum Corporation for up to 280 MBbls/d of firm gathering and transportation capacity and up to 220 MBbls/d of firm disposal capacity.

You can see the scale of the water infrastructure expansion below:

• Pathfinder Pipeline initial capacity: >800 MBbls/d.
• Incremental SWD capacity added: approximately 220 MBbls/d.
• Firm gathering/transportation commitment from Occidental: up to 280 MBbls/d.
• Total capital expenditure guidance for 2025 is between $625.0 million and $775.0 million, funding these channel expansions.

Western Midstream Partners, LP (WES) - Canvas Business Model: Customer Segments

You're looking at the core of Western Midstream Partners, LP (WES)'s business-who is paying them to move and process their hydrocarbons. The customer base is heavily weighted toward established, credit-worthy players, which is a key factor supporting WES's investment-grade credit rating (BBB-/BBB-/Baa3 as of June 30, 2025).

The customer segments are defined by geography and financial strength, which directly impacts the long-term nature of the contracts WES secures.

Large, investment-grade upstream oil and gas producers (E&P companies)

• WES highlights its position as one of the few Russell 3000 companies offering a high yield with an investment-grade credit rating.
• Following the Aris Water Solutions acquisition, WES noted that its water business is supported by long-term dedications from investment-grade customers.
• A major relationship is with Occidental Petroleum (OXY), which owns 44.7% of Western Midstream Partners, LP as of August 1, 2025.
• The credit rating for WES is limited to one notch higher than OXY's rating, showing the importance of this anchor customer relationship.

Producers operating in the core Delaware and DJ Basins

The customer activity is geographically concentrated in the basins where Western Midstream Partners, LP has built out its three-stream service offering (gas, crude/NGLs, and produced water). The revenue split from 2024 clearly shows where the bulk of the business originates:

Basin Segment	2024 Revenue Percentage	Key Operational Metric (Q2 2025)
Delaware Basin (West Texas/New Mexico)	53%	Delaware Basin crude-oil and NGLs throughput: 269 MBbls/d
DJ Basin (Northeastern Colorado)	32%	DJ Basin volumes are heavily reliant on Occidental (OXY), making up nearly two-thirds of WES DJ volumes

The Delaware Basin is the primary growth engine, with WES sanctioning the North Loving Train II to increase West Texas complex processing capacity to approximately 2.5 Bcf/d.

Third-party shippers and marketers utilizing transportation capacity

Western Midstream Partners, LP's business is largely fee-based, meaning third parties use the capacity under contract. For instance, WES has long-term agreements tied to natural-gas processing in the DJ Basin. The Q2 2025 natural-gas throughput across the entire system averaged 5.3 Bcf/d.

Private E&P companies, including large operators like Mewbourne

While the focus is often on large, publicly-rated producers, the infrastructure supports a broader set of operators in the active plays. The acquisition of Aris Water Solutions, which closed in the third quarter of 2025, was noted to diversify the customer base with additional long-term contracts from major producers. The company's produced-water throughput reached 1,217 MBbls/d in Q2 2025.

• The Aris deal is expected to increase WES's produced water disposal capacity to over 3.8 million barrels per day.
• The company is positioned as one of the only midstream operators offering three-stream services in the Delaware Basin.

The near-term action here is tracking rig counts in the Delaware Basin, as approximately 42% of active rigs were operating within five miles of WES's assets as of the Q1 2025 presentation. Finance: draft 13-week cash view by Friday.

Western Midstream Partners, LP (WES) - Canvas Business Model: Cost Structure

You're looking at the cost side of Western Midstream Partners, LP's operations as of late 2025. For a midstream partnership like WES, the cost structure is heavily weighted toward capital-intensive, long-term commitments. It's less about variable input costs and more about servicing and maintaining massive, fixed assets.

High fixed costs associated with owning and maintaining pipeline infrastructure are the bedrock of this structure. While specific depreciation figures for the entire asset base aren't itemized here, the sheer scale of the infrastructure-gathering, processing, and transportation assets across Texas, New Mexico, Colorado, Utah, and Wyoming-necessitates substantial, non-negotiable fixed costs for upkeep, integrity management, and property taxes. These costs are somewhat buffered by the high percentage of fee-based revenue, often supported by minimum volume commitments (MVCs) from investment-grade customers, which helps cover these fixed overheads even when throughput fluctuates.

Operating expenses (OpEx) show management's recent focus on efficiency. For the third quarter of 2025, cost-reduction initiatives were successful, driving record Adjusted EBITDA of $633.8 million. Specifically, Operations and Maintenance (O&M) costs fell 5% quarter-over-quarter (QoQ) in Q3 2025. Management suggested these Q3 O&M levels are sustainable, though this view excludes the impact of the newly acquired Aris Water Solutions assets. The core OpEx drivers include the day-to-day costs for processing, compression, and the handling/disposal of produced water across their systems.

Interest expense on debt is a significant, recurring cost. As of October 31, 2025, Western Midstream Partners, LP's total debt stood at approximately $15.3 billion. To manage upcoming obligations, Western Midstream Operating, LP recently completed a $1.2 billion senior notes offering in December 2025. This offering consisted of two parts:

• $600 million in 4.800% senior notes due 2031.
• $600 million in 5.500% senior notes due 2035.

The proceeds are earmarked to refinance maturing 4.650% Senior Notes due in 2026 and repay commercial paper, which included borrowings used for the Aris acquisition. This move shifts near-term debt maturity into longer-dated fixed-rate obligations, locking in the new coupon rates against the old 4.650% rate.

Capital expenditures (CapEx) for 2025 are projected to be spent towards the high end of the guided range of $625 million to $775 million. For context, Q3 2025 CapEx was reported at $156.7 million, and Q2 2025 CapEx was $170.5 million. This spending supports ongoing growth projects, such as the Pathfinder produced-water pipeline and expansion at the North Loving plant.

The acquisition of Aris Water Solutions, Inc., which closed on October 15, 2025, introduces new cost bases and integration expenses. The total enterprise value of the Aris Water Solutions transaction was approximately $2.0 billion. The cash component of the deal was capped at $415 million, and Western Midstream assumed about $500 million of Aris's debt. A key component of the cost/benefit analysis is the expected $40 million of targeted run-rate cost synergies management aims to capture from integrating Aris's produced-water system.

Here's a quick look at some of the key financial metrics that underpin these cost discussions as of late 2025:

Financial Metric	Amount / Rate	Period / Context
Total Debt (Approximate)	$15.3 billion	As of October 31, 2025
2025 Full-Year CapEx Guidance Range	$625 million to $775 million	Expected toward the high end
Aris Water Solutions Enterprise Value	$2.0 billion	Pre-transaction costs
Targeted Annual Synergies (Aris)	$40 million	Run-rate synergy target
Q3 2025 Adjusted EBITDA	$633.8 million	Record quarter
O&M Cost Change (QoQ)	Down 5%	Q3 2025 vs Q2 2025
New Senior Notes Coupon (2031 Tranche)	4.800%	$600 million issued
New Senior Notes Coupon (2035 Tranche)	5.500%	$600 million issued

The structure is defined by high upfront and ongoing infrastructure costs, which are being managed through operational discipline and offset by strategic, synergy-driven acquisitions like Aris Water Solutions, Inc. Finance: draft 13-week cash view by Friday.

Western Midstream Partners, LP (WES) - Canvas Business Model: Revenue Streams

Western Midstream Partners, LP (WES) revenue is fundamentally built on long-term, fee-based contracts across its three primary service segments. This structure provides a degree of stability, as revenue is generally tied to committed volumes rather than fluctuating commodity prices.

The core revenue sources are:

• Fee-based revenue from natural gas gathering, processing, and transportation.
• Fee-based revenue from crude oil and NGL gathering and transportation.
• Fee-based revenue from produced water gathering and disposal.

For the trailing twelve months ending September 30, 2025, Western Midstream Partners, LP reported total revenue of approximately $3.74B. This compares to the annual revenue of $3.605B for the full year 2024. The most recent quarterly revenue, for the third quarter ending September 30, 2025, was $952.5 million.

The operational throughput volumes that underpin these fee revenues for the third quarter of 2025 were:

Service Segment	Throughput Metric (Q3 2025)	Volume
Natural Gas	Throughput (MMcf/d)	5.4 Bcf/d
Crude Oil and NGLs	Throughput (MBbls/d)	510 MBbls/d
Produced Water	Throughput (MBbls/d)	1,217 MBbls/d

The partnership's profitability metric, Adjusted EBITDA, is a key indicator of the cash flow generated from these operations. Western Midstream Partners, LP reaffirmed its full-year 2025 Adjusted EBITDA guidance towards the high end of the range of $2.350 billion to $2.550 billion. This guidance includes contributions from recent strategic moves, such as the acquisition of Aris Water Solutions, which is expected to contribute between $45 million to $50 million in Q4 2025 alone.

To give you a sense of recent performance against that guidance, the third quarter of 2025 saw record Adjusted EBITDA of $633.8 million, which followed the second quarter 2025 record of $617.9 million.

The fee-based nature of the business is further supported by contract structures, including minimum volume commitments (MVCs) and long tenors, which help secure the revenue base. For instance, the acquisition of Aris Water Solutions added contracts with long tenors and MVCs, reinforcing the produced water segment's revenue predictability.

Key financial anchors for the revenue stream outlook include:

• Total Trailing Twelve Months (TTM) Revenue (as of Sept 30, 2025): $3.740B.
• 2025 Adjusted EBITDA Guidance Range: $2.350B to $2.550B.
• Q3 2025 Adjusted EBITDA: $633.8 million.
• Annual Revenue for Fiscal Year 2024: $3.61B.

The focus remains on throughput growth, especially in the Delaware Basin, which drove record natural gas throughput in Q3 2025 at 5.5 Bcf/d.