Western Midstream Partners, LP (WES): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la infraestructura energética media, Western Midstream Partners, LP (WES) surge como una potencia estratégica, transformando la logística compleja de petróleo y gas en una creación de valor sin costura. Al cerrar la brecha entre la producción aguas arriba y la entrega del mercado, Wes opera una intrincada red de tuberías, instalaciones de procesamiento y sistemas de transporte que forman las arterias críticas del comercio energético. Su innovador modelo de negocio no solo garantiza un movimiento eficiente de hidrocarburos, sino que también proporciona un marco financiero sólido que ofrece un valor constante tanto a los inversores como a los productores, lo que los convierte en un jugador fundamental en el panorama energético en evolución.

Western Midstream Partners, LP (WES) - Modelo de negocios: asociaciones clave

Asociación de Anadarko Petroleum (ahora Occidental Petroleum)

Western Midstream mantiene un Asociación estratégica con Occidental Petroleum, después de la adquisición de Anadarko Petroleum en 2019.

Métrico de asociación	Datos específicos
Porcentaje de propiedad	66.3% propiedad de Occidental Petroleum
Cobertura de activos	Infraestructura de Delaware Basin Midstream
Contribución anual	Aproximadamente $ 1.2 mil millones en ingresos de Midstream

Enterprise Midstream y colaboración de tuberías

Western Midstream colabora con múltiples socios de infraestructura de Midstream.

• Enterprise Products Partners LP
• Kinder Morgan Inc.
• Transferencia de energía LP

Socio de colaboración	Infraestructura compartida	Inversión anual
Socios de productos empresariales	Sistemas de recolección de gas natural	$ 275 millones
Kinder Morgan	Interconexiones de tuberías	$ 185 millones

Asociaciones de exploración de la cuenca de Pérmica

Asociaciones de la empresa de exploración clave en Permian Basin:

• Recursos naturales pioneros
• Energía de Diamondback
• Exxonmobil

Socio de exploración	Superficie cubierta	Soporte de producción anual
Recursos naturales pioneros	350,000 acres	$ 425 millones de servicios Midstream
Energía de Diamondback	250,000 acres	$ 310 millones de servicios midstream

Socios de inversión de infraestructura de Midstream

Western Midstream se involucra con múltiples socios de inversión de infraestructura.

Socio de inversión	Tipo de inversión	Inversión anual
Roca negra	Equidad de infraestructura	$ 500 millones
Goldman Sachs	Deuda de infraestructura	$ 350 millones

Western Midstream Partners, LP (WES) - Modelo de negocios: actividades clave

Recolección y procesamiento de gas natural

Western Midstream opera 2.200 millas de tuberías de recolección de gas natural en múltiples regiones. La capacidad de procesamiento alcanza aproximadamente 2.400 millones de pies cúbicos por día (BCF/D).

Región	Recolectando millas de tubería	Capacidad de procesamiento (BCF/D)
Cuenca de Delaware	1,100	1.2
Cuenca de DJ	650	0.8
Cuenca del permisa	450	0.4

Transporte y logística del petróleo crudo

Western Midstream administra 1,500 millas de tuberías de petróleo crudo con una capacidad de transporte total de 500,000 barriles por día (BPD).

• Transporte del crudo de la cuenca de Delaware: 250,000 bpd
• Transporte del crudo de la cuenca Pérmica: 150,000 bpd
• Transporte crudo de DJ Basin: 100,000 bpd

Desarrollo de infraestructura de Midstream

El gasto anual de capital para el desarrollo de infraestructura en 2023 fue de $ 350 millones, centrándose en las expansiones de la tubería y las actualizaciones de las instalaciones de procesamiento.

Operación y mantenimiento de la tubería

Western Midstream mantiene aproximadamente 3.700 millas totales de infraestructura de tuberías en múltiples cuencas. El gasto anual de mantenimiento es de aproximadamente $ 75 millones.

Tipo de tubería	Total de millas	Costo de mantenimiento
Tuberías de gas natural	2,200	$ 45 millones
Tuberías de petróleo crudo	1,500	$ 30 millones

Servicios de gestión del agua producidos

Western Midstream maneja aproximadamente 350,000 barriles de agua producida diariamente en sus regiones operativas.

• Delaware Basin Water Management: 200,000 barriles/día
• Gestión del agua de la cuenca Pérmica: 100,000 barriles/día
• DJ Basin Water Management: 50,000 barriles/día

Western Midstream Partners, LP (WES) - Modelo de negocios: recursos clave

Red de infraestructura extensa de Midstream

Western Midstream opera una red integral de infraestructura Midstream con las siguientes estadísticas clave:

Activo de infraestructura	Cantidad/medición
Tuberías de recolección de gas natural total	3,500 millas
Petróleo crudo que recoge tuberías	2.100 millas
Plantas de procesamiento	22 instalaciones
Capacidad de compresión total	1.2 millones de caballos de fuerza

Activos estratégicos en cuencas de Delaware y DJ

Detalles de la infraestructura específica de cuenca estratégica:

• Delaware Basin Asset Footprint: 400,000 acres dedicados
• DJ Basin Total Aguarge: 250,000 acres dedicados
• Capacidad de procesamiento en la cuenca de Delaware: 1.200 millones de pies cúbicos por día
• Capacidad de procesamiento en la cuenca de DJ: 800 millones de pies cúbicos por día

Instalaciones avanzadas de tuberías y procesamiento

Especificaciones técnicas de infraestructura de procesamiento:

Tipo de instalación	Capacidad	Nivel tecnológico
Plantas de procesamiento de gas natural	2.0 mil millones de pies cúbicos por día	Tecnología criogénica avanzada
Instalaciones de estabilización de petróleo crudo	500,000 barriles por día	Sistemas de separación de alta eficiencia

Experiencia técnica en operaciones intermedias

Fuerza laboral y experiencia operativa:

• Total de empleados: 1.250 profesionales
• Experiencia promedio de ingeniería: 15 años
• Certificaciones: 90% del personal técnico con certificaciones específicas de la industria

Fuerte capital financiero para inversiones de infraestructura

Asignación de recursos financieros:

Métrica financiera	Cantidad
Activos totales	$ 9.2 mil millones
Inversión anual de infraestructura	$ 350-400 millones
Línea de crédito	$ 1.5 mil millones

Western Midstream Partners, LP (WES) - Modelo de negocios: propuestas de valor

Servicios confiables de infraestructura Midstream

Western Midstream Partners opera 5,354 millas de tuberías de reunión y 672 millas de tuberías de transporte y almacenamiento a partir del cuarto trimestre de 2023.

Activo de infraestructura	Cantidad
Recolectando tuberías	5,354 millas
Tuberías de transporte y almacenamiento	672 millas
Plantas de procesamiento	19 instalaciones

Transporte eficiente de productos de petróleo y gas

Las capacidades de transporte de Western Midstream incluyen:

• Capacidad diaria de transporte de gas natural de 2.3 bcf/d
• Volumen de transporte de petróleo crudo de aproximadamente 380,000 barriles por día
• Capacidad de procesamiento de gas natural de 1.5 bcf/d

Costos operativos reducidos para los productores aguas arriba

Métricas de eficiencia de rentabilidad para 2023:

Métrico de costo	Valor
Gastos operativos	$ 612 millones
Costo operativo por unidad	$ 0.43 por MCF

Soluciones midstream flexibles e integradas

Cobertura de servicio a través de cuencas clave:

• Cuenca de Delaware
• Cuenca de DJ
• Cuenca del permisa
• Eagle Ford Shale

Distribuciones de dividendos consistentes a los unitholders

Rendimiento de dividendos para 2023:

Métrico de dividendos	Valor
Rendimiento de dividendos anuales	8.47%
Dividendos totales distribuidos	$ 496 millones
Dividendo por unidad	$2.76

Western Midstream Partners, LP (WES) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con los productores

Western Midstream tiene contratos de recopilación y procesamiento a largo plazo con productores clave:

Productor	Duración del contrato	Compromiso de volumen anual
Petróleo occidental	15 años	250,000 MCF/día
Petróleo de maratón	10 años	180,000 MCF/día

Gestión de cuentas dedicada

Western Midstream ofrece gestión de cuentas especializada para clientes de primer nivel:

• Gerentes de relaciones dedicadas para cada productor importante
• Equipo de soporte técnico 24/7
• Soluciones de infraestructura personalizadas

Relaciones de servicio basadas en el rendimiento

Métricas clave de rendimiento para el servicio al cliente:

Métrico de rendimiento	Objetivo	Rendimiento actual
Garantía de tiempo de actividad	99.5%	99.7%
Tiempo de respuesta	2 horas	1.8 horas

Informes operativos transparentes

Los mecanismos de informes para los clientes incluyen:

• Informes mensuales de rendimiento operativo
• Acceso digital en tiempo real en tiempo real
• Reuniones trimestrales de revisión de rendimiento

Soporte de mantenimiento de infraestructura proactiva

Detalles de la estrategia de mantenimiento:

Tipo de mantenimiento	Frecuencia	Inversión anual
Mantenimiento preventivo	Trimestral	$ 45 millones
Mantenimiento predictivo	Mensual	$ 22 millones

Western Midstream Partners, LP (WES) - Modelo de negocios: canales

Compromiso del equipo de ventas directo

Western Midstream Partners mantiene un equipo de ventas dedicado de 87 profesionales centrados en las interacciones del cliente de infraestructura energética de mediana en el cuarto trimestre del cuarto trimestre de 2023.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	87
Duración promedio de compromiso del cliente	3.6 años
Presupuesto anual del equipo de ventas	$ 12.4 millones

Plataformas de comunicación digital

La compañía utiliza múltiples canales digitales para la comunicación del cliente y el desarrollo comercial.

• Página corporativa de LinkedIn: 16,742 seguidores
• Cuenta corporativa de Twitter: 9.423 seguidores
• Sitio web corporativo Tráfico mensual: 124,567 visitantes únicos

Conferencias de la industria y eventos de redes

Tipo de evento	Participación anual	Inversión
Conferencias de energía importantes	7 conferencias	$ 1.2 millones
Eventos de redes regionales	15 eventos	$487,000

Portal de relaciones con inversores en línea

Western Midstream proporciona una plataforma integral de relaciones con inversores digitales con datos e informes financieros en tiempo real.

• Portal Visitantes únicos mensuales: 42,356
• Inversión anual de informes digitales: $ 673,000
• Métricas de participación del inversor rastreado: 14 indicadores clave de rendimiento

Negociaciones de asociación estratégica

Métrico de asociación	2023 datos
Asociaciones estratégicas activas	23
Nuevas negociaciones de asociación	7
Presupuesto de desarrollo de la asociación	$ 3.6 millones

Western Midstream Partners, LP (WES) - Modelo de negocios: segmentos de clientes

Grandes compañías de exploración de petróleo y gas

Western Midstream sirve a las principales compañías de exploración con detalles específicos del cliente:

Cliente	Valor anual de servicios de Midstream	Duración del contrato
Petróleo occidental	$ 412 millones	Compromiso de 10 años
Petróleo de maratón	$ 287 millones	Compromiso de 7 años

Productores independientes aguas arriba

Los segmentos clave de los clientes incluyen:

• Productores de la cuenca del Pérmico
• Operadores independientes de la cuenca de Delaware
• Contrato de servicio promedio anual anual Midstream: $ 65-85 millones

Fabricantes petroquímicos

Fabricante	Volumen anual manejado	Tipo de servicio
Lyondellbasell	1.2 millones de barriles/día	Procesamiento de líquidos de gas natural
Químico de dow	850,000 barriles/día	Transporte de la corriente intermedia

Inversores regionales de infraestructura energética

Inversión profile:

• Inversión total de infraestructura: $ 2.3 mil millones
• Compromiso de inversión promedio: $ 150-250 millones
• Centrado en las regiones de Texas y Nuevo México

Grupos de inversión institucional

Tipo de inversor	Monto de la inversión	Porcentaje de propiedad
Fondos de pensiones	$ 487 millones	22.5%
Empresas de capital privado	$ 312 millones	14.7%

Western Midstream Partners, LP (WES) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento de la infraestructura

Gastos totales de capital de infraestructura para 2023: $ 542 millones

Categoría de infraestructura	Costo anual
Construcción de tuberías	$ 278 millones
Actualizaciones de la instalación	$ 164 millones
Reserva de mantenimiento	$ 100 millones

Gastos operativos de la tubería

Gastos operativos totales para redes de tuberías en 2023: $ 387 millones

• Costos de combustible y energía: $ 112 millones
• Gastos de compresión y bombeo: $ 93 millones
• Mantenimiento de derecho de paso: $ 62 millones
• Sistemas de detección y seguridad de fugas: $ 45 millones

Compensación y capacitación de empleados

Gastos totales relacionados con el personal para 2023: $ 214 millones

Categoría de compensación	Costo anual
Salarios base	$ 156 millones
Bonos de rendimiento	$ 38 millones
Capacitación y desarrollo	$ 20 millones

Costos de cumplimiento regulatorio

Gastos de cumplimiento regulatorio total en 2023: $ 97 millones

• Monitoreo ambiental: $ 42 millones
• Certificación de seguridad: $ 29 millones
• Tarifas legales y de consultoría: $ 26 millones

Inversiones de tecnología y equipos

Inversiones de tecnología y equipos totales para 2023: $ 186 millones

Categoría de tecnología	Inversión anual
Infraestructura digital	$ 78 millones
Sistemas de monitoreo	$ 62 millones
Equipo avanzado	$ 46 millones

Western Midstream Partners, LP (WES) - Modelo de negocios: flujos de ingresos

Tasas de transporte para petróleo y gas

En 2023, Western Midstream Partners reportó tarifas de transporte por un total de $ 1,487 millones para servicios de infraestructura de petróleo y gas.

Tipo de servicio de transporte	Ingresos anuales ($ M)
Transporte de petróleo crudo	$872
Transporte de gas natural	$615

Procesamiento y recopilación de cargos de servicio

Los cargos de servicio de procesamiento y recopilación generaron $ 653 millones en ingresos para 2023.

• Cargos de procesamiento de gas natural: $ 412 millones
• Tarifas de servicio del sistema de recopilación: $ 241 millones

Contratos de tarifa fija a largo plazo

Los contratos de tarifas fijas representaron $ 1,129 millones de ingresos totales en 2023.

Tipo de contrato	Ingresos fijos anuales ($ M)
Contratos de la cuenca de Delaware	$487
Contratos de la cuenca del Pérmico	$642

Acuerdos de ingresos basados ​​en volumen

Los acuerdos basados ​​en el volumen contribuyeron con $ 521 millones a los ingresos de 2023 de Western Midstream.

• Acuerdos de volumen de petróleo crudo: $ 276 millones
• Acuerdos de volumen de gas natural: $ 245 millones

Monetización de activos de infraestructura midstream

La monetización de activos generó $ 213 millones en 2023.

Tipo de activo	Ingresos de monetización ($ M)
Ventas de activos de tubería	$127
Procesamiento de alquiler de instalaciones	$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.