Western Midstream Partners, LP (WES): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da infraestrutura energética do meio da corrente, o Western Midstream Partners, LP (WES) surge como uma potência estratégica, transformando a complexa logística de petróleo e gás em criação de valor sem costura. Ponte a lacuna entre a produção a montante e a entrega do mercado, o WES opera uma intrincada rede de pipelines, instalações de processamento e sistemas de transporte que formam as artérias críticas do comércio de energia. Seu modelo inovador de negócios não apenas garante um movimento eficiente de hidrocarbonetos, mas também fornece uma estrutura financeira robusta que oferece valor consistente aos investidores e produtores, tornando -os um participante fundamental na paisagem energética em evolução.

Western Midstream Partners, LP (WES) - Modelo de negócios: Parcerias -chave

Parceria de Petróleo de Anadarko (agora Occidental Petroleum)

O oeste do meio -fluxo mantém um Parceria estratégica com o Occidental Petroleum, após a aquisição da Anadarko Petroleum em 2019.

Métrica de Parceria	Dados específicos
Porcentagem de propriedade	66,3% de propriedade da Occidental Petroleum
Cobertura de ativos	Infraestrutura do meio da bacia de Delaware
Contribuição anual	Aproximadamente US $ 1,2 bilhão em receitas do meio da corrente

Enterprise Midstream e colaboração de pipeline

O Western Midstream colabora com vários parceiros de infraestrutura intermediária.

• Enterprise Products Partners LP
• Kinder Morgan Inc.
• LP de transferência de energia

Parceiro de colaboração	Infraestrutura compartilhada	Investimento anual
Enterprise Products Partners	Sistemas de coleta de gás natural	US $ 275 milhões
Morgan mais gentil	Interconexões de pipeline	US $ 185 milhões

Parcerias de exploração da bacia do Permiano

Principais parcerias da empresa de exploração em Bacia Permiana:

• Recursos naturais pioneiros
• Diamondback Energy
• ExxonMobil

Parceiro de exploração	Área coberta	Suporte anual de produção
Recursos naturais pioneiros	350.000 acres	Serviços de US $ 425 milhões
Diamondback Energy	250.000 acres	US $ 310 milhões de serviços médios

Parceiros de Investimento de Infraestrutura Midstream

O Western Midstream se envolve com vários parceiros de investimento em infraestrutura.

Parceiro de investimento	Tipo de investimento	Investimento anual
BlackRock	Equidade de infraestrutura	US $ 500 milhões
Goldman Sachs	Dívida de infraestrutura	US $ 350 milhões

Western Midstream Partners, LP (WES) - Modelo de negócios: Atividades -chave

Coleta e processamento de gás natural

O Western Midstream opera 2.200 milhas de oleodutos de coleta de gás natural em várias regiões. A capacidade de processamento atinge aproximadamente 2,4 bilhões de pés cúbicos por dia (BCF/D).

Região	Reunindo milhas de pipeline	Capacidade de processamento (BCF/D)
Bacia de Delaware	1,100	1.2
Bacia de DJ	650	0.8
Bacia do Permiano	450	0.4

Transporte de petróleo bruto e logística

O Western Midstream gerencia 1.500 milhas de oleodutos de petróleo bruto com uma capacidade total de transporte de 500.000 barris por dia (BPD).

• Transporte de petróleo da bacia de Delaware: 250.000 bpd
• Transporte de petróleo da bacia do Permiano: 150.000 bpd
• Transporte de petróleo da bacia de DJ: 100.000 bpd

Desenvolvimento de infraestrutura média

A despesa anual de capital para desenvolvimento de infraestrutura em 2023 foi de US $ 350 milhões, com foco em expansões de pipeline e atualizações de instalações de processamento.

Operação e manutenção de oleodutos

O Western Midstream mantém aproximadamente 3.700 milhas totais de infraestrutura de oleodutos em várias bacias. As despesas anuais de manutenção são de aproximadamente US $ 75 milhões.

Tipo de pipeline	Miles totais	Custo de manutenção
Oleodutos de gás natural	2,200	US $ 45 milhões
Oleodutos de petróleo bruto	1,500	US $ 30 milhões

Serviços de gerenciamento de água produzidos

O Western Midstream lida com aproximadamente 350.000 barris de água produzida diariamente em suas regiões operacionais.

• Gerenciamento da água da bacia de Delaware: 200.000 barris/dia
• Gerenciamento da água da Bacia do Permiano: 100.000 barris/dia
• DJ Basin Bacia de gestão da água: 50.000 barris/dia

Western Midstream Partners, LP (WES) - Modelo de negócios: Recursos -chave

Extensa rede de infraestrutura média

O Western Midstream opera uma rede de infraestrutura abrangente do meio do meio com as seguintes estatísticas -chave:

Ativo de infraestrutura	Quantidade/medição
Pipelines de coleta de gás natural total	3.500 milhas
Oleodutos de coleta de petróleo bruto	2.100 milhas
Plantas de processamento	22 instalações
Capacidade total de compressão	1,2 milhão de cavalos de potência

Ativos estratégicos nas bacias de Delaware e DJ

Detalhes da infraestrutura específica da bacia estratégica:

• Pegada de ativos da bacia de Delaware: 400.000 acres dedicados
• Bacia de DJ Área Total: 250.000 acres dedicados
• Capacidade de processamento na bacia de Delaware: 1,2 bilhão de pés cúbicos por dia
• Capacidade de processamento na bacia de DJ: 800 milhões de pés cúbicos por dia

Instalações avançadas de oleoduto e processamento

Especificações técnicas da infraestrutura de processamento:

Tipo de instalação	Capacidade	Nível de tecnologia
Plantas de processamento de gás natural	2,0 bilhões de pés cúbicos por dia	Tecnologia criogênica avançada
Instalações de estabilização de petróleo bruto	500.000 barris por dia	Sistemas de separação de alta eficiência

Experiência técnica em operações no meio do fluxo

Força de trabalho e experiência operacional:

• Total de funcionários: 1.250 profissionais
• Experiência média de engenharia: 15 anos
• Certificações: 90% da equipe técnica com certificações específicas do setor

Capital financeiro forte para investimentos em infraestrutura

Alocação de recursos financeiros:

Métrica financeira	Quantia
Total de ativos	US $ 9,2 bilhões
Investimento anual de infraestrutura	US $ 350-400 milhões
Linha de crédito	US $ 1,5 bilhão

Western Midstream Partners, LP (WES) - Modelo de negócios: proposições de valor

Serviços confiáveis ​​de infraestrutura médio

A Western Midstream Partners opera 5.354 milhas de oleodutos e 672 milhas de oleodutos de transporte e armazenamento a partir do quarto trimestre de 2023.

Ativo de infraestrutura	Quantidade
Coleta de oleodutos	5.354 milhas
Oleodutos de transporte e armazenamento	672 milhas
Plantas de processamento	19 instalações

Transporte eficiente de produtos petrolíferos e gás

Os recursos de transporte do Western Midstream incluem:

• Capacidade diária de transporte de gás natural de 2,3 BCF/D
• Volume de transporte de petróleo bruto de aproximadamente 380.000 barris por dia
• Capacidade de processamento de gás natural de 1,5 BCF/D

Custos operacionais reduzidos para produtores a montante

Métricas de eficiência de custo para 2023:

Métrica de custo	Valor
Despesas operacionais	US $ 612 milhões
Custo operacional por unidade	US $ 0,43 por MCF

Soluções Midstream flexíveis e integradas

Cobertura de serviço nas principais bacias:

• Bacia de Delaware
• Bacia de DJ
• Bacia do Permiano
• Eagle Ford Shale

Distribuições de dividendos consistentes aos inituladores

Desempenho de dividendos para 2023:

Métrica de dividendos	Valor
Rendimento anual de dividendos	8.47%
Dividendos totais distribuídos	US $ 496 milhões
Dividendo por unidade	$2.76

Western Midstream Partners, LP (WES) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com produtores

O Western Midstream tem contratos de coleta e processamento de longo prazo com os principais produtores:

Produtor	Duração do contrato	Compromisso anual de volume
Petróleo ocidental	15 anos	250.000 MCF/dia
Maratona Petróleo	10 anos	180.000 MCF/dia

Gerenciamento de conta dedicado

O Western Midstream fornece gerenciamento de contas especializado para clientes de primeira linha:

• Gerentes de relacionamento dedicados para cada grande produtor
• Equipe de suporte técnico 24/7
• Soluções de infraestrutura personalizadas

Relacionamentos de serviço baseados em desempenho

Principais métricas de desempenho para atendimento ao cliente:

Métrica de desempenho	Alvo	Desempenho atual
Garantia de tempo de atividade	99.5%	99.7%
Tempo de resposta	2 horas	1,8 horas

Relatórios operacionais transparentes

Os mecanismos de relatórios para os clientes incluem:

• Relatórios mensais de desempenho operacional
• Acesso ao painel digital em tempo real
• Reuniões trimestrais de revisão de desempenho

Suporte proativo de manutenção de infraestrutura

Detalhes da estratégia de manutenção:

Tipo de manutenção	Freqüência	Investimento anual
Manutenção preventiva	Trimestral	US $ 45 milhões
Manutenção preditiva	Mensal	US $ 22 milhões

Western Midstream Partners, LP (WES) - Modelo de Negócios: Canais

Engajamento da equipe de vendas direta

A Western Midstream Partners mantém uma equipe de vendas dedicada de 87 profissionais focados nas interações com o cliente de infraestrutura de energia do Midstream a partir do quarto trimestre 2023.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	87
Duração média do envolvimento do cliente	3,6 anos
Orçamento anual da equipe de vendas	US $ 12,4 milhões

Plataformas de comunicação digital

A empresa utiliza vários canais digitais para comunicação com clientes e desenvolvimento de negócios.

• Página corporativa do LinkedIn: 16.742 seguidores
• Conta corporativa do Twitter: 9.423 seguidores
• Site corporativo Tráfego mensal: 124.567 visitantes únicos

Conferências do setor e eventos de rede

Tipo de evento	Participação anual	Investimento
Principais conferências de energia	7 Conferências	US $ 1,2 milhão
Eventos regionais de networking	15 eventos	$487,000

Portal de Relações com Investidores Online

O Western Midstream fornece uma plataforma abrangente de relações com investidores digitais com dados financeiros e relatórios em tempo real.

• Visitantes únicos mensais do portal: 42.356
• Investimento anual de relatórios digitais: US $ 673.000
• Métricas de engajamento do investidor rastreadas: 14 indicadores de desempenho principais

Negociações de parceria estratégica

Métrica de Parceria	2023 dados
Parcerias estratégicas ativas	23
Novas negociações de parceria	7
Orçamento de Desenvolvimento de Parceria	US $ 3,6 milhões

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

Grandes empresas de exploração de petróleo e gás

O Western Midstream serve as principais empresas de exploração com detalhes específicos do cliente:

Cliente	Valor anual de serviços médios	Duração do contrato
Petróleo ocidental	US $ 412 milhões	Compromisso de 10 anos
Maratona Petróleo	US $ 287 milhões	Compromisso de 7 anos

Produtores a montante independentes

Os principais segmentos de clientes incluem:

• Produtores da Bacia do Permiano
• Operadores independentes da bacia de Delaware
• Contrato de serviço médio médio médio: US $ 65-85 milhões

Fabricantes petroquímicos

Fabricante	Volume anual tratado	Tipo de serviço
LyondellBasell	1,2 milhão de barris/dia	Processamento de líquidos de gás natural
Dow Chemical	850.000 barris/dia	Transporte no meio da corrente

Investidores regionais de infraestrutura de energia

Investimento profile:

• Investimento total de infraestrutura: US $ 2,3 bilhões
• Compromisso médio de investimento: US $ 150-250 milhões
• Focado nas regiões do Texas e do Novo México

Grupos de investimento institucional

Tipo de investidor	Valor do investimento	Porcentagem de propriedade
Fundos de pensão	US $ 487 milhões	22.5%
Empresas de private equity	US $ 312 milhões	14.7%

Western Midstream Partners, LP (WES) - Modelo de negócios: estrutura de custos

Desenvolvimento e manutenção de infraestrutura

Despesas totais de capital de infraestrutura para 2023: US $ 542 milhões

Categoria de infraestrutura	Custo anual
Construção de oleodutos	US $ 278 milhões
Atualizações da instalação	US $ 164 milhões
Reserva de manutenção	US $ 100 milhões

Despesas operacionais de pipeline

Despesas operacionais totais para redes de pipeline em 2023: US $ 387 milhões

• Custos de combustível e energia: US $ 112 milhões
• Despesas de compressão e bombeamento: US $ 93 milhões
• Manutenção da faixa de passagem: US $ 62 milhões
• Detecção de vazamentos e sistemas de segurança: US $ 45 milhões

Compensação e treinamento de funcionários

Total de despesas relacionadas ao pessoal para 2023: US $ 214 milhões

Categoria de compensação	Custo anual
Salários da base	US $ 156 milhões
Bônus de desempenho	US $ 38 milhões
Treinamento e desenvolvimento	US $ 20 milhões

Custos de conformidade regulatória

Despesas totais de conformidade regulatória em 2023: US $ 97 milhões

• Monitoramento ambiental: US $ 42 milhões
• Certificação de segurança: US $ 29 milhões
• Taxas legais e de consultoria: US $ 26 milhões

Investimentos de tecnologia e equipamentos

Total de tecnologia e investimentos em equipamentos para 2023: US $ 186 milhões

Categoria de tecnologia	Investimento anual
Infraestrutura digital	US $ 78 milhões
Sistemas de monitoramento	US $ 62 milhões
Equipamento avançado	US $ 46 milhões

Western Midstream Partners, LP (WES) - Modelo de negócios: fluxos de receita

Taxas de transporte para petróleo e gás

Em 2023, a Western Midstream Partners relatou taxas de transporte totalizando US $ 1.487 milhões em serviços de infraestrutura de petróleo e gás.

Tipo de serviço de transporte	Receita anual ($ m)
Transporte de petróleo bruto	$872
Transporte de gás natural	$615

Processando e coletando cobranças de serviço

As cobranças de serviço de processamento e coleta geraram US $ 653 milhões em receita para 2023.

• Taxas de processamento de gás natural: US $ 412 milhões
• Reunindo taxas de serviço do sistema: US $ 241 milhões

Contratos de taxa fixa de longo prazo

Os contratos de taxa fixa representaram US $ 1.129 milhões em receita total em 2023.

Tipo de contrato	Receita fixa anual ($ m)
Contratos da Bacia de Delaware	$487
Contratos da Bacia do Permiano	$642

Acordos de receita baseados em volume

Os acordos baseados em volume contribuíram com US $ 521 milhões para a receita de 2023 do Western Midstream.

• Acordos de volume de petróleo bruto: US $ 276 milhões
• Acordos de volume de gás natural: US $ 245 milhões

Monetização de ativos de infraestrutura média

A monetização de ativos gerou US $ 213 milhões em 2023.

Tipo de ativo	Receita de monetização ($ m)
Vendas de ativos de pipeline	$127
Locação de instalações de processamento	$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.