WESNYSE—65

Western Midstream Partners, LP

Integrated Oil & GasVerified

Score breakdown

Profitability+24Sentiment+12Risk penalty-6Missing signals-3

Quality breakdown

Key fields100Profile75Conclusion84AI synthesis40Observations57

Western Midstream Partners, LP (WES) is currently classified as Integrated Oil & Gas within Integrated Oil & Gas (Energy). Classification confidence: 0.92 (verified market data). Capital structure on the latest snapshot: total assets 14,998,420,000 USD, total equity 0, short-term debt 0, long-term debt 8,195,170,000. Net cash position is approximately -7,375,679,000 USD. Profitability profile: revenue 3,841,599,000, gross profit 0, operating income 1,601,402,000, net income 1,180,983,000. Return on assets ~7.9%. Operating-cash-flow to net-income ratio is 1.88. Risk profile from automated assessment: liquidity risk medium, dilution risk medium. Flags: Net cash is negative after subtracting total debt.; Source documents mention dilution or offering risk.. Comparable peers identified within the same class: Chevron, Shell, BP.

Profile

CompanyWestern Midstream Partners, LP

ExchangeNYSE

TickerWES

CIK0001423902

SICNatural Gas Transmission

SectorEnergy

BusinessEnergy - Fossil Fuels

Industry groupEnergy - Fossil Fuels

IndustryIntegrated Oil & Gas

AI analysis

Business. Western Midstream Partners, LP is classified under Energy / Integrated Oil & Gas and appears profitable on the latest normalized snapshot.

Classification. Classification confidence is 0.92 based on verified market data; matched terms: Integrated Oil & Gas, Energy - Fossil Fuels, Energy.

Key takeaways

Likely peers from the same classification include Chevron, Shell, BP.
market data ESG controversies score: 100.0

Financial snapshot

PeriodFY2025

CurrencyUSD

Revenue$3.84B

Gross profit—

Operating income$1.60B

Net income$1.18B

R&D—

SG&A$398.9M

D&A$710.8M

SBC$50.8M

Operating cash flow$2.22B

CapEx—

Free cash flow—

Total assets$15.00B

Total liabilities$10.84B

Total equity—

Cash & equivalents$819.5M

Long-term debt$8.20B

Annual history (last 5)

PeriodRevenueOp IncomeNet IncomeFCF

FY2025$3.84B$1.60B$1.18B—

FY2024$3.60B$1.97B$1.57B—

FY2025$3.60B$1.97B$1.57B—

FY2023$3.11B$1.38B$1.02B—

FY2024$3.11B$1.38B$1.02B—

PeriodGross %Op %Net %FCF %

FY2025————

FY2024————

FY2025————

FY2023————

FY2024————

PeriodAssetsEquityCashDebt

FY2025$15.00B—$819.5M—

FY2024$13.14B—$1.09B—

FY2025$13.14B—$1.09B—

FY2023$12.47B—$272.8M—

FY2024$12.47B—$272.8M—

PeriodOCFCapExFCFSBC

FY2025$2.22B——$50.8M

FY2024$2.14B——$38.0M

FY2025$2.14B——$38.0M

FY2023$1.66B——$32.0M

FY2024$1.66B——$32.0M

Quarterly history (last 4)

PeriodRevenueOp IncomeNet IncomeFCF

Q3 2025$2.81B$1.30B$990.3M—

Q2 2025$1.86B$854.3M$650.7M—

Q1 2025$916.9M$409.8M$309.0M—

Q1 2025————

PeriodGross %Op %Net %FCF %

Q3 2025————

Q2 2025————

Q1 2025————

PeriodAssetsEquityCashDebt

Q3 2025$12.13B—$177.3M—

Q2 2025$12.16B—$129.7M—

Q1 2025$12.46B—$448.4M—

Q1 2025$13.14B—$1.09B—

PeriodOCFCapExFCFSBC

Q3 2025$1.66B——$29.4M

Q2 2025$1.09B——$19.0M

Q1 2025$530.8M——$8.2M

Q1 2025————

Valuation

Market price—

Market cap—

Enterprise value—

P/E—

Reported non-GAAP P/E—

EV/Revenue—

EV/Op income—

EV/OCF—

P/B—

P/Tangible book—

Tangible book$2.90B

Net cash-$7.38B

Current ratio1.3

Debt/Equity—

ROA7.9%

ROE—

Cash conversion1.9%

CapEx/Revenue—

SBC/Revenue1.3%

Asset intensity0.7

Dilution ratio—

Risk assessment

Dilution riskMedium

Liquidity riskMedium

Net cash is negative after subtracting total debt.
Source documents mention dilution or offering risk.

Industry benchmarks

Activity: Integrated Oil & Gas · cohort 13 companies

MetricWESActivity

Op margin41.7%34.6% medp25 5.3% · p75 45.5%above median

Net margin30.7%15.1% medp25 8.7% · p75 115.0%above median

Gross margin—22.2% medp25 10.3% · p75 36.0%

R&D / revenue—0.4% medp25 0.4% · p75 0.4%

CapEx / revenue—8.5% medp25 8.5% · p75 10.7%

Debt / equity—13.2% medp25 13.2% · p75 33.1%

Observations

IR observations

market data ESG controversies score100.0

market data ESG governance pillar20.5

market data ESG social pillar49.1

market data insider trading score6.0

Competitor context

CVXChevronUSPeer

Derived from classification anchor Integrated Oil & Gas.

Integrated Oil & Gas, Energy - Fossil Fuels, Energy

SHELShellUSPeer

Derived from classification anchor Integrated Oil & Gas.

Integrated Oil & Gas, Energy - Fossil Fuels, Energy

BPBPUSPeer

Derived from classification anchor Integrated Oil & Gas.

Integrated Oil & Gas, Energy - Fossil Fuels, Energy

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

SEC filingstype companyfacts · CIK 0001423902 · 337 us-gaap concepts

data.sec.gov/CIK0001423902.json

2026-05-01 09:43 UTC#9fd41586

Source: analysis-pipeline (hybrid)Generated: 2026-05-01 09:44 UTCJob: 4dea1441