The partnership raised its 2026 adjusted EBITDA midpoint by $250 million to $2.85 billion following stronger Q2 results.
Western Midstream Partners reported a 19% year-over-year increase in Q2 adjusted EBITDA to $737 million, driven by higher Delaware Basin volumes, the Brazos Delaware II acquisition, and stronger commodity prices. Net income attributable to limited partners reached $395 million, while distributable cash flow totaled $537 million.
The company raised its 2026 adjusted EBITDA guidance midpoint by $250 million to $2.85 billion and increased distributable cash flow and free cash flow guidance by $200 million. Brazos is expected to contribute $100 million in EBITDA for the second half and generate $15 million–$20 million in synergies. Produced-water throughput is projected to grow 85% in 2026.
Western Midstream maintained its $0.93 quarterly distribution, supported by $1.8 billion in liquidity and pro forma net leverage of 3.15 times. New Powder River Basin agreements covering 270,000 acres were also announced.