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Private company

Western Midstream Operating, LP

Western Midstream Operating, LP is an American natural gas transmission company based in The Woodlands.2

Last updated Oct 21, 2026.

Overview

  • IndustryNatural Gas Transmission2
  • HeadquartersThe Woodlands, United States2
  • Incorporated inDE3
  • Business address9950 Woodloch Forest Drive, Suite 2800, The Woodlands, Tx 773803
  • Filer categoryLarge accelerated filer3
  • Legal formLimited Partnership2
  • Kind of organizationLimited partnership2
  • LEIL6D8A6MLSY454J2JXJ602
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 44073322

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2018

31.5%Operating margin4
22.3%Net margin4
-11.2%Revenue growth, 20184

Where the money goes

Where each dollar of revenue went, fiscal 2018

  • Cost of revenue22¢$431.9M
  • Other costs47¢$932.0M
  • Interest9¢$184.0M
  • Income tax0¢$2.9M
  • Profit22¢$445.8M

Out of $2.0B in revenue.4

Where each dollar of operating cash went, fiscal 2018

  • Dividends paid88¢$893.6M
  • Kept or used elsewhere12¢$127.0M

Out of $1.0B of cash from operations.4

Financial statements

Revenue564$2.0B in 2018+30% since 2014
0$1.0B$2.0B$3.0B2014: $1.5B$1.5B20142015: $1.8B$1.8B2015+14%2016: $1.8B$1.8B2016+3%2017: $2.2B$2.2B2017+25%2018: $2.0B$2.0B2018−11%
Operating income564$629.4M in 2018+13% since 2014
0$200.0M$400.0M$600.0M$800.0M2014: $554.7M$554.7M20142015: $157.3M$157.3M2015−72%2016: $708.2M$708.2M2016+350%2017: $707.3M$707.3M2017−0%2018: $629.4M$629.4M2018−11%
Net income564$445.8M in 2018+1% since 2014
0$200.0M$400.0M$600.0M2014: $442.6M$442.6M20142015: $4.1M$4.1M2015−99%2016: $591.3M$591.3M2016+14302%2017: $567.5M$567.5M2017−4%2018: $445.8M$445.8M2018−21%
Fiscal year20142015201620172018
Revenue$1.5B5$1.8B6$1.8B4$2.2B4$2.0B4
Cost of revenue$494.2M4$908.7M4$431.9M4
Operating income$554.7M5$157.3M6$708.2M4$707.3M4$629.4M4
Interest$76.8M5$113.9M6$114.9M4$142.4M4$184.0M4
Income tax$39.1M5$45.5M6$8.4M4$4.9M4$2.9M4
Net income$442.6M5$4.1M6$591.3M4$567.5M4$445.8M4

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Leadership

Who has led Western Midstream Operating, LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert G. Gwin2008
  2. Donald R. Sinclair2010–2016

Chair

  1. R. A. Walker2008
  2. Benjamin Matthew Fink2019

President

  1. Robert G. Gwin2008
  2. Donald R. Sinclair2009–2016
  3. Robin H. Fielder2018

Chief financial officer

  1. Michael C. Pearl2008
  2. Benjamin Matthew Fink2009–2013
  3. Jaime R. Casas2017

Chief operating officer

  1. Danny J. Rea2008–2013
  2. Gennifer F. Kelly2018
2010201520202025
Board members and other officers (18)

Former names

  • Western Gas Partners LPOct 15, 2007 to Feb 20, 20193

Timeline

  1. Jun 25, 20268-K Entered a material agreement; New debt or obligation; Other events35
  2. Jun 12, 20268-K Entered a material agreement; Regulation FD disclosure36
  3. Jan 22, 20268-K Entered a material agreement; Regulation FD disclosure37
  4. Dec 4, 20258-K Entered a material agreement; New debt or obligation; Other events38
  5. Nov 28, 20258-K Other events39
  6. Oct 15, 20258-K Other events40
  7. Apr 9, 20258-K Entered a material agreement; New debt or obligation41
  8. Feb 18, 20258-K Executive or director change42
  9. Nov 1, 20248-K Executive or director change; Regulation FD disclosure43
  10. Aug 20, 20248-K Entered a material agreement; New debt or obligation; Other events44
  11. May 16, 20248-K Entered a material agreement; New debt or obligation45
  12. Nov 16, 20238-K Entered a material agreement; New debt or obligation46
  13. May 21, 2010New chief executive Donald R. Sinclair becomes CEO10
  14. May 8, 2008New chief executive Robert G. Gwin becomes CEO11
  15. Aug 21, 2007Founded Western Midstream Operating, LP is founded2

Filings

59 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 20 major events, 18 other. The latest 20:

  1. Sep 25, 2026SD EDGAR
  2. Aug 5, 202610-Q EDGAR
  3. Jun 25, 20268-K EDGAR
  4. Jun 24, 2026424B2 EDGAR
  5. Jun 22, 2026FWP EDGAR
  6. Jun 22, 2026424B5 EDGAR
  7. Jun 12, 20268-K EDGAR
  8. May 6, 202610-Q EDGAR
  9. Feb 18, 202610-K EDGAR
  10. Jan 22, 20268-K EDGAR
  11. Dec 4, 20258-K EDGAR
  12. Dec 3, 2025424B5 EDGAR
  13. Dec 1, 2025FWP EDGAR
  14. Dec 1, 2025424B3 EDGAR
  15. Nov 28, 20258-K EDGAR
  16. Nov 4, 202510-Q EDGAR
  17. Oct 15, 20258-K EDGAR
  18. Sep 24, 2025SD EDGAR
  19. Aug 6, 202510-Q EDGAR
  20. May 7, 202510-Q EDGAR

The 59 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Western Midstream Operating, LP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARWestern Midstream Operating, LP1
  • CIK0001414475
  • Employer ID (EIN)46-096736747
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company47
  • Incorporated inDelaware47
  • Fiscal year endsDecember 311
  • Industry code (SIC)4922 Natural Gas Transmission1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address9950 Woodloch Forest Drive, Suite 2800, The Woodlands, TX 773801
  • Phone346-786-50001
  • Shares outstanding413,174,593 as of Jul 31, 20267
  • Public float$8.3B as of Jun 30, 202547
  • AuditorKPMG LLP, Houston, Texas PCAOB ID 185; it also attests to the company’s internal control over financial reporting47
  • On EDGAR sinceOct 15, 20071
  • Filings705 in all: 4 (192), 8-K (177), 10-Q (56), 3 (27), SC 13G/A (26), 424B5 (25), 424B3 (22), UPLOAD (20)1
    All 41 form types

    10-K (18), FWP (16), 425 (14), CORRESP (13), SC 13D/A (12), SC 13G (11), 8-K/A (8), EFFECT (8), CT ORDER (7), 424B2 (6), S-3ASR (6), S-1/A (5), S-3 (5), 10-K/A (3), 10-Q/A (3), S-8 POS (3), SD (3), 4/A (2), POS AM (2), S-8 (2), 15-12B (1), 25-NSE (1), 3/A (1), 424B1 (1), 5 (1), 8-A12B (1), CERTNYS (1), DEF 14A (1), DEFM14A (1), POSASR (1), S-1 (1), S-3/A (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 18, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Sep 14, 2017
    Latest 8-K (8-K) Jun 25, 2026

Securities registered for trading

ClassSymbolExchange
Common unitsWESNew York Stock Exchange

From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).47

Risk factors and legal proceedings

The risks Western Midstream Operating, LP names in Item 1A of its 10-K filed Feb 18, 2026: 49 risks under these headings, as written.47

  • RISKS INHERENT IN OUR BUSINESS
  • We are dependent on Occidental for over 50% of revenues related to the natural gas, crude oil, NGLs, and produced water that we gather, transport, recycle, treat, supply, and/or dispose. A material reduction in Occidental’s production that is gathered, treated, processed, or transported by our assets would result in a material decline in our revenues and cash available for distribution.
  • Because we are dependent on Occidental as our largest customer and the owner of our general partner, any development that materially and adversely affects Occidental’s operations, financial condition, or market reputation could have a material and adverse impact on us. Material adverse changes at Occidental could restrict our access to capital, make it more expensive to access the capital markets, or increase the costs of our borrowings.
  • Occidental’s ownership of our general partner may result in conflicts of interest.
  • Any future credit-rating downgrade could negatively impact our cost of and ability to access capital.
  • Sustained low natural-gas, NGLs, or oil prices and volatility of such prices could adversely affect our business.
  • Because of the natural decline in production from existing wells, our success depends on our ability to compete for new sources of oil and natural-gas throughput, which is dependent on certain factors beyond our control. Any decrease in the volumes that we gather, process, treat, and transport could affect our business and operating results adversely.
  • Our profitability may be negatively impacted by inflation in the cost of labor, materials, and services.
  • The amount of cash we have available for distribution to holders of our common units depends primarily on our cash flows rather than on our profitability, and we may not have sufficient cash from operations following the establishment of cash reserves and payment of fees and expenses to enable us to pay distributions at previously announced levels to holders of our common units, or at all, even during periods in which we record net income.
  • Certain of our natural-gas processing agreements provide our producer customers with contractually specified NGL recoveries that, under expected operating conditions, may generate commodity price exposure and could, under certain circumstances, generate financial or physical-delivery obligations for us.
  • We are exposed to the credit risk of third-party customers, and any material non-payment or non-performance by these parties, including with respect to our gathering, processing, transportation, and disposal agreements, could reduce our ability to make distributions to our unitholders.
  • Changes in laws or regulations regarding hydraulic fracturing could result in increased costs, operating restrictions, or delays in the completion of oil and natural-gas wells, which could decrease the need for our gathering and processing services.
The other 38 risks
  • Physical injection constraints and the adoption of new or more stringent legal standards relating to induced seismic activity could affect our produced-water disposal operations.
  • Adverse developments in our geographic areas of operation could disproportionately impact our business, results of operations, financial condition, and ability to make cash distributions to our unitholders.
  • Our indebtedness may limit our ability to capitalize on acquisitions and other business opportunities or our flexibility to obtain financing.
  • We may not be able to obtain funding on acceptable terms or at all. This may hinder or prevent us from meeting our future capital needs.
  • Our failure to maintain an adequate system of internal control over financial reporting could adversely affect our ability to accurately report our results.
  • Our business could be negatively affected by security threats, including cyber-threats, and other disruptions.
  • We typically do not obtain independent evaluations of hydrocarbon reserves connected to our systems. Therefore, in the future, throughput on our systems could be less than we anticipate.
  • Our results of operations could be adversely affected by asset impairments.
  • If third-party pipelines or other facilities interconnected to our gathering, transportation, treating, or processing systems become partially or fully unavailable, or if the volumes we gather or transport do not meet the quality requirements of such pipelines or facilities, our revenues and cash available for distribution could be adversely affected.
  • A change in the jurisdictional characterization of some of our assets by federal, state, or local regulatory agencies or a change in policy by those agencies could result in increased regulation of our assets, which could cause our revenues to decline and operating expenses to increase.
  • Adoption of new or more stringent climate-change or other air-emissions legislation or regulations restricting emissions of GHGs or other air pollutants could negatively impact us, our producer customers, or downstream customers by increasing operating costs and reducing volumetric throughput on our systems due to reduced demand for the gathering, processing, compressing, treating, transporting, supply, and produced-water disposal services we provide.
  • Federal and state legislative and regulatory initiatives relating to pipeline safety and integrity management that require the performance of ongoing assessments and implementation of preventive measures, the use of new or more-stringent safety controls or result in more-stringent enforcement of applicable legal requirements could subject us to increased capital costs, operational delays, and costs of operation.
  • Some portions of our pipeline systems have been in service for several decades, and we have a limited ownership history with respect to certain of our assets. There also could be unknown events or conditions, or increased maintenance or repair expenses, and downtime associated with our pipelines that could have a material adverse effect on our business and results of operations.
  • We are subject to stringent and comprehensive environmental laws and regulations that may expose us to significant costs and liabilities.
  • Our construction of new assets is subject to regulatory, environmental, political, legal, and economic risks, which could adversely affect our results of operations and financial condition.
  • We may fail to successfully combine our business with the assets and business of Aris, which could have an adverse impact on our future results.
  • We are subject to increased scrutiny from institutional investors with respect to our governance structure and the social cost of our industry, which may adversely impact our ability to raise capital from such investors.
  • We have partial ownership interests in several joint-venture legal entities that we do not operate or control. As a result, among other things, we may be unable to control the amount of cash we receive or retain from the operation of these entities, and we could be required to contribute significant cash to fund our share of joint-venture operations, which could affect our ability to distribute cash to our unitholders adversely.
  • We do not own all of the land on which our pipelines and facilities are located, which could result in disruptions to our operations.
  • Our business involves many hazards and operational risks, some of which may not be fully covered by insurance. If a significant accident or event occurs for which we are not fully insured, our operations and financial results could be adversely affected.
  • RISKS INHERENT IN AN INVESTMENT IN US
  • Our general partner’s liability regarding our obligations is limited.
  • Our partnership agreement limits our general partner’s fiduciary duties to holders of our common units and restricts the remedies available to holders of our common units for actions taken by our general partner that might otherwise constitute breaches of fiduciary duty.
  • The general partner interest in us may be transferred to a third party without unitholder consent.
  • We may issue additional units without unitholder approval, which would dilute existing ownership interests.
  • The market price of our common units could be affected adversely by sales of substantial amounts of our common units in the public or private markets, including sales by Occidental or other large holders.
  • Unitholders may have liability to repay distributions that were wrongfully distributed to them.
  • Unitholders’ liability may not be limited if a court finds that unitholder action constitutes control of our business.
  • Our taxation as a flow-through entity depends on our status as a partnership for U.S. federal income tax purposes, and our not being subject to a material amount of entity-level taxation by individual states. If the Internal Revenue Service (“IRS”) were to treat us as a corporation for federal income tax purposes or if we were to become subject to material additional amounts of entity-level taxation for state tax purposes, then our cash available for distribution to our unitholders could be reduced substantially.
  • The tax treatment of publicly traded partnerships or an investment in our common units could be subject to potential legislative, judicial, or administrative changes and differing interpretations, possibly on a retroactive basis.
  • If the IRS were to contest the federal income tax positions we take, it may impact the market for our common units adversely, and the costs of any such contest would reduce the cash available for distribution to our unitholders.
  • If the IRS makes audit adjustments to our income tax returns, it (and some states) may assess and collect any taxes (including any applicable penalties and interest) resulting from such audit adjustment directly from us, in which case our cash available for distribution to our unitholders might be substantially reduced.
  • Our unitholders are required to pay taxes on their share of our income even if they do not receive any cash distributions from us.
  • Tax gain or loss on the disposition of our common units could be more or less than expected.
  • Tax-exempt entities face unique tax issues from owning our common units that may result in adverse tax consequences to them.
  • Non-U.S. unitholders will be subject to U.S. taxes and withholding with respect to their income and gain from owning our units.
  • We generally prorate our items of income, gain, loss, and deduction between transferors and transferees of our common units each month based on the ownership of our common units on the first day of each month, instead of on the basis of the date a particular common unit is transferred. The IRS may challenge this treatment, which could change the allocation of items of income, gain, loss, and deduction among our unitholders.
  • We have adopted certain valuation methodologies in determining a unitholder’s allocations of income, gain, loss, and deduction. The IRS may challenge these methodologies or the resulting allocations, which could affect the value of our common units adversely.
  • Our unitholders are subject to state and local taxes and return-filing requirements in jurisdictions where they do not live as a result of investing in our common units.

Sources

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    SEC EDGAROther events
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    SEC EDGAROther events
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