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Western Midstream Partners, LP WES
$ 48.03 1.74%
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Quarterly report 2026-Q1
added 05-06-2026

Western Midstream Partners, LP Balance Sheet 2025-2010 | WES

Brief overview of Western Midstream Partners, LP's assets and capital

The review uses the five latest available annual reports between 2021 and 2025.

Assets added +33%, reaching $15 billion from $11.3 billion five periods earlier; annual growth near 7.4% remained solid.

The growth rates were balanced: assets changed +33%, while liabilities changed +32.5%.

The share of internal funding stands at 26.8% versus 26.2% initially, providing a reasonable foundation.

Net debt to equity is high at 1.85x; refinancing risk and borrowing costs become more important.

Cash represents 5.5% of assets versus 1.8% initially, showing how the immediate liquidity reserve changed.

Overall picture

Western Midstream Partners, LP has a workable but not unconditionally strong balance sheet. Resilience depends on sustained earnings and liability control.

Annual Balance Sheet Western Midstream Partners, LP

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

Net Debt

7.44 B 5.9 B 7.02 B 6.29 B 6.21 B 6.97 B 7.86 B 5.15 B 3.41 B 2.76 B 2.59 B 2.36 B 1.3 B 746 M 443 M -

Long Term Debt

8.2 B 6.93 B 7.28 B 6.57 B 6.4 B 7.42 B 7.95 B 5.21 B 3.49 B 3.12 B 2.69 B 2.42 B 1.42 B 1.17 B 669 M -

Long Term Debt Current

65.3 M 58.9 M 11.3 M 10.3 M 10.6 M 3.96 M 1.8 M - - - - - - - - -

Total Non Current Liabilities

9.6 B 8.08 B 8.14 B 7.26 B 7.04 B 7.42 B 8.66 B 8.48 B 6.53 B 6.37 B 5.58 B 5.33 B 3.22 B 1.24 B 1.26 B -

Total Current Liabilities

1.24 B 1.69 B 1.3 B 904 M 1.14 B 961 M 486 M 637 M 424 M 315 M 236 M 241 M 191 M 186 M - -

Total Liabilities

10.8 B 9.77 B 9.44 B 8.16 B 8.18 B 7.97 B 9.15 B 9.12 B 6.96 B 6.69 B 5.81 B 5.57 B 3.41 B 1.4 B 1.37 B -

Deferred Revenue

22.9 M 11.1 M 16.9 M 20.9 M 27.8 M 22.2 M 19.7 M 16.4 M 7.41 M 6.4 M 5.96 M 4.17 M 309 K - - -

Total Assets

15 B 13.1 B 12.5 B 11.3 B 11.3 B 11.8 B 12.3 B 11.5 B 8.02 B 7.74 B 7.3 B 6.96 B 4.63 B 3.48 B 2.84 B -

Cash and Cash Equivalents

819 M 1.09 B 273 M 287 M 202 M 445 M 100 M 92.1 M 79.6 M 359 M 99.7 M 67.2 M 113 M 423 M 227 M 27.1 M

Book Value

4.16 B 3.38 B 3.03 B 3.11 B 3.1 B 3.86 B 3.2 B 2.34 B 1.06 B 1.05 B 1.49 B 1.38 B 1.22 B 2.08 B 1.47 B -

Total Shareholders Equity

4.02 B 3.24 B 2.9 B 2.97 B 2.96 B 2.76 B 3.2 B 2.34 B 1.06 B 1.05 B 1.49 B 1.38 B 1.22 B 1.11 B - -

All numbers in USD currency

Quarterly Balance Sheet Western Midstream Partners, LP

2026-Q1 2025-Q3 2025-Q2 2025-Q1 2024-Q3 2024-Q2 2024-Q1 2023-Q3 2023-Q2 2023-Q1 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1

Long Term Debt

8.19 B 6.92 B 6.92 B 6.93 B 6.93 B 7.14 B 7.27 B 7.26 B 6.82 B 6.69 B 6.57 B 7.03 B - 6.19 B 6.4 B 6.4 B 6.84 B 7.42 B 7.42 B 7.42 B 7.42 B 8.09 B 7.95 B 7.73 B 7.49 B 5.21 B 4.79 B 4.79 B 4.79 B 4.79 B 3.49 B 3.49 B 3.49 B 3.49 B 3.12 B 3.12 B 3.12 B 3.12 B 2.69 B 2.69 B 2.69 B 2.69 B 2.42 B 2.42 B 2.42 B 2.42 B 1.42 B 1.42 B 1.42 B 1.42 B 1.17 B 1.17 B 1.17 B 1.17 B 669 M - - -

Total Non Current Liabilities

10 B 8.16 B 8.13 B 8.11 B 7.96 B 8.12 B 8.18 B 8.04 B 7.58 B 7.43 B 7.26 B 7.72 B - 6.84 B 7.04 B 7.02 B 7.45 B 8 B 7.97 B 7.97 B 7.97 B 7.97 B 8.52 B 8.52 B 8.52 B 8.52 B 5.93 B 5.93 B 5.93 B 5.93 B 3.89 B 3.65 B 3.65 B 3.65 B 3.31 B 3.31 B 3.31 B 3.31 B 3.15 B 3.15 B 3.15 B 3.15 B 2.71 B 2.58 B 2.58 B 2.58 B 1.54 B 1.54 B 1.54 B 1.54 B 1.28 B 1.28 B 1.28 B 1.28 B - - - -

Total Liabilities

11.4 B 8.8 B 8.83 B 9.12 B 9.6 B 8.76 B 8.89 B 8.67 B 8.2 B 8.01 B 8.16 B 8.47 B - 8.18 B 8.18 B 8.32 B 8.57 B 8.49 B 8.93 B 8.93 B 8.93 B 8.93 B 9 B 9 B 9 B 9 B 6.56 B 6.56 B 6.56 B 6.56 B 4.44 B 4.07 B 4.07 B 4.07 B 3.63 B 3.63 B 3.63 B 3.63 B 3.38 B 3.38 B 3.38 B 3.38 B 3 B 2.82 B 2.82 B 2.82 B 1.73 B 1.73 B 1.73 B 1.73 B 1.47 B 1.47 B 1.47 B 1.47 B - - - -

Deferred Revenue

186 M 10.9 M 10.9 M 10.9 M 10.1 M 11.2 M 11.9 M 14.9 M 14.9 M 14.3 M 20.9 M 19.2 M - 8.92 M 27.8 M 22.9 M 16.3 M 19.2 M 31.5 M 31.5 M 31.5 M 31.5 M 19.7 M 19.7 M 19.7 M 19.7 M 16.2 M 16.2 M 16.2 M 16.2 M - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Total Assets

14.9 B 12.1 B 12.2 B 12.5 B 13 B 12.2 B 12.3 B 11.6 B 11.2 B 11.1 B 11.3 B 11.5 B - 11.4 B 11.3 B 11.4 B 11.6 B 11.4 B 11.8 B 11.8 B 11.8 B 11.8 B 12.3 B 12.3 B 12.3 B 12.3 B 11.5 B 11.5 B 11.5 B 11.5 B 9.43 B 8.02 B 8.02 B 8.02 B 7.74 B 7.74 B 7.74 B 7.74 B 7.3 B 7.3 B 7.3 B 7.3 B 7.56 B 6.96 B 6.96 B 6.96 B 4.63 B 4.63 B 4.63 B 4.63 B 3.86 B 3.75 B 3.75 B 3.75 B - - - -

Cash and Cash Equivalents

647 M 177 M 130 M 448 M 1.12 B 344 M 295 M 489 M 214 M 113 M 287 M 159 M 97.4 M 248 M 202 M 99.9 M 306 M 56.4 M 445 M 445 M 445 M 445 M 100 M 100 M 100 M 100 M 92.1 M 92.1 M 92.1 M 92.1 M 79.6 M 79.6 M 79.6 M 79.6 M 359 M 359 M 359 M 359 M 99.7 M 99.7 M 99.7 M 99.7 M 67.2 M 67.2 M 67.2 M 67.2 M 113 M 113 M 113 M 113 M 423 M 423 M 423 M 423 M 227 M - - -

Book Value

3.51 B 3.33 B 3.33 B 3.33 B 3.38 B 3.42 B 3.38 B 2.96 B 3.02 B 3.1 B 3.11 B 3.01 B - 3.27 B 3.1 B 3.1 B 3.05 B 2.94 B 2.9 B 2.9 B 2.9 B 2.9 B 3.35 B 3.35 B 3.35 B 3.35 B 4.89 B 4.89 B 4.89 B 4.89 B 5 B 3.94 B 3.94 B 3.94 B 4.11 B 4.11 B 4.11 B 4.11 B 3.92 B 3.92 B 3.92 B 3.92 B 4.57 B 4.13 B 4.13 B 4.13 B 2.9 B 2.9 B 2.9 B 2.9 B 2.39 B 2.28 B 2.28 B 2.28 B - - - -

Total Shareholders Equity

3.37 B 3.18 B 3.19 B 3.19 B 3.24 B 3.28 B 3.24 B 2.82 B 2.89 B 2.97 B 2.97 B 2.87 B - 3.13 B 2.96 B 2.95 B 2.91 B 2.81 B 2.76 B 2.76 B 2.76 B 2.76 B 3.2 B 3.2 B 3.2 B 3.2 B 2.34 B 2.34 B 2.34 B 2.34 B 2.11 B 1.06 B 1.06 B 1.06 B 1.05 B 1.05 B 1.05 B 1.05 B 1.49 B 1.49 B 1.49 B 1.49 B 1.82 B 1.38 B 1.38 B 1.38 B 1.22 B 1.22 B 1.22 B 1.22 B 1.23 B 1.11 B 1.11 B 1.11 B - - - -

All numbers in USD currency

Balance Sheet is a fundamental financial report of Western Midstream Partners, LP, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.

For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.

Features of balance sheet analysis
  • Vertical and horizontal analysis
    Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods.
  • Asset quality
    It is important to evaluate not only the amount of assets but also their liquidity and realizability.
  • Accounting for off-balance sheet liabilities
    Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.

Balance sheet of other industry stocks – Oil gas midstream

Issuer Price % 24h Market Cap Country
Antero Midstream Corporation Antero Midstream Corporation
AM
$ 21.61 0.5 % $ 10.3 B usaUSA
Cheniere Energy Partners, L.P. Cheniere Energy Partners, L.P.
CQP
$ 66.21 0.85 % $ 32 B usaUSA
Delek Logistics Partners, LP Delek Logistics Partners, LP
DKL
$ 56.74 0.05 % $ 3.28 B usaUSA
Dynagas LNG Partners LP Dynagas LNG Partners LP
DLNG
$ 3.84 1.55 % $ 140 M greeceGreece
Enterprise Products Partners L.P. Enterprise Products Partners L.P.
EPD
$ 38.66 0.06 % $ 83.5 B usaUSA
Energy Transfer LP Energy Transfer LP
ET
$ 21.46 0.05 % $ 73.9 B usaUSA
Genesis Energy, L.P. Genesis Energy, L.P.
GEL
$ 15.43 0.13 % $ 1.89 B usaUSA
Global Partners LP Global Partners LP
GLP
$ 52.08 1.12 % $ 1.77 B usaUSA
Hess Midstream LP Hess Midstream LP
HESM
$ 39.85 0.09 % $ 8.21 B usaUSA
Kinder Morgan Kinder Morgan
KMI
$ 30.8 0.03 % $ 68.5 B usaUSA
Dorian LPG Ltd. Dorian LPG Ltd.
LPG
$ 55.25 0.13 % $ 2.35 B usaUSA
Martin Midstream Partners L.P. Martin Midstream Partners L.P.
MMLP
$ 2.15 0.23 % $ 84.1 M usaUSA
MPLX LP MPLX LP
MPLX
$ 58.88 0.35 % $ 59.7 B usaUSA
Navigator Holdings Ltd. Navigator Holdings Ltd.
NVGS
$ 23.16 0.13 % $ 1.56 B britainBritain
ONEOK ONEOK
OKE
$ 96.12 0.39 % $ 60.1 B usaUSA
Plains All American Pipeline, L.P. Plains All American Pipeline, L.P.
PAA
$ 25.74 0.46 % $ 18.2 B usaUSA
Plains GP Holdings, L.P. Plains GP Holdings, L.P.
PAGP
$ 27.9 0.2 % $ 5.52 B usaUSA
Star Group, L.P. Star Group, L.P.
SGU
$ 12.76 0.09 % $ 437 M usaUSA
Scorpio Tankers Scorpio Tankers
STNG
$ 85.5 1.16 % $ 3.98 B monacoMonaco
Teekay Corporation Teekay Corporation
TK
$ 14.13 1.99 % $ 1.22 B bermudaBermuda
Teekay Tankers Ltd. Teekay Tankers Ltd.
TNK
$ 99.61 0.14 % $ 3.45 B bermudaBermuda
Targa Resources Corp. Targa Resources Corp.
TRGP
$ 286.99 0.74 % $ 62 B usaUSA
TORM plc TORM plc
TRMD
$ 35.39 0.88 % $ 3.48 B britainBritain
TC Energy Corporation TC Energy Corporation
TRP
$ 61.37 0.8 % $ 63.8 B canadaCanada
Brooge Energy Limited Brooge Energy Limited
BROG
- 13.04 % $ 478 M britainBritain
Viper Energy Partners LP Viper Energy Partners LP
VNOM
$ 44.72 0.02 % $ 4.2 B usaUSA
The Williams Companies The Williams Companies
WMB
$ 71.97 0.01 % $ 87.9 B usaUSA
Equitrans Midstream Corporation Equitrans Midstream Corporation
ETRN
- - $ 5.39 B usaUSA
Green Plains Partners LP Green Plains Partners LP
GPP
- - $ 286 M usaUSA
Höegh LNG Partners LP Höegh LNG Partners LP
HMLP
- 0.05 % $ 308 M bermudaBermuda
Overseas Shipholding Group Overseas Shipholding Group
OSG
- - $ 666 M usaUSA
PBF Logistics LP PBF Logistics LP
PBFX
- -1.19 % $ 1.35 B usaUSA
Shell Midstream Partners, L.P. Shell Midstream Partners, L.P.
SHLX
- - $ 6.22 B usaUSA
Summit Midstream Partners, LP Summit Midstream Partners, LP
SMLP
- - $ 167 M usaUSA
Evolve Transition Infrastructure LP Evolve Transition Infrastructure LP
SNMP
- -0.75 % $ 11.2 M usaUSA
U.S. Well Services U.S. Well Services
USWS
- -0.45 % $ 91 M usaUSA
NuStar Energy L.P. NuStar Energy L.P.
NS
- - $ 2.78 B usaUSA
EnLink Midstream, LLC EnLink Midstream, LLC
ENLC
- - $ 6.52 B usaUSA
Magellan Midstream Partners, L.P. Magellan Midstream Partners, L.P.
MMP
- - $ 13.9 B usaUSA
Blueknight Energy Partners, L.P. Blueknight Energy Partners, L.P.
BKEP
- - $ 195 M usaUSA
Crestwood Equity Partners LP Crestwood Equity Partners LP
CEQP
- - $ 2.97 B usaUSA
Rattler Midstream LP Rattler Midstream LP
RTLR
- 2.95 % $ 545 M usaUSA
Noble Midstream Partners LP Noble Midstream Partners LP
NBLX
- - $ 1.37 B usaUSA
Altus Midstream Company Altus Midstream Company
ALTM
- -0.79 % $ 1.07 B usaUSA
Enable Midstream Partners, LP Enable Midstream Partners, LP
ENBL
- 1.44 % $ 3.07 B usaUSA
Oasis Midstream Partners LP Oasis Midstream Partners LP
OMP
- 2.48 % $ 1.08 B usaUSA
Phillips 66 Partners LP Phillips 66 Partners LP
PSXP
- -2.33 % $ 7.93 B usaUSA
DCP Midstream, LP DCP Midstream, LP
DCP
- -0.02 % $ 8.7 B usaUSA
Holly Energy Partners, L.P. Holly Energy Partners, L.P.
HEP
- - $ 2.59 B usaUSA