WES
EnergyWestern Midstream Partners, LP · Oil & Gas Midstream · $19B
What is Western Midstream Partners, LP?
Western Midstream Partners, LP is a large-cap midstream energy partnership based in The Woodlands, Texas, focused on gathering, processing, and transporting natural gas, NGLs, and crude oil across key U.S. basins.
WES generates revenue by providing fee-based midstream services — gathering, compressing, treating, processing, and transporting natural gas and liquids. It also handles produced water disposal. Operating across Texas, New Mexico, the Rocky Mountains, and North-central Pennsylvania, the partnership connects upstream producers to downstream markets through long-term service agreements.
The partnership was incorporated in 2012 and operates under its current name since February 2019.
- Natural gas gathering, compression, and processing
- NGL and crude oil stabilization and transport
- Produced water gathering and disposal
- Natural gas and NGL marketing
Is WES a Good Stock to Buy?
UQS Score rates WES as Good overall, reflecting a balanced profile with notable strengths and one area of meaningful concern.
The Quality pillar stands out as Strong, pointing to durable cash generation relative to midstream peers. Valuation is rated Attractive, suggesting the units may be priced favorably compared to intrinsic fundamentals.
The Risk pillar is rated Weak, which investors should weigh carefully — partnership structures and commodity-adjacent operations can amplify financial risk.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does WES pay dividends?
Yes — Western Midstream Partners, LP pays a dividend.
Western Midstream Partners pays a regular distribution, consistent with the midstream MLP model of returning cash to unitholders. Fee-based contracts underpin the cash flow that supports these payouts, making distribution sustainability a key consideration for income-focused investors.
When does WES report earnings?
Western Midstream Partners reports financial results on a quarterly cadence, standard for U.S.-listed partnerships.
Results have reflected the fee-based nature of midstream operations, with throughput volumes and contract terms driving revenue rather than commodity price swings alone. Investors monitor distribution coverage and leverage trends each quarter.
For the most recent quarter's results, visit Western Midstream Partners' investor relations page directly.
WES Price History
+223.2% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Western Midstream Partners, LP?
Based on Western Midstream Partners, LP's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
Frequently Asked Questions
What does Western Midstream Partners do?
Western Midstream Partners gathers, processes, and transports natural gas, NGLs, and crude oil for upstream producers across Texas, New Mexico, the Rocky Mountains, and Pennsylvania. It also handles produced water disposal and buys and sells natural gas and NGLs.
Does WES pay dividends?
Yes, WES pays a regular quarterly distribution to unitholders. As a master limited partnership, it is structured to return a significant portion of cash flow to investors. Investors should verify the current distribution rate on the company's investor relations page.
When does WES report earnings?
Western Midstream Partners follows a quarterly reporting schedule typical of U.S.-listed partnerships. For the exact date of the next earnings release, check the investor relations section of the company's official website.
Is WES a good stock to buy?
The UQS Score rates WES as Good overall. Quality is Strong and Valuation is Attractive, but the Risk pillar is Weak — a meaningful factor for any investment decision. The full pillar breakdown is available to Pro members on UQS Score.
Is WES overvalued?
The UQS Valuation pillar for WES is rated Attractive, suggesting the units are not considered overpriced relative to fundamentals within the UQS framework. Investors should review the complete valuation analysis available to Pro members for deeper context.
What is WES's market cap bracket?
Western Midstream Partners is classified as a large-cap partnership, placing it among the more substantial publicly traded midstream energy entities in the U.S.
Is WES a long-term quality investment?
From a long-term quality standpoint, WES scores well on the Quality pillar, reflecting durable cash generation. However, the Weak Risk rating and Neutral Growth profile are factors long-term investors should weigh. Pro members can access the full multi-pillar view.
What sector does WES belong to?
WES operates in the Energy sector, specifically within midstream energy — the segment focused on transporting and processing hydrocarbons rather than exploration or retail distribution.
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Pro Analysis
WES — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| Sep 17, 2026 | 16.3 | 0.0 | 43.0 | 0.0 | 36.9 | 0.0 | -43.1 |
| Aug 5, 2026 | 59.4 | 84.4 | 43.0 | 60.9 | 23.1 | 79.4 | 0.0 |
| Aug 3, 2026 | 59.4 | 84.4 | 43.0 | 60.9 | 23.1 | 79.3 | +0.1 |
| Jul 31, 2026 | 59.3 | 84.3 | 43.0 | 60.9 | 23.1 | 78.9 | +0.1 |
| Jul 29, 2026 | 59.2 | 84.2 | 43.0 | 60.9 | 23.1 | 78.7 | 0.0 |
| Jul 27, 2026 | 59.2 | 84.2 | 43.0 | 60.9 | 23.1 | 78.6 | -0.1 |
| Jul 25, 2026 | 59.3 | 84.2 | 43.0 | 60.9 | 23.1 | 79.3 | +0.1 |
| Jul 24, 2026 | 59.2 | 84.0 | 43.0 | 60.9 | 23.1 | 78.5 | +0.1 |
| Jul 23, 2026 | 59.1 | 84.3 | 43.0 | 59.5 | 23.1 | 79.4 | -0.1 |
| Jul 22, 2026 | 59.2 | 84.4 | 43.0 | 59.5 | 23.1 | 79.7 | +0.1 |
WES — Pillar Breakdown
Quality
— 0.0/100 (25%)Western Midstream Partners, LP currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Ability to convert revenue into operating profit.
Free cash flow relative to market value.
Growth
— 0.0/100 (20%)Western Midstream Partners, LP faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Analyst consensus for future revenue growth.
Risk
— 36.9/100 (15%)Western Midstream Partners, LP has some risk factors including moderate leverage or solvency concerns.
Debt levels relative to earnings capacity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 0.0/100 (15%)Western Midstream Partners, LP appears expensively valued relative to its fundamentals and growth prospects.
Moat
— 43/100 (25%)Western Midstream Partners, LP possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for WES.
Score Composition
Financial Data
More Stock Analysis
How is the WES UQS Score Calculated?
The UQS (Unified Quality Score) for Western Midstream Partners, LP is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Western Midstream Partners, LP's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Western Midstream Partners, LP is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.