Western Midstream’s (WES) Q1 earnings call held on May 7, centered on the Delaware Basin, where management said gas throughput rose 3% to just over 2 Bcf/d, crude oil and NGL throughput hit a record 272 Mb/d, and produced water throughput reached 2.8 MMb/d. A highlight of the call was WES’s $1.6 billion acquisition of Brazos Delaware II (Brazos Midstream's Delaware assets), which CEO Oscar Brown called a “strategic bolt-on” that expands WES’s West Texas footprint with about 910 miles of gathering pipeline, and 460 MMcf/d of processing capacity via the three-train Comanche processing plant. (WES's assets in blue and Brazos Midstream's Delaware assets in yellow in the figure below). The acquisition brings roughly 125 MMcf/d of unused processing capacity at the Comanche complex, which Brown said WES can use “in reasonably short order”.
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Q2 2026 Earnings Calls: Western Midstream Growth Flows Through Water Business
On its Q2 2026 earnings call, Western Midstream (WES) emphasized water handling is now its fastest-growing business, with throughput up roughly 85% this year, and CEO Oscar Brown put it plainly: in the Permian, "crude oil and natural gas flow assurance does not happen without a solution for produced water."
- Analyst Insight
Q3 2026 Earnings Calls: Western Midstream Rides Rising Gas and Water Ratios in the Delaware
On the Western Midstream (WES) Q3 earnings call, management highlighted their Delaware gas throughput volumes rose 20% from Q2 to a record 2.56 Bcf/d. About two-thirds of that came from the former Brazos Delaware system which was acquired back in Q2.
- Analyst Insight
WES Makes a Splash in Q3 Earnings
In their Q3 Earnings call, Western Midstream (WES) flooded the market with insight on synergies, commercial success and challenges with their new water-related assets.
