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."
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WES Makes a Splash in Q3 Earnings
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New Level – ONEOK Levels Up its Permian Presence With $4.4 Billion Brazos Midstream Deal
ONEOK is buying Brazos Midstream’s Midland Basin natural gas gathering and processing assets for $4.425 billion. ONEOK says this acquisition will more than double its Midland Basin processing capacity to roughly 2.3 Bcf/d.
