Western Midstream Partners, LP
WES · Natural Gas Transmission · 393.8M shares · EDGAR filings ↗
Net buyback after stock comp: $103M (gross $135M, SBC $32M)
Reference price $40.19 · est. market cap ~$15.8B — last insider purchase, 2026-03-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B80Scaled midstream MLP with top-decile asset returns and very high margins, but flat-to-declining earnings.
Strengths
- ROA at 100th pct; net/OCF margins ~87th pct and operating margin ~79th pct
- Strong cash position (80th pct) and interest coverage 4.1x (~68th pct)
Risks
- Net income down ~25% (25th pct) and revenue growth only ~31st pct
- Capital-intensive, commodity-throughput-exposed model
Notable findings
- Strong balance sheetStrong balance sheet — $819M cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
41.7%
Net margin
30.7%
Return on assets
7.9%
Revenue growth (QoQ)
8.9%
Net-income growth
-24.9%
Interest coverage
4.1×
Current ratio
1.3×
EBITDA
$2.3B
Cash & investments
$819M
Stock comp / revenue
1.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-11 | PHILLIPS ROBERT G | Buy | 1.2K | $40.19 |
| 2026-02-12 | Dial Christopher B. | Tax withheld | 5.9K | $42.35 |
| 2026-02-12 | Brown Oscar K | Option exercise | 24K | — |
| 2026-02-12 | Brown Oscar K | Tax withheld | 11K | $42.35 |
| 2026-02-12 | SCHULTE DAVID J | Option exercise | 3.8K | — |
| 2026-02-12 | STEWART LISA A | Option exercise | 3.8K | — |
| 2026-02-12 | PHILLIPS ROBERT G | Option exercise | 4.0K | — |
| 2026-02-12 | Dial Christopher B. | Option exercise | 11K | — |
| 2026-02-12 | Dial Christopher B. | Tax withheld | 4.3K | $42.35 |
| 2026-02-12 | Dial Christopher B. | Option exercise | 15K | — |
| 2026-02-12 | Dial Christopher B. | Sell | 5.9K | $42.35 |
| 2026-02-12 | Dial Christopher B. | Option exercise | 10K | — |
| 2026-02-12 | Dial Christopher B. | Tax withheld | 3.9K | $42.35 |
| 2026-02-12 | Dial Christopher B. | Option exercise | 25K | — |
| 2026-02-12 | Dial Christopher B. | Tax withheld | 10.0K | $42.35 |
| 2026-02-12 | Dial Christopher B. | Option exercise | 31K | — |
| 2026-02-12 | Dial Christopher B. | Tax withheld | 12K | $42.35 |
| 2026-02-12 | Owen Kenneth F. | Option exercise | 3.8K | — |
| 2026-02-12 | Holderman Daniel P. | Option exercise | 11K | — |
| 2026-02-12 | Holderman Daniel P. | Tax withheld | 4.3K | $42.35 |
| 2026-02-12 | Holderman Daniel P. | Option exercise | 15K | — |
| 2026-02-12 | Holderman Daniel P. | Tax withheld | 5.9K | $42.35 |
| 2026-02-12 | Holderman Daniel P. | Option exercise | 10K | — |
| 2026-02-12 | Holderman Daniel P. | Tax withheld | 3.9K | $42.35 |
| 2026-02-12 | Holderman Daniel P. | Option exercise | 25K | — |
| 2026-02-12 | Holderman Daniel P. | Tax withheld | 10.0K | $42.35 |
| 2026-02-12 | Holderman Daniel P. | Option exercise | 31K | — |
| 2026-02-12 | Holderman Daniel P. | Tax withheld | 12K | $42.35 |
| 2026-02-12 | Green Catherine A. | Option exercise | 7.0K | — |
| 2026-02-12 | Green Catherine A. | Tax withheld | 2.8K | $42.35 |
| 2026-02-12 | Green Catherine A. | Option exercise | 12K | — |
| 2026-02-12 | Green Catherine A. | Tax withheld | 4.7K | $42.35 |
| 2026-02-12 | Green Catherine A. | Option exercise | 8.0K | — |
| 2026-02-12 | Green Catherine A. | Tax withheld | 3.2K | $42.35 |
| 2026-02-12 | Green Catherine A. | Option exercise | 16K | — |
| 2026-02-12 | Green Catherine A. | Tax withheld | 6.5K | $6,462.00 |
| 2026-02-12 | Green Catherine A. | Option exercise | 20K | — |
| 2026-02-12 | Green Catherine A. | Tax withheld | 7.9K | $42.35 |
| 2026-02-12 | Shults Kristen S. | Option exercise | 11K | — |
| 2026-02-12 | Shults Kristen S. | Tax withheld | 4.3K | $42.35 |
| 2026-02-12 | Shults Kristen S. | Option exercise | 15K | — |
| 2026-02-12 | Shults Kristen S. | Tax withheld | 5.9K | $42.35 |
| 2026-02-12 | Shults Kristen S. | Option exercise | 10K | — |
| 2026-02-12 | Shults Kristen S. | Tax withheld | 3.9K | $42.35 |
| 2026-02-12 | Shults Kristen S. | Option exercise | 25K | — |
| 2026-02-12 | Shults Kristen S. | Tax withheld | 10.0K | $42.35 |
| 2026-02-12 | Shults Kristen S. | Option exercise | 31K | — |
| 2026-02-12 | Shults Kristen S. | Tax withheld | 12K | $42.35 |
| 2026-02-03 | OCCIDENTAL PETROLEUM CORP /DE/ | Other | 15.3M | — |
| 2026-02-03 | OCCIDENTAL PETROLEUM CORP /DE/ | Other | 15.3M | — |
| 2025-10-28 | Brown Oscar K | Option exercise | 53K | — |
| 2025-10-28 | Brown Oscar K | Tax withheld | 21K | $38.78 |
| 2025-02-20 | Green Catherine A. | Option exercise | 9.4K | — |
| 2025-02-20 | Green Catherine A. | Tax withheld | 3.7K | $41.63 |
| 2025-02-20 | Green Catherine A. | Option exercise | 12K | — |
| 2025-02-20 | Green Catherine A. | Tax withheld | 4.6K | $41.63 |
| 2025-02-20 | Dial Christopher B. | Option exercise | 13K | — |
| 2025-02-20 | Dial Christopher B. | Tax withheld | 5.1K | $41.63 |
| 2025-02-20 | Dial Christopher B. | Option exercise | 16K | — |
| 2025-02-20 | Dial Christopher B. | Tax withheld | 6.4K | $41.63 |
| 2025-02-20 | Shults Kristen S. | Option exercise | 16K | — |
| 2025-02-20 | Shults Kristen S. | Tax withheld | 6.4K | $41.63 |
| 2025-02-20 | Shults Kristen S. | Option exercise | 20K | — |
| 2025-02-20 | Shults Kristen S. | Tax withheld | 8.0K | $41.63 |
| 2025-02-12 | Forsyth Michael S. | Option exercise | 2.8K | — |
| 2025-02-12 | Forsyth Michael S. | Tax withheld | 1.3K | $39.87 |
| 2025-02-12 | Forsyth Michael S. | Option exercise | 11K | — |
| 2025-02-12 | Forsyth Michael S. | Tax withheld | 4.7K | $39.87 |
| 2025-02-12 | Forsyth Michael S. | Option exercise | 15K | — |
| 2025-02-12 | Forsyth Michael S. | Tax withheld | 6.5K | $39.87 |
| 2025-02-12 | Green Catherine A. | Option exercise | 4.2K | — |
| 2025-02-12 | Green Catherine A. | Tax withheld | 1.7K | $39.87 |
| 2025-02-12 | Green Catherine A. | Option exercise | 7.0K | — |
| 2025-02-12 | Green Catherine A. | Tax withheld | 2.8K | $39.87 |
| 2025-02-12 | Green Catherine A. | Option exercise | 12K | — |
| 2025-02-12 | Green Catherine A. | Tax withheld | 4.7K | $39.87 |
| 2025-02-12 | Bourne Robert W. | Option exercise | 5.8K | — |
| 2025-02-12 | Bourne Robert W. | Tax withheld | 2.3K | $39.87 |
| 2025-02-12 | Bourne Robert W. | Option exercise | 11K | — |
| 2025-02-12 | Bourne Robert W. | Tax withheld | 4.3K | $39.87 |
| 2025-02-12 | Bourne Robert W. | Option exercise | 15K | — |
| 2025-02-12 | Bourne Robert W. | Tax withheld | 5.9K | $39.87 |
| 2025-02-12 | Dial Christopher B. | Option exercise | 5.8K | — |
| 2025-02-12 | Dial Christopher B. | Tax withheld | 2.3K | $39.87 |
| 2025-02-12 | Dial Christopher B. | Option exercise | 11K | — |
| 2025-02-12 | Dial Christopher B. | Tax withheld | 4.3K | $39.87 |
| 2025-02-12 | Dial Christopher B. | Option exercise | 15K | — |
| 2025-02-12 | Dial Christopher B. | Tax withheld | 5.9K | $39.87 |
| 2025-02-12 | Shults Kristen S. | Option exercise | 16K | — |
| 2025-02-12 | Shults Kristen S. | Tax withheld | 6.1K | $39.87 |
| 2025-02-12 | Shults Kristen S. | Option exercise | 11K | — |
| 2025-02-12 | Shults Kristen S. | Tax withheld | 4.3K | $39.87 |
| 2025-02-12 | Shults Kristen S. | Option exercise | 15K | — |
| 2025-02-12 | Shults Kristen S. | Tax withheld | 5.9K | $39.87 |
| 2025-02-12 | Holderman Daniel P. | Option exercise | 7.1K | — |
| 2025-02-12 | Holderman Daniel P. | Tax withheld | 2.8K | $39.87 |
| 2025-02-12 | Holderman Daniel P. | Option exercise | 11K | — |
| 2025-02-12 | Holderman Daniel P. | Tax withheld | 4.3K | $39.87 |
| 2025-02-12 | Holderman Daniel P. | Option exercise | 15K | — |
| 2025-02-12 | Holderman Daniel P. | Tax withheld | 5.9K | $39.87 |
| 2025-02-12 | SCHULTE DAVID J | Option exercise | 5.2K | — |
| 2025-02-12 | Owen Kenneth F. | Option exercise | 5.2K | — |
| 2025-02-12 | STEWART LISA A | Option exercise | 5.2K | — |
| 2025-02-12 | Brown Oscar K | Option exercise | 5.2K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2026-06-12 | Material agreement3.02Reg FDExhibits | filing ↗ |
| 2026-05-06 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-18 | ResultsExhibits | filing ↗ |
| 2026-01-22 | Material agreementReg FDExhibits | filing ↗ |
| 2025-12-04 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2025-11-04 | ResultsExhibits | filing ↗ |
| 2025-10-15 | Acquisition/dispositionReg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-22 | 0001423902-26-000060 ↗ |
| 8-K | 2026-06-12 | 2026-06-11 | 0001423902-26-000054 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001423902-26-000044 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001423902-26-000043 ↗ |
| 10-K | 2026-02-18 | 2025-12-31 | 0001423902-26-000030 ↗ |
| 8-K | 2026-02-18 | 2026-02-18 | 0001423902-26-000029 ↗ |
| 8-K | 2026-01-22 | 2026-01-16 | 0001423902-26-000004 ↗ |
| 8-K | 2025-12-04 | 2025-12-01 | 0001423902-25-000110 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001423902-25-000105 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001423902-25-000106 ↗ |
| 8-K | 2025-10-15 | 2025-10-15 | 0001423902-25-000097 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0001423902-25-000067 ↗ |